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Mining News

Evolution's profits surge in 2018

By: Esmarie Swanepoel     17th August 2018 Gold miner Evolution has reported a 21% surge in underlying net profits after tax for the 2018 financial year, on the back of a 4% increase in sales revenues. Underlying net profits after tax for the full year ending June reached A$250.8-million, while statutory net profit after tax also... 

Kangaroo shares jump on deal

By: Esmarie Swanepoel     17th August 2018 The share price of junior Kangaroo Resources surged by more than 40% on Friday on news of a takeover offer from major shareholder PT Bayan Resources. Kangaroo on Friday reported that it had entered into a binding scheme implementation agreement with PT Bayan under which the shareholder would... 

BP signs up for PNG LNG

By: Esmarie Swanepoel     17th August 2018 The joint venture partners of the Papua New Guinea liquefied natural gas (PNG LNG) project have entered into a mid-term LNG sales and purchase agreement with BP Singapore. Under the terms of the agreement, BP will be supplied with around 0.45-million tonnes of LNG a year over an initial... 

Poseidon gets conditional proposal

By: Esmarie Swanepoel     17th August 2018 ASX-listed Poseidon Nickel has received a conditional proposal from Perth-based Black Mountain Metals. Poseidon told shareholders on Friday that while no formal bid price per share has been offered or agreed upon, Black Mountain has made an informal proposal of 6c a share 

Mining Weekly iPhone and Android Apps available for free download 

17th August 2018 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

Gold Fields remains in ‘strong’ financial position, despite $367m loss, says Holland

By: Simone Liedtke     16th August 2018 Despite attributable losses from continuing operations for the six-month period ended June 30, of $367-million or $0.45 a share, CEO Nick Holland maintains that the NYSE- and JSE-listed Gold Fields remains in a strong financial position. Holland further noted on Thursday that the integrity of the... 

Gold Fields remains in ‘strong’ financial position, despite $367m loss, says Holland
Photo by Creamer Media
Gold Fields CEO Nick Holland

Amplats starts construction on Polokwane sulphur dioxide abatement project

By: Anine Kilian     16th August 2018 Construction of the sulphur dioxide (SO2) abatement project at Anglo American Platinum’s (Amplats’) Polokwane smelter got under way on Thursday. The company will implement new wet sulphuric acid (WSA) technology at the smelter and will ultimately reduce SO2 emissions by an estimated 96%, to... 

Grootegeluk boosts Exxaro’s H1 coal output

By: Marleny Arnoldi     16th August 2018 Diversified miner Exxaro Resources’ coal production volumes for the six months to June 30 increased by 7%, or 1.5-million tonnes, compared with that of the second half of 2017. The company on Thursday attributed the increase in overall output to higher production volumes at the company’s... 

Grootegeluk boosts Exxaro’s H1 coal output
Photo by Creamer Media
Exxaro CEO Mxolisi Mgojo

Alrosa to put 202 'special' diamonds up for sale at Israel auction

By: Creamer Media Reporter      16th August 2018 Diamond miner Alrosa will offer 202 gem-quality rough diamonds for sale at an auction to be held in Israel from August 19 to September 6. The diamonds, with a combined weight of 3 165 ct, are all larger than 10.8 ct, otherwise known as 'special' diamonds. 

Elikhulu tailings retreatment project pours first gold; Pan African announces next big project 

By: Schalk Burger     16th August 2018 At the inaugural gold pour at its Elikhulu gold tailings retreatment project, in Mpumalanga, on Thursday, Pan African Resources announced the company's next big project, Royal Sheba, which will be built within the company's existing mining right at Barberton, Mpumalanga, before the end of 2019.... 

Elikhulu tailings retreatment project pours first gold; Pan African announces next big project
Mineral Resources Minister Gwede Mantashe speaks about the state of the mining industry and the need for ethical leadership and Pan African Resources CEO Cobus Loots discusses the economic and development highlights of the Elikhulu project, in Mpumalanga. Video and editing: Nicholas Boyd.

Stratex proposes name change

By: Anine Kilian     16th August 2018 Aim-listed Stratex International is proposing to change its name to Oriole Resources. The proposed change reflects a repositioning of the company following the appointment of new CEO Tim Livesey and CFO Bob Smeeton earlier this year and a refocusing of the group's activities on early-stage... 

Cobalt prices stabilising – ERG

By: Anine Kilian     16th August 2018 The recent price adjustment in the cobalt market represents a logical and short-term correction to the heightened speculative activity earlier this year, says Eurasian Resources Group (ERG) CEO Benedikt  Sobotka. Cobalt metal prices jumped in excess of 120% between 2016 and 2017, a sign of strong... 

Cobalt prices stabilising  – ERG
ERG CEO Benedikt Sobotka

IronRidge defines large gold targets in Chad

By: Anine Kilian     16th August 2018 Aim-listed IronRidge Resources has defined at least five large, coherent gold targets at its Dorothe project, in Chat. Drill results received defined targets over 500 m to 1.2 km strike length and 100 m to 200 m widths from trenching; with targets still open along strike. 

Shanta lifts H1 profit

By: Anine Kilian     16th August 2018 Aim-listed Shanta Gold has reported earnings before interest, taxes, depreciation and amortisation of $23-million for the half year ended June 30, 2018,  up from $21.5-million in the first half of 2017. This was achieved despite fewer ounces being sold in the half year and increased royalty... 

MC Mining secures R15m banking facility for Uitkomst colliery

By: Simone Liedtke     16th August 2018 Coal miner MC Mining’s 70%-owned Uitkomst colliery has procured a revolving asset facility from South African financial institution Absa Bank. Uitkomst intends to use the facility to finance the acquisition of new underground mining equipment following the transition to owner-operated mining at... 

Kibo receives water permit approval for MCPP

By: Simone Liedtke     16th August 2018 Aim-listed Kibo Energy has received provisional approval from the Lake Rukwa Water Basin Board for water permits for the Mbeya coal-to-power project (MCPP), in Tanzania. An application was made to permit the operation of numerous water boreholes, which the Africa-focussed energy company said are... 

Anglo Pacific makes $50m investment in Labrador Iron Ore Royalty

By: Mariaan Webb     16th August 2018 LSE- and TSX-listed Anglo Pacific on Thursday announced that it had acquired a 4.25% shareholding in Labrador Iron Ore Royalty (LIORC) for $50-million, an investment that the company said should be immediately value accretive. LIORC, which is listed on the TSX and has a market capitalisation of... 

Kizeltepe benefiting from weaker lira, higher grades

By: Mariaan Webb     16th August 2018 The Kiziltepe mine, which Aim-listed Ariana Resources owns in a joint venture (JV) with Turkey's Proccea Construction, is benefitting from the recent movements in the value of the lira, with operational costs incurred in the local currency decreasing. Ariana MD Kerim Sener said on Thursday that... 

Higher lithium output drives MinRes revenues

By: Esmarie Swanepoel     16th August 2018 ASX-listed Mineral Resources this week reported a 16% increase in revenue for the full year ended June, with net profits after tax jumping from A$201-million to A$272-million. The company reported increased mineral sales of 3.5-million tonnes of direct shipping ore (DSO) in the 12 months to... 

Horizonte to publish Araguaia feasibility study in Oct

By: Creamer Media Reporter      16th August 2018 London-listed Horizonte Minerals is nearing completion of its feasibility study for the Araguaia nickel project in Brazil and plans to release the final results to the market in October, the company reported on Thursday. The feasibility study for Araguaia is designed around an openpit mining... 

PNG legislative changes should be well considered - Chamber

By: Esmarie Swanepoel     16th August 2018 The mining and petroleum industry body in Papua New Guinea (PNG) has called on the government to consider the ramifications of the amendments proposed to the Mining Act. The PNG Chamber of Mines and Petroleum’s president, Gerea Aopi, said that stable government policies and a favourable... 

Mantashe blames Gold Fields bosses for mine woes

By: Reuters     16th August 2018 Gold Fields' plan to cut jobs at its struggling South African mine fails to address "poor management", Mining Minister Gwede Mantashe said on Thursday, piling pressure on CE Nick Holland. Gold Fields, which is due to report half-year results later, said this week it would cut 1 100 permanent jobs... 

Iluka's H1 earnings surge

By: Esmarie Swanepoel     16th August 2018 Mineral sands miner Iluka has reported an 80% increase in the underlying group earnings before interest, tax, depreciation and amortization (EBITDA) for the half-year to June. Underlying EBITDA reached A$278.5-million in the interim period, compared with the A$154.6-million in the previous... 

Kaz Minerals copper miner declares dividend, H1 earnings rise

By: Reuters     16th August 2018 Kaz Minerals copper miner on Thursday announced an interim dividend of 6 US cents per share, the first since 2012, in keeping with a growing trend for miners to focus on shareholder returns. Kaz Minerals shares plunged early this month after the Kazakhstan-focused miner said it was expanding... 

Kaz Minerals copper miner declares dividend, H1 earnings rise

Arafura starts geo work at Nolans

By: Esmarie Swanepoel     16th August 2018 Rare earths developer Arafura Resources has started a major geotechnical programme at its Nolans neodymium-praseodymium (NdPr) project, in the Northern Territory, to assess the location for critical site infrastructure. The company on Thursday said that some 70 to 80 shallow pits will be... 

Indian mining industry seeks tax overhaul

By: Ajoy K Das     16th August 2018 The Indian mining industry has called for a complete overhaul and rationalisation of the tax regime, including scrapping the export tax on iron-ore and bauxite. The Indian mining industry has to bear the burden of one of the highest incidence of tax in the world. Mines allocated through... 

New assets deliver turnaround for Yancoal

By: Esmarie Swanepoel     16th August 2018 ASX-listed Yancoal Australia has reported significantly improved numbers in the six months ended June, after the acquisition of mining major Rio Tinto’s Coal & Allied assets in 2017. Yancoal on Thursday reported that revenue for the interim period had reached A$2.3-billion, compared with the... 

Origin swings to profit

By: Esmarie Swanepoel     16th August 2018 Energy major Origin Energy has swung into profit for the financial year ended June, following a full year of operations from both the liquefied natural gas (LNG) trains at its Australia Pacific LNG operation, as well as higher commodity prices. Statutory profit for the full year to June was... 

Neometals to separately list titanium and vanadium business

By: Esmarie Swanepoel     16th August 2018 The board of ASX-listed Neometals has approved the demerger of the Barrambie titanium/vanadium project, in Western Australia, along with the associated technology assets, into a newly listed company. Neometals told shareholders on Thursday that the move would allow the company and the newly... 

Oz Minerals profit jumps 59%, completes review of new Brazil assets

By: Esmarie Swanepoel     16th August 2018 Copper/gold miner Oz Minerals has reported a 59% increase in net profit after tax for the interim period ended June, with underlying earnings before interest, tax, deprecation and amortisation (Ebitda) increasing by 33%. Net profit after tax for the six months to June was reported at... 

Oz Minerals profit jumps 59%, completes review of new Brazil assets

Rio reports fatality in the Pilbara

By: Esmarie Swanepoel     16th August 2018 Mining major Rio Tinto has reported a fatality at its Paraburdoo mine, in the Pilbara. A spokesperson for the company told Mining Weekly Online that the incident is being investigated by the relevant authorities, with the full cooperation of the company. 

One of South Africa’s oldest gold mines likely to reopen next year

By: Mariaan Webb     16th August 2018 Southern Africa-focused Galane Gold is advancing plans to reopen the Galaxy gold mine near Barberton, in Mpumalanga, with the company saying on Thursday that first production at the property is planned for March next year. The TSX-V-listed miner, which operates the Mupane mine in Botswana, said... 

Hawks investigate cases related to Gupta-loot worth more than R40bn

By: News24Wire      16th August 2018 The Hawks are investigating cases related to the Guptas' state capture project that involves more than R40 billion which has been plundered from state coffers. Lieutenant General Godfrey Lebeya presented the Hawks' progress in several cases of state capture to the Portfolio Committee on Police on... 

Workers reject latest wage offer by South African gold producers

By: African News Agency      16th August 2018 Workers unions on Wednesday rejected the revised three-year wage offers of up to 7.2% salary increases made by South African gold producers at the a centralised collective bargaining forum. This as the fourth round of wage negotiations between four unions – the  Association of Mineworkers and... 

Farlam unhappy with snail pace in implementation of his Marikana recommendations

By: African News Agency      16th August 2018 Retired judge Ian Farlam, who chaired the government-instituted judicial commission of inquiry into the August 2012 Marikana massacre – in which at least 44 people including protesting Lonmin mineworkers, police officers, and security officials were killed in Marikana, outside Rustenburg – on... 

Exxaro H1 profit lifts boosted by coal performance

By: Reuters     16th August 2018 Exxaro Resources said on Thursday half-year profit rose 8%, boosted by a strong performance in its core coal business. Diluted headline earnings per share (HEPS) for continuing and discontinued operations rose to 953 cents per share for the six-month period ended June 30 2018, from 882 cents in... 

Transnet signals intention to suspend CEO Gama

By: African News Agency      16th August 2018 The Transnet board has served notice on CEO Siyabonga Gama and two other top senior officials that it intends to place them on precautionary suspension. Chief procurement officer Thamsanqa Jiyana and supply chain manager Lindiwe Mdletshe also received letters on Wednesday. 

Transnet signals intention to suspend CEO Gama
Photo by Creamer Media
Transnet CEO Siyabonga Gama

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