Mining Sector Briefing - Advancing Miners With Exploration & Earnings News: MineralRite, Alpha Natural Resources, Silver Wheaton, Newmont Mining, Freeport-McMoRan
CORAL SPRINGS, Florida, November 1, 2013 /PRNewswire/ --
Market News reports for movers in the mining sector with earnings, development and exploration results: MineralRite Corporation (OTCQB: RITE), Alpha Natural Resources, Inc. (NYSE: ANR), Silver Wheaton Corp (NYSE: SLW), Newmont Mining Corporation (NYSE: NEM) and Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
MineralRite Corporation (OTCQB: RITE) Returns From Successful Trip To Africa - MineralRite, a North American mineral processor focused on serving the growing and demanding needs of the vast mining industry, today is pleased to update on recent trip to Ghana, Africa. Kent Harmon, President of Goldfield International, a wholly owned entity of MineralRite and Don Ross, MineralRite's Mining expert, returned this month from a successful trip to Ghana, West Africa. Ghana is the third largest producer of Gold in Africa, English being the official language and has a very mining friendly bureaucracy.
The trip was filled with many meetings with large mining companies along with government officials. The team returned with orders for equipment and many request for quotes on large orders and processing services..
Read the entire press release at: http://www.fnmprofiles.com/profiles-rite.html
The sheer scale of small mining activity in Ghana and surround countries was staggering. There is an enormous need for technical upgrading of equipment and techniques. We want to support the indigenous mining effort as much as possible. We are assessing the possibilities of creating a service and light manufacturing facility in Ghana, to support the volume of our equipment placements into Africa. "Kent Harmon said." This trip was consistent with MineralRite's business model of capitalizing on the recent economic trend of rising mineral prices by processing services, equipment and sales for a fee or percentage.
Alpha Natural Resources, Inc. (NYSE: ANR), a leading U.S. coal producer, reported a third quarter 2013 net loss of $458 million or $2.07 per diluted share compared with a net loss of $46 million or $0.21 per diluted share in the third quarter of 2012. Excluding the items described in our "Reconciliation of Adjusted Net Loss to Net Loss," the third quarter 2013 adjusted net loss was $134 million or $0.61 per diluted share compared with adjusted net loss of $36 million or $0.16 per diluted share in the third quarter of 2012. Read the full report at http://finance.yahoo.com/news/alpha-natural-resources-announces-results-110000270.html
Silver Wheaton Corp (NYSE: SLW) provides update on Pascua-Lama and extends Barrick (NYSE: ABX) silver stream agreements (SLW) 24.40 : Co provided an update and announces an amendment to the silver streaming agreement with Barrick Gold regarding the Pascua-Lama project. As stated in Barrick's Third Quarter Financials news release dated Oct 31, 2013: "Barrick has decided to temporarily suspend construction activities at Pascua-Lama, except those required for environmental protection and regulatory compliance... The decision to re-start will depend on improved project economics such as go-forward costs, the outlook for metal prices, and reduced uncertainty associated with legal and other regulatory requirements."
Newmont Mining Corporation (NYSE: NEM) ("Newmont" or the "Company") reported attributable net income from continuing operations of $429 million, or $0.86 per share, up 7% from $400 million, or $0.81 per share in the third quarter of 2012. Third quarter results benefited from the sale of the Company's investment in Canadian Oil Sands Limited for approximately $587 million, resulting in a pretax gain of $280 million. Adjusted net income2 was $227 million, or $0.46 per share, compared with $426 million, or $0.86 per share, for the prior year quarter. Results for the third quarter of 2013 were favorably impacted by higher production from Nevada and Other Australia/New Zealand operations. Improved production and stable operating costs relative to the prior year quarter were offset by declines of 20% and 13%, respectively, in gold and copper prices. Read the full report at http://finance.yahoo.com/news/newmont-announces-third-quarter-2013-201500602.html
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) engages in the exploration of mineral resource properties. The company primarily explores for copper, gold, molybdenum, cobalt, silver, and other metals, such as rhenium and magnetite. It operates in five segments: North America Copper Mines, South America Mining, Indonesia Mining, Africa Mining, and Molybdenum Operations. FCX closed down $0.52 per share on Thursday (10/31/13) on 12.08Million Shares but was up slightly in the afterhours trading.
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