MINING.COM

Joy Global sells LeTourneau drilling products division for $375 million; increases Q3 profit

Major mining equipment player Joy Global Inc. (NASDAQ:JOYG) is selling the drilling products arm of the business it acquired from LeTourneau Technologies. Joy Global said Wednesday it will sell LeTourneau's drilling products business to Cameron International for $345 million. The all-cash deal has been approved by both companies' boards of directors. Joy paid $1.1 billion in May to acquire LeTourneau from Rowan Companies, Inc.

Andrew Topf | August 31, 2011 | 8:06 pm

Australian Study Shows that VET Should Focus More on Industry Knowledge

The Sydney Morning Herald reports on an Australian study shows that vocational education and training (VET) prepares workers more completely for the workforce if they are instructed in the fundamentals of their industry rather than focussing on learning specific competencies.

The study looked at the mining, solar energy and computer games industries. It found the VET system could not cope with always delivering courses that were highly specific to particular companies and continuously-changing knowledge and skills. "But VET can provide people with the capability to learn and adapt to innovation-induced change," the report says.

Joanna Gaskell - Education Editor | August 31, 2011 | 4:39 pm

Cobalt is the king of critical metals

Most people don't know or care about cobalt. But, as with a number of metals we seldom hear about, we would certainly miss cobalt if it were not available for use in many cutting-edge applications. In this exclusive interview with The Critical Metals Report, Rick Mills, editor of Ahead of the Herd, talks about the supply and demand for critical metals and tells us why cobalt is the "King of Critical Metals."

The Gold Report | August 31, 2011 | 6:10 am

ABB wins contract for new mill drive system at Neves Corvo copper mine in Portugal

ABB, leading power and automation technology group, was recently contracted to supply the drive system for a new semi-autogenous grinding (SAG) mill at Neves Corvo, Portugal.

MINING.com Editor | August 30, 2011 | 10:13 pm

Lake Shore reports extensions of gold mineralization along strike and to depth at Gold River trend project

TORONTO, ONTARIO--(Marketwire - Aug. 30, 2011) - Lake Shore Gold Corp. (TSX:LSG) ("Lake Shore Gold" or the "Company")

Deep Drilling at North Porphyry/4800 Zones intersects multiple zones of mineralization up to 450 metres below current resource (840 meters below surface)

Ivanhoe up 23% in a week as Oyu Tolgoi news just gets better

Shares in Ivanhoe mines closed up just over 5% in Toronto on Monday outperforming the broader market and bringing the counter's gains to 23.2% over the last week. At a time when many miners across the developing world struggle to preserve their social licence, the impact of Ivanhoe's Oyu Tolgoi on the people of Mongolia stands in stark contrast: the mine will contribute a third of the country's GDP when it goes into full operation, will be mined until at least 2060 and increase the average earnings of Mongolians by 60% according to a new CNN report.

Frik Els | August 29, 2011 | 7:03 pm

Rising costs and labour shortages among biggest risks for oilsands sector: Ernst and Young

CALGARY, Aug. 29, 2011 /CNW/ - Climbing labour, service and commodity costs are driving early signs of cost inflation in the oilsands sector while environmental issues dominate the risks list, according to Ernst & Young's recent report, Exploring the top 10 opportunities and risks in Canada's oilsands. An uncertain global economy, conflict in North Africa and the Middle East, supply and demand imbalances, crude price volatility and currency fluctuations are making it difficult for oilsands companies to plan and forecast accurately.

CNW Telbec | August 29, 2011 | 1:28 pm

Canadian gold miner AuRico to buy Northgate Minerals for $1.48 billion

TORONTO, Aug. 29, 2011 /CNW/ - AuRico Gold Inc. ("AuRico") (TSX:AUQ) (NYSE:AUQ) and Northgate Minerals Corporation ("Northgate") (TSX:NGX) (NYSE-Amex:NXG) are pleased to announce that they have entered into a definitive acquisition agreement (the "Agreement") to create a new leading intermediate gold producer. The new company will have 5 operating gold mines, a sixth mine targeting production in 2012 and 3 gold development projects in Mexico, Canada, and Australia, three of the top global mining jurisdictions.

CNW Group | Natural Resource Discoveries | August 29, 2011 | 12:54 pm

Valuation gap makes gold miners attractive but all miners aren’t created equal

Goldwatchers were reminded gold’s volatility works in both directions this week, with prices falling more than $100 an ounce in just one day. We forecasted the selloff last week, explaining a 10 percent correction would be a non-event. Once again the CME Group hiked the exchange’s margin requirements for gold investment to shake out overleveraged speculation. This is a positive for long-term investors.

Frank Holmes - U.S. Global Investors | August 28, 2011 | 5:30 pm

Shameless riggings

It was another week of watching and sitting for the swing trading portfolio. We still haven’t put on a swing trade lately but we’ve been watching our dividend stocks and mining portfolio and I’m thinking about adding a few new miners to our stable in the next few weeks.

Warren Bevan - Precious Metal Stock Review | August 28, 2011 | 4:33 pm