Teck Reports unaudited third quarter results for 2011
3Q Results for the Three Months Ended September 30, 2011
3Q Results for the Three Months Ended September 30, 2011
Extorre Gold Mines Limited (TSX:XG) (NYSE Amex:XG) (FRANKFURT:E1R) ("Extorre" or the "Company") wishes to inform shareholders of the events in Argentina that led to today's drop in its share price.
Canada's number one coal producer and world-leading nickel miner, Sherritt jumped 10.2% on Wednesday after reporting a doubling of quarterly net earnings and good progress at its massive Ambatovy project in Madagascar. Sherritt will start production at Ambatovy in the first quarter of next year. The company has already spent more than 90% of the planned $5.5 billion to build what will be the world's biggest nickel mine with the capacity to produce 60,000 tonnes of nickel and 5,600 of cobalt a year. Sherritt and its Asian partners have made the largest investment in the island's history and will make nickel the country's number one export for the next 27 years.
TORONTO, Oct. 26, 2011 /PRNewswire/ - AuRico Gold Inc. (TSX:AUQ) (NYSE: AUQ) ("AuRico") is pleased to announce that it has completed its previously announced acquisition of Northgate Minerals Corporation (TSX:NGX) (NYSE-Amex: NXG) ("Northgate"). With the completion of this strategic acquisition, AuRico is now positioned as a new leading intermediate gold producer with five operating mines and Young-Davidson targeting production at the end of Q1 2012. Ocampo and Young-Davidson alone have the potential to produce over 500,000 gold equivalent ounces at lowest quartile cash costs. With a strong balance sheet and a robust and growing cash flow profile, the new company is led by an experienced management team with a proven track record of creating value in the industry.
Bellhaven Copper & Gold (CVE:BHV), a Canadian exploration company operating in Panama and Colombia, received a 10.2% equity interest investment by IAMGOLD Corporation which will subscribe for eleven million units of Bellhaven at C$0.55 per unit. In mid-October, IAMGOLD (TSE:IMG) said it was going start buying new companies that would complement its core strengths, established relationships with foreign governments and working experience in Africa and the Americas. "The private placement will build our treasury to approximately $9.6 million, allowing us to ramp-up the exploration programs at La Mina," said Paul Zweng, Bellhaven's interim CEO and director.
The world's largest potash producer by output said today it plans to spend $5.8B to increase capacity over the next decade to take advantage of rising potash prices. Uralkali (LON:URKA) said its expansion program includes both brownfield and greenfield mines. Brownfield projects include 1.5 million tonnes of additional capacity at Berezniki 4, increased efficiencies and removal of bottlenecks at Berezniki-2 and 3, as well as Solikamsk-2 and -3, adding a million tonnes in total, and a two-phase expansion program at Solikamsk-3, increasing its capacity by 2 million tonnes.
Gemcom Software International Inc., the largest global supplier of mining software solutions, today announced its support of the Mining Education Australia (MEA) Engineering Program.
As the price of iron ore continues to tumble, Chinese buyers of the crucial steelmaking ingredient are backing away from quarterly contracts in favour of cheaper monthly contracts or spot prices. Weakness in the market is “accelerating the move to shorter pricing methods and closer to spot,” said Rio Tinto CEO Tom Albanese, speaking to analysts in Sydney today, Bloomberg reported. While most (86%) of Rio's third-quarter sales were priced quarterly, Bloomberg quoted one JP Morgan Chase & Co. analyst saying that given that spot prices are lagging below quarterly contracts, "it would not be surprising to see some contracts reneged on" and therefore more movement towards spot prices.
Molycorp (NYSE:MCP), the only rare earth producer in the Western hemisphere, announced on Thursday that it plans to spend $114 million to accelerate by three months the start-up of its rare earth processing facility. Molycorp's stock slid on Thursday after the news. After hitting a high of $40.45 on Wednesday, the stock dropped as low as $36.59 before recovering to close at just under $38. The company's estimated 2012 production will rise by 3,500 metric tons to between 8,000 and 10,000 metric tons annually. The new spending will help the company achieve full phase one production of 19,050 metric tons per year of rare earth oxide equivalent three months earlier than previously planned.
Rio Alto Mining Limited ("Rio Alto" or the "Company") (TSX VENTURE:RIO)(OTCQX:RIOAF)(BVLAC:RIO)(DBFrankfurt:MS2) is pleased to announce that it has completed definitive documentation for a US$25 million increase in its existing gold prepayment facility (the "Prepayment Facility") with Red Kite EXP 1 ("RKE") and concurrently drew down the full amount available under the Prepayment Facility.