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Mining News

Polymetal secures offtake for Kyzyl concentrate

By: Creamer Media Reporter      21st February 2018 LSE-listed Polymetal has secured an offtake agreement with one of its established trading partners for 50% of the forecast high-carbon concentrate production from the Kyzyl project, in north-eastern Kazakhstan, with an option to increase this to 100% of its yearly concentrate output. Polymetal... 

Amplats modernises, studies growth, advances fuel cell 

     21st February 2018 Anglo American Platinum’s Mogalakwena Platinum mine has gushed R4-billion worth of free, unfettered operating cash flow. Mining Weekly editor Martin Creamer speaks to Creamer Media's Sashnee Moodley about the developments. 

Amplats modernises, studies growth, advances fuel cell
Amplats modernises, studies growth, advances fuel cell

Tribunal conditionally approves Timrite’s acquisition of mining support bag manufacturer

     21st February 2018 The Competition Tribunal has approved, with conditions, mining support product supplier Timrite’s acquisition of Tufbag’s Mining Bag division. Tufbag’s Mining Bag division and Timrite design and manufacture polypropylene-based mining support (PBMS) bags.   Concerns were raised by the Competition... 

Coal India unlikely to face significant competition from commercial coal miners

By: Ajoy K Das     21st February 2018 Giving the final green light, the Cabinet Committee of Economic Affairs (CCEA) of the Indian government on Tuesday approved the methodology of auction of coal blocks to private miners, but analysts say that Coal India Limited (CIL) is unlikely to face significant competition in the medium term.... 

Perseus reports improved financial results

By: Creamer Media Reporter      21st February 2018 West Africa-focused gold miner Perseus Mining has made an operational turnaround, which is reflected in the company’s interim financial performance. Although posting a net loss of $11.5-million, or 1.18c a share, for the December 2017 half year, Perseus reported significantly improved earnings... 

Parliament to launch inquiry into Zwane

By: Reuters     21st February 2018 Parliament will launch an investigation into allegations of influence-peddling against Mineral Resources Minister Mosebenzi Zwane, its oversight committee on mineral resources department said on Wednesday. The committee did not give specific reasons on why it wanted to open an investigation into... 

Parliament to launch inquiry into Zwane
Photo by Duane Daws
Mineral Resources Minister Mosebenzi Zwane

Sibanye-Stillwater expects to report R4.44bn attributable loss for FY17

By: Creamer Media Reporter      21st February 2018 Sibanye-Stillwater expects to report an attributable loss of R4.44-billion, or $333-million, for the year ended December 31, compared with attributable earnings of R3.47-billion, or $237-million, for the 2016 financial year. In an updated trading statement issued on Wednesday, the precious metals... 

St Barbara proposes new mining method at Gwalia

By: Simone Liedtke     21st February 2018 Gold miner St Barbara is studying a change in mining and haulage at the Gwalia mine, in Western Australia, to better suit the orebody as the mine deepens. The new mining method essentially involves a move to “island pillar” methods for narrower lodes with increased mining rates, and matching... 

Wesfarmers continuing review of its remaining coal asset

By: Simone Liedtke     21st February 2018 Australian conglomerate Wesfarmers said on Wednesday that the sale of its Curragh coal mine, in Queensland, would be completed in the second half of the year and confirmed that it was continuing the strategic review of its remaining coal asset, a 40% interest in the Bengalla mine, in New South... 

Triton acquires full ownership of Mozambique graphite projects

By: Simone Liedtke     21st February 2018 ASX-listed Triton Minerals has entered into an agreement with Gregory James Sheffield and Grafex Limitada under which Triton has agreed to purchase Sheffield's 20% interest in Grafex. On completion of the purchase, Triton's interest in Grafex will increase from 80% to 100%, and accordingly,... 

Tanzania's new mining rules impose restrictions on foreign banks, insurers

By: Reuters     21st February 2018 Foreign-owned banks, insurance companies and law firms could be locked out of Tanzania's mining sector as part of tough new regulations that aim to limit foreign ownership of mining-related activity. Africa's fourth-largest gold producer is seeking to take more of the profits from its vast... 

China’s iron-ore discounts hit Fortescue revenue, profit falls sharply

By: Mariaan Webb     21st February 2018 Chinese steelmakers’ demand for better-quality ore has had a significant impact on Australian miner Fortescue Metals’ half-year financial performance, with revenue contracting by 18% and net profit falling sharply, sending shares down about 4% on Wednesday. Australia’s third major iron-ore... 

China’s iron-ore discounts hit Fortescue revenue, profit falls sharply
The ore processing facility at Solomon.

China Hanking bids for Primary Gold

By: Reuters     21st February 2018 China Hanking Holdings launched a takeover bid for Australia's Primary Gold on Wednesday in line with a plan to build a long-term Australian gold business, valuing the target firm at A$37.5-million. China Hanking, which owns 8.4% of Primary Gold, will offer A$0.0575 a share for the miner... 

Canada province considers law to retaliate against 'Buy American'

By: Reuters     21st February 2018 Ontario's Liberals, the ruling party in Canada's most populous province, introduced legislation on Tuesday that would give officials authority to retaliate against US states that institute "Buy American" procurement policies. The Fairness in Procurement Act would give Ontario's government... 

BC extends provincial flow-through tax credit for a year; resumes fight against Canadian oil

By: Henry Lazenby     21st February 2018 The British Columbia provincial government has released its Budget 2018 plan, confirming that the provincial flow-through exploration tax incentive will be extended for another year until the end of this year. The mining flow-through share programme is seen as critical to reinforcing the... 

BC extends provincial flow-through tax credit for a year; resumes fight against Canadian oil

eCobalt launches up to C$30m financing

By: Henry Lazenby     21st February 2018 Canadian clean cobalt project developer eCobalt has launched a C$26-million bought-deal financing. The Vancouver-based company has signed an agreement with a syndicate of underwriters led by TD Securities, under which the underwriters have agreed to buy, on a bought-deal basis, 20-million units... 

World refined copper deficit widens to 195 000 t – ICSG

By: Henry Lazenby     21st February 2018 The global refined copper balance for the first eleven months of 2017 indicates a deficit of about 195 000 t, some 27% wider than at the same time a year earlier, the latest data from the Lisbon-based International Copper Study Group (ICSG) shows. The think tank attributed the widening deficit to... 

Nautilus rises as vessel construction passes 75% completion mark

By: Henry Lazenby     20th February 2018 The TSX-listed equity of marine mining pioneer Nautilus Minerals has gained nearly 44% since the start of the year, adding about 7% on Tuesday alone on news that construction of its production support vessel has passed the 75% completion mark. Under construction at the Fujian Mawei Shipyard, in... 

Global lead market surplus widens in December – ILZSG

By: Reuters     20th February 2018 The global lead market showed a surplus of 20 000 t in December, after a surplus of 9 900 t in November, data from the Lisbon-based International Lead and Zinc Study Group (ILZSG) showed on Tuesday. For January to December, the lead market had an output deficit of 165 000 t, compared with a... 

Mongolia says can build power plant to supply Oyu Tolgoi mine

By: Reuters     20th February 2018 Mongolia can build a power plant at its Tavan Tolgoi coal mine by 2021 to supply the Oyu Tolgoi copper project, energy officials said on Tuesday, as the government seeks to hold Rio Tinto to an agreement to use Mongolian power. Tensions have mounted between the Mongolian government and its... 

Southern Copper wins tender for Peru's mine

By: Reuters     20th February 2018 Southern Copper won a tender to develop Peru's estimated $2-billion Michiquillay copper mine in an auction that attracted just two bidders, the government's Proinversion investment agency said on Tuesday. Southern, controlled by Grupo Mexico , won with a proposal to transfer $400-million to the... 

Eramet eyes expansion in electric vehicle metals

By: Reuters     20th February 2018 Eramet CEO Christel Bories said on Tuesday that the French mining group is looking to expand in minerals like cobalt, lithium and nickel salts linked to energy transition markets like electric vehicles. Eramet is actively looking at acquisition targets after previously acquiring a lithium deposit... 

Eramet eyes expansion in electric vehicle metals

Athabasca exploration juniors reveal voluminous resource increases

By: Henry Lazenby     20th February 2018 Junior explorer Fission Uranium has reported an increase of about 30% in the total compliant indicated and inferred resources at its flagship Triple R deposit, in North-Western Saskatcewan. The Kelowna, British Columbia-based company on Tuesday said the resource estimate for the Triple R deposit... 

Athabasca exploration juniors reveal voluminous resource increases
Photo by Henry Lazenby
Drill cores on display at Fission Uranium's Triple R deposit, North-Western Saskatchewan

South Africa falls to small percentage of AngloGold output 

By: Martin Creamer     20th February 2018 South African gold mines now represent around 13% of the AngloGold Ashanti portfolio, AngloGold Ashanti CEO Srinivasan Venkatakrishnan (Venkat) said on Tuesday. The fall in the contribution from AngloGold's South Africa region mines follows the sale of Moab and Kopanang and the closure of the Tau... 

South Africa falls to small percentage of AngloGold output
AngloGold Ashanti 2017 results presentation covered by Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video: Darlene Creamer. Video Editing: Christo Greyling.

Kabila yet to sign new mining code as deadline nears

By: Reuters     20th February 2018 Democratic Republic of Congo's President Joseph Kabila has not yet signed into law a new mining code, a senior aide said on Tuesday, as international mining companies wage a last-ditch lobbying effort against the measure. The comments by Jean-Pierre Kambila, Kabila's deputy chief of staff, come... 

Congo seeks relief talks with oil traders over $2bn debt

By: Reuters     20th February 2018 Congo Republic is set to become the latest African country to start debt relief talks with trading houses after borrowing $2-billion from merchants such as Trafigura and Glencore but now finding its debt levels unsustainable, sources familiar with the matter said. Trading houses regularly lend... 

EU warns it will retaliate if hit by US trade curbs

By: Reuters     20th February 2018 The European Commission said on Tuesday it had expressed its concern to Washington about possible measures to curb imports of steel and aluminium and warned that it was ready to react if its industry was hit. "We have made it clear to the US administration at the highest level that we would be... 

After 2017 consolidation, mining to pre-empt future metals demand – EY

By: Schalk Burger     20th February 2018 With stronger balance sheets across the mining and metals sector, miners are increasingly returning to an investment-led strategy, which is driving a renewed focus on building portfolios that deliver sustainable shareholder returns, says multinational consultancy Ernst & Young (EY). The focus... 

After 2017 consolidation, mining to pre-empt future metals demand – EY

Greatland to start exploration programme at Australian project

By: Creamer Media Reporter      20th February 2018 The Western Australian Mines, Industry Regulation and Safety department has approved London-listed Greatland Gold’s programme of work applications for drilling at the Ernst Giles project. The precious and base metals exploration and development company said on Tuesday that its exploration... 

India allows private companies to bid for coal mines for commercial production

By: Reuters     20th February 2018 India's Cabinet on Tuesday approved a plan to allow private companies to bid for coal mines for commercial production, a move that would help the country cut imports and boost local production. "This is an important reform and will ensure affordable and reliable supply of coal," Coal Minister... 

Peel spin-out Saturn's IPO closes early, oversubscribed

By: Creamer Media Reporter      20th February 2018 Perth-headquartered Peel Mining on Tuesday announced that the initial public offering (IPO) for its subsidiary Saturn Metals had closed early with firm commitments leaving the offer oversubscribed. The company said that it had received bids beyond the maximum A$7-million subscription amount.... 

Contractors start FEED study at Stellar’s Sierra Leone project

By: Creamer Media Reporter      20th February 2018 The front-end engineering and design (FEED) study for the underground mine development at Aim-listed Stellar Diamonds’ Tongo-Tonguma project, in Sierra Leone, is now under way. Stellar on Tuesday said a team of five consultants from contractors Paradigm Project Management (PPM) and SRK Consulting... 

New Toyota magnet cuts dependence on key rare earth metal for EV motors

By: Reuters     20th February 2018 Toyota Motor Corp has found a way to reduce the amount of a key rare earth metal used in magnets for electric car motors by around 20%, which could tame the cost of producing electric cars and reduce the risk of a supply shortage of materials needed for their production. The Japanese automaker... 

Australian minerals sector calls for workplace relations, education reform to build future workforce

By: Creamer Media Reporter      20th February 2018 Australia’s higher education system should be reformed and outdated workplace relations laws that discourage investment and stifle innovation and efficiency should be fixed to build the future Australian minerals workforce, said Minerals Council of Australia (MCA) interim executive director David... 

Northern Star boosts exploration spend, unveils 'game changer' discovery

By: Simone Liedtke     20th February 2018 ASX-listed Northern Star Resources has increased its total exploration budget for the 2018 financial year by A$10-million to A$45-million, owing to a series of exploration results showing that the gold producer is set to establish a ten-year life at its 10-million-ounce endowed Jundee gold... 

Northern Star boosts exploration spend, unveils 'game changer' discovery
Northern Star executive chairperson Bill Beament

Sandfire delivers 66% increase in interim net profit

By: Simone Liedtke     20th February 2018 Low-cost production and a rising copper price have driven Sandfire Resources' sales to a record and enabled the ASX-listed miner to increase its dividend and strengthen its balance sheet to fund growth opportunities. High grades and strong operating margins at DeGrussa, combined with Sandfire's... 

Record production at Saracen underpins A$46m interim net profit

By: Simone Liedtke     20th February 2018 Gold miner Saracen Mineral Holdings on Tuesday reported a big jump in half year profit to A$46-million, on the back of record production in the six months ended December 31. This strong performance is said to be a direct result of the investment that Saracen has made in exploration and... 

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