On Feb. 16, the Polish coal mining company Lubelski Węgiel Bogdanka S.A. smashed the world record for daily production from a plow-equipped longwall, with an output of 24,400 tonnes of coal from a single face, Caterpillar Inc. has reported. The company commissioned the first Cat® longwall system at its Bogdanka mine, near Lublin in...
An analysis of reports on last year’s financial by the Big 4 miners show that cost inflation — for the most part — is here to stay, Jefferies & Co. said in a report issued today. In its “Metals & Mining: Takeaways from the Big 4,” looking at the 2011 reports by Anglo American, BHP Billiton, Rio Tinto...
Its infill program at the Hycroft mine in Humboldt County, Nevada, along with additional engineering studies, successfully upgraded 2.5 million ounces of gold and 93.3 million ounces of silver to the proven and probable mineral reserve categories, Allied Nevada Gold Corp. said yesterday. Total proven and probable mineral reserves at year-end 2011 were 12.7...
Hecla and Coeur, the traditional big silver producers in the Northwest, both set several financial records in 2011 as the price of precious metals remained high and as they optimized their production at various mines around the Americas. Hecla Mining Co. said Tuesday that it produced record 2011 revenue of $477.6 million and gross profit...
Nevada Copper Corp. broke ground for its underground copper mine at Pumpkin Hollow Saturday, assisted by Gov. Brian Sandovol, who turned the first shovel of dirt, and other dignitaries. Others participating at the beginning of the $1 billion copper project were Joe Dini, former Speaker of the Nevada State Assembly and lifelong resident of Yerington,...
A feasibility study for its Mt. Hamilton property in eastern Nevada says a mine there would have “robust economics” with excellent potential for developing additiona resources, Solitario Exploration & Royalty Corp. said this morning. With an initial capital cost of $71.9 million and per-ounce costs of $535 per ounce, the open-pit mine would provide 120...
The Sichuan branch of the China Development Bank has confirmed the basic terms underlying a proposed $665 million term loan to finance the Mt. Hope molybdenum project in Nevada, General Moly Inc. confirmed yesterday. While there are no binding commitments at this time, the loan facility will now progress through drafting and syndication and...
Hecla Mining Co. has reported the largest silver reserves and resources in the company’s history with 148 million ounces and 281 million ounces, respectively, at year-end 2011. Hecla was reporting exploration results from its four district-sized land packages in the U.S. and Mexico, as well as an update on its three pre-development projects. Silver reserves...
Overall compliance with safety and health regulations is improving among the nation’s more than 12,000 metal and nonmetal mining operations, MSHA reported yesterday. Preliminary data indicate a 14% decrease in citations and orders issued at these mines – 74,373 in 2010 compared to 64,186 in 2011. Furthermore, the percentage that are significant and substantial...
Barrick Gold Corp. achieved a 22% return on equity in 2011, up from 20% in 2010, leading to an “excellent year,” Aaron Regent, president and CEO, said this morning. Full year adjusted net earnings rose 33% from the same prior year period to $4.67 billion. Adjusted operating cash flow increased 8% to $5.68 billion...
