Canada Top Stories

Villagers denounce irregular operations by the Zimbabwe Consolidated Diamond Company

They say diamonds have become a curse instead of a…

Barrick moves forward with plan to make every employee an owner

The gold miner’s employees will receive this year 90 shares…

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Canadian gold miner AuRico to buy Northgate Minerals for $1.48 billion

TORONTO, Aug. 29, 2011 /CNW/ - AuRico Gold Inc. ("AuRico") (TSX:AUQ) (NYSE:AUQ) and Northgate Minerals Corporation ("Northgate") (TSX:NGX) (NYSE-Amex:NXG) are pleased to announce that they have entered into a definitive acquisition agreement (the "Agreement") to create a new leading intermediate gold producer. The new company will have 5 operating gold mines, a sixth mine targeting production in 2012 and 3 gold development projects in Mexico, Canada, and Australia, three of the top global mining jurisdictions.

Oil sands miners share technology to tackle tailings

Oil sands miners in northern Alberta are pooling new knowledge to tackle an old foe: tailings. It's an unusual collaboration in an industry that is famously secretive for fear of losing an edge to competitors. The StarTribune reports on how companies participating in the Oil Sands Tailings Consortium — a 7-member group formed last December to share tailings research and technology — are spending over $90 million this year to address the common problem of how to dispose of wet tailings left behind when bitumen is extracted from oil sands.

Official oil sands pipeline approval a step closer

Confirming details leaked to the Washington Post on Wednesday the US State Department said on Friday a proposed $7 billion extension of the Keystone pipeline to US Gulf Coast refineries would not likely boost the amount of crude produced from Alberta's oil sands, suggesting it would have limited impact on the environment. A final decision on the controversial pipeline could come as soon as the end of the year. The news comes as demonstrators in front of the White House continue being arrested in efforts to convince President Barack Obama of Keystone XL’s dangers. The price Canada can charge for crude exports to the US is falling further behind the international benchmark because of a glut in the Midwest and some hedge funds have started to bet that the spread could go as high as $50/barrel leaving Alberta producers millions of dollars out of pocket per day.

Oilsands Quest forced to extend begging bowl to battered investors once again

Oilsands Quest stock was trading below the rights offer price of 20c at the open on Friday after announcing it was extending a rights offer to advance its Axe Lake oil sands project in Saskatchewan a second time. The company is attempting to raise $60 million after it was forced to go it alone following a fruitless 11-month quest to find a partner or buyer.

The secrets of diamond mining are forever

24/7 Wall St says the global diamond mining industry may be one of the world’s best-kept secrets and diamond mining is not unlike the oil business, where about 100 massive fields supply about half the world’s oil.

Impala Platinum earnings leap 41% but Zimbabwe concerns linger

South Africa's Impala Platinum Holdings (Implats) said on Thursday that its headline earnings for the 2011 financial year rose 41% as it reaped the benefit of rising prices. The world's second-largest producer of the metal also said Thursday that it expects output in 2012 to be steady or slightly lower on the year and that costs will likely rise. Implats accounts for close to 30% of global supply of the precious metal sometimes referred to as white gold, used in vehicle emission systems to reduce pollution and for the manufacture of jewellery. Prices for platinum climbed throughout the year from just over US$1,500 per ounce to end at about US$1,800 per ounce.