Gold industry needs to develop markets
For four weeks now, we have been seeing the Friday Effect: the gold price goes up in anticipation of military action on the weekend, and gold shares rise along with it. The old “safe haven” theory app…
News
Falconbridge in red, suspends Falcondo (October 22, 2001)
Low base metal prices have forced Falconbridge (FL-T) to suspend production at its Falcondo operations in the Dominican Republic.The 3-month shutdown took effect Oct. 21, with the 2001 production fore…
Soda ash plants close
With production outstripping demand, prices for soda ash (sodium carbonate) remain depressed, resulting in plant closures as companies seek to reduce supplies.The latest casualties include IMC Chemica…
High times for copper
For the fifth straight year, copper usage in the U.S. reached record levels.Preliminary data indicate that total usage levels in 2000 were nearly 1% higher than in 1999, a year in which U.S. end use r…
Ivanhoe expands Mongolian portfolio
Preliminary exploration results have prompted Ivanhoe Mines (IVN-T) to acquire four more copper-gold properties in Mongolia.The properties are in the mineral belt that hosts the Turquoise Hill porphyr…
Freeport hits lowered profit target (October 22, 2001)
Vancouver — At a time when Afghanistan is being bombed and Muslim fundamentalists are calling for a “holy war” against the U.S., it must be a tad unsettling for an American-based mining company to ha…
AfriOre scores profitable half
Metal-explorer-turned-coal-miner AfriOre (AFO-V) turned a small profit in the first half of its fiscal year, reflecting a strong operating performance at its 50%-owned Springlake colliery in South Afr…
Gold on fertile ground
Gold’s high density, among other characteristics, renders it useful in many types of clinical tests. Now, a British company has devised an at-home male fertility test that relies on these characterist…
Poling to talk waste management
Vancouver — George Poling, Sr., vice-president of Rescan Environmental Services, will deliver a talk on waste management and closure at the Island polymetallic mine, situated on Vancouver Island, Bri…
Steel giant files for bankruptcy
Bethlehem Steel, the second-largest steel producer in the U.S., has filed for bankruptcy.The move is designed to stabilize its finances and develop a plan to return to profitability. In the meantime, …
Cornerstone to drill Princess
Cornerstone Capital Resources (CTP-V) is starting a 12-hole drill program on its Princess property on the Bonavista Peninsula in Newfoundland.Cornerstone will be drilling targets outlined in earlier g…
Geomaque creditors take shares in lieu of cash
The financial restructuring of junior gold producer Geomaque Explorations (GEO-T) made significant progress as three trade creditors agreed to take shares in payment of debts.Geomaque’s principal lend…