Tips to recycle your old electronics

April 23, 2014 Posted by admin

Best Buy offers suggestions on how to recycle your old electronics. 9NEWS at 6 and 8 a.m. 04/22/14.

Article source: http://www.9news.com/story/money/personal-finance/consumer/2014/04/22/recycle-old-electronics/7999981/

Barrick-Newmont Merger Talks Said to Hit Snag on Spinoff

April 22, 2014 Posted by admin

Talks to merge the world’s biggest
gold-mining companies, Barrick Gold Corp. (ABX) and Newmont Mining
Corp. (NEM)
, broke down three days ago amid minor disagreements that
leave open the possibility that a deal could be revived, two
people with knowledge of the matter said.

The companies had agreed to an all-stock merger and planned
to announce the deal this week, the people said, asking not to
be identified discussing private information. Barrick was to
offer Newmont shareholders a premium of 13 percent more than
Newmont’s average share price over the latest 20 trading days,
one of the people said.

The companies had agreed to all terms not related to a
spinoff of Australian and New Zealand assets, the person said.
They’ve identified $1 billion a year in cost savings, mostly
from their mines in Nevada, the people said. Toronto-based
Barrick and Newmont of the U.S. have a combined market value of
about $33 billion and operate on five continents. The merger
talks follow gold’s 28 percent plunge in 2013, the most in three
decades, which squeezed profits and spurred at least $30 billion
of writedowns by producers.

The merger plan hit a snag only when Barrick and Newmont
failed to come to a complete agreement on which mines to include
in the spinoff, the people said. Unable to finalize a deal
before a self-imposed deadline today, the companies instead
agreed to call off the plan for now, they said.




Photographer: Carla Gottgens/Bloomberg

The main haul road winds through the Fimiston Open Pit, known as the Super Pit, in Kalgoorlie, Australia. The Super Pit is managed by Kalgoorlie Consolidated Gold Mines Ltd., jointly owned by Barrick Gold Corp., the world’s largest producer of the metal, and Newmont Mining Corp., the second-largest gold producer. Close

The main haul road winds through the Fimiston Open Pit, known as the Super Pit, in… Read More

Open

Photographer: Carla Gottgens/Bloomberg

The main haul road winds through the Fimiston Open Pit, known as the Super Pit, in Kalgoorlie, Australia. The Super Pit is managed by Kalgoorlie Consolidated Gold Mines Ltd., jointly owned by Barrick Gold Corp., the world’s largest producer of the metal, and Newmont Mining Corp., the second-largest gold producer.

Both companies wanted to have a deal announced before their
annual meetings, the people said. Newmont’s meeting is scheduled
for April 23 and Barrick’s for April 30. The two have tried to
merge several times in the past and still have interest in
getting a deal done, the people said.

Savings Goal

Spokesmen for Barrick and Newmont both declined to comment
on the merger talks. The breakdown in the latest talks was first
reported by the Wall Street Journal.

Newmont rose 6.4 percent to $25.05 at the close in New
York, the biggest increase since Sept. 18, while Barrick fell
3.9 percent to C$19.03 in Toronto.

The success of the latest potential merger would depend on
the value of the spinoff and the enlarged company achieving the
envisaged cost savings, Greg Barnes, an analyst at TD Newcrest
Inc. in Toronto, said in a note.

“Without the savings, we see little merit in merging the
two companies since production growth would remain challenging
and the combined balance sheet would carry significant net
debt,” he said.

Thornton Role

Under the most recent merger plan, the combined company’s
chief executive officer would have been current Newmont CEO Gary Goldberg, while Barrick Co-Chairman John Thornton would have
been executive chairman, the people said. Newmont Chairman Vince Calarco was slated to become a lead director of the new company,
while Barrick CEO Jamie Sokalsky was to run the new spinoff.

The combined company would have been based in Toronto while
keeping an operating headquarters in Colorado, where Newmont has
its head office, according to the people.

The purchase of Newmont would have been a dramatic final
move by Barrick founder and Chairman Peter Munk, who is due to
retire at the April 30 shareholders meeting. He will be
succeeded by Thornton, a former Goldman Sachs Group Inc.
president.

Munk’s Legacy

Munk, 86, has pursued big deals in the past, including
Barrick’s 2006 acquisition of Placer Dome Inc. for $10.2
billion, which made it the biggest gold producer in the world.
That deal remains a record for the gold industry.

Barrick and Newmont held merger talks in 1991 and 2000,
according to the book “Going for Gold: the History of Newmont
Mining Corporation” by Jack H. Morris. Further discussions had
taken place since 2009, a person with knowledge of the
discussions said in September.

Based on the latest discussions, the merged company would
have a 14-person board comprising seven people from Barrick,
five from Newmont and two new directors, one of the people said.

Talks could resume as soon as today, though no agreement is
likely before Barrick’s annual meeting, with the company due to
gain new directors who would then have a chance to weigh in on a
deal, the people said.

Both companies have made leadership changes in the past two
years. Barrick CEO Jamie Sokalsky was promoted from chief
financial officer in 2012 while Goldberg, who joined Newmont
about two years ago, became CEO in March 2013, replacing Richard O’Brien. Sokalsky is a 20-year veteran of Barrick, while
Goldberg worked at diversified miner Rio Tinto Group before he
joined Newmont as chief operating officer.

Argentina to Zambia

Barrick operates mines in Argentina, Chile, Canada,
Australia, the Dominican Republic, Papua New Guinea, Peru, the
U.S. and Zambia. It also owns 64 percent of African Barrick Gold
Plc, a producer in Tanzania that was spun out of Barrick in
2010, and has a stalled mine in Saudi Arabia. Newmont operates
in the U.S., Australia, Peru, Indonesia, Ghana, New Zealand and
Mexico.

Barrick and Newmont already jointly own the Turquoise Ridge
mine in Nevada, with Barrick controlling 75 percent. They are
also 50-50 partners in the Kalgoorlie mine in Australia.

The companies both produce more than a third of their gold
in Nevada, from which they originally built out their
businesses, and where Sokalsky has described the miners as
“next-door neighbors.”

To contact the reporters on this story:
David Welch in New York at
dwelch12@bloomberg.net;
Matthew Campbell in London at
mcampbell39@bloomberg.net;
Liezel Hill in Toronto at
lhill30@bloomberg.net

To contact the editors responsible for this story:
Mohammed Hadi at
mhadi1@bloomberg.net;
Simon Casey at
scasey4@bloomberg.net
Simon Casey

Article source: http://www.bloomberg.com/news/2014-04-20/barrick-newmont-said-to-scrap-merger-talks-after-snag.html

DRI seizes 12 kg gold hidden in zinc scrap at Mundra Port

April 21, 2014 Posted by admin

BS reported that the Directorate of Revenue Intelligence seized 12 kilogram gold bars from a zinc scrap container cargo at Mundra port in Kutch district.

Official sources said that the value of gold seized is estimated to be around Rs 3.6 crores. No arrests have been made in this regard. The gold bars were being smuggled by concealing in a cargo of zinc die cast scrap. It was imported from Dubai in the name of a Rajkot based firm.

The seizure was made on the basis of specific intelligence inputs gathered by DRI officials. Further investigation in the case was on. A container which had declared goods as zinc die cast scrap was detained at Mundra port on Wednesday. They identified 95 pieces of lumps of zinc die cast scrap out of which 12 pieces were found to be suspicious.

Official sources said that when two pieces were broken, it contained a rectangular steel case in. When both the rectangular case ins were broken, one kg gold bar, covered with clay sand particles, was recovered.

Investigators said the modus operandi was to smuggle gold bars by concealing in zinc lumps. The sender from abroad would cover the bars by pasting wet clay sand on each of them before preparing a rectangular shaped steel case-in to keep one bar in each case in.

The case in would be then sealed before melting the zinc in the furnace. The rectangular shaped case-ins would be kept between the molten zinc. Once the zinc containing rectangular shaped steel case-in becomes solid in nature, it would be imported as lumps of zinc scrap.

The wet clay sand cover on each gold bar acted as a protective cover from heat. Sources said that the consignment of zinc die cast scrap weighed 21.1 million tonnes and was valued at INR 21.30 lakhs. 

Meanwhile, Customs officials in Ahmedabad on Wednesday arrested Mr Manjaliya Mohamed Rafiq, a resident of Mundra in Kutch, from Sardar Vallabhbhai Patel International Airport, Ahmedabad.

Source – Business-standard.com

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Article source: http://metal.steelguru.com/global/1879/dri_seizes_12_kg_gold_hidden_in_zinc_scrap_at_mundra_port