Editorial: Mining Sector Layoffs Pick Up Steam
Quite a few miners across Canada and beyond rang in the new year with layoff notices, as the autumn commodities bust worked its way into the employment scene.
News
North American Tungsten Bets On Unleaded Future
VANCOUVER — North American Tungsten (NTC-T, NATUF-O) is transforming itself. No longer is it just a tungsten mining company responsible for making about 4% of the world’s tungsten concentrates. It is…
Debt Troubles Start To Pile Up For Miners
VANCOUVER–For a growing number of mining companies unable to make payments on significant debts, the prospects for a happy new year are growing dim.
Andina Riding High At Volcan
SITE VISIT COPIAPO, CHILE — Using its US$19 million in working capital, Andina Minerals (ADM-V, ADMNF-O) is moving forward on its advanced Volcan gold-sulphur exploration…
Monument Loses $10M Credit Line
VANCOUVER — Two lenders have backed out of a $10-million credit facility earlier promised to Monument Mining (MMY-V, MMTMF-O). But despite the loss of funds, the company says construction of its Seli…
Chile Aiding Smaller Copper Miners
VANCOUVER — The Chilean government’s national mining company responsible for assisting small and medium-sized copper producers, ENAMI, will likely pay US$1.99 per lb. copper to those producers until …
PolyMet Draws On Debt To Feed NorthMet
When credit markets are tight, it’s good to have supporters with deep pockets.
Teck Slashes Jobs, Coal Production
VANCOUVER– Another day, another announcement of job and production cuts: Teck (TCK. B-T, TCK-N) is letting go of 1,400 workers and reducing its 2009 coal production target to 20 million tonnes.
Healthy Potash Price Can’t Stop The Layoffs
Gold, uranium and potash have been the three bright spots for the mining sector through what has been a historically bleak period.
Alcoa Slices Spending, Workforce
VANCOUVER — Aluminum giant Alcoa (AA-N) is slashing production levels, jobs, and expenditures in an attempt to keep the company strong during these “extraordinary times”.
Dip In Dollar Good For Fortune
The drop in the Canadian dollar is good news for Fortune Minerals’ (FT-T, FTMDF-O) Lost Fox deposit at its Mount Klappan anthracite coal project, located 330 km northeast of Prince Rupert, B. C.
SouthGobi Sells Metal Projects To Ivanhoe
VANCOUVER–For $3 million, Ivanhoe Mines (IVN-T, IVN-N) is buying all the metal assets of its 79%-owned spinoff SouthGobi Energy Resources (SGQ-V, SGQRF-O), as well as extending it a $30-million line …