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ANC’s Mining Charter response ‘very constructive’ – Anglo

By: Martin Creamer     27th July 2017 The response of South Africa’s ruling African National Congress (ANC) party at its recent policy conference, that further discussion is required on the controversial Mining Charter Three, to ensure that investment and employment levels are not negatively affected, has been described as “very... 

ANC’s Mining Charter response ‘very constructive’ – Anglo
Mark Cutifani

Cash-gushing Anglo restarts dividend as earnings double

By: Martin Creamer     27th July 2017 The underlying earnings of diversified mining company Anglo American have more than doubled in the six months to June 30, when the generation of cash in the half year was more than all of 2016. Earnings hit the $1.5-billion mark and cash flow soared to $2.7-billion. 

Cash-gushing Anglo restarts dividend as earnings double
Photo by Duane Daws
Anglo American CEO Mark Cutifani

Seriti coal deal edging forward positively – Anglo

By: Martin Creamer     27th July 2017 The sale by Anglo American of its Eskom-tied coal mines to the black-owned Seriti start-up is edging forward positively, new Anglo American new financial director Stephen Pearce said on Thursday. Anglo has signed a binding sale and purchase agreement with Seriti in a transaction that has been... 

Seriti coal deal edging forward positively – Anglo
Photo by Duane Daws
Seriti CEO Mike Teke

Glencore’s half-year showing prompts analyst gusto

By: Martin Creamer     27th July 2017 Thursday’s half-year production report from diversified mining and marketing company Glencore, which is seen as offering particular leverage to copper and zinc’s currently attractive fundamentals, elicited favourable analyst comment. “Glencore remains our sector top pick,” Barclays Equity... 

Glencore’s half-year showing prompts analyst gusto
Photo by Bloomberg
Glencore CEO Ivan Glasenberg

Glencore to acquire 49% of Hunter Valley Operations

By: Martin Creamer     27th July 2017 Diversified mining and marketing company Glencore announced on Thursday that it had signed agreements with Yancoal Australia Limited (Yancoal) to acquire a 49% interest in the Hunter Valley Operations (HVO) coal mine in New South Wales and form a joint venture (JV) following Yancoal's acquisition... 

Physical gold demand rises in first half, but market sees surplus – GFMS

By: Reuters     27th July 2017 Physical gold demand globally rose to 1 895 t in the first half of 2017, up 17% from the same period last year, GFMS analysts at Thomson Reuters said. But the market saw a surplus of 138 t in the first six months compared with a balanced market in the same period last year, despite supplies... 

Gold Fields expects lower H1 earnings; sets $30m aside for lung disease claims

By: Creamer Media Reporter      27th July 2017 Stronger exchange rates on converting local currency costs to dollar, an increase in amortisation and a financial provision to potentially settle silicosis claims will result in an up to 50% year-on-year decrease in JSE- and NYSE-listed Gold Fields’s earnings per share (EPS) and headline earnings... 

Gold miners make provisions for possible settlement in lung disease lawsuit

By: Reuters     27th July 2017 Mining companies Gold Fields and Anglo American have set aside over $130-million between them for a possible settlement with miners who contracted lung diseases at work. A class action suit, mostly relating to the fatal lung disease silicosis, was filed on behalf of miners in 2012 and has further... 

Eskom tariffs in AMSA’s action plan crosshairs as losses spike 

By: Terence Creamer     27th July 2017 Steel producer ArcelorMittal South Africa (AMSA) will approach the National Energy Regulator of South Africa (Nersa) directly with a request for discounted electricity tariffs as part of a multi-pronged business sustainability action plan unveiled after the JSE-listed group slumped to a... 

AMSA CEO Wim de Klerk on seeking a new electricity tariff deal from Eskom and Nersa. Camera Work & Editing: Darlene Creamer. Recorded: 27.7.2017

De Beers says open to doing deals

By: Reuters     27th July 2017 Anglo American's diamond unit De Beers is open to buying new assets at the right price, its chief financial officer said on Thursday, after the unit reported a 3% increase in underlying earnings. The company as a whole announced the resumption of dividend payments and said it had cut debt and... 

Gemfields to delist July 28

By: Martin Creamer     27th July 2017 Coloured gemstones mining and marketing company Gemfields is expected to cease trading on the London Aim from 07.00 on Friday, July 28, when it will be delisted. Pallinghurst Resources, which is taking its associate company in-house, said on Thursday that it would begin making an offer to... 

Goldplat’s profit to exceed market expectations

By: Samantha Herbst     27th July 2017 Having closed off a successful fourth quarter ended June 30, Aim-listed Goldplat expects its consolidated profit before tax to exceed market expectations for the financial year, the results of which will be announced in September. The Africa-focused gold producer, which has gold recovery... 

Goldplat’s profit to exceed market expectations
Goldplat's GPL facilities, in Gauteng, South Africa

Randgold CEO hopeful on resolution to Mali tax dispute

By: Reuters     26th July 2017 Randgold Resources' chief executive said on Wednesday he was hopeful of resolving a 42-billion CFA Francs ($74-million) tax dispute with Mali's government and that the company continued to invest in its two mines in the West African country. The gold miner has already agreed to pay more than a... 

World's biggest tax bill is latest worry for African gold miner

By: Bloomberg     27th July 2017 It was supposed to mark a fresh start for the African business of the world’s biggest gold producer. In November 2014, African Barrick Gold would get a new name and new management to distance itself from a troublesome past and disputes with local politicians. Less than three years later, things... 

Katanga continues to progress WOL project

By: Creamer Media Reporter      27th July 2017 Throughout the first six months of this year, TSX-listed Katanga Mining has continued to advance its $437-million Whole Ore Leach (WOL) project, which is set for commissioning to start in the fourth quarter of this year. The company in September 2015 suspended the processing of copper and cobalt... 

Copper trumps politics as investors take shine to Zambian assets

By: Bloomberg     27th July 2017 Investors are overlooking Zambia’s political risk and buying the nation’s assets as the price of copper, its biggest export, rises. The yield on Zambia’s $1-billion Eurobonds due April 2024 have fallen 135 basis points this year to 7.55% on Wednesday. The southern African nation’s currency has... 

Rio Tinto’s RBM appoints new MD

     27th July 2017 Billy Mawasha has been appointed MD of South African mineral sands producer Richard Bay Minerals (RBM), in which Rio Tinto holds a 74% stake. He joins RBM from Kumba Iron Ore where he was executive head of operations and integration.   Billy has extensive leadership experience across a number of... 

Rio Tinto’s RBM appoints new MD
Billy Mawasha

Lifetime process approach required for successful mine closure

By: Dylan Slater     27th July 2017 A common misconception of mine closure is that it requires planning for an end-of-life event, when, in actual fact, it should be a life-long process that should be started as early as when the planning of a mine starts.  

Goldman's now bullish on iron-ore this year but warns on 2018

By: Bloomberg     27th July 2017 Goldman Sachs Group boosted its iron-ore forecasts after better-than-expected demand in China raised prices, but combined the revised outlook with a warning that it remains bearish on next year on prospects for plentiful mine supplies and a worldwide glut. The three-month forecast was raised to... 

Chile seen producing 5.6m tonnes of copper in 2017 – agency

By: Reuters     Updated 2 hours 6 minutes ago Chile state copper commission Cochilco forecast on Thursday that 2017 copper production would be 5.6-million tonnes in the South American nation, a 0.8% rise from 2016. The body also predicted 2017 average copper prices of $2.64/lb in 2017, slightly higher than its previous estimate of $2.60,... 

Barrick president says 'very positive' on Tanzania talks over ban

By: Reuters     Updated 2 hours 8 minutes ago Barrick Gold, the world's largest gold miner by production, has an "open mind" and is "very positive" about talks getting underway with Tanzania to resolve an export ban, President Kelvin Dushnisky told Reuters on Thursday. Barrick subsidiary Acacia Mining has two mines affected by a ban that... 

Miner Vale to look toward copper after Q2 miss

By: Reuters     Updated 2 hours 12 minutes ago Brazilian miner Vale on Thursday it would seek out fresh copper mining options and stop expanding nickel production capacity after second-quarter net income plunged on forex losses, rising costs and weaker iron ore prices. Net income tumbled 99% to $16-million from $1.1-billion a year earlier,... 

Peruvian miner Buenaventura posts Q2 loss, misses forecast

By: Reuters     Updated 2 hours 13 minutes ago Peruvian precious metals miner Buenaventura on Thursday reported a $5.7-million loss in the second quarter, compared to its $58.5-million net profit in the same period a year earlier. Analysts had expected the company to post a $31.5-million net profit in the quarter, according to Thomson... 

Eldorado profit narrows on lower sales

By: Henry Lazenby     Updated 2 hours 16 minutes ago Canadian gold producer Eldorado Gold has reported lower adjusted earnings for the second quarter than last year as lower gold sales from continuing operations weighed on the TSX- and NYSE-listed miner’s financial performance. Excluding single items, net earnings for the three months ended June 30... 

Imperial restarts Mount Polley mine following fire evacuations

By: Henry Lazenby     Updated 3 hours ago Base metals company Imperial Metals plans to restart the Mount Polley mine, in British Columbia, before month-end following fire evacuation orders being downgraded for the City of Williams Lake and surrounding areas. The TSX-listed company said it will allow time for evacuated employees to return... 

Teck profit jumps as coking coal market coax to life

By: Henry Lazenby     Updated 3 hours ago Canada’s largest diversified miner Teck Resources has reported a remarkable jump in headline earnings for the three months ended June, as the steelmaking coal division benefitted from higher prices and sales volumes. Adjusted profit attributable to shareholders in period was an eye-popping... 

First Quantum swings to headline Q2 loss despite red metal ramp-up

By: Henry Lazenby     Updated 3 hours ago Canadian miner First Quantum Minerals has reported a comparative loss of $18-million, or $0.03 a share for the three months ended June, despite an 8% year-on-year improvement of copper output. This contrasted the Toronto-based company’s comparative earnings of $38-million, or $0.06 a share, for... 

Cameco settles US tax spat, 2017 outlook weakens

By: Henry Lazenby     Updated 4 hours ago Canadian uranium producer Cameco announced on Thursday that it has reached a settlement with the US Internal Revenue Service for the tax years 2009 to 2012, bolstering the company’s position that its transfer pricing arrangements are appropriate. The settlement agreement results in a cash tax... 

Cameco settles US tax spat, 2017 outlook weakens
Photo by Cameco
Camco's Inkai mine, in Kazakhstan

Resources Watch 

     27th July 2017 Fission redefines Athabasca basin; And, State capture casts long shadow over Eskom’s results 

Resources Watch

Indian mineral production dips in May

By: Ajoy K Das     27th July 2017 India’s index of mineral production during May 2017 fell 0.9% compared with the corresponding month of 2016, according to a statement of the Mines Ministry. The total value of mining and quarrying, excluding atomic and minor minerals, during May 2017, was pegged at an estimated $3.13-billion. 

India’s Coal Ministry to extend coal linkage offer to all IPPs

By: Ajoy K Das     27th July 2017 India’s Coal Ministry has started the process of offering coal linkages to all independent power producers (IPPs) operating plants based on imported coal. Starting next month, the Ministry will auction coal linkages to imported coal-based IPPs that do not have power purchase agreements (PPAs)... 

Wolfsberg spodumene delivers battery-grade lithium carbonate

By: Creamer Media Reporter      27th July 2017 Spodumene concentrate from the Wolfsberg lithium project, in Austria, has been used to make a battery-grade lithium carbonate, which bodes well for the project to be a strategic supplier to the lithium battery plants being developed in Europe. Wolfsberg owner, ASX-listed European Lithium,... 

Georgian reports copper resource upgrade at KB project

By: Creamer Media Reporter      27th July 2017 Explorer Georgian Mining on Thursday reported a 41% tonnage increase in the global in-pit optimised constrained copper/gold sulphide mineral resource for the Kvemo Bolnisi (KB) project, in the Tethyan belt. The resource was upgraded from 1.2-million tonnes at 1.03% copper to 1.7-million tonnes at... 

KAZ doubles H1 copper output as new mines ramp up

By: Mariaan Webb     27th July 2017 Copper and gold miner KAZ Minerals more than doubled its first half copper production to 118 000 t, paving the way for the the full-year guidance of 225 000 t to 260 000 t to be achieved. Gold production rose from 45 000 oz in the first half of 2016 to 93 000 oz in the six months ended June 2017,... 

Fortescue lifts Q4 output by 20%

By: Esmarie Swanepoel     27th July 2017 Iron-ore miner Fortescue Metals reported a 20% quarter-on-quarter increase in ore mined during the three months to June 30, with C1 costs down 7% over the same period. Fortescue on Thursday reported that the miner produced 53.6-million tonnes in the fourth quarter, shipping some 44.7-million... 

Beach Energy unveils expanded capital programme

By: Esmarie Swanepoel     27th July 2017 Oil and gas producer Beach Energy on Thursday announced the launch of a multi-year capital spend programme, designed to appraise undeveloped reserves and prospective resource potential in the Cooper basin. The company told shareholders that in 2018, some A$220-million to A$260-million would be... 

Yancoal to sell 16.6% of newly acquired Hunter Valley mines

By: Esmarie Swanepoel     27th July 2017 Reports emerged on Thursday that diversified miner Glencore has reached an agreement to purchase some of the Hunter Valley assets that ASX-listed Yancoal recently acquired from mining major Rio Tinto. The reports, carried in several Australian news outlets, comes as Yancoal holding company... 

Yancoal to sell 16.6% of newly acquired Hunter Valley mines

Rox and Marindi reach accord

By: Esmarie Swanepoel     27th July 2017 ASX-listed Marindi Metals and Rox Resources have buried the hatchet, with the two companies reaching an agreement over Rox’s sale of its interest in the Reward joint venture (JV). Rox in August last year accepted Marindi’s A$21-million offer for its 49% share in the Reward project, subject to JV... 

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