Harmony targets Australia’s Abelle
South Africa’s third-largest gold producer, Harmony Gold Mining (HMY-N), has launched an A75-per-share bid for all the shares of Perth, Australia-based Abelle.The offer represents a 14% premium over …
News
Afton moves to prefeasibility
Vancouver — DRC Resources (DRC-T) has hired Vancouver-based Behre Dolbear & Co. to perform a prefeasibility study of the Afton copper-gold project, near Kamloops, B.C.The study will focus on the mine…
LME Warehouse Levels (March 03, 2003)
Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, Feb. 25 (change from Feb. 18 in brackets):MetalStock(Tonnes)ChangeAluminium1227800…
Aur tackles debt as earnings shrink
Despite higher mine production and stronger copper prices, Aur Resources (AUR-T) watched its profits wither in the fourth quarter of 2002.The company earned US$1.9 million (or US2 per share) on reven…
McWatters acquires East Malartic mill
Two transactions, one with Quebec government-owned Soquem and another with Barrick Gold (ABX-T), will give McWatters Mining (MWA-T) a major position in the Val d’Or region of northwestern Quebe…
WO find delivers few stones
Last fall’s discovery of a lake-covered kimberlite on the WO claim block in the Lac de Gras area of the Northwest Territories has yielded just two microdiamonds from a small, 34.65-kg representative d…
Spot Prices Wednesday February 26, 2003 Courtesy of Scotiabank
Precious MetalsPrice (US$/oz.)ChangeGold $352.55+5.35Silver $4.63+0.05Platinum $677.00+5.00…
Pan American posts record output (March 03, 2003)
Vancouver — Thanks to its mainstay Huaron mine in Peru, Pan American Silver (PAA-T) produced a record 7.8 million oz. silver from its four mines in 2002, a 12% rise from the 2001 total.The company ma…
Golds slip in bouncy trading
U.S. markets had a bouncy week, with the Dow Jones Industrial Average covering a 150-point spread in the report period Feb. 19-25, before settling at 7,909.50. The golds were down and the base metal p…
Inmet broadens search at Aussie base metal find
Having determined that the Jaguar high-grade base metal find in Western Australia is too small to develop as a stand-alone operation, Inmet Mining (IMN-T) is exploring the surrounding property for fur…
Shareholders approve Fording plan (March 03, 2003)
The plan of arrangement under which coal producer Fording (FDG-T) would be converted into an income trust has received shareholder approval at a special meeting in Calgary, allowing Fording to combine…
Agreement will standardize African mining codes
African mining ministers have agreed to standardize mining codes across the continent in an effort to attract greater foreign investment.Phumzile Mlambo-Ngcuka, the South African minister of minerals …