MINING.COM

Mineworkers around the globe unite for higher wages

Unrest and strikes in Indonesia, Chile, Australia and Africa, a shortage of skilled workers in North America and rising labour costs all over the globe are quickly becoming the most serious downsides of a mining boom that started almost a decade ago. While a historically high overall jobless rate is masking spiking wages in the resources sector in the US, workers in emerging markets are shutting down operations of mining companies deemed not to be sharing record profits fairly.

Frik Els | July 6, 2011 | 10:37 pm

Mike Niehuser: Mining stocks not reflecting record gold prices

Uncertainty will certainly push gold prices higher. In this exclusive interview withThe Gold Report, Mike Niehuser, founder of Beacon Rock Research, LLC, is bullish on gold and well-managed producers, advanced development and exploration companies. He shares his top eight picks and advice on easing into an investment instead of buying all at once.

The Gold Report | July 6, 2011 | 9:36 pm

Q2 output to rise 5% – Gold Fields

Gold Fields, the world's fourth largest gold producer, said on Tuesday it expects production to rise as much as 5% in the second quarter to approximately 872,000 gold equivalent ounces.

Mineweb | July 5, 2011 | 11:38 am

First iron ore train in 30 years leaves Schefferville

Stocks in Labrador Iron Mines Holdings ended up 5% in Toronto on Thursday after reporting that on June 29, 2011 the first loaded iron ore train departed Silver Yards for the Port of Sept-Iles travelling over the TSH and QNS&L railways. This historic event is the first commercial iron ore train from the Schefferville area in almost 30 years. Labrador is developing twenty direct shipping iron ore deposits in western Labrador and north-eastern Quebec. LIM’s properties are part of the historic Schefferville area iron ore district where mining of adjacent deposits was previously carried out by the Iron Ore Company of Canada from 1954 to 1982.

MINING.com Editor | July 1, 2011 | 9:21 pm

Classic takeover battle as Brazil and China giants vie for African miner

The stock of cobalt and copper miner Metorex is up by a third this year following Brazilian giant Vale's $1.1bn bid for the mid-tier producer. With reports surfacing that Jinchuan, China's biggest nickel miner, is readying a competing offer shareholders of the Johannesburg-based company look set to extract further value ahead of a vote on July 22. Metorex has aggressive expansion plans for its central and Southern African projects and aims to more than double its current annual copper output of around 50,000 tonnes. It's a far cry from the situation in 2009 when the company was fighting for survival amid serious cost overruns in the Congo.

Frik Els | June 30, 2011 | 4:59 pm

China’s Jinchuan mulls bid for Metorex

Jinchuan Group Ltd., China's dominant nickel producer, may be the secret bidder for South African miner Metorex , the Business Day reported on Wednesday. Metorex, attractive due to its copper and cobalt operations in Africa, said earlier this month it had received an interest from another unnamed party after an earlier $1.1 billion bid from Brazil’s Vale .

Reuters | June 29, 2011 | 6:48 pm

Australia’s queen of iron ore set to become the world’s richest person

Australian businesswoman Gina Rinehart who inherited a debt-ridden mining company 20 years ago, is predicted to become the world's richest person, according to media reports on Tuesday. Rinehart, 57, is already the richest Australian after her wealth more than doubled to $10.3bn this year. That still places her far behind Carlos Slim, Mexico's cellphone magnate worth some $73bn, but Rinehart's 100%-owned Hancock Prospecting has massive iron ore and coal projects that will start producing by 2014 and earn her annual profits of as much as $10bn.

MINING.COM Staff Writer | June 28, 2011 | 4:40 pm

Investors don’t like Golden Minerals, ECU Silver merger

A merger between Quebec-based ECU Silver Mining and Golden Minerals of Chicago announced on Friday had investors scrambling for the exits on Monday with the two companies at one point trading down 3.9% and 7% respectively on a generally bad day for silver stocks. The combined company worth over $600m with extensive assets in South America will keep its headquarters in Golden, Colorado and the Golden Minerals name and will be headed by Golden CEO, Jeffrey Clevenger.

Frik Els | June 27, 2011 | 4:28 pm

S&P put in tentative bottom

It was another wild week with no real direction in markets and precious metals are breaking down.

Warren Bevan - Precious Metal Stock Review | June 27, 2011 | 3:04 pm

You will be baffled by the action taken by the EU leaders when you understand how dire the financial situation is in Greece.

After 15 consecutive years of economic growth, Greece entered a recession in 2009. Greece's GDP growth has also, as an average, since the early 1990s been higher than the EU average. However, the Greek economy faces significant problems, including rising unemployment levels, an inefficient government, tax evasion and political corruption.

David Levenstein | June 27, 2011 | 2:10 pm