After prices fell 10 percent in December, many investors wondered if the bull market in gold was running out of steam. That was before Federal Reserve Chairman Ben Bernanke swooped in with a “red cape” and fired the bulls back up.
The state agency of geology and mineral resources of Kyrgyzstan announced this week that in 2011, the output of the gold-mining industry of the ex-Soviet republic increased by 41.7% compared with 2010. The value of gold production dominated by the Kumtor mine owned by Canada's Centerra was $1.9 billion, almost a full 15% of the impoverished country's $13.16 billion (2011 est.) gross domestic product.
A new UN report says a US trade adviser appointed by Barack Obama orchestrated a $20 million deal to buy 1,045 pounds of gold in eastern DRC from warlord Bosco Ntaganda, wanted for war crimes since 2006. The botched deal by Houston oil tycoon Dr. Kase Lawal also involved his brother and former basketball star Dikembe Mutombo.
Statistics Canada reported Friday that of the jobs created in January 65% were in Alberta.
CBI Polymers Inc., the U.S.-based innovator of DeconGel® nuclear decontaminant, announced today the collaborative effort to remediate radiation from the campus of the Asahimachi Baptist Church and Little Lamb Kindergarten in Fukushima, Japan, in a project CBI Polymers calls “Restore Playtime.”
Gold futures eased Friday after better than expected US jobs data made further relaxation in Fed monetary policy, already very loose, less likely and money flowed into stocks.
Canada's mining sector contributed $36 billion to the national GDP in 2010, and employed 308,000 workers in mineral extraction, smelting, fabrication and manufacturing. An additional 3,215 companies supplied engineering, geotechnical, environmental, financial and other services to mining operations.
Glencore International is in talks with Xstrata to merge in a deal that would create a $80 billion rival to BHP Billiton, Vale, Rio Tinto and China's Shenhua. Here's a wrap-up of what people are saying about the birth of the globe's first vertically integrated resource giant.
Metso will supply a tandem rotary railcar dumper to Hamersley Iron Pty Ltd. in Australia. The equipment will be delivered to Hamersley Iron's Cape Lambert, Port B iron ore operation in North Western Australia. The value of the order will not be disclosed. The order also includes spare parts, technical assistance during installation, pre-commissioning, commissioning and performance testing.
ABB (NYSE: ABB), the leading power and automation technology group, and Thomas & Betts Corporation (NYSE: TNB), a North American leader in low voltage products, today announced that both companies’ boards of directors have agreed to a transaction in which ABB will acquire Thomas & Betts for $72 per share in cash or approximately $3.9 billion.