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,...
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...
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...
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...
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...
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...
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...
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...
Gammon Gold Inc. and Capital Gold Corp. have entered into a letter agreement for Gammon to acquire Capital in an all-share transaction, they said today. Gammon Gold is a Nova Scotia based mid-tier gold and silver producer with properties in Mexico. Its flagship Ocampo project in Chihuahua achieved commercial production in January 2007. Gammon...
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...
