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Mining News

Amur enters into $10m convertible loan for Russia mine

By: Mariaan Webb     13th February 2018 Base metals company Amur Minerals has entered into a convertible loan with Cuart Investments and YA II PN to progress development of the Kun-Manie nickel/copper sulphide project in Russian Far East. The investors, which were arranged by RiverFort Global Capital, will lend the company up to... 

Mt Ridley acquires Philippines epithermal gold project

By: Schalk Burger     13th February 2018 ASX-listed gold miner Mount Ridley Mines has acquired Singapore-based Prometheus, which owns the rights to the high-grade Diwalwal gold project, on the island of Mindanao, in the Philippines. Mount Ridley will issue about 1.59-billion fully paid ordinary shares in exchange for 100% of the issued... 

Terracom adds one year to Blair Athol life, targets further resource expansion

By: Schalk Burger     13th February 2018 Coal mining company Terracom on Tuesday announced that, in collaboration with Deswik Mining Consultants, it had upgraded the reserves of the Blair Athol thermal coal mine, in Queensland, from 15.6-million tonnes to 18-million tonnes. This upgrade effectively adds about one extra year to the mine... 

MC Mining obtains water-use licence for Vele

By: Natasha Odendaal     13th February 2018 Dual-listed MC Mining has completed the “full regulatory suite” of authorisations required for its Vele colliery, in Limpopo, following the Department of Water and Sanitation’s granting of an integrated water-use licence. The granting of the licence, a year after securing the environmental... 

Resource-rich Mongolia rejects cap on foreign workers for 2018

By: Reuters     13th February 2018 Mongolia will not put a cap on immigration in 2018, authorities said on Tuesday, after lawmakers rejected new policy proposals that set to put tough restrictions on the numbers of foreign workers in the remote north Asian nation. Some members of Mongolia's Parliament sought to limit the number... 

Sibanye-Stillwater reports fatality at Driefontein mine

By: Creamer Media Reporter      13th February 2018 Sibanye-Stillwater and the Department of Mineral Resources are conducting an investigation into the death of an employee at the Driefontein mine on Monday evening. The incident occurred while the employee was clearing a blocked ore pass. 

Westgold, S2R shake hands on gold tenements

By: Megan van Wyngaardt     13th February 2018 ASX-listed companies Westgold Resources and S2 Resources (S2R) have entered an agreement, whereby Westgold would acquire S2R's interest in the Polar Bear project, its 80% interest in the Eundynie joint venture and the Norcott project, in Western Australia. The company would take over all the... 

Middle Island to exit West Africa as focus shifts to Australia project

By: Megan van Wyngaardt     13th February 2018 ASX-listed Middle Island (MDI) has signed a heads of agreement (HoA) to sell its remaining gold interests in West Africa, as its focus shifts to Western Australia. The HoA with TSX-V-listed Tajiri Resources grants that company an option to acquire a 100% interest in the Reo gold project, in... 

PFS outlines 'compelling case' for Pilgangoora expansion – Pilbara

By: Megan van Wyngaardt     13th February 2018 Australian lithium developer Pilbara Minerals has delivered a prefeasibility study (PFS) for its flagship 100%-owned Pilgangoora lithium/tantalum project, in Western Australia. The company reported on Tuesday that the PFS outlined a "compelling business case" for the expanding the project to... 

PFS outlines 'compelling case' for Pilgangoora expansion – Pilbara
Pilbara Minerals CEO Ken Brinsden

BHP expects $1.8bn tax charge, says US reform beneficial in long run

By: Mariaan Webb     13th February 2018 The world’s largest diversified mining group BHP has flagged a $1.8-billion income tax expense as a result of the US Tax Cuts and Jobs Act, which will lower the country’s federal corporate income tax rate. The tax expense will be treated as an exceptional item, and comprises a noncash measurement... 

BHP expects $1.8bn tax charge, says US reform beneficial in long run
The Shenzi operation in the Gulf of Mexico, offshore from Louisiana.

Exxaro to pay special dividend of R4.5-billion

By: Simone Liedtke     13th February 2018 Diversified miner Exxaro Resources has resolved to pay a special dividend of R4.5-billion out of income reserves following the sale of a portion of its interest in US mineral sands producer Tronox. Exxaro in October 2017 sold about 22.4-million shares in Tronox for R6.5-billion. 

Harmony's headline earnings soar, eight die, Moab transferred

By: Martin Creamer     13th February 2018 Harmony Gold on Tuesday reported improved earnings, production, grade and costs in the six months to December 31, but regrettably also eight fatalities. While Mining Weekly Online was engaged in the media conference, the transfer of ownership of Moab Khotsong assets to Harmony became official,... 

Harmony's headline earnings soar, eight die, Moab transferred
Photo by Duane Daws
Harmony Gold CEO Peter Steenkamp

Kumba FY17 profit rises 12%

By: Reuters     13th February 2018 South Africa's Kumba Iron Ore reported a 12% rise in annual profit on Tuesday, underpinned by higher costs for the steel-making ingredient. The company, a unit of Anglo American, said headline earnings came in at R9.7-billion ($813.36-million), or R30.47 a share, in the year ended December 2017,... 

Harper quits as Kin Mining MD

By: Mariaan Webb     13th February 2018 Don Harper has resigned as MD of emerging gold development firm Kin Mining, the ASX-listed company announced on Tuesday. In a short statement, the board said it had accepted the resignation and that a search process to find a suitable replacement would be commissioned shortly. 

Alrosa sold diamonds worth $504.5m in January

By: Reuters     13th February 2018 Russia's Alrosa said on Monday it had sold rough and polished diamonds worth $504.5-million in January. Rough diamond sales had amounted to $499-million and polished diamond sales to $5.5-million, it said in a statement. 

Global thermal coal market to grow 5% in 2018 – Noble analyst

By: Reuters     13th February 2018 The global thermal coal market will grow by about 48 million tonnes this year, 5% more than last year, the chief coal analyst at Noble Resources said on Tuesday, adding that imports to India will rise after falling in the last two years. "Current seaborne volumes require imports from swing... 

Global thermal coal market to grow 5% in 2018 – Noble analyst

Australia Parliament debates junior exploration tax incentive

By: Creamer Media Reporter      13th February 2018 The legislative debate in the federal Parliament to implement the Junior Minerals Exploration Tax Incentive (JMEI) is to resume on Tuesday evening, potentially bringing the incentive one step closer to implementation. Association of Mining and Exploration Companies (AMEC) CEO Warren Pearce said... 

Cobalt cannot be eradicated from electric car batteries – Umicore

By: Reuters     13th February 2018 Makers of electric vehicle batteries will have to keep using scarce, expensive cobalt in their products for the foreseeable future despite a push towards higher nickel compositions, materials technology company Umicore said on Monday. Manufacturers have been trying to increase the proportion of... 

Trump to meet US lawmakers to discuss trade, focus on steel and aluminium

By: Reuters     13th February 2018 US President Donald Trump will meet with a bipartisan group of lawmakers on Tuesday to discuss trade matters, as he ponders whether to takes steps to limit steel and aluminium imports seen as damaging to US businesses. A month ago the Commerce Department handed Trump the results of its... 

First Quantum lifts Cobre Panama capacity 15%; swings to FY17 loss

By: Henry Lazenby     13th February 2018 Base metals producer First Quantum Minerals will expand the capacity of its massive Cobre Panama copper project, in Panama, by 15% to 85-million tonnes a year. The Toronto-based miner on Monday also said it has sanctioned upgrades to certain areas to accommodate a further capacity expansion to... 

First Quantum lifts Cobre Panama capacity 15%; swings to FY17 loss
Photo by First Quantum Minerals
First Quantum's Kanshanshi mine, Zambia

Savannah's Mina do Barroso drilling programme shows good results

By: Megan van Wyngaardt     12th February 2018 Aim-listed Savannah Resources on Monday said that it had identified significant widths of lithium mineralisation through the ongoing reverse circulation (RC) drill programme at its Mina do Barroso lithium project, in northern Portugal. A total of 87 holes for 7 081 m have been drilled to date... 

Acacia scraps FY17 dividend, posts $707m net loss

By: Anine Kilian     12th February 2018 The share price of LSE-listed Acacia Mining fell by 18.6% on Monday as it reported a net loss of $707-million for 2017 and said it would not pay a dividend for the financial year. The company continues to be negatively affected by a general ban on the export of metallic mineral concentrates in... 

Bluebird, Southern sign JV to reopen South Korean silver mine

By: Anine Kilian     12th February 2018 Aim-listed Bluebird Merchant Ventures has signed an agreement with Southern Gold to develop and reopen the Kochang gold and silver mine in South Korea. Under the terms of the agreement, a joint venture (JV) will be formed once Bluebird has spent $500 000 to complete a report on the feasibility to... 

Arc Minerals owns 91.6% of Casa

By: Creamer Media Reporter      12th February 2018 Aim-listed gold explorer Arc Minerals has increased its interest in Casa Mining from 87.4% to 91.6%, the company reported on Monday. The offer remains open until May 10. 

Oracle Power gets approval for next step in coal, power plant development

By: Megan van Wyngaardt     12th February 2018 The Private Power and Infrastructure Board (PPIB) of Pakistan has approved the issue of notice to proceed (NTP) and letter of intent (LoI) for a coal mine and mine-mouth power plant in Block VI of the Thar desert, UK-based Oracle Power reported on Monday. The project is being developed in a... 

Anglo Asian to refinance debt, releases $8.4m for expansion plans

By: Mariaan Webb     12th February 2018 Aim-listed gold, copper and silver producer Anglo Asian on Monday announced a refinancing package to replace the majority of its existing loans, which not only lowers the cost of its debt, but also allows for the redeployment of capital for exploration and optimisation plans. The... 

Turkey grants Centerra Gold project tax benefits

By: Mariaan Webb     12th February 2018 The Turkish Ministry of Economy has approved an investment incentive certificate for Canadian miner Centerra Gold’s Oksüt project. The certificate provides tax related advantages such as a decrease of corporate income tax rate from 20% to 2%, VAT and customs duty exemptions, and government... 

Turkey grants Centerra Gold project tax benefits
A March 2016 photo of the Öksüt site, in central Turkey.

Conroy mobilises rigs to Clontibret deposit

By: Creamer Media Reporter      12th February 2018 Irish explorer Conroy Gold and Natural Resources has started its drilling programme at the Clontibret gold deposit, with two drill rigs having been mobilised to the site. The Clontibret deposit is in the south west of the Clay Lake-Clontibret gold target, where a Joint Ore Reserves Committee... 

Top mining companies' value increased by 15.5% y/y

By: Megan van Wyngaardt     12th February 2018 The 25 top global mining companies were worth an aggregate $818.2-billion at the end of January, a 15.5% increase compared with their value in the corresponding month in 2017, when the same companies held a value of $708.5-billion, research firm S&P's Global Market Intelligence said on Monday. A... 

New CEO must position Eskom for ‘evolving energy markets and technologies’

By: Terence Creamer     12th February 2018 The newspaper advertisement calling for applications for the positions of CEO and CFO at State-owned power utility Eskom includes definite signs of the reforms that the newly appointed board is aiming to implement at the beleaguered organisation. The advertisement calls on appropriately qualified... 

New CEO must position Eskom for ‘evolving energy markets and technologies’
Photo by Dylan Slater
Eskom chairperson Jabu Mabuza

Gemfields transparent, proactive in rebutting rights allegations

By: Martin Creamer     12th February 2018 Coloured gemstones company Gemfields has been transparently proactive in rebutting claims of human rights abuses in Mozambique, where it mines rubies. "We've voluntarily elected to issue this statement," Gemfields, headed by CEO Sean Gilbertson, commented in a release on Monday about UK-based law... 

Gemfields transparent, proactive in rebutting rights allegations
Gemfields CEO Sean Gilbertson

Triton signs offtake term sheet for Ancuabe graphite project

By: Simone Liedtke     12th February 2018 ASX-listed Triton Minerals has signed an offtake term sheet with China's Haida Graphite for graphite concentrate from the Ancuabe project, in Mozambique. The term sheet sets the framework for a binding offtake agreement that is anticipated to be signed by March 15. 

Maiden resource estimate declared for Kapunda copper project

By: Megan van Wyngaardt     12th February 2018 Terramin Exploration (TEL), a wholly owned subsidiary of Terramin Australia and its joint venture (JV) partner, Environmental Copper Recovery (ECR), have completed the maiden on site recovery (ISR) resource estimate for the Kapunda copper project, near Adelaide, South Australia. The JV is now... 

Browns Range pilot plant on track for completion in June

By: Simone Liedtke     12th February 2018 Despite heavy rains in the area over the last two weeks causing some delays, rare earths developer Northern Minerals MD George Bauk confirmed in a progress update on Monday that the Browns Range pilot plant project, in Western Australia, was on track for completion by the end of June. He said in... 

Cooper Energy swings to H1 profit as it executes gas strategy

By: Megan van Wyngaardt     12th February 2018 Australian gas producer Cooper Energy has grown its net profit, operating cash flow, production and reserves by 200% in the first half of the 2018 financial year, as the company realised gains from the delivery of its three-year gas strategy. The ASX-listed exploration and production company... 

Ergo’s R126m payment to municipality to reduce DRDGold’s cash

By: Anine Kilian     12th February 2018 Gold mining company DRDGold’s subsidiary, Ergo Mining, will pay R126-million to the Ekurhuleni metropolitan municipality (EMM) to ensure continued electricity supply to Ergo, reducing DRDGold’s cash balance of R295-million as at December 31.   Ergo has been engaged in a legal dispute with EMM... 

No need for new coal block auction, says India’s largest coal producer

By: Ajoy K Das     12th February 2018 espite thermal power plants across India reeling from shortages of dry fuel and the government readying to open up the coal sector to private miners, State-owned Coal India Limited (CIL) does not believe that there is a need for fresh allocation or auctions of coal blocks. The country’s largest... 

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