SRK Zimbabwe office looks to bring better times

The Harare office of global engineers and scientists, SRK Consulting, has a new, local country manager and is looking forward to contributing to the recovery of Zimbabwe’s mining sector. Read more

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40 years after dropping gold standard bugs feel vindicated but some fear party is over

Spot gold dropped one percent on Friday in Asian trade, extending losses from a fall of 1.6% in the previous session as risk appetite revived after reassuring US jobs data soothed anxious investors, but bullion remains poised for its best week since February 2009. CNBC reports as gold futures briefled topped a record $1,800 traders that are long gold began to get nervous that they were behind a trade that may not have any potential new buyers left. Reuters reports the surging price of gold is a vindication for the world's gold bugs 40 years after US President Nixon announced the abandonment of the gold standard – the anniversary is on Monday.

Molycorp sells 50 times more rare earth oxides

Rare earths miner Molycorp on Thursday swung into profit in the second quarter as it ramped up production at Mountain Pass, California, once the world's largest supplier of the sought-after elements used in anything from iPods to stealth helicopters. Net income came to $48.8 million compared with a loss of $23.3 million a year ago. Revenue came in just shy of $100 million, compared with only $1.9 million a year ago. Commenting on the results the company said global demand for rare-earth elements remains "very high" and supply outside China, which controls more than 95% of world output, is tight.

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%.

ABB wins $20 million metals order in South Korea

ABB, the leading power and automation technology group, recently won an order from Hyundai Steel Company (HSC) to supply the drive system for the extension of its existing heavy plate mill in the Chungnam province of South Korea.The integrated mill produces high-quality automotive and shipbuilding steel plates.

Odds against oil sands projects rapidly stacking up

Recent developments are rapidly stacking the odds against Alberta oil sands: the oil price has fallen 20% in one month, the gap between US crude and world prices hit a record on Wednesday above $24, the premium syncrude enjoyed in recent months is melting away and Canadian heavy oil's discount to US crude has widened to $15. The question now is how many of the $100 billion of oil sands projects in various stages of development will be completed or run at a profit when Canadian crude only attracts $60-$70 a barrel and could go lower. Sky-rocketing labour and equipment costs and a rising loonie could well turn out to be the proverbial last straw.

Bre-X defence lawyer faces disciplinary hearing

The lawyer who acquitted the geologist at the centre of the Bre-X scandal is facing a disciplinary hearing in Toronto for his conduct during the trial, which happened a decade ago. The Law Society of Upper Canada accuses Joe Groia of professional conduct for "incivility" during the trial, The Globe and Mail reported on Thursday: Mr. Groia, 56, criticized in previous court judgments for using “petulant invective” and “guerillia theatre” in the Bre-X trial, faces anything from a reprimand to the revocation of his licence if a three-member Law Society panel finds he violated the profession's rules.

B2Gold reports on second quarter 2011 results

B2Gold reported results from its operations for the second quarter ended June 30, 2011. Highlights were adjusted net earnings of $22.0 million ($0.07 per share); record cash flow from operations of $28.8 million ($0.09 per share); and an increase of cash and cash equivalents to $78.9 million at quarter end.