Canadian Mining Journal

News

YEAR END RESULTS: Good news for all types of miners

It's not just the gold producers who are reporting positive fourth quarter and 2011 year end results. The news releases reaching CMJ in the past week include base metal miners, diamond miners and more. Here is look at a few of the notable...


It’s not just the gold producers who are reporting positive fourth quarter and 2011 year end results. The news releases reaching CMJ in the past week include base metal miners, diamond miners and more. Here is look at a few of the notable numbers (including two more gold miners, as well).

Copper production from Capstone Mining‘s Minto mine in the Yukon was 7.9 million lb in Q4 2011 and 37.1 million lb for the year. Add to that the 41.2 million lb of copper produced by its Cozamin mine (including a Q4 record of 11.9 million lb) in Mexico, and the yearly total was 78.3 million lb. (CapstoneMining.com)

Harry Winston Diamond Corp. of Toronto reports that 1.6 million ct were recovered from the Diavik diamond mine in the Northwest Territories during Q4 2011. The yearly figure of 6.7 million ct was below the forecast 6.9 million ct, although the planned tonnage of ore was treated. Watch for partner Rio Tinto to release an updated mine plan in the near future. (Diavik.ca)

North American Palladium of Toronto produced 146,000 oz of payable palladium from its Lac des Iles mine northwest of Thunder Bay, ON, during 2011. The company expects modest growth this year, with the total reaching 150,000 to 160,000 oz. Expect more growth as the new shaft becomes operational at the end of 2012. (NAP.com)

For the three months ended Dec. 31, 2011, Vancouver-based Quadra FNX produced 59 million lb of copper in concentrates. For the calendar year the company counted 220 million lb of copper plus 10 million lb of nickel and 103,000 oz of total precious metals. Infill drilling at the Victoria project near Sudbury, ON, boosted the inferred resource to 14.5 million tonnes grading 2.5% Ni, 2.5% Cu and 7.6 g/t TPMs. (QuadraFNX.com)

Labrador Iron Mines Holdings of Toronto made the first shipment from its new James iron ore project near Schefferville, QC, in October 2011. For the year, approximately 440,000 tonnes grading 64.9% Fe was railed to Sept-Iles, QC, without further processing. Another 572,000 tonnes were processed into 232,000 tonnes of lump and sinter fine products. (LabradorIronMines.ca)

Toronto’s AuRico Gold had total gold equivalent production during 2011 of approximately 250,000 oz. thanks to the acquisition of Gammon Gold and Northgate Minerals during the year. In the fourth quarter, revenues were US$154 million. The first gold pour at its Young-Davidson mine near Timmins, ON, is scheduled for late Q1 2012, and next year’s numbers will be even better.

Goldcorp of Vancouver met its 2011 forecast with the production of 2.51 million oz of gold. Production will rise to 2.6 million oz this year and to 4.2 million oz in 2016. The company’s three Ontario mines – Red Lake, Musselwhite and Porcupine – together produced over 1.1 million oz. (Goldcorp.com)