Goldcorp and Grupo Mexico, two of the largest miners operating in Mexico, are warning they may need to take billions of dollars in planned investments to other markets if proposed new taxes on resource companies are approved.
Good morning, and welcome to Southern Copper Corporation’s third quarter and nine months 2013 results conference call. With us this morning, we have Southern Copper Corporation’s Mr. Raul Jacob, Vice President, Finance and CFO who will discuss the results of the company for the third quarter and nine months 2013, as well as any questions that you might have.
Freyja Resources Inc. is pleased to announce that it has acquired one-hundred percent (100%) of the issued and outstanding common shares in the capital of Cyprium Mining Corporation, a junior mining company which targets the acquisition and generation of mining projects located solely in Northern Mexico that have the potential for profitable precious and base metal open pit production. For further details regarding the Transaction, please see Freyja’s press releases dated June 18, 2013, August 1, 2013, August 9, 2013, September 9, 2013, September 18, 2013 and September 30, 2013.
Until a few months ago, Mexico was one of the rare countries left in the world that didnt charge taxes on mining production or profits. But a proposed 7.5% tax on resource companies, and as much as 8% for gold, silver and platinum miners, is scaring investors and small players away.
Scorpio Mining Corporation today announced the resignation of Mr. Thomas (Tom) McGrail from the position of Chief Operating Officer, effective November 1, 2013. Mr. McGrail, who was based in Cosalá, Mexico, has tendered his resignation in order to attend to pressing family matters which will require more of his time to be spent at home with his family.
Goldcorp Inc. today reported adjusted quarterly revenues1 of $1.2 billion, generating adjusted net earnings1,2 of $190 million, or $0.23 per share, compared to $441 million, or $0.54 per share, in the third quarter of 2012. Revenues were $929 million and net earnings were $5 million in the quarter compared to net earnings of $498 million in the third quarter of 2012. Adjusted operating cash flow1,3 was $375 million, or $0.46 per share, compared to $686 million, or $0.85 per share, in the third quarter of 2012.
Teck Resources Ltd. reported stronger-than-expected third quarter earnings due to record coking coal sales, but profit still plunged 41% from last year because of lower prices for coal and other commodities.
Total zinc in concentrate production of 70,000 tonnes in Q3 2013, down 7%
Agnico Eagle Mines Limited today reported quarterly net income of $47.3 million, or $0.27 per share for the third quarter of 2013. This result includes a non-cash foreign currency translation loss of $6.5 million ($0.04 per share), non-cash stock option expense of $5.2 million ($0.03 per share), and other non-cash and non-recurring expenses of $1.5 million ($0.01 per share). Excluding these items would result in an adjusted net income of $60.5 million, or $0.35 per share. In the third quarter of 2012, the Company reported net income of $106.3 million, or $0.62 per share.
With an operating life of 10 years estimated from the tailings, the companys plan is to generate revenue to explore and develop the large disseminated gold and silver zone associated with the El Tigre vein system.
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