Newmont Mining announced on Wednesday protesters are now allowing access to the Yanacocha gold mine in northern Peru. A local paper reported protesters decided to remove roadblocks following an agreement with the mines ministry and regional authorities. Newmont on Monday was forced to shut down operations at Yanacocha, South America's largest gold mines with annual output of 1.5 million ounces. Newmont and local partner Buenaventura are also advancing a $4.8 billion project to expand the mine which would be the largest investment ever in Peru.
Barrick Gold Corporation Mining News
Speaking in Arequipa at Peru's premier mining conference industry executives said on Friday a drive by Peru's leftist president to raise mining royalties should not derail multibillion-dollar investments, but added that the viability of smaller, less efficient operations will be affected. Peru's Buenaventura and US-based Newmont said their $4.8 billion Conga mine, the most expensive mine in Peru's history, was on track to come on line in 2014 while others including Barrick Gold, Xstrata, Anglo American and Gold Fields reiterated their commitment to the country.
Barrick Gold Corp. closed down slightly and outperformed a weak broader market on Tuesday despite a downgrade from CIBC World Markets, which is advising investors to remain cautious as the miner diversifies into copper. Barrick is up some 12% this summer, tracking bullion's spectacular rise, but investors have not welcomed its move into base metals. In April it outbid a Chinese company for Equinox in a $7.7 billion deal, its first real foray outside gold. The global growth outlook has clouded considerably since then and copper – a good indicator of economic activity – is trading at 9-month lows.
Barrick Gold announced today that an additional 36,221,770 common shares of Equinox Minerals representing approximately 4% of the outstanding Equinox Shares on a fully diluted basis have now been taken up under the offer (the "Offer") by the Offeror to acquire all of the Equinox Shares at a price of C$8.15 per Equinox Share.
Barrick Gold is suing Goldcorp over the El Morro copper mine in Chile, the Globe and Mail reported yesterday. According to the newspaper: Toronto-based Barrick Gold Corp., (ABX-T44.24-0.39-0.87%) the world’s largest gold producer, is fighting Goldcorp Inc. (G-T46.82-0.59-1.24%)after the Vancouver company scooped up a majority stake in the El Morro development, one of the largest known copper and gold deposits in South America. Barrick alleges Goldcorp’s deal to buy Swiss miner Xstrata PLC’s 70-per-cent stake in El Morro was done illegally and is suing both parties, along with New Gold Inc., (NGD-T9.09-0.06-0.66%) which has a 30-per-cent stake in the project.
The takeover rumour mill is working overtime as speculation about the size of Harmony Gold’s Wafi-Golpu deposit increases. Harmony has already been forced to share the planet’s potentially third largest gold and copper mine with Australia’s Newcrest Mining, selling 50% of the project for $525m three years ago. Now, as the value of Wafi-Golpu climbs - Deutsche Bank recently put it at $9.9bn – and predictions of development cost reach $5bn, other suitors may be lining up for the assets. M&A activity in the gold sector is at a 10-year high and top takeover candidates are Harmony’s South African peer Gold Fields, Canada's Barrick Gold, Newmont Mining and partner Newcrest itself.
Barrick Gold Corporation and its wholly-owned subsidiary, Barrick North America Finance LLC, announced Wednesday the completion of the sale of $4.0 billion in debt securities to be used to finance a portion of the acquisition of Equinox Minerals Limited.
Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) ("Barrick" or "the Company") announced today that it has received the unconditional approval of the Zambian Competition and Consumer Protection Commission for Barrick's proposed acquisition of all of the issued and […]
Minmetals Resources Ltd , a unit of China state-run China Minmetals Corp, said it would net $150.4 million from the sale of its entire stake in Equinox Minerals Ltd after it withdrew its its bid for the Africa-focused copper miner. In a filing to the Hong Kong bourse late on Thursday, Minmetals said it had disposed of all its 37.27 million shares in Equinox on May 25 for about $310.5 million under an offer by Barrick Gold Corp .
Zambia has approved the proposed takeover of Equinox Minerals by Barrick Gold on condition the government keeps its 2.2 percent stake in Equinox, a regulatory body said on Friday. The Zambia Competition and Consumer Protection Commission granted final conditional authorisation of the acquisition as the deal did not raise any competition concerns, it said in a statement.
Barrick Gold announced today that it has received confirmation that the Investment Canada Act does not apply to Barrick's proposed acquisition of all of the issued and outstanding common shares of Equinox Minerals Limited. This confirmation has been obtained in connection with the previously-announced offer by Barrick's wholly-owned subsidiary, Barrick Canada Inc., to acquire, subject to the terms and conditions of the Offer, all of the Equinox Shares at a price of C$8.15 per Equinox Share.
African Barrick Gold (ABGL.L) said a malfunction in a mill motor at its Buzwagi mine in Tanzania would hit production in the quarter, sending its shares down as much as 9 percent in early trade on Monday. It estimated the replacement of the motor, which failed after a power outage and attempted restart, would take two weeks, during which time the plant would run at reduced capacity.
Barrick's Q1 earnings rose 22% to $1.0 billion, up from $820 million a year ago. The company, which released its quarterly financial results on Wednesday, said the rise was due to better than expected production results and higher prices for copper and gold. Barrick's earnings per share were an even $1.00. The total cash cost per ounce of gold is $437 while net cash cost is $308. Barrick said cash costs were ahead of budget due to higher production at its Cortez, Goldstrike and Veladero operations.
Shares in Equinox Minerals (EQN.AX) jumped 7 percent in Australia on Wednesday after the copper miner accepted a $7.7 billion takeover offer from the world's largest gold miner, Barrick Gold (ABX.TO).
Has world top gold miner, Barrick Gold, given up on its principles to remain predominantly a gold producer? While the copper content of Barrick's business has been growing in recent years as the acquisition and development of some of its biggest new gold projects involve the co-mining of copper from big gold/copper porphyry type orebodies, today's announced agreement to acquire copper miner Equinox seems designed to move it even more into the polymetallic production space.
Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) ("Barrick" or "the Company") announced today that it has entered into a support agreement with Equinox Minerals Limited (TSX:EQN)(ASX:EQN)("Equinox") for Barrick to acquire, through an all-cash offer, all of the issued and outstanding common shares of Equinox (including the shares represented by Equinox's CHESS Depositary Interests) by way of a friendly take-over offer (the "Offer"). The Offer is for C$8.15 per Equinox share in cash, or a total of approximately C$7.3 billion. The Offer represents a 30% premium based on Equinox's closing share price on the Toronto Stock Exchange on February 25, 2011 (the last trading day before Equinox announced its intention to make a take-over bid for the common shares of Lundin Mining Corporation).
African Barrick Gold (ABGL.L: Quote) said its net profit declined in the first quarter as lower production and higher costs offset rising gold prices. Net profit fell 5 percent to $50.4 million as the miner's production dipped 2 percent to 173,907 ounces. Cash costs jumped 28 percent to $658 an ounce.
With Libyans having joined the movement to overturn aging autocracies the Arab street action has moved into a geopolitically more difficult territory. Concern over Libya’s oil exports are showing up as higher crude pricing. Libya’s 1.6 M barrels/day of crude output may well undergo disruptions, but the Saudis could replace that if prices move high enough to cause concern. As troubling is the unpredictability of Muammar Gaddafi and those around him. They seem more likely to go down fighting than the western leaning autocrats have been, and that is more likely to cause splintering of the country and concern similar shifts elsewhere in the region. Markets are reflecting this heightened uncertainty with continued gains for precious metals and US$ as well as oil. We expect the US$ and oil to peak before gold and its cousins do.
Barrick Gold reported on Thursday that net income in the fourth quarter was up 57% to US$947 million or 95 cents a share, a record result for the world's-largest gold miner. In the same quarter in 2009, Barrick reported US$604 million net income or 61 cents a share. The company produced 1.7 million ounces of gold at a total cash cost of $486 per ounce. Gold production in 2011 is expected to be similar to 2010.
A new conveyor idler aligner featuring a safe and effective method to manually fine tune OEM-style self-adjusting idlers has been introduced by Martin Engineering. Read more
SALT LAKE CITY — SEPT. 22, 2010 — inthinc Technology Solutions Inc., a global company centered on telematics, fleet solutions and driving safety, today announced that Barrick Gold Corporation will invest $16 million to install waySmart™ […]
The phrase “safety is built from the ground up” may seem like a cliché. But a group of mining companies is taking the message to heart with a concerted campaign to work with original equipment manufacturers (OEMs) to ensure that safety […]
Barrick Gold is teaming up with the federal government and the state of Montana to clean up the 80-year-old, 30-acre McLaren tailings site – historically noted as a significant source of heavy metals contamination flowing […]
Geosoft releases CET Grid Analysis software, developed by The University of Western Australia’s Centre for Exploration Targeting
Joint software project, supported by Barrick Gold, helps mineral exploration geophysicists and geologists find discontinuities within magnetic and gravity data.
African Barrick Gold suspended production at its Bulyanhulu mine in Tanzania on Tuesday while it worked to rescue miners trapped by a fall of ground, the company said.