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Trevali on target with African asset acquisitions as zinc output rises

By: Henry Lazenby     25th July 2017 Trevali Mining's addition of two new African mines paid off in the zinc producer's pro-forma second-quarter results, which showed that 63% of the company's zinc-equivalent payable pounds were contributed from Rosh Pinah (Namibia) and Perkoa (Burkina Faso). Trevali is acquiring both assets from... 

Largo, lender agree in principle to restructure debt

By: Henry Lazenby     25th July 2017 Vanadium producer Largo resources has reached an agreement in principle with its lender Banco Pine to convert and restructure about $33-million of debt facilities, the company said on Monday. The Toronto-headquartered miner advised that its subsidiary, Vanádio de Maracás, signed a non-binding... 

Mirasol finds three new large-scale base metal targets on expanded claim holdings

By: Henry Lazenby     25th July 2017 Junior explorer Mirasol Resources has discovered three large-scale porphyry copper/molybdenum/gold targets, also expanding its claim holdings, at the 100%-owned Rubi project, next to the giant El Salvador copper mining district, in northern Chile. Mirasol recently completed field evaluation and... 

Acacia gets almost $200bn adjusted Tanzanian tax assessments

By: Henry Lazenby     24th July 2017 The Tanzania Revenue Authority (TRA) has issued two Acacia Mining subsidiaries with adjusted tax assessments totalling nearly $200-billion in alleged unpaid taxes, penalties and interest owed. This is the latest blow to the operator, whose first-half performance this year was severely impacted by... 

Alacer completes Turkish Lira hedging contracts; eyes Çöpler capex saving

By: Henry Lazenby     21st July 2017 Turkey-focused miner Alacer Gold has completed foreign currency forward sales contracts to limit its exposure to the volatility of the Turkish Lira (TRY), the company announced on Friday. Alacer, which operates and owns an 80%-stake in the country’s Çöpler mine, said the hedging programme covers... 

NexGen closes $110m financing, appoints new board member

By: Henry Lazenby     21st July 2017 Uranium explorer NexGen Energy has successfully closed a $110-million financing with Hong Kong-based CEF Holdings (CEF) and affiliates of its shareholders, comprising $50-million in common shares and a $60-million principal amount of unsecured convertible debentures.  Under the terms of the... 

Atlantic Gold updates Fifteen Mile Stream, Cochrane Hill resource estimates

By: Henry Lazenby     21st July 2017 TSX-V-listed Atlantic Gold has updated the compliant mineral resource estimates for its 100%-owned Fifteen Mile Stream and Cochrane Hill gold deposits, Nova Scotia. The company has in June completed resource definition drilling programmes on 25 m x 20 m centres with the objective of upgrading... 

Prophecy picks-up fourth vanadium play this year

By: Henry Lazenby     21st July 2017 Canadian project developer Prophecy Development Corp has agreed to acquire rights to a fourth vanadium project – its second this month. The Vancouver-based project developer has entered a binding letter of agreement with Fairmont Resources to acquire the fully permitted Buttercup... 

Paladin teeters on the brink of receivership

By: Henry Lazenby     21st July 2017 Australian uranium player Paladin Energy is on the brink of receivership as its debts outweigh potential revenues. The ASX-listed miner, which will be stripped of its TSX listing on August 10, for failure to meet the exchange’s ongoing listing requirements, said on Friday that it had received an... 

Oil, chemical weakness force IHS materials price index lower

By: Henry Lazenby     21st July 2017 The materials price index (MPI) from Global Insight by IHS Markit fell 0.7% last week, driven by weakness in the oil and chemicals sectors, the firm announced on Thursday. It was the MPI’s first decline since the middle of June, as weakness in oil, down 1.5%, and chemicals, down 3.9%, pulled the... 

Northern Superior returns exploration focus to TPK

By: Henry Lazenby     21st July 2017 Exploration junior Northern Superior Resources has initiated engagement protocols under its early exploration benefits agreement with the Neskantaga First Nation in parallel with its plans to restart exploration activities on its 100%-owned Ti-pi-haa-kaa-ning (TPK) project, in north-western... 

Sarama a step closer to receiving title to key Burkina Faso-based Bondi project

By: Henry Lazenby     21st July 2017 TSX-V-listed Sarama Resources on Thursday announced that the Burkina Faso Ministry of Mines and Quarries has issued an invoice, and Sarama has paid, for the transfer of the Djarkadougou exploration permit, which is host to the Bondi deposit. It is a critical part of Sarama’s growth strategy in... 

World copper market shows 80 000 t surplus in first four months of 2017

By: Henry Lazenby     21st July 2017 The world refined copper balance for the first four months of 2017 indicates a surplus of about 80 000 t, the International Copper Study Group (ICSG) reported on Thursday. It ascribed the surplus mainly to a decline in Chinese apparent demand, a market that currently accounts for about 48% of the... 

Fast-growing Chinese aluminium sector attracts increased govt scrutiny

By: Henry Lazenby     21st July 2017 As the Chinese aluminium sector comes under greater pressure to moderate its capacity growth, the government is cracking down on so-called ‘illegal’ smelters, analysis by Wood Mackenzie global aluminium markets senior research analyst Ami Shivkar has found. Shivkar argues that unqualified... 

State of emergency in British Columbia extended as wildfires rage

By: Reuters     20th July 2017 British Columbia's government took the unprecedented step on Wednesday of extending a state of emergency by two weeks as it battled 140 wildfires that have forced about 45 000 people from their homes. The province's Premier John Horgan said evacuated households would receive C$600 from the... 

BMI index shows policy determines market attractiveness in Latin America

By: Henry Lazenby     20th July 2017 With policy being of the utmost importance when determining market attractiveness, countries with reliably stable  business environments will continue to dominate the top mining risk/reward index scores in the Americas, reflecting miners' prioritisation of reducing risk, given a volatile mineral... 

Taseko restarts Gibraltar mine

By: Henry Lazenby     20th July 2017 Base metals producer Taseko mines has restarted operations at its Gibraltar mine, in British Columbia, following a four-day hiatus as hundreds of wildfires ravaged the province’s interior. The TSX-listed company said on Wednesday that restarting the mine will help to limit interruption and keep... 

Greenstone Gold partners submit environmental applications for Hardrock project

By: Henry Lazenby     20th July 2017 Joint venture (JV) partners Centerra Gold and Premier Gold Mines have submitted the environmental impact statement and environmental assessment (EIS/EA) to the Canadian Environmental Assessment Agency (CEAA) and the Ministry of the Environment and Climate Change (MOECC) to start the formal... 

Arbitrator grants some protective relief for Centerra in ongoing Kyrgyz legal saga

By: Henry Lazenby     19th July 2017 Canadian gold producer Centerra Gold has been granted some interim relief in its rolling arbitration against the Kyrgyz Republic and State miner Kyrgyzaltyn, regarding the Kumtor project. The TSX-listed miner reported on Wednesday that the arbitrator sided with the company, finding prima facie... 

A decade since global financial crisis, diamond industry yet to re-test 2011 summer highs

By: Henry Lazenby     19th July 2017 This year marks ten years since the start of the global financial crisis in 2007, an event that shook global markets to the core and precipitated a changed market landscape for many commodities, including diamonds. With this in mind, independent diamond industry analyst and consultant Paul... 

Brazilian judge suspends Samarco dam disaster civil claim indefinitely

By: Henry Lazenby     19th July 2017 A Brazilian federal judge of the Federal Court of Minas Gerais has, for an indefinite time, suspended a public civil lawsuit against Samarco Mineração over the miner’s tailings dam collapse in November 2015, the company said on Tuesday. Vale, the world’s largest iron-ore producer, said in a press... 

Taseko gets multiyear ‘NOW’ permit for contentious New Prosperity mine

By: Henry Lazenby     19th July 2017 The provincial government of British Columbia has issued Taseko Mines with a multiyear Notice of Work (NOW) permit that will allow the base metals producer to undertake a site investigation programme at the New Prosperity gold/copper mine. The mine project, which has been nixed twice by the... 

Zinc, lead demand continue to outstrip output

By: Henry Lazenby     18th July 2017 New analysis by the International Lead and Zinc Study Group (ILZSG) has found that demand for zinc grew by 1.14% during the first five months of 2017, with mine output rising 6.3% and refined metal output up 0.4%. In its latest report published on Monday, the ILZSG said that preliminary data it... 

Champion stock gains on resolving longstanding Sept-Îles Port dispute

By: Henry Lazenby     18th July 2017 The TSX-listed stock of project redeveloper Champion Iron on Tuesday gained more than 4% after the company announced that it has settled a dispute with the Sept-Îles Port Authority, from where iron-ore product from the Bloom Lake mine, in Quebec, will be shipped to market. The Montreal-based... 

Production at Oyu Tolgoi remains steady at +3.5% q/q

By: Samantha Herbst     18th July 2017 Second-quarter production at Turquoise Hill Resources’ Oyu Tolgoi gold/copper mine, in Mongolia, proceeded as planned and remained steady quarter-on-quarter, the Vancouver-based miner revealed on Monday. Ore treated in the quarter was impacted by a scheduled five-day maintenance shutdown in May,... 

Canada wildfires prompt lumber price surge, mine shutdowns

By: Bloomberg     18th July 2017 Wildfires sweeping across British Columbia, the world’s biggest exporter of softwood lumber, sent timber prices surging and forced the closure of two copper mines in the western Canadian province. More than 375 fires have swept across the province, burning forests, displacing an estimated 37 000... 

Ivanhoe's Congo success follows deals with President's brother

By: Bloomberg     18th July 2017 In the two decades since billionaire mining investor Robert Friedland founded Ivanhoe Mines, his small team has made some of the biggest mineral discoveries in the world. In the Democratic Republic of Congo, it has done so while trading and contracting with companies controlled by one of... 

Tennis ball-sized 'diamond in the rough' too big to sell

By: Reuters     17th July 2017 In the mysterious world of diamond mining, it turns out that some stones are too big to sell. Canada's Lucara Diamond Corp will have to cut its tennis ball-sized rough diamond to find a buyer, industry insiders say, following Sotheby's failed auction for the world's largest uncut stone last summer. 

Geoscience BC issues data on likely precious, base metals deposits in Kootenay-Boundary region

By: Creamer Media Reporter      15th July 2017 British Columbia’s not-for-profit earth sciences organisation Geoscience BC has published new information that could lead prospectors to new precious and base metals deposits in an area between Penticton and the Kimberley area, in the province’s Kootenay-Boundary region. The project, ‘Geological... 

North American metals and mining sector provides weak covenant protections – Moody’s

By: Henry Lazenby     15th July 2017 High-yield bonds issued in the metals and mining sector provide weak covenant protection, Moody's Investors Service says in a new report issued on Friday. The average covenant quality (CQ) score under the credit rating agency's scoring criteria for the 56 North American metals and mining... 

USW threatens walkout at Teck's Highland Valley Copper ops

By: Henry Lazenby     15th July 2017 Members of the United Steelworkers Union (USW) will vote on Sunday whether to stage a walkout at Canadian diversified miner Teck Resources’ Highland Valley Copper mine. About 1 050 workers said they have been working without a collective agreement in place since last year and now, against a... 

Having stemmed flow of conflict diamonds, new WDC acting president to stay course

By: Henry Lazenby     15th July 2017 The World Diamond Council (WDC) will stay its course, focused on its primary mission of curbing the trade in conflict diamonds, under new acting president Stephane Fischler, who took the helm on July 1 from Andrey Polyakov, who has resigned. “We have succeeded in almost totally eradicating... 

Nevsun lifts Q2 copper output

By: Henry Lazenby     14th July 2017 Base metals producer Nevsun Resources has reported a strong recovery of copper concentrate production, lifting second-quarter output to 5.7-million pounds. It is a sharp recovery for the Eritrea-focused company, which resorted to producing a bulk zinc/copper concentrate late last year owing to... 

Leagold reports exploration success at Los Filos’ Bermejal deposit

By: Henry Lazenby     14th July 2017 Midtier gold producer Leagold Mining reported on Thursday that ongoing drilling of the Bermejal Undergound deposit at its Los Filos mine, in Mexico, has returned consistent high-grade mineralisation that holds the potential for a significant near-term resource upgrade. The TSX-V-listed company,... 

Prophecy secures third vanadium project in 2017

By: Henry Lazenby     13th July 2017 Canadian project developer Prophecy Development Corp has secured a third vanadium-focused project in 2017, announcing on Thursday that it has signed a lease on the Louie Hill vanadium project, in Nevada With the acquisition of the Louie Hill project, together with the previously acquired... 

US gold output down slightly in May

By: Henry Lazenby     13th July 2017 US-based gold producers recorded less output in May than in April, yet production was 12.6% higher when compared with the same period a year earlier. According to analysis by the US Geological Survey (USGS) in its latest Mineral Industry Survey, US gold mines produced about 20 300 kg of the... 

Taseko scales back Gibraltar ops as BC wildfires complicate employee commutes

By: Henry Lazenby     13th July 2017 Base metals producer Taseko Mines has scaled back mining and milling operations at its cornerstone Gibraltar mine, in response to the severe wildfire conditions in the Cariboo region of British Columbia. The Vancouver-based company reported that despite there not being any fires in the immediate... 

Capstone improves Q2 output as mines bounce back

By: Henry Lazenby     13th July 2017 Shareholders rewarded Canadian copper producer Capstone Mining on Wednesday, pushing its TSX-listed stock up some 11% following the Vancouver-headquartered company reporting improved second-quarter production results. Copper output rose 15% quarter-over-quarter in the three months ended June,... 

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