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Topic

Congo copper faces increased LME scrutiny with audits

By: Bloomberg     16th August 2018 The London Metal Exchange (LME) will start requiring that copper producers which source metal from the Democratic Republic of Congo (DRC) carry out independent audits to prove their material is ethically sourced, according to people familiar with the matter. The LME is reviewing its requirements... 

Kaz Minerals copper miner declares dividend, H1 earnings rise

By: Reuters     16th August 2018 Kaz Minerals copper miner on Thursday announced an interim dividend of 6 US cents per share, the first since 2012, in keeping with a growing trend for miners to focus on shareholder returns. Kaz Minerals shares plunged early this month after the Kazakhstan-focused miner said it was expanding... 

Oz Minerals profit jumps 59%, completes review of new Brazil assets

By: Esmarie Swanepoel     16th August 2018 Copper/gold miner Oz Minerals has reported a 59% increase in net profit after tax for the interim period ended June, with underlying earnings before interest, tax, deprecation and amortisation (Ebitda) increasing by 33%. Net profit after tax for the six months to June was reported at... 

Orion turbocharges Prieska study

By: Martin Creamer     15th August 2018 The Sydney- and Johannesburg-listed exploration and development company Orion Minerals, which is developing a zinc and copper project at Prieska in the Northern Cape, on Wednesday announced the second tranche of its two-tranche share issuance to raise $7.86-million. The total $11-million capital... 

Battery boom spurs quest to resurrect World War II cobalt mines

By: Bloomberg     15th August 2018 The giant rocky outcrop known by locals as La Cobaltera offers a glimpse into northern Chile’s mining past, and a hint of its future. Slag from an ancient furnace is piled at the entrance of a mine shaft that hasn’t seen commercial activity since World War II. Inside, eucalyptus posts still... 

Vast creates new subsidiary and expands Romania footprint

By: Mariaan Webb     15th August 2018 Aim-listed Vast Resources has acquired an indirect interest in a prospective polymetallic mineralisation in the so-called ‘golden quadrilateral’ in the Metaliferi mountains of Romania, through a newly formed subsidiary, EMA Resources, which it intends to list separately. The company announced on... 

Metals poisoned by Turkey contagion as copper nears bear market

By: Bloomberg     15th August 2018 From Turkey’s financial crisis to China’s trade war, the emerging-market contagion is infecting metal markets. Base metals markets tumbled on Wednesday, with most contracts falling more than 2% in London. Copper sank below $6 000 a metric ton and is now approaching a bear market. Not even gold,... 

Daro exploration producing promising outputs

By: Schalk Burger     14th August 2018 Exploration work at the Daro copper/gold project, in northern Ethiopia, has produced promising results at the Teklil prospect and a significant gold-bearing quartz vein at the Keren prospect has been discovered, while stream sediment analysis has defined new target areas for exploration, Aim- and... 

Antofagasta's H1 earnings fall, trade tensions cloud demand outlook

By: Reuters     14th August 2018 Chilean copper producer Antofagasta said first-half core earnings fell 16.2% from a year earlier, citing weaker ore quality, and said trade tensions clouded the broader market outlook in the short term. Its share price was down by 5.4% by 09:13 GMT, while the broader sector was 0.8% lower. 

BHP, union extend labor talks at mammoth Chile copper mine

By: Reuters     14th August 2018 The union at the world's largest copper mine, Escondida in Chile, has called off a strike planned to start on Tuesday after agreeing to extend talks with operator BHP for another day. The announcement early on Tuesday comes amid fears of a repeat of last year's strike at Escondida, which jolted... 

Gold Mountain boosts its exploration efforts in PNG

By: Esmarie Swanepoel     14th August 2018 ASX-listed Gold Mountain has completed the assembly and commissioning of a large-capacity mobile plant to process coarse gold and platinum bulk samples. Gold Mountain holds a number of exploration tenements in Papua New Guinea, with its flagship Crown Ridge project in the final stage assessment... 

Nornickel earnings jump on higher metal prices, operational efficiencies

By: Simone Liedtke     13th August 2018 Nickel and palladium producer Norilsk Nickel (Nornickel) reported a 77% year-on-year increase to $3.1-billion in earnings before interest, taxes, depreciation and amortisation (Ebitda) in the first half of 2018, driven by higher metal revenue and operational efficiency gains. The Ebitda margin... 

Threat of contagion in emerging markets deepens commodity risk

By: Bloomberg     13th August 2018 When Thailand devalued its currency two decades ago, few in global commodity markets took note. Within a year, the crisis morphed into an emerging-market rout that eviscerated the price of everything from crude oil to copper. Fast forward to today and Turkey is presenting a similar challenge. The... 

Ivanhoe advances projects in ‘productive’ Q2

By: Marleny Arnoldi     13th August 2018 Canadian miner Ivanhoe Mines had a productive second quarter ended June 30, with underground development at the planned initial copper mine at Kakula, in the Democratic Republic of Congo (DRC), making steady progress. The mine is expected to reach the high-grade copper mineralisation later this... 

Thermaspray’s Plasma coatings solve a sticky situation

13th August 2018 The excellent release properties of Plasma non-stick coatings from Thermaspray render this surface coating technology ideal for a wide range of applications within industries such as food processing, printing and packaging, paper and pulp, tyre and rubber, and conveyor belt manufacturing. These... 

Lithium and copper tipped as major Australian export drivers

By: Esmarie Swanepoel     13th August 2018 The Reserve Bank of Australia (RBA) has tipped lithium and copper to be the major drivers for commodity exports in Australia, in the next few years. In its August Statement on Monetary Policy, the RBA noted that mineral exploration and mining activity for commodities used in the rechargeable... 

South32 completes Arizona buy

By: Esmarie Swanepoel     13th August 2018 Diversified miner South32 has completed the $1.3-billion acquisition for the remaining 83% share in TSX-listed Arizona Mining. The Canadian firm has now been delisted from the TSX, and will cease to be a reporting issuer under the Canadian securities law. 

Peru President expects lithium, uranium mining laws passed in 6 months

By: Reuters     12th August 2018 Peruvian President Martin Vizcarra told Reuters his government will likely pass laws within six months needed to tap a new lithium and uranium deposit, removing a major hurdle for Canadian miner Plateau Energy Metals' proposed $800-million mine. Plateau said last month it had found 2.5-million... 

Copper shorts exposed to supply shock as giant mine faces strike

By: Bloomberg     12th August 2018 Copper bears could get caught wrong-footed as a strike looms at the world’s biggest mine. In the US, hedge funds’ bearish bets outnumber bullish wagers by the most since 2016, latest government data show. The top brokers on the Shanghai Futures Exchange boosted their net-short position by more... 

Most unions at Chile's El Teniente copper mine accept contract

By: Reuters     10th August 2018 Four of the five labor unions representing workers at the El Teniente copper mine in Chile have accepted the latest contract offer from state mining company Codelco, union leaders told Reuters. "The contract was approved by an ample margin after the company improved its offer," said Guillermo... 

Australian miners steam ahead with lithium exploration

By: Reuters     10th August 2018 Australian miners are ramping up exploration for lithium even as prices dip, betting on renewed strength in the raw material used for rechargeable batteries. Australian miners' enthusiasm for lithium projects appears undimmed by sliding prices as they expand their exploration and development... 

Mining restarts at Deflector

By: Esmarie Swanepoel     10th August 2018 Gold miner Doray Minerals has restarted mining operations at its Deflector underground gold/copper mine, in Western Australia. The miner on Friday said that mining was resumed after a thorough safety inspection of the area where a remote controlled loader had caught fire on Wednesday. 

MOD adjusts T3 feasibility

By: Esmarie Swanepoel     10th August 2018 Copper developer MOD Resources has incorporated a lager process plant for its T3 resource, in Botswana, into the project’s feasibility study, following a 44% increase in the project’s resource estimate. The feasibility study will now be based on a plant throughput rate of 3-million tonnes a... 

Nevsun CEO says several companies expressed interest in miner

By: Bloomberg     10th August 2018 Nevsun Resources says companies in China, Japan and Western countries are among potential white knights that have expressed interest in buying the miner as it seeks to ward off a hostile takeover by Lundin Mining. “Several companies have indicated an interest,” Nevsun CEO Peter Kukielski said... 

Barrick says China partner for copper 'makes all kinds of sense'

By: Bloomberg     10th August 2018 Barrick Gold executive chairman John Thornton says the Canadian miner is looking at its copper assets “very seriously” to see if it makes sense to form a copper company with one or two partners, most likely from China. “The question for us on copper is, ‘Can you take the copper assets, combine... 

Vedanta's suspends operations at Zambian unit after worker killed in accident

By: Reuters     9th August 2018 Vedanta Resources' Zambian unit said on Thursday work at its Konkola Copper Mine was stopped after one miner was killed in an underground accident to allow for investigations into the incident, the company said. In July production was halted at the same shaft, shaft 4, after a miner died in an... 

Rio starts earn-in in Uganda

By: Esmarie Swanepoel     9th August 2018 ASX-listed junior Sipa Resources on Thursday reported that its earn-in and joint venture (JV) agreement with the exploration arm of diversified miner Rio Tinto, has now started. The two companies in May struck an agreement that would see Rio earn up to a 75% interest in Sipa’s Kitgum-Pader base... 

Sunstone to divest of Viscaria

By: Esmarie Swanepoel     9th August 2018 ASX-listed Sunstone Metals has signed a letter of intent (LoI) which could see the company divest of its Viscaria copper project, in Sweden, in exchange for a 30% shareholding in Swedish company Copperstone Resources AB. The proposed transaction will be completed in two stages, with the initial... 

ASX demands shareholder approval for Winmar deals

By: Esmarie Swanepoel     9th August 2018 ASX-listed Winmar Resources will require shareholder approval for its transaction with African Holding Investment Company for a 50% interest in the Luapula cobalt processing facility, in the Democratic Republic of Congo. The company on Friday said that it had been informed by the ASX that the... 

Union at Caserones mine in Chile says no deal in labour talks, strike imminent

By: Reuters     9th August 2018 The main union at Chile's Caserones copper mine said on Wednesday that a last round of labor negotiations with mine operator Lumina Copper had broken down and that a strike was imminent. The 300-member worker's union said Lumina, which is controlled by a partnership of JX Holding and Mitsui... 

Aurubis Q2 profit falls more than expected

By: Reuters     9th August 2018 Aurubis AG, Europe's biggest copper smelter, on Thursday posted a fall in quarterly profit but confirmed its forecast of higher earnings in its current year. Aurubis said its operating earnings before taxes (EBT) fell 16% to 78-million euros in its fiscal third quarter to end-June, below... 

Teck gets approval to expand Quebrada Blanca mine in Chile

By: Reuters     9th August 2018 Teck Resources said on Wednesday it had received regulatory approval for its $4.8-billion Phase 2 project at its Quebrada Blanca copper mine in northern Chile, a sprawling expansion that will boost production from the deposit to 300 000 t/y of copper. The environmental approvals will allow the... 

Copperstone and Sunstone to team up on Scandinavia copper

By: Creamer Media Reporter      8th August 2018 Publically traded company Copperstone Resources on Wednesday announced that it had signed a nonbinding letter of intent to acquire the Viscaria copper project in Kiruna, northern Sweden, from ASX-listed Sunstone Metals. The transaction is proposed as a scrip and share deal and will make Sunstone... 

Katanga’s H1 copper, cobalt revenues rise

By: Anine Kilian     8th August 2018 TSX-listed Katanga Mining on Wednesday reported that its copper revenue for the first half of this year increased to $350.86-million, compared with $3 000 in the first half of 2017, while its cobalt revenue increased to $141.1-million, from zero revenue in the first half of the prior year. “The... 

Humiliated for years, women are fighting back in mines of Chile

By: Bloomberg     8th August 2018 he first time Karen Requena entered the cafeteria at BHP Billiton’s massive Escondida mining operation in northern Chile, she couldn’t help feeling countless eyes fixed on her body as she walked across the vast hall. “It can’t get worse than that,” she thought. Then as Requena looked for a place... 

Fortuna’s Lindero project still set for start of commercial operations in Q3 2019

By: Nadine James     8th August 2018 Construction of Fortuna Silver Mines’ Lindero gold project, in Argentina, has been delayed slightly, but the Canadian miner still expects commercial operations to start during the third quarter of 2019. Fortuna president, CEO and director Jorge Ganoza on Tuesday noted that delays in the building... 

Taseko posts Q2 net loss, but output rises

By: Nadine James     8th August 2018 TSX-listed Taseko Mines on Tuesday reported a net loss of C$4.67-million for the quarter ended June 30, compared with net income of C$5.25-million in the second quarter of 27. Adjusted net income of C$2.34-million was also lower than the net income of C$14.31-million reported for the prior... 

Indonesia issues new tax rules as Freeport seeks fiscal guarantee

By: Reuters     8th August 2018 Indonesia's president has issued new tax regulations aimed at providing clarity for mining companies shifting their current contracts to special mining permits, in a move that could help cement a $3.9 billion deal with Freeport McMoran Inc. Freeport last month signed a heads of agreement to sell... 

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