Boom Times for B.C. Gold

The Gold Diggers

Here’s a tiny core sample of Vancouver-based exploration companies with some interest in gold.

B2Gold Corp.

In its own words: “A Vancouver-based gold producer with two mines in Nicaragua and a strong portfolio of development and exploration assets in Nicaragua, Colombia, Costa Rica and far-east Russia.”
Recent news: In January gold production commenced at the company’s Orosi mine in Nicaragua, joining the Limón mine there, which resumed operating in November after a labour dispute. Combined production is expected to reach 120,000 to 130,000 ounces in 2010.

Eldorado Gold Corp.

In its own words: “A gold producer active in exploration and development in Brazil, China, Greece, Turkey and surrounding regions. Our goal is to produce over one million ounces of gold annually by 2013.”
Recent news: In January the company announced it would resume operations at its White Mountain mine in Jilin province, China. The mine was shut down due to a dispute over alleged water contamination. Eldorado acquired the mine through its December purchase of Sino Gold.

Exeter Resource Corp.

In its own words: “Our focus is the discovery, evaluation and development of gold deposits in Chile and Argentina.”
Recent news: In December Exeter was added to the S&P TSX Global Gold and Global Mining Indexes. Earlier the company reported high-grade gold and silver results at its Cerro Moro property in Argentina.

Goldcorp Inc.

In its own words: “One of the world’s largest gold mining companies with the strongest production growth profile among all senior gold producers.”
Recent news: In January Goldcorp won a battle to acquire junior miner Canplats (also Vancouver-based), notable for its Camino Roja project, a rich gold-silver deposit in northeastern Mexico. In a complicated arrangement with New Gold, the company is also expected to buy Swiss-based Xstrata’s 70 per cent interest in the El Morro copper-gold project in Chile. The combined purchase prices would approach $1 billion.

Ivanhoe Mines Ltd.

In its own words: “Ivanhoe Mines’ key asset is the Oyu Tolgoi Project, the world’s largest copper-gold development project, 80 kilometres north of the China border in Mongolia.”
Recent News: In October, in a ceremony held at the Mongolian state palace and broadcast live on Mongolian TV, officials from Ivanhoe and London- and Australia-based Rio Tinto signed a long-term investment agreement for the Oyu Tolgoi Project. In November a 2010 construction budget of US$758 million was announced.

New Gold Inc.

In its own words: “An intermediate gold producer with a portfolio of global assets in Mexico, Canada, Australia, Brazil, Chile and the United States (Alaska).”
Recent news: In December New Gold announced it was granted an injunction related to the suspension of operations at its Cerro San Pedro mine in Mexico. The court ruling temporarily overturned the Mexican environmental enforcement agency’s order to suspend operations.

Pacific Rim Mining Corp.

In its own words: “An environmentally and socially responsible exploration company focused exclusively on high-grade, environmentally clean gold deposits in the Americas.”
Recent news: In December two more anti-mining activists were murdered in El Salvador, bringing the total to three for the year. Local pro-mining supporters are suspected; Pacific Rim has denied any involvement. The company awaits a CAFTA hearing into Salvadoran legislation that has suspended development of its El Dorado deposits.

Red Back Mining Inc.

In its own words: “Rapidly building a leading African gold producer. Red Back’s two key projects are the Chirano Gold Mine in Ghana and the Tasiast Gold Mine in Mauritania. In addition, the company holds an extensive exploration portfolio both in Ghana and Mauritania.”
Recent News: In November Red Back announced record third-quarter net income of $35 million. The company was also ranked fourth in the Vancouver Sun’s list of the Top 50 Strongest Companies in B.C.