Canada Top Stories

Mandalay’s coffers suffered from Cerro Bayo’s downtime

The CEO of Mandalay dubbed 2017 as a challenging year…

Barrick to hike gold output as Newmont gets too close to being world’s top producer

Miner is advancing a pipeline of projects expected to contribute…

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Strike shuts down Canada-owned gold mine in Suriname

Suriname's only commercial gold mine, the Rosebel Gold Mine which is majority owned by Canada's Iamgold, has been shut down by a strike by 1,100 workers protesting new longer shift hours. Rosebel is located some 118 kilometers south of Paramaribo (pictured), the capital of the South American nation. The mine produced 395,000 ounces in 2010 at cash cost of $484 per ounce. While Rosebel is the country's only commercially operated mine, there are believed to be thousands of small scale miners operating in the tiny, impoverished country.

Scorpio Mining down 4% after disappointing results

Toronto-listed Scorpio Mining Corp reported a quarterly profit helped by production ramp-up at its Nuestra Señora mine in Mexico, but missed market estimates compiled by Reuters, sending its shares to close just under 4% down. Vancouver-based Scorpio reported a net income of C$3.3 million and strong cash flow from operating activities in Q2 2011 of $11,9 million as recovered silver equivalent ounces reached 1,548,174, an increase of 79% from 2010 and contained metals produced in concentrates jumped 92% to of 734,558 ounces.

Zimbabwe’s diamonds ‘can become a curse’

The Zimbabwe Independent quotes finance minister Tendai Biti (pictured) on Friday as saying the reality of Zimbabwe's situation is that there is no connection between Zimbabwe’s income from diamonds, its output and international prices adding the country's resources are in danger of turning into curse rather than a blessing. Zimbabwe exported 716 958,50 carats from its alluvial diamond mines but only $103,9 million of diamond export shipments was accounted for in the first half of the year. The military seized control of the rich diamond fields in Chiadzwa in 2006 and most observers believe an international ban on these gems are being widely flouted.

Centerra Gold outshines gold bellwethers as profits double

Investors rewarded Centerra Gold on Friday after the company reported it more than doubled net profits at $71.1 million on revenues of $243.8 million, up over 60% compared to the same quarter last year and announced a special and annual dividend payment of $99.3 million. Centerra Gold, which owns gold properties in Kyrgyzstan and Mongolia and has earn-in agreements in Nevada and Turkey, added 1% by midday Friday and was one of the few gainers among precious metals miners. Sector heavyweights Goldcorp and Kinross lost over 1.5% while Barrick was also trading weaker despite a rampant gold price.

Goldcorp’s Mexico hassles force Silver Wheaton to cut 2011 forecast by 2 million oz

Silver Wheaton, the global number one silver streaming firm, announced on Thursday that it is revising its 2011 attributable silver equivalent production guidance from 27 to 28 million silver equivalent ounces to 25 to 26 million silver equivalent ounces. Stock in the company on the Toronto exchange ended little changed on Thursday, but is down 9.5% so far this year which means investors have taken more than a $1 billion knock. Silver Wheaton expects its 2015 attributable production to grow by 17 million ounces.

High oil price eroding demand globally even as US glut swells

Reuters reports high crude prices have dented global oil demand in the second quarter according to oil majors BP, Shell and ConocoPhillips, in a trend likely to be repeated in the second half of the year if prices stay high. Brent oil prices spiked to $127 a barrel in April, close to the all-time high of $147. However, the price oil sands exporters receive weakened further against the global benchmark on Thursday with West Texas Intermediate fetching $97 as the first of 60 million barrels from the Strategic Petroleum Reserve reach markets.

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.