The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Sorted by date Results 1 - 19 of 19
Baffinland Iron Mines Corp. Feb. 19 released the results of a definitive feasibility study on its Mary River Project iron ore deposits located on Baffin Island, Nunavut. The study outlined a 20-year mine project based on proven and probable reserves of 160 million metric tons and 205 million metric tons, respectively, and annual shipment of 18 million metric tons of high-grade iron ore (64.7 percent iron) primarily to the European market. A moisture content of two percent and a 75:25 lump-to-fines ratio are assumed and...
Anglo American plc, a 50-50 partner in the Pebble Project in Southwest Alaska, posted record earnings of $5.8 billion, or $4.40 a share, and $10.1 billion in operating profits in 2007. The results compared with $5.5 billion, or $3.73 a share, in earnings and $9.8 billion in operating profits a year earlier. Total group revenue, however, decreased 7.7 percent in 2007, dipping to $35.7 billion from $38.6 billion in 2006. "The strength of our performance was due to improved production volumes of ferrous metals, copper and zinc,...
Let me extend my apologies to all those looking for a quick summary of the Alaska mining industry this month. There is nothing "quick" about the tome you are about to read, but don't blame the messenger. I just report what I read, and this month it's a sack full! No need for more words, just read on! Western Alaska NovaGold Resources announced results of a newly released report on the Rock Creek project, nearing commercial production outside of Nome. The revised feasibility...
An essential element of the Communist Manifesto was a free education to all qualified young men and women, followed by a rich and rewarding career that would produce endless benefits for the state and, by extension, all people. We, of the People's Republic of Alaska, are fortunate to have realized this basic Marxist objective, at least in the area of mining and geological engineering. I am told, in fact, that despite the presence of a vital mining industry, there is a...
THe Chuitna Citizens NO-COALition filed an appeal Mar. 19 in Alaska Superior Court challenging a decision by Alaska Department of Natural Resources Commissioner Tom Irwin to reject its petition to designate all land within the Chuitna River watershed as unsuitable for coal mining. Irwin rejected the petition last summer on the grounds that the evidence submitted to support the petition's claims did not make a compelling argument and the petition itself was overly broad, arbitrary and did not give the petitioner credibility...
Thanks to higher production and higher prices, Kinross Gold Corp. Feb. 21 posted 2007 earnings of $334 million, or 60 cents per share, up substantially from $165.8 million, or $0.47 per share, in 2006. The Toronto-based owner of the Fort Knox gold mine also reported fourth-quarter 2007 earnings of $173.1 million, 29 cents per share, up more than 322 percent from $41 million, or 11 cents per share, for the same period in 2006. The fourth-quarter earnings included a gain relating to an asset swap transaction with Goldcorp....
NovaGold Resources Inc. March 20 said it has priced a public offering of $95 million in convertible bonds due May 1, 2015 and net proceeds before deducting estimated offering expenses are expected to total $92.15 million. NovaGold said a day earlier that cash raised in the offering will be used to repay short-term debt, fund exploration and development projects and pay bills. J.P. Morgan Securities Inc., the underwriter, also received the option to issue another $14 million in notes to cover over-allotments, if any. If the...
When Steve Herschbach began his personal quest to find the mother lode with a metal detector on Moore Creek in Alaska's Iditarod Gold District in 1973, gold prices averaged about $70 an ounce. Nearly 35 years later, the 49-year-old miner may be nearing his goal at the very place he started looking. Herschbach was 14 years old when he talked his dad into giving him a front row seat on a gold hunting expedition by airplane to Flat in southwest Alaska. Young Herschbach had...
Alaska's miners have powered their way to No. 2 among the state's top exporting sectors in the past two years. Overall, the value of Alaska's exports fell 3.8 percent in 2007 to $3.9 billion from $4.1 billion in 2006. Last year's results reflect record-setting totals for mining exports and the second best year ever, overall. "This is great news for Alaska, and I commend all of the Alaskans whose hard work benefits our state and its trade and foreign investment," said Gov. Sarah Palin in announcing U.S. Census totals for...
Almaden Minerals Ltd. has launched a sonic, overburden drill program on its ATW diamond project in Northwest Territories, the company said March 18. Almaden and Williams Creek Explorations Ltd. each own about 41.5 percent interest in the project. The remaining 17 percent is held by other parties, which collectively would be diluted to about 12 percent working interest should they elect not to contribute to the present work program. The ATW property covers the likely source area of a significant indicator mineral train that...
Thompson Creek Metals Co. Inc., one of the world's largest publicly traded, pure molybdenum producers, plans to expand the processing capacity at its Endako Mine in British Columbia in hope of more than doubling the mine's output over the next five years. Thompson Creek March 12 said the expansion will boost the amount of ore processed at Endako to 50,000 metric tons per day by 2010. Currently, the mine processes 28,000 metric tons of ore daily. "Our estimates show that the Endako expansion will add to Thompson Creek's...
Spokane, Wash.-based Gold Crest Mines Inc. has signed agreements with a subsidiary of gold mining giant Newmont Mining Corp. in which the companies propose to enter into two separate joint ventures to explore Gold Crest's AKO and Luna gold properties in the Kuskokwim region of southwest Alaska about 90 miles east of Bethel. Denver-based Newmont will be the operator of the proposed venture and can earn 51 percent in each of the properties by spending a minimum of $3 million by...
In a move aimed at maximizing the value of its Canadian assets, Firestone Ventures Inc. March 3 said it will spin out the Sonora Gulch gold project in Yukon Territory into a new public company, Northern Tiger Resources Inc. The aggressive junior also signed a memorandum of understanding with Sherwood Copper Corp. and its wholly owned subsidiary, Minto Explorations Ltd., to help guide the fledgling enterprise in exploring Yukon's Dawson Range. The moves will allow Vancouver, B.C.-based Firestone to focus its resources and effo...
Alaska would be a great place for mining companies to do business if not for the state's increasingly onerous regulatory and fiscal policies, according to the latest results of a well-respected industry survey. The state lost significant standing in comparison with 67 other jurisdictions around the world in the 2007-2008 Annual Survey of Metal Mining and Exploration published by the Fraser Institute in February. "When you consider current regulations, Alaska goes down in the rankings considerably," said Fraser Institute...
Hecla Mining Co. Feb. 21 posted 2007 income applicable to common shareholders of $52.2 million, or 43 cents per common share, on revenue of $222.6 million. Though the results reflected nearly a 24 percent drop in yearly earnings from $68.6 million, or 57 cents per common share, on revenue of $218.9 million in 2006, Hecla observed that it was still the second-strongest outcome in the company's 117-year-old history despite a significant reduction in gold production from its La Camorra unit as mining transitioned to a single...
Taking into consideration that the planet's second largest porphyry copper-gold-molybdenum resource is located on a plot of land equal to 0.00076 percent of Alaska's total land mass, is being developed under one of the world's most stringent permitting systems, and could help meet the growing demand for copper worldwide; is it irresponsible and unfair to Alaska and its citizens not to develop the Pebble Project? The real question begging for an answer is, "Why not Pebble?"...
Attendees of the Alaska Miners Association Fairbanks Biennial Mining Conference had the honor of hearing the views of three heavyweights on many issues facing Alaska's mining industry. Tom Albanese, CEO of Rio Tinto plc, says he is worried about the current political environment in Alaska. Albanese, a featured speaker at the Mining Conference March 19, cited a recent mining industry survey by Canada's Fraser Institute lowered Alaska's rank to 34 in 2007 from 13 in 2005 among...
Bravo Venture Group Inc. March 17 said it has acquired 100 percent interest in the Woewodski Island volcanic massive sulphide project in southeast Alaska following successful renegotiation of certain terms in an underlying agreement with vendors of the property. Bravo said its ownership of the property is subject to a 3 percent net smelter royalty on all metals, of which 1 percent can be purchased for US$1million anytime prior to production and another 1 percent can be purchased anytime for US$1.5 million. The property would...
Hammered by several significant reverses in the fourth quarter of 2007, Teck Cominco Ltd. managed to still turn a substantial profit and deliver $1.6 billion in full-year earnings. Earnings plummeted to C$280 million, or 64 cents (Canadian) per share, in the fourth quarter, down nearly four-fold from C$866 million, or C$2.01 per share, during the final quarter of 2006.Year-over-year earnings also fell, dipping about one-third to C$1.62 billion from C$2.43 billion a year earlier. Fourth-quarter revenues fell 26 percent to...
