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,...
Pan American Silver Corp. today celebrated the official inauguration of its Manantial Espejo silver and gold mine in the southern province of Santa Cruz, Argentina. Representatives of the Argentinean federal and provincial governments gathered at Manantial Espejo to participate in the official inaugural ceremony and celebration. Also in attendance were Minister of Planning, Julio...
Revised capital cost estimates for its Boleo copper/cobalt project in Baja California Sur are down 12% in a new study, Baja Mining Corp. said today. As expected, the company reported, the slowing of the original construction schedule at Boleo has enabled it to take advantage of a reduced cost environment. Given the recent rapid...
Minefinders Corp. Ltd. said that increased production in February at its Dolores open-pit mine in Chihuahua allowed the property to begin generating a positive operating cash flow. Dolores is Minefinders’ only operating property, having come on line late last November. Gold production at Dolores in February was 5,089 ounces, up 88% from 2,700 ounces...
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...
Centenario Copper Corp. will be acquired by Quadra Mining Ltd. in order to get funding for the startup of its Franke SX/EW copper mine in Chile, which is ready to go into production, the firms said Feb. 9. The acquisition will be for stock, at a rate which represents a 6.6% premium on the...
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...
