Mining industry
Thousands of miners went on strike on Sunday evening for the first time in South Africa's key gold sector since 1987 after wage negotiations collapsed last week. The strike, which halted work at most major gold mines, has had significant implications for the industry and the global precious
Mining industry
Ivanhoe Mines Ltd., a Canadian mining company, is confident in its ability to finance the estimated $1.2 billion required to develop its Oyu Tolgoi copper-gold project in Mongolia, without the need for a joint venture partner. Chairman Robert Friedland stated that the company has a cash position of over
Mining industry
Alexander Mining plc, a copper, gold, and silver mining company, has started a 10,000m diamond core drilling programme at the Leon Project in Argentina's Salta Province, approximately 1,250km northwest of Buenos Aires. The programme aims to delineate the mineable resources of the Leon deposit to the
Mining industry
Rising oil prices are having a significant impact on mining companies worldwide, including Newmont Mining Corp., which has estimated that the costs will increase by as much as $30 million at its massive copper and gold mine in Indonesia. This comes as other miners, such as Barrick Gold, are sticking
Mining industry
Denver-based Newmont Mining Corp. continues to see a significant increase in gold production and revenue, with a 35% rise in second-quarter net income. This rise in earnings is attributed to higher gold sales, a testament to the resurgence of the gold market. Despite this, Newmont has lowered its gold and
Mining industry
Newmont Mining Corp., one of the world's top gold producers, saw its second-quarter profit soar 35% as higher gold prices offset a decline in base metal revenue and volume. The company's earnings from continuing operations exceeded analysts' estimates, reaching $84 million, or 19 cents a
Mining industry
China ended a preferential tax policy on alumina imports and aluminum exports, citing the country's top economic planning agency, the National Development and Reform Commission. This move comes as global mining companies, including Rio Tinto and Freeport-McMoRan, report strong production and revenue growth due to rising demand from
Mining industry
Gold futures resumed their traditional inverse relationship with the U.S. dollar, causing concerns for the yellow metal's future, as analysts noted. Despite high gold and copper prices, Freeport-McMoran Copper & Gold Inc. has cut its debt by $170 million this year. The European Central Bank reported a
Mining industry
Mineral production has become a key driver of economic growth in Peru, with several new mines opening in recent years. In May, the Energy and Mines Ministry reported varying output levels across different minerals. Gold production saw a 6.1% increase to 14,204 kilograms, while copper production rose 7.
Mining industry
Bancorp International, a high-growth, diversified mining company operating in Venezuela, has announced that it believes its current stock price undervalues the company's significant gold and diamond assets. With an established formal relationship with the Venezuelan Federal Government, Bancorp International plans to leverage this partnership to drive business growth.
Mining industry
Mexican mining company Grupo Mexico SA has stated that a strike at its Asarco LLC unit could cut production in half, affecting the global copper supply. Meanwhile, East Asia aluminum premiums have fallen due to increased supply and softened demand. In another development, Zambia's Maponi Copper mine is
Mining industry
Francis Ona, the reclusive leader of the Meekamui Movement, has revealed that his group has been secretly funding its secessionist activities by selling gold from the Panguna mine, which sparked a decade-long conflict on Bougainville. The mine, owned by Bougainville Copper Ltd (BCL), was shut down due to the conflict,
