Kinross Gold (TSX:K,NYSE:KGC) has unloaded five of its properties in the Yukon White Gold District to newly formed company White Gold Corp (TSXV:WGO) in a cash and share deal worth around C$60 million.
Agnico Eagle Mining News
Agnico Eagle Mines Limited has been fined $50,000 under the federal Fisheries Act for failing to report a spill at its Meadowbank site near Baker Lake, Nunavut.
The 10 largest gold mining companies produce 30% of the world's gold and enjoy some of the sector's fattest margins.
As 2017 gold price rally begins to look shaky, top listed gold producers are being punished disproportionately.
Only three of the world's largest gold producers managed to lift output in 2016 – Barrick loses 600,000 ounces of annual production but slashes costs.
Heavy losses across the board – Barrick down 4.6% in massive volumes and second tier Canadian miners hardest hit.
The owner of Canada's coldest mine is hoping to reach another milestone with an unusual piece of exploration equipment.
Agnico Eagle's board of directors has given the go-ahead for construction of the Meliadine and Amaruq gold mines in Nunavut.
Since gold began a more than 40 percent plunge from a 2011 peak, the miner’s gross margins have narrowed by just 1.9 percent.
The miner continues to extract high-grade ore samples at its Amaruq deposit, near its Meadowbank asset, Nunavut's only fully operational gold mine.
Nunavut issues project certificate for miner's 3.3m ounces Meliadine project, the second for the Toronto-based company in Canada's far north.
Gold remains the most-targeted commodity by volume, according to EY’s latest report.
Building the mine would require about 1,000 people. It would then employ 750 once running.
Mostly shares-based deal will see Toronto-based Agnico Eagle acquire two highly prospective Mexican gold properties.
Move signifies departure for Vancouver-based miner.
Company seeks smaller deals in Latin America after biggest in its history.
The world's number one gold miner led a sell-off on Thursday after announcing a stock sale to pay down debt at a deep discount.
Company has increased production forecast for the year.
World's number one producer is upgraded for "reasonably strong" operating results despite falling gold price.
The sector takes a battering on Tuesday led by 6.7% decline for Goldcorp, world's most valuable gold miner.
London, Ontario-based Siskinds LLP has filed a proposed class action suit against TSX-listed Agnico-Eagle Mines seeking $250-million, alleging the company and certain senior officers failed to disclose information that led to the closure of its Goldex mine in Quebec.
Canadian gold producer Agnico-Eagle Mines reported a $604 million loss in the fourth quarter after writing down its Meadowbank mine in Nunavut, northern Canada.
Agnico-Eagle Mines (TSE:AEM) had suspended mining and gold production at its Goldex mine in Val d'Or, Quebec, due to unstable ground and water inflow. "A weak volcanic rock unit in the hanging wall of the Goldex deposit has failed. This rock failure is thought to extend between the top of the deposit and surface. As a result, this structure has allowed ground water to flow into the mine. This water flow has likely contributed to further weakening and movement of the rock mass," Agnico-Eagle said in a statement. As a result of the problem, Agnico said it will write off its investment in Goldex, resulting in a $260 million charge in the third quarter results. The news caused the Toronto-based company's shares to plummet around 19% near the close of trading on Wednesday.
Agnico-Eagle reported gold production increased from 188,232 ounces to 252,363 ounces for the first quarter this year, despite the March fire that burned down the kitchen at the Meadowbank mine last month.
With Libyans having joined the movement to overturn aging autocracies the Arab street action has moved into a geopolitically more difficult territory. Concern over Libya’s oil exports are showing up as higher crude pricing. Libya’s 1.6 M barrels/day of crude output may well undergo disruptions, but the Saudis could replace that if prices move high enough to cause concern. As troubling is the unpredictability of Muammar Gaddafi and those around him. They seem more likely to go down fighting than the western leaning autocrats have been, and that is more likely to cause splintering of the country and concern similar shifts elsewhere in the region. Markets are reflecting this heightened uncertainty with continued gains for precious metals and US$ as well as oil. We expect the US$ and oil to peak before gold and its cousins do.