mining

A pipe leads to a processing facility at Barrick Gold Corp.'

Barrick Gold is Facing a $9.3 Million Fine Over Cyanide Spill in Argentina Last Year

Due to a cyanide spill in a mine in Argentina, Canadian-owned Barrick Gold is facing a fine of $9.3 million imposed by the local government. Nine current and former employees are also being held as defendants over accusations of negligence that caused the spill.

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Anglo Kumba cuts workforce due to price drop

Anglo Kumba Unit cuts off 3,900 jobs: iron ore demand drops

South African largest iron ore producer Kumba cuts as many as 3900 miners after prices plunged. Kumba decided to restructure the Sishen mines to become a low cost pit configuration and as a result, about 2,633 employees of Kumba and 1,300 contractors will be affected.

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Home sales

US home sales rise in August, Q3 forecasts in tact

Though US business investment marginally eased in August, the new home sales on the upward move during August. The latest data for August indicates that the US economy is not impacted much in line with ongoing global unrest. The US economy is growing as per the forecast for GDP growth rate of 1.4 percent for the third quarter. Barring aircraft and defense equipment, business investment showed a marginal drop of 0.2 percent during the month. The August' drop comes close after gains in July that were considered to be the biggest upward movement in the year boosting business confidence that American corporate sector is not disturbed by the sluggish global economy. New home sales in August rose 5.7 percent to annual growth of 552,000 indicating highest level since 2008. This growth in home sales was higher than the forecasts.

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Medical Marijuana Dispensary

From digging low to getting high: Junior miners pivot to medical marijuana as commodities hit bottom prices

Prices of various precious metals have dropped, hitting junior miners. This prompted the junior miners to venture on various unconventional options, ranging from exporting eggs to farming medical marijuana.

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Coal

Mining, utilities sink U.S. industrial production

U.S. industrial output posted its biggest drop in more than 2-1/2 years in March in part as oil and gas well drilling plummeted, highlighting the negative impact of lower crude prices and a strong dollar on the economy.

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Market

China eyes food safety, modern farms in 2015 rural policy

China has listed food safety and modernizing farms as among key priorities this year, its 2015 rural policy outline showed, as it tackles falling agricultural productivity that has raised concerns about its future food supply.

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Mining

Miner NWR sells 75 pct of new shares in rights issue

Czech hard coal miner New World Resources (NWR) said on Tuesday investors took up 3.78 billion new shares in a rights issue that is part of the company's debt and equity restructuring plans.

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Gold Mining

Gold price seen near tipping point for mine cuts, closures

The price of gold, down more than a third in three years, is approaching the tipping point where the mining industry would see a spike in the number of producers reducing output or even shutting down operations.

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US Oil Drill

BP ruling raises liability stakes for high-risk industries

A U.S. court ruling that dramatically ramped up BP Plc's potential penalties for the 2010 Gulf oil spill could create new liability risks not just for deep water drillers but also for other industries like mining and nuclear power generation.

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Health workers wearing protective clothing prepare to carry an abandoned dead body presenting with Ebola symptoms at Duwala market in Monrovia August 17, 2014.

Ebola causing huge damage to West Africa economies: development bank

Ebola is causing enormous damage to West African economies, draining budgetary resources and slashing economic growth by up to 4 percent as foreign businessmen leave and projects are canceled, the African Development Bank president said.

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Gold Mining

Behind Indonesia mining deal, newly minted minister and U.S. mining legend

As negotiations to resolve an increasingly bitter dispute over Indonesian mining rules teetered on the brink of collapse, the chairman of Freeport-McMoRan Inc James "Jim Bob" Moffett flew to Jakarta for last-ditch talks.

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African mineral exploration

Rebel-held mine collapses in Central African Republic, killing 25

At least 25 people died when a gold mine collapsed near the Central African Republic town of Bambari, a spokesman for the mainly Muslim Seleka rebels which run the mine said on Friday.

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Australia Coal

Glencore and Sumitomo purchase majority stake in Australia's Clermont mine

Glencore Xstrata and Sumitomo Corp purchase 50.1% shareholdings in Clermont mine amidst increasing Asian demand for coal.

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Guinea

Chalco to divest shares in Guinea venture with Rio Tinto

The Aluminum Corporation of China Ltd or Chalco had announced the sale of its shareholdings in the Guinea venture with Rio Tinto.

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Newmont Mining Corp

Newmont Mining eyes more gold or copper mine purchases

Newmont Mining Corp CEO Gary Goldberg said they were looking at potential mine acquisitions as the value of gold fell.

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