http://www.miningweekly.com
R/€ = 15.91 Change: -0.55
R/$ = 14.09 Change: -0.51
Au 1336.93 $/oz Change: -3.84
Pt 1104.00 $/oz Change: -3.50
 
Close

Email me free daily news

Email address

Harmony Gold turns predator on deal hunt to fill output gap

By: Bloomberg     Updated 1 hour 37 minutes ago Harmony Gold Mining is willing to use debt and equity to buy a profitable mine that will offset falling production in South Africa and help fund a major new project in Papua New Guinea, CEO Peter Steenkamp said. With the company likely to lose about 40% of its current production over the next six... 

Harmony Gold turns predator on deal hunt to fill output gap
Harmony Gold CEO Peter Steenkamp

Authorities close illegal chrome mine in Limpopo

By: African News Agency      Updated 1 hour 56 minutes ago Police and mining resources authorities have closed down a lucrative illegal chrome mine near Burgersfort in Limpopo on Tuesday. Authorities claimed that a group of miners who claimed to be mining on the shoulder of Anglo Platinum’s Bokoni mine ran from the plant when police and Mineral Resources... 

Diamcor launches C$5m financing

By: Henry Lazenby     23rd August 2016 South Africa-focused diamond project developer Diamcor has launched a C$5-million brokered private placement. Proceeds from the offering will be used for the acquisition of additional operational equipment and materials to support the continued advancement of the company's Krone-Endora at Venetia... 

Debt holders tender 23% of outstanding notes in Iamgold's early tender offer

By: Henry Lazenby     23rd August 2016 Iamgold on Monday announced the early tender results of its cash tender offer for up to $150-million in principal amount of the company’s outstanding 6.75% senior notes due 2020, advising that $145.7-million in principal, or about 23% of notes outstanding had been tendered and not withdrawn by... 

Edenville appoints new chair

By: Creamer Media Reporter      Updated 18 minutes ago Aim-listed Edenville Energy, which is developing the Rukwa coal-to-power project, in Tanzania, has appointed Dr Jeff Malaihollo nonexecutive chairperson, effective September 1. He succeeds former chairperson Sally Schofield who resigned in April, citing personal reasons. 

Think zinc: miners bet big on revival in key base metal market

By: Reuters     Updated 1 hour 2 minutes ago Resource companies are racing to dig zinc mines, betting that markets for the metal used to rust-proof steel and protect noses from sunburn have finally turned after a decade in the doldrums. A supply glut is evaporating as big zinc mines run dry, commodity analysts say, helping drive up prices... 

Copper poised to be only metal loser this year as stocks pile up

By: Bloomberg     Updated 1 hour 24 minutes ago Copper’s on the verge of becoming the only major metal to post a loss this year as the highest stockpiles in almost seven months suggest the market is amply supplied. Inventories of copper, used in everything from wiring to automobiles to iPhones, rose 4.7% to 240 075 metric tons, according to... 

Entrepreneurs pursuing gold dump projects, ‘pennyweight’ opportunities at depth 

By: Martin Creamer     23rd August 2016 Fresh from developing seven superb gold projects in Africa, mining project company DRA is excited about new gold project opportunities opening up in South Africa, where its sees much potential in gold tailings retreatment and also in underground gold deposits that are still rated in the... 

DRA global executive process Glenn Bezuidenhout outlines gold project potential to Mining Weekly’s Martin Creamer. Photographs: Duane Daws. Video: Nicholas Boyd.

DMR denies using MHSA for its own gains

By: Anine Kilian     23rd August 2016 The Department of Mineral Resources (DMR) on Tuesday criticised certain mining companies for suggesting that its use of Section 54 of the Mine Health and Safety Act (MHSA), which compels producers to stop operations so that investigations can take place, furthers its own purposes. Mining majors... 

Executives believe they can survive lower metals outlook – KPMG

By: Megan van Wyngaardt     23rd August 2016 Fewer than half of senior metals executives responding to KPMG International’s 2016 Global Metals & Mining Outlook survey voiced any level of confidence in the prospects for the global economy over the next two years. This was particularly concerning given the tight relationship between the... 

Universal reiterates Sept production start date for NCC

By: Creamer Media Reporter      23rd August 2016 ASX-listed Universal Coal’s New Clydesdale Colliery (NCC), in South Africa’s Mpumalanga province, remains on schedule for the production of first coal in September. Coal mining contractor STA Coal Mining Company has been appointed to conduct the underground mining and has begun to re-establish... 

Evolution to pay A$880m for stake in Glencore’s Ernest Henry

By: Mariaan Webb     Updated 1 hour 4 minutes ago In line with its strategy to build a globally relevant, mid-tier Australian gold producer, Evolution Mining has moved to buy an economic stake in a large-scale, long-life copper/gold mine near Cloncurry, Queensland, for A$880-million. Evolution will buy a 30% economic stake in diversified miner... 

Evolution to pay A$880m for stake in Glencore’s Ernest Henry
Evolution Mining executive chairperson Jake Klein

Buxton and Independence Group form Fraser Range JV

     Updated 10 minutes ago ASX-listed junior Buxton Resources has granted fellow listed Independence Group (IGO) the sole and exclusive right to acquire a 90% interest the Zanthus and Widowmaker tenements, in the Fraser Range, Western Australia, for $1.5-million in cash. Under a joint venture (JV) announced on Wednesday,... 

Moody’s upgrades Fortescue’s credit ratings

     Updated 40 minutes ago Perth-based Fortescue Metals’ efforts to reduce its debt have won it an improved credit rating from ratings agency Moody’s, which this week upgraded the iron-ore miner’s corporate family rating to Ba2 from Ba3, while the senior unsecured and senior secured ratings were upgraded to B1 and Ba1 from... 

Trudeau faces split Aboriginal groups in Kinder Morgan ruling

By: Bloomberg     Updated 1 hour 44 minutes ago In the rolling country of central British Columbia, Michael LeBourdais’s Whispering Pines Indian Band is looking forward to a cash injection from a new pipeline proposed by Kinder Morgan Energy Partners LP. He’ll be seeking compensation for his band if it doesn’t go through. Meanwhile, 400 km... 

Timmins Gold extends San Francisco mine life to 2023

By: Henry Lazenby     24th August 2016 Mexico-focused gold miner Timmins Gold has completed a new Canadian National Instrument 43-101-compliant technical report on its San Francisco gold mine, extending the mine life out to 2023. The Vancouver-based company on Monday announced a new mine plan for the asset that was expected to... 

Codelco to raise up to $390m via local bond issue

By: Reuters     24th August 2016 Codelco, Chile's state-run copper producer, is looking to raise up to $390-million from a local bond market issue, it said on Tuesday, for refinancing and investment purposes. Codelco, the world's biggest copper miner, said it would issue the ten-year debt on Thursday. 

Redstar’s stock spikes as Eric Sprott takes 12.1% stake

By: Henry Lazenby     24th August 2016 The TSX-V-listed stock of North America-focused exploration firm Redstar Gold spiked by as much as 30% on Tuesday, after precious-metals heavyweight investor Eric Sprott agreed to take a 12.1% stake in the company. Sprott (71), a renowned and respected leader in the investment community, is one... 

Venezuela ordered to pay $2.17bn to Russian junior for 2011 project expropriation

By: Henry Lazenby     23rd August 2016 The government of the Bolivarian Republic of Venezuela has been ordered to pay a Russian-owned junior mining company nearly $2.2-billion in compensation and interest for illegally expropriating the company’s assets without compensation in 2011. Following the news, Rusoro Mining’s TSX-V-listed... 

Venezuela ordered to pay $2.17bn to Russian junior for 2011 project expropriation

Brazil's Vale says iron-ore railway down for over 12 hours on Monday

By: Reuters     23rd August 2016 Brazilian mining company Vale said on Tuesday that its most important railway, used to transport iron ore from its Carajas mine in the Amazon, stopped operating for over 12 hours on Monday due to a land protest on the line. Operations were interrupted between 6:30 am and 6:50 pm local time, the... 

IFM completes sale of local assets to Samancor Chrome

By: Megan van Wyngaardt     23rd August 2016 As part of its ongoing business rescue process, Aim-listed International Ferro Metals (IFM) has completed the R300-million sale of its local subsidiary to Samancor Chrome. The balance of R10-million is payable upon transfer of the immovable properties, with proceeds distributed to creditors of... 

India to assess if Bunder diamond mine viable after Rio’s exit

By: Bloomberg     23rd August 2016 A day after Rio Tinto announced plans to shut the Bunder diamond mine in central India, the Mines Ministry said it will analyse if mining at the site is viable because of environmental concerns. The deposit is located in an ecologically sensitive zone and it’s not clear if the mine can be... 

India creates ecosystem to support its new mineral exploration policy

By: Ajoy K Das     23rd August 2016 In a bid to create a suitable ecosystem around the newly unveiled National Mineral Exploration Policy (NMEP), the Indian government has decided to create a National Geoscience Data Repository (NGDR) under Geological Survey of India (GSI) and a National Center for Mineral Targeting (MCMT), the... 

Glencore, Anglo rally loses steam as miners deliver on debt cuts

By: Bloomberg     23rd August 2016 Rescue plans unveiled by embattled mining companies Glencore Plc and Anglo American Plc in the past year have won over investors. Yet a rally in the stocks is stalling this month. Glencore is barely changed in August and Anglo is up less than 4% after they more than doubled in the year through... 

Sandfire buys Ventnor out at Green Dragon project

By: Megan van Wyngaardt     23rd August 2016 ASX-listed Sandfire Resources is purchasing the remaining 65% of joint venture (JV) partner Ventnor Resources’ Thaduna/Green Dragon copper project for $3-million. Sandfire will pay Ventnor $2-million in shares, a further $1-million if it decides to mine the project and a 2% net smelter return... 

Junior miners ‘vindicated’ by ACCC position on Utah Point privatisation

By: Mariaan Webb     23rd August 2016 The Association of Mining and Exploration Companies (Amec) CEO Simon Bennison says junior miners feel vindicated by Australia’s statutory body on competition matters’ position on the privatisation of the Utah Point bulk handling facility. Australian Competition and Consumer Commission (ACCC)... 

Junior miners ‘vindicated’ by ACCC position on Utah Point privatisation

CuDeco celebrates shipping milestone from Queensland copper mine

By: Megan van Wyngaardt     23rd August 2016 Queensland copper producer CuDeco on Tuesday reported that its first delivery of sulphide copper concentrates had been sent from its flagship Rocklands operations, near Cloncurry, to the Port of Townsville, ahead of the start of bulk shipments. The shipment complements the second shipment of 300... 

GBM targets gold from small heap-leach operation by next year

By: Megan van Wyngaardt     23rd August 2016 Australian miner GBM Resources expects to start gold production from a small-scale heap leach operation on the Eugenia deposit at Mt Coolan in the fourth quarter of 2017, following the completion of a scoping study. The study, carried out by Mining One, demonstrates that a 16-month operation at... 

Agrimin study proves robust Mackay SoP project

By: Megan van Wyngaardt     23rd August 2016 A recently completed scoping study at ASX-listed potassium miner Agrimin’s 100%-owned Mackay sulphate of potash (SoP) project has indicated that the project will be able to produce 370 000 t/y over a 20-year mine life. The company on Tuesday said that the Western Australia-based project also had... 

Implats falls most in a month as profit tumbles on work stoppages

By: Bloomberg     23rd August 2016 Impala Platinum (Implats), the world’s second-largest miner of the metal, headed for the biggest decline in more than a month after the company said full-year earnings will tumble as much as 75% because of lower local prices and production stoppages. The shares slid 4.6% to R58.95 as of 9:52 a.m.... 

Kin to update Leonora PFS

By: Mariaan Webb     23rd August 2016 The prefeasibility study (PFS) of the Leonora gold project, in Western Australia, is set to receive a facelift, with gold developer Kin Mining announcing on Tuesday that it would update the study completed by the project’s previous owner, Navigator Resources, in 2009. “With the PFS, Navigator did... 

Vast’s Pickstone-Peerless output picks up in June quarter

By: Natasha Odendaal     23rd August 2016 Aim-listed Vast Resources on Tuesday reported strong performance from its Pickstone-Peerless gold mine (PPGM), in Zimbabwe, during the three months to June 30. The operation delivered a 62% increase in gold production to 4 542 oz during the June quarter, with the plant consistently exceeding 20... 

New MD for gold junior ABM

By: Creamer Media Reporter      23rd August 2016 Gold junior ABM Resources has appointed Matt Briggs, an experienced geologist and mining industry executive, as its MD. Briggs, who most recently headed group strategic planning for South Africa-headquartered gold major Gold Fields, will take up his appointment on October 3. 

Teck raises concerns over Reward offer, JV following Rox–Marindi deal

By: Mariaan Webb     23rd August 2016 Diversified mining company Teck Resources has raised concern over the offer that joint venture (JV) partner Rox Resources had accepted for its 49% interest in the Reward zinc and lead project, in the Northern Territory. Under a JV agreement, Rox was required to offer to sell its interest in the... 

Billionaire Wiese sees opportunity to combine diamond mines

By: Bloomberg     23rd August 2016 Christo Wiese, South Africa’s richest man, sees opportunities to consolidate diamond operations in the region after buying a stake in a Cape Town-based miner of the precious stones. Wiese, 74, has always been “fascinated’’ by diamonds and saw good value in  Trans Hex Group Ltd., he said in an... 

Billionaire Wiese sees opportunity to combine diamond mines
Photo by Bloomberg
Christo Wiese

ConocoPhillips’ JV partner says it has pre-emption right over Senegal assets

By: Mariaan Webb     23rd August 2016 Oil and gas major Woodside’s planned acquisition of exploration assets in Senegal may be challenged by junior explorer FAR, which has a right of pre-emption over the proposed sale. FAR is US energy group ConocoPhillips’s joint venture (JV) partner in the Senegal exploration assets and the company... 

Old rings are treasure as gold rally revives scrap recycling

By: Bloomberg     23rd August 2016 The surprising rebound in gold prices this year has given new life to unwanted jewelry, coins and trinkets – in the melting pot. More than a third of the world’s bullion supply usually comes from recycled metal, but purchases at pawn shops and cash-for-gold companies had slowed during a... 

Citigroup says this ‘hot commodity’ is destined to cool off soon

By: Bloomberg     23rd August 2016 Iron-ore, dubbed by Citigroup as one of the hot commodities of 2016, looks set to cool off. Prices may sag toward the end of the year and into 2017 as supply rises and steel demand fades, the bank said, adding to the list of banks that are calling time on an unexpected rally. The raw material... 

Citigroup says this ‘hot commodity’ is destined to cool off soon

Latest News  by  

more

Company Post

more

Latest Videos and Audio

Entrepreneurs pursuing gold dump projects, ‘pennyweight’ opportunities at depth

South Africa won’t change IPP course ‘midstream’

On-The-Air (19/08/2016)

Resources Watch

Gold Fields lifts FY production guidance as South Deep, Aus operations perform in H1

AngloGold’s free cash trebles, slashes net debt

Harmony back in the black, eyes acquisitions

DRA enjoying rise in gold project share, eyeing more gold opportunities

more

Services News

Consulting Engineers

Contract Mining

Crushing and Screening

Drilling and Tunnelling

Earthmoving

Energy Services

Explosives

Furnaces and Kilns

Materials Handling

Opencast/Quarries

Pumps

Valves

Company Announcements

more

Research Reports

Projects

Press Office

more

RSS Feed

About

Mining Weekly is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Research Channel Africa
Polity

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on MiningWeekly.com is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Close