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Mining News

Armadale signs MoU with potential buyer of Mahenge Liandu graphite

By: Nadine James     Updated 14 minutes ago Aim-listed Africa-focused mining investment company Armadale Capital has signed a memorandum of understanding (MoU) for a proposed offtake agreement with Chinese graphite mining and processing company Matrass Group, for graphite products produced at Armadale’s Mahenge Liandu project, in Tanzania.... 

Platreef weighted basket price reaches three-year high – Ivanhoe

By: Nadine James     Updated 16 minutes ago Ivanhoe Mines co-chairpersons Robert Friedland and Yufeng Sun, as well as Ivanplats MD Dr Patricia Makhesha, on Monday announced that the weighted basket price of the metals contained in the Platreef palladium/platinum/rhodium/nickel/copper/gold project has risen to a new, three-year high.... 

Canada clears Newmont’s Goldcorp buy

By: Creamer Media Reporter      Updated 28 minutes ago The Canadian Competition Bureau has cleared gold miner Newmont’s $10-billion stock-for-stock acquisition of NYSE- and TSX-listed Goldcorp. The US miner said on Monday that it was continuing to work with other regulatory agencies to secure the additional approvals that were required for the... 

BHP half-year underlying profit down 8% to $3.7bn

By: Esmarie Iannucci     Updated 52 minutes ago Diversified major BHP reported an 8% decrease in half-year underlying profit and said its earnings from its copper division fell sharply in the six months. Underlying attributable profit fell from $4.1-billion in the half-year ended December 2017, to $3.7-billion in the half-year ended December... 

BHP half-year underlying profit down 8% to $3.7bn
Photo by Bloomberg
BHP CEO Andrew Mackenzie

BHP calls for international body to oversee tailings dams

By: Reuters     Updated 57 minutes ago BHP Group called for the creation of an independent international body to oversee the construction, integrity and operations of tailings dams, which hold mining waste, after the second collapse of a dam in Brazil in the past three years. "As an industry, we now have to redouble our efforts to... 

Chinese traders freeze Australian coal orders amid 40-day customs delays - sources

By: Reuters     Updated 1 hour 9 minutes ago Chinese coal traders have stopped ordering Australian coal as clearing times through China's customs have doubled to at least 40 days, according to major buyers in China and international coal merchants, resulting in a sharp fall in Australian prices. The traders and a broker said only cargoes... 

Senex output continues to grow

By: Esmarie Iannucci     Updated 1 hour 14 minutes ago ASX-listed Senex Energy has swung back into black during the six months ending December, after reporting an underlying net profit of A$1.4-million, compared with an underlying net loss of A$2.8-million after tax, compared with the first half of 2018. Production was up 49% over the same period,... 

Origin sells Ironbark to its 37.5%-owned APLNG JV

By: Esmarie Iannucci     Updated 1 hour 15 minutes ago Energy major Origin Energy has struck a A$231-million deal to sell its Ironbark project to Australia Pacific Liquefied Natural Gas (APLNG) – a joint venture in which it is a 37.5% shareholder with ConocoPhillips (37.5%) and Sinopec (25%). Origin said on Tuesday that it expected to book a non-cash... 

Record production drives Saracen in H1

By: Esmarie Iannucci     Updated 1 hour 17 minutes ago Gold miner Saracen Mineral Holdings has reported an increase in revenues and underlying net profits after tax for the six months to December, underpinned by record production. Gold production during the six months under review rose 13% to a record 177 774 oz, compared with the 157 795 oz produced... 

Lulo delivers 128 ct diamond

By: Esmarie Iannucci     Updated 1 hour 18 minutes ago Diamond miner Lucapa Diamond Company has recovered a 128 carat diamond from its Lulo alluvial mine, in Angola. The diamond is the twelfth stove over 100 carats to be recovered to date from the Lulop operation, which continued to underline the large-stone nature of the Lulo diamond field, said... 

Copper price hits Sandfire

By: Esmarie Iannucci     Updated 1 hour 19 minutes ago Falling copper prices have resulted in producer Sandfire Resources reporting a softer interim period. The ASX-listed miner on Tuesday reported a profit after tax of A$48.3-million, compared with the A$59.5-million in the previous corresponding period, with total revenue reaching A$272.3-million,... 

Musgrave opens base metals options at Cue

By: Esmarie Iannucci     Updated 1 hour 21 minutes ago ASX-listed Musgrave Minerals has struck a joint venture (JV) agreement with Cyprium Australia over the non-gold rights at the northern tenements of the Cue project, in Western Australia. With an initial A$10 000 payment, Cyprium will have an exclusive 90-day option period in which to elect to... 

Kumba pays dividend, boosts safety, explores, creates local jobs

By: Martin Creamer     Updated 1 hour 41 minutes ago Product-improving  Kumba Iron Ore generated hefty operational cash flow, paid a competent final 2018 cash dividend, pressed on with exploration in a new area and supported the creation of 2 600 new jobs in the local community, during a fatality-free, safety-boosted year, characterised by higher... 

Kumba pays dividend, boosts safety, explores, creates local jobs
Kumba Iron Ore CE Themba Mkhwanazi

Improved margins drive growth in AngloGold's free cash flow generation

By: Simone Liedtke     Updated 2 hours 56 minutes ago Gold miner AngloGold Ashanti achieved its guidance for the sixth consecutive year, with improved margins driving significant growth in free cash flow generation, the company announced on Tuesday morning.   The gold miner further declared a dividend of 95c a share, equal to about $0.07.   During... 

Improved margins drive growth in AngloGold's free cash flow generation
Photo by Bloomberg
AngloGold CEO Kelvin Dushnisky

Implats announces revised interim HEPS, EPS figures

By: Simone Liedtke     18th February 2019 Following the release of a trading statement earlier this month, Impala Platinum (Implats) on Monday said that it “now has reasonable certainty” that its headline earnings and headline earnings per share (HEPS) for the six-month period ended December 31, 2018, are likely to be between... 

Sylvania on track to meet revised FY19 production guidance

By: Simone Liedtke     18th February 2019 Sylvania Platinum CEO Terry McConnachie remains confident that Sylvania will achieve its revised production guidance of between 73 000 oz and 76 000 oz for the full 2019 financial year. The company’s Sylvania Dump Operations (SDO) had achieved only a marginal increase in production to 34 045 oz... 

Tri-Star reports technical issue at Oman facility

By: Mariaan Webb     18th February 2019 Shares in London-listed Tri-Star Resources fell on Monday, as the company reported that it had been informed of a technical issue at its 40%-owned Strategic and Precious Metals Processing (SPMP) facility, in Oman. The company said it liquid metal had been produced in the reduction furnace at... 

High-flying Amplats sets ‘next wave of strategy’ in motion 

By: Martin Creamer     18th February 2019 Anglo American Platinum (Amplats), which shot the lights out with a set of stupendous cash-splurging, debt-negating, high-dividend-yielding 2018 results, on Monday set its “next new wave of strategy” in motion, which involves extracting the full potential from its operations through people and... 

High-flying Amplats sets ‘next wave of strategy’ in motion
Photo by Creamer Media Chief Photographer Dylan Slater
Anglo American Platinum CEO Chris Griffith

Motsepe rejects Eskom conspiracy claims as ‘ridiculous’, but admits to ‘serious’ perception problem 

By: Terence Creamer     18th February 2019 Black business luminary Patrice Motsepe has labelled as “ridiculous” a recurring allegation that African Rainbow Energy & Power (AREP) is part of an unscrupulous plan to collapse Eskom and supplant the State-owned power utility with independent power producers (IPPs), in which the business would... 

Motsepe rejects Eskom conspiracy claims as ‘ridiculous’, but admits to ‘serious’ perception problem
Photo by Creamer Media
AREP chairperson Patrice Motsepe

Intensification drilling under way at Botswana Diamonds’ Thorny River

By: Tasneem Bulbulia     18th February 2019 Aim- and BSE-listed exploration company Botswana Diamonds has started with the planned intensification drilling on its Thorny River prospect in South Africa, with the first four holes having intersected diamonds at predicted thicknesses and depths.  The programme, which comprises the drilling of... 

Rustenburg unemployed demand jobs at a mine

By: African News Agency      18th February 2019 Unemployed people at Ikemeleng in Kroondal near Rustenburg marched to the Kroondal Mine on Monday, demanding jobs. "We are here today to let the mine know that we as Ikemeleng community want what is ours and that is jobs and tenders. There is a tender that came out dealing with the dumping area... 

Constitutional Court upholds Aquila’s Gravenhage manganese mining right

By: Tasneem Bulbulia     18th February 2019 The Constitutional Court has upheld a High Court judgment granting China-based Baowu Group subsidiary, Aquila Steel, a mining right over its Gravenhage manganese deposit, located in South Africa’s Northern Cape province. Aquila’s planned development of Gravenhage has been delayed for several... 

Petra appoints new CEO, narrows H1 net loss 

By: Tasneem Bulbulia     18th February 2019 LSE-listed Petra Diamonds, which on Monday announced the appointment of Richard Duffy as CEO, narrowed its adjusted net loss after tax to $4.5-million for the six months ended December 31, 2018, from the net loss of $7.2-million recorded for the six months to December 31, 2017. Nevertheless,... 

Petra appoints new CEO, narrows H1 net loss
Photo by Creamer Media
Richard Duffy

Taseko closes Yellowhead Mining acquisition

By: Simone Liedtke     18th February 2019 TSX- and NYSE-listed Taseko Mines has successfully added a near-shovel-ready copper project to its assets with the successful acquisition of  Yellowhead Mining. The company reported on Friday that the transaction had closed and that Yellowhead’s shares would be delisted from the TSX-V. 

Exxaro completes Tronox divestment

By: Simone Liedtke     18th February 2019 Diversified miner Exxaro Resources on Monday confirmed that NYSE-listed mining and inorganic chemicals company Tronox has completed the first stage of its redomiciliation, whereby it has acquired Exxaro’s remaining ownership interest in Tronox Sands for just over R2.06-billion, or about... 

Copper Mountain posts Q4 and FY loss

By: Creamer Media Reporter      18th February 2019 Vancouver-based Copper Mountain has reported a fourth-quarter and full-year net loss, despite a strong operational performance, which saw the miner increasing quarterly output by 9.7% and meeting its 2018 production guidance. Fourth-quarter production increased to 24.5-million pounds of copper... 

Mexico approves Pan American Silver’s Tahoe acquisition

By: Tasneem Bulbulia     18th February 2019 The Mexican Federal Economic Competition Commission on Friday approved the proposed transaction whereby Pan American Silver will acquire all of the issued and outstanding shares of dual-listed Tahoe Resources. In a statement, Tahoe confirmed that all required regulatory, shareholder and court... 

Lithium hopeful Far secures C$12m facility from Alumina Partners

By: Tasneem Bulbulia     18th February 2019 Canadian lithium hopeful Far Resources has secured up to C$12-million from New York-based private equity firm Alumina Partners to advance its exploration activities.     The company is focused on defining a lithium resource at its Zoro project, which is located in the Snow Lake region of... 

Superintendent sides with Heron

By: Esmarie Iannucci     18th February 2019 Contractor Sedgman’s additional costs of A$49.9-million related to the Woodlawn base metals project, in New South Wales, has been largely rejected by the contract superintendent. Sedgman presented project owner Heron Resources with a A$49.9-million progress claim for the Woodlawn project, which... 

Riley restart on the cards

By: Esmarie Iannucci     18th February 2019 ASX-listed Venture Minerals is looking to restart its Riley direct shipping ore iron-ore mine, in Tasmania. The company on Monday said that it was reviewing the economics of the Riley project, following a significant recovery in the iron-ore prices, and expressions of interest by several third... 

Doray/Silver Lake merger fair - independent report

By: Esmarie Iannucci     18th February 2019 The director of gold miner Doray Minerals has urged shareholders to vote in favour of a merger with fellow-listed Silver Lake Resources, after an independent review found the offer to be both fair and reasonable. The two companies in 2018 struck a scheme implementation deed, under which Doray... 

Universal still waiting for takeover offer  

By: Esmarie Iannucci     18th February 2019 The board of ASX-listed Universal Coal has urged shareholders to sit tight as the company awaits a possible takeover offer from a consortium of investors, headed by South Africa’s Ata Resources. Universal in December last year struck a non-solicitation agreement with the special purpose bidding... 

Matsa starts mining at Red October

By: Esmarie Iannucci     18th February 2019 ASX-listed Matsa Resources has started mining at it Red October gold project, in Western Australia, with first ore expected in April. The mining operation is expected to generate some A$16-million in revenue and deliver Matsa a cash surplus of more than A$4-million. 

New Century locks in A$100m of additional funding

By: Esmarie Iannucci     18th February 2019 ASX-listed New Century Resources has secured up to A$100-million in working capital facilities from investment firm Varde Partners, as the company restarts its Century zinc operations, in Queensland. The funding will consist of a A$60-million secured facility, which has been approved and is... 

Santos broadens scope in northern Australia

By: Esmarie Iannucci     18th February 2019 Oil and gas major Santos has struck a joint venture (JV) agreement with fellow-listed Beach Energy to partner over four exploration permits in the Bonaparte Basin, offshore Northern Australia. The two companies will each hold a 50% JV interest in the four permits, with Santos acting as operator. 

Rare bird threatens to derail Adani’s contentious Australian coal mine

By: Esmarie Iannucci     18th February 2019 A rare bird could threaten the development of the $16.5-billion Carmichael coal project, in Queensland, project owner Adani has revealed. The Queensland Department of Environment and Science in December told the Indian major that it was referring Adani’s Black-throated Finch management plan to... 

Rare bird threatens to derail Adani’s contentious Australian coal mine

Cash-flush Amplats ups dividend, studies 100 MW solar possibility

By: Martin Creamer     18th February 2019 The deaths of two mineworkers at the Amandelbult mine marred an outstanding performance by Anglo American Platinum (Amplats), which has paid out a total of R3-billion cash in dividends for the 12 months to end December, recorded record production from the Mogalakwena, Unki and Kroondal mines,... 

Cash-flush Amplats ups dividend, studies 100 MW solar possibility
Photo by Creamer Media
Anglo American Platinum CEO Chris Griffith
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