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Mining News

Rye Patch buys more haulage trucks for Florida Canyon

By: Henry Lazenby     Updated 5 hours ago Canadian precious metals junior Rye Patch Gold has secured financing to buy four more haul trucks for its Florida Canyon mine, in Nevada. The Vancouver-based company announced on Friday that it will add four Caterpillar 785C haul trucks for a total of $3.67-million dollars, growing the Florida... 

Geribaldi ramps up exploration effort at Nickel Mountain

By: Henry Lazenby     Updated 6 hours ago TSX-V-listed Garibaldi Resources is stepping up its exploration efforts at its flagship Nickel Mountain base metals project, in northwest British Columbia's prolific Eskay Camp. The Vancouver-based company advised on Friday that crews, including Full Force Drilling based in Peachland, British... 

World copper mine output falls 3% in first 5 months of 2017

By: Henry Lazenby     Updated 6 hours ago Global copper mine output was 3% lower year-on-year during the first five months of 2017, the latest data from the International Copper Study Group (ICSG) showed on Friday. Concentrate production declined by around 2.5% and solvent extraction-electrowinning (SX-EW) declined by around 4.5%. 

World copper mine output falls 3% in first 5 months of 2017

Freeport-McMoRan redeems five series of senior notes

By: Henry Lazenby     Updated 7 hours ago The world’s largest publicly traded copper producer Freeport-McMoRan (FCX) has announced on Friday the redemption of five series of senior notes with a total value of $543-million. The Phoenix, Arizona-headquartered company advised that it has issued notices to redeem on September 18, two series... 

Chilean economic growth boosted by domestic spending

By: Reuters     18th August 2017 Chile's gross domestic product grew broadly in line with expectations in the second quarter of 2017, boosted by domestic spending, the central bank said on Friday, although investment continued to lag. GDP grew by 0.7% in the second quarter from the first quarter in seasonally adjusted terms. 

Zwane again firm on Charter targets as consistent with radical economic transformation

By: Natasha Odendaal     18th August 2017 As government’s plans for radical economic transformation unfold, the mining sector has become the centre of that swirling debate in light of the newly gazetted reviewed and updated Mining Charter. South Africa has been pursing radical economic transformation as the path towards coveted inclusive... 

Zwane again firm on Charter targets as consistent with radical economic transformation
Photo by Duane Daws
Mineral Resources Minister Mosebenzi Zwane

Scotgold submits planning application for revised operations

By: Mariaan Webb     18th August 2017 The Loch Lomond and Trossachs National Park Planning Authority has confirmed receipt and has validated Scotgold’s application for revised operations at the Cononish gold and silver project, in Scotland. The validation defines the start of the statutory determination period, Aim-listed Scotgold... 

Pan African warns of lower FY earnings

By: Creamer Media Reporter      18th August 2017 JSE- and Aim-listed Pan African Gold expects to report earnings per share (EPS) of between 18.3c and 21.32c in the year ended June 30. This represents a 29% to 39% decrease on the EPS of 30.2c reported in the prior financial year. 

Zimbabwe tightens screws on miners' export earnings in forex crunch

By: Reuters     18th August 2017 The Reserve Bank of Zimbabwe has ordered platinum and chrome miners to surrender 80% of their export earnings to the central bank as the country struggles to contain a crippling dollar note shortage. Previously miners in the southern African nation were required to retain 50% of their earnings. 

Vast receives matching investment offer from Sub-Sahara Goldia

By: Mariaan Webb     18th August 2017 Aim-listed Vast Resources has received a finance offer from Sub-Sahara Goldia Investments, which matches the $10-million agreement signed with a Romanian investor last month. Sub-Sahara, which provided Vast with a $4-million loan in January, had a right to provide equivalent finance to the... 

Shanta cancels Helio transaction, New Luika on track to meet FY guidance

By: Anine Kilian     18th August 2017 East Africa-focused Shanta Gold has cancelled its proposed £3.5-million buyout of TSX-V-listed Helio Resources. The transaction, which was announced in June, would have given Shanta control of Helio’s assets, adjacent to its own New Luika gold mine, in Tanzania. 

Former Sierra Rutile CEO denies bribery claims

By: Esmarie Swanepoel     18th August 2017 Sierra Leone Presidential candidate and former CEO of Sierra Rutile John Sisay has denied allegations that he was involved in bribery to secure mining licences in the African nation. Reports emerged this week alleging that mineral sands miner Iluka had uncovered suspected bribe payments by Sisay... 

Ferguson calls on NT govt to reconsider fracking stance

By: Esmarie Swanepoel     18th August 2017 The Australian Petroleum Production & Exploration Association (Appea) has called on the Northern Territory government to reconsider its stance on hydraulic fracturing (fracking), saying an onshore gas industry in the region could deliver new sources of stable, long-term revenue for the Territory... 

Ferguson calls on NT govt to reconsider fracking stance

Eastern Goldfields winding up order set aside

By: Esmarie Swanepoel     18th August 2017 An order by the Western Australian Supreme Court to wind up ASX-listed Eastern Goldfields has been set aside, with the miner on Friday announcing that the winding up process had been terminated and that the company had been returned to its directors. Assay provider Genalysis Laboratory Services... 

Great Western raises cash for exploration

By: Esmarie Swanepoel     18th August 2017 ASX-listed junior Great Western Exploration will raise A$2.5-million to fund drilling at its Yandal West gold project, in Western Australia. The company on Friday announced that it would issue up to 230-million shares at 1.1c each, to a number of sophisticated and professional investors. 

Rox declares maiden resource at Olympia

By: Esmarie Swanepoel     18th August 2017 Base and precious metals explorer Rox Resources has reported a maiden inferred resource of 573 000 t, grading 1.63% nickel, 1.19% copper and 0.082% cobalt for its Olympia nickel-copper-cobalt-platinum group metal deposit in Western Australia. The project is estimated to host some 9 300 t of... 

Corazon gets net cornerstone investor

By: Esmarie Swanepoel     18th August 2017 unior explorer Corazon Mining has welcomed a new cornerstone investor in Hanking Australia Investment, which has taken a A$1.68-million stake in the ASX-listed company. Corazon on Friday announced that it will raise some A$1.8-million through the placement of around 127.4-million shares, priced... 

Kingsgate shares surge as Thailand lifts Chatree suspension

By: Esmarie Swanepoel     18th August 2017 The share price of embattled Kingsgate Consolidated rose by more than 36% on the ASX on Friday after the Thai government lifted a temporary suspension on the Chatree gold mine. Production at the mine ceased at the end of December, in compliance with the requirements of the government. No reason... 

Explorer overcomes funding crunch, targeting first gold pour at Mali project by year-end

By: Ilan Solomons     18th August 2017 It is common knowledge that securing investment for exploration projects, particularly for junior operators, has been “extremely challenging”, owing to the current tepid global economic climate and low commodity prices, emerging gold miner Hummingbird business development head Robert Monro tells... 

Explorer overcomes funding crunch, targeting first gold pour at Mali project by year-end

Polish miner KGHM's first-half profit rise lags forecasts

By: Reuters     18th August 2017 Polish-based copper miner KGHM reported a 66% rise in first-half net profits on Thursday but failed to meet analysts' estimates as currency effects and increased costs offset rising copper and molybdenum prices. The state-controlled firm posted a consolidated net profit of 491-million zlotys, up... 

Polish miner KGHM's first-half profit rise lags forecasts

Glencore to start importing fuel for Mexico's domestic market in Feb – oil chief

By: Reuters     18th August 2017 Trading firm Glencore expects to start importing fuel for Mexico's domestic market in February 2018 through its own terminal in the southern state of Tabasco, the head of the firm's oil division, Alex Beard, said on Thursday. The executive said the fuel will be ultimately sold by a large network... 

BlackRock's largest mutual fund boosts energy holdings – manager

By: Reuters     18th August 2017 BlackRock's largest mutual fund hiked its exposure to "select names" in energy as the sector has lagged this year, one of its portfolio managers said on Thursday. "The underperformance of energy stocks even as oil prices have stabilised creates opportunities for investors," wrote Russ... 

Integra Resources created to replicate Integra Gold’s success

By: Henry Lazenby     18th August 2017 Shell company Mag Copper has rebranded and appointed three former executives of Integra Gold, which was acquired by Eldorado Gold last month for C$590-million, to replicate the former company’s success elsewhere in the Americas. The company, to be rebranded Integra Resources, plans to acquire a... 

IHS materials index posts sixth gain in seven weeks

By: Henry Lazenby     18th August 2017 The materials price index (MPI) from Global Insight by IHS Markit has recovered about half the losses it suffered between February and June. The latest reading of the MPI, an index measuring the weighted average of weekly spot prices for a basket of globally traded manufacturing inputs comprising... 

Billions in investment to propel Zambia’s Mopani mine into costs ‘premier league’

By: Ilan Solomons     18th August 2017 “Like a sports team, Mopani copper mine, in Kitwe, Zambia is near the bottom of the league and needs to improve its ranking to avoid relegation or closure,” says diversified mining major Glencore’s Mopani copper mine CEO Johan Jansen, using a football analogy to explain where the company is in... 

Billions in investment to propel Zambia’s  Mopani mine into costs ‘premier league’
LOFTY AMBITIONS Through parent company Glencore’s commitment and financial support the mine’s management team wants to turn Mopani into a world-class mining company by 2023

Firms joining forces to raise $500m for mining projects, particularly in Africa

By: Ilan Solomons     18th August 2017 Mining investment advisory company MX Mining Capital Advisors and law firm Norton Rose Fulbright South Africa are collaborating to assist in raising about $500-million in finance for mining projects worldwide and for Africa based ones in particularly. MX Mining is focused on raising capital and... 

Firms joining forces to raise $500m for mining  projects, particularly in Africa
Photo by Duane Daws
PRECISION PLANNING The way a project is structured is critical to ensuring whether or not it receives the needed finance

Mining Weekly iPhone and Android Apps available for free download 

     18th August 2017 Creamer Media’s readers continue to be part of the mobile revolution.  Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers a MiningWeekly.com app for iPhone and Android users.  These apps offer... 

Mining Weekly iPhone and Android Apps available for free download

NexGen in a class of its own as maiden PEA catapults Arrow into the big league

By: Henry Lazenby     17th August 2017 There are about 30 aspects around the recently unveiled maiden preliminary economic assessment (PEA) on uranium exploration junior NexGen Energy’s Arrow deposit, which is part of the Rook 1 project in the south-west of Saskatchewan’s Athabasca Basin, that separates it from its development peers... 

NexGen in a class of its own as maiden PEA catapults Arrow into the big league
Photo by Bloomberg
NexGen signage in front of the NYSE in May

Samarco should be punished but not closed – Brazil mining minister

By: Reuters     17th August 2017 Samarco, a joint venture between BHP Biliton and Brazil's Vale, should be punished but not closed over the 2015 collapse of a tailings dam that killed 19 people, Brazil's mining and energy minister said on Thursday. "Mistakes may have been made, but it was an accident," Fernando Coelho Filho... 

RAL, Northam partner to upgrade road in Waterberg district

By: Anine Kilian     17th August 2017 Roads Agency Limpopo (RAL) and platinum producer Northam Platinum have signed a R60-million strategic partnership to upgrade the P20 road that links Sataria to the road artery that goes to Koedoeskop, in the Waterberg district. Under the terms of the agreement, RAL will contribute R37.5-million... 

Scientists find unexpected new source for lithium

By: Reuters     17th August 2017 Scientists have found an unexpected new source for lithium, a key component in battery-powered electric cars and other renewable energy technologies: supervolcanoes. Most of the world's lithium comes from Chile and Australia, and expanding access to the mineral is crucial for meeting demand for... 

Exxaro H1 headline earnings rise on higher coal sales

By: Anine Kilian     17th August 2017 Diversified miner Exxaro Resources has posted headline earnings of R2.79-billion for the six months ended June 30, compared with headline earnings of R1.10-billion in the first half of 2016. Revenue rose 10% year-on-year to R10.74-billion, while group net operating profit increased by 35% to... 

Exxaro H1 headline earnings rise on higher coal sales
Photo by Duane Daws
Mxolisi Mgojo

Glencore coal miners return to work in Australia but vow more strike action

By: Reuters     17th August 2017 Coal mine workers from seven Glencore collieries in Australia returned to work on Thursday after a four-day work stoppage, with many voting to keep up pressure on the company over wages and job security. More than 1,400 workers met in the mining hub of Singleton, New South Wales, about 200 km... 

Harmony ups South African capex, pays 70% higher dividend 

By: Martin Creamer     17th August 2017 Gold mining company Harmony Gold, which spent R2.3-billion capital expenditure (capex) on its South African operations in the 12 months to June 30, will be increasing its capex to R2.7-billion for mainly the ongoing development of the Phakisa and Tshepong gold mines in the Free State. The... 

Harmony ups South African capex, pays 70% higher dividend
Harmony Gold CEO Peter Steenkamp delivering results at presentation covered by Mining Weekly Online’s Martin Creamer. Video: Darlene Creamer. Video Editing: Lionel da Silva.

It’s time for industry to stand up – Holland

By: Natasha Odendaal     17th August 2017 Dual-listed Gold Fields will oppose the new Mining Charter Three “with everything its got” as the mining industry stands firm in the standoff with the Department of Mineral Resources (DMR). Backing the action taken by the Chamber of Mines (CoM), Gold Fields CEO Nick Holland on Thursday said that,... 

It’s time for industry to stand up – Holland
Photo by Duane Daws
Gold Fields CEO Nick Holland

M&R warns ‘costly’ Middle East exit will drag 2017 earnings lower

By: Terence Creamer     17th August 2017 Engineering group Murray & Roberts (M&R), which sold its Southern African infrastructure and building units to a Southern Palace-led consortium in November, has warned that its earnings will fall by more than expected in 2017, owing to additional costs associated with four remaining building... 

Gem mulls Ghaghoo buyout offer; H1 revenues decrease

By: Creamer Media Reporter      17th August 2017 LSE-listed Gem Diamonds, which on Thursday reported lower revenue and earnings for the six months to June 30, is considering an offer from an undisclosed party that is interested in buying its Ghaghoo mine, in Botswana, which was placed on care and maintenance earlier this year. The company in... 

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