The Northern Miner Indices (June 16, 2003)
North American Mining: 72.34 (+1.59)Small Producers: 66.93 (+2.22)(Sept. 30/98 = 100)…
News
Falco slashes Kidd workforce by 10%
With the planned 9-week shutdown of the Kidd metallurgical site already extended by a month, Falconbridge (FL-T) intends to cut 85 jobs at the Ontario operation.The jobs will be cut over three months …
New kimberlite camp emerges north of Rankin Inlet
A $3-million investment to acquire a 14% minority stake in the Churchill diamond project in Nunavut is already paying dividends for BHP Billiton (BHP-N). The major reports that two separate kimberlite…
Umicore buys OM’s precious metals business
Cleveland, Ohio-based cobalt giant OM Group (OMG-N) is selling its precious metals business to Umicore (formerly Union Minire) of Belgium for E643 million, or US$752 million, in cash.Umicore will als…
LME Warehouse Levels (June 16, 2003)
Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, June 10 (change from June 3 in brackets):MetalStock(tonnes)ChangeAluminium1126225(-71…
Geomaque raises $7.3m, eyes Midas Gold
Geomaque Explorations (GEO-T) has raised $7.3 million via a brokered private placement of 130.7 million subscription receipts priced at 5.5 apiece, plus 2.5 million receipts at 6 each, for company i…
Private placements — good, bad or neutral?
Private Placements can either be good or bad for a stock.Companies often need a rush of new money for many purposes. Maybe they aren’t earning enough to meet expenses, or maybe they need a big chunk o…
Gold Fields inks deal with Mvelaphanda
Gold Fields (GFI-N) has agreed to sell a 15% stake in its South African gold mining assets to Mvelaphanda Resources, a black economic empowerment group led by Mvela Resources, for R4.1 billion (US$514…
Platinum demand outstrips supply
Demand for platinum grew 5% to 6.5 million oz. in 2002, driven by strong sales to the Chinese jewelry market and greater use in autocatalysts, according to Platinum 2003, a report by London-based John…
Globex heads to Honduras
Playing against type, Abitibi explorer Globex Mining Enterprises (GMX-T) has staked a property covering a series of gold showings in the southern department of Valle in Honduras.The property covers a …
Markham vehicle cease-traded
The British Columbia Securities Commission has placed a permanent cease-trade order on the shares of American Gold Mining, which had been promoted by Ronald Markham.Markham, who the commission says is…
AngloGold, Rubicon cut gold at Rivard
Vancouver — A 33-hole drill program by partners AngloGold (AU-N) and Rubicon Minerals (RMX-V) has returned promising grades from the Rivard target in Ontario’s prolific Red Lake mining camp.Out of th…