Greatest Value Traded, OCTOBER 20-26
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1999
U.S. copper demand on the rise
Copper consumption in the U.S. was 2.6% higher in the first seven months of 1999, compared with the corresponding period last year.The U.S., the world’s chief consumer of copper, is expected to use 8….
China restructures mining laws for Western players — ‘Friendly’ revisions fail to address concerns over preset gold prices
The Chinese government has upgraded its Mining Code in an attempt to lure more foreign investors, but mining firms remain critical of a component that prohibits gold hedging.The changes allow foreign …
SPOT PRICES (November 01, 1999)
Wednesday October 27, 1999Precious MetalsPrice (US$/oz.)ChangeGold$290.40-$19.35Silver…
CORRECTION (November 01, 1999)
The Cerro Colorado mine, owned by Rio Algom (ROM-T) in Chile, is producing 100,000 tonnes of electrowon copper per year. Incorrect information appeared in our issue of Oct 18-24.
ALASKA & THE YUKON — Companies still high on Alaskan base metals
While most coveted gold, a handful of the companies that scoured Alaska’s countryside this past season were focused on base metals. Topping the list was Cominco (CLT-V), owner and operator of the Red …
Asarco joins Grupo Mexico
Asarco (AR-N) has terminated its merger agreement with Phelps Dodge (PD-N) and paid the required US$30-million breakup fee. The New York, N.Y.-based copper producer has instead accepted a cash proposa…
ALASKA & THE YUKON — Pogo area gold play mixed bag for juniors
With this year’s field season drawing to a close, the area play around the 5.2-million-oz. Pogo gold project in Alaska failed to generate much speculative interest or excitement for the dozen or so co…
Index (November 01, 1999)
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INSIDER TRADING — Quebec pension fund boosts Cambior holdings
Caisse de depot et placement, a Quebec pension fund, bought 250,000 shares of Cambior (CBJ-T) at $4-4.03 each to hold more than 8 million shares directly or indirectly. The fund must report its transa…
Investment Commentary — Freeport gets nod for improved financial results
In the copper world, things don’t get much better than US8 cents per lb., which is the lowest cost of production ever reported by Freeport-McMoRan Copper & Gold (FCX-N) from its vast Grasberg mine in …
Junior picks up properties
Newcomer Cerro Dorado (CDCH-O) has signed a letter of intent to acquire a controlling stake in three gold properties in northern Chile from Fremont Gold (FGLD-O).Financial pressures forced Fremont to …