Anglo boosts Amplats stake
The biggest news during the report period was Anglo American’s revelation that it had spent US$701 million last year increasing its stake in Anglo American Platinum to 59.6% from 50.1%. The strategic …
Rio Tinto plc
Anglo find fails to launch Philippine flurry
Vancouver — Mining companies willing to face considerable political risks have been rewarded with impressive exploration results in the Philippines. However, advancing discoveries to the development …
FPO Pacific Rim, Dayton propose merger
In what has been described as a “win-win situation” by both parties, Pacific Rim Mining (PFG-T) and Dayton Mining (DAY-T) are proposing a merger. Management of Pacific Rim likes the high-grade potenti…
Western Copper drills Penasquito
Having raised enough funds in a private placement, Western Copper Holdings (WTC-T) is preparing to launch a drilling program at its Penasquito lead-zinc-silver property near Zacetecas, Mexico.Covering…
Barrick to halve hedge book
With fewer writedowns and a merger under its belt, Barrick Gold (ABX-T) finished 2001 with modest earnings in contrast to the loss it took in 2000. But the big gold producer had other news to deliver:…
BHP Billiton knocks down Tower
BHP Billiton (BHP-N) is closing the Tower coal mine in New South Wales, Australia, as part of an ongoing effort to cut costsTower is one of four underground mines that constitute the Illawarra operati…
Newmont rises to the top
The volume leader among all the miners during the report period was Newmont Mining, which finally won control of both Normandy Mining and Franco-Nevada Mining, making it the the world’s largest gold m…
Low macro results won’t dissuade Ashton
A small surface sample of kimberlite float and outcrop collected by Ashton Mining of Canada (ACA-T) from the promising Artemisia kimberlite pipe discovered last fall on the Kim property in Nunavut has…
Lihir Gold expands namesake mine
A review of the resource model by Australia’s Lihir Gold (LIHRY-Q) has upped reserves by 25% at the company’s namesake mine on Lihir Island, northeast of mainland Papua New Guinea.The island, a volcan…
Phelps Dodge bleeds red
The world’s second-biggest copper producer, U.S.-based Phelps Dodge, was the newsmaker of the week as it posted a US$275-million loss in 2001 on revenue of US$4 billion, compared with US$29 million ea…
Lower grades at Grasberg push Freeport into the red
Vancouver — Lower grades at the mighty Grasberg mine in Indonesia resulted in decreased production and a fourth-quarter loss for Freeport-McMoRan Copper & Gold (FCX-N).The New Orleans-based company t…
Mixed week in US trading
In the face of declining base and precious metals, a number of U.S.-listed mining majors still managed to trade higher over the report period, as investors showed interest in old-economy cyclicals.BHP…