Russia's two main rail lines into Asia and, in particular China, are increasingly overburdened which is causing a headache for metals firms looking to increase exports.
Copper Mining News
News that gigantic gold miner Barrick (ABX) wants to buy junior copper miner Equinox (EQXMF.PK) keeps reverberating through the commodity markets.
I found an interesting dataset at the IMF of commodity prices going back to 1980. What makes it interesting is to look at the longer-term price trends of some of the industrial metals you don't often don't see charted, such as aluminum, tin, lead, zinc, and nickel.
With commodity prices up so much over the past several years, you can forgive long-term value investors for giving them a miss. Who wants to risk exposure to another asset bubble so soon after the dot-com implosion and the U.S. housing mess?
Nothing new to report from Uncle Ben and his cronies but at least there was more talk of inflation with rising commodity prices. The $2.50 range carried on in Crude again today as traders try […]
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.
La Quinta Resources Corporation (TSX VENTURE:LAQ) ("La Quinta") is pleased to announce that it has entered into a Letter of Intent (LOI) to acquire the Carruthers Pass, B.C. massive sulfide project from Cariboo Rose Resources Ltd. (TSX VENTURE:CRB) ("Cariboo Rose"). Under the terms of the LOI, the Company can acquire 90% of the project from Cariboo Rose over a six (6) year term by spending $2 million in work commitments on the project, and making payments of $470,000 cash and issuing 2 million shares of the Company's common stock to Cariboo Rose.
Soaring global demand for copper makes the metal a better bet than gold and explains a surprise bid by Barrick Gold Corp, the world's No. 1 bullion producer, for copper miner Equinox Minerals.
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).
hina's Minmetals Resources announced Tuesday, "Following the announcement yesterday by Equinox that it will recommend that its shareholders accept an offer it has received from Barrick Gold Corporation of C$8.15 per share, MMR has decided not to pursue its planned bid for Equinox."
First Nickel Inc. ("First Nickel" or the "Company") (TSX:FNI) is pleased to provide an update on its Lockerby Depth Project and its plans to resume production at the Lockerby nickel/copper mine, located in Sudbury, Ontario, […]
Japan's output of rolled copper product fell 3.7 percent in March from a year earlier, its biggest fall in 17 months, after the March 11 earthquake devastated the northeast of the country and disrupted supply chains of automakers, which are big consumers of copper parts.
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.
Thompson Creek Minerals has spurned an option with U.S. Energy Corp. to acquire an interest in the Mount Emmons molybdenum project in Colorado's Gunnison County. According to a story in today's Globe and Mail, the Denver-based company has decided instead to focus on exploring its Berg property in British Columbia: Chairman and CEO Kevin Loughrey said the property can potentially expand its molybdenum production while also helping the company's diversification efforts.
World events continue to signal support for hard assets, but caution is still advised. News in the copper space is as much about consolidation of the players as the metal itself right now. The $7 per share bid by China Minmetals for Equinox Minerals (EQN-T, ASX) has offered some support for other mid tier copper assets.
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).
Rescuers and heavy equipment are picking through the debris in hopes of finding more survivors after a landslide thundered down a mountainside in the Philippines on Good Friday. The avalanche of mud hit the mining village of Panganason around 2:30 am Friday morning, according to a story posted on Inquirer.net. Clad in orange suits, the rescuers sifted through the rubble in the hope of adding more survivors—15 so far—plucked from the mud and rocks. But 21 people remained unaccounted for, according to Maj. Jake Obligado, commanding officer of the 71st Infantry Battalion.
Academy-award winning director, actor and environmental activist, Robert Redford, Thursday became the latest face of those opposed to the development of the massive Pebble copper-gold mining project near Bristol Bay in Alaska. In a blog published on the Huffington Post political website, Redford claimed, "I am not against mining. I am against putting mega-mines where they don't belong."
The cost of developing the huge Wafi-Golpu gold-copper project in PNG could be as much as $4billion according to Harmony CEO, Graham Briggs.
Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) announced today that it will pay an eligible dividend of $0.30 per share on its outstanding Class A common shares and Class B subordinate voting shares on July 5, 2011, to shareholders of record at the close of business on June 15, 2011.
World top copper producer Chile sees copper prices staying above the 2010 average during the next three years, Deputy Mining Minister Pablo Wagner said on Wednesday. Copper averaged $3.42 per pound in 2010, according to data compiled by the Chilean government.
Quadra FNX Mining Ltd (QUX.TO) outlined a resource at its Victoria copper-nickel project in Ontario that is equivalent to about 3.4 billion pounds of contained copper, the company said on Thursday.
Ivanhoe Australia Ltd (ASX & TSX: IVA), controlled by North American-based Ivanhoe Mines, today put out what it quaintly described as a clarification of its position on Exco Resources Ltd (ASX: EXS) selling the Cloncurry copper project to Xstrata Copper. Ivanhoe, which is Exco's major shareholder made it clear it was not supporting the sale, pointing out that the company's chief executive Peter Reeve, as a director of Exco, excused himself from the deliberation of this transaction.
With a new loan close to being secured, Trevali may soon join the ranks of bona fide miners, producing at two poly-metallic mines in Peru and New Brunswick.
Reports from China indicate the Chinese economy grew 9.7% in the first quarter of 2011 with foreign exchange holdings rising to a record $3 trillion. This brought about a fresh round of speculation that the Chinese government will tighten lending further in an attempt to curb and control inflation after two years of record credit expansion. The central bank has already raised interest rates four times since October 2010 along with increasing reserve requirements for Chinese banks.