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Chile Congress gives green light to Codelco capitalisation

By: Reuters     Updated 4 minutes ago Chile's Congress approved late Wednesday the government's capitalisation plan for Codelco, which will see the state copper firm receive $4-billion over the next five years to help fund an ambitious investment programme. The Chilean government announced in August that it planned to give Codelco,... 

Hochschild’s Q3 output down, working to overcome construction delays at Peru project

By: Henry Lazenby     Updated 10 minutes ago Latin America-focused precious metals producer Hochschild Mining on Thursday said attributable output for the three months ended September 30 fell 24% to 4.8-million silver-equivalent ounces, mainly the result of no contribution from the depleted Ares mine, in Peru. Despite output being lower... 

PotashCorp reports lower Q3 income on higher taxes, disappointing offshore investments

By: Henry Lazenby     Updated 1 hour 22 minutes ago The world’ largest fertiliser company Potash Corp of Saskatchewan on Thursday reported lower third-quarter earnings for the three months ended September 30, as increased taxes and a disappointing performance from its offshore investments weighed on results. The Saskatoon, Saskatchewan-based miner... 

PotashCorp reports lower Q3 income on higher taxes, disappointing offshore investments

Foster Wheeler completes acquisition of MDM Engineering

By: Leandi Kolver     Updated 4 hours ago Global engineering and construction company Foster Wheeler on Thursday announced that an indirect wholly owned subsidiary of the company had completed its acquisition of metallurgical engineering company MDM Engineering. MDM would now become part of Foster Wheeler’s minerals and metals group. 

ABG Q3 production up 16%, AISC continues decline

By: Leandi Kolver     Updated 4 hours ago Tanzania-focused gold producer African Barrick Gold (ABG) increased its production for the three months ended September 30, by 16% year-on-year, while all-in sustaining costs (AISC) declined for the eight successive quarter. ABG CEO Brad Gordon said the company’s production amounted to 190 986 oz... 

AMCU members down tools at Lace mine

By: Natasha Odendaal     Updated 5 hours ago Workers at DiamondCorp’s Lace mine, in the Free State, downed tools on Thursday in an Association of Mineworkers and Construction Union- (AMCU-) led protest against the Aim-listed company’s refusal to employ two full-time salaried shop stewards. DiamondCorp said in an update to shareholders that... 

AMCU members down tools at Lace mine
Lace mine

Rise in Q2 hedging volumes not indicator of trend

By: Natasha Odendaal     Updated 5 hours ago The significant jump in the volume of hedging activities during the second quarter of the year was not an indication of a secular shift in producer sentiment to hedge gold production, Societe Generale and Thomson Reuters GFMS said this week. The duo’s second-quarter Global Gold Hedge Book... 

Zuma says govt seriously mulling Operation Phakisa for mining sector

By: Leandi Kolver     Updated 5 hours ago President Jacob Zuma on Thursday reiterated that government was seriously considering a mining-focused Operation Phakisa phase. Minister in the Presidency Jeff Radebe earlier this year, at the Mining Lekgotla, noted that an Operation Phakisa for the mining sector was on its way, with... 

Zuma says govt seriously mulling Operation Phakisa for mining sector
Photo by Duane Daws
President Jacob Zuma

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