Canada Mining News

PotashCorp reports record second-quarter earnings per share; potash expansion program totals $492 million

Potash Corporation of Saskatchewan reported record second-quarter earnings of $0.96 per share or $840 million—the second-highest total for any quarter in the company's history and 81 percent above the $0.53 per share ($480 million) earned in the same period last year. Despite volatility in commodity markets, Potash Corporation of Saskatchewan said that crop economics remained attractive throughout the second quarter, giving farmers the incentive to improve nutrient applications, which resulted in rising fertilizer demand and pricing.

Barrick's net earnings for Q2 rose 35% to $1.2 billion; costs rise at Pascua-Lama and Pueblo Viejo

Barrick, the word's number one gold miner, reported net earnings for Q2 rose 35% to $1.2 billion ($1.16 per share) from $859 million in the prior year period. Q2 adjusted net earnings increased 36% to a record $1.1 billion ($1.12 per share)1 from $824 million ($0.84 per share) in Q2 2010, reflecting higher realized gold and copper prices and higher gold sales volumes, resulting in an annualized return on equity of about 21%. The company is on track to meet its 2011 operating guidance of 7.6-8.0 million ounces at total cash costs of $450-$480 per ounce and lower expected net cash costs of $290-$320 per ounce

Swan Hills Synfuels secures $285 million grant from Province of Alberta to build carbon capture and storage project

The Province of Alberta and Swan Hills Synfuels are advancing a clean gas for clean power project that will dramatically reduce emissions by capturing and sequestering over 1.3 million tonnes per year of CO2. The province has executed a letter of intent with Swan Hills Synfuels to provide a $285 million grant in support of this carbon capture and storage project.

Prosperity Minerals secures 4 mln tonnes of iron ore through off-take agreement

Prosperity Minerals (LON:PMHL) says it has now secured 4 million tonnes of iron ore through a deal with Blackrock Metals of Canada. The firm has exercised its option under the offtake agreement, struck previously with Blackrock for 800,000 tonnes of ore,

Xstrata bidding for Canadian coal explorer

Major miner Xstrata is making an agreed $153 million bid for Canada's First Coal Corporation which owns coking coal exploration leases in British Columbia Miner Xstrata has made an all-cash bid for privately held Canadian miner First Coal Corporation, it

New Gold targets 2017 for Blackwater project, northern BC

Vanderhoof, a small community in northern British Columbia, has been told to expect a gold mine on its doorstep within 6 years. New Gold President and CEO Bob Gallagher paid a visit to Vandherhoof town council on July 20, telling local politicians the Blackwater gold mine should be up and running by 2017.

Goldcorp revenue up 62% but expected gold production in 2011 down by 6%

Goldcorp, the world's second largest gold miner, saw revenues increase by 62% over the 2010 second quarter, to $1.3 billion, on gold sales of 606,400 ounces. However, flooding, forest fires and problem equipment caused production to slip at some of the company's mines. Goldcorp downgraded its total expected gold production by six percent, from between 2.65 million and 2.75 million ounces to between 2.50 million and 2.55 million ounces.

Athabasca Uranium acquires Keefe Lake property option

Athabasca Uranium Inc. has entered into an agreement with an arm's-length vendor by which the company has the option to earn a 100% interest in the Keefe Lake Project in northeast Saskatchewan.

ESO/Fission Patterson Lake South JV reports high grade boulders up to 39.6% U3O8

ESO Uranium Corp. (CVE:ESO) and its joint partner, Fission Energy Corp (CVE:FIS) report results from its boulder prospecting and radon survey program.

TSX tumbles on falling commodities, worries over U.S. debt

The Toronto stock market tumbled as investors grow increasingly pessimistic about the potential economic consequences of a U.S. failure to raise its debt limit.

First Point Minerals is making rapid headway in Canada with its work on naturally occurring nickel-iron alloys

What, pray, is a nickel-iron alloy ore? That’s a question that holds no mystery to the management and shareholders of First Point Minerals, which has just identified its first drill-ready nickel-iron alloy target on the Klow project in central British Columbia.

Fear beginning to replace greed as mining boom gets long in the tooth

Despite a flurry of mergers and acquisitions and a robust IPO market reports out on Wednesday suggest that fear is slowly replacing greed in the mining finance business. The Financial Post reports for investment bankers, the low-hanging fruit is long gone and the biggest financings are now high-risk: gold juniors in Africa, coal in Colombia and an infamous Quebec lithium play that overstated its resource. Global Mining Finance's July round-up says untrustworthy financial and resource reporting, threats of new royalty regimes, "super-profit" and carbon taxes, political turmoil, strikes and government takeovers are worrying resource investors all around the world.

Scotiabank: potash price up 30% since December will jump again this year

Spot potash prices for the standard grade leaving the port of Vancouver rose from $445 per tonne in May to $481 in June and $490 in July and is up US$111 since December according to the Scotiabank Commodity Price Index out on Wednesday. Scotiabank also said Canpotex, the marketing agent for Western Canada's three potash producers, is virtually sold out for the third quarter this year and a third price increase this year of $30 to $40 is likely.

Canadian Oil Sands sees second quarter profit bump on higher crude prices (Canadian-Oil-Sands)

Canadian Oil Sands Corp., which holds the largest stake in the massive Syncrude oilsands mine north of Fort McMurray, Alta., said Tuesday its second-quarter profits rose on the back of strong oil prices. Net income for the three months ended June 30 was $346 million, or 71 cents per share _ missing the average analyst estimate of 73 cents per share, according to Thomson Reuters.

Obama forced into pipeline decision as Canada oil sands crude swamps US

Reuters reports US lawmakers approved legislation late on Tuesday setting a November 1 deadline for the Obama administration to decide the fate of a proposed $7 billion pipeline to transport Canadian oil sands crude to refineries on the Gulf coast and ease the glut in the Midwest hub. The price oil sands producers can charge for exports to the US is falling further behind the international benchmark because of the lack of pipelines and hedge funds have started to bet that the spread could go as high as $50/barrel leaving Alberta producers $75 million out of pocket per day.

Cenovus cash flow increases 75% on improved refining result

Cenovus generated cash flow of $939 million or $1.24 per share diluted in the second quarter of 2011. Refining operating cash flow was $322 million during the quarter mainly due to improved refined product prices and higher throughput.

Ethos discovers 2.1 g/t gold near the Coffee Fault, Yukon

Ethos Capital Corporation has unearthed an impressive gold sample in the Yukon, as the company continues its summer exploration program in the White Gold District.

Ditem: Lalande rare earth exploration program underway

Ditem Explorations (TSX VENTURE:DIT) is pleased to announce that the summer exploration program on the Lalande property is now underway.

Journal of Commerce: Prince Albert, Saskatchewan diamond mine may go ahead

Shore Gold Inc. could be one step closer to opening Canada's next diamond mine, according to a story published in the Journal of Commerce.

Crocodile Gold intersects high grade gold at Union Reefs

Crocodile Gold" announced on Monday continued high-grade intersections from the exploration drilling program currently underway at the Union Reefs Project with the diamond currently being conducted below the historic Prospect pit. Crocodile Gold is a Canadian company with operating gold mines in the Northern Territory of Australia and a land package of over 2,700 km2. Crocodile Gold is currently mining from the Howley open pit mine.

Vancouver Sun: First Nation irked by Jansen potash project

The chief of a Saskatchewan First Nation located near BHP Billiton Ltd.'s Jansen potash project is calling on the province to consult aboriginal communities in the region about the potential mine.

Victory Nickel completes reporting of North Limb drilling at Minago Project

Victory Nickel Inc. CA:NI today announced further results from drilling conducted on the North Limb nickel-mineralized domain at its 100% owned Minago Nickel Project located on the Thompson Nickel Belt approximately 485 kilometres north of Winnipeg, Manitoba.

Quadra FNX output up 20% in Q2, to restart nickel-ore mining

Vancouver-based Quadra FNX Mining increased second-quarter copper production by 20% compared with the first three months of the year, and still expects to meet its full-year forecast of within 10% of 240-million pounds.

Debate intensifies over climate change aspects of Canada's oil sands pipeline: New York Times

As the State Department weighs approving an oil pipeline stretching from Canada to Texas, experts are divided on whether the Keystone XL project would worsen global warming.

Globex options second Labrador Trough iron project

Globex Mining Enterprises Inc. announce Monday that it has signed an Option Agreement with Titan Iron Ore Corp wherein Titan may earn 100% interest in a Globex, Labrador trough area iron exploration property in Northern Quebec. The property consists of 200 claims totalling approximately 9,160 ha (22,635 acres) and covers a 32 kilometre (19.9 miles) long magnetic anomaly which coincides with known showings of magnetite, an ore of iron.