Frik Els, Author at MINING.COM

Open season on Kinross: First a downgrade and legal probe, then someone drops $72 million on it

Kinross Gold was taking more punishment on Wednesday morning after its stock was downgraded and US securities litigation firm Holzer Holzer & Fistel announced it is investigating potential violations of federal securities laws by the miner over gold grades at its Tasiast property. Then at 13:30 the stock popped into positive territory after a single trade worth $72 million went through.

Frik Els | January 25, 2012 | 7:18 pm

Two dead during eviction of informal miners in northern Peru

Peru PM says Conga will get built, otherwise Newmont’s compensation bill would be ‘huge’

Peru's Prime Minister said on Tuesday Newmont Mining’s stalled Conga project will be developed as the government could end up with a "huge" compensation payment if the $4.8 billion mine does not go ahead.

Frik Els | January 24, 2012 | 10:04 pm

Rio Tinto takes control of Ivanhoe, punters feel deflated

World number two miner Rio Tinto has taken a majority stake in Ivanhoe Mines, its partner on the massive Oyu Tolgoi project in Mongolia, purchasing a 51% interest. A favourite stock of punters, Ivanhoe surrendered 4% in Toronto on Tuesday.

Frik Els | January 24, 2012 | 9:20 pm

Minnesota copper-nickel developer shares off to the races

Minnow Manson Creek off to the races after signing option on project next to 7 million oz Giant mine

Manson Creek Resources announced Tuesday it has entered into an option with Panarc Resources to acquire a 100% interest in the Up Town Gold project located adjacent to the historic Giant mine in the Northwest Territories. Shares in the tiny TSX-V listed explorer shot up 15% on the news with almost ten times the usual number of shares changing hands.

Frik Els | January 24, 2012 | 7:40 pm

Putin presidential rival seeking $1 billion in London for his gold company

Bloomberg reports that Russia's Polyus Gold International, owned by Mikhail Prokhorov, a Vladimir Putin rival in upcoming presidential elections, could raise us much as $1 billion as part of its planned listing and share sale in London.

Frik Els | January 24, 2012 | 3:30 pm

Green energy irony: Next-door nuclear plant wants to stop world’s first clean coal power station

The Scotland Herald reports plans to build a $4.6 billion coal-fired power station in the UK with carbon capture and storage (CCS) technology suffered another serious setback this week after the French firm that operates near-by reactors warned that the proposed coal plant endangers the safety of the nuclear facility.

Frik Els | January 23, 2012 | 8:23 pm

Trading places: rare earth prices plummet while rare earth miners rocket in 2012

The share price performance of those non-Chinese rare earth miners closest to production – Molycorp in the US, Australia's Lynas and Great Western Minerals in South Africa – is in stark contrast to what is happening to rare earth oxide prices, some of which have more than halved over the last three months.

Frik Els | January 20, 2012 | 9:13 pm

Africa diamond mine scam implicates Korean ministers and execs who made quick $70 million

Originally touted as a 'model of successful resource diplomacy' Korea's successful 2010 bid for a diamond project in Cameroon now appears to have been an elaborate scheme that netted company insiders and senior government officials at least $70 million in stock trading profits.

Frik Els | January 20, 2012 | 1:38 am

How whetted is your risk appetite? Gold diggers explore the final frontiers

As attractive deposits become harder and harder to find in traditional markets miners are pushing the limits of the political risk they are willing to take on. But things can go spectacularly wrong.

Frik Els | January 19, 2012 | 11:50 pm

Gold price: Hedge funds go 233 tonnes short

Ivanhoe to crush poison pill saving shareholders $73 billion

The Globe & Mail reports Ivanhoe Mines, building Mongolia’s Oyu Tolgoi, will scrap a controversial “poison pill” that clears the way for Rio Tinto, which already owns 49% of the Vancouver-based company, to do a complete takeover. The shareholder provision would have triggered an automatic rights offer estimated at $73 billion.

Frik Els | January 19, 2012 | 1:37 am

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