News

Nuinsco Resources (NWI-T) has tabled independent resource estimates for two of its gold deposits in northwestern Ontario.

Diamond mining is not new to China. The 701 Changma mine has been operating for decades, and is China’s largest diamond producer. It is an old mine currently profiting from new management and technological upgrades.

Aluminum giant Alcan will slash 277 jobs at the Paris headquarters of Pechiney, with which it recently merged. The move is designed to ensure the Montreal-based company meets its target of saving US$350 million annually by the end of 2005.

Alcoa — Hronn Petursdottir appointed human resources and community relations manager at Fjardaal in Iceland.

Defiance Mining (DM-T) has completed a bankable feasibility study of its Tasiast gold project in Mauritania, West Africa.

North American Mining: 97.24 (-0.49)…

Vancouver — Higher production costs, brought about by continued appreciation of foreign currencies against the U.S. dollar, trimmed Placer Dome‘s (PDG-T) profits in the first quarter.

Vancouver — Record first-quarter earnings posted by Teck Cominco (TEK-T) were overshadowed by the company’s decision to halt development of the Pogo gold project in Alaska.

Increased production of pricier copper and zinc enabled Inmet Mining (IMN-T) to more than triple its earnings to $22.9 million (or 49 per share) during the first quarter.

About 1,350 workers at two mines operated by Southern Peru Copper, the country’s biggest copper miner, walked off the job for 48 hours in an effort to gain higher wages and an end to out-sourcing.