Novagold Plans To Sell GC Before End of Year
TORONTO Feb 22 (Reuters) – Canadian miner Novagold said on Wednesday it has begun the process of trying to sell its 50 percent stake in the Galore Creek copper-gold project in British Columbia so that it can focus fully on its flagship Donlin gold project in Alaska.
The company, which outlined the plan late last year, said it has begun talking with potential buyers and that it expects a sale by the end of the year.
The other 50 percent of Galore Creek is held by diversified Canadian miner Teck Resources . Galore could become the largest copper mine in Canada, and one of the lowest-cost mines on an operating basis.
The project is forecast to produce 6.2 billion pounds of copper, 4.0 million ounces of gold and 65.8 million ounces of silver over an approximate 18-year mine life.
Novagold owns Donlin jointly with Barrick Gold .
300K Organic Farmers Sue Monsanto
Reuters) – Price increases across most of the North American food industry have turned off many shoppers, leading to weak sales for some packaged food makers.
Companies including General Mills (GIS.N), Kraft Foods Inc (KFT.N) and ConAgra Foods Inc (CAG.N) have raised prices on many of their products in the last year as they grappled with soaring costs for everything from grains and dairy products to packaging and fuel.
“It’s commodities, commodities, commodities and whether or not there’s an ability to pass on those costs,” said Paul Mariani, an investment banker with Variant Capital Advisors. “The question is how can they sustain volume with those price increases.”
U.S. consumers have balked at price increases, often turning to cheaper brands or cutting back altogether. Still, companies see the increases as a necessary way to keep their profit margins….
A battle for Mongolia’s Copper Load
TORONTO—Billionaire entrepreneur Robert Friedland built his fortune learning how to gain advantage over some of the world’s largest and most powerful mining companies.
Today Mr. Friedland is finding that dealing with giants can be tricky sport.
At issue is ownership of resources buried deep in the Mongolian desert that are among the world’s largest unexploited gold and copper deposits—a development with estimated reserves of 81 billion pounds of copper and 46 million ounces of gold.
Robert Friedland invited Rio to take a stake in Ivanhoe Mines in 2006.
Mr. Friedland, the chief executive of Ivanhoe Mines Ltd. and one of the sector’s most colorful moguls, is on the back foot in a squabble with industry giant Rio Tinto PLC over Oyu Tolgoi, Ivanhoe’s massive copper-and-gold project in Mongolia.
Last month, Rio Tinto increased its ownership in Ivanhoe to 51%, a stake that gives it effective control of the Canadian miner without having paid a premium to other shareholders—a move that Ivanhoe CEO and founder Mr. Friedland had fought to prevent.
Now in charge, Rio wants to hold on to Oyu Tolgoi but spin off or sell Ivanhoe’s other mining assets, according to people familiar with the matter.
One of the people said, however, that Rio is in no hurry to make such a move. For a start, the Oyu Tolgoi project still has to overcome some key hurdles, including the conclusion of power-supply negotiations with Chinese authorities.
The intentions of Mr. Friedland, who holds a 13.7% stake in Ivanhoe, are less clear. According to people familiar with the matter, he is now looking to negotiate with Rio over an exit for himself and Ivanhoe’s other shareholders.
If Mr. Friedland wanted to, he could also hold on to the bitter end. Canadian rules require a potential acquirer to own over 90% of a company’s shares before forcing a full takeover, which Rio would be unable to do if Mr. Friedland maintains his current stake.
The self-made, 61-year-old billionaire has a colorful past that takes in student activism against the Vietnam War, a youthful friendship with late Apple Inc. co-founder Steve Jobs and some of the sector’s potentially most-lucrative discoveries in recent decades. It has also included controversial forays such as Ivanhoe’s past venture in military-run Myanmar…
Fed Writes Sweeping Banking Rule Changes Behind Closed Doors
This is news to anyone? Dirty Deeds Done Dirt Cheap- It is the FEDs theme song.
Corporate Pigs at the American Tax Payer Trough- The Real Welfare Moms Exposed
Obama Lies, Claims Sky Rocketing Gasoline Prices Have Nothing To Do With War Mongering
Dell Misses On HDD Shortage -7pc Revenue Decline Q/Q
Obama To Propose Cutting Corporate Tax to 28 pc, 25 pc on mfg.