Kinross Gold Corp., Canada’s third- largest producer by revenue, decided to stop developing the Fruta del Norte mining project in Ecuador after it couldn’t agree with the government on economic and legal terms.
Barrick Gold Corp., the largest producer of the metal, reported first-quarter profit that beat analysts’ estimates after costs were better than expected. The company also said it may suspend a Latin American project.
KGHM Polska Miedz SA, the copper miner with the largest European output, agreed to buy Canada’s Quadra FNX Mining Ltd. for about C$2.87 billion ($2.84 billion) in the largest overseas acquisition by a Polish company.
Quadra FNX Mining Ltd. is poised to secure the largest takeover price increase in North America as the cheapest copper bid on record leaves room for Vale SA or Antofagasta Plc to make a competing offer.
Barrick Gold Corp., the biggest producer by sales, headed for its biggest weekly decline in four years after gold prices reached a 21-month low and the company halted construction on the Chilean side of an $8.5 billion project in the Andes.