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Summer doldrums could see lower lows for gold as upside headwinds mount

By: Henry Lazenby     26th May 2018 Gold bug Mickey Fulp does not expect the gold price to break out this year, bar any substantial geopolitical event that upsets the state of the global economy. During a recent mining conference held in Vancouver, the ‘Mercenary Geologist’ told Mining Weekly Online that he expects gold to test new... 

D1 Mint buys 1 500 investment-grade diamonds for new diamond-backed crypto coin

By: Henry Lazenby     25th May 2018 The emergence of blockchain technology is helping to turn diamonds into a new investment asset class that, in turn, could drive future demand for natural diamonds, the creator of a new diamond-backed crypto coin said on Friday. Singapore-based D1 Mint, the creator of the diamond-backed D1 Coin,... 

McEwen Mining PEA outlines new lease on life for El Gallo Complex

By: Henry Lazenby     25th May 2018 Dual-listed precious metals producer McEwen Mining has published a preliminary economic assessment (PEA) on its El Gallo Complex, in Sinaloa state, Mexico, outlining a redevelopment plan called Project Fenix that could add between 10 and 12 additional years to the operation. Based on an updated... 

Centerra agrees to extend first Kyrgyz agreement longstop date by a month

By: Henry Lazenby     25th May 2018 TSX-listed gold producer Centerra Gold has agreed to a month’s extension of the first longstop date of a strategic accord it signed with the Kyrgyz government on September 11, 2017. The Toronto-based miner said the first longstop date is the date by which all conditions precedent to the... 

Northern Dynasty tumbles on First Quantum’s Pebble pull-out

By: Henry Lazenby     25th May 2018 The TSX-traded stocks of base metals producer First Quantum Minerals and Northern Dynasty Minerals tumbled on Friday following an overnight joint announcement that the companies have terminated a 2017 framework accord that envisioned the partners closing an option and partnership transaction to... 

Nautilus unveils spider-inspired sediment sampler

By: Henry Lazenby     25th May 2018 Marine mining pioneer Nautilus Minerals has unveiled a new autonomous sediment sampler called the 'Nautilus Jumping Spider’ for use in sampling deep-sea deposits, that could cut exploration costs “by an order of magnitude”, the company reported on Thursday. Nautilus said it has successfully... 

Fireweed tumbles following positive Macmillan Pass PEA

By: Henry Lazenby     25th May 2018 Vancouver-based explorer Fireweed Zinc has reported strong economic indicators for its Macmillan Pass project, in Canada’s Yukon Territory, sending its TSX-V-listed stock up 6% on Thursday to open at a 52-week high, before closing down 11% by market close. Based on metal price assumptions of... 

EY’s Canadian Mining Eye Index falls in Q1

By: Henry Lazenby     25th May 2018 The EY Canadian Mining Eye Index has shown a decline in first-quarter performance, falling 8% from the fourth quarter of 2017, the professional services firm reported on Thursday. Based on the 2018 operating guidance released by the majority of Canadian gold mining companies, average production... 

Only one-third of the 15 largest copper producers reported positive production trends – S&P Global

By: Henry Lazenby     25th May 2018 Only about one-third of the 15 largest copper producers with output of more than 40 000 t of copper per quarter reported positive production trends during the first quarter of this year, driving quarter-on-quarter output 4.8% or 136 548 t lower, a new report by S&P Global has found. However, on... 

Global copper surplus falls 12.8% to 110 000 t

By: Henry Lazenby     24th May 2018 The global refined copper balance for the first two months of this year indicates a surplus of about 110 000 t, a 12.8% drop year-on-year, the International Copper Study Group has found. The Lisbon, Portugal-based think tank said apparent refined demand increased 3.9% year-on-year to 3.77-million... 

Optimistic diamond price outlook could underpin a return to profit, dividends – Zimnisky

By: Henry Lazenby     24th May 2018 Absent any significant global economic disturbances disrupting consumer diamond demand, incremental year-on-year diamond production declines are forecast to drive real diamond prices up by about 10% cumulatively from 2018 through 2021, or 17% in nominal terms, a new report by independent analyst... 

Copper shortfall expected – Antofagasta CEO

By: Henry Lazenby     24th May 2018 London-based base metals company Antofagasta said on Wednesday it expects a shortfall of copper to emerge because of the slow rate at which new mines are permitted and built. Antofagasta chairperson Jean-Paul Luksic said at the company's annual general meeting that the emergence of new sources of... 

Advantage Lithium reports six-fold resource upgrade at Cauchari

By: Henry Lazenby     24th May 2018 The TSX-listed equity of explorer Advantage Lithium rose more than 7% on Wednesday after it reported a six-fold resource increase at the Cauchari joint venture (JV), in Argentina. The Vancouver-based company reported a three-million-tonne inferred resource that comprise the northwest and... 

Euro Sun says Rovina Valley mining licence working its way through Romania govt

By: Henry Lazenby     24th May 2018 TSX-listed project developer Euro Sun Mining reported on Wednesday that the mining licence for its flagship Rovina Valley copper/gold project, in Romania, is working its way through government, with the National Agency for Mineral Resources and the Secretary General of Government (SGG) having... 

Nemaska Lithium secures funding for mine with C$400m equity raise

By: Reuters     23rd May 2018 Canada's Nemaska Lithium said on Tuesday it had secured funding of up to C$402-million ($314-million) from investors, which it plans to use to build a mine and processing plant to produce lithium, the key ingredient for rechargeable batteries. This brings to more than C$1.1-billion the amount of... 

Cobalt 27 announces first-ever cobalt/nickel streaming deal

By: Henry Lazenby     23rd May 2018 Canadian cobalt company Cobalt 27 has created the world’s first cobalt/nickel streaming deal with ASX-listed Highlands Nickel on the Ramu mine, in Papua New Guinea (PNG). The two partners have signed a metal purchase and sale agreement (MPA) giving Cobalt 27 the right to buy 55% of Highlands... 

Rio Tinto confirms talks to sell $3.5bn Grasberg stake

By: Henry Lazenby     23rd May 2018 Multinational diversified miner Rio Tinto confirmed on Tuesday that it is in talks to potentially sell its stake in the Grasberg copper/gold mine, in Indonesia, to PT Indonesia Asahan Aluminium (Inalum) for $3.5-billion. Media rumours swirled on Tuesday about the deal, prompting Rio Tinto to make... 

Oil pipeline plot thickens as British Columbia files Alberta suit over ‘tariff-like’ Act

By: Henry Lazenby     23rd May 2018 A significant disruption in the supply of gasoline, diesel and crude oil from Alberta to British Columbia would cause British Columbia “irreparable harm” and could “injure human health and safety in remote communities”, the provincial government argued in a statement of claim filed in Alberta's... 

Goldcorp says Peru and Nevada would make portfolio perfect

By: Bloomberg     22nd May 2018 Goldcorp CEO David Garofalo says he’s happy with his company’s portfolio of assets, but that doesn’t mean he doesn’t have a wish list. In an ideal world, the company would have an asset in Nevada’s Carlin Trend. “If you’re an Americas-based gold company, you should be there. Barrick and Newmont... 

Greece aims to resolve Eldorado standoff over metallurgy plant soon

By: Reuters     22nd May 2018 Greece aims to resolve a long-standing standoff with Canada's Eldorado Gold over its development plans in the coming weeks, the Energy Ministry said on Tuesday. The differences between Eldorado and the government over the miner's plans to produce gold and other metals in the northern Greek... 

US top court takes up challenge to Virginia uranium mining ban

By: Reuters     21st May 2018 The US Supreme Court on Monday agreed to decide whether states have the right to ban uranium mining for public health reasons in a dispute over a moratorium Virginia put in place on the radioactive metal in 1982. The court will hear a bid by a Virginia Energy Resources Inc subsidiary and other... 

Gensource project development secured as formal offtake accord is signed

By: Henry Lazenby     19th May 2018 The development of Gensource Potash’s first 250 000 t/y production module at its Vanguard project, in Saskatchewan, is another step closer to realisation after the company announced on Friday that it has signed a definitive offtake agreement with a major North American agriculture industry... 

Yamana pours first gold at Cerro Moro

By: Henry Lazenby     18th May 2018 Canadian gold producer Yamana Gold announced this week that it has poured the first gold and silver doré at its Cerro Moro project, in Argentina. The operation started feeding ore to the 1 000 t/d processing plant in April, and is expected to ramp up to commercial production over the second... 

Eritrea 'poison pill' complicates miner Lundin's aspirations – sources

By: Reuters     18th May 2018 The weak human rights record of one of Africa's poorest countries is coming between Lundin Mining Corp and its pursuit of a prized European copper and gold asset. Cash-rich Lundin's latest run at fellow Canadian miner Nevsun Resources is designed to bag the Timok project in Serbia, but it had to... 

Centerra sells royalty portfolio, Kemess silver stream for $200m

By: Henry Lazenby     17th May 2018 Canadian gold miner Centerra Gold has agreed to sell its royalty portfolio and silver stream on the Kemess project, in British Columbia, to Triple Flag Mining Finance Bermuda for $200-million. The royalty sale comprises the sale of subsidiary AuRico Metals’ (AMI’s) royalty portfolio, together... 

Semafo hits 97% completion at Boungou, expects first gold by June

By: Henry Lazenby     17th May 2018 Montreal-based miner Semafo reports that construction of its $231-million Boungou mine, in Burkina Faso, is 97% complete. Commissioning of the process plant is under way, with the first ore scheduled to be introduced to the mill circuit by month-end, the West Africa-focused miner said on Thursday. 

Argonaut appeals La Colorada explosives suspension, reports hearing delay

By: Henry Lazenby     17th May 2018 The TSX-listed equity of gold producer Argonaut Gold traded lower on Thursday after it announced that it has appealed an April Mexican court decision that suspended its explosives permit for the La Colorada mine. The company has appealed the original Judiciary Court decision to temporarily... 

Tianqi Lithium picks up minority SQM stake for $4.07bn

By: Henry Lazenby     17th May 2018 Lithium producer Tianqi Lithium has secured a 24% stake in Sociedad Quimica y Minera de Chile (SQM) from crop nutrient producer and distributor Nutrien, for $4.07-billion. Nutrien's sale of its SQM holdings was required by the Competition Commission of India and Ministry of Commerce in China... 

IFR legacy well test reports better-than-expected results

By: Creamer Media Reporter      17th May 2018 Calgary-based oil and gas company International Frontier Resources (IFR) has reported the first production from the successful workover of a legacy well at Tonalli Energia’s Tecolutla project – a joint venture between the company and Mexican petrochemical leader Grupo IDESA. “Rates from the TEC-2... 

Leagold gets antitrust thumbs up to acquire Brio Gold

By: Henry Lazenby     17th May 2018 Gold miner Leagold Mining said on Wednesday it has received clearance from the Mexican Competition Commission to proceed with the proposed $264-million all-scrip deal to acquire Brio Gold. The clearance decision from the Comisión Federal de Competencia Económica was the last government agency... 

Premier’s Cove PEA sets stage for Nevada-focused exploration camp

By: Henry Lazenby     16th May 2018 Canadian miner Premier Gold has reported strong economic metrics for its 100%-owned Cove project, near Battle Mountain, Nevada. Based on a gold price assumption of $1 250/oz, the PEA calculated an after-tax net present value (NPV), applying a 5% discount rate, of $143-million. 

Golden Reign inks LoI to merge with Wexford Capital’s Marlin Gold

By: Henry Lazenby     16th May 2018 The TSX-V-listed equity of Golden Reign Resources jumped nearly 32% on Tuesday after it announced that it has signed a letter of intent (LoI) to acquire private firm Wexford Capital’s Marlin Gold business. Golden Reign plans to buy all of the issued and outstanding common shares of Marlin Gold,... 

Katanga ramps up DRC copper, cobalt production as legal woes mount

By: Henry Lazenby     15th May 2018 Commodity giant Glencore’s majority owned and publicly traded Democratic Republic of Congo- (DRC-) focused copper/cobalt unit Katanga Mining is ramping up output after resuming production from the Phase 1 whole ore leaching project on December 11, the company reported on Tuesday. Katanga will... 

Mountain Province welcomes former De Beers CFO as new CEO

By: Henry Lazenby     15th May 2018 Canadian diamond producer Mountain Province Diamonds has appointed Stuart Brown as incoming president and CEO, effective from July 1, to replace interim president and CEO David Whittle, who took the helm following the immediate departure of former president and CEO Patrick Evans in June last... 

WPM hopeful of reaching CRA settlement deal; progress on new $500m+ contracts

By: Henry Lazenby     15th May 2018 The world’s largest precious metals streaming firm Wheaton Precious Metals (WPM) has reached out to the Canadian Revenue Agency (CRA) to try and reach a settlement, but to no avail yet, president and CEO Randy Smallwood told Mining Weekly Online in an interview on Monday. The Vancouver-based... 

Rising earnings to mark Americas Silver’s next 3 quarters as silver optionality beckons

By: Henry Lazenby     15th May 2018 Diversified Canadian miner Americas Silver is looking towards growing profit over the next three quarters as lower costs and rising grades at key operations provide it with runway potential to reward investors. “Our job as management is to figure out how to make money at these low silver prices.... 

Osisko Mining unveils maiden resource estimate for Windfall Lake

By: Henry Lazenby     15th May 2018 Mine developer Osisko Mining has published the first resource estimate for its fully-owned Windfall Lake project, in Quebec’s Abitibi greenstone belt, outlining about 2.8-million gold ounces in the inferred category above the 3 g/t cutoff. Toronto-headquartered Osisko advised in a press release... 

Callinex jumps 35% on viable combined Nash Creek, Superjack PEA

By: Henry Lazenby     15th May 2018 Base metals-focused Callinex Mines has made public the results of a preliminary economic assessment (PEA) examining the production of zinc from the combined 100%-owned Nash Creek and Superjack projects, located in New Brunswick’s prolific Bathurst Mining District, in Maritime Canada. The PEA... 

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