Posts by Michael Allan McCrae:

Gold price stopped short of $1,300 ahead of Fed

Another day, another record for gold; stock markets rebound

Economic jitters continue to drive gold higher, which hit $1,782.50/oz on Tuesday. Stock markets bounced back after yesterday's gut wrenching fall. The S&P/TSX Composite index was up nearly 3% from yesterday. The S&P/ASX 200 did not perform as well and rose 1.22%, making most of the gains later in the day. The oil and gas sector, which suffered some of the worst losses on Monday, rebounded strongly. The Dow Jones U.S. Oil & Gas Index was up 3%.
Michael Allan McCrae | August 9, 2011 | 5:34 pm

Oil sands production hampers Copenhagen Accord emission targets

Environment Canada predicts that emissions from oil sands production, without government intervention, is going to increase by 18% over the next decade. Canada Emissions Trends, a report on greenhouse gas emissions and how various sectors of Canada's economy are faring, was released quietly last month. In December 2009 Canada signed the Copenhagen Accord committing Canada to reducing its greenhouse emissions to 607 Megatonnes in 2020, or 17 per cent below 2005 levels. The report says that Canada’s total GHG emissions were 731 Mt in 2005, representing about two per cent of overall global GHG emissions.
Michael Allan McCrae | August 8, 2011 | 9:33 pm

Gold hits record high; stock markets and oil companies tumble

After the S&P downgrade announced Friday evening, North American markets opened Monday and tumbled. The Australian stock market, measured by the S&P/ASX 200, finished the day down 2.91%, while the S&P/TSX composite was down 3.4% in morning trading to 11,796, its lowest level since August 2010. Gold breached $1,710 an ounces before settling back to $1,700/oz.
Michael Allan McCrae | August 8, 2011 | 3:43 pm

Minting $2 trillion of platinum coins to sidestep the debt crisis

The United States Congress still can't pass legislation to raise the nation's debt ceiling, but a Yale Law professor suggests that President Obama could sidestep lawmakers and ensure that bills keep getting paid by minting platinum coins—about $2 trillion worth. Writing for CNN, law professor Jack Balkin outlines three ways that President Obama could keep paying the bills while congress dithers.
Michael Allan McCrae | July 29, 2011 | 5:12 pm

Mining corruption pulls down chief minister of Karnataka

The Bharatiya Janata Party, one of India's largest political parties, forced the resignation on Thursday of B. S. Yeddyurappa, the chief minister of Karnataka. Yeddyurappa was indicted on Wednesday after an investigation found that he had received kickbacks from mine owners in his district.
Michael Allan McCrae | July 28, 2011 | 3:59 pm

Look ma! No rare earth elements

Due to rare earth's rising costs and unreliable supply, Japanese researchers built an electrical car that doesn't use any REEs. The proof-of-concept car was built by the Tokyo University of Science, and has an output of 50 kW with 95% plus efficiency. Eschewing rare earth materials did cost the car in some aspects. The car has poorer torque and energy efficiency than cars that use rare earth metals.
Michael Allan McCrae | July 28, 2011 | 2:59 pm

Barrick’s net earnings for Q2 rose 35% to $1.2 billion; costs rise at Pascua-Lama and Pueblo Viejo

Barrick, the word's number one gold miner, reported net earnings for Q2 rose 35% to $1.2 billion ($1.16 per share) from $859 million in the prior year period. Q2 adjusted net earnings increased 36% to a record $1.1 billion ($1.12 per share)1 from $824 million ($0.84 per share) in Q2 2010, reflecting higher realized gold and copper prices and higher gold sales volumes, resulting in an annualized return on equity of about 21%. The company is on track to meet its 2011 operating guidance of 7.6-8.0 million ounces at total cash costs of $450-$480 per ounce and lower expected net cash costs of $290-$320 per ounce
Michael Allan McCrae | July 28, 2011 | 2:41 pm

Consol Energy reports fifth consecutive quarter of record coal revenue; US thermal coal sold out due to hot weather

CONSOL Energy, a diversifed fuel producer in the Eastern United States, reported adjusted net income of $174 million or 76 cents per diluted share, in the quarter ended June 30, 2011, an increase of 69% from the adjusted net income of $103 million for the quarter ended June 30, 2010. The financial results were aided largely by the coal division, which posted record revenue of $1.212 billion. This was the fifth consecutive quarter of record revenue for the coal division.
Michael Allan McCrae | July 28, 2011 | 2:26 pm
truck mining

Goldcorp revenue up 62% but expected gold production in 2011 down by 6%

Goldcorp, the world's second largest gold miner, saw revenues increase by 62% over the 2010 second quarter, to $1.3 billion, on gold sales of 606,400 ounces. However, flooding, forest fires and problem equipment caused production to slip at some of the company's mines. Goldcorp downgraded its total expected gold production by six percent, from between 2.65 million and 2.75 million ounces to between 2.50 million and 2.55 million ounces.
Michael Allan McCrae | July 28, 2011 | 1:23 am

Marathon Resources to meet with mining minister to find a way back to the Arkaroola

Marathon Resources, a uranium explorer in southern Australia, plans to meet with Mineral Resources Minister Tom Koutsantonis after the company was kicked out of the Arkaroola. The Arkaroola is located in the Northern Flinders Ranges in South Australia, adjacent to Gammon Ranges National Park. The area has been a flash point for environmentalists who want to protect the area and miners who want to develop it. Marathon Resources was exploring Mt Gee, calling it one of Australia's largest undeveloped uranium deposits.
Michael Allan McCrae | July 27, 2011 | 3:54 pm