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 [...]
Stillwater reports $112.7 million loss, reflecting drop in PGM prices
Stillwater Mining Co. reported a 2008 net loss of $112.7 million on revenues of $855.7 million, reflecting the steep deterioration of the world economy and platinum-group metal (PGM) prices during the second half of 2008. The loss includes 4Q impairment charges totaling $70.7 million, comprised of a $67.3 million carrying value adjustment at the East [...]
Sunshine mine won’t die; SNS Silver closes deal for operation
SNS Silver Corp. and Sunshine Precious Metals Inc. said this morning they have signed an interim lease for an SNS unit to operate the historical Sunshine silver mine and mill near Wallace, Idaho. “This is a tremendous step for SNS Silver as the move allows the company to integrate its operations at the Crescent silver [...]
Quadra creates new mine plan to get through tough times
Quadra Mining Ltd. had 2008 net earnings of $38.6 million vs. $134.5 million in 2007 as it was hit by the decline in copper prices in the second half and has it took a $96 million writedown of its Malmbjerg moly project in Greenland in 4Q. Operating cash flow before working capital increased slightly to [...]
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 [...]
Newmont had 40% growth in margin, despite challenges in 2008
Newmont Mining Corp. had record revenues of $6.2 billion in 2008 on equity gold sales of 5.2 million ounces, as well as a 50% increase in adjusted net income to $905 million, it reported Feb. 19. The company said it had a 40% increase in gold operating margin, despite a “challenging cost environment.” Newmont’s $6.2 [...]
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