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Detour Gold to enhance board, outlines 'next steps' in building value

By: Mariaan Webb     20th July 2018 Fresh from a week of public disagreements with hedge fund Paulson & Co, Ontario miner Detour Gold on Friday issued a statement detailing the “next steps” in building value for its shareholders, addressing issues around potential offers, an update on the CEO search and enhancements to the board.... 

Detour Gold to enhance board, outlines 'next steps' in building value
The Detour Lake mine

Acacia boss is getting frustrated waiting for Barrick solution

By: Bloomberg     20th July 2018 It’s been a year since Acacia Mining’s majority shareholder started talks on its behalf to end a standoff with the Tanzanian government and interim CEO Peter Geleta is getting frustrated. Barrick Gold, which owns about 64% of London-based Acacia, last month withdrew a timetable to resolve the... 

Acacia boss is getting frustrated waiting for Barrick solution

Acacia H1 net earnings fall 51% y/y

By: Marleny Arnoldi     20th July 2018 Tanzanian gold miner Acacia Mining’s net earnings for the first half of this year, ended June 30, decreased by 51% to $30.9-million, compared with the net earnings of $62.5-million recorded in the first half of 2017. Net earnings were impacted on by a $24.2-million impairment at Nyanzaga mine.  

Cleveland-Cliffs delivers 171% y-o-y increase in earnings a share

By: Marleny Arnoldi     20th July 2018 NYSE-listed Cleveland-Cliffs has increased its earnings a share from continuing operations by 171% to $0.76 apiece for the quarter ended June 30, compared with $0.28 apiece in the second quarter of 2017. The company on Friday reported consolidated revenues of $714-million, compared to the prior... 

Commodity price volatility will prevail as long as trade war threats prevail – BMI

By: Marleny Arnoldi     20th July 2018 Research firm BMI says most commodity prices will remain neutral on a three-month horizon, with the exception of oil prices which it expects to increase. Commodity prices performed poorly over June and July, but BMI believes the downside is limited for now as the drop in sentiment overshot... 

De Beers brings Chidliak resource into its fold with C$107m Peregrine buy

By: Mariaan Webb     19th July 2018 Diamond major De Beers announced on Thursday that it would buy Canadian miner Peregrine Diamonds – the owner of the Chidliak diamond resource in Nunavut Territory – for C$0.24 a share, or C$107-million, in cash. The Chidliak resource, 120 km north-east of Iqaluit on Baffin Island, hosts 74... 

De Beers brings Chidliak resource into its fold with C$107m Peregrine buy

Mountain Province says Gahcho Kué JV continues to perform well

By: Creamer Media Reporter      19th July 2018 The Gahcho Kué diamond mine that Canadian miner Mountain Province owns in partnership with Anglo America’s De Beers has recovered 1.93-million carats at an average grade of 2.15 c/t in the second quarter of the year, setting a new quarterly record and delivering a 20% year-on-year production... 

WGC ‘optimistic’ about gold’s H2 performance

By: Marleny Arnoldi     19th July 2018 Gold investors saw their fortunes change during the second quarter after benefiting from gold’s strong performance in the first quarter, says the World Gold Council (WGC) in its mid-year outlook. The study considers the impact of global economic trends on gold’s performance.  

Paulson & Co to ask Detour Gold for special meeting for board overhaul

By: Reuters     19th July 2018 Activist investor John Paulsons' hedge fund on Thursday said it would urge Detour Gold to call a special shareholder meeting to replace a majority of the company's directors, as it pushes for change at the Canadian gold miner. Paulson & Co's statement comes a day after the parties engaged in a... 

Uranium tariffs threaten nuclear plants Trump is trying to save

By: Bloomberg     20th July 2018 The Trump administration’s decision to consider tariffs on uranium imports may raise the cost of fuel for nuclear reactors and undermine a separate initiative to shore up struggling electricity generators. The Commerce Department said Wednesday it will probe whether uranium imports “threaten to... 

Mining at Alrosa’s Zarya to start next year

By: Marleny Arnoldi     20th July 2018 Russian diamond mining group Alrosa’s Zarya diamond deposit in Sakha (Yakutia) is in its final stages before diamond mining will start next year. Since 2016, ten-million-cubic-metres of overburden were removed from the openpit mine, reaching a depth of 100 m. Drainage ditch construction,... 

Premier appoints chairperson, considers way forward for RHA Tungsten project

By: Marleny Arnoldi     20th July 2018 Aim-listed Premier African Minerals has appointed nonexecutive director Michael Foster as nonexecutive chairperson effective July 20, to succeed George Roach, who remains CEO. Roach commented on Friday that the separation of chairperson and CEO is long overdue and is expected to enhance board... 

Electricity interruptions impact on Sasol’s FY18 production performance

By: Marleny Arnoldi     20th July 2018 Several unplanned electricity supply interruptions and two internal outages at its Secunda synfuels operations, resulted in lower production volumes for petrochemicals group Sasol for the financial year ended June 30. In a trading update published on Friday, the company said its earnings before... 

Nordgold plans to rapidly advance exploration at Burkina Faso mine

By: Marleny Arnoldi     20th July 2018 The exploration programme at gold producer Nordgold’s Taparko mine, in Burkina Faso, is advancing rapidly and is on track to achieve its objectives of replacing mined gold and increasing resources. In 2017, exploration activity added more than 200 000 oz to Taparko’s mineral resources and some... 

Kefi separates chairperson, MD roles with new appointments

By: Marleny Arnoldi     20th July 2018 Aim-listed Kefi Minerals has appointed deputy chairperson and senior independent nonexecutive director Mark Wellesley-Wood as nonexecutive chairperson, effective immediately. Executive chairperson Harry Anagnostarras-Adams will assume the role of MD, with immediate effect.  

PNG LNG signs mid-term offtake

By: Esmarie Swanepoel     20th July 2018 The Papua New Guinea liquefied natural gas (PNGG LNG) project partners have entered into a mid-term LNG sale and purchase agreement with Hong Kong-based PetroChina International Corporation. Under the agreement, the PNG LNG project will supply some 0.45-million tonnes of LNG a year over a... 

Gold edges up as US dollar trades below 1-year highs

By: Reuters     20th July 2018 Gold prices edged up in volatile trade on Friday, after hitting a one-year low in the previous session, as the US dollar eased from its highest in a year. Spot gold was trading at $1 224.55 an ounce at 0811 GMT. In the previous session, it fell to its weakest since July last year at $1 211.08 an... 

Lynas production hits record, further increases planned for Q3

By: Esmarie Swanepoel     20th July 2018 Rare earths miner Lynas has reported record neodymium and praseodymium (NdPr) and rare-earth oxide (REO) production for the June quarter, with further increases planned for the September quarter. The ASX-listed company on Friday reported REO production of 4 804 t, up 17% on the previous quarter’s... 

Lynas production hits record, further increases planned for Q3

Evolution warns of production drop in 2019

By: Esmarie Swanepoel     20th July 2018 Australian gold miner Evolution Mining has reported higher production in its June quarter, compared with the previous quarter, hitting its full year production targets. However, the miner this week warned of lower outputs in the 2019 financial year. 

Silver Lake shows strong full year

By: Esmarie Swanepoel     20th July 2018 ASX-listed Silver Lake Resources has produced 42 258 oz of gold during the three months to June, which was down from the record 46 780 oz delivered in the previous quarter. The Daisy underground complex produced 17 585 oz during the June quarter, with Cock-eyed Bob adding 5 975 oz and Maxwells a... 

Mount Gibson stays steady

By: Esmarie Swanepoel     20th July 2018 Junior miner Mount Gibson has reported another steady quarter of iron sales during the June quarter, with one-million tonnes sold for revenues of A$45-million. “It was pleasing to complete the financial year with another solid operational effort in the Mid West and excellent progress at our... 

Mustang reports maiden resource at Caula

By: Esmarie Swanepoel     20th July 2018 ASX-listed Mustang Resources has reported a maiden Joint Ore Reserves Committee compliant resource of 22-million tonnes, at 0.37% vanadium pentoxide at its Caula vanadium-graphite project, in Mozambique. The Caula project is currently estimated to host some 81 600 t of vanadium pentoxide.  

OreCorp hoping for control of Tanzanian project

By: Esmarie Swanepoel     20th July 2018 Metals developer OreCorp’s Tanzanian subsidiary has completed its earn-in obligations into the Nyanzaga gold project, and has now exercised its option to gain full control of the project. OreCorp acquired a 25% stake in the project through spending around $14-million in completing a... 

Archer readies for spin-out

By: Esmarie Swanepoel     20th July 2018 ASX-listed junior Archer Exploration on Friday said that it will pursue an initial public offering (IPO) of its non-graphite exploration business on the ASX, before the end of 2018. The spin-out will be subject to market conditions and the necessary approvals, the company said. 

Trade war could knock 3% off global GDP – Bank of France study

By: Reuters     20th July 2018 An international trade war with wide-ranging tariff hikes could cut global gross domestic product by as much as three percent, according to a study by the French central bank on Thursday. The direct impact of a generalised 10 percentage point increase in import tariffs could alone knock 1% off... 

AngloGold chairperson warns South Africa on 'reckless' mining rules

By: Bloomberg     20th July 2018 South Africa risks driving away new investment and crippling its mining sector if “reckless” new rules are implemented, according to AngloGold Ashanti chairperson Sipho Pityana. The latest Mining Charter, which is aimed at sharing the benefits of the country’s mineral wealth more equally among... 

AngloGold chairperson warns South Africa on 'reckless' mining rules
Photo by Creamer Media
AngloGold chairperson Sipho Pityana

Perceptions mines are not doing enough for nearby communities fuelling protests

By: Nadine James     20th July 2018 In developed countries, community-based protest action (as opposed to industrial action) against mining companies is primarily related to environmental concerns. In South Africa, community-based protests against mining companies are rooted in socioeconomic issues, such as job creation, and... 

Perceptions mines are not doing enough for nearby communities fuelling protests

Mining Weekly iPhone and Android Apps available for free download 

20th July 2018 Creamer Media’s readers continue to be part of the mobile revolution.  Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers a MiningWeekly.com app for iPhone and Android users.  These apps offer... 

Mining Weekly iPhone and Android Apps available for free download

Worker killed in fall-of-ground incident at Harmony's Tshepong mine

By: Creamer Media Reporter      19th July 2018 An employee at Harmony Gold's Tshepong mine, in Welkom, has died in a fall-of-ground incident on Thursday. An investigation into the incident is under way. 

Indian iron-ore exports shifting from fines to pellets

By: Ajoy K Das     19th July 2018 Indian international trade in iron-ore is shifting to more iron-ore pellets, rather than high-grade fines, prompted by changing preferences of overseas buyers. Information and data sourced from industry indicate that overseas shipment and sales realisations of iron-ore pellets are outstripping... 

Commodity contagion spreads as raw material crash threatens calm

By: Bloomberg     19th July 2018 Don’t be fooled by the relative calm across financial markets: The inputs in the global supply chain are flashing warning signs. Commodities have tumbled into correction territory Thursday, sliding again in the face of the resurgent dollar and lingering global trade tensions. Among the recent... 

Shanta achieves lower AISC for Q2

By: Marleny Arnoldi     19th July 2018 Aim-listed gold miner Shanta Gold’s New Luika gold mine in south-west Tanzania, produced an average of 46 300 t/m of gold ore for the second quarter, grading 5.23 g/t, and translating to quarterly production of 20 544 oz of gold, compared with the first quarter’s 17 663 oz. The higher output... 

Oyu Tolgoi in deals with Chinese contractors for power station

By: Mariaan Webb     19th July 2018 Mongolia copper and gold miner Oyu Tolgoi, which is controlled by Rio Tinto, has entered into agreements with three Chinese contractors to submit bids for the engineering, design and construction of a power station at the mine site. The company has refreshed previous plans to develop its own... 

Hummingbird has successful first commercial quarter at Mali gold mine

By: Marleny Arnoldi     19th July 2018 Aim-listed gold producer Hummingbird Resources poured 33 101 oz of gold at an all-in sustaining cost of $790/oz, at its Yanfolila gold mine, in Mali, in the second quarter. The company sold 38 726 oz of gold at an average price of $1 307/oz.  

Solidarity, NUM rejects gold producers wage offer

By: African News Agency      19th July 2018 Solidarity has become the second workers union to reject the latest three-year wage offer tabled by South African gold producers even though it admitted that the mining companies have presented a gloomy picture of the industry. Solidarity joins the National Union of Mineworkers (NUM) which... 

Kibo’s Mbeya special mining licence submissions in final stages

By: Marleny Arnoldi     19th July 2018 Following the submission of Aim- and AltX-listed Kibo Mining’s local content plan (LCP) and integrity pledge (IP) to the Mining Commission – a constituent of the Tanzania Ministry of Mines – within the next two weeks, the authority will be ready to consider Kibo’s application for a special mining... 

M&R awarded R4bn of projects in Australasia

By: Marleny Arnoldi     19th July 2018 JSE-listed engineering and construction group Murray & Roberts (M&R) has been awarded new projects to the value of R4-billion, to be delivered over the next two years. These awards include projects to be undertaken by M&R’s oil and gas platform in the metals and minerals market in Australasia,... 

Kumba lowers FY sales, production guidance

By: Marleny Arnoldi     19th July 2018 JSE-listed Kumba Iron Ore is working closely with State-owned freight utility Transnet to secure the delivery of the contractual capacity and to mitigate derailments that affected the company’s export sales in the second quarter of the year. The company’s export sales increased by only 1% to... 

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