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Mining News

China's CEFC eyes big league with Rosneft oil offtake deal

By: Reuters     18th October 2017 As part of its recent $9.1-billion investment in Russian oil giant Rosneft, little-known CEFC China Energy will have access to up to 260 000 bbl/d of Russian oil - giving it the sort of market clout to potentially challenge dominant Western oil traders like Vitol. For China, the world's top crude... 

Egg-sized diamond for sale: proceeds to benefit Sierra Leone's poorest

By: Reuters     18th October 2017 Sierra Leone will auction one of the world's largest diamonds to fund development projects in the impoverished community where it was found, the group managing the sale said on Tuesday. The 709 ct gem, named the "peace diamond", was found in the eastern Kono region in March by a Christian pastor... 

Aguia improves Tres Estradas economics

By: Esmarie Swanepoel     18th October 2017 Test work at fertiliser developer Aguia Resources’ Tres Estradas phosphate project, in Brazil, has indicated significant capital and operating expenditure savings through process improvements and production efficiencies. Aguia on Wednesday said that the test work, done as part of the bankable... 

San Jose study shows robust project at 'half current lithium price' – Plymouth

By: Esmarie Swanepoel     18th October 2017 A scoping study into the San Jose lithium-tin project, in Spain, has found that the project could deliver some 15 000 t/y of battery grade lithium carbonate over an initial mine life of 24 years. ASX-listed Plymouth Minerals on Wednesday reported that the project was expected to require a caital... 

Montepuez redesign to save millions - Flanagan

By: Esmarie Swanepoel     18th October 2017 A value engineering study on the Montepuez graphite project, in Mozambique, has found that the project’s capital costs could be cut from $126-million to $42.3-mllion, while operating costs could reduce from $422/t to $337/t. ASX-listed Battery Minerals told shareholders that the value... 

Peninsula hopes to sell Karoo project

By: Esmarie Swanepoel     18th October 2017 ASX-listed uranium miner Peninsula Energy will divest of its 74% interest in the Karoo projects, in South Africa. The company on Wednesday told shareholders that while it had advanced the Karoo projects from exploration to early stage prefeasibility over the past decade, Peninsula has now... 

Balama to produce first concentrate this month

By: Esmarie Swanepoel     18th October 2017 First concentrate production at the Balama graphite project, in Mozambique, is expected late in October, with ASX-listed Syrah Resources telling shareholders that first saleable flake product was expected in the second half of November. Project construction was now some 98% complete, and the... 

Po Valley gets new production concession

By: Esmarie Swanepoel     18th October 2017 The Italian Ministry of Economic Development has granted ASX-listed PO Valley a production concession for a new onshore gas field close to existing producing infrastructure. Po Valley said on Wednesday that the Sant Alberto production concession, near Bologna, covers an area of 19.51 km2 and was... 

Moz coal assets come back to haunt former Rio Tinto CEO, CFO

By: Esmarie Swanepoel     18th October 2017 The US Securities and Exchange Commission (SEC) has laid charges of fraud against diversified miner Rio Tinto and its former CEO Tom Albanese and CFO Guy Elliott. The SEC in a statement this week said that the company and the former two executives had inflated the value of Mozambique coal... 

Moz coal assets come back to haunt former Rio Tinto CEO, CFO
Photo by Duane Daws
Tom Albanese

Trevali stock trades lower on production miss

By: Henry Lazenby     18th October 2017 The value of the recent acquisition of two African zinc assets from mining major Glencore is evident in zinc-focused miner Trevali Mining latest operating results, which it published on Monday, accounting for about 65% of output. However, the company’s TSX-listed equity on Tuesday fell as much as... 

BHP on track for 7% volume growth in FY18; guidance intact

By: Henry Lazenby     18th October 2017 The world’s largest mining house BHP Billiton said on Wednesday it remained on track for a 7% volume growth in the 2018 financial year, leaving its full-year 2018 guidance unaltered. The Melbourne, Australia-based miner reported its operating results for the three months ended September 30,... 

BHP on track for 7% volume growth in FY18; guidance intact

'Dr. Doom' commentator Marc Faber faces backlash over race comments

By: Reuters     18th October 2017 Marc Faber, the Swiss investor based in Thailand, provoked a backlash from business television and investment management firms on Tuesday after comments in his latest newsletter suggested the US had only prospered because it was settled by white people. The investor and commentator, known as 'Dr... 

‘Digital effectiveness’ tops EY’s 2017/18 risk radar

By: Henry Lazenby     18th October 2017 Professional services firm EY Global has revealed it annual ‘Top 10 business risks facing mining and metals’ report on Tuesday, with new entry ‘digital’ topping the list of most critical risks facing the mining industry in the coming year. This year’s report has seen a reshuffling with digital... 

‘Digital effectiveness’ tops EY’s 2017/18 risk radar

Rio Tinto declares force majeure on copper from US mine

By: Reuters     17th October 2017 Global miner Rio Tinto declared force majeure last Friday on shipments of refined copper from its Kennecott mine, in the US, following the death of a worker, a spokesperson said on Tuesday. There was no timeline for when the force majeure would be lifted, spokesperson Kyle Bennett said. A force... 

Miners beware growing cyber risk

By: Henry Lazenby     17th October 2017 Cyber risk has increased in prominence on professional services firm EY’s annual ‘Top 10 business risks facing mining and metals’ report, jumping to third position from ninth in 2016. According to EY's report, which was published on Tuesday, cyber risk is an ever-growing issue – an outcome of... 

Miners beware growing cyber risk

Keaton units perform in line with expectations – Wescoal

By: Anine Kilian     17th October 2017 JSE-listed Wescoal on Tuesday said the integration of Keaton was progressing well. Key technical and mining skills have been retained successfully and operational and financial performance, to date, from the Keaton business units are in line with expectations. 

Key witnesses in State capture inquiry will need to face the music, warns parliamentary committee chair

By: Kim Cloete     17th October 2017 Parliament’s Portfolio Committee on Public Enterprises has started its keenly awaited inquiry into allegations of State capture, with a warning that key witnesses will not be allowed to shy away from appearing before Parliament. “We have a right to subpoena a witness if we think that witness has... 

Key witnesses in State capture inquiry will need to face the music, warns parliamentary committee chair

Young HDSA diamond beneficiators doing well – De Beers 

By: Martin Creamer     17th October 2017 The model launched last year by De Beers for the development of young historically disadvantaged South Africans (HDSAs) as diamond beneficiators is proving highly successful, De Beers Senior VP Sightholder Sales South Africa Mpumi Zikalala said on Tuesday. Speaking to Mining Weekly Online on the... 

Young HDSA diamond beneficiators doing well – De Beers
De Beers Senior VP Sightholder Sales South Africa Mpumi Zikalala talks to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Nicholas Boyd and Lionel de Silva.

Six miners killed, one wounded in coal mine collapse in Turkey - aid agency

By: Reuters     17th October 2017 Six miners were killed and another was wounded after part of a coal mine in Turkey's southeastern province of Sirnak collapsed on Tuesday, Turkey's AFAD aid agency said. AFAD said search and rescue teams were searching for another worker who was trapped at the site. 

Cora Gold appoints drilling contractor for Mali discovery

By: Anine Kilian     17th October 2017 West Africa-focused gold exploration company Cora Gold’s wholly owned subsidiary Cora Gold Mali has entered into a contract with Target Drilling for the supply of aircore (AC), reverse circulation (RC) and diamond core drilling services at its flagship Sanankoro gold discovery in South Mali.  The... 

Stratex sells stake in Goldstone

By: Anine Kilian     17th October 2017 Aim-listed gold exploration and development company Stratex has sold its 13.7% stake in Goldstone Resources to institutional investors at a price of 1.6p a share for a total cash consideration of £0.55-million. “Following the dilution of Stratex's shareholding in Goldstone, resulting from a... 

KGHM plays down recent breakdown impact

By: Reuters     17th October 2017 Polish copper producer KGHM Polska Miedz said on Tuesday it expects no big negative impact on sales or core earnings from the recent breakdown of a smelter in the city of Glogow. "We hope that we will be able to recoup some losses," CEO Radoslaw Domagalski-Labedzki told reporters. 

Petropavlovsk Q3 output up 1.6%

By: Mariaan Webb     17th October 2017 LSE-listed miner Petropavlovsk has reported a marginal increase in its gold production in the September quarter. The company, which operates the Pioneer, Pokrovskiy, Malomir and Albyn mines in Russia, produced 104 000 oz of gold in dore, compared with 102 400 oz in the third quarter of 2016. 

Gately to step down as Resgen chair

By: Creamer Media Reporter      17th October 2017 Denis Gately will resign as chairperson and director of coal development company Resource Generation, known as Resgen, with effect from November 22. The company’s other directors have proposed to elect Lulamile Xate to succeed him as chairperson. 

De Beers’ eighth sales cycle nets $370m

By: Anine Kilian     17th October 2017 Diamond miner De Beers reported revenue of $370-million for its eighth rough diamond sales cycle of this year. This was lower than the $494-million in revenue earned in the eighth sales cycle of 2016. 

Kibali on track as it prepares for completion of underground mine

By: Anine Kilian     17th October 2017 Randgold Resources’ Democratic Republic of Congo- (DRC-) based Kibali gold mine remains on track to achieve its production target of 610 000 oz this year as its underground operations and the integration and automation of the vertical shaft enters the final commissioning and automation stage, CEO... 

Kibali on track as it prepares for completion of underground mine
Photo by Duane Daws
Randgold Resources CEO Mark Bristow

Explorer Ferrum Crescent adopts revised strategy

By: Creamer Media Reporter      17th October 2017 Exploration firm Ferrum Crescent has announced a revised exploration strategy for the Toral base metals project, in Spain, including the appointment of expert geological advisers to better understand the project economics. The revised strategy will be led by newly appointed executive director... 

McKinsey 'embarrassed' by failings in South Africa scandal

By: Reuters     17th October 2017 McKinsey said on Tuesday it was embarrassed by errors it made while working with South African utility Eskom on a R1.6-billion contract that is being investigated by Parliament and police over allegations of fraud. Privately-held McKinsey, the world's largest management consultancy, said it had... 

McKinsey 'embarrassed' by failings in South Africa scandal

Independence unveils nickel exploration budget for 2018

By: Esmarie Swanepoel     17th October 2017 ASX-listed diversified miner Independence Group will spend nearly 60% of its A$50-million exploration budget in 2018 on the Nova and Fraser Range project area. Independence MD and CEO Peter Bradford told delegates at the Paydirt nickel conference in Perth, on Tuesday, that A$9-million would be... 

WA’s exploration incentive in the firing line as gold royalty leaves A$100m hole

By: Esmarie Swanepoel     17th October 2017 Western Australia’s Exploration Incentive Scheme (EIS) could be in the firing line as the state government scrambles to make up the A$100-million a year hole left by the tanking of the proposed gold royalty. Speaking on the sidelines of the Paydirt nickel conference, Mines and Petroleum Minister... 

Stanmore sets new sales record

By: Esmarie Swanepoel     17th October 2017 ASX-listed coal miner Stanmore Coal has reported record coal sales for the September quarter, despite output declining by 20% compared with the previous quarter. Coal sales for the quarter were up 55% on the June quarter to 411 000 t, reducing coal stocks from 258 000 t to 164 000 t. 

Metals X revisits Wingellina on higher cobalt price

By: Esmarie Swanepoel     17th October 2017 An increase in the cobalt price has prompted ASX-listed Metals X to revisit its Wingellina nickel/cobalt/scandium project, in Western Australia. A previous feasibility study into the Wingellina project estimated that the project could deliver about 40 000 t/y of nickel and 3 000 t/y of cobalt... 

Coolgardie could deliver 65 000 oz for Primary Gold

By: Esmarie Swanepoel     17th October 2017 The Coolgardie gold project, in Western Australia, could yield about 65 000 oz of gold over an initial 28-month mine life, ASX-listed Primary Gold reported on Tuesday. A prefeasibility study (PFS) found that the project would require a capital investment of A$850 000 to develop a 480 000 t/y... 

Baobab expansion to cost $53.4m

By: Esmarie Swanepoel     17th October 2017 Initial studies into an expanded plant at the Baobab phosphate project, in Senegal, has estimated that the project would require a capital investment of $53.4-million to increase nameplate capacity from the current 500 000 t/y to one-million tonnes a year of high-grade phosphate rock... 

WA govt to clear red tape for miners

By: Esmarie Swanepoel     17th October 2017 The Western Australian government has committed to a number of reforms to support the state’s nickel industry. Speaking at the Paydirt nickel conference, in Perth, Mines and Petroleum Minister Bill Johnston said that the government was committed to reducing red tape and regulatory duplications... 

BHP’s entry into nickel sulphate ‘well timed’, cobalt sulphate may be next

By: Esmarie Swanepoel     17th October 2017 Mining major BHP is reviewing the timing of its Stage 2 nickel sulphate plant at the Kwinana refinery, in Western Australia, on the back of high demand. BHP Nickel West asset president Eduard Haegel said on Tuesday that potential customer visits had confirmed that the company’s entry into the... 

Rio Tinto produces more iron-ore and coal, but cuts copper guidance

By: Esmarie Swanepoel     17th October 2017 Diversified major Rio Tinto has reported increased production across its iron-ore and coal assets, but has adjusted its copper output expectations for the full year on the back of delays at the Escondida operation. “The business performed very well in the September quarter, with a strong... 

Rio Tinto produces more iron-ore and coal, but cuts copper guidance
Photo by Bloomberg
Rio Tinto CEO Jean-Sebastian Jacques

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