Australian miner Newcrest has cut its output estimates for gold in the current year. Newcrest Mining said that a power malfunction at the Lihir mine in Papua New Guinea was the reason why they had downgraded the full year gold production guidance from 2.82 million ounces to 2.7 million ounces of gold in 2011.
The new Treasury Secretary Martin Parkinson is optimistic about the mining boom lasting about another decade barring global catastrophe.
French company Areva announced 2 billion euro worth of sales in the first quarter in a statement on Monday. This is 2.2% higher than the same quarter last year. The rising prices of uranium have undoubtedly contributed to the mining and enrichment business of the company.
U.S. coal producer Alpha Natural Resources has been in the news after it announced the deal to buy Massey Energy in January for $7.1 billion. The company recently announced a large increase in quarterly profits as well. However profits fell short of what analysts expected.
Osisko Mining Corporation gave fresh data on its Malartic mine in Quebec based on a recently concluded resource estimation. The Montreal based mining company used the services of independent consultants G Mining Services to disclose the revised annual mine production plan.
Medusa Mining has announced that it has produced 25,114 ounces of gold in the March quarter. The Philippines focused Australia and Canadian listed miner said that gold production costs were US$191 per ounce after being recovered from an average grade of 11.58 g/t gold ore.
The Australian Treasurer Wayne Swan spoke to the Queensland Media Club and told them that there would be no rivers of gold from the mining industry in the upcoming budget.
Oz Minerals has announced a 2% rise in first quarter of copper production. From the Prominent Hill mine the company output 25,708 tonnes of copper in the quarter, this is higher than the 25,185 tonnes of copper in the previous quarter.
Fortescue Metals Group (FMG) was affected by the recent bad weather in Australia as heavy rains saw it shipping 11.5 % less iron ore in the March quarter this year as compared to the previous year.
BonTerra Resources has received a permit to drill at the Eastern Extension property, which is located around 170km NE of the Val d'Or city, Quebec in the Abitibi Greenstone Belt.