Troubled Vancouver miner, Baja Mining (TSE:BAJ), said that it laid off 40% of its staff to conserve cash and admitted that there is "no assurance" that it will find funding to complete its Boleo project, a $1.143 billion copper-cobalt-zinc project in Mexico.
Ruchir Sharma, head of emerging markets at Morgan Stanley, makes one of the most bearish statements yet on the end of the so-called commodity supercycle.
A conference with CEOs from around the globe recently brought me to Europe—the center of Western Civilization, the cradle of democracy, innovation and creativity, and the crux of today’s debt crisis.
Impact Silver reported on Tuesday a net loss of $0.1 million in the first quarter of 2012 compared with $2.5 million in net earnings for Q1 2011. Earnings per share were $0.00 in Q1 compared with $0.04 in 2011.
Canada’s third main gold miner Kinross Gold (TSX:K) is selling its stake in the Crixas gold mine in Brazil, to South Africa’s AngloGold Ashanti for $220-million.
A second major physical iron ore trading platform, supported by major mining companies and Chinese steelmakers will launch this Wednesday, competing directly with China's new own platform in a race to create an industry price benchmark.
Smaller miners are waiting for production cutbacks by the market leaders to prop up prices the way Saudi-Arabia comes to the rescue of oil producing nations whenever the crude price begins to flag.
If there is one mining project anywhere in the world that could warrant the old Hollywood blockbuster title of Back to the Future it must be EMED Mining’s Rio Tinto copper venture in Andalucía, Spain.
It has been a slow start for China’s first physical iron ore trading platform which was launched with the idea that it would give China greater influence on the price of the commodity.
Friday's complication is just the latest setback for Vancouver-based Baja which has now lost almost 70% of its value this year.