Teck Resources sells 17.2% of equity to China Investment Corp.
Teck Resources Ltd. said July 3 it has agreed to sell to China Investment Corp. shares that represent about 17.2% of its equity. It will use the net proceeds from the transaction of more than C$1.7 billion to reduce its debt. CIC has agreed to purchase through a wholly-owned subsidiary 101.3 million Class B subordinate [...]
Xstrata, Anglo American say they’re discussing merger
Responding to press speculation, Anglo American plc confirmed over the weeked it has received a preliminary proposal from Xstrata plc “which may or may not lead to a transaction involving the Group.” Shortly afterward, Xstrata confirmed that “it recently sent a written proposal to the board of Anglo American seeking their consideration of a merger [...]
With market up, Thompson Creek to boost moly output by 10%
Thompson Creek Metals Co. Inc. said yesterday it now expects production and sales of molybdenum from its own mines will be in a range of 22 million to 26 million pounds in 2009, up from previous guidance of 20 million to 24 million pounds. “In response to the recent improvements in the molybdenum market, the [...]
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 [...]
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 [...]
Some copper producers again taking advantage of hedging
When time were good — we’re talking as recently as the middle of 2008 — and copper was near $4 a pound, producers didn’t have an interest in hedging, sort of like gold producers today. Now, however, some are starting to take advantage of even small up-blips in the market, or slides in their local [...]
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 [...]
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