As gold prices soar to all-time highs, companies on the verge of mines that were abandoned for various reasons to reopen. India’s only Gold Miner Hutti Gold Mines is reopened closed my Chitradurga after a gap of six years, because at current prices, even these low-grade ore is viable. Others like Hindalco who dig gold mine when they are ready for an unexpected buyer Diwali bonanza out of the yellow metal. “We plan our mine in Chitradurga not been used for the past six years, reflecting the rise in gold prices to revive,” said ML Patil, director of Hutti Gold Mines, a public company. Read more
Vancouver-based Goldcorp on Wednesday reported record third quarter net income on an adjusted non-GAAP basis of $ 459 million or $ 0.57 per share, $ 244 million or $ 0.33 per share in the third quarter of last years. Sales for the quarter increased 48% to $ 1.31 billion from $ 885 million in 2010 to 571,500 ounces of gold sales. Average realized gold price rose 39% over 2010 to $ 1,719 an ounce. Cash costs at Goldcorp now amount to $ 258 per ounce on a by-product basis and $ 551 per ounce on a co-product basis. Read more
Barack Obama stands with his support for renewable energy after Solyndra Inc., a maker of solar panels that a $ 535 million U.S. loan guarantees received, closes its doors, a spokesman for the White House said.
SOLYNDRA suspended operations and plans for bankruptcy reorganization, because it could not compete with larger rivals, the closely held company said in a statement yesterday. Read more
We are in the midst of a secular bull market in gold is going strong more than 10 years. With a 6-fold increase in gold prices and a 10-fold increase in silver prices, the precious metals sector offered rich rewards for early investors. Many smart investors turn to gold mining stocks, as they provide leverage to gold. Their profits go up more than gold itself, and therefore offer more upside potential than physical gold. Despite the leverage to gold prospectors, and the recent run up in metals prices, gold mining shares are still lagging behind in performance, which may present a golden buying opportunity. Read more
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As interest in achieving exposure to commodities has increased in recent years, several issuers introduced exchange-traded products designed to access this potentially attractive asset class. While assets flowed into exchange-traded products that provide exposure to natural resource prices through futures and physical commodities, ETFs that invest in shares of companies engaged in the extraction and production of raw materials have also become popular tools. Read more
Reliance Industries Ltd.., The largest Indian company by market value, reported its first profit increase in more than a year as higher sales of natural gas exceed the lower income from oil processing.
Net income in the first quarter December 31 rose 16 percent to 40.08 billion rupees ($ 868 million) over the previous year, the browser Mumbai-based energy and refiner. The first increase in profit in five quarters to beat the 39.14 billion-rupee median estimate of nine analysts surveyed by Bloomberg News.
Increased reliance on production in the largest gas field in India after starting production in April and increased revenues can help fund the company’s offer to acquire the maker of chemicals and fuels LyondellBasell Industries AF bankrupt. The Indian company, controlled by billionaire Mukesh Ambani, plans to expand worldwide and has said it may buy oil fields in the Gulf of Mexico and Brazil. (more…)
MELBOURNE (Reuters) – Plans by Rio Tinto (RIO.AX) (RIO.L) and BHP Billiton (BHP.AX) their massive iron ore operations to bring together more than ever crucial to No.2 in the world and No. 3 iron ore miners to counterbalance a significant new mining tax. The joint venture, one decade in the making, is considered the holy grail for the two companies, with more than 10 billion U.S. dollars in savings by combining their iron ore mines and associated infrastructure in Western Australia Pilbara Region. (more…)
The mining companies on Wednesday rejected a new law in Tanzania raises royalties on minerals and prevents foreign firms from the mining of precious stones, saying it would further erode investor confidence.
In a joint statement issued by the Tanzania Chamber of Minerals and Energy, investors described the law as “distorted”, saying it would restrict future mining projects in the second economy of Africa. (more…)
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