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Mining News

Pacton acquires additional claims in Red Lake district

By: Simone Liedtke     14th February 2019 TSX-V-listed Pacton Gold has entered into an acquisition agreement to purchase additional mineral claims in the Red Lake district of Ontario. The property, which comprises 17 mineral claims, will increase Pacton’s land position to about 15 300 ha. 

Gold, operational costs drag down South Africa’s December mining production

By: Marleny Arnoldi     14th February 2019 South Africa’s mining production decreased by 1.6% year-on-year in 2018, following a 3.9% year-on-year increase in 2017 and a decrease of 3.7% year-on-year in 2016, Statistics South Africa (Stats SA) revealed on Thursday. In December, mining production decreased by 4.8% year-on-year, with the... 

India hands over national oil company assets to private investors

By: Ajoy K Das     14th February 2019 Finally overruling strident opposition, the Indian government has approved taking away smaller discovered oil and natural gas blocks of its national oil exploration and production (E&P) majors and allocating them to private investors through auctions. The move, criticised by a section in... 

Champion considers doubling Bloom Lake capacity

By: Mariaan Webb     14th February 2019 Quebec iron-ore miner Champion Iron is considering doubling the capacity of its Bloom Lake mine, near Fermont, and will complete a feasibility study before the end of the year. Pending a positive decision resulting from an economical feasibility study, construction could start in late 2019 or... 

Ramaphosa promises to correct lack of consultation with labour on Eskom unbundling 

By: Terence Creamer     14th February 2019 President Cyril Ramaphosa acknowledged on Thursday that there had been insufficient consultation with labour on government’s plan to unbundle Eskom into three separate companies, but he also stressed that the proposed restructuring would not result in privatisation. In his response to the debate... 

Ramaphosa promises to correct lack of consultation with labour on Eskom unbundling
President Cyril Ramaphosa

South32 finalising preferred list of coal mine bidders 

By: Martin Creamer     14th February 2019 The complete preferred list of bidders for South32’s energy coal interests is still being finalised, South32 CEO Graham Kerr told Mining Weekly Online on Thursday, when he also provided three reasons why the company’s Australian manganese operations are doing better than its South African... 

South32 finalising preferred list of coal mine bidders
Photo by Creamer Media
South32 CEO Graham Kerr

Arch Coal starts work on new $390m West Virginia coking coal mine

By: Creamer Media Reporter      14th February 2019 The second largest coal miner in the US, Arch Coal, on Thursday announced that it had started work on a new three-million-ton-a-year coking coal mine that will operate on the same 200-million-ton reserve base as its Leer operation, in West Virginia. The NYSE-listed company would invest between... 

Arch Coal starts work on new $390m West Virginia coking coal mine

GoldStone expects definitive economic plan for Ghana mine to be completed in Q2

By: Marleny Arnoldi     14th February 2019 Aim-listed GoldStone Resources expects the definitive economic plan (DEP) for its Akrokeri-Homase gold project, in Ghana, to be completed during the second quarter. The DEP assesses the capital requirements, operating costs and timelines in respect of developing an operational mine on the... 

Vast Resources set to mine Zimbabwe diamond territory – Minister

By: Reuters     14th February 2019 London-listed miner Vast Resources is to be allowed into Zimbabwe's diamond fields, Mining Minister Winston Chitando said on Thursday, joining other new entrants including Russia's Alrosa. Zimbabwe is stepping up efforts to exploit its mineral resources to revive a moribund economy sapped by high... 

NUM seethes over lack of consultation on Eskom unbundling 

By: Terence Creamer     14th February 2019 The National Union of Mineworkers (NUM) has expressed deep unhappiness with the decision of President Cyril Ramaphosa to announce the unbundling of Eskom in the absence of any prior consultation with the union, which is a formal ally of the governing African National Congress (ANC). The union,... 

NUM seethes over lack of consultation on Eskom unbundling
NUM president Joseph Montisetse (left) listens while his general-secretary David Sipunzi speaks during a media conference

Jan Steenkamp appointed MD of Kropz’s Elandsfontein phosphate mine

By: Marleny Arnoldi     14th February 2019 Aim-listed emerging phosphate producer Kropz has appointed Jan Steenkamp MD of the company’s 74%-owned Elandsfontein project, in South Africa’s Western Cape province. Steenkamp is a South African mining industry veteran and has managed mining operations across a number of commodities. He also... 

Jan Steenkamp appointed MD of Kropz’s Elandsfontein phosphate mine
Photo by Creamer Media
Elandsfontein MD Jan Steenkamp

At least 23 illegal Zimbabwean gold miners feared dead after shafts flooded

By: Reuters     14th February 2019 At least 23 illegal miners are trapped and feared dead in Zimbabwe after shafts and underground tunnels they were working in were flooded by water from a burst dam, a state-owned daily newspaper reported on Thursday. The southern African nation has been working to regulate thousands of people who... 

Sibanye considers restructuring gold operations; says FY loss to narrow to R1bn  

By: Marleny Arnoldi     14th February 2019 JSE- and NYSE-listed Sibanye-Stillwater will consult with stakeholders about the possible restructuring of its gold operations and associated services, as a result of ongoing financial losses. In a trading statement released on Thursday, the miner said it expects to report an attributable loss... 

Sibanye considers restructuring gold operations; says FY loss to narrow to R1bn
Photo by Creamer Media
Sibanye-Stillwater CEO Neal Froneman

Kinross meets FY guidance, but posts lower earnings

By: Mariaan Webb     14th February 2019 Gold miner Kinross has reported a drop in adjusted earnings and also posted weaker production results, but the miner pointed out that its output and costs were in line with its guidance. Kinross produced 2.45-million gold-equivalent ounces (GEO) at an all-in-sustaining cost (AISC) of $965/oz,... 

Goldcorp reports Q4 adjusted profit

By: Mariaan Webb     14th February 2019 Midtier miner Goldcorp posted fourth-quarter adjusted earnings of $61-million, or $0.07 a share, compared with $116-million, or $0.14 a share, a year earlier, the soon-to-be-bought company announced late on Wednesday. Goldcorp, which is being taken over by Newmont in a $10-billion stock-for-stock... 

Barrick’s Loulo gold mine going solar

By: Martin Creamer     14th February 2019 As part of its cost-reduction me and drive to manage its carbon footprint, the Loulo-Gounkoto gold mine is to install a 24 MW off-grid solar hybrid plant to support its existing 63 MW thermal power station, by harnessing Mali’s abundant solar resource. The 24MW off-grid solar plant has the... 

Barrick’s Loulo gold mine going solar
Loulo gold mine introducing solar power

Australia's Queensland Rail says expects to repair flooded track within 6 months

By: Reuters     14th February 2019 Australia's Queensland Rail said on Thursday that it expects a rail track hit by flooding this month that has disrupted zinc shipments from major producers like Glencore to be repaired within the next six months. The 1 000 km (620 mile) rail line is used by miners including Glencore, MMG Ltd and... 

Barrick advancing autonomous gold production – Bristow 

By: Martin Creamer     14th February 2019 Autonomous production systems and projects are being advanced across Barrick Gold as the group focuses on boosting mining efficiency, new Barrick president and CEO Dr Mark Bristow tells Mining Weekly Online. This is part of an all-out drive by Bristow to ensure that Barrick, into which Randgold... 

Barrick advancing autonomous gold production – Bristow
Barrick Gold CEO Dr Mark Bristow

Flinders shareholders get a say

By: Esmarie Iannucci     14th February 2019 The share price of Flinders Mine increased by more than 33% on Thursday after the company said that it would seek shareholder approval to de-list from the ASX, to avoid orders from the Takeovers Panel. A number of Flinders shareholders turned to the Takeovers Panel, after Flinders applied to... 

Ramelius settles Marda buy

By: Esmarie Iannucci     14th February 2019 Gold miner Ramelius Resources has completed the acquisition of the Marda gold project, in Western Australia, from the creditors of Black Oak Minerals. Ramelius in September of last year announced plans to purchase the Marda gold project from the liquidators of Black Oak Minerals, for A$13-million. 

Carnarvon raises A$50m

By: Esmarie Iannucci     14th February 2019 ASX-listed Carnarvon Petroleum will raise A$50-million through a placement to institutional and sophisticated investors to fund appraisal and exploration activities in the North West Shelf. The company will issue some 151.6-million new shares, at an issue price of 33c a share to sophisticated... 

Newcrest profits soar in first half

By: Esmarie Iannucci     14th February 2019 Gold miner Newcrest Mining has reported a 142% surge in profits for the first half of 2019, while underlying profits increased by 104% on the previous corresponding period. Newcrest on Thursday reported a statutory profit of $237-million and an underlying profit of $237-million, while cash flow... 

Liontown raises cash for lithium plays

By: Esmarie Iannucci     14th February 2019 Lithium hopeful Liontown Resources was hoping to raise up to A$7.9-million through a share placement to fast-track exploration and development activities at its Austarlian lithium projects. The ASX-listed company on Thursday said that it would undertake a one-for-five non-renounceable pro-rata... 

Famed Cullinan mine banks on big diamonds to drive down debt

By: Reuters     14th February 2019 The owner of one of the world's most famous diamond mines could be about a decade away from clearing its multi-million-dollar debts, in a sign of the struggles facing an industry assailed by synthetic rivals and uncertain demand. Petra Diamonds bought Cullinan in 2008, aiming to breathe new life... 

Technology to change the face of Australia’s mining jobs

By: Esmarie Iannucci     14th February 2019 A new report by advisory firm Ernst & Young (EY) has revealed that technological advances will have a significant impact on the Australian resources sector, with some 77% of jobs in the Australian mining sector likely to be enhanced or re-designed due to technology, within the next five years. In... 

Nemaska needs C$375m more for Quebec mine, stock plunges

By: Mariaan Webb     14th February 2019 The share price of Quebec junior Nemaska Lithium plummeted on Wednesday as the TSX-listed company announced that it would need more money to complete the Whabouchi mine and Shawinigan electrochemical plant. Eight months into construction, the company performed a cost to completion assessment,... 

Australia targets 24 000 jobs with new resources policy framework

By: Esmarie Iannucci     14th February 2019 The Australian federal government on Thursday released a National Resources Statement, outlining plans to attract investment, develop new resources and markets and share the benefits of success with more regional communities. This is the first such statement for more than 20 years. 

Norway gives go-ahead to disputed Arctic copper mine

By: Reuters     14th February 2019 Norway's government approved on Thursday the building of a copper mine near Europe's northernmost point despite years of opposition from indigenous Sami herders and fishermen. "The mining project will strengthen the industrial base in the north," Industry Minister Torbjoern Roe Isaksen of the... 

Norway gives go-ahead to disputed Arctic copper mine

South32 hikes Illawarra guidance, posts 17% jump in H1 profit

By: Esmarie Iannucci     14th February 2019 Diversified miner South32 has reported a solid first half for the six months ending December, with increases in revenue, profit and underlying earnings before interest, tax, depreciation and amortisation (Ebitda). South32 on Thursday reported that revenue for the first half of 2018 was up 9% on... 

South32 hikes Illawarra guidance, posts 17% jump in H1 profit
South32 CEO Graham Kerr

Colombia coal output likely to hold steady in 2019, companies say

By: Reuters     13th February 2019 Colombia's coal production and exports are likely to remain steady this year, companies said on Wednesday, amid predictions international prices for the fuel will fall in 2019. The Andean nation is the world's fifth-largest exporter of coal. 

Peru agency rules out tailings spill at Southern Copper mine

By: Reuters     13th February 2019 Peru's environmental regulator OEFA has concluded that mining waste from Southern Copper Corp's Cuajone unit did not spill into the environment during heavy rains last week. OEFA said in a statement late Tuesday that it was still supervising operations at Cuajone but had ruled out any tailings... 

Lower grades, higher costs contribute to lower FY18 adjusted earnings for Barrick 

By: Marleny Arnoldi     13th February 2019 Since merging with Randgold Resources six weeks ago, Barrick Gold Corporation on Wednesday said it has made progress in achieving its short-term priority goals and its full-year objectives. Barrick expects to produce between 5.1-million and 5.6-million ounces of gold and between 375-million and... 

Lower grades, higher costs contribute to lower FY18 adjusted earnings for Barrick

Bristow snaps into fast action wearing Barrick crown 

By: Martin Creamer     13th February 2019 Dr Mark Bristow has snapped into fast action wearing the Barrick crown. His Randgold Resources, which now falls under the Barrick Gold umbrella, on Wednesday bowed out with panache when it declared a 35% dividend increase to $2.69 a share, buoyed by record production of 807 000 oz of gold at the... 

Bristow snaps into fast action wearing Barrick crown
Barrick CEO Mark Bristow in the field.

Palladium supply shortfall will worsen this year – Johnson Matthey

By: Reuters     13th February 2019 A deficit in the palladium market that has driven prices of the autocatalyst metal to record highs will widen dramatically this year, specialist materials company Johnson Matthey said in a report on Wednesday. The company, a leading autocatalyst manufacturer, said the shortfall in the roughly... 

Shifting R100bn in Eskom debt to government will have ‘dire’ economic consequences 

By: Terence Creamer     13th February 2019 Amid confirmation that Eskom is technically insolvent and will require a capital injection by April to remain a going concern, a leading economist is cautioning against the proposed transfer of R100-billion of the utility’s debt to government’s balance sheet. Instead, Standard Bank chief... 

Shifting R100bn in Eskom debt to government will have ‘dire’ economic consequences
Photo by Creamer Media
Standard Bank chief economist Goolam Ballim

Lemur completes review of power BFS for Imaloto project

By: Tasneem Bulbulia     13th February 2019 Bushveld Minerals subsidiary Lemur has completed the review of the bankable feasibility study (BFS) for the power aspect of its Imaloto integrated thermal coal mining and independent power producer (IPP) project, in Madagascar. It has also issued a request for proposals for legal advisory... 

Eskom grid upkeep increasingly problematic – DRDGold  

By: Martin Creamer     13th February 2019 The quality of maintenance of the Eskom distribution infrastructure is becoming increasingly problematic, DRDGold CEO Niël Pretorius said on Wednesday. At the company's presentation of power-hit interim results for the six months to December 31, Pretorius said that although DRDGold's own power... 

Eskom grid upkeep increasingly problematic – DRDGold
DRDGold CEO Niël Pretorius discusses poor electricity infrastructure risk with Mining Weekly Online’s Martin Creamer. Video and video editing: Creamer Media’s Darlene Creamer.

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