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Mining News

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 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... 

Ramaphosa should shift to green energy – Greenpeace

By: News24Wire      20th February 2018 Environmental organisation Greenpeace is demanding newly-elected President Cyril Ramaphosa takes urgent action on energy policy in South Africa. Ramaphosa delivered his maiden State of the Nation Address (SoNA) on Friday, when he highlighted economic growth and combating corruption. 

Russia's Prokhorov sells 6% stake in Rusal to Vekselberg

By: Reuters     20th February 2018 Russian businessman Mikhail Prokhorov has agreed to sell a 6% stake in Russian aluminium giant Rusal to a consortium of investors led by billionaire Viktor Vekselberg and his partners, the consortium said on Monday. The sale will close a chapter at the world's second largest aluminium producer.... 

Moab Khotsong deal concluded

By: Megan van Wyngaardt     20th February 2018 Harmony Gold on Tuesday said all conditions precedent to its acquisition of Moab Khotsong from AngloGold Ashanti had been met and that the transaction would become effective on March 1. "The integration of Moab Khotsong will enhance the quality of our portfolio and boost our cash flows," said... 

BHP to open data rooms for US shale fields, deals may be announced before year-end

By: Mariaan Webb     20th February 2018 Mining giant BHP will open the data rooms for its onshore US assets next month, the group said on Tuesday, as it confirmed that deals may be announced before the end of this year. Under pressure from activist investors, including Elliott Management, to get out of the shale business that it... 

BHP to open data rooms for US shale fields, deals may be announced before year-end
BHP has opened the data room for the Fayetteville field (pictured).

Peru tenders $2bn copper project in first major auction in years

By: Reuters     20th February 2018 Peru will accept bids and award a contract to develop the estimated $2-billion Michiquillay copper mine on Tuesday in the first major auction from the world's No. 2 copper producer in at least a decade. The auction was delayed twice last year, in part due to political turmoil in Peru. The bids... 

Australian Mines shares surge 60% on offtake deal

By: Reuters     20th February 2018 Shares of battery and technology metals developer Australian Mines Ltd surged on Tuesday after the company signed an offtake agreement with South Korean battery maker SK Innovation for nickel and cobalt from its Sconi project. The commodity off-take agreement, which is for an initial period of... 

BHP CEO says to meet activist investor Elliott this week

By: Reuters     20th February 2018 BHP Billiton CEO Andrew Mackenzie said he will be meeting with activist investor Elliott Advisors this week, among others, and will be discussing their call for BHP to scrap its dual listing in the UK. Mackenzie said he wants to hear all investors' views on the dual listed structure and is open... 

BHP rewards shareholders, profit jumps 25% on commodity prices

By: Mariaan Webb     20th February 2018 Higher commodity prices have helped the world’s largest diversified mining group to report a 25% increase in its underlying attributable profit and to reward shareholders with higher interim dividends. Melbourne-headquartered BHP grew its underlying attributable profit from $3.24-billion in the... 

BHP rewards shareholders, profit jumps 25% on commodity prices
BHP CEO Andrew Mackenzie

Implats expects to narrow H1 losses

By: Creamer Media Reporter      19th February 2018 Impala Platinum (Implats) expects to narrow its headline loss a share for the six months ended December 31 to between 17c and 26c, compared with the headline loss a share of 71c reported for the six months to December 31, 2016. Its loss a share is also expected to improve to a loss of between 19c... 

Colombia coal output down slightly in 2017 to 89.4Mt

By: Reuters     19th February 2018 Colombia, the world's fifth-largest exporter of coal, produced 89.4-million tonnes in 2017, down 1.2% from output the year before, the Energy and Mining Ministry said in a statement on Monday. The country produced 90.5-million tonnes in 2016. 

Colombia coal output down slightly in 2017 to 89.4Mt

Sibanye-Stillwater’s gold, platinum reserves decrease

By: Dylan Slater     19th February 2018 Precious metals producer Sibanye-Stillwater on Monday reported that its South African gold reserves had decreased by 10% year-on-year to 25.74-million ounces as at December 31, while its total platinum, palladium, rhodium and gold, or 4E, platinum group metal mineral reserves had declined by 4%... 

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