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Jul 23, 2013

Freeport to cut capital spending; shares rise

By Julie Gordon

(Reuters) – Freeport-McMoRan Copper & Gold Inc (FCX.N: Quote, Profile, Research, Stock Buzz) reported a sharp drop in second-quarter profit on Tuesday and laid out a plan to cut medium-term spending in light of declining metal prices and global economic uncertainty.

The Arizona-based miner said it is clamping down on spending and has cut $1.9 billion in planned capital expenditures and other costs through 2014.

Jul 19, 2013

Canada investigators want rule changes after deadly rail crash

July 19 (Reuters) – Canadian investigators issued their
first recommendations on Friday after a devastating train wreck
in Quebec, urging that trains with dangerous goods not be left
unattended, and pushing for stricter guidelines on railway
braking systems.

Transportation Safety Board (TSB) investigators probing the
July 6 disaster in the lakeside town of Lac-Megantic said that
the “braking force” that had been applied to the train, which
was hauling 72 tanker cars of crude oil, was insufficient to
hold it in place.

Jul 18, 2013

Canada’s big railways review safety rules after train disaster

July 18 (Reuters) – Canada’s two big railroads are reviewing
safety standards after the deadly train crash on July 6 that
killed some 50 people and destroyed the center of a small Quebec
town.

Canadian Pacific Railway Ltd, Canada’s No. 2
operator, said on Thursday it has already made some changes to
its operating rules. It will no longer park unattended trains
hauling hazardous materials on main lines, and is bringing in
tougher rules on setting the brakes that hold a stationary train
in place.

Jul 16, 2013

Eldorado, joining other gold miners, delays projects

TORONTO, July 16 (Reuters) – Eldorado Gold Corp
said on Tuesday it will cut 2013 capital spending by 35 percent
and push back the start of various projects, making it the
latest producer to curb spending in response to low gold prices.

Eldorado, a mid-tier producer that owns mines in Turkey,
Greece and China, said its operating plan now assumes a gold
price of $1,250 an ounce for the foreseeable future.

Jul 14, 2013

Rail at center of Quebec town tragedy and heart of its recovery

LAC-MEGANTIC, Quebec (Reuters) – It was a runaway train that caused this month’s deadly inferno in Lac-Megantic, but the Canadian town’s leaders, business owners and many of its residents see the railway as crucial to their survival and want it operating again as soon as possible.

Fifty people, including 17 still missing, are believed to have been killed on July 6 when a driverless train with 72 oil tanker cars crashed and exploded in the center of the picturesque, lakeside town in rural Quebec. The fire burned for hours and dozens of buildings were leveled.

Jul 11, 2013

Quebec premier lashes out at rail company after inferno

LAC-MEGANTIC, Quebec (Reuters) – Quebec Premier Pauline Marois lashed out on Thursday at the railway boss whose runaway train leveled the center of a tiny Quebec town, as residents came to grips with the reality that 50 of their neighbors were likely dead.

“The behavior of the company and its president has been absolutely deplorable,” Marois said of the executive, Ed Burkhardt, and the Montreal, Maine & Atlantic Railway, whose driverless train of tanker cars smashed into Lac-Megantic early on Saturday and exploded in a wall of fire.

Jul 11, 2013

Quebec town grapples with loss in train wreck aftermath

LAC-MEGANTIC, Quebec, July 11 (Reuters) – Residents of the
town of Lac-Megantic in Quebec were coming to grips on Thursday
with the reality that 50 of their own were most likely dead in
the aftermath of the worst railway disaster in North American in
more than two decades.

Five days after a train hauling 72 cylinders of crude oil
jumped the track and exploded into a wall of fire, provincial
police said they had recovered 20 bodies, with another 30 people
still missing and presumed dead, confirming the worst fears of a
community that had all but given up hope.

Jul 10, 2013

Railway head faces devastated Quebec town, points to train brakes

LAC-MEGANTIC, Quebec, July 10 (Reuters) – The head of the
company whose oil-tanker train exploded and devastated a small
Quebec town faced cries of “murderer” from furious town
residents on Wednesday and said the calamity may well have
resulted from crucial hand brakes on the train not being set
properly.

“It’s very questionable whether the hand brakes were
properly applied on this train. As a matter of fact I’ll say
they weren’t, or we wouldn’t have had this incident,” Montreal
Maine and Atlantic Railways Chairman Ed Burkhardt told an often
raw and unruly outdoor news conference in the eastern Quebec
town of Lac-Megantic as irate town residents looked on.

Jul 10, 2013

Police boost number of Quebec disaster missing and dead to 60

LAC-MEGANTIC, Quebec (Reuters) – The number of people dead or missing after an oil-tanker train exploded in the Quebec town of Lac-Megantic has risen to 60 from 50, police said on Wednesday, as 200 investigators sifted through the charred wreckage of what they said is a crime scene.

The runaway train derailed and blew up in the middle of the town of 6,000 near the Maine border early on Saturday morning, flattening dozens of buildings in Lac-Megantic’s historic downtown and leaving it looking like a war zone.

Jul 10, 2013

Police sift through ‘crime scene’ days after Quebec train crash

LAC-MEGANTIC, Quebec (Reuters) – Investigators sifted through the charred remains of Lac-Megantic’s historic downtown early Wednesday morning, as they searched for clues into what could turn out to be North America’s worst railway disaster since 1989.

Police said they are investigating whether Saturday’s derailment and subsequent explosion – which leveled the center of the lakeside Quebec town killing at least 15 and probably dozens more – involved foul play or criminal negligence.

    • 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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