New law raises accounting fees
The Sarbanes-Oxley law, which was a direct result of the accounting scandals at WorldCom and Enron, is proving a financial drain on mining companies.Newmont Mining, for example, saw huge increases in …
News
Former workers sue Gold Fields
Gold Fields, South Africa’s second-biggest gold miner, is facing a US$7-billion legal challenge by former workers who claim they were contaminated by uranium and have fallen ill.Apartheid Claims Task …
Ashanti joins Afcan in Sierra Leone
Already partnered at the Kalako permit, 3 km east of Kalana in nearby Mali, Ashanti Goldfields (ASL-N) and Montreal-based Afcan Mining (AFK-V) have inked a deal that could see the former acquire an 80…
Daily Metal Prices (May 12, 2003)
BASE METALS (London Metal Exchange — Midday official cash/3-month prices, US$ per tonne)DateMay 6May 5May 2May 1April 30Al Alloy1405/1390…
Nickel demand rises while zinc slips
The following is the last of four instalments of The Commodity Refiner, published by London, U.K.-based Barclays Capital Research. This week we offer an overview of nickel and zinc markets.NickelVolat…
Globestar eyes producer status in Dominican Republic
Santo Domingo, Dominican Republic — Globestar Mining (GMI-V) (formerly TGW Corp.) has taken a step toward joining the ranks of mid-tier base metal producers by signing a mining resolution for its Cer…
San Sebastian powers Hecla Mining
With gold and silver prices on the rise, and mining costs on the slide, Hecla Mining (HL-N) ventured further into the black during the first three months of 2003.The Idaho-based miner made US$6.7 mill…
Newmont inks deal with Andean (May 12, 2003)
Vancouver — Newmont Mining (NEM-N) has signed a letter of intent with Andean American Mining (AAG-V) to earn up to a 60% interest in the junior’s Santa Rosa gold-silver property in Peru.The agreement…
PNWC proves up River Valley deposit
Vancouver — Pacific North West Capital (PFN-V) has tabled encouraging results for nine holes drilled in the sixth-phase program under way at the River Valley platinum group metal property, 60 km nort…
Broad advance for US miners
The trading period April 30-May 5 was broadly positive for U.S. markets, with the Dow Jones Industrial Average advancing 85.37 points to 8,588.36 and the broader-based Standard & Poor’s 500 index up 1…
Broad market stages rally
Fueled in part by gains in the gold and base metal sectors, the Toronto Stock Exchange rocketed 148.32 points over the April 30-May 6 report to land at 6,693.71.By the period’s end, the gold group had…
Golden Star rakes in record Q1 revenues
Record production from the Prestea open-pit gold mine in Ghana, and significantly better gold prices, let Golden Star Resources (GSC-T) set records for first-quarter revenues and earnings.In the three…