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Ontario wants high-tech mines up north

According to the Minister of Northern Development and Mines, the…

BC mining and exploration sees resurgence after years of stagnation

The survey found that exploration expenditures across BC totaled $246…

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Did BHP or Canada Inc. reap ‘net benefits’ from blocked Potash deal?

One year ago, the board of directors of Potash Corp of Saskatchewan announced they had received and rejected a $38.6 billion hostile bid from BHP Billiton. The Globe and Mail argues the deal had a profound impact on the country and is best remembered by the confusion it revealed around the Investment Canada Act. And while the federal government's blocking of the deal certainly hurt the reputation of BHP Billiton and its CEO Marius Kloppers, the miner is now accelerating development of its massive Jansen potash project in the province, one of $13 billion worth of approved projects at the resource giant.

Oil sands – big up or ship out

Fast-disappearing Oilsands Quest is a prime example of the risks of trying to go it alone in the oil sands. Slack crude prices and a sluggish US economy may now force other small players into mergers and reverse a slowdown in oil sands deals that have plunged 63% this year to $8.5 billion worth of transactions.

Sprott charity sells gold to buy silver

The charitable foundation run by Sprott Assett Management's chief executive, Eric Sprott, announced Wednesday it is selling 2 million units in Sprott Physical Gold Trust and using the money to buy silver. The closed-end mutual fund trust holds 97% of its total net assets in physical gold bullion in London Good Delivery bar form. Eric Sprott is a well known investment manager and gold bug in Canada and personally holds 6,000,000 units of the trust worth about $94 million based on Wednesday's mid-afternoon price of $15.74 .

Alberta analeptic: oil erases a week’s losses and syncrude premium widens unexpectedly

Crude oil jumped to the highest level in more than a week on Monday after positive news about Japan signalled the global economy may not be in such dire straits as previously thought, the dollar slumped and fresh data showed China's reliance on foreign oil – now at over 55% – is increasing at a rapid pace. US crude in the form of West Texas Intermediate rose 3% to just shy of $88 per barrel and the discount to international prices narrowed slightly. The price for Canadian synthetic crude – a light oil manufactured from oil sands – topped $102 as the premium it attracts widened to over $15 despite a looming end to shortages.

Potash Corp. leads fertilizer stocks on rampage

A string of positive developments have lit a fire under North American potash stocks with Potash Corp. of Saskatchewan leading the charge. The industry bellwether has made investors almost $5 billion richer since Tuesday after an Indian bid for Belarus's state-owned producer valued that company at close to $30 billion. The news came after the EU's largest player said its profits could jump 40% over the next six months and disappointing corn harvests in the US boosted demand for the soil nutrient. Potash Corp. dragged higher the whole sector which also saw the listing of a potash from waste firm on Monday.

Labrador Iron to sell 2011 iron ore production to IOC

Labrador Iron Mines Holdings Limited (TSX: LIM) is pleased to report that it has entered into an agreement with the Iron Ore Company of Canada (“IOC”) for the sale and shipping of all of LIM’s 2011 iron ore production. Iron ore from LIM’s new James Mine in northwest Western Labrador is currently transported by rail from its Silver Yards rail head, near Schefferville, via the TSH railway and the Quebec North Shore and Labrador (QNS&L) railway, to the Port of Sept-Iles where the ore is unloaded and stockpiled adjacent to LIM’s Point-aux-Basques dock facilities leased from the Port of Sept-Iles.

Mega Uranium Ltd. releases unaudited results for the three and nine months ended June 30, 2011

Mega Uranium today announces its unaudited results for the three and nine months ended June 30, 2011. As at June 30, 2011, Mega had cash, cash equivalents and marketable securities totaling $31.1 million, as compared to $49.9 million at the end of September 30, 2010, a decrease of 38%. The decrease is primarily attributable to the Lake Maitland feasibility costs and other exploration expenditures incurred during the current period. As at June 30, 2011, the Company had mineral properties and related expenditures of $265.9 million, as compared to $251.7 million as at September 30, 2010. The increase reflects expenditures on our mineral properties of $18.9 million, offset by write offs of mineral properties of $4.6 million.

Aurizon Mines gross profit up 45%

Aurizon Mines reported gross profits of $29.1 million in the second quarter, a 45% increase from the same period last year, while net profit was up 17%. Chief executive David Hall credited stronger cash flows due to better performance from the Casa Berardi mine in the Abitibi region of Quebec, Canada, where the company is deepening the shaft and conducting the largest exploration program in Aurizon's history. Aurizon produced 41,418 ounces of gold in Q2, an 8% increase from the same period last year, at cash costs of US$544/oz. Image of Aurizon Mines' Joanna project

Gold tumbles to $1,740 while stock markets bounce back strongly

Gold traders saw the precious metal lose over $60 in value today after gold dipped below $1,740 in afternoon trading. Yesteray gold broke through $1,800/oz. While gold was down, markets were up on strong corporate earnings and good U.S. job's data. The Dow Jones was up 5.16% and the S&P 500 was up 5.76%. The Canadian markets were up modestly. The resource-heavy S&P TSX rose 2.16%.