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Mining News

Exxaro's H1 profit more than doubles

By: Reuters     17th August 2017 Diversified miner Exxaro Resources said first-half profit more than doubled, driven by growth in its coal business and higher income from investments. The company, which mainly produces coal and invests in iron ore, said headline earnings rose to R2.79-billion ($211.9-million) in the six months... 

Red 5 raises cash for gold buy

By: Esmarie Swanepoel     17th August 2017 ASX-listed gold miner Red 5 has launched a nonrenounceable rights issue with the aim of raising some A$12.7-million to fund the initial cash consideration to acquire all of the shares in Darlot Mining company. The one-for-three nonrenounceable rights issue will be priced at 5c a share, with more... 

Decmil wins BHP contract

By: Esmarie Swanepoel     17th August 2017 Mining contractor Decmil has been awarded a A$13-million contract at mining major BHP’s new South Flank project, in the Pilbara. The scope of the project will include civil and enabling works for the expansion of the Mulla Mulla village, which will be required to support current operations at... 

Atrum appoints Canada coal exec as new CEO and MD

By: Esmarie Swanepoel     17th August 2017 ASX-listed Atrum Coal has appointed Max Wang as its new MD and CEO, with Wang expected to assume his duties prior to the end of August. “We are pleased to advise our shareholders that after an extensive search, we have appointed Wang to lead the company as CEO and MD. Wang is an experienced coal... 

Hammer nails Glencore JV

By: Esmarie Swanepoel     17th August 2017 ASX-listed junior Hammer Metals has acquired fellow-listed AuKing Mining’s stake in tenements in Mount Isa, forming a new joint venture (JV) with major Glencore. Hammer and AuKing in December of last year struck a deal under which Hammer would pay 1.5-million shares for a number of tenement... 

Lucapa recovers more large diamonds

By: Esmarie Swanepoel     17th August 2017 Diamond miner Lucapa Diamond Company has recovered more large diamonds from its Lulo project, in Angola, including 83 ct and 68 ct Type IIa gems. In addition, five other 50-plus carat stones were also recovered. 

Thalanga set for Q4 restart

By: Esmarie Swanepoel     17th August 2017 ASX-listed Red River Resources is on track to restart commercial production at its Thalanga zinc project, in Queensland, early in the fourth quarter of this year. The company said on Thursday that the project commissioning will start in the third quarter, with some 85% of the plant and... 

Corsa's coal sales volume growth above 20% for fifth consecutive quarter

By: Henry Lazenby     17th August 2017 Improvements in the metallurgical coal market has pushed US-focused coal producer Corsa Coal to a second quarter profit, and marked the company’s fifth consecutive quarter of growth of 20%, or greater, in metallurgical coal sales volumes. Canonsburg, Pennsylvania-based Corsa reported positive net... 

Corsa's coal sales volume growth above 20% for fifth consecutive quarter

Congo reinstates miners' VAT exemption on imports in U-turn

By: Reuters     17th August 2017 Congo's finance ministry has provisionally reinstated mining companies' exemption from a value added tax (VAT) on imports, the Chamber of Mines said on Wednesday, days after miners complained customs authorities were planning to impose VAT on them. Democratic Republic of Congo, Africa's top... 

Ascendant reports first month of positive ‘top line’ earnings; higher grades on the cards

By: Henry Lazenby     17th August 2017 Just seven months since acquiring the El Mochito zinc/lead/silver mine, in west-central Honduras, TSX-listed Ascendant Resources has achieved positive adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) for the month of July. Analysts use the metric that looks at a... 

Krugerrand demand resurgence anticipated to result in record sales  

By: Ilan Solomons     16th August 2017 Increased demand for gold has supported sales of the gold bullion Krugerrands and this year is predicted to yield the highest sales since the 1980s, with an expected 15% to 20% increase on the 1.1-million ounces of the coins sold in 2016. This is according to precious metal smelting and refining... 

Krugerrand demand resurgence anticipated to result in record sales
Rand Refinery marketing executive head Richard Collocott discusses the significance of the fiftieth anniversary of the launch of the gold bullion Krugerrand

China's Chalco plans $500m investment in Guinea bauxite project

By: Reuters     16th August 2017 Aluminium Corp of China (Chalco) plans to invest $500 million in a project to produce bauxite, used to make aluminium, in Guinea starting next year, the mines ministry said. The deal comes after a trip by the Guinean mines minister, Abdoulaye Magassouba, to China and follows other major Chinese... 

Mustang ruby inventory grows to 147 000 ct

By: Creamer Media Reporter      16th August 2017 ASX-listed Mustang Resources’ ruby inventory at the Montepuez project, in Mozambique, has grown to 147 052 ct, on track for reaching the targeted 200 000 ct to be sold at the company’s inaugural auction in October. The growing inventory is, in part, the result of work to increase water supply to... 

Nornickel delivering coal to remote settlements in Russian Arctic

By: Creamer Media Reporter      16th August 2017 The Polar transport division of nickel and palladium miner Nornickel said on Wednesday it had shipped about a third of the 72 000 t of coal it planned to deliver to remote settlements in the Russian Arctic this year.  Nornickel, which is a key participant of the Northern Supply Haul programme,... 

Mining contractors progressing work at Xtract’s Mozambique gold project, alluvial mining to start soon

By: Mia Breytenbach     16th August 2017 The mining contractor activity at Aim-listed Xtract Resources’ Manica concession area, in Mozambique, is progressing “favourably”, with initial mining of the alluvial gold deposits expected to start at the end of this month, the company reported on Wednesday. Xtract’s Mozambique subsidiary... 

Davenport extends landholding in German potash basin

By: Mariaan Webb     16th August 2017 Melbourne-registered Davenport Resources has signed an agreement with a German government agency to buy three potash mining licences in the South Harz region for €1.2-million. Davenport, which is listed on the ASX, will acquire the licences from Bodenverwertungs-und-verwaltungs – the agency... 

Solidarity warns of ‘major impact’ should AMSA proceed with job cuts

By: Terence Creamer     16th August 2017 Trade union Solidarity has confirmed receipt of a Section 189A retrenchment notice from steel producer ArcelorMittal South Africa (AMSA) and has indicated that it will enter negotiations with the company to ensure alternatives to retrenchments are considered. On Tuesday, AMSA announced that it... 

Solidarity warns of ‘major impact’ should AMSA proceed with job cuts

Parliamentary State capture probe hits first hurdle

By: African News Agency      16th August 2017 The investigation into State capture by Parliament’s portfolio committee on public enterprises on Wednesday hit its first hurdle as it was confirmed to members that the legislature would not pay for an independent evidence leader. Acting chairperson Zukiswa Rantho told MPs she had asked the chair... 

Parliamentary State capture probe hits first hurdle

Bushveld Energy, IDC studies indicate favourable vanadium battery, electrolyte demand

By: Mia Breytenbach     16th August 2017 There is favourable demand for vanadium redox flow batteries (VRFBs), particularly in the utility and offgrid, as well as minigrid markets, with demand to peak in 2025 to 2030. This is according to recently concluded market studies, commissioned by Aim-listed Bushveld Minerals’ energy subsidiary... 

Bushveld Energy, IDC studies indicate favourable vanadium battery, electrolyte demand
Photo by Duane Daws
Bushveld Minerals CEO Fortune Mojapelo

China to ban primary mercury mining by 2032 as convention comes into force

By: Reuters     16th August 2017 China will ban the production and trade of a range of products containing mercury by 2020, including thermometers and blood pressure monitors, and ban primary mercury mining by 2032, as a global pact to cut pollution from the metal comes into effect. China - the world's biggest miner and... 

Miners drive strong European share gains as investors await GDP figures

By: Reuters     16th August 2017 Miners and oil stocks helped Europe's major share index make robust gains on Wednesday as higher metals prices lent a hand and investors awaited eurozone GDP figures expected to confirm the bloc's economic growth was on track. The pan-European STOXX 600 rose 0.7%, its third day of gains after a... 

European Metals bolsters Cinovec team to deliver DFS next year

By: Mariaan Webb     16th August 2017 ASX- and Aim-listed European Metals has appointed Craig Reimer to head the definitive feasibility study (DFS) of the Cinovec lithium/tin project in the Czech Republic. The appointment is aimed at strengthening the Cinovec team, as European Metals works towards delivering a DFS for the project in... 

Electricity intensive firms to approach Nersa for new job-saving tariff deal

By: Terence Creamer     16th August 2017 The Energy Intensive Users Group (EIUG) will approach the National Energy Regulator of South Africa (Nersa) before the end of September with a proposal for structural changes to Eskom’s tariff for large power users by removing existing cross-subsidies to assist businesses whose future... 

Electricity intensive firms to approach Nersa for new job-saving tariff deal
EIUG chairperson Dr Tsakani Mthombeni

India, Iran talks on Farzad B gasfields near breaking point 

By: Ajoy K Das     16th August 2017 The protracted negotiations between India and Iran on the Farzad B gasfields have come to a halt following a hardening of stance by both countries. No top level talks between officials of India and Iran have been held since the expiry of the last deadline of February, but official written... 

Freeport Indonesia says flash floods damage mine power plant

By: Reuters     16th August 2017 Flash floods have left one worker missing and caused extensive damage to a power plant at US-owned miner Freeport Indonesia's operations in the eastern-most province of Papua, company officials said on Wednesday. Mining operations were continuing as normal, but power and water outages were... 

BC Iron swings back to black

By: Esmarie Swanepoel     16th August 2017 Junior miner BC Iron has swung back into black during the full year ended June, as the company’s Iron Valley operation delivered strong results. BC Iron on Wednesday reported after tax profit of A$7.1-million from continuing operations, compared with a loss of A$43.9-million in the previous... 

ONGC Videsh earmarks $1bn for oil production growth

By: Ajoy K Das     16th August 2017 ONGC Videsh, the overseas arm of Indian exploration and production (E&P) major ONGC, is aiming to complete a $1-billion capital expenditure programme during the 2017/18 financial year. This investment spread across exploration, development and production will enable ONGC Videsh to achieve oil... 

Revenues rise for MinRes

By: Esmarie Swanepoel     16th August 2017 ASX-listed Mineral Resources has reported a 24% increase in revenue for the 2017 financial year, as its Mount Marion spodumene operation, in Western Australia, ramped up to full capacity. Revenue increased from A$1.1-billion in 2016 to A$1.4-billion, while earnings before interest, tax,... 

Technology set to unleash mining innovation – Anglo’s O’Neill

By: Martin Creamer     16th August 2017 In the next ten years, technology is set to unleash a wave of mining innovation, with the sweet spot centred on changing the thinking around orebodies and processing plants rather than much-spoken-about automation. “Our focus has changed from hunting technologies to hunting value,” Anglo American... 

Technology set to unleash mining innovation – Anglo’s O’Neill
Anglo American technical director Tony O’Neill

Triton tips possible partner for Ancuabe

By: Esmarie Swanepoel     16th August 2017 Graphite developer Triton Minerals has signed a memorandum of understanding (MoU) with China’s Sinoma Overseas Development Company providing terms for offtake, engineering, procurement and construction (EPC) services, debt financing and project investment at the Ancuabe project, in Mozambique.... 

Resolute signs heritage agreements over Ravenswood

By: Esmarie Swanepoel     16th August 2017 Gold miner Resolute Mining has inked two heritage agreements with the Queensland government over its Ravenswood expansion project. ASX-listed Resolute said on Wednesday that the agreements were an important component of the approvals required to start mining at the Buck Reef West openpit, which... 

Woodside profits surge in H1

By: Esmarie Swanepoel     16th August 2017 ASX-listed Woodside Energy has reported a 49% increase in half-year net profit after tax to $507-million, as production reached 42.2-million barrels of oil equivalent. Production for the first half of 2017 was slightly lower than the 45.9-million barrels of oil equivalent reported in the... 

Origin widens losses in FY17

By: Esmarie Swanepoel     16th August 2017 Oil and gas producer Origin Energy has widened its statutory loss for the 2017 financial year, from A$628-million reported at the end of 2016, to A$2.22-billion. The company earlier warned of a A$1.2-billion post tax impairment on the second half of the 2017 financial year, driven by a... 

Work stops at Nifty

By: Esmarie Swanepoel     16th August 2017 Underground operations at the Nifty copper mine, in Western Australia, have been temporarily suspended as owner Metals X undertook remedial repairs to the secondary escapeway. The ASX-listed company said on Wednesday that the repairs would take around seven days to complete, with the mine to... 

Miner Hochschild's H1 pretax profit falls 33.8% on higher costs

By: Reuters     16th August 2017 Precious metals miner Hochschild Mining's pretax profit fell 33.8% in the first half of the year, hurt by higher costs. Attributable silver production rose 8.9% to 8.9-million ounces in the six months ended June 30, and the company said it was on track to deliver attributable production of... 

WA court orders winding up of Eastern Goldfields

By: Esmarie Swanepoel     16th August 2017 The ASX suspended shares of Eastern Goldfields from being traded on Wednesday after the Western Australian Supreme Court ordered that the company be wound up and a liquidator be appointed. Assay provider Genalysis Laboratory Services lodged the winding up case, which was heard on Tuesday. 

Sierra Rutile bribery scandal unlikely to affect Iluka operations

By: Esmarie Swanepoel     16th August 2017 ASX-listed mineral sands miner Iluka said on Wednesday that a bribery scandal at its recently acquired Sierra Rutile operations, in Sierra Leone, was unlikely to have a material impact on the company. Reports emerged this week that Iluka had uncovered suspected bribe payments made by... 

Sierra Rutile bribery scandal unlikely to affect Iluka operations

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