Tag Archives: mining

87699472

MJ Insurance reports record revenue

MJ Insurance, one of the nation’s largest privately-held insurance agencies, has reported double digit year-over-year growth with an 11 percent increase across all business lines. The agency also reported record all-time high revenues of $25 million.

MJ’s fiscal year runs from September to September and for fiscal 2013, MJ saw solid growth in both employee benefits and in property and casualty revenues. Even as the economy has struggled, MJ has recorded strong revenue gains over the past five years.

Michael H. Bill, CEO of MJ Insurance, attributes the growth and record revenue to continued investment through the economic downturn in both employees and value-added services for clients.

“Our approach is to align our efforts with clients that emphasize value and this has proven beneficial as the economy has improved,” said Bill. “Challenges brought forth with health care reform have also allowed us to help guide businesses through this historic change.”

MJ Insurance, with offices in Indiana and Arizona, is a property-casualty and employee benefits agency that, since 1964, has grown from a two-person start-up to an agency with more than 125 employees. In 2014, MJ will celebrate its 50th ‘golden’ anniversary.

MJ Insurance specializes in a diverse selection of unique service lines including construction, energy, transportation, real estate, manufacturing, sororities and mining. MJ also offers complete employee benefits programs including major medical, group disability, group life and onsite employer clinics. MJ Insurance currently has clients in 16 countries and in every U.S. state.

Alana Hake - color

Hake Joins Gallagher & Kennedy as Associate

Gallagher & Kennedy, P.A., a full service business law firm, announced today that Alana C. Hake has joined the firm as an associate in the Environmental and Natural Resources practice group. She will practice environmental and natural resources law, specializing in environmental remediation work for the mining industry.

Prior to joining Gallagher & Kennedy, Hake was an associate at a Phoenix law firm where she practiced environmental, energy, and regulatory law. She has significant experience analyzing and preparing legal memoranda on environmental, energy and regulatory issues. Hake has also successfully represented clients with regulatory compliance and licensing needs before several state regulatory agencies, including the Arizona Department of Environmental Quality, the Arizona Corporation Commission and the Arizona Department of Financial Institutions.

Hake earned her J.D., summa cum laude, in 2008 from Washington University in St. Louis and her B.S., summa cum laude, in 2005 from The Master’s College. She is a Blackstone Legal Fellow for Alliance Defending Freedom and a volunteer for The Florence Immigrant and Refugee Rights Project.

Alana Hake - color

Hake Joins Gallagher & Kennedy as Associate

Gallagher & Kennedy, P.A., a full service business law firm, announced today that Alana C. Hake has joined the firm as an associate in the Environmental and Natural Resources practice group. She will practice environmental and natural resources law, specializing in environmental remediation work for the mining industry.

Prior to joining Gallagher & Kennedy, Hake was an associate at a Phoenix law firm where she practiced environmental, energy, and regulatory law. She has significant experience analyzing and preparing legal memoranda on environmental, energy and regulatory issues. Hake has also successfully represented clients with regulatory compliance and licensing needs before several state regulatory agencies, including the Arizona Department of Environmental Quality, the Arizona Corporation Commission and the Arizona Department of Financial Institutions.

Hake earned her J.D., summa cum laude, in 2008 from Washington University in St. Louis and her B.S., summa cum laude, in 2005 from The Master’s College. She is a Blackstone Legal Fellow for Alliance Defending Freedom and a volunteer for The Florence Immigrant and Refugee Rights Project.

Curis Resources - Florence Copper Project

Florence Copper Project expands management team

Curis Resources has hired Loren H. Locher as director of public affairs to assist in the continued growth and development of Florence Copper, an in-situ copper recovery project in central Arizona.

“Loren is a wonderful addition to the Florence Copper team and we are fortunate to have someone with his experience to provide leadership for our public affairs and community relations program in Arizona,” said Bruce Marsh, senior vice president of strategic and corporate affairs for Curis Resources. “His knowledge and understanding of stakeholder outreach and relationship building, and his familiarity with Arizona communities, local governments and their needs, will significantly augment the leadership team at Florence Copper.”

Locher brings more than 15 years of experience in public and government affairs, project management and stakeholder outreach to his new role. At Curis, he will oversee community and public affairs outreach and play a key role in coordinating Florence Copper’s stakeholder relations program. Locher will also lead the development and implementation of Florence Copper’s communication strategies and supplement Curis’ ongoing engagement with local and regional regulatory authorities.

“I believe in Florence Copper’s promise, in the environmental technologies it will employ to protect water resources, and the benefits it will provide to local communities,” Locher said. “I look forward to working with the leaders and residents of the Town of Florence, Pinal County and the state of Arizona as we move into the next phase of this exciting project.”

Before joining Florence Copper, Locher served as regional director for government affairs and stakeholder outreach at the El Paso Corporation in Houston. During this time, Locher directed government and stakeholder outreach, and focused on legislative activities, political monitoring and relationship building. Prior to the El Paso Corporation, he worked for Compaq and Olympic Natural Gas. As a Phoenix resident, Locher has also served on the boards of Arizona Tax Research Association and Arizona Chamber of Commerce and Industry.

Richard Adkerson, Freeport-McMoRan Copper & Gold - AZ Business Magazine May/June 2011

Freeport-McMoRan’s profit rises 16%

Freeport-McMoRan Copper & Gold Inc. said Tuesday that fourth-quarter profit rose 16 percent on a combination of rising sales and lower copper-production costs, and the mining company’s stock rose.

Net income was $743 million, 78 cents per share, compared with $640 million, or 67 cents per share, a year earlier. Excluding one-time items such as a charge for environmental costs, the company said it would have earned 74 cents per share, beating the forecast of 71 cents per share among analysts surveyed by FactSet.

Revenue increased 8 percent to $4.51 billion. Analysts expected $4.50 billion, on average.

Copper sales rose 18 percent, gold sales jumped 91 percent, and molybdenum sales gained 11 percent, the company said.

Cost of producing one pound of copper dipped to $1.54 from $1.57 a year earlier, reflecting lower employees costs partially offset by higher mining costs.

In December, the company announced that it will buy Plains Exploration & Production Co. and McMoRan Exploration Co. for $20 billion in total, including the assumption of debt. The deals are expected to close in the second quarter.

For the full year, Freeport-McMoRan earned $3.04 billion, or $3.19 per share, compared with $4.56 billion, or $4.78 per share, in 2011.

Richard Adkerson, Freeport-McMoRan Copper & Gold - AZ Business Magazine May/June 2011

Freeport-McMoRan's profit rises 16%

Freeport-McMoRan Copper & Gold Inc. said Tuesday that fourth-quarter profit rose 16 percent on a combination of rising sales and lower copper-production costs, and the mining company’s stock rose.

Net income was $743 million, 78 cents per share, compared with $640 million, or 67 cents per share, a year earlier. Excluding one-time items such as a charge for environmental costs, the company said it would have earned 74 cents per share, beating the forecast of 71 cents per share among analysts surveyed by FactSet.

Revenue increased 8 percent to $4.51 billion. Analysts expected $4.50 billion, on average.

Copper sales rose 18 percent, gold sales jumped 91 percent, and molybdenum sales gained 11 percent, the company said.

Cost of producing one pound of copper dipped to $1.54 from $1.57 a year earlier, reflecting lower employees costs partially offset by higher mining costs.

In December, the company announced that it will buy Plains Exploration & Production Co. and McMoRan Exploration Co. for $20 billion in total, including the assumption of debt. The deals are expected to close in the second quarter.

For the full year, Freeport-McMoRan earned $3.04 billion, or $3.19 per share, compared with $4.56 billion, or $4.78 per share, in 2011.

freeport

Freeport-McMoRan buys energy companies for $9B

Mining company Freeport-McMoRan is buying a pair of oil and gas producers for $9 billion, creating a natural resources conglomerate with assets ranging from oil rigs in the Gulf of Mexico to mines in Indonesia.

Freeport, based in Phoenix, is paying $6.9 billion in cash and stock for Plains Exploration Co., and $2.1 billion for McMoRan Exploration Co. Freeport will also assume $11 billion in debt in the deal.

Plains Exploration, based in Houston, produces oil in California, Texas and the Gulf of Mexico, along with natural gas in Louisiana. McMoRan Exploration, based in New Orleans, is developing natural gas resources that lie deep below shallow water regions of the Gulf of Mexico.

The recent track record of miners buying oil and gas companies has been mixed.

BHP Billiton, the Australian mining giant, wrote down the value of its U.S. natural gas assets by $2.8 billion in August. The company had paid $5 billion for much of those assets in 2011 when it bought reserves in the Fayetteville Shale in Arkansas from Chesapeake Energy.

Natural gas prices in the U.S. have been pushed sharply lower in recent years because drillers have learned to unlock enormous amounts of natural gas from shale formations under several states, dramatically boosting supplies.

BHP Billiton also acquired Petrohawk Energy in 2011 for $12 billion. Petrohawk focused on oil instead of gas, though, so BHP did not have to write down those assets.

U.S. oil production is at its highest level since 1998, according to the Energy Department, but global oil prices have remained relatively high.

Freeport shareholders generally owned the company for its exposure to copper and will not embrace the move, Anthony Rizzuto, an analyst at Dahlman Rose, wrote in a note to clients.

The company’s stock price fell $5.06, or 13 percent, to $33.22, in midday trading.

The Freeport deals, which must be approved by shareholders, are expected to close in the second quarter of 2013.

117321013

UA earns grant to study biodiesel effects

Researchers at the University of Arizona have won a $1.4 million grant to study the occupational and environmental health effects of underground mining equipment that runs on biodiesel-blend fuels.

The university says mining operators are shifting from diesel to biodiesel-blend fuels in a bid to lower exposure to pollutants.

Biodiesel is made from vegetable oil or animal fat and can be added to diesel as a blend or used on its own.

The National Institute for Occupational Safety and Health awarded the grant to the university’s public health college and mining department.