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 [...]
Golden profits can’t make up for Buenaventura’s copper losses
Compania de Minas Buenaventura S.A.A., Peru’s largest publicly held precious metals mining company, suffered a loss of $6.1 million in the fourth quarter of 2008, as its interest in the Cerro Verde copper mine (Freeport-McMoRan Copper & Gold Inc.) pulled down its gold earnings. The quarterly loss compared with $120.1 million in net income during [...]
Despite huge investments, Peru’s trade surplus shrinking fast
Major companies have been investing billions into mining operations in Peru, but falling base metal prices, along with higher costs, are squeezing that nation’s trade surplus — and future investment. A trade surplus that had hit $8.36 billion in 2007 as prices for copper, zinc, gold and other metals continued toward their peaks dropped to [...]
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