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Mining News

Savannah intersects broad zones of pegmatite at Portugal lithium project

By: Creamer Media Reporter      10th August 2017 Exploration firm Savannah Resources has completed 16 reverse circulation drill holes at its Mina do Barroso lithium project, all of which intersected pegmatite. The company will now sharpen its focus on three primary target areas – Grandao, Reservatorio and NOA. 

Evraz doubles H1 profit, to pay first dividend since 2014

By: Reuters     10th August 2017 Russian integrated steel and mining company Evraz reported a doubling in first-half core profits on Thursday and proposed its first dividend since 2014, with results buoyed by higher coking coal and steel prices. Evraz, Russia's top producer of coking coal, said its earnings before interest,... 

South32’s chief technology officer steps down

     10th August 2017 Ricus Grimbeek has resigned as chief technology officer of diversified miner South32, to pursue other interests. “Ricus made a significant contribution to South32 in its formative years as a key member of the executive committee. He played a pivotal role in establishing and delivering value from... 

‘Exceptional’ rare earth grades confirmed at Burundi prospect

By: Creamer Media Reporter      10th August 2017 Independent laboratory testing recently undertaken at the Gasagwe prospect at LSE-listed Rainbow Rare Earths’ Gakara project, in Burundi, has returned an average total rare earth oxide (TREO) grade of 62.17%. This grade compares favourably with the average grade of 57% contained within... 

Efforts to reposition balance sheet, price improvements lift Glencore’s H1 earnings

By: Ilan Solomons     10th August 2017 Diversified mining and marketing company Glencore said “extensive efforts” to reposition its balance sheet and propel the company’s industrial asset portfolio improvements over the last two years were reflected in its strong interim financial performance. The group on Thursday published its... 

Efforts to reposition balance sheet, price improvements lift Glencore’s H1 earnings
Glencore CEO Ivan Glasenberg

Randgold in massive Côte d’Ivoire gold discovery  

     10th August 2017 The exploration team of Randgold Resources has defined a large target in Côte d’Ivoire, which is considered to be “potentially the most exciting gold prospect in West Africa”. Mining Weekly editor Martin Creamer speaks to Creamer Media's Sashnee Moodley about the developments. 

Randgold in massive Côte d’Ivoire gold discovery
Randgold in massive Côte d’Ivoire gold discovery

Resources Watch  

     10th August 2017 Mentors ease entry; Women representation increases from ‘extreme minority’ to 13%-plus of SA’s mining workforce; and NUM and ANC ‘very encouraging’ says Royal Bafokeng 

Resources Watch
Resources Watch

Residual financing needed for Tulu Kapi narrows further to $24m

By: Creamer Media Reporter      10th August 2017 The residual funding needed to complete the development of Aim-listed Kefi Minerals’ Tulu Kapi gold mine, in Ethiopia, has narrowed further to $24-million, from the $32-million still required as at July 17. Kefi last month announced that it had signed the terms for $135-million in funding with... 

Prospex seeks to tap into Romania’s hydrocarbon potential with gas acquisition

By: Mariaan Webb     10th August 2017 Aim-quoted investment firm Prospex Oil & Gas has acquired a foothold in Romania’s oil and gas industry with the acquisition of an interest in the EIV-1 Suceava concession. Prospex bought 50% of the concession, which is located in north-east Romania, for €750 000 and entered into a joint operating... 

Prospex seeks to tap into Romania’s hydrocarbon potential with gas acquisition

BlueRock raises £860 000 for Kareevlei

By: Creamer Media Reporter      10th August 2017 Aim-listed BlueRock Diamonds has raised £860 000 through the issue of 68.8-million shares at a price of 1.25p apiece to further develop mining operations at its Kareevlei mine, near Kimberley, in the Northern Cape. BlueRock on Thursday said its blast programme at the mine had completed the... 

Tanzania Q1 growth slows to 5.7%

By: Reuters     10th August 2017 Tanzanian growth slowed to 5.7% in the first quarter of this year, hurt by slower-than-expected performance of construction, transport, agriculture and the financial services sectors, the statistics office said on Thursday. Growth in the same period of 2016 was 6.8%. 

M&R says Australia maintenance contract a signal of future strategic intent

By: Terence Creamer     10th August 2017 The oil and gas unit of Murray & Roberts (M&R) has been awarded a five-year contract to perform maintenance services at a liquid ammonia plant and a technical ammonium nitrate (TAN) plant on the Burrup Peninsula, in Western Australia. Norway’s Yara International, which owns the facilities,... 

M&R says Australia maintenance contract a signal of future strategic intent
Photo by Duane Daws
M&R CEO Henry Laas

Chinese illegal mining crackdown lifts dysprosium price

By: Mariaan Webb     10th August 2017 A crackdown on illegal mining in China is good news for the Australia’s Northern Minerals, which is developing the first hardrock dysprosium operation outside of China. The developer of the Browns Range pilot plant project, in northern Western Australia, said on Thursday that the price of... 

Jubilee’s shares rise as it secures funding to advance metals recovery strategy

By: Creamer Media Reporter      10th August 2017 The share price of dual-listed Jubilee Platinum rose by as much as 9.23% on the JSE on Thursday morning, after announcing it had secured $50-million in project funding to support the growth strategy for its metals recovery business. The company has executed a funding agreement with RiverFort... 

Zeta launches takeover bid for New Zealand Oil & Gas

By: Mariaan Webb     10th August 2017 ASX-listed investment firm Zeta Resources has launched a partial offer for New Zealand Oil & Gas (NZO), which, if successful, will give the company majority control. Zeta is the takeover target’s largest shareholder and said on Thursday that it intended to offer other shareholders 72c a share. 

Mt Mulgine granted environmental approval

By: Mariaan Webb     10th August 2017 The Mt Mulgine tungsten project in the Murchison region of Western Australia has been granted environmental approval on federal and state level, ASX-listed Tungsten Mining reported on Thursday. The environmental approval, coupled with the recent agreement to acquire a modular processing plant for... 

Origin Energy warns of A$1.2bn impairments

By: Esmarie Swanepoel     10th August 2017 Oil and gas producer Origin Energy has warned of a A$1.2-billion post tax impairment for the second half of the 2017 financial year. The company told shareholders on Thursday that it expected an impairment charge on the Australia Pacific liquefied natural gas (APLGN) project, which would result... 

Aussie junior secures Chinese funding for DRC lithium project

By: Esmarie Swanepoel     10th August 2017 ASX-listed junior AVZ Minerals will raise A$15-million to fund work at its Manono lithium project, in the Democratic Republic of Congo, where it aims to define a mineral resource by early next year. The company on Thursday reported that the placement would include a A$13-million strategic... 

Endeavour sells Ghana gold mine for $65m

By: Esmarie Swanepoel     10th August 2017 West Africa-focused miner Endeavour Mining will sell its 90% stake in the Nzema gold mine, in Ghana, to private contract miner BCM International for $65-million. CEO Sebastien de Montessus said on Wednesday that the sale enabled Endeavour to sharpen its focus on its long-life low-cost operations,... 

British mineral explorer in Africa lists in London

By: Reuters     10th August 2017 A British explorer for mineral resources in Africa will on Thursday become the first venture of its kind to be listed on London's Aim market for growing companies, its CEO said. Following the recovery of the mining sector from a commodity price crash in 2015/16, a handful of new companies have... 

Tahoe’s woes deepen in Guatemala as road blockade, permit suspension drag on

By: Henry Lazenby     10th August 2017 Precious metals producer Tahoe Resources has moved to suspend its quarterly dividend of $0.02 a share and has deferred its full-year production guidance on the back of the Guatemala Supreme Court provisionally suspending the mining licence on its Escobal operation, the third-largest silver mine... 

Tahoe’s woes deepen in Guatemala as road blockade, permit suspension drag on
Photo by Tahoe Resources
Escobal silver mine, Guatemala

Vale sells two more Valemax vessels for $178m

By: Henry Lazenby     10th August 2017 The world’s largest iron-ore producer Vale has sold another two of its 400 000-deadweight-tonnne vessels for about $178-million, the Brazilian company reported on Wednesday. The vessels were delivered on Tuesday to nominees of Bank of Communications Finance Leasing (Bocomm). 

Vale sells two more Valemax vessels for $178m

Osisko reports biggest step-out to date at Windfall’s Lynx deposit

By: Henry Lazenby     10th August 2017 Project developer Osisko Mining has reported significant exploration success at its flagship Windfall Lake deposit, in Quebec, extending the satellite Lynx deposit. The Toronto-based mineral explorer on Wednesday reported assays from 12 holes drilled at Windfall Lake, focused on the Lynx Zone,... 

Depressed nickel price prompts care and maintenance for First Quantum’s Ravensthorpe mine

By: Henry Lazenby     10th August 2017 Starting in September, base metals producer First Quantum Minerals will mothball its nickel-producing Ravensthorpe mine, in Western Australia, on the back of the persistently low nickel price, the company announced on Wednesday. The Toronto-headquartered company expects that full care and... 

Depressed nickel price prompts care and maintenance for First Quantum’s Ravensthorpe mine

Cash-rich Newmont Mining mulls boosting dividend as peers pursue debt reduction

By: Reuters     9th August 2017 With a plump $3.1-billion pile of cash, Newmont Mining is mulling a sweeter dividend to attract a broader shareholder base, a move that makes it an outlier in the still recovering gold sector. Although miners are no longer crippled by expansion-fuelled debt loads, the priority for their cash is... 

Cash-rich Newmont Mining mulls boosting dividend as peers pursue debt reduction

Semafo rallies as Siou grade control trends back on track

By: Henry Lazenby     9th August 2017 Canadian gold producer Semafo on Wednesday rallied strongly in Toronto after it confirmed its revised production guidance for the year, on the back of grade stabilisation at the Siou satellite pit of the Mana mine, in Burkina Faso. The West Africa-focused miner reiterates its 2017 outlook of... 

Semafo rallies as Siou grade control trends back on track
Photo by Semafo
Semafo's Mana mine, Burkina Faso

Franco-Nevada stocks rise as revenue ratchets up; on the prowl for new precious metals, oil & gas deals

By: Henry Lazenby     9th August 2017 The NYSE-listed stock of royalty and streaming company Franco-Nevada on Wednesday gained nearly 5% following the company on Tuesday reporting increased revenues and profit for the three months ended June. The Toronto-based company that does not operate mines, develop projects or conduct... 

Franco-Nevada stocks rise as revenue ratchets up; on the prowl for new precious metals, oil & gas deals

Income investors run for cover as dependable UK dividends in jeopardy

By: Reuters     9th August 2017 Attractively high dividend payouts by companies listed on Britain's stock market could be in danger. The sectors currently delivering the biggest dividends -- those that have kept yield-hungry investors in the UK market -- are showing signs of strain. 

Poland's PGE expects coal prices to rise next year

By: Reuters     9th August 2017 Poland's biggest power producer PGE expects coal prices to rise next year due to declining supplies, the company's CFO Emil Wojtowicz said on Wednesday. State-run PGE generates most of its electricity from lignite and thermal coal. It produces lignite in its own mines and buys thermal coal... 

Austrian engineering firms complain to EU about 'wage dumping' law

By: Reuters     9th August 2017 An Austrian law which could deter companies from contracting out work to lower-cost eastern Europe firms is in breach of EU law, the country's engineering industry has argued in a filing to the European Commission. Austria's Association of Metaltechnology Industries said late on Tuesday it had... 

Work advancing at high-grade Pituffik project

By: Mariaan Webb     9th August 2017 Aim- and FSE-listed Bluejay Mining is continuing to advance its Pituffik titanium project, in Greenland, with the aim of publishing a resource upgrade by the end of 2017 or early 2018. Drilling is under way to expand the current resource of 23.6-million tonnes at 8.8% ilmenite, a bathymetry... 

Yancoal shareholder lodges complaint over raising for $2.69bn Rio coal deal

By: Reuters     9th August 2017 Hedge fund Senrigan Capital Management has asked Australian regulators to intervene in Yancoal Australia's efforts to fund its $2.69-billion purchase of the Coal & Allied division of Rio Tinto, saying it is unfair to minority shareholders. Senrigan is seeking an order from Australia's Takeovers... 

Metalicity finds funds for Admiral Bay

By: Esmarie Swanepoel     9th August 2017 ASX-listed junior Metalicity will raise A$1.5-million through an equity placement to fund work at the Admiral Bay zinc project, as well as the Napier Range zinc project. Some 27.7-million fully paid ordinary shares will be placed at an issue price of 3.6c each, with a one-for-two attaching option... 

Boss raises A$3m to advance Honeymoon project

By: Esmarie Swanepoel     9th August 2017 Uranium hopeful Boss Resources has completed a A$3-million capital raise to advance activities at its Honeymoon project, in South Australia. The ASX-listed company placed 60-million shares, priced at 5c each, to new and existing sophisticated investors. The placement was made within the... 

Centaurus raises cash for Brazil projects

By: Esmarie Swanepoel     9th August 2017 ASX-listed Centaurus Metals has raised A$2.5-million through a five-for-nine renounceable rights issue. The company on Wednesday said that it would issue some 624-million new shares, as well as 624-million new options, with an exercise price of 1c each and and expiry date of August 2019. 

Platina increases Owendale resource

By: Esmarie Swanepoel     9th August 2017 ASX-listed project developer Platina Resources has reported a 127% increase in the high-grade mineral resource at its Owendale scandium-cobalt project, in New South Wales. The project is now estimated to host some 1.54-million tonnes of resource, at 675 parts per million scandium, 0.32% platinum,... 

Qld approves Glencore's Wandoan plans

By: Esmarie Swanepoel     9th August 2017 The Queensland government has granted a mining lease to major Glencore over its Wandoan coal project, in the Surat basin. The mining lease was applied for in 2007, and the project’s environmental -mpact statement was approved in 2010, while commonwealth environmental approval was received in 2011. 

Qld approves Glencore's Wandoan plans

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