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Mining Industry News

Asanko lifts low-cost Akwasiso deposit resources, reserves

Posted April 28th 2017 at 8:36 pm

An infill drilling campaign to upgrade previously reported inferred resources into the indicated category has resulted in junior miner Asanko Gold lifting the compliant resources and reserves at the Akwasiso deposit, part of the Asanko gold mine, in Ghana, by 79% and 62%, respectively. The Vancouver-based junior said Thursday the updated Akwasiso mineral resource estimate now comprised 6.72-million tonnes grading 1.49 g/t for 322 500 oz of contained gold in the indicated category.

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First Quantum swings to Q1 loss on increased tax charge

Posted April 28th 2017 at 8:11 pm

Base metals producer First Quantum Minerals has swung to an adjusted loss of $29-million, or $0.04 a share, during the first quarter ended March 31, as no tax credit was recognised regarding losses realised under a sales hedge programme. Headline earnings fell short of analyst forecasts calling for earnings of $0.05 a share.

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Investment interest in Eldorado rises on back of effective Q1 ops

Posted April 28th 2017 at 7:26 pm

Canadian miner Eldorado Gold has swung back into the black after reporting strong results for the three months ended March, logging profit attributable to shareholders of $3.8-million, or $0.01 per share, compared with a loss of $2.5-million, or nil per share in the comparable period of 2016. Adjusted net earnings, which excludes special items during the period, were $8-million, or $0.01 a share, an improvement over the loss of $700 000, or nil per share a year earlier, and on target with analyst expectations.

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North Bay engineer recognized for community work

Posted April 28th 2017 at 6:30 pm

Doug Luckett has brought extensive experience to his volunteer work.

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Detour Gold stock outperforms peers on strong Q1 results

Posted April 28th 2017 at 6:14 pm

The TSX-listed stock of Detour Gold outperformed its peers on Friday, rising 14% to c$17.33 a share early in the afternoon session. For the first quarter ended March, Toronto-based Detour reported better-than-expected headline earnings of $10.5-million, or $0.06 a share, compared with adjusted net earnings of $11.3-million, or $0.07 a share in the comparable period a year earlier. This beat average analyst forecasts calling for $0.02 a share.

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Iron ore has further to fall to knock out unconventional supplies – by Clyde Russell (Daily Mail/Reuters – April 28, 2017)

Posted April 28th 2017 at 6:07 pm

http://www.dailymail.co.uk/ SINGAPORE, April 28 (Reuters) – Now that the euphoria of iron ore’s all too brief rally has evaporated, the question the market is grappling with is what is a fair price level for the steel-making ingredient. Spot iron ore prices in China <.IO62-CNO=MB> ended Thursday at $66.42 a tonne, down 30 percent from the […]

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Westshore urges Ottawa to keep border open to U.S. thermal coal – by Brent Jang (Globe and Mail – April 28, 2017)

Posted April 28th 2017 at 6:03 pm

http://www.theglobeandmail.com/ Westshore Terminals Investment Corp., the operator of a B.C. coal-shipping facility that exports to Asia, is urging Ottawa to maintain the flow of imports of thermal coal by train from U.S. mines in an unexpected twist during a week of rising trade tensions between the two neighbouring countries. Westshore, whose largest shareholder is B.C. […]

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Goldman Sachs Sees Bullion Heading to $1,200 Within Months – by Ranjeetha Pakiam (Bloomberg News – April 27, 2017)

Posted April 28th 2017 at 6:02 pm

https://www.bloomberg.com/ For all the unpredictability of President Donald Trump’s policies in his first 100 days, gold has failed to reclaim the heights before his win in November, and some investors doubt this will happen any time soon. After closing at $1,305.06 an ounce on the Friday before Trump’s election, prices cratered more than 13 percent […]

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Budget missing Ring of Fire cash, says Conservative critic – by Leith Dunick (tbnewswatch.com – April 27, 2017)

Posted April 28th 2017 at 6:00 pm

https://www.tbnewswatch.com/ Ontario budget also guts Northern Development and Mines spending by $70 million, says Vic Fedeli TORONTO – The Conservative’s finance critic has slammed the Ontario budget, saying it proves the governing Liberals have given up on Northern Ontario. Vic Fedeli said the budget, released on Thursday, includes a $70-million cut to Northern Development and […]

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One dead as riots in Guinea mining hub enter fourth day (Reuters U.S. – April 27, 2017)

Posted April 28th 2017 at 5:59 pm

http://www.reuters.com/ One person was killed and several others injured as riots by disgruntled residents of Guinea’s main bauxite mining hub extended into a fourth day on Thursday, police and residents said. The West African nation’s largest mining companies Societe Miniere de Boke (SMB) and Companie Bauxite de Guinee (CBG) said they had resumed normal operations […]

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Ontario’s Liberals feed another budget to the Big Green Central-Planning Monster – by  Terence Corcoran (Financial Post – April 28, 2017)

Posted April 28th 2017 at 5:57 pm

http://business.financialpost.com/ The question all Ontarians must begin asking is how much economic pain — high transportation costs, soaring electricity rates, rampaging housing-market shortages and costs, stalled transit development, soaring debt — are they willing to endure to satisfy the Central Planning Monster. The beast is everywhere, lurking in the background of every twitch in government […]

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The loneliness of Canada mine’s long-distance ice-road truckers – by Allan Seccombe (Business Day – April 28, 2017)

Posted April 28th 2017 at 5:56 pm

https://www.businesslive.co.za/ Drivers face dangers on road over frozen lakes and featureless tundra to reach the remote Gahcho Kué mining camp With a voice like warm, liquid chocolate Denise Clarke welcomes drivers to the Gahcho Kué diamond mine after a long, tedious and sometimes dangerous drive across frozen wastes to reach the remote mining camp in […]

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[Australia Mining] Political Fury As Australia’s Second Largest Bank Refuses To Fund Adani’s Mega Coal Mine – by Anthony Sharwood (Huffington Post – April 28, 2017)

Posted April 28th 2017 at 5:52 pm

http://www.huffingtonpost.com.au/ With Westpac out, Adani’s proposed Carmichael mega coal mine looks in doubt again. There’s a lot of love for Westpac this Friday, and plenty of anger too. It’s all because Australia’s second largest bank has overhauled its policy of lending to coal mining projects. An announcement by Westpac overnight effectively killed off any potential […]

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Goldcorp shares slide after drop in output – by Frik Els (Mining.com – April 27, 2017)

Posted April 28th 2017 at 5:51 pm

http://www.mining.com/ Shares in Goldcorp Inc (NYSE:GG)(TSX:G) dropped sharply Thursday after the company reported first quarter results that surprised to the upside in terms of profits, but fell well short of expectations for gold production. Vancouver-based Goldcorp ended the day more than 5% lower in New York for a market capitalization of $11.8 billion after reporting […]

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Aluminum’s Shine Won’t Last – by David Fickling (Bloomberg News – April 27, 2017)

Posted April 28th 2017 at 5:49 pm

https://www.bloomberg.com/ The most boring industrial metal has been looking a bit more exciting of late. Aluminum’s dispersed supply chain and huge exchange inventories have meant that for the most part, the price doesn’t do much. While copper, zinc and nickel have whipsawed on strikes, deliberate shutdowns and political turmoil, the lightweight metal has plodded along […]

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Lakehead president stepping down

Posted April 28th 2017 at 5:48 pm

Brian Stevenson’s seven-year tenure ends Dec. 31

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Anglo to restart El Soldado mine in Chile after permit approval

Posted April 28th 2017 at 5:21 pm

Anglo American plans to restart production shortly at its El Soldado copper mine, in Chile, as regulators have approved a new permit plan for the deposit, the company said late Thursday. Anglo stopped operations at El Soldado on February 17 after regulators rejected an initial redesign of the mine, saying there was a potential for collapse where the project crossed former underground operations.

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Cameco stock takes a dive on bigger-than-expected Q1 loss

Posted April 28th 2017 at 5:09 pm

Canada’s largest uranium producer Cameco has reported another disappointing quarter, recording an C$18-million loss, or C$0.05 a share, as the termination of a key contract and lower prices weighed on the bottom line. Excluding special items, the Saskatoon, Saskatchewan-based miner widened the adjusted loss to C$29-million, or C$0.07 a share, falling well short of average Bay Street analyst forecasts calling for earnings of C$0.17 a share.

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Feds float FedNor $25 million in funding

Posted April 28th 2017 at 3:31 pm

New strategy to boost skills and innovation accompanies money

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Nexus Gold receives new permit for Burkina Faso gold project

Posted April 28th 2017 at 2:05 pm

Nexus Gold has received a new work permit for its Burkina Faso-based Bouboulou gold concession. The new permit is for an initial term of three years and can be renewed twice for a total term of nine years. 

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