Kinross Gold will buy the 91% of shares in Red Back Mining that it doesn't already own. The price represents a value of C$30.50 ($29.77) per Red Back share.
In Asia Thursday mining shares gained as Australia's new prime minister said she plans to review the harsh tax on mining profits proposed by her predecessor. Hong Kong's Hang Seng lost 0.6% and China's Shanghai Composite Index crept 0.1% lower. In Japan the Nikkei 225 Index was virtually unchanged.
A volatile market means investor opportunity, but opinions vary on what's trash and what's treasure. Here, Nikhil Hutheesing and Dan Burrows give their "thumbs-up, thumbs-down" views on three hot stocks: Tim Hortons, Rio Tinto and McAfee. (With video)
The international mining community has long known about the country's vast mineral resources. But most mining companies remain wary of starting big, long-term projects there. Among the problems: No peace, no stability and a fondness for bribery.
Newly located deposits in Afghanistan could be a source of wealth for an impoverished nation crippled by decades of war. But getting those minerals out of the ground will require years of development and billions of dollars in investment.
As the conflict in Afghanistan drags on, the U.S. has announced that the troubled Asian nation is sitting on upwards of $1 trillion in untapped mineral deposits. However, the resources are likely to end up getting mined not by American but by Russian and Chinese firms.
The disaster in West Virginia serves as a reminder that America's dependence on coal for energy isn't going away. While U.S. mining injuries and fatalities have dropped since 2001, safety lapses in the industry mean it remains very dangerous.