Frik Els , Editor

Gem’s rock star mine produces record number of big stones, but prices per carat fall 23%

Gem Diamonds on Thursday reported record annual production at its flagship Letšeng mine in Lesotho and continued to polish its reputation as the world’s richest source of exceptionally large diamonds, but prices per carat fell 23% compared to a year ago.

Frik Els | January 26, 2012 | 8:17 pm

Dr Caterpillar’s (excellent) prognosis for mining

With revenues of $60 billion last year and operations at the ends of the earth, few companies are in a better position to take the pulse of the global economy and the resource sector than Caterpillar. But what is it saying about the outlook for 2012?

Frik Els | January 26, 2012 | 7:01 pm

Detour jumps after upping reserves and raising $1.45 billion to build Canada’s largest gold mine

Detour Gold added $1.80 to $28.40 or 6.7% on Wednesday after announcing bought deal financing led by BMO Capital Markets and CIBC worth $241 million. The latest round is enough to complete its $1.45 billion Ontario project for which it also announced improved reserves estimates.

Frik Els | January 25, 2012 | 9:50 pm

No news is good news: Aurizon up 10%

Aurizon Mines (TSE:ARZ) jumped more than 10% on Wednesday despite the absence of fresh news. The cash-rich Quebec miner earlier this month announced a record year for gold production and strong growth prospects and 2012 is expected to be a busy year for gold M&A activity.

Frik Els | January 25, 2012 | 8:01 pm

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

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

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

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