Lonmin buys back shares
London-listed mining house Lonmin, unable to find an attractive acquisition in the platinum business, has decided to distribute some of its large cash reserve to shareholders in a buy-back.Shareholder…
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Alcoa breaks off WMC bid
Aluminum giant Alcoa (AA-N), rebuffed in a takeover bid for diversified Australian miner WMC (WMC-N), says it will “turn its attention to other growth initiatives elsewhere.”Frustrated by WMC’s propos…
Summo, Matrix seek cash for Mt. Watson prospect
Low metal prices continue to hold back copper-oxide specialist Summo Minerals (SMA-T), which expects to rely on debt financing to keep its portfolio of development properties going.Summo’s only produc…
Sultan cuts more bonanza grades (December 10, 2001)
Vancouver — Results from 18 drill holes indicate that the Gold Mountain zone near Nelson, B.C., is higher in grade and smaller than expected. The target is part of the Kena property of Sultan Mineral…
The Northern Miner — North American Mining Index (December 10, 2001)
66.88 (-0.18)(Sept. 30/98 = 100)…
Geomaque continues to struggle (December 10, 2001)
Winding up operations at the San Francisco mine in Mexico and struggling to elevate production rates at the Vueltas de Rio mine in Honduras, Geomaque Explorations (GEO-T) incurred a net loss of US$1.7…
The Northern Miner — Small Producers Index (December 10, 2001)
46.29 (+1.11)(Sept. 30/98 = 100)…
Spot Prices Wed. December 5, 2001
Precious MetalsPrice (US$/oz.)ChangeGold$275.75+$1.15Silver$ 4.15+$0.06Platinum…
Ivanhoe expands discovery zone at Turquoise Hill
Ivanhoe Mines (IVN-T) has released results from five holes on three contiguous mineralized zones at the Turquoise Hill project in southern Mongolia.Two holes were collared on the Discovery zone, a hig…
Noranda to idle Gasp copper smelter
Doing its bit to shore up copper prices, Noranda (NRD-T) will suspend production at the Gasp smelter in Quebec for at least six months, starting in May.Since January, copper has lost about 16% of its…
Alcoa proposes Labrador smelter
The Newfoundland government spent the Nov. 28-Dec. 4 report period assessing an Alcoa feasibility study into the possibility of reviving the stalled Lower Churchill hydroelectric project in Labrador. …
Tiberon tags new zone (December 10, 2001)
Vancouver — Drilling 1 km northeast of Tiberon Minerals’ (TBR-V) Nui Phao tungsten deposit in northern Vietnam has cut a new zone of mineralization.Highlights to date of the ongoing program are as fo…