North American markets endure wild ride, bounce back from deep losses

North American markets endure wild ride, bounce back from deep losses
TORONTO — North American investors endured a wild ride as markets rebounded from deep declines in trading on broad-based weakness led by the energy sector. The S&P/TSX composite index closed down 66.85 points to 14,728.28 after hitting a triple-digit decline in earlier trading. In New York, the Dow Jones industrial average was up 34.31 points at 24,423.26. The S&P 500 index was up 4.64 points at... Read More

Teck sells 30 per cent stake in Quebrada Blanca Phase 2 to Sumitomo for US$1.2B

Teck sells 30 per cent stake in Quebrada Blanca Phase 2 to Sumitomo for US$1.2B
VANCOUVER — Teck Resources Ltd. has sold a 30 per cent stake in its Quebrada Blanca Phase 2 project to Sumitomo Metal Mining Co. Ltd. and Sumitomo Corp. for US$1.2 billion. The Vancouver-based miner also says that its board has approved the project for full construction with first production expected in the second half of 2021. Quebrada Blanca Phase 2 is a... Read More

Precision claiming $20-million break fee after Ensign set to take over Trinidad

Precision claiming $20-million break fee after Ensign set to take over Trinidad
CALGARY — Precision Drilling Corp. says it is entitled to a $20-million break fee after Ensign Energy Services Inc. announced Tuesday that it will take control of Trinidad Drilling Ltd. by acquiring a majority of Trinidad’s shares. Calgary-based Precision, the largest driller in Canada, said the fee is owed as part of the Oct. 5 arrangement it had with Trinidad after terminating the... Read More

Ensign acquires majority of Trinidad shares to take control of drilling company

Ensign acquires majority of Trinidad shares to take control of drilling company
CALGARY — Ensign Energy Services Inc. says it will take control of Trinidad Drilling Ltd. after acquiring a majority of the company’s shares by its Tuesday deadline. The Calgary-based drilling company says 56.38 per cent of Trinidad shares have been tendered. The 154.1 million shares are in addition to the 26.9 million it also owns, raising its stake in Trinidad to 66.18... Read More

Iron ore production to restart next year in Labrador mining town of Wabush

Iron ore production to restart next year in Labrador mining town of Wabush
WABUSH, N.L. — The Labrador mining town of Wabush is in for a much-needed economic boost as one of Canada’s largest iron ore mines restarts production next year. Premier Dwight Ball was in Wabush today to announce the official reopening of the Scully mine, with hiring for 260 new jobs to begin over the next few weeks. Hundreds of people lost their jobs when... Read More

Venezuela holds onto prized US refineries amid legal battle

Venezuela holds onto prized US refineries amid legal battle
CARACAS, Venezuela — Venezuela will hold onto its U.S.-based Citgo refineries, settling a lawsuit that threw ownership of the struggling country’s prized assets into peril. Court papers show that Venezuela on Friday began paying off $1.4 billion that a panel said was owed to the Canadian mining firm Crystallex, following a disputed takeover of the company by the late-President Hugo... Read More

Toronto stocks higher as energy sector gains ground amid higher oil prices

Toronto stocks higher as energy sector gains ground amid higher oil prices
TORONTO — Canada’s main stock index was higher in late-morning trading as the energy sector headed up amid rising oil prices, while U.S. stocks also gained ground. The S&P/TSX composite index was up 67.97 points at 15,078.70. In New York, the Dow Jones industrial average was up 343.58 points at 24,629.53. The S&P 500 index was up 33.55 points at... Read More

Oilpatch share buybacks drive record high totals on the Toronto Stock Exchange

Oilpatch share buybacks drive record high totals on the Toronto Stock Exchange
CALGARY — Canadian oil and gas companies finding little love in the stock market are repurchasing their neglected shares, driving a rise in share buybacks that’s already reached a record high this year. Using scarce dollars to buy your own stock instead of investing to grow the business may seem wasteful to some, but observers say it makes sense if you have... Read More

Aben Extends Mineralized Envelope Around High-Grade Gold Discoveries at North Boundary on the Forrest Kerr Project in BC’s Golden Triangle

Aben Extends Mineralized Envelope Around High-Grade Gold Discoveries at North Boundary on the Forrest Kerr Project in BC’s Golden Triangle
VANCOUVER – Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) reports further results from the recently completed drill program at the Forrest Kerr Project. Drilling has extended the mineralized envelope surrounding the 2017 and 2018 high-grade gold discoveries at North Boundary. This round of focused drilling tested for the depth and lateral extension of known mineralized shear and vein sets located in the... Read More

Pan American Silver buying Tahoe Resources in stock-and-cash deal

Pan American Silver buying Tahoe Resources in stock-and-cash deal
VANCOUVER — Pan American Silver Corp. has signed a deal to acquire Tahoe Resources Inc. in a stock-and-cash deal it valued at more than US$1 billion. Under the friendly agreement, Tahoe shareholders will receive US$3.40 in cash or 0.2403 Pan American shares for each Tahoe share. The maximum cash available under the offer is US$275 million and there are 56 million... Read More