Rockgate and Mega to merge
VANCOUVER — Rockgate Capital (RGT-T) and Mega Uranium (MGA-T) are merging to create a uranium company with several advanced projects, early stage properties, a healthy treasury and a strong team of managers and directors.
Australia, NZ & South Pacific
Commentary: TSX rule change gets mixed reaction Down Under
On Dec. 31, 2012, the Toronto Stock Exchange made amendments to its company manual to require that TSX-listed issuers elect all directors annually, in addition to changes requiring disclosure of majority voting policies.
Newcrest to take $6B writedown, cut office jobs
Newcrest Mining (NM-T, NCM-A), joining a growing list of miners that have been rattled by the recent dip in commodity prices amidst escalating costs, intends to slam the brakes on spending and swallow up to A$6 billion ($5.8 billion) in…
New study gives Vista more options at Mt. Todd
VANCOUVER — Mt. Todd, the largest undeveloped gold project in Australia, took a big step towards production with a prefeasibility study that gives owner Vista Gold (VGZ-T, VGZ-N) a choice: the company can either spend a billion dollars to…
Hanlong reneges on Sundance deal
VANCOUVER — Mining companies and resource investors are going to have a tough time believing Hanlong Group if it tables another takeover offer. Twice the huge Chinese energy and resource company has offered to take over junior miners, but…
New milestone for OceanaGold
Earlier this week OceanaGold (OCG-T, OGC-A) declared that the first concentrate from its Didipio open-pit mine in the Philippines was en route to Japan.
Iron ore outlooks turn gloomy
VANCOUVER — Goldman Sachs has cut its iron ore price forecasts and downgraded its Rio Tinto (RIO-N, RIO-L) recommendation from “neutral” to “sell.” The reason? More than 90% of the company’s 2012 earnings…
Crocodile uses debt to fund growth in Oz
Australia-focused Crocodile Gold (CRK-T) is looking to fund development through debt. The company is issuing $30 million in convertible debt that would pay interest at a 5% rate.
Metals Commentary: CRU sees better year ahead for iron ore
Phil Newman, CEO of metals consultants CRU Strategies in London, kicked off the “Commodities and market outlook” technical session that launched the Prospectors & Developers Association of Canada convention with a relatively…
The high-stakes world of Papua New Guinea mining
PORT MORESBY, PAPUA NEW GUINEA — Rising out of the sea at the collision of the Pacific and Indo-Australian tectonic plates, Papua New Guinea is the stuff of legend for both its geological potential and punishing working environment.
A giant stirs in Bougainville
PANGUNA, BOUGAINVILLE — After more than 20 years in limbo, the small Papua New Guinea island of Bougainville is closer than ever to reopening the infamous Panguna mine.
Commentary: Seabed mining still lacks ground rules
As the natural resources available on land become less and our need for them grows, exploration activities move offshore.