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Newcrest downsizes Evolution shareholding

By: Esmarie Swanepoel     Updated 14 minutes ago Gold major Newcrest Mining has reduced its shareholding in fellow-listed Evolution Mining from 32.3% to 14.9% in an overnight sell-down of shares. The sale was priced at 85c a share, generating proceeds of some A$106-million, which Newcrest would use to repay debt. 

Troy's higher goldput results in more revenue

By: Esmarie Swanepoel     Updated 16 minutes ago ASX- and TSX-listed gold miner Troy Resources has reported a 22% increase in revenues for the half-year ended December, on the back of a higher gold output. The miner on Friday noted that gold equivalent production during the interim period reached 65 014 oz, compared with the 60 334 oz produced... 

Beadell signs off on tough year

By: Esmarie Swanepoel     Updated 34 minutes ago Gold miner Beadell Resources on Friday reported a $100-million drop in net profit after tax for the financial year ending December, with higher costs of production, a foreign exchange rate loss and tax liabilities negatively impacting the company’s financials. Net profit after tax for the full... 

Iron Road pushes CEIP resource to 4.5bt

By: Esmarie Swanepoel     Updated 37 minutes ago Junior developer Iron Road has increased the mineral resource estimate at its Central Eyre iron project, in South Australia, by 22%, to some 4.5-billion tonnes, grading 16% iron. The ASX-listed company noted that some 3.5-billion tonnes, or 77% of the mineral resource was classified as measured... 

Glencore cuts Australian coal exports to match demand

By: Esmarie Swanepoel     Updated 46 minutes ago Swiss-listed mining major Glencore on Friday announced that it would reduce its Australian coal exports by some 15-million tonnes in 2015, to align output with current customer demand. The decision to decrease coal exports from Australia followed the miner’s move in December of last year, when... 

Rio Tinto simplifies business to further lower costs

By: Esmarie Swanepoel     Updated 48 minutes ago Diversified giant Rio Tinto on Friday announced that it would streamline its business, condensing its assets into four product groups namely; aluminium, copper and coal, diamonds and minerals, and iron-ore. The miner said that the new copper and coal product group would bring Rio’s coal... 

Rio Tinto simplifies business to further lower costs
Photo by Bloomberg
Rio Tinto CEO Sam Walsh

Australian iron-ore juniors hurting, some majors reviewing expenditure plans as prices slump

By: Esmarie Swanepoel     Updated 1 hour 35 minutes ago The recent free fall in the iron-ore price to its lowest level in six years has struck a deathblow to a number of Australian juniors operating in the sector, while the majors have been forced to cut back costs. Commodity analyst Wood Mackenzie (WoodMac) blamed the lagging commodity price on a... 

Australian iron-ore juniors hurting, some majors reviewing expenditure plans as prices slump

Resources Watch

By: Creamer Media Reporter      Updated 1 hour 35 minutes ago This week: Sibanye eyes a R3-billion, 150 MW solar power station. DRDGold lifts its output 6% despite 67 hours of load shedding in December. And, the International Council for Mining & Metals says mines are the development engines for host countries. 

Resources Watch

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