Indians take advantage of gold’s tumble, buying at low price during key festival

Indians, the world's biggest buyers of bullion, took gold's latest tumble as another incentive to buy on one of the country's most auspicious festivals which fell on Friday. "They started calling in from yesterday evening to lock on this buying opportunity. Even as I am speaking to you my three phones are ringing," said Harshad Ajemra, owner of JJ Gold House in Kolkata on the east coast.

Mineweb | May 8, 2011 | 12:36 am

CuOro initiates aggressive Colombian exploration program

In the wake of a $15 million financing, CuOro Resources (TSX-V: CUA) is expanding what was already an ambitious start to its first drill program in Colombia. Since closing its qualifying transaction - options on two groups of Colombian minerals concessions - and joining active trading on the TSX-Venture board, CuOro has quickly raised cash, first through a $10 million financing announced in February, then through the latest $15 million financing, which brought its working capital to $30 million.

Mineweb | May 8, 2011 | 12:29 am

Vale reports best-ever financial performance for first quarter

Despite adverse weather conditions and natural disasters, Vale reported pellet output reached a record 12.5 Mt. for the first quarter of the year, up 19.3% from 10.5 Mt reported during the same period of last year. Iron ore production in the first quarter reached 71.5 Mt., a 3.7% increase over the same quarter of 2010. "For 2011 we continue to pursue the goal of 322Mt including the 11 Mt attributable production from Samarco," the company said.

Mineweb | May 6, 2011 | 9:19 pm

De Beers announces sale of NM Mines

De Beers Consolidated Mines ("DBCM") today announced that it has entered into an agreement to sell Namaqualand Mines to Trans Hex in a transaction valued at R225 million. The agreement to sell the mine to Trans Hex follows an open and rigorous selection process that evaluated prospective bidders on a number of criteria determined by DBCM as critical to ensuring the long-term sustainability of Namaqualand Mines community.

Mineweb | May 6, 2011 | 3:47 pm

Zijin Mining to be one of Glencore’s cornerstone investors

China's Zijin Mining Group Co Ltd said on Friday it would invest $100 million as a cornerstone investor in the initial public offering of commodities group Glencore. The investment in the up to $11 billion IPO will be subject to a six-month lock up period, Zijin said in a filing to the Hong Kong bourse.

Mineweb | May 6, 2011 | 7:55 am

Argentine judge stops Siderar dividend payment

A planned dividend payment by steelmaker Siderar SID.BA was blocked by an Argentine judge on Thursday in the latest twist in a row linked to the government's efforts to tighten control over leading companies. The steel company had planned to pay a 2010 dividend of $359.5 million on Friday despite a ruling last month by the country's stock market regulator that effectively annulled the payment by declaring a shareholders meeting void.

Mineweb | May 6, 2011 | 7:38 am

Platinum to trade above $1,900 despite another gross surplus in 2011 – GFMS

GFMS, in its recently-published "Platinum & Palladium Survey 2011", is forecasting that platinum will sustain a gross surplus in 2011 of a similar magnitude to that of 2010. Mine production is expected to increase modestly this year, and while GFMS describes the situation in South Africa as "challenging", including risks surrounding this year's wage negotiations, the prospect of a repetition of the major disruptions of 2007 and 2008 is relatively low. The prospect of relatively buoyant prices also underpins increased supply from recycling and GFMS doubts that fabrication demand this year and keep pace with supply, let alone exceed it.

Mineweb | May 6, 2011 | 6:29 am

Copper miners attack security guards at KGHM HQ

Several hundred miners attacked company security guards with wooden clubs and threw eggs outside the headquarters of mining group KGHM where CEO Herbert Wirth was meeting union leaders over a pay dispute. Unions want more than the 4.6 percent rise offered by Europe's No. 2 copper miner, which sees its profit doubling this year to a record 8.4 billion zlotys ($3.16 billion).

Mineweb | May 6, 2011 | 6:23 am

Strong gold prices compensate for decline in Eldorado gold production

Eldorado Gold reported Thursday that proven and probable gold reserves have increased to 18.7 million ounces, as measured and indicated gold resources increased to 22.9 million. However, gold production declined from 164,928 ounces during the first-quarter 2010 to 148,577 ounces during the first-quarter 2011. Nevertheless, gold revenues were up 14% during the first quarter due to higher sales prices this year.

Mineweb | May 6, 2011 | 6:17 am

Kinross increases 2011 guidance to 2.67m – 2.7m gold equivalent ounces

A robust gold price, new West African production, and strong performance from mining operations contributed to a 42% increase in revenue and an 81% increase in adjusted net earnings for Kinross Gold during the first quarter. Meanwhile, Kinross has increased 2011 full year-production guidance to 2.67 million - 2.7 million gold equivalent ounces as a result of increasing the company's Kupol interest to 100%.

Mineweb | May 5, 2011 | 7:09 pm

Goldcorp reports 150% jump in adjusted net earnings for Q1

Goldcorp reported Wednesday that adjusted net earnings for the first quarter of this year increased 150% to US$397 million or 50-cents per share, compared to $159 million or 22-cents per share in the first quarter of 2010. Net earnings for the first quarter of this year were reported to be $651 million or 82-cents per share, compared to $232 million or 32-cents per share reported in the first-quarter 2010.

Mineweb | May 5, 2011 | 6:32 pm

Harmony CEO reckons gold to hit $1800 next year

South Africa's Harmony Gold (HARJ.J),the world's fifth-largest gold miner, sees the price of gold rising to $1,800 an ounce in 2012, its chief executive said on Thursday. The spot price of gold has been at record peaks, surpassing the $1,500 an ounce mark, and Chief Executive Graham Briggs said it could even go higher.

Mineweb | May 5, 2011 | 9:37 am

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