Gold

Following on the footsteps of an ambitious, $80 billion plan to invest in Quebec's north announced earlier this week, the provincial government is looking at changing its Mining Act, the Montreal Gazette writes: Bill 14, amending Quebec’s Mining Act “in keeping with the principles of sustainable development” was presented Thursday in the Quebec National Assembly.

Silvercorp Metals reported in Q4 that net earnings were up 29% to $12.6 million, or $0.07 per share, compared to net earnings of $9.8 million, or $0.06 per share, in the same quarter last year. It also said that quarterly cash flows from operations up 44% to $34.3 million, or $0.20 per share, from $23.8 million in the same quarter last year. Production was 1.05 million ounces of silver in the quarter, resulting in a record annual production of 5.3 million ounces of silver and achieved the fifth consecutive year of production growth.

IAMGOLD Corporation reported its unaudited consolidated financial and operating results for the first quarter ended March 31, 2011. Net earnings were $162.3 million ($0.41 per share), an increase of $102.1 million compared to the first quarter of 2010, and operating cash flow was $205.8 million ($0.55 per share1), representing an increase of 177% from the first quarter of 2010. "Our strong first quarter results reflect our focused strategy to maximize the value of mines that we own and operate," said Steve Letwin, IAMGOLD's President and CEO. "Attributable gold production was up 41% year-over-year driven chiefly by the inclusion of Essakane along with higher recoveries at Rosebel. We continue to benefit from higher gold prices and are implementing various initiatives to reduce our cash costs."

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.

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.

The quest to commercialize one of Latin America’s last undeveloped major gold deposits is one major step closer to a prospectively big pay day for its unlikely owner - a small gold explorer named Exeter Resources. A Canadian-headquartered company, Exeter recently completed a major milestone development. It announced a positive metallurgical study for the sprawling Caspiche gold-copper deposit in northern Chile’s gold-rich Maricunga mineral belt.

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.

OZ Minerals has reached an agreement to settle the two class actions brought against it by Maurice Blackburn and Slater & Gordon on behalf of certain shareholders who acquired shares in 2008. The total settlement payment in respect of the class actions is $55.1 million plus costs of $4.9 million with those totals to be allocated between the Maurice Blackburn and the Slater & Gordon classes.

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.