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Mining News

Miner Vedanta continues its recovery with robust first-half profits

By: Reuters     10th November 2017 Diversified miner Vedanta Resources said it sees further upside for zinc prices as it announced a 37.4% rise in half-year profit on Friday. A rebound in metals prices has prompted the miner to expand production of zinc and aluminium, enabling it to continue its recovery after being particularly... 

NUM says coal strike to begin on November 19

By: Reuters     10th November 2017 South Africa's National Union of Mineworkers will begin a strike over wages in the coal sector on November 19, the union's spokesman said on Friday. A protracted strike in the coal sector could affect power supply in Africa's most industrialised economy, as about 85% of electricity is generated... 

Buffalo’s Q3 loss widens, RoM production down 20.4% y/y

By: Creamer Media Reporter      10th November 2017 AltX- and TSX-V-listed Buffalo Coal’s run-of-mine (RoM) production fell by 20.4% year-on-year to 319 000 t in the third quarter ended September 30. RoM production from the Magdalena underground mine decreased by 36.4% year-on-year to 178 000 t, as a result of difficult geological mining... 

Chaarat CFO designate to lead project finance process

By: Mariaan Webb     10th November 2017 Kyrgyzstan-focused Chaarat Gold has appointed former Amara Mining finance director Pete Gardner its CFO designate to lead the financing process for the construction of the Tulkubash heap-leach project. Announcing the appointment on Friday, the Aim-listed company said that the financing process... 

Dalradian readies for Curraghinalt permitting phase

By: Mariaan Webb     10th November 2017 Canadian explorer and developer Dalradian Resources will start the permitting process for project in Northern Ireland by the end of this year, when it submits its planning application for building a gold mine at the Curraghinalt deposit. The planning application will be followed by two key... 

Australia-Peru FTA to benefit mining industry

By: Esmarie Swanepoel     10th November 2017 The Minerals Council of Australia (MCA) on Friday welcomed the signing of a free trade agreement (FTA) with Peru, with interim CEO David Byers saying it would create significant new opportunities for Australia’s mining and mining services exports and investment. “The trade deal will immediately... 

Australia-Peru FTA to benefit mining industry

Australian uranium hopefuls welcome Cameco production cuts

By: Esmarie Swanepoel     10th November 2017 Australia’s uranium hopefuls have welcomed a decision from uranium major Cameco to shutter its McArthur River mining and Key Lake milling operations, in Canada. Cameco this week announced its plans to remove some 10% of the current global uranium supply, on the back of continued uranium price... 

Eastern Goldfields seeks to raise up to A$30m for Davyhurst

By: Esmarie Swanepoel     10th November 2017 ASX-listed gold miner Eastern Goldfields is hoping to raise up to A$30-million through a number of share placements. The company this week announced that it had entered into a binding agreement for a cornerstone investment of A$17.5-million from mining investor Hawke’s Point Holdings, under... 

Prospect gets development option for Zim lithium project

By: Esmarie Swanepoel     10th November 2017 Lithium and gold-focused Prospect Resources has inked a conditional placement and framework agreement with Hong Kong based Sinomine Resources Exploration to fully fund the construction of the Arcadia lithium project, in Zimbabwe. Prospect on Friday reported that Sinomine would invest... 

Pilbara eyeing downstream processing

By: Esmarie Swanepoel     10th November 2017 Lithium developer Pilbara Minerals has signed a nonbinding memorandum of understanding (MoU) to potentially develop a downstream lithium chemical conversion facility in South Korea. The ASX-listed company on Friday noted that the MoU with Polaris Shipping and LG Chem would see Pilbara supply up... 

Canadian court approves Kingston-WCB merger

By: Esmarie Swanepoel     10th November 2017 The Supreme Court of British Columbia has granted final approval for the merger between ASX-listed Kingston Resources and Canada’s WCB Resources. The two companies in September announced merger plans, under which each WCB shareholder would receive 4.5 Kingston shares for every WCB common share... 

Indo Mines mulling bid from Rajawali

By: Esmarie Swanepoel     10th November 2017 The board of Indo Mines has advised shareholders not to take any action regarding a proposed off-market takeover bid from PT Surya Langgeng. The Indonesian company, which is a wholly owned subsidiary of PT Rajawali Corpora, on Friday announced its intention to make an all-cash offer of 2c a... 

Rival bid emerges for Molopo

By: Esmarie Swanepoel     10th November 2017 ASX-listed Molopo Energy has remained mum on a competing bid that emerged this week from WAM Capital. WAM earlier this week announced its intentions to make an off-market takeover bid for Molopo, under which shareholders would be offered 13.5c a share in cash. 

Govt, NGOs, industry combining to fend off acid mine water threat

By: Ilan Solomons     10th November 2017 Acid mine drainage (AMD) is regarded as one of the greatest environmental challenges ever faced by South Africa, says Department of Water and Sanitation (DWS) mine water management chief director Marius Keet. During a recent seminar on the need to rehabilitate mine-contaminated ecosystems, he... 

Govt, NGOs, industry combining to fend off acid mine water threat

Uranium miner Cameco not planning more output cuts 'right now' – CEO

By: Reuters     10th November 2017 Canada's Cameco is not planning further cuts to uranium output "right now," but has the option of lowering production again without jeopardizing supply contracts, its chief executive said on Thursday. Cameco will suspend production for ten months at McArthur River, Saskatchewan - the world's... 

Grupo Mexico raises nearly $1bn in rail unit IPO – sources

By: Reuters     10th November 2017 Mexican miner and infrastructure company Grupo Mexico on Thursday priced an initial public offering of its rail unit at 31.50 pesos per share, two sources said, raising around 19-billion pesos ($998-million). GMexico Transportes priced at the bottom of a 31.50 pesos to 39 pesos per share range,... 

Fortune to consider higher cobalt output in Nico feasibility report

By: Henry Lazenby     10th November 2017 Project developer Fortune Minerals plans to increase the production rate at its flagship Nico cobalt/gold/bismuth/copper project, in Canada’s Northwest Territories, by between 20% and 30% in a response to feedback from potential strategic partners, the company announced on Thursday. London,... 

Semafo’s profit wanes on lower output

By: Henry Lazenby     10th November 2017 West Africa-focused gold miner and regional explorer Semafo has reported a 44% drop in headline profit during the third quarter ended September, as the new mine plan for its Siou operation, in Burkina Faso, delivered fewer gold ounces to sell, the company reported on Thursday. Adjusted net income... 

Wheaton Precious Metals posts 20% dip in Q3 profit

By: Henry Lazenby     10th November 2017 The world’s largest precious metals streaming firm Wheaton Precious Metals (WPM) has reported a 20% year-on-year drop in profit, as lower attributable production and lower metals prices weighed on the bottom line. For the three months ended September, the Vancouver-based company recorded net... 

Wheaton Precious Metals posts 20% dip in Q3 profit

Eldorado suspends Skouries development as Greek row intensifies

By: Henry Lazenby     10th November 2017 Canadian miner Eldorado Gold has moved to suspend development of its Skouries project, in Northern Greece, and has launched legal action against the Greek government for not issuing the required permits. The Vancouver-headquartered company said in a statement Thursday that, despite dialogue... 

Eldorado suspends Skouries development as Greek row intensifies
The Skouries mine project development in Greece.

Ivanhoe expects new mineral resource estimate for Kakula by year-end

By: Anine Kilian     9th November 2017 TSX-listed Ivanhoe Mines expects a new mineral resource estimate for the entire Kakula discovery, in the Democratic Republic of Congo, by the end of the year, based on the current, delineated strike extent of least 12 km, the company said in a statement on Thursday. The new evaluation will expand... 

Mining production contracts while sales soar – Stats SA

By: Megan van Wyngaardt     9th November 2017 Local mining production decreased by 0.9% year-on-year in September, Statistics South Africa Statistician-General Risenga Maluleke revealed on Thursday. The largest negative contributors were platinum-group metals (PGMs), with output down 8.3%, followed by iron-ore, which was down by 7.5%. 

Alrosa says total diamond sales up to $337.6m in Oct

By: Reuters     9th November 2017 Total diamond sales of Russian state-controlled diamond producer Alrosa was at $337.6-million in October, the company said in a statement on Thursday, up from $309.7-million in September. Polished diamond sales amounted to $10.9-million last month. 

Tsodilo to treat BK16 samples to recover diamonds, assess economic viability

By: Mia Breytenbach     9th November 2017 Following a completed drilling and bulk sampling programme at TSX-listed Tsodilo Resources’ 100%-owned BK16 kimberlite project, in Botswana’s Orapa kimberlite field (OKF), the company will treat the samples to recover diamonds and determine the grade, quality and size distribution of the... 

Ncondezi signs non-binding agreement to develop Mozambique project

By: Anine Kilian     9th November 2017 Aim-listed solar energy equipment supplier Ncondezi Energy has signed a non-binding offer (NBO) with China Machinery Engineering Corporation (CMEC) and General Electric (GE) South Africa to develop, construct and operate the integrated Ncondezi 300 MW coal-fired power project and openpit coal... 

AfrTin starts trading on Aim

By: Creamer Media Reporter      9th November 2017 AfriTin Mining on Thursday started trading on the Aim. The company, which was demerged from Aim-listed Bushveld Minerals, owns various tin assets in Namibia and South Africa. 

S Africa hosts 33rd Chromium Conference 

     9th November 2017 The 33rd Chromium Conference took place in Johannesburg this week with a record number of 260 delegates from across the world. Mining Weekly editor Martin Creamer speaks to Creamer Media's Sashnee Moodley about the headlines from the event. 

S Africa hosts 33rd Chromium Conference
S Africa hosts 33rd Chromium Conference

Platinum miner Lonmin adds more security due to protests around mines

By: Reuters     9th November 2017 South African-focused Lonmin said workers employed by its community shareholder Bapo Ba Mogale were protesting around the platinum miner's operations, leading to delays in production at two shafts. "We are experiencing minimal challenges as some buses to our E2 and E3 shafts are running later... 

Polyus Q3 net profit falls, capex doubles on Natalka construction

By: Mariaan Webb     9th November 2017 Russia’s top gold producer, Polyus, on Thursday reported a 5% drop in third-quarter net profit to $371-million, reflecting the impact of a gain on derivatives and investments in the prior period, as well as finance costs. The company, which is listed on the LSE, said adjusted net profit... 

Polyus Q3 net profit falls, capex doubles on Natalka construction
The Natalka mine is Polyus' main greenfield development.

Highland Gold appoints COO

By: Creamer Media Reporter      9th November 2017 Russian gold miner Highland Gold has appointed Anton Kim as first deputy CEO of its Moscow-based management company, Russdragmet. He will serve as Highland Gold’s COO and will be responsible for overseeing day-to-day operations at the company's production and development assets. 

Mining technology gets boost from new Wits-Sibanye partnership

By: Martin Creamer     9th November 2017 Mining technology is being given a Fourth Industrial Revolution boost through the new partnership struck between precious metals mining company Sibanye-Stillwater and the Wits Mining Institute. Wits Mining Institute director Professor Fred Cawood outlined in a news release on Thursday that... 

Afarak shareholders seek board’s dismissal

By: Megan van Wyngaardt     9th November 2017 A group of Afarak shareholders, representing 10.86% of shares and voting rights, has asked to convene an extraordinary meeting of shareholders, where it will seek to dismiss the board, the LSE-listed miner said on Thursday. The meeting would further seek to address a number of issues, including a... 

Alrosa recovers two 100-ct-plus diamonds from Jubilee pipe

By: Creamer Media Reporter      9th November 2017 The Jubilee (Yubileynaya) pipe at Aikhal mining and processing division of Russian miner Alrosa has yielded two gem-stone quality diamonds of more than 100 ct each last year. The smallest of the two stones is a 108.34 ct rough diamond, measuring 23 mm by 20.56 mm by 17.86 mm. The other stone is a... 

New Acland expansion to deliver billions - EY

By: Esmarie Swanepoel     9th November 2017 The New Acland Stage 3 expansion project could deliver some A$7-billion in additional economic activity, a new report by advisory firm Ernst & Young (EY) has found. The proposed New Acland Stage 3 project will expand the mine’s yearly output from 4.8-million tonnes to 7.5-million tonnes and will... 

New Acland expansion to deliver billions - EY

Trans Hex reports H1 loss

By: Anine Kilian     9th November 2017 Sales revenue from JSE-listed Trans Hex’s South African operations decreased by 45.6% from R275.3-million to R149.7-million for the six months ended September 30. The average US dollar diamond price decreased by 20.1%, mainly owing to a weaker market and a decrease in average stone size, the... 

Rockwell subsidiaries’ liquidation application postponed to March; Ascot eyes gap for acquisition

By: Natasha Odendaal     9th November 2017 With the liquidation application for three JSE-listed Rockwell Diamonds subsidiaries postponed to March next year, Ascot Diamonds can now continue its bid for the subsidiaries and, subsequently, the acquisition of N9C Resources, one of Rockwell’s Cayman Islands subsidiaries. The Canadian alluvial... 

India gold demand seen falling to lowest in 8 years in 2017 - WGC

By: Reuters     9th November 2017 India's gold consumption is likely to drop to its lowest in eight years in 2017, hit by government moves to make bullion trading more transparent and by faltering demand from some rural areas, the World Gold Council (WGC) said on Thursday. Evidence of weaker appetite in a country where gold is... 

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