Spot prices at a glance (June 27, 1994)
Price (US) Change Gold* $393.10 + $9.60 Silver* $ 5.54 + $0.18 Platinum* $408.75 + $7.25 Nickel** $ 2.84 – $0.04 Lead** $ 0.24 $0.00 Copper $ 1.09 + $0.01 Zinc $ 0.44 $0.00 Courtesy of Scotiabank. Inf…
News
MINING IN CHILE — Supply, demand fundamentals drive the
The recent upswing in the price of copper — the red metal set a new 15-month high by topping US$1 per lb. — has caught the attention of producers and investors alike. Unlike the sudden rallies withi…
MINING IN CHILE — Ivan project near production startup
The Ivan copper project in northern Chile is scheduled for startup in the second half of 1994, reports Minera Rayrock (TSE). Situated 40 km northeast of the seaport of Antofagasta, the operation is ex…
Gibraltar heading south
While Gibraltar Mines (TSE) continues to explore prospects near its copper mine in south-central British Columbia, the company has expanded its search much farther south, in Chile. Earlier this year, …
Cambior declines 5% option on Omai
Denver-based Golden Star Resources (TSE) will retain its 30% interest in the Omai gold mine in Guyana. The company says that, at its request, Omai partner Cambior (TSE) has elected not to exercise its…
STOCK MARKETS — Western markets follow eastern slump
Western markets followed their eastern cousins down over the trading period ended June 21, despite strength in gold and other commodities. The negative investment sentiment pushed the Vancouver Stock …
Rio buying Polaris production royalty
Toronto-based Rio Algom (TSE) has agreed to buy a 25% royalty interest in the production proceeds from the Polaris mine on Little Cornwallis Island, N.W.T. The royalty interest is the main asset of NC…
NEWS ROUNDUP — Madsen to sell units
Toronto-based Madsen Gold (TSE) has proposed a private placement of 80-100 units at $12,350 each. A unit will consist of 9,000 flow-through common shares at $1.25 each and 1,000 common share purchase …
Philippines lowers taxes on minerals
Philippine President Fidel Ramos recently signed a law reducing taxes on minerals, which he described as a rescue package that would attract foreign investors to his country’s ailing mining industry. …
MINING IN CHILE — Guanaco mine overcoming startup problems
The Guanaco open-pit mine has been in production for more than a year and 90%-owner Amax Gold (NYSE) is still working the bugs out of the system. Situated 145 miles southeast of Antofagasta, the mine …
MINING IN CHILE — La Coipa mine posts record output
Output at La Coipa, an open-pit gold and silver mine in northern Chile, has continued to expand. Production in 1993 — 8 million grams gold (258,200 oz.) and 413.7 million grams silver (13.3 million o…
MINING IN CHILE — Financing last hurdle for Refugio
Joint-venture partners Bema Gold (TSE) and Amax Gold (NYSE) have resumed negotiations with banking institutions to finance the Refugio gold project in north-central Chile. The capital cost of placing …