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Urgent govt, business cooperation needed to end South Africa’s crisis – Turok

By: Martin Creamer The time had come for government and business to find ways and means of working together to end South Africa’s current economic stagflation crisis, United Nations Commission for Africa (UNCA) mineral value chain lead consultant, anti-apartheid struggle veteran and former African National Congress... 

Urgent govt, business cooperation needed to end South Africa’s crisis – Turok
ANC MP Ben Turok

X2 in 'serious' talks for Rio Tinto's coal assets in Australia – FT

By: Reuters     Updated 1 hour 23 minutes ago Former Xstrata boss Mick Davis' X2 Resources is in "serious" talks to purchase some of Rio Tinto's Australian coal assets, the Financial Times reported citing people familiar with the matter. The multibillion-dollar deal talks are at an early stage and have generated solid interest from both... 

South32 secures ICMM membership

By: Natasha Odendaal     Updated 1 hour 40 minutes ago BHP Billiton spin-off South32 has successfully joined the International Council on Mining and Metals (ICMM), a move that is expected to deliver long-term benefits for the new globally diversified metals and mining company and its stakeholders. An independent expert review panel had recommended... 

Auroch sells Moz gold project to Xtract for $12.5m

By: Creamer Media Reporter      Updated 39 minutes ago ASX-listed Auroch Minerals will sell its Manica mining concession, in Mozambique, to Aim-listed gold and copper exploration company Xtract Resources for $12.5-million. The purchase price included $6.5-million in Xtract shares and $4.5-million in cash. Xract would also provide funding to settle... 

Universal Coal expects significantly higher earnings

By: Creamer Media Reporter      Updated 4 hours ago ASX-listed Universal Coal said on Tuesday it expected to report significantly higher half-year earnings, owing to improved operational performance and higher demand and sales volumes from its main customer. The company, which owns thermal coal assets in the Witbank coalfield of South Africa,... 

New fleet arrives to scale up Lucapa’s diamond operations in Angola

By: Creamer Media Reporter      Updated 5 hours ago The first new earthmoving equipment has arrived at Lucapa Diamond Company’s Lulo concession, in Angola. The new fleet, sourced from Caterpillar dealer Barloworld Equipment in Luanda, would enable Lucapa and its partners to double alluvial diamond mining operations at Lulo to 20 000 bulk cubic... 

Kimberley Diamonds secures debt finance for Botswana mine

By: Creamer Media Reporter      Updated 1 hour 4 minutes ago Junior diamond firm Kimberley Diamonds has secured a A$10-million loan from China-based auction house Zhejiang Huitong Auction, which it intends to use for the recommissioning of its Lerala diamond mine, in Botswana. The ASX-listed company has received the first A$5-million of the loan and will... 

Zambia resumes VAT refund payments to mining firms – Minister

By: Reuters     Updated 2 hours 18 minutes ago Zambia has started paying value-added-tax (VAT) refunds again to mining companies, its mining minister said on Monday, aiming to put an end to a long running dispute. Mining companies had claimed for months that they were owed more than $600-million in VAT refunds and in February the government... 

Zambia begins rationing electricity supply to mines – source

By: Reuters     Updated 30 minutes ago Zambia has started rationing power supply to mines, an industry source said on Tuesday, as Africa's second-biggest copper producer struggles to meet electricity demand. "They have given us a schedule indicating how much electricity they will supply to us at different times of the day due to the... 

BHP announces group management committee changes

By: Creamer Media Reporter      Updated 1 hour 29 minutes ago BHP Billiton health, safety and environment (HSE) and marketing and technology president Dean Dalla Valle will take responsibility for the diversified miner’s potash portfolio from August 1. In addition to being chief commercial officer in charge of potash, he would retain responsibility for HSE,... 

Eldorado Gold says no impact on Greek operations from bank shutdown

By: Reuters     Updated 32 minutes ago Mid-sized Canadian miner Eldorado Gold Corp said it was business as usual for its operations in Greece on Monday despite the shutdown of banks in the country after a collapse in bailout talks. "The financial controls in Greece have not impacted us - we are still paying out suppliers, employees... 

Gold miners bring new offer to the table

By: Natasha Odendaal South Africa’s gold mining companies on Monday tabled a five-year offer that would see their employees benefit from an upside in the industry, with some fringe benefits to alleviate employee indebtedness and improve housing. Gold companies AngloGold Ashanti, Evander Gold Mines, Harmony Gold,... 

Nersa says door still open to Eskom after rejecting further 2015 tariff hike

By: Terence Creamer The National Energy Regulator of South Africa (Nersa) on Monday rejected Eskom’s application for a further 2015/16 tariff hike in addition the 12.69% already granted for the year. Nersa chairperson Jacob Modise announced that, owing to a number of deficiencies in the application, the regulator... 

Nersa says door still open to Eskom after rejecting further 2015 tariff hike
Photo by Duane Daws
Nersa panel member Thembani Bukula and chairperson Jacob Modise

Australia cuts 2015 iron-ore price forecast by 10%

By: Reuters     Updated 6 hours ago Australia on Tuesday cut its price forecast for iron-ore in 2015 by 10% to $54.40/t, citing a weak outlook for the commodity's main market, China's steel sector. The forecast by the Department of Industry and Science is a sharp decrease from the $60.40/t predicted three months ago and is way off... 

Australia cuts 2015 iron-ore price forecast by 10%

Rio Tinto aluminium smelter in New Zealand faces possible power crunch

By: Reuters     Updated 1 hour 56 minutes ago Rio Tinto's aluminium smelter in New Zealand, which has suffered losses in two of the last three years, faces a July 1 deadline to decide whether to extend its power supply contract with utility Meridian Energy . The decision could determine the future of the 350 000-tonne-a-year smelter, which... 

WA govt, gold miners put A$1.7m into research project

By: Creamer Media Reporter      Updated 1 hour 31 minutes ago The Western Australia government has joined forces with key gold industry players and the Commonwealth Scientific and Industrial Research Organisation (Csiro) in a A$1.67-million quest to extend the life of major mines and reveal sites for new operations. Mines and Petroleum Minister Bill... 

Creamer Media publishes Real Economy Insight: Platinum 2015 brief

     Updated 1 hour 56 minutes ago This seven-page brief is a synopsis of key developments in the platinum industry over the past 12 months, including industry restructuring, mechanisation and automation, supply and demand, and the outlook for the sector. 

Creamer Media publishes Real Economy Insight: Platinum 2015 brief

Slow formation of district mineral funds to hold back auctions

By: Ajoy K Das     Updated 20 minutes ago Indian provincial governments’ tardy progress in setting up mandatory district mineral funds (DMFs) is likely to delay mineral auctions. Except for Goa and Madhya Pradesh, no other provincial government has completed the process of creating and notifying DMFs in their respective mineral-bearing... 

Global mining exploration in crisis, but not hopeless – report

By: Megan van Wyngaardt     Updated 31 minutes ago Global mineral exploration is in crisis, but mining companies can turn their exploration performance around. “Finding ore bodies are not all about luck and success is not unpredictable. And while some companies struggle to replace depleted reserves, those that act in a countercyclical way – that... 

Global mining exploration in crisis, but not hopeless – report

Bear Creek appoints new investor relations director

By: Sashnee Moodley     Updated 36 minutes ago TSX-V-listed Bear Creek Mining has appointed Barbara Henderson its investor relations director, while she would continue her corporate secretary duties. 

Bentley to make A$8m cash bid for Strike Resources

By: Creamer Media Reporter      Updated 42 minutes ago Investment company Bentley Capital said on Tuesday that it intended to make a conditional, off-market takeover bid for Strike Resources, which closed its operations in Peru in April last year. The company stated that its proposed bid of 5.5c a share in cash was a significant premium to the... 

Vital cuts A$30m from capital cost of Watershed

By: Natasha Odendaal     Updated 1 hour 10 minutes ago ASX-listed Vital Metals has reduced the forecast preproduction capital expenditure (capex) for its flagship 70%-owned Watershed tungsten project, in North Queensland. An update to the project’s definitive feasibility study (DFS) showed that the currently “highly conducive” market conditions... 

Cheniere moving ahead with condensate export terminal in Texas

By: Reuters     Updated 1 hour 23 minutes ago Cheniere Energy Inc is moving ahead with a $550-million export terminal in Texas that will ship processed condensate to international markets, a top executive said on Monday. In addition, the terminal will be able to export any type of domestic oil if the decades-old US crude export ban is ever... 

Toro chairperson takes leave of absence

By: Creamer Media Reporter      Updated 1 hour 59 minutes ago Uranium company Toro Energy said on Tuesday it had granted its chairperson, Fiona Harris, leave of absence for three months for personal reasons. John Cahill, the Toro audit committee chairperson, would act as chairperson of the board during Harris’s absence, the ASX-listed company reported. 

Kidman eyes September quarter start at new WA gold mine

By: Creamer Media Reporter      Updated 5 hours ago ASX-listed Kidman Resources remained “firmly on track” to achieve its objective of starting gold production at the recently acquired Burbanks mine, in Western Australia, in the September quarter, the company reported on Tuesday. The Burbanks mining centre has historical production of 366 340 oz... 

Newcrest starts Chillagoe exploration programme

By: Creamer Media Reporter      Updated 5 hours ago Gold major Newcrest Mining has started exploration work at junior Mungana’s Chillagoe project, in Queensland, as part of an agreement to search for large gold/copper porphyry deposits. Under the agreement, which was announced in May, Newcrest will spend up to A$20-million on exploration over an... 

Minemakers appoints joint advisers

By: Tracy Hancock To ensure that interested parties in Australia, Asia, the US and the UK are fully aware of developments at Minemakers, the junior mining company has engaged Foster Stockbroking and EAS Advisors on a nonexclusive basis to act jointly as its marketing and corporate advisers. The joint appointment... 

New report outlines value of copper exploration

By: Megan van Wyngaardt When looking at global exploration budgets for copper, which reached $11-billion in 2010, it is evident that the ferrous metal carries perennial importance, mining analysis company SNL Metals & Mining says in its Copper Discoveries 1990-2014 report, released on Monday. “After almost doubling by... 

New report outlines value of copper exploration

Luna bids farewell to Lo, Blacketor to take over as CFO

By: Tracy Hancock TSX-listed Luna Gold on Monday reported the departure of its executive VP and CFO Duane Lo, effective June 30. Luna president and CEO Marc Leduc noted that Lo had made significant contributions to the company over the past six years. “He has been an important leader and integral part of... 

Afarak to start Vlakpoort production in 2016

By: Megan van Wyngaardt Chromite miner Afarak Group has started bulk sampling at its Vlakpoort openpit mine, in South Africa. The dual-listed company on Monday reported that it expected the project to ramp up to full production in 2016, with measured, indicated, and inferred resources estimated at 1.9-million tonnes of... 

Chamber of Mines’ Sangqu appointed to Kumba board

By: Natasha Odendaal Anglo American South Africa executive head Andile Sangqu has been appointed as a nonexecutive director of Kumba Iron Ore, effective Monday. Representing shareholder Anglo American, the current Chamber of Mines VP would serve as a member of Kumba’s risk committee and the social, ethics and... 

Pacific Niugini provides Nicolsons project progress update

By: Ilan Solomons The construction of ASX-listed Pacific Niugini’s Nicolsons gold mine near Halls Creek, in Western Australia, was progressing well, with the majority of the required infrastructure completed, the junior gold developer reported on Monday. Pacific Niugini is developing the project through its wholly... 

Pacific Niugini provides Nicolsons project progress update

Alberta/Canadian crude oil backwardation an investor opportunity

By: Sashnee Moodley The Alberta/Canadian crude market is the only one in the world currently in backwardation, presenting opportunities for investors, Auspice Capital Advisors has pointed out in a research note. 

Alberta/Canadian crude oil backwardation an investor opportunity

Gold climbs as fears over Greece knock stocks, euro

By: Reuters Gold rose on Monday as growing fears over the prospect of a Greek debt default battered European shares and weighed on the euro, but it failed to maintain early sharp gains as investors remained wary of its longer-term outlook. European shares tumbled more than 2% and the single currency slid as... 

Sundance Energy to buy NSE’s US and Australia assets

By: Ilan Solomons ASX-listed energy explorer Sundance Energy announced on Monday that it had entered into an agreement to buy A$24-million worth of assets from oil and gas explorer New Standard Energy (NSE) in the US and South Australia. The agreement was subject to approval by NSE’s shareholders and other... 

Sundance Energy to buy NSE’s US and Australia assets
Cooper basin PEL 570

US bankruptcy judge refuses Molycorp request for loan

By: Reuters Molycorp failed to get approval from a US Bankruptcy judge on Friday to borrow about $44-million at the rare earth producer's first bankruptcy hearing. Judge Christopher Sontchi agreed with the objection by an affiliate of Oaktree Capital Management that Molycorp could not justify its need for... 

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Au 1175.71 $/ozChange: -2.84
Pt 1080.50 $/ozChange: 2.00
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