TORONTO, March 20 (Reuters) – The Canada Pension Plan
Investment Board (CPPIB), which has been aggressively building
its real estate portfolio, announced a further investment on
Tuesday in the prime office market in Vancouver, Canada’s most
expensive property market.
The CPPIB, which invests on behalf of 18 million Canadians,
said it has bought a 50 percent stake in two downtown Vancouver
office properties that are worth C$230 million ($232.83
million). The CPPIB’s equity investment, before closing costs,
adjustments and working capital, is C$115 million.
TORONTO, March 18 (Reuters) – Cost overruns and a
massive writedown have knocked Kinross Gold’s stock so
low that some bankers see it as Canada’s biggest potential
takeover play, though obstacles to a bid for the senior gold
producer may be too big to surmount.
Kinross, the world’s seventh-largest gold miner, owns some
huge, largely unexploited assets spread across four continents,
making it an appealing target for bigger players who are always
on the hunt for deposits to replenish their reserves.
TORONTO (Reuters) – A C$3.8 billion ($3.83 billion) bid to take over the operator of the Toronto Stock Exchange came two steps closer to winning provincial approval on Thursday, driving up shares of TMX Group (X.TO: Quote, Profile, Research, Stock Buzz) even though a competition review could still scupper the deal.
In the province of Quebec, Autorité des marchés financiers said it intends to approve the proposal by Maple Group, a consortium of 13 banks and other financial institutions, despite concerns it would create a near-monopoly in Canadian securities trading.
TORONTO, March 15 (Reuters) – The securities regulator
for the Canadian province of Quebec said on Thursday it intends
to approve a proposed C$3.8 billion ($3.83 billion) takeover of
TMX Group, sending shares of Canada’s largest stock
market operator sharply higher.
The nod by Quebec’s Autorite des marches financiers is a
first sign that provincial regulators might allow the
transaction proposed by the Maple Group Acquisition Corp despite
concerns that it would create a near-monopoly in Canadian
TORONTO, March 7 (Reuters) – Small mineral exploration
companies live by a simple mantra: raise cash or perish. But in
today’s tight financing market, that can make for some difficult
choices for those lucky enough to attract investor interest.
That’s why Canada’s Eagle Hill Exploration jumped at
the chance last month to raise equity capital at a price barely
above its stock’s 52-week low, even though it faced criticism in
the blogosphere for diluting its shares.
TORONTO, March 6 (Reuters) – Global copper prices will
likely rise over the next two years as demand of the industrial
metal outstrips production, Chile’s mining minister said on
Tuesday, but the trend should reverse after 2014 as new output
comes on line.
Hernan de Solminihac, mine minister of the world’s largest
copper producer, said he was confident China’s industrialization
would continue to drive demand for the metal, a conductor of
heat and electricity that’s not easily replaced with cheaper
TORONTO, March 6 (Reuters) – Canadian gold explorer
and miner B2Gold Corp plans to spend about $100 million
in Nicaragua this year, a vote of confidence in a country
known for its political volatility.
The funds are earmarked for further development of B2Gold’s
two mines in the Central American country, CEO Clive Johnson
told Reuters in an interview at PDAC, the mining industry’s
largest annual convention.
TORONTO, March 5 (Reuters) – Peru insists its biggest
mining project to date, Newmont Gold’s $4.8 billion
Conga gold and copper project, will go ahead, although the final
shape and form has yet to be decided.
Mine and Energy Minister Jorge Merino said the government,
which has appointed a 3-person commission to review a favorable
environmental impact study, was looking at ways to improve the
project. Conga is set to produce up to 350,000 ounces of gold
per year and 120 million pounds of copper its first five years
TORONTO, March 5 (Reuters) – Mining investment is
about betting on the team behind a project as much as on the
project itself, according to the head of a boutique investment
bank that has backed some of Canada’s biggest mining firms.
Mike White, chief executive at investment bank IBK Capital,
says due diligence is the key, and IBK offers a list of success
stories to prove his point.
TORONTO, March 5 (Reuters) – When Adriana Resources
needed to develop its Lac Otelnuk iron ore project in
Eastern Canada, it turned to Chinese steelmaker WISCO to help
foot a bill that will eventually come to some C$12.9 billion.
WISCO, a subsidiary of global steel giant Wuhan Iron & Steel
Corp, was among the few prospective partners with
deep enough pockets to consider the price tag on the project to
build what promises to be one of the world’s largest iron ore