September 18, 2019 
 Wednesday 
 
 

Forum
Add your message

Your user name:

  (If you do not have one,
  please register.)
    Password:
 
Name of the Topic:

Another U.S. precious metals miner goes foreign

Message:


  Previous messages  

 By cw3343

06/21/2019  1:18PM

In this case, it would be another Canadian precious metals miner goes foreign.

Credit: Jackson Chen (mining.com)

Shares of IAMGOLD Corp. (TSX: IMG) surged over 9% on Thursday — its biggest jump in four years — amid whispers of a possible bid from China. The nation’s second-biggest gold mining company, China National Gold Group Corp., is said to be considering a bid for a stake in IAMGOLD, according to BNN Bloomberg’s latest report.

So far the report only says the state-owned gold miner is in discussions with financial advisers regarding a potential offer. China National Gold has not responded to the bid rumors.

Just last month, IAMGOLD went public to address reports of a planned asset sale, stating there were no material changes in the company. However, the Toronto-based gold miner also did not openly deny it might be in talks with advisers and potential buyers.

China National Gold is the largest shareholder of Hong Kong-listed China Gold International Resources Corp. and Shanghai-traded Zhongjin Gold Corp.

IAMGOLD currently operates four mines — three in Africa and one in Canada — producing a total 882,000 ounces of gold last year.

The company’s most recent quarterly results fell short of analyst expectations, and earlier this year, it cut workforce at the Westwood mine by 32%. Reports of IAMGOLD exploring an asset sale followed shortly after its Q1 release.

A week prior, CEO Stephen Letwin said at the Mines & Money conference in New York that “we are going to see consolidation” and “there are too many mid-tier miners” — commenting on the sizable mergers that have materialized in the industry. Letwin added that IAMGOLD gets “a lot of interest” from Chinese investors.
 By cw3343

06/18/2019  9:28AM

It appears that the Mountain Pass Mine in SoCal is operating again. It was purchased out of BK by JHL Capital of Chicago. Somehow a Chinese company owns 9.9% of it. I wonder who they paid in order for permission to buy in to our only rare earth minerals mine?

https://mpmaterials.com/
 By Michael Miller

06/14/2019  3:09PM

The loss of an economical rare earth producer in southern California is due to ignorance by California Water Boards. Attempts to educate those board members falls on the boards and to a minor degree the various staff advisors. Enlightenment has become a necessity to secure our national defense. Latest news below:

CHINA WEAPONIZED RARE EARTH
May 29, 2019 |
Chinese state-run media outlets published reports Wednesday, including an editorial in the top newspaper of China’s Communist Party, hinting at the possibility of cutting off exports of rare-earth materials to the U.S.

China supplies about 80% of the United States’ rare-earth imports, which are then used in everything from smartphones to electric vehicles.

“China, as the dominant producer of rare earths, has shown in the past that it can use rare earths as a bargaining chip when it comes to multilateral
negotiations,” Northern Minerals CEO George Bauk told Bloomberg.

Rare earths actually are found all over the planet, but China supplies the most largely due to environmental issues and pollution caused by their production. Rare-earth materials are made up of 17 elements from the periodic table that are found in a number of products critical in U.S. manufacturing, including batteries, flame retardants, smartphones, electric cars and fighter jets. They are reportedly used in tiny amounts, but are crucial to the manufacturing process.

It wouldn’t be the first time China weaponized its rare earths. In 2010, Beijing cut off exports to Japan after a Chinese boat captain was captured by Japanese authorities. The ban was so effective, Japan immediately released the captain in what the New York Times described as “a concession that appeared to mark a humiliating retreat in a Pacific test of wills.”

...

 

  
 
© 2019 Original Sixteen to One Mine, Inc.
PO Box 909
Alleghany, California 95910
 

Phone:   
Fax:
E-mail:
 
(530) 287-3223      
(530) 287-3455
corp@origsix.com
 

      Gold Sales:  


(530) 287-3540

goldsales@origsix.com
 



Design & development by
L. Kenez