Friday, August 3, 2012

MINEWEB.COM'S TOP STORIES: Molycorp's 2Q losses, potential capex shortfall surprise analysts

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TOP STORIES | Friday , 03 Aug 2012                                                     

Molycorp's 2Q losses, potential capex shortfall surprise analysts

The possibility Molycorp may again seek financing after already offering up to $650 million in debt this year stunned analysts and the market.    Friday , 03 Aug 2012

Kloppers forfeits bonus after BHP announces $3.3bn in write downs

BHP CEO, Marius Kloppers, will give up a bonus potentially worth millions after the group took a hit from its recent investment in shale gas and sharply falling commodity prices.    Friday , 03 Aug 2012

Primero cranks up gold, silver guidance on record quarter in Mexico

Primero reports record results in its second quarter and bolsters its 2012 production outlook; meanwhile gold and silver grades improve.    Thursday , 02 Aug 2012

China cracks down on illegal rare earth mining; arrest 50

While China's Guangdong Province is allowed to mine only 2,000 metric tons of rare earth oxides annually, illegal mining production surpassed 40,000 metric tons last year.    Friday , 03 Aug 2012

After just months aboard, two Baja Mining directors resign

Sources say it was time for the Mount Kellett directors to leave because the private equity firm does not intend to participate in a rights offering to help solve Baja's funding crisis.    Friday , 03 Aug 2012

FOMC and Draghi hit gold in double whammy

Gold's trading range appears to have narrowed after yet another non-committal statement from the FOMC but price hit again when Draghi statement also makes no definitive promises.    Thursday , 02 Aug 2012

Gold miners need to think differently about costs - Holland

In a remarkable speech to the Melbourne Mining Club, Gold Fields CEO, Nick Holland, questions the manner in which the industry reports costs.    Thursday , 02 Aug 2012

Ecuador vows mining reforms will pave way for major contracts

The country does not have a large-scale mining industry, but it has huge copper, gold and silver deposits, and President Rafael Correa wants to attract investment to reduce the economy's dependence on oil exports.    Friday , 03 Aug 2012

Allied Gold now seeking A$47 million in claim against engineering co.

Allied Gold has increased its counterclaim against GR Engineering over work done on its Gold Ridge mine in the Solomon Islands and gold output losses.    Friday , 03 Aug 2012

Alcoa to supply aluminum drill pipe for shale gas wells

The company has been awarded a contract by Pennsylvania General Energy to supply a drill pipe made of an aluminum alloy to its natural gas wells in the Marcellus Shale formation.    Friday , 03 Aug 2012

Silvercorp Q1 profit falls on lower silver prices

China-focused Silvercorp Metals reported a net income of $9.5 million, or 4 cents per share, compared with $34.2 million, or 15 cents per share, a year earlier.    Friday , 03 Aug 2012

BHP Billiton plays down talk of Australian port project delay

Building an outer harbour at Port Hedland, one of Australia's biggest ports, is one of the top three projects the miner outlined in its $80 billion mega spending plan.    Friday , 03 Aug 2012

Gold Fields issues notice of possible dismissals

The "worst-case scenario" would see the dismissal of 2,384 underground workers at the South Deep mine in South Africa, CEO Nick Holland said on a conference call.    Thursday , 02 Aug 2012

Brazil's Gerdau profit beats estimates; to resume Mexico plans

The Porto Alegre-based steelmaker earned 549 million reais in the second quarter, compared with 503 million reais a year earlier, according to a securities filing on Thursday.    Thursday , 02 Aug 2012

Centamin restarts work at flagship Egypt gold mine

Activities at Sukari, Centamin's only producing asset, were suspended after workers downed tools over a dispute with the company over wage increases.    Thursday , 02 Aug 2012

First Quantum Minerals to invest $4bn in Zambia

The company's head of tax, Adam Little, told Reuters more than $2 billion will be invested in upgrading the Kansanshi mine while its new Trident mine will absorb about $1.7 billion.    Thursday , 02 Aug 2012

Vietnam's new war - this time on gold

The Vietnamese people have a huge affinity with gold, but the country's government is taking major steps to restrict the gold market and the practice of replacing the dong with gold in transactions.    Thursday , 02 Aug 2012

Chalco extends offer for SouthGobi amid stiff political opposition

The firm will extend the time for it to make a proportional takeover bid for up to 60% of the common shares of SouthGobi Resources by 30 days.    Thursday , 02 Aug 2012

Aquarius Platinum reopens mine shaft after deadly attack

A company spokesperson reported Thursday that the miner has reopened the Kwezi shaft at its Kroondal mine where 3 people were left dead and 20 more injured in a deadly attack Wednesday evening.    Thursday , 02 Aug 2012

Yesterday's top story: Alas, poor Burt! Kinross board bids CEO a not-so-fond farewell

With the firing of Tye Burt, a second North American gold company head has rolled in less than two months. Is a 3rd cranium in the offing?    Thursday , 02 Aug 2012

PODCASTS / RADIO                                                     

QE, The EU and a change of mood in gold - Phillips

Julian Phillips says he has noticed a change of mood in the gold market with prices moving on news that will send the metal higher rather than negative news.

Anglo American Interim results - Cynthia Carroll

"We're in a long-term industry, this is not about the next couple of days, this is about the next ten years, the next 20 years, the next 30 years".

The bottom is probably in for silver - Morgan

Morgan Report author, David Morgan says, at the moment, investment demand is the driving factor of both gold and silver.

Global Commodity ETP Quarterly report - Nick Brooks

ETF Securities, Head of Research and Investment Strategy, Nick Brooks looks at the trends seen in the gold ETF market over the second quarter and what to expect going forward.

 

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CONFERENCES

Denver Gold Forum 2012
Date: 09 September 2012 - 12 September 2012
Venue: Hyatt Regency, Denver, CO, USA
Major event hosted by the Denver Gold Group, The Denver Gold Forum will showcase institutional-quality precious metals companies to global fund and portfolio managers, institutional investors and analysts. Mineweb's Dorothy Kosich will attend Read More
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ENGINE ROOM

Editorial

Europe

Lawrie Williams, London
Geoff Candy, Groningen

Americas

Dorothy Kosich, Reno
Kip Keen, Halifax, NS

Asia and Australasia

Shivom Seth, Mumbai
Kerry Stevenson, Sydney

Africa

Christy Filen, Johannesburg


Sales and Marketing
Jan Chadwick, International
Wendy Hora, Australasia

 

Production

Lindiwe Molekoa, Johannesburg

Editor in Chief

Alec Hogg, Johannesburg

 

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