Mining Industry News
Posted July 29th 2014 at 9:55 pmEstablished in 1980, Northern Ontario Business provides Canadians and international investors with relevant, current and insightful editorial content and business news information about Ontario’s vibrant and resource-rich North. Ian Ross is the editor of Northern Ontario Business email@example.com. A New York hedge fund proclaims it’s won a bitter proxy fight with Cliffs Natural Resources to achieve majority control […]
Posted July 29th 2014 at 9:55 pmCanadian gold producer Centerra Gold on Tuesday released its financial results for the second quarter after markets closed, reporting a net loss of $31.7-million, or $0.13 a share, compared with earnings of $1.6-million, or $0.01 a share in the same period a year earlier. TSX-listed Centerra said that the bottom line reflected increased depreciation, depletion and amortisation and an inventory impairment at its flagship Kumtor mine, located at high altitude in the Kyrgyz Republic, as well as lower realised gold prices and higher share-based compensation.
Posted July 29th 2014 at 9:33 pmCanadian project developer Alderon Iron Ore has clinched an off-take deal with global miner and commodities purveyor Glencore for the balance of iron-ore output that had not been allocated to offtake partner Hebei Iron & Steel Group from the Kami project, in western Labrador. Vancouver-based Alderon said that a subsidiary of Glencore had agreed to buy from The Kami Mine Limited Partnership (Kami LP), 40% of the actual yearly output from the Kami project once it had started commercial operations.
Posted July 29th 2014 at 8:45 pmTurkey-focused gold producer Alacer Gold on Tuesday reported a 57% year-on-year drop in headline earnings for the three months ended June 30, as lower grades at its 80%-owned Çöpler mine resulted in lower sales. Excluding special items, Toronto-based Alacer reported adjusted net profit of $9.4-million, or $0.03 a share, which mainly reflected the impacts of lower gold sales volumes and prices and higher per‐ounce unit costs as compared with the $22-million in the same quarter a year earlier.
Posted July 29th 2014 at 8:06 pmSince the Supreme Court of Canada released its Tsilhqot’in and Grassy Narrows rulings earlier this month, groups in both British Columbia and Ontario are wasting no time pulling together benefit agreements.
Posted July 29th 2014 at 8:04 pmQUEBEC – Royal Nickel Corp. of Toronto says the technical report for the West Raglan nickel-platinum group project has been filed on SEDAR and on its website. The project is 100% owned by True North Nickel, a private company in which...
Posted July 29th 2014 at 8:03 pmVANCOUVER – Pretium Resources has closed a primary and secondary common share offering that grossed slightly more than US$60 million. Pretium sold 8.28 million common shares at US$7.25 per share for gross proceeds of US $49.5 million and...
Posted July 29th 2014 at 8:01 pmLABRADOR – Alderon Iron Ore Corp. of Vancouver, 75% owner of the Kami iron ore development near Wabush, says that Glencore has signed an off-take agreement for Kami output. When production begins in 2015, Glencore will buy 40% of the...
Posted July 29th 2014 at 8:00 pmVANCOUVER – Fission Uranium (TSXV: FCU) hit mineralization in every one of the first 14 holes of its summer drill program at Patterson Lake South (PLS), continuing a drilling success story that has delineated shallow, high grade uranium...
UPDATE 2-Hedge fund triumphs in proxy battle with U.S.-based miner Cliffs – by Kim Palmer (Reuters U.K. – July 29, 2014)
Posted July 29th 2014 at 7:52 pmhttp://uk.reuters.com/ (Rewrites throughout with details from meeting, analyst view, background) (Reuters) – Casablanca Capital triumphed on Tuesday in its proxy battle with miner Cliffs Natural Resources Inc, preliminary estimates show, putting the hedge fund in a position to replace Cliffs’ chief executive and sell off underperforming assets. Shareholders of Cleveland-based Cliffs voted onto the miner’s […]
Posted July 29th 2014 at 7:05 pmWhile the web and social media have made it easier to establish a business and market your services, the trend toward a freelance economy doesn’t come without a downside
Posted July 29th 2014 at 6:09 pmCLEVELAND – July 29, 2014 – Cliffs Natural Resources Inc. (NYSE: CLF) today made the following statement following the Company’s Annual General Meeting: “We look forward to receiving the final results of today’s vote, and the Board and management team remain deeply committed to continuing to create long-term value for all of our shareholders. We […]
Posted July 29th 2014 at 5:09 pmThe NYSE-listed stock of US coal and iron-ore producer Cliffs Natural Resources just after noon on Tuesday spiked by as much as $1.12 a share after preliminary indications showed that shareholders had voted all six of dissident shareholder Casablanca Capital’s nominees to the board. The New York-based fund manager, which owns about 5.2% of Cliffs, would now be able to implement its agenda to change the way the company operates, having obtained majority representation on the board.
Changes afoot for aboriginal treaty talks and resource development – by Bill Curry and Kathryn Blaze Carlson (Globe and Mail – July 29, 2014)
Posted July 29th 2014 at 4:58 pmThe Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite. OTTAWA — The Conservative government is launching more flexible options for aboriginal treaty talks after setbacks to its ambitious resource development plans. The announcement signals Ottawa’s desire to give its […]
Coal comfort: faster to start mine in Indonesia than here – by Andrew Fraser (The Australian – July 30, 2014)
Posted July 29th 2014 at 4:57 pmhttp://www.theaustralian.com.au/ PETER Lynch can tell you exactly the difference between setting up a mine in Indonesia and Australia — the former takes four years; the latter somewhere between seven and 10. And the cost of producing coal from Indonesia is about two-thirds that from Australia. Mr Lynch is in a position to know. A veteran […]
PRESS RELEASE: Casablanca Receives Overwhelming Shareholder Support for Change at Cliffs Natural Resources
Posted July 29th 2014 at 4:46 pmJuly 29, 2014, 12:31 p.m. EDT All Six Nominees on Casablanca’s Majority Slate Elected to Cliffs Board of Directors According to Preliminary Voting Results NEW YORK, Jul 29, 2014 (BUSINESS WIRE) – Casablanca Capital LP, (“Casablanca”) the beneficial owner of approximately 5.2% of Cliffs Natural Resources (“Cliffs”) shares, announced today that all six of Casablanca’s […]
Posted July 29th 2014 at 4:45 pmJuly 29, 2014 12:12 ET TORONTO, ONTARIO–(Marketwired – July 29, 2014) - KWG Resources Inc. (TSX VENTURE:KWG)(FRANKFURT:KW6) Today the shareholders of Cliffs Natural Resources Inc (“Cliffs”) will elect at least four directors who are nominated by Casablanca Capital LP. We expect that this will usher in some change in how Cliffs will in future go […]
Posted July 29th 2014 at 4:25 pmUS coal producer Arch Coal on Tuesday reported a narrower-than-expected second-quarter loss, despite the loss for the period being 34% wider than in the same period last year. The St Louis, Missouri-based miner that produces both electricity-generating thermal coal and steelmaking metallurgical coal from its diversified operations in every significant US coal basin, reported a net loss of $97-million, or $0.46 a share, compared with a net loss of $72-million, or $0.34 a share a year earlier.
Scotiabank named in silver price-fixing lawsuit – by Madhavi Acharya-Tom Yew (Toronto Star – July 29, 2014)
Posted July 29th 2014 at 3:56 pmThe Toronto Star has the largest circulation in Canada. The paper has an enormous impact on federal and Ontario politics as well as shaping public opinion. Bank of Nova Scotia, Deutsche Bank and HSBC named in suit. A U.S. investor has accused the Bank of Nova Scotia, Deutsche Bank and HSBC of engaging in an ongoing conspiracy […]
Posted July 29th 2014 at 3:51 pmhttp://www.duluthnewstribune.com/ The view from Cliffs Natural Resources’ Minnesota operations looks pretty good. One of the state’s largest players in the taconite iron ore business, the company’s Northshore Mining, United Taconite and Hibbing Taconite plants are running near capacity with solid domestic markets and long-term contracts with U.S. steelmakers. The company has more than 1,850 employees […]