Posts by Mineweb:

Strong metals prices boost Vedanta full year earnings 29%

India-focused miner Vedanta Resources (VED.L) posted a 29 percent jump in full-year earnings per share, on the back of strong metal prices and a background of robust demand for commodities. Vedanta, with operations in India, Australia and Zambia, said on Thursday basic EPS came in at 283 cents.
Mineweb | May 5, 2011 | 7:45 am

Rio Tinto to weather storm of fragile global economy

Rio Tinto , the world's third-largest miner, expects global markets to remain fragile in the near term and sees itself in a strong position to weather any turbulence, its chairman said on Thursday. The company said that it expected little impact on demand for commodities following the earthquake and tsunami disasters in Japan, and said in the long run demand may increase as Japan moved to rebuild.
Mineweb | May 5, 2011 | 6:22 am
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Mexico makes third largest Central Bank gold purchase of past ten years

Mexico massively ramped up its gold reserves in the first quarter of this year, buying over $4 billion of bullion as emerging economies move away from the ailing U.S. dollar, which has dipped to 2-1/2-year lows. The third biggest one-off purchase of gold by any country over the past decade took Mexico's reserves to 100.15 tonnes -- or 3.22 million ounces -- by the end of March from just 6.84 tonnes at the end of January, according to the International Monetary Fund and Mexico's central bank.
Mineweb | May 5, 2011 | 5:48 am

Comex silver drags gold down as it heads for third day of loss

COMEX silver dropped 3 percent on Wednesday, down for a third straight session, and gold faltered as precious metals came under pressure to correct after a strong rally in the last few weeks. However, the overall trend in gold and silver remain bullish, as concerns on rising global inflation, unrest in the Middle East and North Africa, and low U.S. interest rates drive investors to park their value in precious metals.
Mineweb | May 4, 2011 | 8:44 am

Northam Platinum sells Booysendal South mineral rights to Aquarius

South Africa's Northam Platinum (NHMJ.J: Quote) said on Wednesday it would sell part of the mineral rights for its Booysendal property to Aquarius Platinum (AQP.L: Quote) for 1.2 billion rand ($180.6 million). Northam said Aquarius would buy the mineral rights attached to the southern part of Booysendal, which is adjacent to Aquarius' own Everest mine.
Mineweb | May 4, 2011 | 8:44 am

Xstrata reports 6% drop in Q1 copper output

Anglo-Swiss miner Xstrata (XTA.L: Quote) reported a 6 percent decline in copper output in the first quarter due to severe weather conditions at its Collahuasi mine in Chile and lower grades at its Alumbrera mine in Argentina. Overall, the miner said adverse weather conditions including flooding in Queensland and Western Australia, tropical cyclone Yasi and heavy rainfall in South Africa, Colombia and other parts of South America impacted production during the period.
Mineweb | May 4, 2011 | 8:27 am

CSN profits up 38%, misses analyst estimates

CSN, Brazil's largest diversified steel group, said on Tuesday that net income jumped 38 percent in the first quarter from a year earlier thanks to robust sales of iron ore and lower sales costs. Sao Paulo-based CSN (CSNA3.SA)(SID.N) earned 616 million reais ($390 million) in the period, up from 447 million reais a year earlier, according to a securities filing. But this fell short of the 697 million reais profit estimate by five analysts in a Reuters poll.
Mineweb | May 4, 2011 | 8:05 am

Soros sells some gold, Paulson hangs in there – WSJ

While most fund managers seemed to stick with the status quo and remain in gold and silver last week, some notable hedgies are taking profits and looking elsewhere, reports the Wall Street Journal. Sources tell the paper those include: George Soros. His $28 billion hedge fund firm, now run by Keith Anderson, believes deflation is less of a threat. Flickr image is from the World Economic Forum.
Mineweb | May 4, 2011 | 7:34 am

Zijin Mining ordered to pay $4.63m fine for toxic spill

The Zijin Mining Group , one of China's biggest gold producers, has been ordered to pay 30 million yuan ($4.62 million) by a local court in Fujian province for a toxic spill last year that caused severe environmental pollution. The local court in the city of Long Yan has also issued prison terms ranging between three years to 42 months to five of Zijin's staff who were found to be involved in the incident, Zijin said in a statement on Wednesday.
Mineweb | May 4, 2011 | 7:08 am
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Serengeti brings Freeport onboard to hunt copper-gold near Mt. Milligan

Small B.C.-based junior Serengeti Resources (TSX-V: SIR) signed on a sizeable partner to explore territory thick in prospective copper-gold porphyries. Mining giant Freeport McMoRan Copper & Gold (NYSE: FCX) inked an exploration agreement with Serengeti Resources that could see a 51-49-percent joint venture in Freeport's favour formed on Serengeti's Choo and Tchentlo properties, not far from Thompson Creek Metals' Mt. Milligan copper-gold project.
Mineweb | May 4, 2011 | 6:20 am

Richfield drills 226 m at 0.92 g/t gold. New Gold waits in the wings

Five drillholes plugged some wide gaps for Richfield Ventures (TSX-V: RVC) at its Blackwater deposit, showing impressive continuity of deep gold mineralization at its flagship project 100-kilometers south of Vanderhoof, B.C. New Gold (TSX: NGD) will likely be pleased, as in early April it announced an all share takeover of Richfield worth C$550 million and plans on bringing Blackwater into production if the takeover succeeds. Ongoing drilling is part of an aggressive campaign to flesh out and expand Richfield's growing resources.
Mineweb | May 4, 2011 | 6:17 am