Wednesday, August 1, 2012

MINEWEB.COM'S TOP STORIES: Pascua-Lama woes prompt S&P to lower Barrick Gold's credit rating

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FEATURED PODCAST                                                     

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.
 

TOP STORIES | Wednesday , 01 Aug 2012                                                     

Pascua-Lama woes prompt S&P to lower Barrick Gold's credit rating

Higher forecast capex spending, combined with delays and other risks at the Pascua Lama project, prompted Standard & Poor's to downgrade Barrick's credit ratings.    Wednesday , 01 Aug 2012

Esteemed son of the south pleads guilty in $90.1m silver Ponzi scheme

Thanks to a huge score in non-existent silver, Ronnie Gene Wilson may qualify for the hall of shame in the brotherhood of rascally southern con-men and flim-flam men.    Wednesday , 01 Aug 2012

Hecla offer 'highly opportunistic' - U.S. Silver CEO

A day after Hecla entreated U.S. Silver shareholders to go with its hostile takeover, U.S. Silver's CEO implores shareholders to choose a merger with RX Gold & Silver instead.    Tuesday , 31 Jul 2012

Silver needs gold's coat tails to rise further

According to David Morgan, while silver prices are likely to move higher over the rest of 2012, a move up in gold will be needed as a catalyst.    Tuesday , 31 Jul 2012

Major gold miner Polymetal well on track to hit 2012 target of 1M oz gold eq

London listed Polymetal International which produces gold, silver and copper in Russia and Kazakhstan, has reported strong Q2 and H1 output figures putting it well on track to achieve its increased 2012 production targets.    Tuesday , 31 Jul 2012

BHP Billiton to focus on cost cutting as markets slide

The comments come amid mounting expectations that the global mine will postpone one or more mega-projects it has proposed until economic outlooks in Europe and China improves.    Wednesday , 01 Aug 2012

Exxaro H1 earnings rise 11%; sees stable H2

Exxaro H1 earnings rise 11%; sees stable H2 Supported by higher mineral sands prices, South African diversified miner Exxaro reported an 11% profit rise in the first half of 2012, adding results for the remainder of the year are likely to be stable.    Wednesday , 01 Aug 2012

Petra Diamonds nearly doubles full year production

The diamond miner said the jump in output was mainly due to the contribution from its Finsch mine.    Tuesday , 31 Jul 2012

Penoles posts 40% drop in Q2 profit

The Mexican mining company said the fall comes on the back of an increase in investment costs and a drop in most metal prices.    Wednesday , 01 Aug 2012

Mexico silver output up 18.6% in May

The National Statistics Institute said on Tuesday output climbed to 420,629 kg in May as strong prices continued to spur production.    Wednesday , 01 Aug 2012

Rio Tinto cuts Australian jobs as tough times bite

The global miner said it is closing its Sydney office as it battles lower commodity prices and an uncertain demand outlook.    Wednesday , 01 Aug 2012

Fresnillo H1 profit dips 9% on silver price fall

Fresnillo has been hit by a 13% fall in the price of silver and says the cost of sales rose 34.5% compared with the first half of last year, fuelled by higher production and labour costs.    Tuesday , 31 Jul 2012

Gold Fields looking to buy mines to replace dwindling local supplies

Mines in the Andean corridor in South America, BC in Canada, the Tien Shan belt that runs through Kyrgyzstan and China, and the Philippines are of particular interest, CEO Nick Holland says.    Tuesday , 31 Jul 2012

$1.3bn gold sales to Iran help Turkey narrow trade deficit in June

Turkey sold $1.3 billion in gold to Iran in June bringing the total for the year to $4.4 billion helping it reduce its trade deficit. Most of the gold export payments were made in cash.    Tuesday , 31 Jul 2012

Kumba/ArcelorMittal yet to agree on interim iron ore deal

Kumba suspended its agreement in 2010 to supply ArcelorMittal SA with iron ore at a discount after the steelmaker allowed a partial mining right it held in Kumba's Sishen mine to lapse.    Wednesday , 01 Aug 2012

India's SAIL plans to raise almost $90m in short term funds

According to sources with direct knowledge of the matter, the steel producer will raise funds in the 80 to 86 days and 175 to 178 days maturity buckets.    Wednesday , 01 Aug 2012

Most-accurate gold forecasters divided after rout

Justin Smirk, the most accurate of 20 analysts tracked by Bloomberg in Q2, says prices will keep dropping while Eugen Weinberg and Nick Trevethan predict a record within a year.    Tuesday , 31 Jul 2012

Germanium at 7 month highs on tight supply

Shrinking supply from China, the world's largest producer of the metal used in electronics and fibre optics, and expectations of rising demand have pushed prices higher.    Tuesday , 31 Jul 2012

Botswana decides not to raise De Beers stake

The decision by the diamond rich country leaves Anglo American to pick up the full $5.1bn tab for the buyout of the remaining shares owned by the Oppenheimer family.    Tuesday , 31 Jul 2012

Indonesian court bars central govt. from buying Newmont unit stake

The ruling may derail the purchase of the 7% stake since it means the government will now need to seek approval from parliament, which opposed the purchase last year.    Tuesday , 31 Jul 2012

South Africa's ANC Youth League confident of mine nationalisation

Deputy president of the ANC Youth League Ronald Lamola is confident South Africa's mines will be nationalised and land will be expropriated.    Tuesday , 31 Jul 2012

Yesterday's top story: Ugly time in junior gold market means great time for value shopping

Philip Ker* of Vancouver-based Union Securities, is confident on the gold price and reckons the currently hard hit junior gold sector provides a great opportunity for profit. Gold Report interview.    Tuesday , 31 Jul 2012

PODCASTS / RADIO                                                     

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.

480,000 South African platinum ounces now at risk - Ground

Standard Bank's Marc Ground looks at the state of the South African platinum sector, the outlook for prices and the likelihood of further mine closures.

 

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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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