The world’s platinum market swung back into surplus last year, while the palladium market was in oversupply as well, Johnson Matthey reported today in Platinum 2012. But while the platinum market is forecast to remain in oversupply this year, the palladium market is expected to return to deficit, the company said. Gross platinum demand...
In the recent quarter, Molycorp Inc. initiated the start-up of its new mill, flotation separator, and paste tailings facility at its Mountain Pass rare-earths property in eastern California. The company also announced a 36% expansion of its proven and probable rare-earth reserves at Mountain Pass, confirming 18.4 million short tons of rare-earth ore at...
Mercator Minerals Ltd. reported 1Q12 revenues of $65.2 million, an increase of 17% over 1Q11, while gross profit was $17.9 million in the recent period, an increase of 12% over the comparable three months of 2011. Cash flow from operations (before changes in non-cash working capital items) was $7.1 million in 1Q12, compared to...
Kinross Gold Corp. saw its gold production fall by 6% in the recent quarter, to 604,247 gold-equivalent ounces, but its adjusted net earnings still rose 16% to $203.1 million, the world’s No. 6 gold producer reported yesterday. Reported net earnings, however, were $105.7 million in the recent period, down from $250.1 million a year...
International Tower Hill Mines Ltd. said this morning that the State of Alaska has reached a landmark settlement with major oil producers BP PLC, Exxon Mobil Corp. and ConocoPhillips for the study of a major liquefied natural gas pipeline at the Point Thompson gas field on the North Slope of Alaska’s northernmost coast. A...
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...
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...
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...
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...
A report it contracted from SENES Consultants Ltd. concludes that its proposed large-scale monazite rare-earth extraction facility can be operated safely and effectively, while complying with all major national and international mining and environmental safety standards, Medallion Resources Ltd. said this morning. That would quickly open up vast resources of rare earths from what...
