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Pt 979.50 $/oz Change: 2.50

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Huge opportunity to create more demand for platinum – PGI 

By: Martin Creamer     23rd August 2017 The South African platinum industry has been investing in platinum jewellery for more than 45 years through the Platinum Guild International (PGI), which has turned platinum jewellery into an amazing South African asset. Of all the platinum demand levers, platinum in jewellery is the one that can... 

Mining Weekly Online’s Martin Creamer speaks to Platinum Guild International CEO Huw Daniel. Photographs: Christo Greyling. Video: Nicholas Boyd

Higher prices, output lift Vedanta’s Q1 revenue, Ebitda

By: Anine Kilian     23rd August 2017 Higher commodity prices and production volumes contributed to a significant year-on-year increase in diversified miner Vedanta Resources’ revenue and earnings before interest, taxes, depreciation and amortisation (Ebitda) for the quarter ended June 30. Revenues rose by 32% year-on-year to... 

Higher prices, output lift Vedanta’s Q1 revenue, Ebitda
Vedanta CEO Tom Albanese

Guptas sell Tegeta to Swiss owner

By: News24Wire      23rd August 2017 Gupta-owned Oakbay Investments has sold Tegeta Exploration and Resources to Swiss-based Charles King SA for R2.97-billion, it announced on Wednesday. This is the second sale announced by the Guptas this week. They announced on Monday that Oakbay would sell its media assets, broadcaster ANN7 and... 

Guptas sell Tegeta to Swiss owner

Integration of Keaton going well – Wescoal

By: Anine Kilian     23rd August 2017 JSE-listed Wecoal says the integration of Keaton Energy, which it acquired for R526.8-million earlier this year, is progressing well. In a strategic update to shareholders, published on Wednesday, the company said the targeted cost savings through synergies and optimisation of management and... 

Mkango renews Thambani licence

By: Natasha Odendaal     23rd August 2017 Aim- and TSX-V-listed Mkango Resources has been granted a further two years on its exclusive exploration licence for its Thambani project, in south-west Malawi, effective September 8, 2017. Mkango is currently evaluating strategic options for Thambani, including opportunities to form a joint... 

Phase 1 PFS gets under way at Savannah’s Mutamba project

By: Anine Kilian     23rd August 2017 Aim-listed Savannah Resources has appointed TZMI to undertake the first phase of a prefeasibility study (PFS) at the Mutamba mineral sands project, in Mozambique.   The first phase, which is now under way, will include a gap analysis, options review, project planning and budget finalisation for a... 

Rockwell files for delisting shares from TSX

By: Henry Lazenby     22nd August 2017 Careworn alluvial diamond producer Rockwell Diamonds has decided to delist from the TSX, and instead list on the NEX, a third-tier trading forum for listed companies that have fallen below TSX Venture's ongoing listing standards. The move follows the company’s South African subsidiaries entering... 

BHP appoints new directors, King steps down

By: Esmarie Swanepoel     23rd August 2017 Mining major BHP on Wednesday announced the appointment of two new board members, Terry Bowen and John Mogford, after Malcolm Brinded and Grant King decided to stand down. The mining company, which is under pressure from shareholders over its oil and gas investments, said King would not stand... 

BHP appoints new directors, King steps down

Hunt for next electric-car commodity accelerates as prices soar

By: Bloomberg     23rd August 2017 Niche metal cobalt is leaving bigger names like copper and lithium in its dust, triggering a hunt for new deposits from Idaho to Chile. As one of the key components in the new breed of rechargeable batteries and with supply dominated by the Democratic Republic of Congo, prices have surged at... 

Savary discovers three new zones, extends known gold zones at Karankasso JV project

By: Henry Lazenby     22nd August 2017 Canadian explorer Savary Gold has discovered three new gold zones at its flagship Karankasso joint venture (JV) gold project, in south-western Burkina Faso, while the latest drilling programme has also extended the known mineralised zones. The TSX-V-listed company, which owns a 69.5% stake in the... 

Energy Fuels lifts Canyon Mine uranium resource, adds copper

By: Henry Lazenby     Updated 38 minutes ago A new independent mineral resource estimate for uranium junior Energy Fuels’ Canyon Mine project, in Arizona, has increased the uranium resource by one-million pounds, and for the first time outlined a copper resource. The TSX-V- and NYSE MKT-listed miner announced on Wednesday that the bulk of... 

Meridian increases credit in support of Brazil gold exploration

By: Henry Lazenby     Updated 1 hour 8 minutes ago TSX-V-listed manganese miner Meridian Mining has increased its credit facility from The Sentient Group by $500 000, to $7.5-million, in support of its gold exploration initiatives at the flagship Espigão project, in Rondônia, Brazil. The company, which recently relocated its headquarters from... 

Brazil opens vast national reserve to mining

By: Reuters     Updated 2 hours 59 minutes ago Brazil's government has abolished a vast national reserve, created in 1984, to open the area to commercial mineral exploration, according to a notice in the official government gazette on Wednesday. The area, which straddles the northern states of Amapá and Pará, is thought to contain rich... 

M&R reports ‘low’ order book of R26.9bn, but says outlook more promising

By: Terence Creamer     23rd August 2017 JSE-listed engineering and construction group Murray & Roberts (M&R) said on Wednesday that its “low” order book of R26.9-billion was reflective of tough conditions in the natural resources markets it serves internationally. However, the company described the near- and medium-term outlook as... 

M&R reports ‘low’ order book of R26.9bn, but says outlook more promising
M&R CEO Henry Laas

China coal imports from Australia climb for second month

By: Reuters     23rd August 2017 Chinese coal imports from key supplier Australia chalked up year-on-year gains for the second straight month in July, customs data showed, as local output of the commodity eased amid a crackdown on illegal mining and pollution. Cargoes from Australia rose 4.4% from July last year to 7.47-million... 

Germany brings home gold reserves ahead of schedule

By: Reuters     23rd August 2017 Germany's central bank has brought much of its gold reserve back to Frankfurt, the Bundesbank said on Wednesday, restoring a bulwark of economic stability the country had stashed away at the height of the Cold War. Guarded well out of Moscow's reach in safe havens like New York, London and... 

Pituffik bulk sampling results exceeding expectations – Bluejay

By: Mariaan Webb     23rd August 2017 Aim- and FSE-listed Bluejay Mining is in discussions with potential customers for production from the Pituffik mineral sands mine, which the company is developing in Greenland. CEO Roderick McIllree said on Wednesday that offtake discussions were well under way and that results from the bulk... 

Polish coal miner PGG sees no need for more funds from stakeholders

By: Reuters     23rd August 2017 Poland's biggest coal miner PGG sees no need for further financial help from its state-run stakeholders as it has started making money, CEO Tomasz Rogala said on Wednesday. PGG, previously known as Kompania Weglowa, avoided collapse last year thanks to help from state-run utilities PGE, PGNiG and... 

Polish coal miner PGG sees no need for more funds from stakeholders

Zwane must be called to answer to MPs about Guptas 'now'

By: African News Agency      23rd August 2017 African National Congress (ANC) MPs on Wednesday resolved to call Mineral Resources Minister Mosebenzi Zwane to explain his relationship with the Gupta family “now”. Parliament’s House Chair Cedric Frolick had earlier directed the committee to conduct an inquiry into allegations in the media of... 

Zwane must be called to answer to MPs about Guptas 'now'
Photo by Duane Daws
Mineral Resources Minister Mosebenzi Zwane

DMR welcomes sale of Tegeta to Swiss-based company

By: African News Agency      23rd August 2017 The Department of Mineral Resources (DMR) has welcomed the sale of Tegeta Exploration and Resources by Gupta-owned Oakbay Investments to a foreign-owned company for close to R3-billion. This comes after Oakbay Investments announced on Wednesday that it had agreed to sell its interest in Tegeta to... 

DMR welcomes sale of Tegeta to Swiss-based company

Sberbank VP joins Alrosa as head of sales division

By: Creamer Media Reporter      23rd August 2017 Russian diamond mining group Alrosa has appointed former Sberbank VP Evgeny Agureev as director of its sales division. Agureev is succeeding Yury Okoemov, who acted as director of the United Selling Organisation of Alrosa (USO). 

Atrum buys out JV partner Elan in Alberta

By: Esmarie Swanepoel     23rd August 2017 Coal miner Atrum Coal has entered into a share sale deed to acquire Canadian firm Elan Coal’s coal properties in Alberta. Atrum, through its subsidiary Kuro Coal Canada, in 2014 acquired a 70% interest in the Elan properties through a joint venture (JV) agreement, under which it spent... 

Qld zinc mine ‘well timed’, production brought forward – MMG

By: Esmarie Swanepoel     23rd August 2017 First production from the $1.4-billion Dugald River zinc project, in Queensland, has been brought forward from the first half of 2018 to late 2017, as the project development advances ahead of schedule. ASX-listed MMG CEO Jerry Jiao on Wednesday said that with production of about 170 000 t/y of... 

Qld zinc mine ‘well timed’, production brought forward – MMG

Saracen increases profit in FY17

By: Esmarie Swanepoel     23rd August 2017 Gold miner Saracen Mineral Holdings has reported a 10% increase in net profit after tax for the full year ended June, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 54%. Saracen on Wednesday reported net profit of A$28.4-million, compared with A$25.9-million... 

Silver Lake ups output and revenue

By: Esmarie Swanepoel     23rd August 2017 Junior gold miner Silver Lake Resources has reported an increase in revenue on the back of higher gold sales for the financial year ended June. Gold sales reached 137 000 oz, at an average sales price of A$1 654/oz, compared with the 132 400 oz sold during 2016 at an average price of A$1 580/oz. 

Santos redeems notes

By: Esmarie Swanepoel     23rd August 2017 Oil and gas major Santos will redeem its €1-billion subordinate notes issued in 2010, in line with a strategic focus to reduce debt and costs, and on prudent capital management. The notes to be redeemed are Santos’ most expensive debt instrument, and replacing it with more efficient long-term... 

Argosy widens Argentina landholding

By: Esmarie Swanepoel     23rd August 2017 ASX-listed junior Argosy Minerals has acquired two additional tenements totaling 1 056 ha to add to its Rincon lithium project, in Argentina. The company on Wednesday said that the tenements, which were currently progressing through the application process, would be transferred to joint venture... 

India’s HCL to invest in greenfield copper cathode plant

By: Ajoy K Das     23rd August 2017 India’s sole integrated copper producer, Hindustan Copper Limited (HCL), will invest $472-million in a new greenfield copper cathode plant, in the central Indian province of Chhattisgarh. The investment proposal has been submitted to the Mines Ministry and the Cabinet Committee for Economic... 

Gold surging to $1 400 for BofA as long-term rates stay low

By: Reuters     23rd August 2017 Gold’s on track to climb to a four-year high of $1 400/oz by early next year, buoyed by lower long-term US interest rates and lack of progress by President Donald Trump in delivering economic reforms, according to the global head of commodities research at Bank of America Merrill Lynch. Prices... 

Antofagasta hikes dividend as copper prices surge; pushes share price to new heights

By: Henry Lazenby     23rd August 2017 Bolstered by booming copper prices, Chile-focused miner Antofagasta has moved to triple its dividend on Tuesday, boosting its London-listed shares to a fresh 52-week and four-year high. Antofagasta has raised its interim dividend to $0.103 a share, from $0.031 in the same period a year earlier. 

Miners, tech lift stocks, crude rebounds on supply

By: Reuters     23rd August 2017 Global equity markets rose on Tuesday, lifted by mining companies in Europe and technology shares on Wall Street, while crude oil rebounded on indications supply is gradually tightening, especially in the US. US Treasury and gold prices fell ahead of an annual meeting this week of central... 

Ontario sets timeframe for road construction into Ring of Fire mining camp

By: Henry Lazenby     23rd August 2017 Following years of complex negotiations and several delays, the Ontario provincial government on Monday made the historic announcement that it would support and fund road proposals that will connect Northern Ontario’s far-flung First Nation communities and provide industrial road access to the... 

Ontario sets timeframe for road construction into Ring of Fire mining camp
The Ring of Fire’s rich ores are estimated to hold some C$60-billion worth of nickel/copper/platinum group metals mineral wealth

First Cobalt, CobalTech ratify deal to create world’s largest cobalt-focused explorer

By: Henry Lazenby     22nd August 2017 On the same day that cobalt posted the highest-ever recorded price at $60 250/t – up some 127% since the start of 2017 – explorer First Cobalt (FCC) on Monday executed a definitive merger agreement with fellow TSX-V-listed CobalTech Mining. The transaction, in combination with its separate... 

BHP says Escondida mine output normal, wage talks may resume

By: Reuters     22nd August 2017 BHP Billiton's Escondida copper mine, in Chile, has recovered from a six-week strike faster than expected, with output now running at normal levels, an executive with the company said on Tuesday. The strike at Escondida, the world's largest copper mine, sent shockwaves through the market in... 

CoM rubbishes Unctad commodity trade misinvoicing report

By: Schalk Burger     22nd August 2017 Commissioned research by advisory firm Eunomix Research has led the South African Chamber of Mines (CoM) to reject the third iteration of the United Nations Conference on Trade and Development (Unctad) report on trade misinvoicing, which it dismisses as poor analysis based on incorrect analytical... 

CoM rubbishes Unctad commodity trade misinvoicing report
Chamber of Mines chief economist Henk Langenhoven

Alphamin focused on conflict-free tin production  

By: Anine Kilian     22nd August 2017 TSX-V-listed Alphamin Resources is on track to develop the first large commercial tin mine in the Democratic Republic of the Congo (DRC) to produce responsibly mined, conflict-free tin concentrate. The company is developing the Bisie mine, in the North Kivu province of the DRC, which is expected... 

Alphamin CEO Boris Kamstra talks about the company's efforts to secure conflict-free procurement from its Bisie mine, in the DRC

Eastplats served termination notice for HZT agreement

By: Creamer Media Reporter      22nd August 2017 JSE-listed Eastern Platinum (Eastplats) has received a written notice from China-based precious metals mining services provider Hebei Zhonghen Tianda Platinum (HZT) terminating, on the basis of breach or default, the share purchase agreement for Barplats Mines. “The company has also been advised... 

ConCourt ruling opens way for Nersa to process further clawback claims – Eskom

By: Terence Creamer     22nd August 2017 The Constitutional Court has refused an application by several Eastern Cape businesses for leave to appeal a Supreme Court of Appeal (SCA) ruling relating to implementation of the Regulatory Clearing Account (RCA) mechanism in South Africa’s multiyear price determination (MYPD) electricity... 

ConCourt ruling opens way for Nersa to process further clawback claims – Eskom

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Huge opportunity to create more demand for platinum – PGI

Alphamin focused on conflict-free tin production

Vibrant future planned for remaining South African mines – AngloGold

Sasol review may result in sale or closure of assets, but no ‘fire sale’

Tanzania’s 55% share of mine revenue ‘pretty generous’ – AngloGold

Sasol turns to courts after Sars slaps it with tax bills worth R12.8bn

WorleyParsons developing black enterprises

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