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Mining News

Lazard drafting plan to bolster Eskom's balance sheet – sources

By: Reuters     14th August 2018 State-owned power firm Eskom has hired financial adviser Lazard to draft a plan to shore up its balance sheet as it struggles to emerge from a financial crisis, two banking sources told Reuters. Cash-strapped Eskom is critical to Africa's most industrialised economy as it supplies more than 90%... 

Daro exploration producing promising outputs

By: Schalk Burger     14th August 2018 Exploration work at the Daro copper/gold project, in northern Ethiopia, has produced promising results at the Teklil prospect and a significant gold-bearing quartz vein at the Keren prospect has been discovered, while stream sediment analysis has defined new target areas for exploration, Aim- and... 

Champion appoints Roxgold finance chief as its CFO

By: Creamer Media Reporter      14th August 2018 TSX-listed Champion Iron on Tuesday announced the appointment of Natacha Garoute as CFO. Garoute has more than 20 years of finance experience, with a strong focus on mining, most recently as CFO of TSX-listed gold producer Roxgold. 

Local downstream oil investments, across Atlantic gold prospects and rail derailments make headlines 

14th August 2018 Glencore’s local downstream oil investments are expected to be concluded in the near future, Rangold Resources is looking across the Atlantic along the northern edge of South America for new prospects, and Transnet has derailed its reputation by allowing derailments and rail cancellations on its... 

Local downstream oil investments, across Atlantic gold prospects and rail derailments make headlines
Local downstream oil investments, across Atlantic gold prospects and rail derailments make headlines

Lead shortages, seasonally strong demand suggest possible price revival

By: Reuters     14th August 2018 Global trade disputes and political tensions have sent prices of battery metal lead to 14-month lows but tight supplies, shortages and seasonally strong demand for the coming northern winter suggest a possible change of tack. The possibility of protracted trade tensions between the United States... 

Antofagasta's H1 earnings fall, trade tensions cloud demand outlook

By: Reuters     14th August 2018 Chilean copper producer Antofagasta said first-half core earnings fell 16.2% from a year earlier, citing weaker ore quality, and said trade tensions clouded the broader market outlook in the short term. Its share price was down by 5.4% by 09:13 GMT, while the broader sector was 0.8% lower. 

Antofagasta's H1 earnings fall, trade tensions cloud demand outlook
Ivan Arriagada

First Majestic stock tumbles on Q2 results

By: Mariaan Webb     14th August 2018 Mexico-focused First Majestic on Tuesday reported a second-quarter net loss of $40-million, prompting investors in Toronto to sell the company’s stock, which tumbled nearly 15% to its lowest level in six months. The net loss compares with net earnings of $1.4-million in the second quarter of 2017... 

Imperial Metals reports Q2 loss

By: Mariaan Webb     14th August 2018 British Columbia-focused miner Imperial Metals has reported a net loss of $36.56-million in the June quarter, compared with a profit of $99.54-million in the prior-year quarter, as the company was knocked by a two-month strike at the Mount Polley mine and revenue from the Red Chris mine was also... 

Japan utilities, Glencore set annual coal contract at $110/t – sources

By: Reuters     14th August 2018 Japanese utilities and global mining giant Glencore have settled an Australian thermal coal import contract for April 2018 to March 2019 at $110/t, according to several people with knowledge of the matter. The deals were struck between Glencore and Japanese utilities such as Shikoku Electric,... 

Spitfire/Excelsior merger gets expert backing

By: Esmarie Swanepoel     14th August 2018 An independent expert has concluded that the proposed merger between juniors Excelsior Gold and Spitfire Materials is in the best interest of Excelsior shareholders. The merger will be implemented through a scheme of arrangement, with Spitfire to acquire all of the issued capital of Excelsior by... 

Sabre's Sherlock Bay project still proving positive

By: Esmarie Swanepoel     14th August 2018 ASX-listed Sabre Resources will proceed with scoping and prefeasibility studies on its Sherlock Bay nickel/copper/cobalt project, in Western Australia. The decision comes after a review and update of a mining study on the Sherlock Bay project was conducted, which provided Sabre with updated... 

BHP, union extend labor talks at mammoth Chile copper mine

By: Reuters     14th August 2018 The union at the world's largest copper mine, Escondida in Chile, has called off a strike planned to start on Tuesday after agreeing to extend talks with operator BHP for another day. The announcement early on Tuesday comes amid fears of a repeat of last year's strike at Escondida, which jolted... 

China's Ganfeng buys SQM's stake in lithium project for $87.5m

By: Reuters     14th August 2018 Chile's SQM, one of the world's largest lithium producers, said on Monday that it agreed to sell its 50% stake in the Cauchari-Olaroz project in Argentina to China's Ganfeng Lithium for $87.5-million. The deal also stipulates that Ganfeng will pay SQM an additional $50-million if the project's... 

Gold Mountain boosts its exploration efforts in PNG

By: Esmarie Swanepoel     14th August 2018 ASX-listed Gold Mountain has completed the assembly and commissioning of a large-capacity mobile plant to process coarse gold and platinum bulk samples. Gold Mountain holds a number of exploration tenements in Papua New Guinea, with its flagship Crown Ridge project in the final stage assessment... 

Terramin refinances standby term facility

By: Esmarie Swanepoel     14th August 2018 ASX-listed Terramin Australia has struck a refinancing deal with shareholder Asipac Group to restructure a standby term facility. The existing unsecured facility has now been increased from A$3.25-million to A$5.25-million on similar terms and will be secured in accordance with the terms of the... 

Balama fines circuit gets an upgrade

By: Esmarie Swanepoel     14th August 2018 The commissioning of attrition cells for the fines graphite circuit at the Balama graphite project, in Mozambique, has been successfully completed, ASX-listed Syrah Resources said. The company told shareholders that initial assessment was showing significant improvement in fines graphite fixed... 

Western Surat gas project receives final enviro nod

By: Esmarie Swanepoel     14th August 2018 ASX-listed Senex Energy has been given commonwealth environmental approval for its Western Surat gas project, bringing the project one step closer to development. Along with the previously granted state environmental approvals and petroleum lease, Senex has received all primary approvals to... 

Boonanarring on track and budget - Image

By: Esmarie Swanepoel     14th August 2018 Commissioning and first production from the Boonanarring mineral sands project, in Western Australia, remained on track for the fourth quarter of this year, owner Image Resources said. The company on Tuesday said that construction of the opencut mine started in April, with the exposure of first... 

Six killed in armed incident near Semafo’s Boungou mine

By: Simone Liedtke     14th August 2018 West Africa-focused Canadian mining company Semafo on Monday reported that five gendarmes and one subcontractor employee had lost their lives in an armed incident that occurred between the town of Fada and the Boungou mine site, in the Est region of Burkina Faso. While operations at the Boungou... 

Rukwa plant upgrade set for completion in September

By: Simone Liedtke     14th August 2018 Aim-listed Edenville Energy is planning to complete the upgrade of the processing plant at its Rukwa coal project, in Tanzania, by the end of September, which will allow for increased throughput. A Lamella clarifier water treatment plant is nearing assembly stage completion and will be installed... 

Minister decries Gold Fields’ job-cut plan at cash-burning South Deep

By: Martin Creamer     14th August 2018 They say South Deep will be the last gold mine standing, but every report coming out of it indicates that it is an extremely hard nut to crack, with production hopelessly below guidance. Since 2006, Gold Fields has pumped R32-billion into South Deep without even breaking even, let alone making a... 

Minister decries Gold Fields’ job-cut plan at cash-burning South Deep
Photo by Creamer Media
Gold Fields CEO Nick Holland

Donlin receives record of decision; local tribes raise concern

By: Mariaan Webb     14th August 2018 The Donlin gold project – one of the largest undeveloped openpit gold deposits – has jumped a major hurdle with the US Army Corp of Engineers and the Bureau of Land Management (BLM) issuing a record of decision (RoD) and awarding key federal permits, the co-owners of the project announced on... 

Donlin receives record of decision; local tribes raise concern

Whitehaven posts record profits

By: Esmarie Swanepoel     14th August 2018 Coal miner Whitehaven Coal has reported a record net profit after tax of A$525.6-million for the 2018 financial year ending June, with sales revenues up by 27% and underlying earnings before interest, tax, depreciation and amortization (EBITDA) up by 32% on the previous financial year. Revenue... 

Whitehaven posts record profits

China coal output hits lowest in years, but heatwave boosts power generation

By: Reuters     14th August 2018 China's coal output fell 2% in July to its lowest in years as Beijing's crackdown on polluting industries crimped mining in the world's top consumer of the fuel, driving import demand as hot weather boosted thermal power generation. The country produced 281.5-million tonnes of coal in July, down... 

Nornickel earnings jump on higher metal prices, operational efficiencies

By: Simone Liedtke     13th August 2018 Nickel and palladium producer Norilsk Nickel (Nornickel) reported a 77% year-on-year increase to $3.1-billion in earnings before interest, taxes, depreciation and amortisation (Ebitda) in the first half of 2018, driven by higher metal revenue and operational efficiency gains. The Ebitda margin... 

Nornickel earnings jump on higher metal prices, operational efficiencies
Vlaidmir Potanin

Final stage of Cononish permitting taking longer than planned – Scotgold

By: Mariaan Webb     13th August 2018 The permitting process for the gold and silver mine that Scotgold is seeking to develop near the Loch Lomond and Trossachs National Park, in Scotland, is taking longer than planned, Aim-listed Scotgold reported on Monday. The company said that all substantive matters relating to the issuing of... 

Premier African Minerals’ RHA tungsten mine almost back to production

By: Marleny Arnoldi     13th August 2018 Aim-listed Premier African Minerals is fast progressing towards bringing its RHA tungsten mine, in Zimbabwe, back into production in the coming weeks. Operations were halted towards the end of last year amid cash flow constraints.  

Ivanhoe advances projects in ‘productive’ Q2

By: Marleny Arnoldi     13th August 2018 Canadian miner Ivanhoe Mines had a productive second quarter ended June 30, with underground development at the planned initial copper mine at Kakula, in the Democratic Republic of Congo (DRC), making steady progress. The mine is expected to reach the high-grade copper mineralisation later this... 

Ivanhoe advances projects in ‘productive’ Q2
Ivanhoe's Platreef exploration

McEwen closes $50m three-year loan

By: Marleny Arnoldi     13th August 2018 NYSE- and TSX-listed precious metals producer McEwen Mining has closed its previously announced $50-million senior secured three-year loan facility with Royal Capital Management Corporation. Owner and chairperson Rob McEwen is participating as a lender for $25-million of the total loan.  

Seven die in Pakistan mine blast, six missing

By: Reuters     13th August 2018 A mine explosion in Pakistan's southwestern city of Quetta killed at least seven coal miners, a mining official said on Monday, with authorities expecting the death toll could rise. The bodies of the dead were recovered on Monday morning, with efforts being made to retrieve six more men trapped... 

Champion Iron posts a profit during Bloom Lake ramp-up

By: Mariaan Webb     13th August 2018 TSX- and ASX-listed Champion Iron has reported net income of C$20.7-million for the June quarter, which chairperson CEO Michael O’Keeffe on Monday hailed as a major achievement, considering that the Bloom Lake iron-ore mine was in the ramp-up phase during the three months under review. Bloom... 

AngloGold terminates Brazil earn-in JV with Equinox Gold

By: Mariaan Webb     13th August 2018 Aurizona greenfields concessions in Brazil, the Canada-based junior reported on Monday. AngloGold has spent about $9-million at the greenfields concession since exploration started in August 2016, completing more than 43 000 line kilometres of high-resolution aeromagnetic radiomagnetic surveying... 

Avesoro’s interim Ebitda, revenue rise

By: Simone Liedtke     13th August 2018 TSX- and Aim-listed Avesoro Resources has reported earnings before interest, taxes, depreciation and amortisation (Ebitda) of $64.6-million for the six months ended June 30, compared with Ebitda of $1.1-million reported for the first half of the 2017 financial year. With a 318% year-on-year... 

Lithium-ion batteries, energy storage on strong demand growth trajectory

By: Marleny Arnoldi     13th August 2018 The automotive industry’s use of lithium-ion batteries is on track to grow seven-fold to 650 GWh by 2025, from 70 GWh in 2017; the increase in energy storage, although from a lower base, will add to this, says specialist international publisher Metal Bulletin. It adds that the electrification of... 

Lithium-ion batteries, energy storage on strong demand growth trajectory

Mustang to raise A$2.4m in private placement

By: Marleny Arnoldi     13th August 2018 ASX-listed Mustang Resources will raise about A$2.4-million through a private placement to advance its Caula vanadium/graphite project, in Mozambique, and for general working capital. Of this amount, A$2.18-million will be raised through the issue of about 158.6-million shares at $0.01374 apiece.  

APA takes up A$13bn offer

By: Esmarie Swanepoel     13th August 2018 The directors of energy infrastructure business APA Group have unanimously recommended a near A$13-billion takeover offer from a consortium led by CK Infrastructure Holdings. The A$11 a share offer was first flagged in June this year, with the consortium, which also includes CK Asset Holdings... 

Santos expands drilling in Cooper basin

By: Esmarie Swanepoel     13th August 2018 Oil and gas major Santos has started operation of a fourth rig in the Cooper Basin, as part of a drive to produce more natural gas to supply the east coast domestic market. The company on Monday said that the rig will drill eight wells by the end of this year, starting with the Big Lake field,... 

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