Posts by Mineweb:

AngloGold returns to profit, expects higher output

Africa's biggest gold miner AngloGold Ashanti (ANGJ.J: Quote) reported a return to profit in the first quarter on Wednesday following its hedge-book buy back and said it expects higher output in the current three months. AngloGold said adjusted headline earnings per share for the January-March quarter were 53 U.S. cents compared to a loss of 199 cents in the previous one after it had eliminated its hedge book last year to reap the full benefit of record gold prices.
Mineweb | May 11, 2011 | 10:35 am
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No impact from Namiba policy shift expected – Paladin

Uranium miner Paladin Energy believes it will not be affected by planned changes in Namibia's policy on ownership of strategic minerals after the government said existing licenses would not be affected. "Paladin has welcomed this clarification, which removes any uncertainty over its operations in Namibia," the company said in a statement to the Australian Securities Exchange.
Mineweb | May 11, 2011 | 7:53 am
Underground railway mining

Barminco awarded major underground gold mining contracts by AngloGold Ashanti

Australian contractor Barminco has signed the company's largest contract in its 21-year history with the renewal of its contract with AngloGold Ashanti Australia to deliver underground mining services at the 600,000 t/y Sunrise Dam gold mining operation, located 56 km south of Laverton in Western Australia. The company has been contract mining at Sunrise Dam since October 2003.
Mineweb | May 11, 2011 | 5:08 am

Quebec launches big mining plan

The Canadian province of Quebec plans to develop its huge frozen northern reaches into a powerhouse of mining and renewable energy, targeting C$80 billion ($83 billion) of private and public investment. Quebec's 25-year "Plan Nord," launched on Monday, envisages funding for infrastructure, mines and the development of renewable energy, taking advantage of an improving investment climate as the earth warms and polar ice melts.
Mineweb | May 11, 2011 | 4:49 am

Gold bull run only halfway done: Goldcorp CEO

Goldcorp (G.TO: Quote), Canada's second-largest gold producer, said on Tuesday the gold market bull run was not over XAU. "I certainly think we're in much more the middle than near the end of this long bull run," Chief Executive Chuck Jeannes said in an interview.
Mineweb | May 10, 2011 | 11:07 am
Silver metal bands mining

Silver Wheaton shares jump after profits more than doubled

Shares of Silver Wheaton (SLW.TO: Quote) rose on Monday, after the miner's quarterly profit more than doubled, helped by record production and soaring silver prices. Net profit rose to $122.2 million, or 34 cents a share, from $50.6 million, or 13 cents a share, a year ago.
Mineweb | May 10, 2011 | 9:07 am
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North American palladium narrows Q1 loss

Canadian precious metals company North American Palladium Ltd's first-quarter loss narrowed, but the company cut its 2011 palladium production forecast as it shifts focus to development from production. The company cut its full-year production forecast to 145,000-155,000 ounces of palladium from its earlier view of 165,000-175,000 ounces.
Mineweb | May 10, 2011 | 9:07 am
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Coeur CEO Wheeler predicts 2011 to be company’s ‘best year ever’

Despite missing Wall Street expectations, Coeur d'Alene Mines CEO Dennis Wheeler predicted 2011 "to be the company's best year ever by a wide margin with record cash flows driven by 20 million ounces of silver production and 250,000 ounces of gold production." Silver production for the first quarter of the year jumped to 4.1 million ounces, compared to 3.4 million ounces in the first-quarter 2010.
Mineweb | May 10, 2011 | 5:17 am

London gold market sees muted recoveries in gold and silver

The price of gold reversed half of a 1% rally to $1510 per ounce in London on Monday, easing back as the US Dollar rose on the forex market and European stock markets fell hard, but then moved back up in later trading. US crude oil contracts stalled after a 2.7% rally took them back to $100 per barrel.
Mineweb | May 10, 2011 | 4:52 am

Top silver ETF records $1bn of outflows in worst week ever

A record $1 billion outflow from the iShares Silver Trust (SLV.P) in the week ended Wednesday helped feed silver's torrid price decline, just as the fund's earlier inflows aided the prior rally. Many more small investors can trade the iShares exchange-traded fund than participate in the precious metals futures market, and that can exacerbate the volatility of day-to-day price moves, investors said.
Mineweb | May 8, 2011 | 7:23 pm