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Mining Industry News

Yamana Gold posts big loss on charges for Brazil mines, tax

Posted October 30th 2014 at 12:23 am

Yamana Gold reported a hefty third-quarter net loss on Wednesday as large impairment charges for three Brazilian mines and charges for newly enacted Chilean taxes more than offset higher production and lower costs. The Canadian-based gold miner recorded a $668-million impairment charge for its C1 Santa Luz, Ernesto/Pau-a-Pique and Pilar mines in Brazil and non-cash charges of $329.5-million related to Chilean taxes.

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Centerra Gold loss widens as prices, sales drop

Posted October 30th 2014 at 12:20 am

Centerra Gold reported a deeper third-quarter loss on Wednesday, reflecting lower gold prices and the sale of fewer ounces of gold, the company said. The Toronto-based gold miner's net loss widened to $3.2-million, or $0.01 a share, from $1.8-million, or $0.01, in the year-ago period.

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Agnico Eagle posts Q3 loss, lifts 2015 guidance

Posted October 30th 2014 at 12:19 am

Canadian miner Agnico Eagle experienced a third-quarter net loss of $15.1-million, or $0.07 a share, impacted by a non-cash foreign currency translation loss on deferred tax liabilities of $11.3-million and other special items. Excluding special items, the Toronto-based miner on Wednesday announced an adjusted profit of $4.2-million, or $0.02 a share, for the third quarter, which was significantly lower than average Wall Street analyst expectations of $0.14 a share.

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Augusta acquisition adds to Hudbay’s Q3 profit

Posted October 30th 2014 at 12:18 am

Canadian base metals producer Hudbay Minerals has generated a profit of $49.2-million, or $0.22 a share, for the three months ended September 30, up from $3-million for the same period in 2013, boosted by gains related to the C$555-million acquisition of Augusta Resource Corp in July. Hudbay reported gains on the revaluation of previously owned shares in Augusta of $50.2-million and mark-to-market gains of $22 on revaluated Hudbay warrants paid to Augusta shareholders and the Augusta warrants that the company assumed in the acquisition.

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Sherritt International posts Q3 loss, cuts into workforce

Posted October 30th 2014 at 12:16 am

TSX-listed nickel and cobalt producer Sherritt International will cut its salaried workforce by 10%, excluding employees at its Ambatovy nickel and cobalt mine, in Madagascar, as part of its company-wide restructuring process. Sherritt, which had started a process to sell its Toronto head-office building, where staff had been reduced by one-quarter, said on Wednesday that it expected to recognise a $9-million, one-off charge related to the restructuring in the fourth quarter.

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Barrick Gold reports narrower Q3 profit on lower sales, prices

Posted October 30th 2014 at 12:15 am

The world’s largest gold producer by output, Barrick Gold, experienced narrower net earnings for the quarter ended September 30, as lower gold and copper sales, as well as lower realised prices impacted on its performance. The Toronto-based miner, with operations in North and South America, Africa and Australia, on Wednesday reported net earnings of $125-million, or $0.11 a share, for the third quarter compared with $172-million, or $0.17 a share, in the same period last year.

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Five leadership tips for small business owners

Posted October 29th 2014 at 11:00 pm

It’s important to foster a good business culture, have a plan and not be afraid to delegate

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JUNIORS: PwC report - Waiting out uncertainty

Posted October 29th 2014 at 8:16 pm

PwC has for the eighth time looked at the 100 largest (by market cap) junior miners on the TSXV exchange and taken their financial pulse. They are struggling, but they have the grit and determination necessary to hang on until the economic...

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CAMESE uncovers hidden value of mining supply and services sector

Posted October 29th 2014 at 8:13 pm

The Canadian Association of Mining Equipment and Services for Export (CAMESE) has released the findings of a new economic impact survey reveals that the mining supply and services (MSS) industry generates 60,000 jobs across Ontario and is...

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GOLD: The jobs and wealth created by a mine in Ontario

Posted October 29th 2014 at 8:11 pm

TORONTO – The Ontario Mining Association has crunched the numbers and created a stunning infographic that underlines the new jobs and wealth created by opening just one new gold mine in the northern part of the province.

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NICKEL: Despite record Q3 production, Sherritt cuts head office staff

Posted October 29th 2014 at 8:09 pm

TORONTO – Sherritt International has restructured and cut approximately 10% of its salaried workforce, excluding Ambatovy. As part of the plan the number of employees in the head office has been reduced by approximately 25% and cuts were...

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Kaminak's Coffee project is 'as vanilla as it gets'

Posted October 29th 2014 at 8:07 pm

Kaminak Gold (TSXV: KAM; US-OTC: KMKGF) CEO Eira Thomas says the company’s high grade, high margin Coffee gold project in the Yukon would be simple to mine and process.

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News Release: New survey of ‘hidden’ supply sector nearly doubles mining contributions to Ontario’s economy

Posted October 29th 2014 at 7:07 pm

www.camese.org October 28, 2014 The industrial sector providing equipment, supplies and services to the global mining industry, generates 68,000 jobs across Ontario, contributing billions to Ontario’s GDP. Markham, Ontario – A new economic impact survey reveals information previously lacking about the mining supply and services (MSS) industry, which The Conference Board of Canada has called […]

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London nickel jumps; industry buys on worries over China’s supplies – by Melanie Burton (Reuters/Daily Mail – October 29, 2014)

Posted October 29th 2014 at 7:03 pm

http://www.dailymail.co.uk/home/index.html SYDNEY, Oct 29 (Reuters) – London nickel jumped on Wednesday, adding to a 5 percent gain in the previous session, as worries about declining ore stocks in China set off a buying spree that traders said included purchases by consumers. Nickel was this year’s stellar pick for investors after a ban on Indonesian ore […]

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Teck Resources water-treatment plant shut after dead fish found – by Mark Hume (Globe and Mail – October 28, 2014)

Posted October 29th 2014 at 7:01 pm

The 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. VANCOUVER — A $100-million treatment plant that is a key piece of Teck Resources Ltd.’s plan to address a selenium pollution problem in British Columbia’s Elk Valley has been taken […]

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NEWS RELEASE: Miners launch successful one-day friendly invasion of Queen’s Park

Posted October 29th 2014 at 6:59 pm

This article was provided by the Ontario Mining Association (OMA), an organization that was established in 1920 to represent the mining industry of the province. Scores of company representatives from Ontario Mining Association member companies constructively presented their industry’s attributes and contributions to politicians, staff and public servants in the province’s main political arena yesterday. There was […]

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Shake-out of ferrochrome industry overdue – by Kunal Bose (Business Standard – October 27, 2014)

Posted October 29th 2014 at 6:57 pm

 http://www.business-standard.com/ [India] India’s ferroalloys producers have built capacity of 5.25 million tonnes (mt), including 3.2 mt of manganese alloys and 1.75 mt of chrome alloys, anticipating much faster growth in domestic production of carbon, alloys and stainless steel than is actually the case. As a result, every segment of the ferroalloys sector has considerable idle […]

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Moon exploration will reduce the shortage of rare earth metals – by Aram Ter-Ghazaryan (Russia Beyond the Headlines – October 26, 2014)

Posted October 29th 2014 at 6:56 pm

http://rbth.com/ Russian scientists are already referring to the Moon as a hub for flights to other planets. However, the main goal in exploring Earth’s satellite is to expand the production of rare earth metals. As part of the Federal Space Program, Moon exploration operations will be launched in 2016. In 2018 the first spacecraft will […]

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Report highlights economic impact of gold mining in Ontario

Posted October 29th 2014 at 5:07 pm

A recent independent report has highlighted the significant economic impact of Ontario’s mineral sector and found that all stakeholders – including miners, Aboriginal and other local communities, governments and supplier industries – benefitted from the sector’s activity. The University of Toronto’s Rotman School of Management was commissioned by the Ontario Mining Association to assess the impact openpit and underground gold-mining scenarios in a relatively remote part of Northern Ontario would have on gross domestic product (GDP), employment and government revenue.

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Cameco stock slides on production woes, expects possible 5% revenue dip

Posted October 29th 2014 at 4:03 pm

TORONTO (miningweekly.com) – Canadian uranium producer Cameco on Wednesday reported weaker-than-expected third-quarter results to shareholders, as labour and operational issues at two of its significant mines impacted on output and prompted the company's TSX-listed stock to trend lower. The Saskatoon, Saskatchewan-based company announced net losses attributable for the period ended September 30 of C$146-million, or C$0.37 a share, compared with net earnings of C$211-million, or C$0.53 a share, in the third quarter of 2013.

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