Barrick Gold Corporation has announced that, consistent with its practice of paying a progressive dividend, the Board of Directors has authorized a quarterly dividend of US15 cents per share, which represents a 25% increase from the previous dividend.
The Australian Securities Exchange (ASX) is looking at updating its disclosure rules for mining companies when reporting their mineral reserves and resources. As per the ASX the new rule will help make it easier for the mining companies to procure funding for projects in the pipeline.
Quebec mining royalties reached a record high of $304 million last year. The Quebec Treasury had expected only about $133 million from the mining royalties in the budget last March. The amount is also higher than the $289 million collected over the last 10 years.
Rio Alto Mining Ltd announced that the first-quarter pre-production at its La Arena gold oxide mine in Peru was 9,385 ounces of gold. The Vancouver based Canadian company has issued a guidance of between 50,000 to 60,000 ounces for 2011.
A new report that was commissioned by the Minerals Council of Australia says that miners will pay close to $23.4 billion in tax to federal and state governments in 2010-11 financial year. Deloitte Access Economics said in the report that the mining industry has paid an average tax of 41.5% from the financial years between 2007-8 to 2009-10.
Resolute Mining has announced a net profit of $61.39 million for the year ending June 30, 2011. The company has made an impressive comeback over the last 12 months compared to the $37.17 million loss that it reported in the previous year.
The profits of Australian mining company OZ Minerals (ASX: OZL) have taken a hit this financial year dropping a drastic 72% at the half year point. Net profits at the copper mining company fell to $113.9 million from $405.7 million in the same period last year. The net profit for the calendar year 2010 had been recorded at $586.9 million.
The acquisition of Lihir has helped raise Newcrest Mining’s profits by 63%. The company announced a profit of $908 million in the year to the end of June. In comparison the previous year profits were $557 million.
Molycorp, Inc. announced its second quarter results with a record net sales of $99.6 million in the quarter. This was contributed to by a 58% increase in sales of rare earth oxides as compared to the previous quarter. The company saw a 314% increase in year over year rare earth alloy sales.
Dragon Mining has good news from the Hangaslampi gold deposit in Finland. The exploratory drilling program at the gold deposit situated in the Kuusamo Gold project in the north of the country has found high levels of cobalt and rare earth elements in addition to the gold that it expected to find.