VIDEO: Coeur Mining to grow silver production with $1.7bn acquisition of Silvercrest
Adding Las Chipas makes Coeur a top silver producer in North America, with 21 million ounces of silver and 432,000 ounces of gold annually.
Mining giant Vale (NYSE:VALE) has started paying the Brazilian government $674 million ($1.4 billion real) in a dispute over mining royalties, Business News Americas (subs. required) reported.
The world’s second largest miner, which is caught in a 10-year-old dispute with Brazil’s federal government over royalty payments owed, has agreed to pay three installments of 100 million reais this year and a single payment of 1.1 billion reais in 2013.
Vale’s earnings have been hit especially hard by the sharp drop in iron ore prices this year, resulting from China’s easing economic growth and the resulting weak demand for the steel-making ingredient.
The Brazilian company is the world’s largest iron ore producer. The company is also responsible for over a quarter of global sea-borne iron ore exports.
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