Chile's Supreme Court upheld an environmental order for a gold mine owned by Canada's Kinross Gold Corp to close its water pumping wells.
Kinross Gold Corp Mining News
Project is expected to extend Fort Knox mine life to 2030 and generate 17% internal rate of return (IRR) at a low capital cost.
The Canadian miner is the latest company to be hit by changing policies in Africa as governments seem increasingly willing to upend historic deals with foreign companies in their quest for more mining revenue.
Despite analysts predicting that sanctions against Oleg Deripaska may cause a turmoil in the mining world, Kinross made an effort today to stand clear from such possibility.
Operations at La Coipa mine, located in in northern Chile, were halted in 2013, when the targeted orebody run out of riches.
With the acquisition of two hydroelectric plants, the miner expects to eliminate about 70% of future power purchases.
Stung by some lousy investments that led to billions of dollars in losses a few years ago, the world’s major gold producers have cut back on mining deals.
Projects aim at boosting output and lowering costs.
The western U.S. state is asking the EPA to pay for the cost of cleanup and long-term maintenance of the San Juan River and Lake Powell
Exeter shareholders will receive 0.12 of a common share of Goldcorp for each they have in the junior — that's a premium of 67% based on the part's closing prices on the day prior to the announcement.
The world’s No. 1 and No. 3 gold producers will focus on developing gold mines in northern Chile's rich Maricunga belt.
Shares in most gold miners fell Monday as the precious metal price dropped more than 1% in early trading and was steadily heading to its largest single-session loss of the month.
While gold is giving back some of its largest gains following Trump's win in the US Presidential election, miners of the precious metals continue to climb.
Ecuador began last month granting licences for new exploration areas, with over 300 of them to be awarded by the year-end.
The company had halted production in June following a government inspection that led to a row over work permits, but work resumed in August.
Suspension of Maricunga comes earlier than planned after a court upheld the country’s regulator decision to shut down the water system linked to the mine over environmental concerns.
Kinross, which operates two mines in Russia and also owns the problem-plagued Tasiast operation in Mauritania, seeks to strengthen its portfolio in North America.
Decision follows the West African country order to expatriates whose work permits were invalid to stop working.
Early signs of activity include Kinross Gold's March decision to expand its Mauritanian gold mine and Goldcorp acquisition of junior Kaminak for $520 million in May.
Mauritanian workers complain that there is a major gap between their salaries and Canadian expats working for Kinross.
The Canadian miner posted a loss of $13.9 million in its first quarter.
Project is expected to dramatically increase production and slash costs at the troubled mine.
The biggest winner was Anglo American (LON:AAL), which briefly posted its biggest ever one-day percentage gain, closing later still 15% up compared to the previous session.
The precious metal is building on gains from earlier in the week, triggered mainly by escalating geo-political tensions in the Middle East and North Korea’s nuclear test.
The move would help the miner meet its ambitious target for reducing its $13 billion debt by $3 billion before year-end.