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Q2 mining and metals M&A deal value doubles quarter-on-quarter

By: Natasha Odendaal     29th July 2016 Despite a 93% quarter-on-quarter uptick in mining and metals mergers and acquisitions (M&A) deal value in the second quarter, suggesting growing confidence in the sector, deal value is 51% down on the second quarter of last year, with deal activity predicted to remain rocky in the coming months.... 

Q2 mining and metals M&A deal value doubles quarter-on-quarter

Political turbulence overshadowing Egypt’s efforts to increase mining’s share of GDP

By: Ilan Solomons     29th July 2016 Egypt, which seeks to grow its mining sector’s contribution to the country’s gross domestic product (GDP), has become Africa’s second-largest economy after Nigeria, pushing South Africa into third place on the continent. This is according to data released by multilateral organisation the... 

Political turbulence overshadowing Egypt’s efforts to increase mining’s share of GDP

Steel designations, Highveld supply to shore up AMSA demand amid weak market

By: Terence Creamer     29th July 2016 Steel producer ArcelorMittal South Africa (AMSA) expects a proposed deal to reopen the heavy-section mill at Evraz Highveld Steel & Vanadium (Highveld), together with recent moves by government to stipulate the use of local steel when calculating local content on certain infrastructure... 

Steel designations, Highveld supply to shore up AMSA demand amid weak market
Photo by Duane Daws
AMSA CEO Wim de Klerk

Joemat-Pettersson backs renewables; promises coal, expedited renewable-energy IPP decision soon

By: Natasha Odendaal     29th July 2016 With government preparing to announce its long-awaited decision on the expedited round of  the Renewable-Energy Independent Power Producer Procurement Programme (REIPPPP) and the Coal Baseload Independent Power Producer Procurement  Programme (CBIPPPP), Energy Minister Tina Joemat-Pettersson has... 

Joemat-Pettersson backs renewables; promises coal, expedited renewable-energy IPP decision soon

Eskom urges NUM union members not to strike on August 8

By: Reuters     29th July 2016 South Africa's power utility Eskom has urged National Union of Mineworkers members who are planning to hold a strike on August 8 to report for work as they provide an essential service, a spokesman said on Friday. "People who work for institutions like Eskom, the laws of the nation say we can't... 

Anglo said to rebuff India billionaire Agarwal’s merger plan

By: Bloomberg     29th July 2016 Anglo American, the London-based miner, rebuffed informal approaches in recent months from Indian billionaire Anil Agarwal, who oversees the country’s biggest mining company, according to people familiar with the matter. Agarwal, who has majority control of Hindustan Zinc through Vedanta,... 

First Quantum sets new quarterly records for production, sales

By: David Oliveira     29th July 2016 Canadian base metals producer First Quantum Minerals (FQM) set a new quarterly record for copper production and sales of 131 349 t and 132 030 t, respectively, in the three months to June 30, surpassing previous records set in the first quarter of this year. The company’s Sentinel copper mine, in... 

First Quantum sets new quarterly records for production, sales
Kansanshi copper mine, Zambia

Endeavour increases 2016 production guidance

By: Natasha Odendaal     29th July 2016 TSX-listed Endeavour Mining has increased its full-year production guidance for the 2016 financial year, following the company’s March acquisition of True Gold’s 90% interest in the Burkina Faso-based Karma mine, which is in its ramp-up phase. The group on Friday said that it expected higher... 

Endeavour increases 2016 production guidance
Karma mine under construction in December 2015

ARM concludes R450m Dwarsrivier stake sale to Assore

By: Creamer Media Reporter      29th July 2016 Diversified miner African Rainbow Minerals (ARM) has completed the R450-million sale of its 50% indirect interest in the Dwarsrivier chrome mine to joint venture (JV) partner Assore. The Dwarsrivier mine was owned by Assmang, a JV in which ARM and Assore previously each owned a 50% interest. 

Iluka plans all-cash offer for Sierra Rutile

By: Mariaan Webb     29th July 2016 Australian mineral sands miner Iluka Resources has confirmed that it is considering an offer for Aim-listed Sierra Rutile, noting that discussions are at an advanced stage. Iluka revealed the potential deal in a request for a trading halt on the ASX on Friday, stating that confidentially had been... 

Iluka plans all-cash offer for Sierra Rutile
A floating plant at Sierra Rutile's operations.

Morocco tin project development costs fall sharply after DFS

By: Megan van Wyngaardt     29th July 2016 A completed definitive feasibility study (DFS) has established that the Achmmach project, in Morocco, will only need $61.7-million for development, rather than the previously estimated $131-million, owner Kasbah Resources reported on Friday . “Establishing the project in a weak financing,... 

Firestone Diamonds again extends deadline for Botswana asset sale

By: Creamer Media Reporter      29th July 2016 Aim-listed Firestone Diamonds has again extended the date by which all conditions for the disposal of its Botswana operations to TSX-V-listed Tango Mining must be met to August 29. The previous deadline was July 29. 

CRG starts processing ore sourced through tolling JV

By: Creamer Media Reporter      29th July 2016 Dual-listed Central Rand Gold (CRG) has started processing the gold-bearing ore it has sourced from a third-party supplier. The gold-bearing ore was sourced under a joint venture (JV) tolling agreement and stockpiled at CRG’s metallurgical plant. 

Dundee lifts H1 output, earnings drag

By: Natasha Odendaal     29th July 2016 TSX-listed Dundee Precious Metals this week reported a half-year loss, widening from a net loss of $1.2-million in the first six months of 2015 to a net loss of $11.7-million during the first half of 2016. The company attributed this in part to lower copper prices, higher local currency operating... 

Dundee lifts H1 output, earnings drag

Teranga Gold sets new production record

By: Megan van Wyngaardt     29th July 2016 Dual-listed Teranga Gold has recorded its “best ever” production for a second quarter, producing 52 540 oz in the three months ended June. This brought the company’s half-year production to 123 267 oz, spurred by its mill throughput surpassing one-million tons for only a third time in the... 

Barrick taps Credit Suisse for sale said worth $1bn

By: Bloomberg     29th July 2016 Barrick Gold Corp, the world’s largest gold miner, may fetch as much as $1-billion for its 50% stake in the Kalgoorlie Super Pit mine in Australia, according to people familiar with the matter. Barrick, which announced plans to sell the stake in its second-quarter earnings release, has hired... 

Gold miners keep chipping at costs, debt even as profits climb

By: Reuters     29th July 2016 Gold bullion prices have increased 26% this year, but the world's biggest gold miners are paring costs and selling assets to lower debt despite the windfall rather than boosting spending. Some investors had expected mining companies to lift spending on exploration, expansion or dividends during a... 

Gold miners keep chipping at costs, debt even as profits climb
Newmont Mining's Cripple Creek & Victor mine, Colorado.

Vale's Mozambique unit stops using Sena railway after attacks – State news agency

By: Reuters     29th July 2016 Brazil's Vale has stopped transporting coal on the Sena railway line in Mozambique which carries coal from the interior to the Indian Ocean port of Beira after gunmen attacked a train, Mozambique's state news agency (AIM) said on Thursday. "The train was ambushed as it passed through Inhamitanga,... 

Pangolin Diamonds kicks off new kimberlite exploration project in Botswana

By: African News Agency      29th July 2016 Canadian gem miner Pangolin Diamonds Corporation has announced the commencement of a new drilling programme targeting five potential kimberlite mineralisation areas within the Motloutse Diamond Project in south-central Botswana. In a cautionary notice issued to shareholders on July 26, company... 

Fortuna completes acquisition of Goldrock Mines

By: Samantha Herbst     29th July 2016 TSX-V-listed Goldrock Mines is now a wholly owned subsidiary of TSX- and NYSE-listed Fortuna Silver, which on Thursday announced the completion of its previously announced acquisition. Pursuant to the arrangement, Goldrock shareholders received 0.1331 of a common share of Fortuna for each... 

Eldorado Gold reports $339m loss for Q2

By: Anine Kilian     29th July 2016 Canadian gold miner Eldorado Gold reported a $329.9-million loss attributable to shareholders of the company for the second quarter of 2016, compared with a loss of $198.6-million in the second quarter of 2015. During the period under review, the company also recorded a post-tax impairment loss... 

Eldorado Gold reports $339m loss for Q2
Skouries mine, Greece

Cameco posts surprise loss on weak uranium prices, shares dive

By: Reuters     29th July 2016 Cameco Corp , the world's No.2 uranium producer, reported a surprise quarterly loss due to weak uranium demand and prices, sending its shares down 7% to touching a nearly 12-year low of C$12.87. The Canadian company said uranium sales volumes fell 37% to 4.6-million pounds in the second quarter,... 

Cameco posts surprise loss on weak uranium prices, shares dive

Production shortfall at Chapada impacts Yamana’s Q2

By: Anine Kilian     29th July 2016 All of TSX- and NYSE-listed Yamana Gold’s operations performed in line with expectations, except for the gold miner’s Chapada mine, in Brazil. The gold miner noted on Friday that, as a result of production shortfall in the three months to June 30, it expected Chapada to produce 110-million lb of... 

Rocklands plant’s first native copper delivered to port

By: Creamer Media Reporter      29th July 2016 Queensland copper producer CuDeco has delivered the first truckload of native copper concentrate produced from its Rocklands operation’s new processing plant, near Cloncurry, to the Port of Townsville. The native copper concentrate will be stored at the North Queensland port prior to being... 

Doray meets production expectations

By: Megan van Wyngaardt     29th July 2016 High-grade gold producer Doray Minerals delivered 16 812 oz from its Andy Well mine, near Meekatharra in Western Australia, in the June quarter, bringing its full-year production to 84 135 oz. This was in line with, and at the top end of, the company’s full-year guidance of 78 000 oz to 85 000 oz. 

Pilgangoora DFS to be published soon

By: Creamer Media Reporter      29th July 2016 Emerging strategic metals company Pilbara Minerals is closing in on the feasibility study for its lithium project after delivering a major resource upgrade, the first binding offtake agreement and key downstream processing agreements during the June quarter. The company reported on Friday that... 

Suncor production adversely affected by wildfires

By: Megan van Wyngaardt     29th July 2016 Calgary-based energy company Suncor's total upstream production in the second quarter decreased to 330 700 barrels of oil equivalent per day (boe/d), compared with 559 900 boe/d in the first quarter of the year, mostly owing to the production shutdown at the company’s Oil Sands and Syncrude... 

Suncor production adversely affected by wildfires

Gindalbie confirms due diligence on a ‘small number’ of projects

By: Mariaan Webb     29th July 2016 Iron-ore junior Gindalbie Metals, a joint venture partner (JV) in the Karara iron-ore mine, in Western Australia, is advancing plans to enter other projects. The ASX-listed miner reported on Friday that it was undertaking due diligence studies on a “small number” of selected projects, as part of... 

Paringa raises cash for US coal project

By: Mariaan Webb     29th July 2016 Australia-listed Paringa Resources has successfully completed a bookbuild for a placement of 38.20-million shares at A$0.17 a share to raise A$6.49-million. The proceeds of the placement will be used to complete the bankable feasibility study for the Buck Creek No 2 mine and provide funding to... 

Lundin affected by low price environment, reports second-quarter loss

By: Anine Kilian     29th July 2016 Canadian base metals company Lundin Mining has reported a net loss attributable to shareholders of $791.2-million for the quarter ended June 30. The loss included a $772.1-million asset impairment on the company's 24% interest in the Democratic Republic of Congo-based Tenke Fungurume... 

Lundin affected by low price environment, reports second-quarter loss

Grange output falls, costs rise on maintenance shutdown

By: Mariaan Webb     29th July 2016 Production at the Savage River mine, which ASX-listed Grange Resources owns and operates in Tasmania, fell in the June quarter, owing to a planned maintenance shutdown, which added to costs in the three-month period. Grange produced 520 525 t in the June quarter, compared with 639 517 t in the... 

Wildfire causes Athabasca to adjust FY guidance

By: Megan van Wyngaardt     29th July 2016 Significantly impacted on by the wildfire in Fort McMurray, which started in May, Canadian energy company Athabasca Oil has revised its thermal oil division’s full-year production guidance to between 7 500 bbl/d and 8 500 bbl/d. However, the company’s budget remains unchanged at $11-million, with... 

Wildfire causes Athabasca to adjust FY guidance

Most resilient gold miner says price rally is headed for record

By: Bloomberg     29th July 2016 The only big gold miner to grow profits through bullion’s price slump says a recovery this year is just getting started. For investors who missed gold’s climb to a two-year high in early July, it’s not too late to jump in, according to Agnico Eagle Mines Ltd. Chief Executive Officer Sean Boyd.... 

SacOil says DRC drilling may start in 2017 after positive exploration results

By: Terence Creamer     29th July 2016 South African oil and gas junior SacOil is optimistic that energy major Total could initiate a drilling campaign in 2017 on a resource in the Democratic Republic of Congo (DRC), following positive geophysical exploration results. The French group is the operating partner over the 3... 

 SacOil says DRC drilling may start in 2017 after positive exploration results
SacOil group executive of operations Bradley Cerff

Potash supplier group will only sign China contracts for 2016

By: Bloomberg     29th July 2016 Canpotex, the Canadian joint venture that represents potash export sales from Potash Corp, Mosaic and Agrium, will only sign contracts to supply China and India with the crop nutrient for the remainder of 2016 as it expects prices to rise next year. Canpotex is taking a cautious approach, Potash... 

Myanmar urged to follow shake-up of jade industry with more action on transparency

By: Reuters     29th July 2016 Myanmar's decision to shake up its multi-billion dollar jade business is a ground-breaking opportunity to stop human rights abuses and increase transparency, but more needs to be done to create a more inclusive economy, activists said on Thursday. The government announced late on Wednesday it... 

Goldcorp puts Los Filos mine in Mexico on block, eyes other sales

By: Reuters     29th July 2016 Goldcorp Inc has put its Los Filos gold and silver mine in Mexico on the block and is also looking at selling two other non-core mines, chief executive David Garofalo said on Thursday. Vancouver-based Goldcorp has started a formal sales process for the Los Filos mine, Garofalo said in an... 

OceanaGold reports fatality at New Zealand mine

By: Reuters     29th July 2016 OceanaGold said on Friday it has suspended operations at its Waihi operation on New Zealand's North Island after an underground mining operator was fatally injured late on Thursday. "The accident is currently under investigation and the company is fully cooperating with Police authorities and... 

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