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HudBay to spend $116M

ONE of the biggest mining operators in the province -- HudBay Minerals Inc. -- plans to spend about $116 million this year on mine-development and exploration projects in northern Manitoba.

The Toronto firm said Wednesday it expects to spend $100 million on mine-development in the province and $15.8 million on exploration.

The expenditures are part of the company's plan to spend $1 billion on capital projects this year in Canada and South America, and $20.4 million on exploration projects.

The capital expenditures include $75 million on work tied to its Lalor underground mine near Snow Lake and $5 million earmarked for its Reed Mine, 120 kilometres east of Flin Flon.

HudBay said the Lalor and Reed projects are both proceeding on schedule and on budget. Commercial production is expected to begin in the second quarter at the Reed Mine, and in the last half of the year at Lalor, it added.

It said the bulk of the exploration expenditures in Manitoba will be at the Lalor Mine. But it also plans to conduct some underground exploration drilling at its 777 Mine at Flin Flon with the aim of extending the life of that mine beyond 2021.

 

Judge OK's Madoff deal

NEW YORK -- A judge on Wednesday approved a non-prosecution agreement reached after JPMorgan Chase & Co. agreed to pay $1.7 billion to settle criminal charges stemming from its failure to report its concerns about Wall Street swindler Bernard Madoff's private investment service.

The judge's approval came a day after the deal was announced in Manhattan by federal authorities. The agreement requires the bank to pay the $1.7-billion forfeiture -- the largest by a U.S. bank for a Bank Secrecy Act violation -- and to acknowledge failures in its protections against money laundering and reform them.

The judge set a January 2016 court date for the government to report whether the bank has complied with the agreement.

JPMorgan will pay more than $2.5 billion in total to settle claims stemming from Madoff's fraud, which was revealed in December 2008, when he ran out of money to honour requests for withdrawals by thousands of investors. Less than $300 million of their original investment of nearly $20 billion remained, although Madoff had sent statements only days earlier claiming it had grown to more than $60 billion.

 

-- from the news services

Republished from the Winnipeg Free Press print edition January 9, 2014 B8

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