The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Sorted by date Results 376 - 391 of 391
In a significant, but not altogether surprising move, Toronto-based Barrick Gold has made a hostile takeover bid for Vancouver-based NovaGold Resources, the owner of several assets in Alaska and British Columbia. At the same time, Barrick and Vancouver-based Pioneer Metals announced an agreement for Barrick, the world's largest gold producer, to acquire Pioneer. The deals are all related because NovaGold was in the midst of a hostile takeover bid for Pioneer. Pioneer owns claims that could be crucial to the development of Nov...
As Barrick Gold Corp. announced completion of its multibillion-dollar acquisition of Placer Dome in mid-March, managers of the Donlin Creek project charged forward with work on several fronts at the southwestern Alaska gold deposit. Toronto-based Barrick launched a hostile takeover of Placer Dome on Halloween, but later won approval from Placer Dome's board for a $10.4 billion deal that created the world's biggest gold miner. The combined company owns 26 active mines and is the world's largest gold producer. It expects to...
Preparations for exploration and development activities ramped up again in the last month as budgets were approved and committed on projects extending from Southeast Alaska to the Seward Peninsula to Interior Alaska. Commodity and equity markets for the metals mining industry have remained strong in anticipation of continued high demand and restricted supplies. To put things into a global perspective, the Worldwatch Institute (www.worldwatch.org) recently published information about the growing demand for goods and services i...
In the last month the Alaska mining industry has seen start-up of its first major gold mine in five years (Pogo) and approval of permits for the Nixon Fork copper-gold mine. We also saw announcement of substantial increases in copper, gold and molybdenum resources at two advanced exploration/development projects (Donlin Creek and Pebble). New development plans were offered for heap leaching at the Fort Knox gold mine and initial funding was approved for evaluation of a coal to liquids facility at the Beluga coal deposits....
A Vancouver-based junior that has been conducting a drilling program on its sole property, Kutcho Creek in northern British Columbia, formally entered the environmental assessment process last summer with a view to developing a mine. Western Keltic Mines will soon start making presentations to local communities to ensure that First Nations are on board. The company is striving to catch up with the more advanced development projects in the area, NovaGold's Galore Creek and bcMetals' Red Chris. Near to all of those is Barrick...
When I heard that Barrick Gold Corp. had made an unsolicited offer on Oct. 31, 2005, to purchase Placer Dome Inc. my first move was to purchase 100 Barrick shares. Although the acquisition was initially rejected, on Dec. 22 a follow-up offer was greeted more favorably. This appears to be a fortuitous marriage. In the 60 days I have held the stock it has gone from $25.05 per share to $29.48, an increase in value of 17.68 percent (106 percent annualized). I like that kind of...
Barrick Gold's takeover of Placer Dome could light a fire under the Donlin Creek project in southwest Alaska. Toronto-based Barrick, the world's No. 3 gold producer, mounted an initially hostile bid to purchase Vancouver-based Placer Dome late last year, but the two companies subsequently agreed on an offer of $10.4 billion that they believe will benefit them both. "One of the significant rationales behind the takeover bid was to build up the project pipeline," Vincent Borg, Barrick's vice president for communications, told...
If Lucky Shot lives up to its name, it could net Vancouver, British Columbia-based junior Full Metal Minerals millions of dollars. But the chances are slim. Less than 1 percent of exploration projects eventually develop into operating mines, according to Full Metal's vice president, Rob McLeod. Still, McLeod hopes that this or one of his company's other Alaska projects will be as lucrative as Pierina in Peru, which his cousin Catherine McLeod-Seltzer discovered and sold to Barrick Gold for a not-so-small fortune. The Lucky...
One of British Columbia's largest advanced exploration projects has taken a leap forward this summer, with the camp at Galore Creek expanding from 75 people to 175 people. Vancouver-based NovaGold Resources, well-known in Alaska with its Donlin Creek and Rock Creek projects, now has seven core drillings rigs and two geotechnical rigs in operation at Galore Creek. The 74,000-acre property is located within the historic Sitkine Gold Belt of northwest British Columbia, about 90 miles east of Wrangell, Alaska. "The program has...
Barrick Gold Corp. has acquired an 11 percent stake in Northwest Territories diamond explorer Diamondex Resources Ltd., Canada's biggest gold producer said May. 18. Barrick said it acquired 7.55 million units of Diamondex for 90 cents cash each in a private placement, a deal worth an estimated $6.8 million. Each unit was made up of a common share and a purchase warrant that gives the company the right to buy another Diamondex share for $1.25 for the next two years. Barrick said it has the right to nominate one director to...
Toronto-based Kinross Gold has appointed Tye Burt as president and CEO, replacing Bob Buchan, the company said in a release March 23. Burt moves to Kinross from Barrick Gold, where he was vice-chairman and executive director for corporate development. Prior to that he spent 16 years in corporate finance, including some time as chairman of Deutsche Bank Canada. Burt sits on the board of directors of the Ontario Financing Authority and is chairman of technology developer NRX Global. Bob Buchan, who founded Kinross in 1993,...
Foreign companies will no longer be allowed to bid for exploration and development licenses in Russia, the country's natural resources minister said Feb. 10. Only companies that are at least 51 percent Russian owned may participate in the auctions, according to Yuri Trutnev. This will exclude mining companies like Canadian major Barrick Gold and Britain's Highland Gold Mining, which are already active in Russia. The decision by Russia brings it more in line with other countries' policies. Now foreign companies will have to fo...
Canadian junior Rimfire Minerals is expanding its horizons yet again, this time by clinching a deal with one of the world's largest gold mining companies. In December Mining News reported on Vancouver-based Rimfire's promising results at the Tide property in British Columbia. In January the company announced a partnership with Barrick Gold to explore another British Columbia gold-silver property called Kizmet. Under a memorandum of understanding between the two companies, Barrick has agreed to make a $60,500 cash payment to R...
The world's largest mining hoax fades for long periods, without ever disappearing completely. Now the insider trading case against John Felderhof, former chief geologist of Bre-X Minerals, is back before the Ontario Superior Court, seven years after the scam was exposed and 31 months after it was adjourned amid deep acrimony between rival attorneys. Felderhof has been charged with unloading Bre-X shares worth C$84 million in 1996 based on information not disclosed to investors who were immersed in a share-buying frenzy,...
A proposal to create Canada's fourth largest gold miner has unraveled, with shareholders of Iamgold rejecting a controversial C$2.3 billion merger with Wheaton River Minerals. Iamgold shareholders voted 58 percent against the plan July 6, reviving what had already been a tangled ownership battle involving two U.S.-based companies. Denver-based Golden Star had previously launched a C$1.1 billion hostile bid for Iamgold and Idaho-based Coeur d'Alene Mining, the largest U.S. silver producer, had offered C$3 billion in cash and...
Describing Alaska as "a good place to do business," AngloGold (U.S.A.) Exploration's president of North America said the company's focus is shifting away from projects in Nevada and parts of Canada. The company increased its landholdings through a sizeable claim staking effort in recent months in the area surrounding the Pogo gold deposit, and is negotiating a land lease in the Livengood area. Total exploration spending in Alaska is planned for $2 million, which is more than two-thirds of the company's North America green-fie...
