Diamond find at Festival proves low grade
The largest diamond recovered from a 100-tonne test sample of the Cristal showing on the Festival diamond property held near Wawa, Ont., weighed just 0.18 carat.Property owner Pele Mountain Resources …
News
Central bank selling pricks ears of producers
The issue of central bank selling resurfaced during the Feb. 13-19 report period, after Germany revealed its intention to unload some of its reserves.On Feb. 19, Bundesbank President Ernst Welteke tol…
KEGS goes hardrock
The Canadian Exploration Geophysical Society (KEGS) will host a short course on hardrock seismics on March 9, during the week of the annual convention of the Prospectors & Developers Association of Ca…
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…
Newmont now the biggest on the block
Ushering in a new era in gold mining, Newmont Mining (NEM-N) has taken control of Normandy Mining (NDY-T) and merged with Franco-Nevada Mining to overtake AngloGold (AU-N) as the world’s larges…
CDNX follows major bourses down
Vancouver — Canada’s junior exchange slid into bear country over the week ended Feb. 19. The Standard & Poor’s-CDNX composite index dropped 35.92 points, or 3.1%, to close at 1116.95.With drill resul…
Swastika prints available to public
In 1911, Dr. Michael Steele, president of Swastika Mining Co. and a native of Tavistock, Ont., southeast of Stratford, took a trip to the small gold mining town of Swastika in northern Ontario with a …
Teck Cominco cuts zinc output (February 25, 2002)
Vancouver — Faced with an oversupply of zinc on the world market, Teck Cominco (TEK-T) plans to trim production by 55,000 tonnes in 2002.The Cajamarquilla zinc refinery in Peru, owned 82% by the majo…
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:…
De Beers saw diamond sales shrink in 2001
De Beers saw its profits halved in 2001 as the global economic downturn took its toll on rough diamond sales.The major’s core business is the mining and marketing of rough gem diamonds. Hampered by th…
Partrician raises cash
Junior Patrician Consolidated Gold Mines (PXC-V) has raised $400,000 through a private placement financing.The Ottawa-based company issued 2 million units at 20 apiece. A unit consists of a share and…
Two hedgers get new look
Barrick Gold’s recent announcement that it will sell half its gold at spot rates didn’t take many by surprise, even though it had the same ring as an archbishop voicing doubts about the Resurrection. …