The Royal Canadian Mint is pleased to announce its initial public offering of Exchange Traded Receipts (ETRs) under the Mint's new Canadian Gold Reserves program. Each ETR provides evidence of ownership in physical gold bullion held in the custody of the Mint at its facilities in Ottawa, Ontario.
The Canadian Gold Reserves program marks the expansion of the Mint's successful core bullion and refinery business. Subject to market conditions, the initial offering of ETRs is targeting an issue size of approximately CAD$250 million.
Barely a week after Anglo American announced that the $2.8 billion they splashed on expanding their flagship Los Bronces mine will start to bear fruit before year end, Chile's state-owned Codelco decides to exercise an option to acquire half of it.
Codelco has passed on neighbouring Los Bronces, a smelter and a second mine before, but Chile's finance minister on Friday warned Anglo that it must honour the deal that dates back to 1978. Codelco has put together $6 billion but analyst say that short changes Anglo by billions. What must really gall Anglo, which seems to have been taken by surprise, is that they will have to pay around $1 billion in taxes on the transaction.
An Australia-based coal-mining junior has struck a bargain to ship coal through Prince Rupert, BC.
Coalspur Mines (TSE:CPT, ASX:CPL) said Thursday it has reached a 14-year agreement to export thermal coal from its Vista project in Alberta through Ridley Terminals in Prince Rupert.
The news spiked the shares 5% on the Australian exchange Friday but caused less of a stir on the Toronto bourse, where Coalspur was down about half a percent as the trading day closed.
Rural communities in Queensland Australia are more than a little unhappy about state politicians and government agencies allowing mining firms like BHP to set up self-contained separate mining towns cut off from local communities or simply letting miners fly in and out without ever becoming part of local life.
Perilya Limited, an Australian base metal miner, plans to raise $110 million to delever the company's balance sheet and fund the company's ongoing activities.
The company said on Wednesday that it plans to issue 263,037,782 ordinary share at 42 cents per share. UBS AG is the underwriter.
Perilya Limited has a zinc, lead and silver mine in Broken Hill, New South Wales. Perilya's operations also include the Flinders Project in South Australia and the Mount Oxide Project in Queensland.
Roxgold Inc. (TSX VENTURE:ROG) (the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Cormark Securities Inc. and including GMP Securities L.P., RBC Capital Markets Inc., Fraser Mackenzie Limited, PI Financial Corp., Pope & Company Limited, Raymond James Ltd. and Toll Cross Securities Inc. (collectively the "Underwriters") pursuant to which the Underwriters have agreed to purchase 10,000,000 common shares ("Common Shares") of the Company on a bought deal private placement basis at a price of $1.10 per Common Share.
EDMONTON, Oct. 28, 2011 /CNW/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, attracted more than 5,200 on-site and online bidders from 37 countries to a two-day CA$60 million (US$60 million) unreserved public auction in Edmonton, Alberta on October 26 - 27, 2011. More than 2,100 people (42%) bid online in real time at www.rbauction.com, purchasing almost CA$16 million (US$16 million) of equipment (26%). Among the equipment sold: a 2007 Caterpillar D7R XR series II crawler tractor that sold for CA$380,000 (US$383,000) to an on-site buyer from Grande Prairie, AB and a 2009 Western Star 4900SA tri-drive vacuum truck that sold for CA$300,000 (US$302,000) to an on-site buyer from Medicine Hat, AB.
Ongoing labour unrest at Freeport-McMorran's Grasberg mine in Indonesia has forced the American company to declare force majeure.
The announcement made Wednesday effectively allows Freeport to stop shipments from its gold and copper mine so that it can avoid liability on existing customer orders.
About 8,000 workers — a third of the mine's workforce — have been on strike since September 15th and earlier this month vowed to shut down the mine if hourly wages of $1.50 are not upped 8-fold. The strike recently turned ugly with reports of sabotage and injuries.