Kinross Gold saw profits soar in the second quarter and its revenue went up by 42% as the prices of gold bullion continued to rise. The Canadian gold mining company announced that its Board of Directors had declared a $0.06 dividend per common share.
Second quarter profits soared for Iamgold Corporation as the higher price of the precious metal was enhanced by the increase in production of gold for the company. The operating profits for the second quarter more than tripled as compared to the previous year. This was helped by the fact that profit margins on gold shot up by 35% over that time frame.
Aquila Resources Ltd is selling its Washpool coal project. Tony Poli, chief executive officer of the company said that dozens of potential buyers were studying the purchase of the asset. The Perth based company hopes to raise AUD $1 billion for the asset.
As Chinese steelmakers begin to refurbish their dwindling stockpiles the prices of iron ore are set to rise again. China saw iron ore imports increase by 6.8 % in the month of July as the seasonal demand for raw material was considered.
By Joel Scanlon
11 Aug 2011
The Swiss mining company Xstrata has decided to start a $47 million study to transform its Mount Isa mining operation. The firm wishes to develop a large multi-commodity open pit mine at the already present mine in north west Queensland. The study is to begin in August and will be completed by early 2013.
By Joel Scanlon
11 Aug 2011
Jayden Resources has released the assay results from a further 5 holes during the proposed 100 hole drilling program, totaling 15,000 m at the Silver Coin.
By Joel Scanlon
11 Aug 2011
Xmet is continuing a major channel sampling and stripping campaign at the Duquesne-Ottoman property in Quebec.
By Joel Scanlon
11 Aug 2011
New Gold has reported the drilling results of four metallurgical holes and 12 further holes from the Blackwater project, located in central British Columbia.
Sono Resources has expanded the high-resolution aeromagnetic survey at its copper-silver project.
By Joel Scanlon
11 Aug 2011
The Virginia Energy Independence Alliance is a pro-energy group which is advocating uranium mining benefits in Virginia. The pro-uranium group has launched an advertising campaign which includes television adverts in Central and Southside Virginia to highlight the possible benefits of uranium mining in the state.
By Joel Scanlon
10 Aug 2011
Peabody Energy and ArcelorMittal have been told by the European Commission’s Directorate General for Competition that the EU Merger Regulation does not apply to PEAMCoal’s $15.50 share offer for Macarthur Coal.
Community groups in Manning and Gloucester have managed to oppose coal seam gas mining at public meetings successfully enough to have the New South Wales Upper House committee announce a full parliamentary inquiry into the impacts of the coal seam gas industry on the state.
By Joel Scanlon
10 Aug 2011
Hungary is opposing mining activities at the Rosia Montana gold mine project in Romania. The project is to be operated by a Canadian gold mining company known as Gabriel Resources. Gabriel Resources owns 80% of the Rosia Montana Gold Corporation.
By Joel Scanlon
10 Aug 2011
VMS Ventures Inc. has announced its results from a drilling program on the Super Zone property which is situated 1.8 km north east of the Reed Copper deposit. Both Super Zone and Northwest Zone properties are part of four properties next to the Reed Copper deposit that is under option to HudBay Minerals Inc.
By Joel Scanlon
10 Aug 2011
International PBX Ventures has released additional encouraging results from the current resource expansion and in-fill drilling at its Copaquire porphyry copper property, northern Chile.
By Joel Scanlon
10 Aug 2011