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First blast at Vedanta’s new $630m Gamsberg zinc mine

By: Martin Creamer It is not an easy time to be starting a mine but fortunately zinc is now in fashion because it has been unloved to so long, Vedanta CEO Tom Albanese said on Monday at the first blast of the $630-million Gamsberg zinc project in the Northern Cape. Groundbreaking at Gamsberg signals the start of... 

First blast at Vedanta’s new $630m Gamsberg zinc mine

Weak commodities to weigh on rand, current account and growth

By: Terence Creamer The sharp decline in commodity prices is, on balance, negative for the outlook for the South African rand, new bank research shows, with lower oil prices being more than offset by lower mineral and metals prices. Standard Bank head of South African research Walter de Wet highlights that crude oil... 

Weak commodities to weigh on rand, current account and growth

Petra hikes FY output, pricing drags revenue 10%

By: Natasha Odendaal Despite “challenging operating conditions”, London-listed Petra Diamonds has achieved record production for the year to June 30, as output edged up 2% year-on-year to 3.2-million carats. However, flat diamond pricing and static sales weighed on the company’s revenue for the year under review,... 

Gold producers, NUM meet; bilaterals now concluded

By: Natasha Odendaal South Africa’s gold producers on Monday met with trade union the National Union of Mineworkers as part of the ongoing gold industry wage negotiations. This followed a series of bilateral meetings last week between gold producers AngloGold Ashanti, Evander Gold Mines, Harmony Gold, Sibanye Gold... 

Solidarity calls for miners’ retirement age to be raised to 63

By: Natalie Greve Trade union Solidarity has called for the retirement age of underground miners be raised to 63, telling the Chamber of Mines (CoM) that the move would retain skills critical to the South African mining industry, thus promoting its sustainability. According to the union, ten mining houses in South... 

Solidarity calls for miners’ retirement age to be raised to 63
Photo by Duane Daws
Gideon du Plessis

DA calls on government to promote certainty for distressed mining industry

By: Natasha Odendaal As sectors of South Africa’s mining industry “circle the drain”, the Democratic Alliance (DA) has called on government to take certain actions to resolve issues weighing on mining in South Africa and save the industry. DA Mineral Resources Shadow Minister James Lorimer on Monday said that, amid... 

DA calls on government to promote certainty for distressed mining industry

ANC calls on mining companies to review job cut plans

By: African News Agency The African National Congress (ANC) on Monday called on mine companies to review their plans to cut thousands of jobs as it would worsen the struggling South African economy. “Those companies that are set to retrench, such as Lonmin, are called upon to review their decision, their plan will... 

ANC calls on mining companies to review job cut plans
Photo by Duane Daws
Gwede Mantashe

Acacia lifts H1 gold output 6% as North Mara ramps up

By: Natalie Greve After the successful start-up of mining at the Gokona underground project, at London-headquartered Acacia Mining’s developing North Mara mine, in Tanzania, the group has lifted gold output for the six months ended June 30 by 6%, producing 367 301 oz and selling 355 470 oz of gold in the first... 

Kenmare expects improved H2 output, appoints new nonexec director

By: Natalie Greve Multicommodity play Kenmare Resources expects its production for the second half of the year to improve, as power utility Electricidade de Moçambique commissions equipment to increase grid power capacity and stability. Output at Kenmare’s Moma mine was “severely impacted” by 57 days of... 

Randgold CEO says Côte d'Ivoire power cuts boost Tongon costs

By: Reuters Persistent power cuts in Côte d'Ivoire over the past several months has adversely affected operational costs and output of Randgold Resources' Tongon mine, Chief Executive Mark Bristow said. Côte d'Ivoire, the world's biggest cocoa producer and the West Africa region's biggest economy, like many... 

Randgold CEO says Côte d'Ivoire power cuts boost Tongon costs
Randgold CEO Mark Bristow

Company that acquired Rio’s Mozambique coal assets eyes expansion

By: Reuters A year after Rio Tinto pulled the plug on its Mozambique coal venture, the Indian company that bought the assets is planning an ambitious expansion. The Benga mine acquired from Rio by International Coal Ventures Private Limited (ICVL) has a current production capacity of about 5.3-million tonnes... 

Vale coal stacker collapses at Mozambique port – sources

By: Reuters A coal stacker has collapsed at the Mozambique port of Nacala, dealing a blow to Brazilian miner Vale, which is aiming to start coal shipments in the third quarter of this year, three sources told Reuters on Monday. The giant piece of machinery, which is used to handle coal and other bulk... 

Drill campaign ups resource, dents reserves at New Luika

By: Natalie Greve A January infill drilling campaign at East Africa-focused gold producer Shanta Gold’s New Luika gold mine, in Tanzania, has increased the resource at both the Bauhinia Creek (BC) and Luika targets, further improving the confidence in the potential for underground mining at each deposit, the... 

Vast raises £1.26m to further Romania mining

By: Megan van Wyngaardt Vast Resources has raised £1.26-million through a placing of 45.4-million ordinary shares at 0.1p apiece and a subscription of 60-million ordinary shares at 1.2p apiece. The Aim-listed gold developer sought to provide additional funds to further its mining projects in Romania and also for general... 

Odisha government submits new plans to salvage Posco investment

By: Ajoy K Das South Korean steel major Posco might be packing up its $12-billion steel mill project in India; however, the provincial government of Odisha is making a last ditch effort to prevent it, offering the Korean company raw iron-ore material. The provincial government had been in frantic... 

Atlas shares fall 70% as trading resumes

By: Esmarie Swanepoel The share price of iron-ore miner Atlas Iron tumbled nearly 70% on Monday as the company resumed share trading after more than three months. Atlas in April suspended share trading shortly before announcing the suspension of its operations in the Pilbara, as the iron-ore price crashed and... 

Atlas shares fall 70% as trading resumes

Australia's Roy Hill iron-ore mine said to be facing short delay

By: Reuters The start-up of the $10-billion Roy Hill iron-ore mine under construction in Australia has been postponed until the second week of October because of bad weather and safety problems earlier this year, according to a media report. The mine, 70% owned by Australian billionaire Gina Rinehart's... 

Indonesian tin smelters face export delays ahead of new regulation

By: Reuters Tin shipments from smelters in Indonesia, the world's top exporter of the metal, are expected to tighten in coming weeks due to a change in export rules that is likely to underpin prices. Indonesian tin smelters have ramped up shipments this month, but exports are set to tail off sharply as... 

Creamer Media publishes Real Economy Insight: Platinum 2015 brief

This seven-page brief is a synopsis of key developments in the platinum industry over the past 12 months, including industry restructuring, mechanisation and automation, supply and demand, and the outlook for the sector. 

Creamer Media publishes Real Economy Insight: Platinum 2015 brief

Cardero announces restructuring plan, to buy Arizona copper oxide project

By: Henry Lazenby     Updated 4 hours ago Industrial metals and minerals firm Cardero Resource Corp on Monday revealed a comprehensive restructuring plan that included the acquisition of the Zonia copper oxide project, in Arizona, in hope that a switch to a copper focus would allow it to once more create shareholder value. Under terms... 

Vista Gold receives $4.3m Australian R&D tax refund

By: Henry Lazenby     Updated 4 hours ago TSX- and NYSE MKT-listed Vista Gold has received a further $4.3-million research and development (R&D) tax incentive refund, net of costs to prepare and file, from the Australian government related to costs incurred during the 2013 fiscal year. The refund was paid under the Australian... 

British Columbia issues Canadian Mining with quarry permit

By: Henry Lazenby     Updated 5 hours ago The British Columbia Ministry of Energy and Mines has issued TSX-V-listed Canadian Mining with a new five year 50 000 t/y quarry permit for its Bromley Creek zeolite mine lease, near Princeton. President and CEO Ray Paquette reported that the company had increased the reclamation security and... 

Speculators show global commodities rout still not over

By: Reuters     Updated 5 hours ago Speculators have confirmed what everyone else has been thinking: expect more falls in commodities, as worries about China and higher interest rates combine with waning sentiment to suggest markets are heading further south. But while more losses are certain, their scope could be limited because... 

First Majestic Silver announces friendly acquisition of SilverCrest Mines

By: Henry Lazenby     Updated 5 hours ago Mexico-focused precious metals miner First Majestic Silver on Monday announced that it has agreed to acquire all of the issued and outstanding common shares of SilverCrest Mines in a cash-and-scrip deal. The transaction would enhance First Majestic's position in Mexico, one of the world's most... 

First Majestic Silver announces friendly acquisition of SilverCrest Mines

Northern Star lifts Q4 production, sales volumes

By: Esmarie Swanepoel Gold miner Northern Star Resources has reported record gold sales and lower production costs for the quarter ended June 30, as production recovered compared with the March quarter. Gold production reached 153 360 oz in the three months to June, up from the 131 169 oz produced in the March... 

PFS lowers capital cost estimates for Renaissance’s Cambodia gold project

By: Esmarie Swanepoel A prefeasibility study (PFS) into the Okvau gold project, in Cambodia, has lowered the expected capital costs, owner Renaissance Minerals reported on Monday. The PFS estimated that the project would require capital investment of $120-million, which was down from the $133-million estimated in the... 

Codelco says workers seize control of small Salvador mine in Chile

By: Reuters Contract workers demanding better working conditions in Chile have taken control of Codelco's small Salvador mine, the state-owned copper miner said, raising the stakes in a strike now in its sixth day. The labor dispute had already forced the suspension of operations at Salvador, which last year... 

Qld gas industry to benefit from Yuleba North substation

By: Esmarie Swanepoel Queensland’s A$60-billion gas industry is expected to benefit from the newly completed North West Surat basin hub substation. Treasurer Curtis Pitt said the Yuleba North substation would act as the central point for more than 200 km of new high-voltage transmission lines, supplying power to six... 

Millennium Minerals outperforms guidance in June quarter

By: Esmarie Swanepoel ASX-listed Millennium Minerals' gold production outstripped guidance by some 20% for the three months to June 30. The company noted that its Nullagine gold mine, in Western Australia, produced a record 21 664 oz of gold during the quarter, up from the 20 057 oz delivered in the March quarter,... 

Atrum launches entitlement offer to raise cash

By: Esmarie Swanepoel Coal developer Atrum Coal plans to raise some A$5-million to enhance the value of its Groundhog project, in British Columbia. The company on Monday said it would undertake a one-for-17 nonrenounceable, pro rata entitlement offer, priced at 50c each to raise the cash. The offer would include one... 

Mungana takeover fails

By: Esmarie Swanepoel A takeover play for ASX-listed Mungana Goldmines has failed after the offer period ended without a sufficient take-up by shareholders. Suitor Auctus Chillagoe had initially offered to acquire all the shares in Mungana for 13.5c each, but later upped the offer to 17c a share on the condition that... 

Alkane reports higher cost at Tomingley

By: Esmarie Swanepoel ASX-listed Alkane Resources has reported higher all-in sustaining costs (AISC) at its Tomingley operations, in New South Wales, during the quarter ended June 30, as waste stripping at the new opencut at Wyoming One ramped up. During the three months under review, AISC reached A$1 700/oz at... 

Lawson signs JV over Silver Swan North

By: Esmarie Swanepoel ASX-listed explorer Lawson Gold has signed a farm-in and joint venture (JV) agreement with Moho Resources over the Silver Swan North project, in Western Australia. Under the terms of the agreement, Moho could acquire a 25% stake in the tenement by drill testing two high-priority electromagnetic... 

Qld calls for public opinion on China Stone EIS

By: Esmarie Swanepoel Queenslanders have been urged to comment on the draft environmental-impact statement (EIS) for the A$6.7-billion China Stone coal project, being proposed by MacMines Austasia. State Development Minister Anthony Lynham said the project would provide up to 3 900 jobs during the proposed two-year... 

Carlisle makes progress at Lynn Lake despite tough gold market rout

By: Simon Rees The spot price for gold came under notable pressure during the past week, sinking below the psychological barrier of $1 100/oz and reaching five-year lows. On Friday, the London afternoon fix stood at $1 080.80/oz of gold,  compared with $1 132.80/oz the week beforehand. The slide was unwelcome... 

Carlisle makes progress at Lynn Lake despite tough gold market rout

Striking Chilean copper miner shot dead during protest

By: Reuters A Chilean mining contract worker was shot dead on Friday as a labour strike against state-owned copper company Codelco stretched into its fourth day, the union representing the workers said. The Confederation of Copper Workers, or CTC, posted a statement on its website saying that contractor... 

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