Cambior still losing money (July 29, 2002)
Weighed down by falling gold production, gold miner Cambior (CBJ-T) turned in another quarterly loss.The company posted a net loss of US$3.1 million (or US2 per share) on revenue of US$48.7 million d…
2002
US mining shares walloped
The 7-day period that ended July 23 was marked by relentless waves of panic selling in markets across the world. In the U.S., the S&P 500 index sank 11.4% to 797.71 points, the Dow Jones Industrial Av…
Miramar hits targets
Vancouver — Despite the temporary suspension of the Con autoclave, Miramar Mining (MAE-T) expects to exceed 2002 production forecasts at its operations at Yellowknife, N.W.T.The recent second quarter…
TSE Short Positions (July 29, 2002)
Short positions outstanding at July 15, 2002Larger individual positions includeAber Diamond 371,442 down 108,881; Agnico-Eagle 5,058,576 down 256,686; Alcan 1,195,306 down 692,465;…
Low costs at El Peon buoy Meridian (July 29, 2002)
The El Peon gold mine in Chile remains one of the world’s lowest-cost producers, enabling Meridian Gold (MNG-T) to post net earnings of US$11.3 million for the second quarter of 2002.The income, whic…
Northern Miner Indices (July 29, 2002)
NORTH AMERICAN MINING INDEXCompanyTickerWeightBarrickABX-T23.2%CamecoCCO-T3.2%FalconbridgeFL-T5.2%Freeport BFCX.B-N5.8%GoldcorpG-T4.2%IncoN-T9.2%Meridian GoldMNG-T2.8%Newmont MiningNE…
Weak equity markets threaten metals
Base metals prices fell sharply during the report period July 15-19, erasing most of the gains made in aluminum and copper since the rally of late May and early June. However, the LME index of all bas…
Feds fund asbestos think tank
The federal government will provide $500,000 over two years to the Montreal-based Asbestos Institute, a non-profit organization that promotes the safe use of chrysotile asbestos.Natural Resources Cana…
Spot Prices Wed. July 24, 2002 Courtesy of Scotiabank
Precious MetalsPrice (US$/oz.)ChangeGold$313.60-$4.15Silver$ 4.86-$0.14Platinum$520.00-$…
Pit failure to cost Cameco 200,000 oz. (July 29, 2002)
A pit-wall failure that killed a miner at the Kumtor gold mine in Kyrgyzstan will reduce this year’s production by 200,000 oz., says part-owner Cameco (CCO-T).The rock slide, which happened in early J…
Plunging power profits hit Teck
Vancouver — Artificially high power prices brought on by an energy shortage in the U.S. battered the bottom line of Teck Cominco (TEK-T) in the second quarter.The world’s largest zinc miner earned $8…
Andean American expands in Peru (July 29, 2002)
Vancouver — Andean American Mining (AAG-V) reports that exploration is in full swing at its recently expanded Santa Rosa property in southern Peru.An L-shaped trench was recently dug 650 metres north…