Representatives from Mexico, Canada and the US gathered in Washington on Wednesday for the start of long-awaited NAFTA renegotiation that could have serious implications for international metal markets. The talks, a fundamental pledge during President Trump’s election campaign, aim to revamp and modernize the 23-year old free trade agreement that has helped quadruple US-Mexico-Canada […]Read more... →
The week was dominated by a flurry of 1Q17 reports from miners operating in Mexico. Here are the highlights:
Fresnillo announced strong 1Q17 results, with silver production rising over 10 percent during the first quarter, while gold miner Agnico Eagle managed to triple profit during the same period. Vancouver-based New Gold […]Read more... →
Fresnillo plc, the world’s leading silver producer, announced production results for 1Q17 Wednesday, confirming total silver production of 13.5Moz including Silverstream for the first three months of the year. This represents a 10.7 percent rise from the same period in 2016, thanks mainly to the ramp up at the San Julian project in Chihuahua.
“I […]Read more... →
Mexico and Latin America
Toronto-based Primero Mining finally resolved the union issue that had caused its flagship San Dimas operation in Durango to be closed since February. The mine reopened on April 18.
The strike of Peruvian workers at Read more... →
The US Federal Reserve raised benchmark interest rates for only the third time in the past decade Wednesday, but revealed a cautious outlook for 2017 that caused gold prices to shoot up more than 2 percent to US$1,220/oz.
Federal Reserve Chairman Janet Yellen confirmed the US Central Bank would be raising its federal funds rate by […]Read more... →
Gold mining giant Agnico Eagle (NYSE:AEM, TSX:AEM) enjoyed a solid 2016 in terms of production, revealing full-year output of 1.6 million gold ounces. The Toronto-based company also increased gold reserves by 5 percent to 19.9 million ounces, and revealed plans to increase that figure to 2 million by 2020 after the Amaruq and Meliadine projects […]Read more... →
Marlin Gold Posted Record Production at La Trinidad in January.
Alamos Gold completed its previously announced US$250 million bought-deal financing, while Fortuna Silver closed a similar deal worth US$74.8 million.
Bearings manufacturer Timken (NYSE: TKR) reported a marked drop in sales in the last quarter of 2016 as the company continued to suffer from weak demand across most markets.
Net sales fell 8.3 percent to US$655 million in 4Q16 from US$714 million during the same period a year ago, contributing to a 25 percent drop […]Read more... →
Engineering giant FLSmidth (CPH: FLS) had a strong end to 2016, reporting a profit of 182 million Danish kroner (US$26.1 million) in 4Q16, a 691 percent increase on 4Q15. The company also reported a rise of 4 percent in quarterly revenue to 5.5 billion kroner (US$789 million), the highest three-month figure for two years.
After […]Read more... →
The mining community in Mexico gathered at the Mexico Mining Forum to discuss the most pressing issues facing the sector in 2017.
During his visit to the forum, Canadian Minister for Natural Resources James Gordon Carr signed a MoU with Mexico’s Economy Secretary Ildefonso Guajardo.
Mario Alfonso Cantú, Undersecretary for Mining […]Read more... →