Latin America Top Stories

Nutrien sells stake in Arab Potash to China’s SDIC

The $502-million transaction makes the Chinese company Arab Potash's majority…

Miramont’s project in Peru may affect Indigenous communities

The company was deemed not eligible for an automatic approval…

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Timmins Gold earns $84m at San Francisco Gold in first year

Timmins Gold Corp. reported an annual net profit of $11.5m for 2011, the first year of commercial operations of its San Francisco gold project in Mexico. The nine cent a share profit on revenues of $84.3m reported Thursday compared with a net loss of $8.6m last year when the company's income was zero. The company expects to average annual gold production of approximately 100,000 ounces at base case life of mine cash costs of US$489 per ounce. Timmins moved to the Toronto main board in March where it is worth some $137m.

Brazil’s steel industry ‘almost at crisis point’ quotes an analyst at an industry conference in Rio de Janeiro as saying on Tuesday Brazil's steel industry is "almost at crisis point," due to the country's strong currency and soaring raw-materials costs. Steelmakers have been hit by soaring prices for raw materials, including metallurgical coal and iron ore, prices for which reached record-high levels earlier this year. Some steelmakers have intensified their own iron-ore production activities in Brazil to shield themselves from high ore prices, but Brazil lacks sufficient coking coal resources.

Grupo Mexico, Asarco union extend existing contract for 2 years

Grupo Mexico and miners at its U.S. copper mining unit Asarco agreed to extend their existing contract for two more years, the Mexican company said in a statement on Tuesday. The contract covers 2,100 workers at Asarco's operations in Arizona and Texas and will now be valid until 2013.

Bear Creek will fight for silver mine in Peru

Canada’s Bear Creek Mining Corp. threatened legal action Monday after the Peruvian government cancelled the company’s plans for a silver mine in the country’s southern highlands. The Vancouver-based company said it hoped a political solution could be found, but that it would "vigorously defend" its rights.

Minera Andes reports drill results and development update for the Los Azules copper project

Minera Andes announced drill assay results from the January – May 2011 drill program and a development update for the 100% owned Los Azules Copper Project, in San Juan Province, Argentina. Highlights from the recent drilling include a step-out drill hole, located approximately 250 meters west of the resource that returned 0.50% copper over 269 meters, including 0.95% copper over 45 meters. Infill drilling was generally in line with expectations, for example intersecting 0.66% copper over 395 meters and 0.63% copper over 237 meters.

Golden Minerals to buy ECU in $309m reverse merger

Golden Minerals Co said it will buy Canada's ECU Silver Mining in a reverse merger for about C$302.5 million ($309.1 million) in stock and cash, to form a new silver mining company focused on Mexico and Argentina. Under the terms of the deal, ECU shareholders will get 0.05 common shares of Golden Minerals and about $0.000394 in cash for each share they hold.

Dynacor Gold Mines has best month of production in company’s history

Dynacor Gold Mines Inc. (TSX:DNG) is pleased to provide a second quarter operations update. In the month of May, Dynacor produced from its custom milling plant a historic best of 4,183 ounces of gold (representing more than 50,000 ounces on an annualized rate). Furthermore, during Q1-2011 the company, using cash directly generated from operations, optimized the plant's yield at the current capacity of 180 tpd (tonnes per day). The expansion program, which included installation of an additional cyanidation tank and a 90 tpd ball mill, will facilitate a capacity increase from 180 tpd to just over 200 tpd during the 2nd part of 2011.