TORONTO, March 11 (Reuters) – Molycorp’s $1.3
billion deal to buy rare earth processor Neo Material
Technologies will turn industry leader Molycorp into a
one-stop rare earth shop, and could make it attractive for a
takeover of its own.
The deal gives Molycorp, which has a mine-to-magnet
strategy, the ability to produce both the large magnets that
power the main motor in a hybrid car and also the smaller
magnets that move that car’s side mirrors and seat.
TORONTO, March 7 (Reuters) – Fortuna Silver Mines is
on the prowl for takeover targets as the silver producer looks
to nearly quadruple its production over the next five years.
The Vancouver-based miner, which has spent the last few
years focusing on starting up its San Jose mine in Mexico, is
now turning its attention to growth, chief executive Jorge
Ganoza told Reuters on the sidelines of PDAC conference.
TORONTO, March 7 (Reuters) – Canada’s Macusani
Yellowcake, moving forward with plans to develop Peru’s
first uranium mine, has outlined a new deposit on its property
that will boost the company’s resource by almost 50 percent, its
chief executive told Reuters.
Macusani next month will release a new official estimate
that increases the amount of uranium believed to be contained at
its project to about 40 million pounds from a current 27 million
pounds, CEO Peter Hooper said on the sidelines of the PDAC
conference in Toronto.
TORONTO, Mar 6 (Reuters) – A year after the worst
nuclear disaster since Chernobyl raised a red flag about the
future of atomic power, uranium explorers and producers are
starting to regain confidence in the industry’s long-term
Despite a sluggish spot price and fears that Japan might not
restart the 52 nuclear reactors it has shut down since last
March’s Fukushima meltdown, money is starting to flow back into
TORONTO, March 5 (Reuters) – Colombia will start
awarding mining concessions in 2013 under a new competitive
tender process and in the first year hand out a maximum of 20
percent of an area set aside by the government for mineral
development, a minister said on Monday.
The government will award the titles using various criteria,
including proposed exploration spending and how much a company
offers in terms of revenue sharing with the government, Mines
and Energy Minister Mauricio Cardenas told Reuters.
TORONTO, March 5 (Reuters) – Rising costs may prove a
blessing, not a curse, for the global mining industry,
threatening fresh supply and all but assuring that metal prices
will keep climbing even as companies scramble to protect profit
While supply-demand fundamentals vary widely across various
metals, experts speaking at the PDAC mining convention see the
rise in both production and construction costs pushing strong
metal prices ever higher. The prohibitive costs could crimp new
mines from coming on stream.
TORONTO, March 4 (Reuters) – A small Canadian miner
plans to enlist an army of ore-munching bacteria to help it
extract base metals from a shale deposit in northern Alberta,
embracing a technology that sounds more like science fiction
than a promising new mining technique.
Not only is the process already being used in Finland, its
proponents say it could one day revolutionize base metal mining
by allowing ore to be pulled out of shale deposits that were
once impossible to tap.
Feb 23 (Reuters) – Miner Molycorp rose to a
quarterly profit on Thursday as it produced more rare earths and
rare-earth speciality products, and sold them at a higher
The Colorado-based company said it sees strong sales growth
over the next year, but warned that production costs would be
higher on rising chemical and labor costs.
TORONTO (Reuters) – The “honor killing” of three teenaged Canadian girls by members of their own family has prompted soul-searching in pro-immigration Canada, as it protects minority religious freedoms and upholds its liberal laws.
Muslim groups said their religion could not be blamed for the quadruple murder – an elder relative was also killed in the gruesome outburst of family violence.
Jan 26 (Reuters) – Canadian Pacific Railway (CP.TO: Quote, Profile, Research)
reported a 18.8 percent increase in fourth-quarter net income on
Thursday but an important measure of operating efficiency
weakened, a trend that will likely fuel demands by CP’s largest
shareholder for a new CEO.
CP, Canada’s second largest railway, said its operating
ratio rose to 78.5 percent in the quarter, from 77 percent in
the year-ago period. That compares with a ratio of 64.7 percent
for Canadian National Railway, the country’s largest.