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Pt 809.50 $/oz Change: 0.77

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

By: Mariaan Webb     Updated 5 hours ago 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

De Beers lifts Q2 production amid strong trading conditions

By: Marleny Arnoldi     19th July 2018 Diamond miner De Beers’ rough diamond production increased by 3% to nine-million carats in the second quarter of this year, reflecting production increases to meet stronger demand, as well as the contribution from the ramp-up at the joint venture Gahcho Kué mine, in Canada. De Beers’ Debswana... 

Mountain Province says Gahcho Kué JV continues to perform well

By: Creamer Media Reporter      Updated 1 hour 33 minutes ago 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     Updated 4 hours ago 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     Updated 1 hour 32 minutes ago 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... 

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... 

Anglo reports production growth across all commodities in Q2

By: Marleny Arnoldi     19th July 2018 Global diversified miner Anglo American reported a 6% year-on-year increase in total production on a copper equivalent basis for the second quarter. Anglo CE Mark Cutifani remarked in a statement on Thursday that higher copper and metallurgical coal production reflected the company’s consistent... 

Anglo reports production growth across all commodities in Q2
Photo by Creamer Media
Anglo American CEO Mark Cutifani

Detour Gold denies Paulson’s report of potential sale, reports investor to OSC

By: Mariaan Webb     18th July 2018 A major gold mining company has reportedly approached Ontario miner Detour Gold about potentially acquiring the firm, sending its stock up 14% on the TSX on Wednesday. The revelation was made by institutional investor Paulson & Co, which also confirmed that it would go ahead with plans to... 

Detour Gold denies Paulson’s report of potential sale, reports investor to OSC
Detour Lake

Cameco following US uranium trade investigation ‘closely’

By: Mariaan Webb     18th July 2018 Canadian uranium major Cameco does not expect the Trump administration’s investigation into uranium imports to have an immediate impact on its shipments into the US, but the company’s president and CEO Tim Gitzel said he is following developments “very closely”. He affirmed that Cameco, which is... 

Cameco following US uranium trade investigation ‘closely’

Trudeau moves Sohi to Natural Resources, Carr to head up International Trade Diversification

By: Mariaan Webb     18th July 2018 Canadian Prime Minister Justin Trudeau on Wednesday announced significant changes to his Cabinet, moving around several current Ministers, appointing four new ones and creating three new portfolios. Amarjeet Sohi has been moved from the Infrastructure portfolio to Natural Resources, succeeding... 

Bacanora Lithium drops $100m placing for Mexico project

By: Mariaan Webb     19th July 2018 London-listed exploration and development company Bacanora Lithium, which earlier this week announced a funding package for the development of the initial 17 500 /ty lithium carbonate (Li2CO3) operation at Sonara, Mexico, has canned its proposed $100-million placing, citing “difficult market... 

Bacanora Lithium drops $100m placing for Mexico project

Piedmont delivers lithium scoping study for US project

By: Esmarie Swanepoel     19th July 2018 The vertically integrated Piedmont lithium project is expected to produce 22 700 t/y of lithium hydroxide over an initial 13-year mine life, the project’s eponymous owner reported on Thursday. ASX-listed Piedmont Lithium said that a scoping study contemplated a staged development approach for... 

Chile's SQM seeks approval for $450m lithium plant expansion

By: Reuters     18th July 2018 Chilean miner SQM on Wednesday began the process of seeking government approval for a $450-million expansion of its lithium carbonate plant, which could more than double its production as demand rises for the key element in the manufacturing of batteries. SQM said in an environmental impact... 

Australia’s Minerals Council unfazed by US uranium investigation

By: Esmarie Swanepoel     19th July 2018 The Minerals Council of Australia (MCA) appeared unfazed over a decision by the US Department of Commerce to launch an investigation on uranium imports. A MCA spokesperson told Mining Weekly Online on Thursday that Australia had been a long-standing uranium supplier to the US. In 2017, US... 

Metgasco turns to Mexican Gulf

By: Esmarie Swanepoel     19th July 2018 ASX-listed Metgasco has entered into an agreement with fellow listed Byron Energy to farm-in to the South Marsh Island block, in the Gulf of Mexico. Metgasco will gain a 30% interest in the project through funding 40% of the cost of an initial test well to casing point, as well as certain... 

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... 

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

By: Creamer Media Reporter      Updated 5 hours ago 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     Updated 6 hours ago 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... 

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... 

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... 

Jubilee delivers solid Q2 results

By: Natasha Odendaal     19th July 2018 AltX- and Aim-listed Jubilee Metals has achieved a 41% increase in operational earnings to £1.61-million for the second quarter of this year. The group, publishing its quarterly operations update, on Thursday, posted a 12% rise in project revenue to £4.37-million, a 25% hike in the Hernic... 

Amplats lifts FY platinum guidance after strong Q2

By: Marleny Arnoldi     19th July 2018 JSE-listed Anglo American Platinum (Amplats) has revised its full-year platinum production guidance upwards to between 2.4-million and 2.45-million ounces, following a strong second-quarter performance. The miner had previously expected to produce between 2.3-million and 2.4-million ounces of... 

Woodside production on the up

By: Esmarie Swanepoel     19th July 2018 ASX-listed Woodside Petroleum has reported increased production with the start of the second liquefied natural gas (LNG) train from the Chevron-operated Wheatstone operation. Production during the three months to June reached 22-million barrels of oil equivalent, up from the 20.7-million barrels... 

Oz reports a solid June quarter

By: Esmarie Swanepoel     19th July 2018 Copper miner Oz Minerals has reported another solid quarter during the three months to June in its bid to reach full-year production of between 100 000 t and 110 000 t of copper. During the second quarter, Oz produced 27 131 t of copper, which was in line with the 27 466 t produced in the first... 

Higher prices drive Santos revenue

By: Esmarie Swanepoel     19th July 2018 Oil and gas major Santos has reported a 16% increase in sales revenue for the first half of 2018, compared with the previous corresponding period, on the back of stronger commodity prices and higher oil sales. Santos on Thursday reported that production during the first half of the year declined... 

South32’s manganese production up 10%, Illawarra beats guidance

By: Esmarie Swanepoel     19th July 2018 Diversified miner South32 has reported record performances at its Australian manganese and Mozal aluminium operations during the 2018 financial year ended June, while also exceeding revised production guidance for its Illawarra metallurgical coal operations. “We delivered record annual... 

South32’s manganese production up 10%, Illawarra beats guidance

South Africa gold producers offer single-digit hikes

By: Reuters     18th July 2018 South African gold producers have offered annual wage increases of around 5% to 6% over three years to most rank and file miners and up to 4.5% for more skilled workers, according to a document seen by Reuters. Gold producers have been giving above-inflation wage hikes for years, adding to the... 

URU continues with exploration at Limpopo project

By: Anine Kilian     18th July 2018 The successful completion of a two-stage six-hole drill programme completed in 2017 on URU Metals’ Limpopo-based Zebediela nickel/platinum group element (PGE) project has resulted in mineralised intersections that exceeded the company's expectations. The company said in an update on Wednesday... 

US plans uranium import probe that may lead to tariffs

By: Bloomberg     18th July 2018 The Trump administration plans to open an investigation into whether uranium imports are harming national security, a move that could lead to tariffs on foreign shipments of the metal, said three people familiar with the matter. US uranium producers Energy Fuels and Ur-Energy filed a petition in... 

Greece shortlists Glencore, Vitol in Hellenic Petroleum majority stake sale

By: Reuters     18th July 2018 Greece has shortlisted Anglo-Swiss Glencore and Swiss Vitol to submit a binding bid for a majority stake in the country's biggest oil refiner Hellenic Petroleum, its privatisation agency said on Wednesday. Athens last month received five expressions of interest for a 50.1% stake that Greece and... 

Savannah enters into option to buy more ground in Portugal

By: Creamer Media Reporter      18th July 2018 Aim-listed Savannah Resources has entered into an exclusive due diligence and option agreement to acquire a three-block mining lease for lithium, feldspar and quartz, covering key areas of newly identified lithium pegmatite-bearing structural corridors adjacent to the company’s existing mining... 

Mining fund, junior mining and platinum make headiness  

18th July 2018 This week, Mining Weekly editor Martin Creamer discusses a new mining fund raising R750-million to co-finance ancillary mine projects, a beneficial innovative approach to junior mining promotion and, platinum is receiving a R2.6-billion boost. 

Mining fund, junior mining and platinum make headiness

Tawana says completes demerger of 85% of shares in Cowan Lithium

By: African News Agency      18th July 2018 Australia-based mineral exploration company Tawana Resources said on Wednesday it had completed the demerger of 85% of the shares in Cowan Lithium Limited, holding the Cowan, Yallari and Mofe Creek assets. Tawana retained 15% of the total issued shares in Cowan Lithium. 

Evolution extends Mungari mine life with Castle Hill rights

By: Esmarie Swanepoel     18th July 2018 Gold miner Evolution Mining has reached an agreement with Norton Gold Fields to terminate its rights to mine and process ore from the Castle Hill deposit, in Western Australia. Evolution said on Wednesday that the agreement allowed the company to explore and develop an important package of... 

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