R/€ = 16.49 Change: 0.18
R/$ = 13.99 Change: 0.17
Au 1294.20 $/oz Change: 4.20
Pt 953.50 $/oz Change: 5.50

Mining News

BHP aims for more copper, oil; steers away from EV minerals

By: Reuters     3rd November 2017 The world's biggest miner BHP's response to the electric vehicle debate is to hunt for new reserves of copper and oil, while seeking a buyer for its assets to produce battery-grade nickel and steering clear of lithium and cobalt. Arnoud Balhuizen, chief commercial officer at BHP, has said 2017... 

Enbridge Q3 earnings disappoint

By: Henry Lazenby     2nd November 2017 Canadian oil and gas pipeline infrastructure operator Enbridge has reported an adjusted third-quarter profit of C$632-million, or C$0.39 a share, missing the average Bay Street analyst forecast calling for earnings of C$0.43 a share. The Calgary, Alberta-based company reported net profit for the... 

US withdraws from Extractive Industries Transparency Initiative

By: Reuters     2nd November 2017 The US has withdrawn as an implementing country from the Extractive Industries Transparency Initiative (EITI), an international initiative to account for revenues from extractive industries, including the global oil sector and mining. In a letter to the EITI board on Thursday, the Director of... 

Moody's lowers Eldorado's rating outlook to 'negative'

By: Henry Lazenby     2nd November 2017 Moody's Investors Service has revised the rating outlook for Vancouver-based gold producer and project developer Eldorado Gold to negative from stable. The international advisory service has also affirmed Eldorado's B1 Corporate Family Rating, B1-PD Probability of Default Rating, and B1 senior... 

Moody's lowers Eldorado's rating outlook to 'negative'
Photo by Eldorado Gold
Eldorado's flagship Kisladag mine, Turkey

IHS Markit materials price index up 0.5% as technology leads

By: Henry Lazenby     2nd November 2017 The materials price index (MPI) from Global Insight by IHS Markit gained 0.5% over the past week, building on a 1.6% gain the previous week. The main drivers last week were technology, with IHS's computer chip-based DRAM sub-index climbing a significant 5.2%, while oil and lumber were up 1.3% and... 

Guyana Goldstrike reports more gold royalty payments from Marudi

By: Henry Lazenby     2nd November 2017 Following maiden gold sales of 910 oz of gold in June, Guyana Goldstrike has received further royalty payments underpinned by the sale of 618.2 oz of gold recovered by local small-scale alluvial, or artisanal, miners on the company’s Marudi gold project, as part of a corporate social... 

One dead, three missing after Mponeng fall-of-ground incident

By: Natasha Odendaal     2nd November 2017 A search and rescue operation is under way at AngloGold Ashanti’s Mponeng mine, near Carletonville, following a seismic activity-triggered fall-of-ground incident on Thursday morning. Four workers have been rescued; however, AngloGold confirmed to Mining Weekly Online that there was one confirmed... 

One dead, three missing after Mponeng fall-of-ground incident

Shedding past while tackling present 

     2nd November 2017 A collective national vision, which must be viable, inclusive and transformative, is urgently needed to unleash mining’s latent ability to energise the entire South African economy. Mining Weekly editor Martin Creamer joins senior deputy editor Tracy Hancock in studio to discuss this statement by... 

Shedding past while tackling present
Shedding past while tackling present

Kyrgyzstan government shuts Kaz Minerals mine for 3 months

By: Reuters     2nd November 2017 London-listed Kaz Minerals said the government of Kyrgyzstan had suspended operations at its Bozymchak gold and copper mine on Thursday for three months. "The group believes that Bozymchak is in compliance with its obligations and is in discussions with the relevant authorities to recommence... 

Endeavour, Randgold form JV to explore adjacent assets in Côte d'Ivoire

By: Natasha Odendaal     2nd November 2017 TSX-listed Endeavour Mining and LSE-listed Randgold Resources have teamed up to explore their adjacent Sissedougou and Mankono exploration properties, in Côte d'Ivoire. Randgold and Endeavour will hold a respective 70% and 30% interest in a newly formed joint venture (JV) that combines the two... 

Kibali Africa’s most mechanised gold mine – Randgold

By: Martin Creamer     2nd November 2017 If you want to make money in mining, you must be efficient and a company taking efficiency to new heights in Africa is Randgold Resources. While there is a perception in some developed world minds that in Africa mineworkers arrive at the gate, pick up a spade and go out there and shovel stuff,... 

Kibali Africa’s most mechanised gold mine – Randgold
Randgold Resources CE Mark Bristow underground at Kibali

Afrimat continues ramp-up of new iron-ore asset Diro

By: Natasha Odendaal     2nd November 2017 Industrial minerals, commodities and construction materials group Afrimat has successfully recommissioned its recently acquired iron-ore play, with full production on track for March. The acquisition of the distressed small iron-ore mine, Diro, in the Northern Cape, had marked a new phase of... 

Sale of CoAL’s Mooiplaats colliery concluded

By: Creamer Media Reporter      2nd November 2017 The R179.9-million sale of triple-listed Coal of Africa Limited’s (CoAL’s) Mooiplaats colliery, in the Ermelo coalfield, has been concluded. CoAL and its black economic empowerment partner Ferret Mining & Environmental Services in October entered into an agreement with Mooiplaats Coal Holdings... 

Centamin lifts Q3 Ebitda by 57% q/q

By: Creamer Media Reporter      2nd November 2017 Egypt-focused Centamin’s earnings before interest, taxes, depreciation and amortisation (Ebitda) increased by 57% quarter-on-quarter to $103.6-million for the third quarter ended September 30. The higher Ebitda was the result of an increase in gold sales to 150 273 oz and a higher average... 

Acacia CEO, CFO to step down

By: Creamer Media Reporter      2nd November 2017 Brad Gordon and Andrew Wray will step down as CEO and CFO of Acacia Mining at the end of this year. Gordon will return to Australia for family reasons, while Wray is pursuing an opportunity elsewhere. 

Kingsgate starts arbitration against Thailand

By: Esmarie Swanepoel     2nd November 2017 ASX-listed Kingsgate Consolidated has launched arbitration proceedings against the Kingdom of Thailand under the Australia-Thailand Free Trade Agreement (Tafta), after failing to reach a settlement for the unlawful expropriation of the Chatree gold mine. The gold junior has held a number of... 

Kingsgate starts arbitration against Thailand

Crusader considers options as Stratex shareholders veto merger

By: Esmarie Swanepoel     2nd November 2017 ASX-listed Crusader Resources went into a trading halt on Thursday as the company considers its options after shareholders of Aim-listed Stratex International vetoed a takeover offer. Stratex and Crusader entered into a heads of agreement to merge in May this year and inked a binding agreement... 

NAFTA talks causing business uncertainty – Rio Tinto executive

By: Reuters     2nd November 2017 The current state of talks to update the NAFTA trade pact is creating uncertainty among businesses and could hurt investments and growth, Rio Tinto Aluminium chief executive Alf Barrios said on Wednesday. Canada and Mexico say several U.S. proposals for modernizing the North American Free Trade... 

Rio Tinto throws its weight behind Africa as mining central

By: Reuters     2nd November 2017 Africa, as the largest untapped source of growth in the mining sector, is pivotal in helping Rio Tinto and other resources companies to supply the changing needs of the huge Asian market, a senior company official said on Wednesday. The comments, delivered at a Bloomberg forum as part of LME... 

Rusal launches green aluminium brand to drive sales

By: Reuters     2nd November 2017 Russian aluminium giant Rusal launched a low-carbon certification programme and new brand on Wednesday in an effort to get more value from the green footprint of its smelters. Some customers are willing to pay $20 to $50 a tonne more for low-carbon metal, although no fixed premium will be... 

WA govt gets more applications for EIS funds

By: Esmarie Swanepoel     2nd November 2017 The Western Australian government has received 52 submissions, including six from prospectors, for Round 16 of its Exploration Incentive Scheme (EIS), which will be awarded in early December. Mines and Petroleum Minister Bill Johnston said on Thursday that the applications for Round 16 of the EIS... 

Metallica worries about delays at Urquhart

By: Esmarie Swanepoel     2nd November 2017 Bauxite developer Metallica Minerals has warned of a possible delay at its proposed Urquhart bauxite project, in Queensland, as the state prepared for an election on November 25. The company said on Thursday that while it had received advice from the state government that the Urquhart mining... 

Atrum declares maiden resource at Elan South

By: Esmarie Swanepoel     2nd November 2017 ASX-listed Atrum Coal’s wholly-owned subsidiary Kuro Coal has reported a Joint Ore Reserves Committee-compliant resource of 36-million tonnes at its Elan South area, within the Elan hard coking coal project, in Alberta. The resource includes a seven-million-tonne indicated resource and a... 

Primary shares rise on nugget find

By: Esmarie Swanepoel     2nd November 2017 The share price of junior Primary Gold rose by more than 21.5% on Thursday on news of a number of gold nugget discoveries at its Mount Bundy gold project, in the Northern Territory. The nuggets, with a total weight of more than 40 oz, were discovered by a prospector on ridge lines over the... 

Brio stock soars despite Q3 earnings miss

By: Henry Lazenby     2nd November 2017 TSX-listed Brio Gold saw its equity rise an impressive 12.36% to C$2 apiece on Wednesday, despite the Brazil-focused miner reporting a third-quarter headline loss of $6.8-million, or $0.07 a share, lower than average analyst forecasts calling for adjusted earnings of nil per share. Production at... 

Hudbay net earnings rise 22% as output rises in Manitoba, Peru

By: Henry Lazenby     2nd November 2017 Canadian base metals miner Hudbay Minerals has posted a 22% improvement in third-quarter profit as the company's Manitoba and Peru operations produced more metals at lower costs. The Toronto-headquartered company reported a net profit of $40.9-million, or $0.17 a share, for the three months ended... 

Alacer's Q3 profit rises despite production tracking towards lower end of guidance

By: Henry Lazenby     2nd November 2017 Gold producer Alacer Gold has reported net profit attributable to shareholders of $29.1-million, or $0.10 a share for the three months ended September – a $29-million improvement over the comparable year-earlier period as certain special items boosted the bottom line. Gold sales of $49.8-million... 

Alacer's Q3 profit rises despite production tracking towards lower end of guidance
The Çöpler mine in Turkey

Americas Silver drives up output as costs fall

By: Henry Lazenby     2nd November 2017 Canadian miner Americas Silver has reported strong production results for the three months ended September, as it ramps up production at the San Rafael deposit, in Mexico, for processing through the El Cajón mill. The Toronto-based company reported on Tuesday that consolidated silver output for... 

Ivanhoe hits shaft-digging milestone at Platreef

By: Henry Lazenby     1st November 2017 Africa-focused megaproject developer Ivanhoe Mines has reached the 500-m level below surface, during construction of the first shaft of the Platreef platinum-group meals (PGM) project, in South Africa's Limpopo province. The 7.25-m-diameter Shaft 1, which is expected to reach the Flatreef... 

Ivanhoe hits shaft-digging milestone at Platreef
Photo by Ivanhoe Mines
Platreef's Shaft 1 sinking headgear and related surface infrastructure

South Africa’s Master Drilling expands into India, Australia

By: Martin Creamer     1st November 2017 Raise bore drilling company Master Drilling on Wednesday announced its expansion into India, where it will support a zinc mine, and Australia, where it will support a gold project. The Johannesburg Stock Exchange-listed company said it would be deploying a large raisebore machine to a Vedanta... 

South Africa’s Master Drilling expands into India, Australia
Photo by Duane Daws
Master Drilling CEO Danie Pretorius

Anglo Platinum co-opens pipe factory in Mokopane

By: Martin Creamer     1st November 2017 Anglo American Platinum has drawn applause for its role in the opening of a new pipe factory in job-short Limpopo, which is aimed at sustainably developing the community of Mokopane, where the mining company operates its rich Mogalawena opencast platinum mine. Anglo American Platinum partnered... 

Anglo Platinum co-opens pipe factory in Mokopane
Photo by Duane Daws
Anglo American Platinum CEO Chris Griffith

Eskom gave Tegeta prepayment on day Optimum purchase price was due, inquiry hears

By: African News Agency      1st November 2017 A business rescue practitioner on Wednesday told the parliamentary inquiry into Eskom that the power utility agreed to pay Tegeta almost R600-million in advance for coal on the same day it became clear that the Gupta-affiliated company was short of that same sum to purchase the Optimum coal mine.... 

Zwane must be probed on State capture and Gupta relations – DA 

By: News24Wire      1st November 2017 There are enough grounds to establish an ad hoc committee of inquiry into Mineral Resources Minister Mosebenzi Zwane’s relationship with the Gupta family and allegations of State capture, said James Lorimer from the Democratic Alliance (DA). Speaking to journalists after a meeting of the... 

 Zwane must be probed on State capture and Gupta relations – DA
Photo by Duane Daws
Mineral Resources Minister Mosebenzi Zwane

Saudi Arabia to extract uranium for 'self-sufficient' nuclear programme

By: Reuters     1st November 2017 Saudi Arabia plans to extract uranium domestically as part of its nuclear power program and sees this as a step towards “self-sufficiency” in producing atomic fuel, a senior official said on Monday. Extracting its own uranium also makes sense from an economic point of view, said Hashim bin... 

Indian petcoke ban to boost coal imports amid already tight market

By: Reuters     1st November 2017 A ban on petroleum coke around the Indian capital of New Delhi starting from Wednesday will require the country to raise its imports of coal to replace the fuel, just as Asia is heading into the tightest market conditions for coal in years. India's annual demand for petroleum coke, an energy... 

Gold climbs ahead of Fed statement on pick for Yellen replacement

By: Reuters     1st November 2017 Gold climbed briefly back above $1 280 an ounce on Wednesday as caution ahead of this week's confirmation of the new Federal Reserve chair and a policy statement from the bank prompted some to close out bets on falling prices. Fed Governor Jerome Powell is widely tipped to take over from... 

Contango lists in London with plan to buy mining assets

By: Reuters     1st November 2017 Contango Holdings listed on London's stock market on Wednesday, with a plan to buy resources assets. The company is the seventh new London listing in the sector this year. 

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