OceanaGold Reports Record Quarterly Gold Production

In its first quarter 2017 earnings report, OceanaGold reported record quarterly consolidated production of 147,956 oz of gold. Consolidated all-in sustaining costs were $521/oz on sales of 114,022 oz of gold (excluding Haile) and 4,148 metric tons (mt) of copper. The company reported an after-tax profit of $36 million after recognizing an impairment charge of $17.7 million on the mining assets held in El Salvador. During the quarter the company also transitioned the Haile mine from the commissioning team to the operations team.

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Pan American to Acquire New Argentine Mining Project

Patagonia Gold plc and Pan American Silver agreed to basically exchange mining assets in southern Argentina. Minera Triton Argentina, a subsidiary of Pan American Silver, will acquire the Cap Oeste Sur Este (COSE) project in Santa Cruz province for $15 million. Patagonia Gold gets an exclusive option to buy Minera Aquiline Argentina for $15 million. Minera Aquiline Argentina is a subsidiary of Pan American, which owns the Calcatreu gold-silver project. Patagonia Gold will have six months to execute the option.

Rio Tinto Deals with Issues Related to Weather and Labor

Rio Tinto reported it shipped 76.7 million metric tons (mt) of iron ore from the Pilbara in the first quarter. The 13% quarter-to-quarter decrease was attributed to cyclone activity. The company said sections of the rail network were affected by significant rainfall. Despite the disruptions, shipments were in line with the first quarter of 2016, and guidance for 2017 remains at 330 to 340 million mt, the company reported.

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Jacobs Lands Chuquicamata Contract

Corporación Nacional del Cobre (Codelco), the Chilean national copper mining company, contracted Jacobs Engineering Group to overhaul acid plants at the Chuquicamata mine.

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