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Joy Global earning sinks again, claims demand for mining equipment care coming back
March 07, 2014 11:19
Mining equipment maker Joy Global (NYSE:JOY) logged Thursday a 65% decline in its fiscal first-quarter earnings, as demand for gear remains slow. The Milwaukee-based company however, noted that maintenance revenue was picking up, as companies can no longer delay old equipment repairs and tune-ups. "While the economic outlook is improving and should provide some demand catalyst, commodity oversupply and a depressed pricing environment are straining miner cash flows and slowing capital ...
Chilean court revokes Barrick’s Pascua-Lama $16-million fine, but orders new ones
March 06, 2014 17:49
Satellite view of the project area showing the Pascua-Lama open pit in red. (Wikimedia Commons) In a surprising move late Monday, a Chilean court revoked the environmental watchdog’s (SMA) decision of imposing Barrick Gold (TSX, NYSE:ABX) the maximum fine possible for violations at the now shelved Pascua Lama project. The resolution, however, not only orders the Toronto-based to keep operations halted, but also brings new challenges to Barrick. This because instead of turning a blind eye...
Worker dies at AngloGold Ashanti mine in South Africa
March 06, 2014 17:41
A worker at AngloGold Ashanti’s (NYSE:AU) Mponeng mine, in South Africa, has died Tuesday as a consequence of a heavy equipment incident, adding to the tragic list of fatalities so far this year. While no more details have been disclosed, the company did say the deceased was an electrician and that a full on-site investigation is underway. Last month, more than 20 workers —both legal and illegal— were killed underground. Early in February, nine people died after a rockfall triggered a fire...
Workers strike at Kinross' Chile mine, operations suspended
March 06, 2014 17:33
Workers at Kinross Gold's (NYSE:KGC) Maricunga mine in Chile are on strike after failing to reach a new collective agreement with the company, Kinross announced Wednesday evening. Mining operations at the site have been suspended while the heap leach facility and processing plant will keep running for environmental compliance reasons. The company has no predictions as to when the strike may end or how production will be impacted. Maricunga is one of Kinross' four Chilean properties, and is...
Putin lights fire under gold price
March 04, 2014 15:19
The gold price soared 2.5% on Monday on the back of safe haven buying as Russian President Vladimir Putin's adventurism in Ukraine caused a diplomatic scramble in the West....
New Prosperity assessment was 'very damning': Harper
March 04, 2014 15:17
Prime Minister Stephen Harper, who was speaking at the PDAC 2014 convention today, said the weight of the environmental assessment compelled his government to reject the New Prosperity mine proposal....
Iron ore price hits fresh 8-month low
March 04, 2014 15:12
The benchmark import price of 62% iron ore fines at China's Tianjin port on Monday declined to $117.70 a tonne, down more than 12% since the start of the year and the lowest since July 1 2013....
Wyoming coal production falls for fourth straight year
February 25, 2014 09:56
Wyoming coal production dropped by 3.3% in 2013, the fourth consecutive year of decline. Bad weather, including a lot of rain, contributed to a cut back in operations. The state also lost over 300 coal jobs as a result. Despite the setback, the Wyoming coal industry expressed enthusiasm for 2014, pointing to higher demand from cold weather and an increase in natural gas prices. Wyoming still accounts for over 40% of the nation’s total coal production. But rain forced...
France targets Africa with new $550m state mining company
February 25, 2014 09:53
France plans to invest up to €400 million ($548 million) in a new state-owned mining company called Compagnie National des Mines de France (CMF). The investment which will be spread out over five to seven years marks the establishment of the European nation's first new state-owned industrial enterprise in 20 years. CMF will be built around the same model as Japan's Oil, Gas and Metals National Corporation (JOGMEC) which was created a decade ago on February 29, 2004 and has an annual...
Pan American Silver takes impairment charge on Dolores Mine, increases proven and probable reserves
February 21, 2014 16:55
Pan American Silver (TSX:PAA) posted a net loss of $293.1 million mostly due to an impairment charge on its Dolores Mine resulting from lower long-term metal prices and increased taxes in Mexico, but the company also announced an increase in proven and probable reserves. The company was up 4.07% to $14.59 a share. In its 2013 full year financial results the company said that "Dolores was primarily driven by lower long-term precious metals price assumptions of $22 per ounce of silver and...

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