New law raises accounting fees
The Sarbanes-Oxley law, which was a direct result of the accounting scandals at WorldCom and Enron, is proving a financial drain on mining companies.Newmont Mining, for example, saw huge increases in …
News
Former workers sue Gold Fields
Gold Fields, South Africa’s second-biggest gold miner, is facing a US$7-billion legal challenge by former workers who claim they were contaminated by uranium and have fallen ill.Apartheid Claims Task …
Inco contract ‘moving ahead’
A union spokesman for Inco’s 3,300 workers at the main milling complex in Sudbury, Ont., says talks are “moving ahead” but that wages and pensions have yet to be discussed. The current contract expire…
Miner dies at BC coal mine
A worker at the Greenhills coal mine, near Elkford, B.C., was killed when the pickup truck he was driving collided with a load-haul-dump machine.The death of Nathan Regular, 27, of Sparwood, B.C., is …
Lending Rates (May 12, 2003)
as of 4 pm ET, May 6, 2003(%)Bank of Canada3.25Canadian Prime5.00U.S. Discount Primary2.25U.S. Fed Funds1.27U.S. Prime4.25LIBOR US$ 3-month1.29LIBOR US$ 6-month1.26LIBOR US$ 1-year1.30Gold le…
BHP Billiton gains foothold in Nunavut diamond plays
Hunter Exploration Group, a private exploration and prospecting firm based in Vancouver, has agreed to sell its minority interest in a couple of promising diamond plays in Nunavut to BHP Billiton (BHP…
Eldorado, Romarco insiders trim holdings
Recent insider trading transactions reported by the Ontario Securities Commission include the following:– Aquiline Resources (AQI-V) — Marc Henderson, director, bought 60,000 shares at 21-25 apiece…
Eastmain pumps Clearwater resource (May 12, 2003)
Based on 18 holes (10,000 metres) drilled in the second half of 2002, Eastmain Resources (ER-T) has boosted the resource estimate for its 50%-owned Eau Claire gold project in the James Bay region of Q…
Jacobina moves to feasibility (May 12, 2003)
Vancouver — The rising price of bullion has prompted Desert Sun Mining (DSM-V) to launch a feasibility study of the past-producing Jacobina gold project in northeastern Brazil.A prefeasibility study …
Higher costs take toll on Glamis
Vancouver — Higher production costs at the San Martin mine in Honduras and increased exploration spending resulted in a 40% drop in first-quarter profits for Glamis Gold (GLG-T).The Reno-based miner …
Producer and Dealer Prices (May 12, 2003)
Antimony: Mid-mkt US$2,540/t.Bismuth: Mid-mkt US$2.85/lb.Cadmium: Mid-mkt US$0.65/lb.Cobalt: Recent trades US$8.75-9.60/lb.Copper: Comex July US$0.724/lb.Indium: Indium Corp., ingot, US$140/kg.Iridium…
Spot Prices Wednesday May 7, 2003 Courtesy of Scotiabank
Precious MetalsPrice (US$/oz.)ChangeGold$343.00+7.00Silver$4.76+0.15Platinum$628.00+22.00…