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Diamond exploration intensifying close to mine that paid for itself in 3.5 days 

By: Martin Creamer     Updated 4 hours ago London- and Botswana-listed Botswana Diamonds which is funding diamond exploration on three sites in South Africa, expects to declare an inferred resource by year-end at its Thorny River project in Limpopo, which is located very close to the Marsfontein mine that had an astonishing... 

Botswana Diamonds MD James Campbell talks to Mining Weekly Online's Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Lionel da Silva

Moz coal assets come back to haunt former Rio Tinto CEO, CFO

By: Esmarie Swanepoel     18th October 2017 The US Securities and Exchange Commission (SEC) has laid charges of fraud against diversified miner Rio Tinto and its former CEO Tom Albanese and CFO Guy Elliott. The SEC in a statement this week said that the company and the former two executives had inflated the value of Mozambique coal... 

Moz coal assets come back to haunt former Rio Tinto CEO, CFO
Photo by Duane Daws
Tom Albanese

Chamber files for review of 'disastrous' Mining Charter

By: News24Wire      18th October 2017 The Chamber of Mines filed an application in the North Gauteng High court on Tuesday to have a judicial review and setting aside of the Mining Charter. According to the founding affidavit, the Charter released by Mineral Resources Minister Mosebenzi Zwane on June 15 had, and continues to have, a... 

Chamber files for review of 'disastrous' Mining Charter
Photo by Duane Daws
Chamber of Mines CEO Roger Baxter

South African mining industry must modernise – Chamber of Mines

By: Dylan Slater     18th October 2017 The South African mining industry has to modernise as a matter of urgency in order to halt job cuts in the industry, as well as to create more jobs, says Chamber of Mines modernisation and safety head Sietse van der Woude. Delivering a keynote address at diversified engineering solutions company... 

Zwane to Parliament – Am I being investigated?

By: News24Wire      18th October 2017 "Am I being investigated? I need to know so that we can start dealing with facts and not allegations that are in the media." Those were the introductory remarks from Mineral Resources Minister Mosebenzi Zwane who is currently appearing before Parliament's portfolio committee on mineral resources... 

BHP on track for 7% volume growth in FY18; guidance intact

By: Henry Lazenby     18th October 2017 The world’s largest mining house BHP Billiton said on Wednesday it remained on track for a 7% volume growth in the 2018 financial year, leaving its full-year 2018 guidance unaltered. The Melbourne, Australia-based miner reported its operating results for the three months ended September 30,... 

BHP on track for 7% volume growth in FY18; guidance intact

Sibanye Platinum’s favourable wage agreement creates certainty – Solidarity 

     Updated 5 hours ago Trade union Solidarity says it has reached a favourable three-year wage agreement on behalf of its members at Sibanye Platinum’s Kroondal mine.  The agreement is effective from July 1, and will be valid until June 30, 2020. 

Pan African concludes wage agreement at Barberton Mines

By: Anine Kilian     18th October 2017 Pan African Resources’ Mpumalanga-based Barberton Mines has successfully concluded a one-year wage agreement with the National Union of Mineworkers (NUM) and Uasa. The average wage increase for all Barberton Mines employees will be about 8%, effective from July. 

As banks flee diamond trading, a startup plans to fill the gap

By: Bloomberg     Updated 6 hours ago As major banks abandon the diamond trading world, one new lender is preparing to jump in. Dfin, a London-based corporate finance firm that specializes in the diamond sector, plans to lend $250-million to diamond polishers, cutters and traders -- known in the industry as the midstream -- over the... 

Egg-sized diamond for sale: proceeds to benefit Sierra Leone's poorest

By: Reuters     18th October 2017 Sierra Leone will auction one of the world's largest diamonds to fund development projects in the impoverished community where it was found, the group managing the sale said on Tuesday. The 709 ct gem, named the "peace diamond", was found in the eastern Kono region in March by a Christian pastor... 

‘Digital effectiveness’ tops EY’s 2017/18 risk radar

By: Henry Lazenby     18th October 2017 Professional services firm EY Global has revealed it annual ‘Top 10 business risks facing mining and metals’ report on Tuesday, with new entry ‘digital’ topping the list of most critical risks facing the mining industry in the coming year. This year’s report has seen a reshuffling with digital... 

‘Digital effectiveness’ tops EY’s 2017/18 risk radar

Ncondezi raises £750 000

By: Anine Kilian     18th October 2017 Aim-listed Ncondezi Energy has raised £750 000, before expenses, through an oversubscribed placing of 15-million ordinary shares at a price of 5p a share. The company will use the funds raised by the placing to cover nonproject corporate costs until the end of August 2018, before the maturity of... 

Balama to produce first concentrate this month

By: Esmarie Swanepoel     18th October 2017 First concentrate production at the Balama graphite project, in Mozambique, is expected late in October, with ASX-listed Syrah Resources telling shareholders that first saleable flake product was expected in the second half of November. Project construction was now some 98% complete, and the... 

Trevali stock trades lower on production miss

By: Henry Lazenby     18th October 2017 The value of the recent acquisition of two African zinc assets from mining major Glencore is evident in zinc-focused miner Trevali Mining latest operating results, which it published on Monday, accounting for about 65% of output. However, the company’s TSX-listed equity on Tuesday fell as much as... 

Peninsula hopes to sell Karoo project

By: Esmarie Swanepoel     18th October 2017 ASX-listed uranium miner Peninsula Energy will divest of its 74% interest in the Karoo projects, in South Africa. The company on Wednesday told shareholders that while it had advanced the Karoo projects from exploration to early stage prefeasibility over the past decade, Peninsula has now... 

Niger must halt job cuts at Areva's uranium mine, group says

By: Bloomberg     Updated 6 hours ago Activists in Niger urged President Mahamadou Issoufou to negotiate with Areva SA after the French company said it will cut 200 jobs at one of its uranium mines in the West African nation to adjust to lower prices for the nuclear fuel. “It’s absolutely untrue that the only solution is to lay off... 

Montepuez redesign to save millions - Flanagan

By: Esmarie Swanepoel     18th October 2017 A value engineering study on the Montepuez graphite project, in Mozambique, has found that the project’s capital costs could be cut from $126-million to $42.3-mllion, while operating costs could reduce from $422/t to $337/t. ASX-listed Battery Minerals told shareholders that the value... 

Altus secures new exploration licence in Ethiopia

By: Creamer Media Reporter      18th October 2017 Aim-listed Altus Strategies has been granted an exploration licence for the Daro copper/gold project, in northern Ethiopia. The licence covers an area of about 412 km2 and is valid for three years. 

Vast making progress on Baita Plai licence

By: Mariaan Webb     Updated 6 hours ago Aim-listed Vast Resources said on Wednesday that it had made “significant progress” with the finalisation of the Baita Plai association licence, which forms a key part of its expansion plans in Romania. Vast said that the Baita SA board had held a meeting this week, where it had requested its... 

Miraflores to cost $71.8m - Metminco

By: Esmarie Swanepoel     18th October 2017 A feasibility study (FS) into Aim- and ASX-listed Metminco’s Miraflores gold project, in Colombia, has found that the project could deliver average production of 45 000 oz/y of gold and 22 600 oz/y of silver. Metminco reported that the project was expected to cost about $71.8-million to develop,... 

Sheffield taps Taurus for Thunderbird debt funding

By: Esmarie Swanepoel     18th October 2017 Mineral sands developer Sheffield Resources has mandated Taurus Mining Finance Fund to arrange for a $200-million debt facility to support the development of the Thunderbird project, in Western Australia. The ASX-listed company said on Wednesday that Taurus had agreed to arrange and underwrite a... 

Newcrest announces A$93m Telfer investment as royalty hike is dropped

By: Esmarie Swanepoel     18th October 2017 Australian gold miner Newcrest Mining has approved a A$93-million capital investment into its Telfer mine, in Western Australia, which will extend the openpit mine life by four years, until 2023. The company on Wednesday said that the capital would be spent on expanding the West Dome openpit,... 

China's CEFC eyes big league with Rosneft oil offtake deal

By: Reuters     18th October 2017 As part of its recent $9.1-billion investment in Russian oil giant Rosneft, little-known CEFC China Energy will have access to up to 260 000 bbl/d of Russian oil - giving it the sort of market clout to potentially challenge dominant Western oil traders like Vitol. For China, the world's top crude... 

Aguia improves Tres Estradas economics

By: Esmarie Swanepoel     18th October 2017 Test work at fertiliser developer Aguia Resources’ Tres Estradas phosphate project, in Brazil, has indicated significant capital and operating expenditure savings through process improvements and production efficiencies. Aguia on Wednesday said that the test work, done as part of the bankable... 

San Jose study shows robust project at 'half current lithium price' – Plymouth

By: Esmarie Swanepoel     18th October 2017 A scoping study into the San Jose lithium-tin project, in Spain, has found that the project could deliver some 15 000 t/y of battery grade lithium carbonate over an initial mine life of 24 years. ASX-listed Plymouth Minerals on Wednesday reported that the project was expected to require a caital... 

Po Valley gets new production concession

By: Esmarie Swanepoel     18th October 2017 The Italian Ministry of Economic Development has granted ASX-listed PO Valley a production concession for a new onshore gas field close to existing producing infrastructure. Po Valley said on Wednesday that the Sant Alberto production concession, near Bologna, covers an area of 19.51 km2 and was... 

'Dr. Doom' commentator Marc Faber faces backlash over race comments

By: Reuters     18th October 2017 Marc Faber, the Swiss investor based in Thailand, provoked a backlash from business television and investment management firms on Tuesday after comments in his latest newsletter suggested the US had only prospered because it was settled by white people. The investor and commentator, known as 'Dr... 

Rio Tinto declares force majeure on copper from US mine

By: Reuters     17th October 2017 Global miner Rio Tinto declared force majeure last Friday on shipments of refined copper from its Kennecott mine, in the US, following the death of a worker, a spokesperson said on Tuesday. There was no timeline for when the force majeure would be lifted, spokesperson Kyle Bennett said. A force... 

Miners beware growing cyber risk

By: Henry Lazenby     17th October 2017 Cyber risk has increased in prominence on professional services firm EY’s annual ‘Top 10 business risks facing mining and metals’ report, jumping to third position from ninth in 2016. According to EY's report, which was published on Tuesday, cyber risk is an ever-growing issue – an outcome of... 

Miners beware growing cyber risk

Key witnesses in State capture inquiry will need to face the music, warns parliamentary committee chair

By: Kim Cloete     17th October 2017 Parliament’s Portfolio Committee on Public Enterprises has started its keenly awaited inquiry into allegations of State capture, with a warning that key witnesses will not be allowed to shy away from appearing before Parliament. “We have a right to subpoena a witness if we think that witness has... 

Key witnesses in State capture inquiry will need to face the music, warns parliamentary committee chair

Young HDSA diamond beneficiators doing well – De Beers 

By: Martin Creamer     17th October 2017 The model launched last year by De Beers for the development of young historically disadvantaged South Africans (HDSAs) as diamond beneficiators is proving highly successful, De Beers Senior VP Sightholder Sales South Africa Mpumi Zikalala said on Tuesday. Speaking to Mining Weekly Online on the... 

De Beers Senior VP Sightholder Sales South Africa Mpumi Zikalala talks to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Nicholas Boyd and Lionel de Silva.

Six miners killed, one wounded in coal mine collapse in Turkey - aid agency

By: Reuters     17th October 2017 Six miners were killed and another was wounded after part of a coal mine in Turkey's southeastern province of Sirnak collapsed on Tuesday, Turkey's AFAD aid agency said. AFAD said search and rescue teams were searching for another worker who was trapped at the site. 

Cora Gold appoints drilling contractor for Mali discovery

By: Anine Kilian     17th October 2017 West Africa-focused gold exploration company Cora Gold’s wholly owned subsidiary Cora Gold Mali has entered into a contract with Target Drilling for the supply of aircore (AC), reverse circulation (RC) and diamond core drilling services at its flagship Sanankoro gold discovery in South Mali.  The... 

Brexit takes bureaucracy to the atomic level for UK industry

By: Bloomberg     17th October 2017 To understand the implications of Brexit, it helps to go nuclear. Of all the international regulatory challenges created by the UK’s impending departure from the European Union, the atomic-energy industry may best encapsulate the decision’s bottom-line effect: more bureaucracy and costs for a... 

Stratex sells stake in Goldstone

By: Anine Kilian     17th October 2017 Aim-listed gold exploration and development company Stratex has sold its 13.7% stake in Goldstone Resources to institutional investors at a price of 1.6p a share for a total cash consideration of £0.55-million. “Following the dilution of Stratex's shareholding in Goldstone, resulting from a... 

KGHM plays down recent breakdown impact

By: Reuters     17th October 2017 Polish copper producer KGHM Polska Miedz said on Tuesday it expects no big negative impact on sales or core earnings from the recent breakdown of a smelter in the city of Glogow. "We hope that we will be able to recoup some losses," CEO Radoslaw Domagalski-Labedzki told reporters. 

Petropavlovsk Q3 output up 1.6%

By: Mariaan Webb     17th October 2017 LSE-listed miner Petropavlovsk has reported a marginal increase in its gold production in the September quarter. The company, which operates the Pioneer, Pokrovskiy, Malomir and Albyn mines in Russia, produced 104 000 oz of gold in dore, compared with 102 400 oz in the third quarter of 2016. 

Gately to step down as Resgen chair

By: Creamer Media Reporter      17th October 2017 Denis Gately will resign as chairperson and director of coal development company Resource Generation, known as Resgen, with effect from November 22. The company’s other directors have proposed to elect Lulamile Xate to succeed him as chairperson. 

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Diamond exploration intensifying close to mine that paid for itself in 3.5 days

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From diamond discoveries in Liberia to farming metals in SA

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