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Harmony shuts Kusasalethu after illegal miners cause fire

By: Natasha Odendaal     Updated 8 minutes ago Gold miner Harmony Gold has closed its Kusasalethu mine for two weeks, as it takes a stance against the scourge of illegal miners after a fire – the third this month – threatened the safety and health of mineworkers. The fire, believed to have been started on Thursday by illegal miners, had... 

Harmony shuts Kusasalethu after illegal miners cause fire
Photo by Duane Daws
Harmony CEO Graham Briggs

Gold recoverer Goldplat turning attention to platinum opportunity

By: Martin Creamer     Updated 1 hour 55 minutes ago Gold recovery company Goldplat, the South African operations of which generated an operating profit in the three months to September 30, is taking steps to diversify into platinum group metal (PGM) recovery. The London-AIM-listed company, which serves companies including AngloGold Ashanti,... 

Gold recoverer Goldplat turning attention to platinum opportunity
Goldplat COO Hansie van Vreden

Wescoal secures R200m funding for Elandspruit colliery

By: Creamer Media Reporter      Updated 5 hours ago Coal junior Wescoal has secured R200-million in funding from Investec Bank to be used primarily for the commissioning of its Elandspruit colliery. The financing facility includes a R180-million five-year term loan and a R20-million five-year working capital facility. 

Low kimberlite discovery rate seen sparking diamond production crisis by turn of decade

By: Jade Davenport The stability of the diamond sector has always been a slave to the fine balance between supply and demand. Over the last century, the industry has had to contend with various crises of oversupply, largely spurred by conflict, global economic instability and the vagaries of consumer demand. As a... 

Low kimberlite discovery rate seen sparking diamond production crisis by turn of decade

Nevsun lifts Q3 copper output

By: Natalie Greve     Updated 2 hours 5 minutes ago Dual-listed Nevsun Resources has posted a 19% quarter-on quarter increase in copper production, delivering 56.4-million pounds of the yellow metal in the quarter ended September 30. Cash costs at the group’s Bisha mine, in Eritrea, remained relatively flat, at $1.05/lb, while the company realised... 

North River to draw down second tranche of Greenstone funding

By: Natalie Greve     Updated 56 minutes ago North River Resources has completed several “key operational objectives” at its flagship Namib lead and silver project in Namibia and has, therefore, satisfied the conditions precedent to draw down the second tranche of equity funds from a $12-million investment agreement with Greenstone... 

Teranga revises full-year output

By: Esmarie Swanepoel Senegal-focused gold miner Teranga Gold has downgraded its full-year production expectations by 8 000 oz, after deferring the mining of high-grad ounces and after failing to meet production expectations in the three months to September. The ASX- and TSX-listed miner on Friday reported that gold... 

DFS gets under way at WCC’s standalone export project

By: Natasha Odendaal     Updated 48 minutes ago A definitive feasibility study (DFS) for the Waterberg Coal Company’s (WCC’s) standalone export project has been commissioned, as discussions for the funding of the project get under way, the ASX- and JSE-listed group announced on Friday. WCC, which was still in talks with State-owned power... 

Botswana mining output jumps 16.7% year-on-year in Q1

By: Reuters     Updated 5 hours ago Botswana's mining production rose 16.7% year-on-year in the first quarter mainly due to the completion of maintenance at the Orapa diamond mine, the first set of industry figures from Statistics Botswana showed on Friday. Diamond output was the biggest contributor to growth in the first quarter,... 

Canada's First Quantum's earnings hurt by lower copper output

By: Reuters Canadian base metal miner First Quantum Minerals reported a bigger-than-expected drop in third-quarter earnings on Thursday, due in part to lower copper and nickel production. The company, which primarily mines copper but also produces nickel and gold, said earnings fell to $121.2-million, or... 

Met coal price recovery unlikely until 2016 – Moody’s

By: Henry Lazenby A recovery in metallurgical (met) coal prices to between $135 and $145 a metric tonne is unlikely before the second half of 2016, says Moody’s Investors Service. In its sector commentary ‘Slow China demand, few curtailments push out met coal recovery’, published on Thursday, the firm noted that... 

Trans Hex readies for across-the-board profit, output gains in H1

By: Natalie Greve     Updated 57 minutes ago Trans Hex expects net profit for the six months ended September 30 to swing to R35.8-million, from a loss of R53.9-million in the first six months of the prior year. Similarly, profit after tax from continuing operations would improve, from a loss of R69-million in the prior year’s period, to... 

Mining ops continue unfettered despite Burkina Faso civil unrest

By: Henry Lazenby Canadian gold miners with operations in Burkina Faso on Thursday said despite the declared state of emergency, their operations were continuing uninterrupted. Burkina Faso President Blaise Compaore had declared a state of emergency following violent protests in the capital that saw demonstrators... 

Mining ops continue unfettered despite Burkina Faso civil unrest

Burkina president rejects opposition calls to step down after violence

By: Reuters     Updated 7 hours ago Burkina Faso's President Blaise Compaore said on Thursday he would stay in power at the head of a transitional government until after elections, rejecting opposition calls for him to step down immediately following a day of violent protests. The head of the armed forces, General Honore Traore,... 

Burkina president rejects opposition calls to step down after violence

India mulls fresh curbs on gold imports after spurt in shipments

By: Ajoy K Das     Updated 6 hours ago Stung by a five-fold rise in gold imports during September, the Indian government has started considering options to tighten inward shipment of the precious metal. According to a government official, the Commerce Ministry has started consultations with various wings of the government, including... 

Olympic Dam growth only likely when ‘bottlenecked’ mine runs at full capacity

By: Esmarie Swanepoel     Updated 7 hours ago Diversified miner BHP Billiton on Friday said that the company would look at cost-cutting efficiencies at its Olympic Dam copper and uranium operation, in South Australia, before considering an expansion. “Once we are able to run our existing operation at full capacity, we then – and only then –... 

Olympic Dam growth only likely when ‘bottlenecked’ mine runs at full capacity
The Olympic Dam copper and uranium operation, in South Australia.

New legislation to force Australian firms to publish what they pay

By: Esmarie Swanepoel     Updated 7 hours ago The Australia-Africa Mining Industry Group (AAMIG) on Friday defended Australian miners operating outside of the country’s borders, following the introduction of the Australian Greens party’s Corporations Amendment Bill 2014. “Australian companies operating in Africa are regarded as being... 

Biswas outlines plan to fix Newcrest’s Lihir gold mine

By: Esmarie Swanepoel     Updated 7 hours ago The CEO and MD of gold miner Newcrest Mining, Sandeep Biswas, on Friday outlined plans to bring the errant Lihir operation, in Papua New Guinea, under control. “I’ve spent a lot of time understanding the challenges of Lihir and have come to the conclusion that the first phase of improvement must... 

South American miner Troy reports lower output

By: Esmarie Swanepoel     Updated 7 hours ago Despite reporting a slight decline in production during the three months to September, ASX- and TSX-listed gold miner Troy Resources has maintained its production expectations for the financial year to the end of June 2015. During the quarter under review, group gold production dropped to 20 624... 

Fatality does little to dampen Vantage growth

By: Esmarie Swanepoel Despite a fatality at the Barbrook mine, in South Africa, which resulted in a week’s loss of production, gold miner Vantage Goldfields on Friday reported higher September quarter production. Gold production during the quarter reached 8 466, which was well above the 6 913 oz achieved in the June... 

Didipio set to exceed expectations - OceanaGold

By: Esmarie Swanepoel Dual-listed gold miner OceanaGold on Friday reported that its Didipio project, in the Philippines, was on track to beat full-year expectations, after a stellar third quarter. During the three months to September, the company produced 67 352 oz of gold and 7 978 t of copper, compared with the 60... 

Valence short-lists debt funders

By: Esmarie Swanepoel Graphite miner and manufacturer Valence Industries has short-listed term sheets from a number of debt providers for a A$35-million finance facility to fund the Phase 2 expansion of its operations in South Australia. The short-listing of debt financiers followed a A$15-million capital raise and... 

Newmont earnings fall on lower prices, beats Street

By: Henry Lazenby Gold producer Newmont Mining has reported lower earnings for the three months ended September 30, as lower sales and metals prices weighed on its balance sheet. However, the Denver, Colorado-based company’s financial results beat analyst forecasts, helped, in part, by lower costs. 

Newmont earnings fall on lower prices, beats Street

Walter Energy shares fall despite beating expectations

By: Henry Lazenby The NYSE-listed stock of coal miner Walter Energy in early trading on Thursday morning fell by as much as 13%, despite the company reporting better-than-expected results for the quarter ended September 30. Birmingham, Alabama-based Walter reported a net loss of $98.9-million, or $1.48 a share,... 

Mosaic sees record 2015 global phosphate, potash sales; profit jumps

By: Reuters Mosaic Co on Thursday forecast record-high global phosphate and potash shipments in 2015 despite concerns that weak crop prices would reduce farmers' fertiliser purchases. The Plymouth, Minnesota-based company's quarterly profit jumped 63% as it sold more phosphate at higher prices, but the... 

Vale posts surprise loss, shares dive

By: Reuters Vale posted a surprise $1.44-billion loss, and its shares tumbled to a five-and-a-half-year low as investors worried about the cost of the Brazilian miner's expansion plans and a possible cut to its dividend in a new era of lower iron-ore prices. Vale cited low iron-ore prices and a weak local... 

Vale posts surprise loss, shares dive

Alpha Natural Resources narrows Q3 loss

By: Henry Lazenby US coal producer Alpha Natural Resources has narrowed its net loss for the third-quarter to $185-million, or $0.84 a share, compared with a net loss of $458-million, or $2.07 a share, in the comparable quarter of 2013, when it booked a $253-million goodwill impairment charge. Excluding special... 

Goldcorp stock falls on Q3 earnings miss

By: Henry Lazenby The NYSE-listed stock of miner Goldcorp on Thursday fell 10% after the world’s largest gold producer by market capitalisation swung to a net loss for the three months ended September 30. Vancouver-based Goldcorp had a loss for the third quarter of $44-million, or $0.05 a share, compared with net... 

Goldcorp stock falls on Q3 earnings miss

Zambia may be backing off steeper mine royalty rates – Barrick

By: Reuters There are indications that Zambia may be backing away from plans to impose a 20% royalty rate on open pit mining in the country, a top executive with Barrick Gold Corp said on Thursday. "Our sense is that the government realizes that the numbers they have imposed will be very challenging for the... 

Unemployment at 25.4%, Stats SA to provide long-term unemployment data

By: Leandi Kolver Statistics South Africa (Stats SA) would, in future, focus more strongly on the trends of long-term unemployment in its quarterly labour force surveys (QLFSs), statistician-general Pali Lehohla said on Thursday. Releasing the QLFS for the three months ended September 30, Lehohla noted that... 

Unemployment at 25.4%, Stats SA to provide long-term unemployment data

GoldStone shareholders approve Stratex’s 50.1% buyout

By: Natalie Greve The shareholders of Aim-listed explorer GoldStone Resources have passed a resolution approving the waiver of obligations on Stratex in connection with Stratex's proposed subscription of £1.25-million worth of shares in GoldStone. As at October 31, Stratex would hold 20.8-million ordinary shares... 

ARM, unions conclude five-year employee participation fund

By: Natasha Odendaal Patrice Motsepe’s African Rainbow Minerals (ARM) and three unions this week settled drawn-out negotiations over an employee participation fund (EPF). The National Union of Mineworkers (NUM), Solidarity and the National Union of Metalworkers of South Africa inked a five-year collective EPF that... 

ARM, unions conclude five-year employee participation fund
Photo by Duane Daws
Patrice Motsepe

South Africa’s underground coal Gasification roadmap on way

Creamer Media's Tracy Hancock talks to Mining Weekly editor Martin Creamer about the development of a roadmap for underground coal gasification in South Africa by the Fossil Fuel Foundation, which celebrates it’s twentieth year in existence. 

South Africa’s underground coal Gasification roadmap on way

Sephaku to post H1 earnings loss

By: Natalie Greve Sephaku Holdings, which is in the process of finalising its interim results for the six months ended September 30, expects to swing to a basic loss a share of between 1.9c and 2c for the half-year, from basic earnings a share of 3.32c in the first half of the prior year. The headline loss a share... 

Mine Restoration Investments names new FD

By: Natalie Greve Mine Restoration Investments (MRI) has appointed FD Anthon Meyer as nonexecutive director and named former Jubilee Platinum group financial manager Carl-Heinz Gernandt as his successor. Gernandt, whose appointment would be effective from December 1, previously held directorship, financial... 

Lemur advances triple-edged strategy, awaits Imaloto IPP licence

By: Natalie Greve ASX-listed Lemur Resources continued to advance its three-ponged growth strategy by developing its planned flagship Imaloto coal mine, in Madagascar, exploiting its cash balance to acquire additional assets and leveraging its geoservices equipment and geological capabilities in Africa to earn... 

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