Steel bellwether ArcelorMittal (MT – Analyst Report) blew past the earnings estimates in the second quarter of 2012, but difficult economic conditions and softness in the steel industry led it to issue a cautious outlook for the rest of the year.
Goldcorp Inc. today reported adjusted net earnings1 in the quarter of $332 million, or $0.41 per share, compared to $413 million, or $0.52 per share, in the second quarter of 2011. Reported net earnings were $268 million compared to $489 million in the second quarter of 2011. Operating cash flow before working capital changes2 was $520 million. On July 10, 2012, the Company released second quarter gold production and estimated cash costs in addition to updated production and cash cost guidance for 2012.
Mexican precious metals miner Fresnillo PLC (FRES.LN) announced Thursday the retirement of its chief executive, Jaime Lomelin, and announced the appointment of Octavio Alvidrez as CEO designate.
Excellent Quarterly Cash Flow From Low Cash-Cost Production Record Quarterly Gold Sales of 50,000 Ounces for Revenues of $80.9 Million
Santacruz Silver Mining Ltd. is pleased to announce that at its Annual General Meeting held July 24, 2012, Mr. Marc Prefontaine, M.Sc., P.Geo, was elected to the Company’s Board of Directors joining Messrs. Arturo Prestamo Elizondo, Francisco Ramos, James Hutton and Craig Angus, who were all re-elected.
Guerrero Exploration Inc. announces that it has, by mutual agreement, terminated the Option Amendment and Reorganization Agreement with Riverside Resources Inc. announced earlier, and has determined that it will not pursue its option on the Chapalota property in Mexico. It has, subject to regulatory approval, entered into a binding letter of intent to acquire all of the issued and outstanding shares of Pinette Copper Corp, a private Vancouver-based mineral exploration company with 2 exploration properties located in Botswana. Pinette has had these copper exploration properties for the last approximately 2 and 3 years respectively and has spent a total of approximately $2,500,000 to date on them. Exploration is ongoing.
Mexivada Mining Corp. is pleased to announce that at the Extraordinary General Meeting of Members of the Company held on July 17, 2012, members of the Company approved, by way of Ordinary Resolution, to consolidate the Company’s shares with every three and one-half common shares of the Company being consolidated into one common share.
Teck Resources Limited reported second quarter adjusted profit of $312 million, or $0.53 per share, compared with $663 million or $1.12 per share in 2011.
Bowmore Exploration Ltd. is pleased to announce the completion of its non-brokered private placement announced on July 11, 2012. Bowmore sold a total of 5,600,000 common shares at a price of $0.25 per share for gross proceeds of $1.4 million.
Guerrero Exploration Inc. announces that it has applied for regulatory approval to issue a total of 300,000 common shares at a deemed issue price of $0.06 per share in respect to its previously described Letter Agreement with Riverside Resources Inc. dated March 3, 2011, and outlined in further detail in the press release dated March 7, 2011. The agreement provides for 150,000 shares to be issued 12 months and 18 months from the effective date. The shares will be subject to a 4 month hold period.
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