×

Metals and Mining Precious Metals and Mining

  • Freeport's Grasberg mine holds more gold and copper reserves than any other in the world, but has frequently been a source of controversy over the revenue share Indonesia and Papua get from the mine and the impact of its tailings on local water systems. Here are some facts on the Grasberg mine in Papua:. Freeport-McMoRan began mining in Papua in 1967, the first...

  • Feb 27- Gold prices held firm on Monday near 3-1/ 2- month highs hit in the previous session as investors await more clarity on President Donald Trump's economic policy. *Spot gold was little changed at $1,256.61 per ounce at 0034 GMT. The metal hit its highest since Nov. 11 at $1,260.10 in the previous session.

  • Freeport's Grasberg mine holds more gold and copper reserves than any other in the world, but has frequently been a source of controversy over the revenue share Indonesia and Papua get from the mine and the impact of its tailings on local water systems. Here are some facts on the Grasberg mine in Papua:. GRASBERG MINE Freeport-McMoRan began mining in Papua in...

  • TORONTO, Feb 23- Canada's main stock index rose on Thursday as energy company stocks were boosted by gains in oil prices, while higher prices for bullion lifted shares of gold miners. The energy group climbed 1.3 percent, as oil prices rose more than $1 a barrel after U.S. data showed a surprise decline in inventories, suggesting a global glut may be ending after...

  • LONDON, Feb 23- Three of the world's biggest exchanges are launching precious metals contracts in London this year, each aiming for a chunk of the city's $5- trillion- a-year gold business. The London Metal Exchange, CME and ICE see an opportunity as increasing regulatory scrutiny is raising costs for banks trading gold over the counter in bilateral deals.

  • Miner-trader Glencore reported an 18 percent increase in 2016 profits buoyed by a rebound in commodities.

  • Newmont's all-in sustaining costs, the gold industry cost benchmark, fell to $918 an ounce in the three months ended Dec. 31, from $1,036 an ounce a year earlier. Net loss attributable to stockholders from continuing operations widened to $391 million, or 73 cents per share, from $276 million, or 54 cents per share, a year earlier. The company recorded a $970 million...

  • Feb 21- Gold and copper miner Newmont Mining Corp reported a bigger quarterly loss on Tuesday as the company took an impairment charge of $974 million. The company's net loss attributable to stockholders from continuing operations widened to $391 million, or 73 cents per share, in the fourth quarter ended Dec. 31, from $254 million, or 54 cents per share, a year...

  • Commodities tomorrow:

    CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.

  • JOHANNESBURG, Feb 21- AngloGold Ashanti lifted force majeure on its Ghanaian Obuasi mine on Tuesday after the removal of thousands of illegal miners but said it was too early to determine the extent of damage to the loss-making, mothballed operation. AngloGold's shares were 2 percent higher after it posted 2016 headline earnings of $111 million, from a $73...

  • *2016 EBITDA $6.1 bln, just ahead of consensus. *Net debt drops to $8.5 bln; eyes $7 bln this year. LONDON, Feb 21- Miner Anglo American aims to reinstate dividends at the end of this year after cutting net debt and improving earnings, it said on Tuesday, adding it would only sell more assets to sharpen its focus and not because it needed the money.

  • TORONTO, Feb 17- Canada's benchmark stock index ended its winning streak on Friday, pulling back from the previous day's record high, pressured by losses for the materials group as prices of base and precious metals fell. The Toronto Stock Exchange's S&P/TSX composite index closed down 25.54 points, or 0.16 percent, at 15,838.63. "This is perfectly healthy," said...

  • TORONTO/ VANCOUVER, Feb 17- After five years of painful belt-tightening, the world's biggest gold miners are starting to cautiously loosen their purse strings and spend more money to find new deposits and build mines. "They have excess cash flow to spend that's not going to be solely dedicated to interest expense and paying down debt, and so they're using that on...

  • Feb 17- Gold held firm early on Friday as the dollar hovered near one-week lows, putting the precious metal on track for a third week of gains amid political uncertainties in the U.S. and Europe. President Donald Trump's policies, as well as elections in the Netherlands, France and Germany this year, have fueled gold's rise to a peak of $1,244.67 on Feb. 8.

  • OTTAWA, Feb 16- Canada's main stock index edged up on Thursday to notch a fresh record high as Barrick Gold Corp jumped on the company's better-than-expected profits, though a drop in shares of Sun Life helped keep overall gains in check. Goldcorp Inc also drove the market higher as lower costs at its gold mines in the Americas helped its quarterly profit beat...

  • Feb 15- Agnico Eagle Mines said on Wednesday it would invest more than $1.2 billion in building a gold mine in Canada's Arctic and expanding another, making it one of the few gold companies to be constructing mines at a time when industry output is shrinking. Both Meliadine and Amaruq are in Canada's Nunavut territory. Meliadine's capital cost is roughly $900...

  • The Toronto- based miner, which is hiking its dividend to 3 cents from 2 cents a share, said it will expand its hunt for new gold beyond trusted core districts and projects, to so-called' greenfield' areas. Some 80 percent of the $185- $225 million exploration budget is earmarked for the Americas, with much of the remainder for its African unit, Acacia.

  • Feb 15- Some 1,000 unionized employees at Primero Mining Corp have gone on strike at the Canadian gold miner's San Dimas mine in Mexico, halting mining and milling operations, the company and union said on Wednesday. The National Union of Mine, Metal, Steel and Allied Workers of the Mexican Republic said about 1,000 workers began the strike at midnight.

  • Feb 15- Unionized employees at Primero Mining Corp have gone on strike, resulting in a complete halt to mining and milling operations at the Canadian gold miner's San Dimas mine in Mexico, the company said on Wednesday. Depending on its duration, the strike could have a negative impact on the company's 2017 production, Primero said. As a result, it has decided to...

  • Feb 15- Goldcorp Inc reported a higher-than-expected fourth-quarter profit on Wednesday compared to a steep loss a year ago, as much lower costs at its gold mines in the Americas and a higher gold price offset lower production. That compared with a loss of $4.3 billion, or $5.14 per share, a year earlier when the Canadian miner wrote down the value of a mine in...