Bullion Board
Sharda Prashad is a senior writer at Canadian Business. She joined the magazine in 2008; her beats include precious metals and management. Sharda has her MBA, her chartered accountancy designation and her master of education. She has previously worked in equity research covering the precious metals sector. Her blog looks at the world of precious metals, including gold, silver and diamonds.
Goldcorp, Inc. (TSX: G) yesterday announced that it acquired 8.5 million shares of Osisko Mining Corp. (TSX: OSK). This represents 12.9% of Osisko’s outstanding common shares. It also acquired 4.3 million purchase warrants of the junior miner, bringing its total Osisko stake to 4.8%.
Goldcorp noted that it’s not currently planning ...
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There have been rumblings that China may top India as the world’s largest gold consumer. The buzz started at the end of Q1/09, when China’s consumption of gold jewelry and its gold retail investment beat India’s as Indian investors were actually dishoarding.
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Last week, Teck Resources Ltd. (TSX: TCK.B) announced its Q2/09 results and reported net earning reached $570 million, compared to $497 million, one year earlier.
“We have also made substantial progress with our debt reduction plan,” Don Lindsay, Teck’s president and CEO, said in a statement. “The US$5.81 billion bridge loan ...
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Gold could drop to less than $900/oz in the short-term, says U.K.-based consultancy GFMS Ltd. In a statement released last week, the consultancy anticipates that the gold market will be in surplus this year fueled by concerns over the global economy and the health of financial markets. “Moreover, investors will ...
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Teck Resources Ltd. has received an arbitration ruling that could cut its rail transportation costs by 16% for coal moved from southern British Columbia to the coast. In a decision by a federal arbitrator between a Teck subsidiary and Canadian Pacific Railway, westbound shipments from Teck’s five mines in southeastern ...
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In news that was somewhat anticipated, Vancouver-based Teck Resources (TSX: TCK.B) announced today a $1.74-billion private placement by state-owned China Investment Corp. The Chinese investor will purchase, through a wholly owned subsidiary, 101.3 billion Class B subordinate voting shares for $17.21 a share. At the time of this writing, Teck ...
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A couple of noteworthy news bites over the last few days in the world of base metals and precious metals.
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Agnico-Eagle Mines Ltd. (TSX: AEM) yesterday announced it has a new US$600 million revolving credit limit, bringing its total credit line to US$900 million. The Toronto-based gold miner didn’t say what specifically the extra financing would be used for, but did offer a broad sense of where it would apply ...
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Yamana Gold Inc. (TSX: YRI, NYSE: AUY) announced earlier this week it will sell three of its non-core operating mines for about US$200 million to fellow Canadian miner Aura Minerals (TSX: ORA). Yamana is selling two mines in Brazil—Sao Francisco and Sao Vincente—and Honduras’ San Andres mine for US$90 million ...
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