The company has earned its 50% interest in the Natora-South (CHIVAS) gold property in Sonora State, Mexico, and elects to exercise its option for a 70% interest.
The Canadian government has approved the construction of a huge open-pit iron ore mine above the Arctic circle in the country's northernmost territory of Nunavut.
The Yanac Project is located 50 km northwest of the town of Chincha in the department of Ica in south-central Peru.
Rick Mills isn't looking for huge producers with so much overhead that they can't profitably mine an ounce of gold. Instead, Mills, the publisher, editor and president of Aheadoftheherd.com, seeks out the smaller mines with low capital costs.
In 2001 and 2002 miners were producing gold for sub-$180 cash costs - the operational cost of the mine divided by the ounces of production. Data from GFMS shows world gold production costs for the first half of 2009 averaged $457/oz.
Vale (NYSE:VALE), Teck (NYSE:TCK) and Freeport-McMoRan (NYSE:FCX) are some of the names analysts are throwing into the pot as the next likely bidders for Inmet MiningCorp. (TSX:IMN), which owns the world’s second-biggest undeveloped copper deposit, in Panama.
Diversified giants pick up the slack in East Asia
Intensive exploration and resource definition were completed at both the Ammaroo Phosphate and Karinga Creek Potash projects.
Compared to the steelmakers, miners enjoyed a soft landing with profits down only 5.5%.
The giant miner says Australia might miss the “Asian century” boat unless its tackles serious shortcomings, such as competitiveness, productivity, infrastructure investments and foreign capital attraction.