Gold

Hecla Mining reported the largest resource calculation in company history today with 148 million ounces of silver reserves and 281 million ounces of resources. The silver numbers represented a 4% increase in reserves and a 13% bump in resources. Hecla also noted a 33% increase in gold resources to 597,600 ounces, while lead and zinc increased a respective 21% and 26%.

Canadian gold producer Agnico-Eagle Mines reported a $604 million loss in the fourth quarter after writing down its Meadowbank mine in Nunavut, northern Canada.

Barrick Gold Corp. (TSX:ABX), the world’s biggest gold miner, announced that profit slipped in the fourth quarter as the company booked US$153-million in various after-tax charges tied to redundant power assets and its investment portfolio.

Kinross Gold (TSX:K) lost $2.78 billion in the fourth quarter, having been forced to writedown the value of its Tasiast project in Africa.

Goldcorp reported fourth quarter gold production of 687,900 ounces at a total cash cost of $261 per ounce, leading to record revenues of $1.5 billion and operating cash flows before working capital changes of $831 million. 

Rising costs could make any interested buyer baulk at the idea though. Cash costs in South Africa at its Ezulweni mine has rocketed to $2,143/oz and were up 20% at Mine Waste Solutions although at $613/oz there you could still turn a profit .

Gold mining in Colombia is shining bright as major gold players are expected to invest U.S. $ 2,100 million by 2015, reports local newspaper La Republica.

Peru’s long-running Conga mine dispute moved slightly forward on Tuesday after the government appointed foreign engineers to oversee an independent review of Newmont Mining Corp.'s stalled $4.8 billion gold project, reports La Republica.

Brazillian miner Vale SA said Tuesday it is gradually resuming mining at its underground nickel operations in Sudbury, Canada.