Rio Tinto breaks up with Chinalco; to issue $15.2 billion in “rights”
Rio Tinto has decided to break off its proposed relationship with Aluminum Corp. of China, once valued at almost $20 billion, paying the Chinese state firm an agreed-to fee of $195 million, and instead issued new stock rights to bring in a gross of $15.2 billion for its plc and Ltd. entities. Rio Tinto will [...]
New Gold and Western Goldfields complete their merger
New Gold Inc. and Western Goldfields Inc. have completed their business combination, the firms said this morning, creating a firm expected to produce more than 330,000 ounces of gold this year from properties in California, Mexico and Australia. The transaction was completed by way of a plan of arrangement that was approved by the New [...]
Gold demand surges as investors turn to wealth preservation
Fears of future inflation and ongoing financial uncertainty led investors to continue to flock to gold in 1Q09, seeking out its proven wealth preservation qualities. Total demand for gold in the quarter rose 38% year on year to 1,016 tonnes, representing a 36% rise in value terms to $29.7 billion. According to figures published today [...]
Freeport-McMoRan’s Adkerson named Copper Man of the Year
Richard C. Adkerson, president and CEO of Freeport-McMoRan Copper & Gold Inc., will receive The Copper Club’s Ankh Award naming him The Copper Man of the Year 2009 in recognition of his strong leadership at Freeport and in the global mining industry. The award will be presented at The Copper Club’s 2009 annual dinner June [...]
Mining industry loses two long-time stalwarts
America’s mining industry has lost two great contributors and supporters in the past few days: Bill Griffith and T S Ary. (Our thanks to the Northwest Mining Association for providing this information.) William Alexander Griffith, 87, of Hayden, Idaho, died April 30 at home. He was born March 28, 1922 in Sioux Falls, S.D. to [...]
First diamonds mined in Ontario adorn symbolic Legislative Mace
Two diamonds from the De Beers Canada Victor mine — Ontario’s first diamond mine — have been installed in the Legislative Mace presented to parliament yesterday in a special ceremony in the Ontario Legislature. One diamond was cut and polished, while the other remained in its natural rough form. The Mace was scheduled to undergo [...]
Oil sands giants Suncor and Petro-Canada agree to merge
Suncor Energy Inc. and Petro-Canada, both major players in oil sands mining and refining, said today they have agreed to merge. The combined company, with about $C63 billion in combined assets, will operate as Suncor, but will maintain the Petro-Canada name is refined products. “This merger creates a made-in-Canada energy leader with the assets, cost [...]
Quadra Mining selling shares, getting loan to complete Franke
Quadra Mining Ltd. and Centenario Copper Corp. said today they have received a committment letter for $37.5 million from West LB in connection with a syndicated $50 million project loan facility to finance the development of Centenario’s Franke mine in Chile. Quadra is acquiring Centenario to get the Franke SX/EW project and get it developed. [...]
Asarco cutting schedules at Amarillo, plans maintenance at Hayden
Asarco LLC said Wednesday that it is modifying work schedules for some employees at its Amarillo copper refinery in the coming months in response to market conditions and internal production requirements Starting next week, the refinery will implement one 32-hour workweek at the tankhouse and schedule 32-hour workweeks for the entire month of April at [...]
Thompson Creek has record-setting year, despite metal’s 4Q descent
Thompson Creek Metals Co. Inc. reported record production of 26 million pounds of molybdenum in 2008, record revenues of $1.01 billion, record cash flow from operations of $417.6 million and record earnings before special non-cash charges of $276.3 million. That’s all before the final quarter of the year, when both moly’s price and the amount [...]
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