Precious metals company North American Palladium Ltd expects underground production at its Vezza gold project in the Abitibi region of Quebec to begin early next year.
Australian uranium miner Energy Resources of Australia on Wednesday reported an 84 percent drop in second-quarter production from three months earlier, blaming voluntary interruptions in production due to safety concerns on flooding, but lifted its full-year production guidance.
Pan Asia Corporation Limited is pleased to announce that it has now executed a formal agreement with leading underground mining group KOPEX to undertake a Final Feasibility Study on the TCM Coal Project in South Kalimantan, Indonesia.
Atlas Copco has received an order from the Mexican mining group Peñoles. Valued at about $67 million, it is one of the largest underground mining equipment contracts ever for Atlas Copco, and the company's second large order in Mexico this year.
Gold futures added to record levels set earlier on Tuesday as Europe finance ministers consider allowing Greece to default on some of its debt, Italy's borrowing costs soar and US Federal Reserve minutes indicate the possibility of additional financial stimulus.
Gold is considered a hedge against inflation and further quantitative easing could flood financial markets with cheap money as it did in the previous round – QE2 – when US monetary authorities injected some $600bn to drive down interest rates. Gold for August delivery on the New York Mercantile Exchange was trading at $1,568.40 an ounce in late trade after settling at a record $1,562.30 an ounce earlier.
Reuters reports China's Puda Coal said its auditor Moore Stephens has resigned, effective immediately, and the auditor warned that audit reports for fiscal years 2009 and 2010 should no longer be relied upon.
In April, the Puda stock had been halted by the American Stock Exchange after the company said it will investigate unauthorized transactions in the shares of subsidiary Shanxi Coal by Chairman Ming Zhao, alleged by an website.
Proving that nothing is a sure bet – not even the development of prime bitumen fields – Oilsands Quest on Tuesday suffered a second day of heavy losses, dropping 10% shortly after the open.
The losses come after the company said it will ask for more cash from investors because its almost one-year long global quest to find a heavyweight partner has come up empty handed. It is also bad news for Saskatchewan’s oil sands aspirations as Oilsands Quest was hoping to build the province’s first thermal mine but does not have the wherewithal to go it alone.
Shares in Vancouver-based Great Panther Silver recovered early losses to trade in positive territory by midday Tuesday after the company reported disappointing silver output at its two 100%-owned silver and gold mines in Mexico.
The counter opened down more than 3% before turning positive after announcing a 6% drop in silver production as a result of falling grades and unsold inventories at its Guanajuato operation which the company ascribes to an oversupply of concentrate on the world market. Silver Panther is still up 35% over the month after investors picked up the stock following record first quarter earnings.
High Desert Gold Corporation announced on Tuesday the completion of its earn-in option on the Gold Springs gold project that straddles the Nevada-Utah border. The Option and Earn-in Agreement dated January 10, 2010 called for HDG to incur $US1 million in exploration expenditures and pay $US160,000 to Pilot Gold Inc.
