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New Wits Mining Institute to focus on innovation

By: Martin Creamer     30th June 2016 Innovative technology solutions for the struggling mining sector will be the focus of a new unit at the University of the Witwatersrand (Wits), which brings together various disciplines under former School of Mining Engineering head Professor Fred Cawood. The new Wits Mining Institute will... 

New Wits Mining Institute to focus on innovation
Wits Mining Institute director Professor Fred Cawood

AngloGold to invest over $400m in Guinea gold production

By: Reuters     Updated 1 hour 52 minutes ago South Africa-based gold producer AngloGold Ashanti plans to boost gold output in Guinea by investing over $400-million in the next eight years, according to an agreement reached this week with the West African country. Guinea is a significant producer of bauxite and iron ore and is also seeking... 

AngloGold to invest over $400m in Guinea gold production

Sotheby’s fails to sell giant Lucara diamond

By: Henry Lazenby     30th June 2016 Vancouver-based diamond miner Lucara Diamond Corp will retain the the massive 1 109 ct Lesedi la Rona diamond after it failed to sell at an auction in London. The company, which found the Type IIa precious gem in November at its flagship Karowe mine, in Botswana, said bidding did not meet the... 

Sotheby’s fails to sell giant Lucara diamond

Cheap gold mines disappear as buyers splurge for surging bullion

By: Bloomberg     Updated 1 hour 3 minutes ago So much for the run on cheap gold mines. Producers who were forced by slumping prices to unload assets last year are regaining leverage. With bullion off to its biggest rally to start a year in four decades – aided by the UK’s vote to quit the EU – mine buyers are paying higher premiums and the... 

Cheap gold mines disappear as buyers splurge for surging bullion

Venezuela mess prods China to reassess Africa lending spree

By: Bloomberg     Updated 1 hour 3 minutes ago The threat of Venezuela defaulting on Chinese debt is putting pressure on Beijing to reassess how easily it doles out money to commodity-dependent nations, especially those in Africa. As low oil prices ravage Venezuela’s economy and embattled leader Nicolas Maduro seeks better terms on Chinese... 

Poland aides JSW with $88m for its coking plant

By: Reuters     Updated 2 hours 3 minutes ago Polish State-run TF Silesia fund and the country's Industrial Development Agency (ARP) will buy a coking plant from coking coal producer JSW for 350-million zlotys ($88-million) to help the troubled State-run miner, JSW said. JSW, which closed last year with a record loss of 3.3-billion zlotys,... 

New Indian minerals policy clears way for private explorers

By: Ajoy K Das     Updated 49 minutes ago The Indian Union Cabinet of Ministers on Wednesday approved the National Mineral Exploration Policy (NMEP) paving the way for private and government agencies to bid for at least 100 mineral blocks. Under the policy, provincial governments would identify prospective mineral blocks to be auctioned... 

De Beers gets approval to flood suspended Arctic diamond mine

By: Reuters     29th June 2016 De Beers Canada can flood the tunnels of its underground Snap Lake diamond mine, in the Northwest Territories, under a revised suspension plan approved by the region's land and water board. The company is weighing whether to sell, close, reopen, or continue suspension at the money-losing Arctic... 

Creamer Media publishes Real Economy Insight 2016: Coal report

     27th June 2016 This eight-page brief is a synopsis of key developments in the coal industry over the past 12 months. It provides an overview of the global and South African coal markets and the role of coal in South Africa’s economy, with a particular focus on the role of coal in the generation of electricity. 

Creamer Media publishes Real Economy Insight 2016: Coal report

Silver Mines takes full ownership of Australia’s largest undeveloped silver deposit

By: Mariaan Webb     Updated 27 minutes ago ASX-listed Silver Mines and Kingsgate Consolidated have renegotiated the terms of the Bowdens Silver transaction, which resulted in Silver Mines taking 100% ownership. The companies announced in March this year that Silver Mines would buy 85% of the New South Wales-based project for A$20-million... 

Brexit spikes demand for gold 

     Updated 56 minutes ago Britain’s exit from the European Union has led to an upswing in the gold market, seeing two South African gold mining companies heading for huge free cash bonanzas. Mining Weekly editor Martin Creamer talks to senior deputy editor Tracy Hancock about the reasons behind this development. 

Welcome to the post-Brexit stampede into higher gold forecasts

By: Bloomberg     Updated 1 hour 7 minutes ago Gold may emerge as one of the Brexit vote’s biggest commodity winners should revised forecasts from a growing number of banks prove correct as the poll’s outcome sets the stage for greater global economic uncertainty and retards the likelihood of rate rises from the Federal Reserve. Bullion may... 

Rio Tinto exits Bougainville Copper

By: Mariaan Webb     Updated 1 hour 35 minutes ago Diversified miner Rio Tinto has transferred its 53.8% shareholding in Bougainville Copper Limited (BCL), which owns the defunct Panguna mine, to an independent trustee, which will distribute the shares to the Autonomous Bougainville government (ABG) and Papua New Guinea government. 

Rio Tinto exits Bougainville Copper

Bonnell Aluminum plant's casting area to stay shut after blast

By: Reuters     30th June 2016 The casting area of aluminium extruder Bonnell Aluminum's Newnan, Georgia, extrusion plant will remain shut until an investigation into the cause of a Wednesday-morning explosion is complete, the company said in a statement. The blast injured five people and prompted the company to temporarily... 

Oil price crunch to change industry's growth outlook

By: Henry Lazenby     30th June 2016 Canada’s oil sands industry is expected to continue to expand through to 2020 despite the headwinds caused by low oil prices and low natural gas prices. However, the growth was expected to stem from project expansion rather than from any new projects coming off the ground, according to analysis... 

Largo graduates to TSX listing

By: Henry Lazenby     29th June 2016 Vanadium producer Largo Resources announced Wednesday that the TSX has approved the the listing of its common shares, starting from July 4. The company would retain the ticker ‘LGO’ after trading of its TSX-V-listed stock had ceased on Monday. 

Lithium X appoints former Rockwood executive as COO

By: Henry Lazenby     29th June 2016 Lithium explorer and project developer Lithium X Energy has appointed former Rockwood Lithium Latin America president and CEO Eduardo Morales as its COO, effective immediately. Morales brought 36 years of experience as a chemical engineer to the junior company and was critical in building and... 

Alcoa outlines business separation plans

By: Henry Lazenby     29th June 2016 US aluminium and lightweight alloys specialist Alcoa on Wednesday filed its initial plan to separate its upstream and downstream business segments with US securities regulators, saying the separation will allow each new company to pursue its own distinct corporate strategy and unlock the full... 

Alcoa outlines business separation plans

Glencore throws full weight behind transparency in money-to-govts report

By: Martin Creamer     29th June 2016 Global diversified mining and marketing company Glencore threw its full weight behind complete openness in its maiden Payments-To-Governments Report 2015. In a 17-page outline, Glencore CFO Steve Kalmin provides an overview of the $5-billion it paid last year to 16 governments ranging from... 

Glencore throws full weight behind transparency in money-to-govts report
Photo by Duane Daws
Glencore CFO Steve Kalmin

Hummingbird, Kola consider combining Mali permits

By: Creamer Media Reporter      29th June 2016 Aim-listed Hummingbird Resources has entered into a memorandum of understanding to combine certain of its noncore exploration permits in Mali with Africa-focused exploration company Kola Gold’s permits in Mali and Senegal. The parties were working to establish a new company Cora Gold, in which... 

S Africa still reliant on coal, struggling to transition to low-carbon economy

By: Anine Kilian     29th June 2016 South Africa is the twelfth-greatest emitter of greenhouse gases (GHGs) in the world, as well as the biggest polluter on the African continent, according to German political foundation Friedrich Ebert Stiftung (FES) South Africa director Renate Tenbusch, speaking at a roundtable event on black... 

S Africa still reliant on coal, struggling to transition to low-carbon economy

Mining Indaba slashes prices for mining corporates

By: Martin Creamer     29th June 2016 Mining companies attending the upcoming Investing in African Mining Indaba in Cape Town will benefit from significantly reduced registration fees. Mining Indaba officials have introduced price reductions of up to 50% for the February 6 to 9 event, now in its twenty-third year. 

Mining Indaba slashes prices for mining corporates
Mining Indaba MD Jonathan Moore

TFR to begin 14-day coal-line shutdown on July 11

By: Creamer Media Reporter      29th June 2016 State-owned railways utility Transnet Freight Rail (TFR) announced on Wednesday that it would begin a 14-day total shutdown of the coal export line on July 11. The yearly maintenance shutdown would continue until July 24. On average, 230 000 t/day is railed down the corridor, which links the... 

TFR to begin 14-day coal-line shutdown on July 11

Tigers Realm inks agreement with JV partners to increase Amaam ownership

By: Samantha Herbst     29th June 2016 Emerging global coking coal producer Tigers Realm Coal has signed two binding heads of agreement (HoAs) with its joint venture (JV) partners to increase its percentage ownership of the Amaam North project, in far-east Russia, from 80% to 100, and to reduce yearly JV payments on the project’s coal... 

Kimberley Diamonds concludes first sale from Lerala mine

By: Samantha Herbst     29th June 2016 ASX-listed Kimberley Diamonds on Tuesday concluded the first sale of diamonds from its Lerala diamond mine, in Botswana. The sale of a small parcel of gem- and near-gem-quality diamonds, which were sourced predominantly from historic pre-2016 run-of-mine stockpiles, was conducted on Tuesday by an... 

Barminco awarded Dugald River underground contract

     29th June 2016 Underground hard-rock mining contractor Barminco has been awarded another five-year contract with MMG at the Dugald River zinc project, valued at between A$250-million and A$270-million. Barminco has been the underground mining contractor at Dugald River since 2012, and was selected to continue... 

Tony Kiernan appointed Pilbara Minerals chair

By: Mariaan Webb     29th June 2016 Lithium and tantalum developer Pilbara Minerals has appointed Tony Kiernan as its nonexecutive chairperson with effect from July 1. Kiernan would succeed Tony Leibowitz, who had tendered his resignation, the ASX-listed company reported on Wednesday. 

Aspire subsidiary awarded concession for cross-country rail corridor

By: Samantha Herbst     29th June 2016 ASX-listed metallurgical coal explorer and infrastructure company Aspire Mining’s subsidiary, Northern Railways, has been awarded a rail concession from the Mongolian government to build, operate and transfer a 547 km section of the newly agreed upon Northern Rail Corridor from Erdenet, in... 

Wesfarmers exec to succeed Robb as Iluka CEO

By: Mariaan Webb     29th June 2016 Mineral sands miner Iluka Resources has recruited the MD of Wesfarmers’ chemical, energy and fertilisers division, Tom O’Leary, as CEO and MD, the company announced on Wednesday. Starting on September 5, O’Leary would succeed David Robb, who had been MD since October 2006. 

Heron targets production at NSW zinc mine in 2018

By: Mariaan Webb     29th June 2016 The feasibility study for the Woodlawn zinc/copper project has delivered a compelling commercial case for the immediate development of the New South Wales-based project, owner Heron Resources reported on Wednesday. The ASX- and TSX-listed stated that it would accelerate the programme to secure... 

New underground mine to boost Silver Lake’s production

By: Mariaan Webb     29th June 2016 Western Australian gold mining company Silver Lakes announced on Wednesday that development of the new Maxwells mine would start in August – 18 months after its exploration team identified high-grade lodes. The new underground mine was expected to contribute 15 000 oz to Silver Lake’s production... 

Indian Cabinet clears new mineral exploration policy – govt source

By: Reuters     29th June 2016 India's cabinet on Wednesday cleared a new mineral exploration policy that will allow private companies to carry out stand-alone exploration for the first time, a government source said. India is keen to get private firms to start exploring for more minerals like diamonds and gold, where current... 

Kidman to resume production at Burbanks

By: Creamer Media Reporter      29th June 2016 Junior mining company Kidman Resources said on Wednesday that it would resume production at its Burbanks gold mine, near Coolgardie, in Western Australia, after a period of successful underground mine development. The Dahmu mineral resource had been accessed on the 1 350 level with strike... 

Rio Tinto reduces exposure in tax havens, paid $4.5bn in taxes last year

By: Mariaan Webb     29th June 2016 Diversified mining group Rio Tinto has reduced its exposure to tax havens, with only 17 of its more than 600 controlled entities currently resident in countries with a general income tax rate of 10% of less. Eight of the 17 entities were dormant and either in liquidation or scheduled for... 

Rio Tinto reduces exposure in tax havens, paid $4.5bn in taxes last year
Rio Tinto CFO Chris Lynch

South Africa's slowing growth to be hit by Brexit – Reserve Bank governor

By: Reuters     29th June 2016 The governor of the South African Reserve Bank said on Tuesday that although the decision by Britain to exit the European Union would not cause a recession, already slowing economic growth would be hit. Speaking to Bloomberg TV in Portugal Lesetja Kganyago said: "We would not venture into a... 

South Africa's slowing growth to be hit by Brexit – Reserve Bank governor
Photo by Reuters
Reserve Bank governor Lesetja Kganyago

Eastplats to sell Crocodile River mine to Chinese firm for $50m

By: Creamer Media Reporter      29th June 2016 Dual-listed Eastern Platinum (Eastplats) plans to sell its South African subsidiary Barplats Mines, which holds the Crocodile River mine (CRM), to Chinese company Hebei Zhongheng Tianda Platinum (HZT) for $50-million. The companies have entered into a definitive agreement and the transaction... 

TSX bounces from Brexit slide, scoring largest gain in 7 weeks

By: Reuters     29th June 2016 Canada's main stock index scored its largest gain in seven weeks on Tuesday, paring some of the losses inflicted in the prior two sessions after Britain's shock vote to leave the European Union as oil rallied and investors sought out bargains. 

BMI lifts thermal coal price outlook; says nickel has bottomed

By: Henry Lazenby     29th June 2016 Fitch group research firm BMI has raised its thermal coal price forecasts on the back of a more aggressive contraction in global mine output than initially expected, mainly in China. The firm now forecast Newcastle coal to average $53/t in 2016, up from $51/t, and $57/t in 2017, up from a... 

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