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Aug 2, 2012

Molycorp posts loss as prices sag, eyes financing

By Julie Gordon

(Reuters) – Molycorp Inc (MCP.N: Quote, Profile, Research, Stock Buzz) posted a loss on Thursday after rare earth prices continued to sag in the second quarter and said slumping cash flow would force it to secure more financing to fund 2012 capital spending, sending the miner’s shares tumbling.

Molycorp, the biggest rare earth producer outside of China, is in the midst of an $895 million expansion and modernization at its Mountain Pass mine in California. It is set to spend $289 million over the remainder of the year on the project.

Jul 26, 2012

Barrick sees huge jump in mine costs, shares tumble

TORONTO, July 26 (Reuters) – Barrick Gold Corp
reported a 35 percent decline in quarterly profit on Thursday
and warned capital costs on one of its biggest growth projects
would come in much higher than forecast, driving down shares of
the world’s largest gold miner.

The company blamed the higher costs for building Barrick’s
massive Pascua-Lama gold mine, straddling the border between
Chile and Argentina, on a decision to use an in-house team to
manage construction rather than hiring an outside contractor.

Jul 25, 2012

Teck profit tumbles on weaker coal, metal prices

TORONTO, July 25 (Reuters) – Teck Resources Inc
sees no near-term reprieve from the lower coal and metal prices
that dragged its quarterly profit lower, news that sent its
shares tumbling on Wednesday.

Vancouver-based Teck, Canada’s largest diversified miner,
said economic uncertainties in Europe and the United States and
ebbing growth in China, India and other emerging markets held
back demand and prices for many of its products in the quarter.

Jul 18, 2012

Canada national chief re-elected, vows to give voice

TORONTO, July 18 (Reuters) – The national chief of Canada’s
First Nations aboriginals was re-elected on Wednesday in a vote
of confidence for his non-confrontational approach with the
Conservative federal government over its pro-development

Even though critics have said Shawn Atleo’s relationship
with Prime Minister Stephen Harper is too close, the British
Columbia native leader cruised to victory in the third round of
voting by chiefs at an assembly in Toronto.

Jul 9, 2012

Quebec rail plan stirs hope, concern in Canada’s iron belt

TORONTO, July 9 (Reuters) – Canada’s biggest railroad wants
to build a C$5 billion ($4.8 billion) rail line to ship iron ore
from isolated northern Quebec to port, a crucial link that could
transform Canada into the world’s third-largest producer of
steel’s main component.

Canadian National Railway Co’s ‘s 800-kilometer (500
mile) project, backed by Quebec’s public pension fund, is still
years away from becoming a reality. Indeed, the 2017 projected
start-up date looks ambitious, given the complexity of
negotiations that lie ahead.

Jun 22, 2012

Analysis: Search for rare earth substitutes gathers pace

By Braden Reddall and Julie Gordon

(Reuters) – The hunt for substitutes for rare earth minerals is gaining momentum as auto makers, lighting companies and clean tech developers seek to reduce their reliance on thin and unreliable supplies of the raw material.

Rare earths, found in everything from Apple Inc’s iPhones to energy-efficient lighting and wind turbines, gained global attention last year as China, which produces more than 90 percent of global supply, repeatedly clamped down on exports. Prices of the individual oxides, alloys and metals soared.

Jun 18, 2012

Enbridge sees quicker Seaway expansion

TORONTO, June 18 (Reuters) – Enbridge Inc, Canada’s
No. 2 pipeline company, expects to complete an expansion of its
newly reversed oil pipeline to Texas refineries by the end of
this year, the company’s incoming chief executive said on

That would be sooner than previous forecasts used by the
company and its U.S. partner.

Jun 18, 2012

Enbridge sees pipeline squeeze despite expansion

TORONTO, June 18 (Reuters) – Enbridge Inc, Canada’s
No. 2 pipeline company, said on Monday faster than expected
growth in North American oil output means its lines could be at
full capacity as soon as 2016 despite a C$3.2 billion ($3.1
billion) expansion of its system.

Enbridge, whose lines carry the bulk of Canada’s oil exports
to the United States, is struggling to cope with booming oil
output from the Alberta oil sands and from shale-oil fields such
as Bakken in North Dakota.

Jun 15, 2012

Analysis: Japan reactor restarts could spark uranium rally

TORONTO (Reuters) – Signs that Japan is ready to restart a pair of reactors idled in the aftermath of last year’s Fukushima nuclear meltdown could spark a rally by uranium-mining shares, which have languished since the March 2011 disaster.

Recent steps to bring the first of 50 shuttered reactors back online have already bolstered long-term uranium prices, which rose last month for the first time since January 2011.

Jun 7, 2012

Barrick volte-face on CEO raises questions

TORONTO, June 6 (Reuters) – Barrick’s surprising ouster of
Chief Executive Aaron Regent on Wednesday raised more questions
than it answered for anxious investors, who are left wondering
why the world’s top gold miner would axe its CEO just a month
after singing his praises.

“I must congratulate you, Aaron, because indeed this company
is firing on all cylinders,” Barrick founder Peter Munk told
shareholders at the company’s May 2 annual meeting. “We do share
your sense of accomplishment and achievement.”

    • About Julie

      "I currently cover mining and minerals out of the Toronto bureau, where I focus on uranium, silver, platinum, lithium and REEs. Prior to moving to the mining sector, I worked as an online editor and video producer for Reuters.com. I started at Reuters as a TV intern in Chile and before that, I freelanced in Eastern Europe and spent eight months living in the Galapagos Islands."
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