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US gold coin sales soar, turnover up twofold in China

By: Martin Creamer Eagle gold bullion coin sales were up fourfold-plus in the US in July and gold volumes up twofold-plus on the Shanghai Gold Exchange, Mitsubishi Corporation International noted on Monday. Last month the US Mint sold 170 000 oz, the highest number of coins in more than two years, government data... 

US gold coin sales soar, turnover up twofold in China
American Eagle gold coins

Gold struggles after worst month in two years

By: Reuters Gold steadied not far above a 5-1/2-year low on Monday, struggling to scale higher at the start of the month after its deepest loss in two years in July, as expectations for a near-term hike in US interest rates kept sellers nearby. Gold's rout deepened last month as the dollar strengthened after... 

PotashCorp remains resolute to buy German rival, pares outlook

By: Henry Lazenby Canada’s Potash Corporation of Saskatchewan (PotashCorp) has reiterated its intentions to buy German rival K+S, saying it is prepared to make binding commitments to motivate its target’s management, which has so far rebuffed the unsolicited offer.  PotashCorp president and CEO Jochen Tilk told... 

PotashCorp remains resolute to buy German rival, pares outlook

Canada's First Quantum Minerals to lay off 1 480 workers in Zambia

By: Reuters Canada's First Quantum Minerals will lay off about 1 480 workers at one of its Zambian copper projects after a reduction in its power supply curbed production, the company's local subsidiary said on Sunday. "Regrettably a reduction of approximately 1 480 construction jobs will be brought forward... 

Lower costs, higher sales lift Endeavour’s Q2 profit

By: Henry Lazenby West Africa-focused gold producer Endeavour Mining has increased its second-quarter profit on the back of sharply lower costs and record output, despite a lower average realised price for the yellow metal. The Vancouver-based company with four operating gold mines in Côte d’Ivoire, Ghana, Mali... 

SocGen says miners' output costs have dropped more than expected

By: Reuters Miners' output costs have dropped more than industry consensus due to lower energy prices and weak emerging market currencies, a report by Societe Generale showed, suggesting metals prices have further to fall before miners are forced out of business. The prices of many metals are still around... 

Kipoi debottlenecking to raise output to 32 500 t/y

By: Esmarie Swanepoel A study for the debottlenecking of the Kipoi solvent extraction and electrowinning (SX-EW) plant, in the Democratic Republic of Congo, has revealed that copper production could be increased from the nameplate capacity of 25 000 t/y to 32 500 t/y. Project owner Tiger Resources on Friday said the... 

Newmont evaluates increased output at Tanami

By: Esmarie Swanepoel Gold miner Newmont Mining will reach a decision on the possible expansion of its Tanami operation later this year. Newmont’s Asia Pacific leader Tom Palmer told the WA Mining Club this week that the company’s Full Potential programme had seen a 22% increase in production at Tanami, and reduced... 

Newmont looks to extend KCGM mine life

By: Esmarie Swanepoel Gold miner Newmont Mining on Monday said it was working to extend the mine life of its Kalgoorlie operations, in Western Australia. Speaking at the first day of the Diggers & Dealers conference, senior VP for the Asia Pacific region Tom Palmer noted that Newmont’s focus was on the management... 

Nevsun lowers 2015 guidance

By: Natasha Odendaal TSX- and NYSE-listed Nevsun Resources on Friday revised its 2015 production guidance downwards to 140-million to 150-million pounds of copper owing to unplanned plant stoppages during the first half of the year. Output from the Vancouver-headquartered firm’s Bisha mine, in Eritrea, had been hit... 

MacLeod new Canada-Nova Scotia Offshore Petroleum Board chairperson

By: Henry Lazenby Onshore and offshore oil and gas industry veteran Roderick Keith MacLeod has been appointed the new chairperson for the Canada-Nova Scotia Offshore Petroleum Board (CNSOPB), which is responsible for the regulation of petroleum activities in the Nova Scotia offshore area. Canada’s Minister of... 

Moore chairs new WA gold group

     Updated 40 minutes ago Former Western Australian Mines and Petroleum Minister Norman Moore has joined a number of gold miners to launch a group dedicated to promoting and championing the gold industry. Moore, who will act as chair, said on Tuesday that the Gold Industry Group would represent the interests of gold... 

Zijin aims to be global miner – Fang

By: Esmarie Swanepoel     Updated 1 hour 2 minutes ago Australia’s resources sector was a key foothold in Chinese major Zijin Mining’s globalisation plans, Norton Gold Fields executive director and chairperson George Fang told journalists on the sidelines of the second Diggers & Dealers conference. He noted that Zijin, which recently took control of... 

AngloGold Ashanti looks at lowering Oz costs, seeks partner in Ghana

By: Esmarie Swanepoel     Updated 1 hour 49 minutes ago Global gold miner AngloGold Ashanti on Tuesday announced initiatives to cut costs at its Australian operations, while the miner was also hunting for project partners for its Obuasi project, in Ghana. Speaking on the sidelines of the Diggers & Dealers conference, group planning and technical... 

AngloGold Ashanti looks at lowering Oz costs, seeks partner in Ghana

Creamer Media publishes Real Economy Insight: Iron-Ore 2015 brief

     Updated 2 hours 1 minute ago This six-page brief is a synopsis of key developments in the iron-ore sector over the past 12 months, including details of the global and South African iron-ore markets, as well as prospects for the secto 

Creamer Media publishes Real Economy Insight: Iron-Ore 2015 brief

Northern Star keeps up investments

By: Esmarie Swanepoel     Updated 3 hours ago ASX-listed Northern Star Resources will spend A$35-million on exploration over 2016, after it’s A$50-million exploration spend in 2015 delivered massive results. MD Bill Beament told delegates attending the second day of the Diggers & Dealers conference that exploration in 2015 resulted in a 44%... 

Regis looks at growth opportunities in WA

By: Esmarie Swanepoel     Updated 4 hours ago Gold miner Regis Resources will look to acquisitions and organic growth opportunities to increase the mine lives of its three operations in Western Australia. MD Mark Clark told journalists on the sidelines of the Diggers & Dealers conference that Regis was aggressively looking for acquisition... 

Troy weeks away from production at Karouni

By: Esmarie Swanepoel     Updated 5 hours ago Dual-listed gold miner Troy Resources will start wet commissioning of its Karouni plant, in Guyana, by September this year, with first gold production to follow soon after. MD and CEO Martin Purvis told delegates attending the second day of the Diggers & Dealers conference that mining at the... 

Stratmin lifts plant output rates at Madagascar graphite play

By: Natalie Greve London-listed graphite production and exploration company Stratmin Global Resources has successfully completed the second stage of plant optimisation at the Madagascar-based Loharano operation, increasing production rates to up to to 900 kg an hour of refined graphite. The company said on Monday... 

Universal Coal draws on R285m facility

By: Creamer Media Reporter ASX-listed Universal Coal has strengthened its cash position and shifted its project finance debt facilities to more favourable terms following a drawdown of its R285-million Kangala finance facility with Investec Bank. The drawdown, which effectively replaced the previous project finance debt... 

Armadale targets H1 production start for DRC project

By: Megan van Wyngaardt A review of metallurgical testwork has supported the development of a planned process route for gold recovery at the 678 000 oz Mpokoto gold project, in the Democratic Republic of the Congo, developer Armadale said on Monday. The project would be developed in two phases, with the first phase... 

Zimplats boosts 4E metal output but posts 40% slip in Q4 revenue

By: Natalie Greve After successfully increasing the ore mined across its operations by 19% quarter-on-quarter to 1.48-million tons for the three months ended June 30, platinum miner Zimplats has lifted the production of platinum, palladium, gold and rhodium (4E) metal-in-concentrate by 12%, delivering 119 427 oz... 

Some members of South Africa's NUM union reject wage offer – union source

By: Reuters Some members of South Africa's National Union of Mineworkers (NUM) rejected a pay hike of up to 17% by gold producers, a union source said on Monday, raising the threat of a sector-wide fallout after another union spurned the same offer. Some members of NUM, the biggest union in the gold sector... 

WCP partners review capex, secure water supply agreement

By: Megan van Wyngaardt JSE-listed Firestone Energy is conducting an optimisation study to review its joint venture Waterberg Coal Project’s (WCP’s) capital requirements, to enhance the viability of the four-million-ton-a-year thermal coal project. The WCP partners – Firestone and ASX-listed Waterberg Coal – were... 

Lonmin reports fatality at JV Pandora E3 shaft

By: Creamer Media Reporter A winch driver, who was injured in a scrapping and rigging accident at the Pandora E3 shaft in May, died of his injuries on Friday. Bonisile Mapango had spent the last two months in the intensive care unit of a hospital. 

Edenville raises £250 000 for Rukwa

By: Megan van Wyngaardt Aim-listed Edenville Energy placed 500-million new ordinary shares of 0.02p apiece to raise funds to complete the mining licence application process for its Rukwa coal project, in Tanzania, as well as moving discussions with interested partnership groups forward. The company also placed... 

South Africa's AMCU union rejects wage hike from gold producers – spokesperson

By: Reuters Members of South Africa's Association of Mineworkers and Construction Union (AMCU) on Sunday rejected a wage offer from gold producers of increases of up to 17%, spokesperson Manzini Zungu said. Gold firms Sibanye Gold and AngloGold Ashanti last week offered an additional R1 000 rand ($80) a... 

Zambian villagers to take on mining firm Vedanta in UK court

By: Reuters British mining company Vedanta Resources faces legal action in London's High Court after a group of Zambian villagers said their water source and farmland was polluted by the firm's copper mining operations. Vedanta owns a 79.4% stake in Zambia's Konkola Copper Mines, which was also named by... 

Creamer Media publishes Real Economy Insight: Gold 2015 brief

This eight-page brief is a synopsis of key developments in the gold industry over the past 12 months. It provides an overview of the South African gold market, including labour- and electricity-related challenges and prospects for the sector. 

Creamer Media publishes Real Economy Insight: Gold 2015 brief

India’s Supreme Court orders auction of 15 Karnataka iron-ore mines

By: Ajoy K Das India’s Supreme Court has directed that 15 iron-ore mines in the southern province of Karnataka will have to be put up for auction and the process completed within the next 32 weeks. The apex court order would impact even those mines that had been brought back into production in 2013 after the... 

Now is the right time for S2 – Bennett

By: Esmarie Swanepoel Takeover target Sirius Resources’ MD and CEO Mark Bennett on Monday said there was definite opportunity to expand the project portfolio of the demerged S2 Resources, following a merger of Sirius and fellow-listed Independence Group. Metals miner Independence Group in May announced plans to merge... 

Now is the right time for S2 – Bennett
Photo by Bloombeg
Sirius CEO Mark Bennett

Panoramic changes Lanfranchi plans, dismisses staff

By: Esmarie Swanepoel Nickel miner Panoramic Resources has suspended mining at its Deacon orebody, within the Lanfranchi operations, in Western Australia, following an earlier seismic activity. Mining from the Deacon orebody was expected to decline in 2016 as the orebody was depleted; however, Panoramic took the... 

Syrah raises A$211m to fund Balama construction

By: Esmarie Swanepoel Graphite developer Syrah Resources on Monday announced a A$211-million capital raise to fund the development of its Balama project, in Mozambique. The company would raise the funds through an institutional placement and pro rata renounceable entitlement offer, which have both been fully... 

Straits details refinancing deal

By: Esmarie Swanepoel Copper developer Straits Resources has inked a binding agreement with lender Standard Chartered Bank (SCB) and Asian investment firm PAG subsidiary PAG SPV to restructure its debt. Under the terms of the agreement, Straits’ $111-million outstanding debt with SCB would be reduced by more than 50%... 

Giorgetta calls on miners to educate communities on resource benefits

By: Esmarie Swanepoel Diggers & Dealers forum chairperson Nick Giorgetta has called on the Australian mining industry to educate the broader community on the positive contribution being made by mining, in order to influence policymakers. Speaking on the first day of the Diggers & Dealers conference, Giorgetta noted... 

Gold Road picks a development option for Gruyere

By: Esmarie Swanepoel The Stage 1 prefeasibilty study (PFS) into the Gruyere gold project, in Western Australia, has selected a 7.5-million-tonne-a-year throughput rate as the most effective, giving the project a potential mine life of 10 to 15 years. The Stage 1 PFS also identified a gas-fired power generation plant... 

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