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Geribaldi ramps up exploration effort at Nickel Mountain

By: Henry Lazenby     Updated 6 hours ago TSX-V-listed Garibaldi Resources is stepping up its exploration efforts at its flagship Nickel Mountain base metals project, in northwest British Columbia's prolific Eskay Camp. The Vancouver-based company advised on Friday that crews, including Full Force Drilling based in Peachland, British... 

World copper mine output falls 3% in first 5 months of 2017

By: Henry Lazenby     Updated 7 hours ago Global copper mine output was 3% lower year-on-year during the first five months of 2017, the latest data from the International Copper Study Group (ICSG) showed on Friday. Concentrate production declined by around 2.5% and solvent extraction-electrowinning (SX-EW) declined by around 4.5%. 

Freeport-McMoRan redeems five series of senior notes

By: Henry Lazenby     Updated 7 hours ago The world’s largest publicly traded copper producer Freeport-McMoRan (FCX) has announced on Friday the redemption of five series of senior notes with a total value of $543-million. The Phoenix, Arizona-headquartered company advised that it has issued notices to redeem on September 18, two series... 

Chilean economic growth boosted by domestic spending

By: Reuters     18th August 2017 Chile's gross domestic product grew broadly in line with expectations in the second quarter of 2017, boosted by domestic spending, the central bank said on Friday, although investment continued to lag. GDP grew by 0.7% in the second quarter from the first quarter in seasonally adjusted terms. 

Rox declares maiden resource at Olympia

By: Esmarie Swanepoel     18th August 2017 Base and precious metals explorer Rox Resources has reported a maiden inferred resource of 573 000 t, grading 1.63% nickel, 1.19% copper and 0.082% cobalt for its Olympia nickel-copper-cobalt-platinum group metal deposit in Western Australia. The project is estimated to host some 9 300 t of... 

Polish miner KGHM's first-half profit rise lags forecasts

By: Reuters     18th August 2017 Polish-based copper miner KGHM reported a 66% rise in first-half net profits on Thursday but failed to meet analysts' estimates as currency effects and increased costs offset rising copper and molybdenum prices. The state-controlled firm posted a consolidated net profit of 491-million zlotys, up... 

Integra Resources created to replicate Integra Gold’s success

By: Henry Lazenby     18th August 2017 Shell company Mag Copper has rebranded and appointed three former executives of Integra Gold, which was acquired by Eldorado Gold last month for C$590-million, to replicate the former company’s success elsewhere in the Americas. The company, to be rebranded Integra Resources, plans to acquire a... 

Billions in investment to propel Zambia’s Mopani mine into costs ‘premier league’

By: Ilan Solomons     18th August 2017 “Like a sports team, Mopani copper mine, in Kitwe, Zambia is near the bottom of the league and needs to improve its ranking to avoid relegation or closure,” says diversified mining major Glencore’s Mopani copper mine CEO Johan Jansen, using a football analogy to explain where the company is in... 

Harmony ups South African capex, pays 70% higher dividend 

By: Martin Creamer     17th August 2017 Gold mining company Harmony Gold, which spent R2.3-billion capital expenditure (capex) on its South African operations in the 12 months to June 30, will be increasing its capex to R2.7-billion for mainly the ongoing development of the Phakisa and Tshepong gold mines in the Free State. The... 

BHP to invest $2.46bn to extend life of Chilean mine

By: Creamer Media Reporter      17th August 2017 BHP has approved capital expenditure of $2.46-billion for the Spence Growth Option (SGO) at the Spence opencut copper mine, in northern Chile, which will extend the mine life by more than 50 years.   CEO Andrew Mackenzie on Thursday said the SGO project supports BHP's strategy to deliver... 

KAZ Minerals more than doubles output as new mines ramp up

By: Mariaan Webb     17th August 2017 The ramping up to two new openpit copper mines in the Pavlodar and East regions of Kazakhstan has helped KAZ Minerals to more than double its first-half production, revenue and profit. The London-, Kazakhstan- and Hong Kong-listed miner on Thursday reported production of 118 000 t of copper in... 

Evolution swings from loss to record profit

By: Esmarie Swanepoel     17th August 2017 Gold miner Evolution Mining has reported record net profit of A$217.6-million for the 2017, compared with a net loss of A$24.3-million in 2016, on the back of higher sales revenues and lower group all-in sustaining costs (AISC). “In the 2017 financial year, we continue to deliver on our business... 

Hammer nails Glencore JV

By: Esmarie Swanepoel     17th August 2017 ASX-listed junior Hammer Metals has acquired fellow-listed AuKing Mining’s stake in tenements in Mount Isa, forming a new joint venture (JV) with major Glencore. Hammer and AuKing in December of last year struck a deal under which Hammer would pay 1.5-million shares for a number of tenement... 

Thalanga set for Q4 restart

By: Esmarie Swanepoel     17th August 2017 ASX-listed Red River Resources is on track to restart commercial production at its Thalanga zinc project, in Queensland, early in the fourth quarter of this year. The company said on Thursday that the project commissioning will start in the third quarter, with some 85% of the plant and... 

Congo reinstates miners' VAT exemption on imports in U-turn

By: Reuters     17th August 2017 Congo's finance ministry has provisionally reinstated mining companies' exemption from a value added tax (VAT) on imports, the Chamber of Mines said on Wednesday, days after miners complained customs authorities were planning to impose VAT on them. Democratic Republic of Congo, Africa's top... 

Zinc breaks through $3 000 barrier as metals rally gathers pace

By: Bloomberg     16th August 2017 Zinc surged above $3 000 a metric ton amid persistent global deficits, and aluminium climbed as China reined in illegal capacity, adding fresh impetus to the rally even as some investors expressed concerns. Zinc jumped as much as 2.6% to $3 037/t on the London Metal Exchange, the highest level... 

Freeport Indonesia says flash floods damage mine power plant

By: Reuters     16th August 2017 Flash floods have left one worker missing and caused extensive damage to a power plant at US-owned miner Freeport Indonesia's operations in the eastern-most province of Papua, company officials said on Wednesday. Mining operations were continuing as normal, but power and water outages were... 

Technology set to unleash mining innovation – Anglo’s O’Neill

By: Martin Creamer     16th August 2017 In the next ten years, technology is set to unleash a wave of mining innovation, with the sweet spot centred on changing the thinking around orebodies and processing plants rather than much-spoken-about automation. “Our focus has changed from hunting technologies to hunting value,” Anglo American... 

Work stops at Nifty

By: Esmarie Swanepoel     16th August 2017 Underground operations at the Nifty copper mine, in Western Australia, have been temporarily suspended as owner Metals X undertook remedial repairs to the secondary escapeway. The ASX-listed company said on Wednesday that the repairs would take around seven days to complete, with the mine to... 

EMR Capital to take 80% stake in Zambia copper mine

By: Reuters     16th August 2017 Private equity house EMR Capital has purchased an 80% stake in a Zambian copper mine from African Rainbow Minerals (ARM) and its partner for $97.10-million, ARM said on Tuesday. The 80% indirect interest in Lubambe Mine, held equally by ARM and Vale International includes the equity holding in... 

Imperial running low on cash as debt payments loom, production dwindles

By: Henry Lazenby     16th August 2017 Base metals producer Imperial Metals is reviewing its mine plans and its capital requirements because of lower-than-expected metal output in the first half of this year, the company said late on Monday. To tide it over, the Vancouver-based company, which operates the Red Chris and Mount Polley... 

Gold trends sideways as greenback climbs on hawkish Dudley comments

By: Henry Lazenby     15th August 2017 Gold prices posted new losses on Monday and overnight as the US dollar index climbed on positive comments by Federal Open Market Committee voting member William Dudley. Dudley on Monday said it was not “unreasonable” to expect the Federal Reserve to release plans in September to start reducing... 

Palladium consumption to hit all-time high in 2017 – Nornickel

By: Mariaan Webb     15th August 2017 Palladium consumption is heading for an all-time high of 10.8-million troy ounces, which will leave the market in a deficit of more than one-million ounces in 2017, according to the world’s largest producer of the precious metal. Russia’s Nornickel said on Tuesday that it retained a positive... 

Africa's biggest copper mine hit by Zambian power restrictions

By: Bloomberg     15th August 2017 Zambia is cutting power to mines including Africa’s biggest copper site, the Kansanshi pit owned by First Quantum Minerals, escalating a fight over tariffs. "They have still got some significant amount of power for them to operate, but obviously their operations will not be at 100% because of the... 

SA Hippo - World’s Safest Submersible Pump For Underground Mining

     15th August 2017 Coal mining accidents caused by gas and coal dust explosions account for the most fatal mining disasters around the world. However, dangerous Methane gas is present at most underground mines as well and not only in coal mines.  This was, once again, confirmed when a fatal methane gas explosion... 

Permitting advances at Black Butte

By: Esmarie Swanepoel     15th August 2017 The Montana State Authority has issued ASX-listed Sandfire Resources’ Black Butte copper project, with a draft mine operating permit (MOP), allowing the company to advance the project. The draft MOP is expected within the next 30 days, and marked the culmination of an extensive process... 

African body urges Congo to prosecute Anvil over mine deaths

By: Bloomberg     15th August 2017 The African Union’s human rights body urged the Democratic Republic of Congo’s government to prosecute officials of an Australian mining company over their alleged role in a military crackdown in 2004 that left more than 70 people dead. The African Commission on Human and People’s Rights also... 

Katanga to restate certain historic results 

By: Henry Lazenby     15th August 2017 Canadian copper/cobalt producer Katanga Mining said on Monday it would restate some past financial statements to correct inaccuracies in its recorded amount of copper production during 2015 and 2014. The company's independent directors are conducting an ongoing review in cooperation with... 

Anglo Asian says Ugur resource exceeds initial estimate

By: Mariaan Webb     14th August 2017 Gold, copper and silver miner Anglo Asian on Monday announced a Joint Ore Reserve Committee- (Jorc-) compliant resource estimate for its Ugur gold deposit, where production is set to start next month. Ugur – a new mineral deposit 3 km west of the Gedabek licence in western Azerbaijan – has a... 

Higher prices lift Newcrest revenue as FY gold output dips

By: Esmarie Swanepoel     14th August 2017 Gold miner Newcrest Mining on Monday reported a 6% increase in revenue for the 2017 financial year, despite slightly lower gold production. Revenue for the 12 months to June 30 increased from A$3.2-million to A$3.4-million, as the company benefited from an 8% higher realised gold price and a 10%... 

Woodlawn equipment orders placed - Heron

By: Esmarie Swanepoel     14th August 2017 Dual-listed Heron Resources has advanced the development of its Woodlawn zinc/copper project, in New South Wales, placing initial orders for a number of long-lead, critical path equipment. The ASX- and TSX-listed company on Monday said that it had procured a $4.4-million fine grinding mill,... 

Zambia's CEC confirms reduced power supply to Glencore's copper miner

By: Reuters     14th August 2017 Copperbelt Energy Corp (CEC), Zambia's main supplier of power for its mines, confirmed on Sunday that it has restricted the amount of electricity it supplies to Glencore unit Mopani Copper Mines (MCM) because of a dispute over tariffs. Mopani said on Saturday that it has suspended operations in... 

This Canadian copper giant is missing best of metal's surge

By: Bloomberg     12th August 2017 As copper producers from Freeport-McMoRan to BHP Billiton ponder what to do with the windfall from surging prices, First Quantum Minerals has no such dilemma. Unlike most of its peers, First Quantum’s copper sales are fully hedged – at an expected average price of $2.37/lb for the second half of... 

Nevsun delays Timok schedule, provides more capital for flagship Bisha ops

By: Henry Lazenby     11th August 2017 Canadian base metals producer Nevsun Resources this week announced a strategic update on its capital allocation plans, allotting extra capital to its Eritrea-based Bisha zinc/copper/gold operation and delaying the timetable for delivery of the Serbia-based Timok prefeasibility study (PFS) to the... 

Increased mining royalties, new mining agency a boost to Brazil’s long-term outlook 

By: Henry Lazenby     11th August 2017 Increased mining royalties and a new mining agency, coupled with generally clearer and more consistent regulations, are expected to provide an overall boost to the long-term outlook of Brazil’s resources industry, according to a recent report by Fitch Group-affiliated market analyst BMI Research.... 

Outlook stable for Anglo American – S&P's

By: Anine Kilian     11th August 2017 Ratings agency Standard and Poor’s (S&P’s) has given global mining company Anglo American a stable outlook, raising its long- and short-term corporate credit ratings to BBB-/A-3 from BB+/B. The agency also raised Anglo American’s long-term South Africa national scale rating to zaAAA from zaAA+,... 

Britain's Tullow launches oil, gas exploration in Zambia

By: Reuters     11th August 2017 British company Tullow Oil on Friday started exploring for oil and gas in Zambia, Africa's No.2 copper producer, as the country pushes to diversify its economy and reduce its reliance on the industrial metal. Copper mining earns Zambia more than 70% of its foreign exchange but the southern... 

Aeon raises $5.5m for Queensland project

By: Creamer Media Reporter      11th August 2017 Base metals explorer Aeon Metals on Friday said it had agreed to place 39.2-million shares at 14c each to sophisticated and institutional investors to raise A$5.5-million before costs. “The Aeon board is very happy to broaden the share register with a good mix of domestic and international... 

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