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De Beers is said to make big cuts in low-end diamond prices

By: Bloomberg     Updated 3 hours ago De Beers made steep cuts in the prices of low-quality stones at its sale this week, according to people familiar with the situation. The world’s biggest producer reduced prices as much as 10% for low-quality stones, said the people, who asked not to be identified because the sales are private.... 

De Beers is said to make big cuts in low-end diamond prices

Global platinum production to rise to 6.7Moz by 2022 – GlobalData

By: Marleny Arnoldi     12th November 2018 LSE-listed data and analytics company GlobalData expects platinum production to increase from 2019 to 2022. After a contraction of 2.1% in 2016, global platinum mine production recovered marginally by 0.8% in 2017 to 6.1-million ounces, which was mainly supported by South Africa and the US... 

Global platinum production to rise to 6.7Moz by 2022 – GlobalData

TMAC’s Madrid and Boston project completes enviro assessment phase

By: Creamer Media Reporter      12th November 2018 Emerging gold producer TMAC Resources has received a project certificate from the Nunavut Impact Review Board for the Madrid and Boston project, marking the end of the environmental assessment process. The company also advised on Monday that it expected to receive the type A water licences for... 

Sandfire reports delay in Black Butte permitting process

By: Creamer Media Reporter      12th November 2018 The Black Butte permitting process has been “slightly delayed”, project developer Sandfire America reported last week, citing new environmental requirements in the US state of Montana. TSX-V-listed Sandfire America explained that the Black Butte project would be the first new copper mine in the... 

Euro Sun’s Rovina Valley licence fully approved

By: Creamer Media Reporter      12th November 2018 Romanian Prime Minister Viorica Dăncilă has signed the mining licence for the Rovina Valley project, making TSX-listed Euro Sun Mining the first non-State-owned entity to have a ratified mining licence. “The importance of this ratification cannot be overstated. Romania has now demonstrated an... 

Jangada slashes project costs by almost a third

By: Mariaan Webb     12th November 2018 The Pedra Branca platinum group metals (PGM) project’s total capital cost has been reduced by 32%, following the refinement and optimisation of the process flowsheet. The project’s total capital expenditure (capex) fell from an estimated $64.9-million in the preliminary economic assessment... 

Rio Tinto Exploration Canada starts drilling Fort à la Corne kimberlites

By: Creamer Media Reporter      11th November 2018 Rio Tinto Exploration Canada (RTEC) has started drilling the Fort à la Corne kimberlites, in Saskatchewan, as it reinvestigates these kimberlites that Star Diamond and other companies have previously explored. The Fort à la Corne kimberlites are outside the Star and Iron South kimberlites, which... 

Rio Tinto completes sale of wharf to LNG Canada

By: Mariaan Webb     12th November 2018 Rio Tinto has completed the lease and sale of a wharf and land in Kitimat, British Columbia, to Royal Dutch Shell-led LNG Canada for $576-million. LNG Canada, a joint venture comprising Shell, Petronas, PetroChina, Mitsubishi Corporation and Kogas, entered into an option agreement with Rio Tinto... 

Rio completes first stage of $3.2bn share buy-back

By: Esmarie Iannucci     12th November 2018 Global miner Rio Tinto has completed a A$2.8-billion off-market share buy-back, purchasing some 41.2-million shares at a price of A$69.96 each, representing a discount of 14% to the market price. The share buy-back, which was announced in September, forms part of a $3.2-billion share buy-back... 

Guyana Goldfields starts underground construction

By: Creamer Media Reporter      11th November 2018 TSX-listed miner Guyana Goldfields has started underground development at the Aurora mine, in Guyana, completing the first blast on the Mad Kiss portal. The blast is a key milestone and marks the start of underground construction, president and CEO Scott Caldwell reported on Friday. 

Gold has bottomed, but not out of the woods – Refinitiv’s GFMS

By: Tasneem Bulbulia     9th November 2018 Early signs of renewed professional interest in the market and an improvement in grassroots retail activity may signal that gold has reached its bottom and that prices are set to rise, the GFMS team at Refinitiv said on Friday, but warned that the yellow metal was not out of the woods yet.... 

Gold has bottomed, but not out of the woods – Refinitiv’s GFMS

Nyrstar plunges as analyst warns shares will get wiped out

By: Bloomberg     12th November 2018 “Abandon ship!” That’s the advice that ABN Amro Group is giving any remaining Nyrstar NV investors. Nyrstar, Europe’s biggest zinc smelting company, is on an inevitable path toward a debt restructuring, said ABN’s Philip Ngotho, whose bearish calls have proven profitable this year. He predicted... 

Afarak will not dismiss board, launches voluntary shareholder buyout

By: Marleny Arnoldi     12th November 2018 LSE-listed specialty alloy producer Afarak Group has resolved to not appoint a new board of directors, following a request by shareholders, who hold a collective 11.09% of shares, to dismiss the company’s board. The shareholders’ request, submitted in August, followed after the Finnish... 

Resgen to accelerate discussions with alternative funder 

By: Simone Liedtke     12th November 2018 ASX- and JSE-listed Resource Generation (Resgen) has agreed to accelerate discussions with the facilitator of alternative funding being sourced from a third party as a substitute or as a complementary participant in its lender syndicate. This is owing to a short delay having arisen in scheduling... 

Kiziltepe to exceed FY guidance

By: Creamer Media Reporter      12th November 2018 The Kiziltepe joint venture (JV) mine in Turkey is “well on track” to exceed its production guidance, following another quarter of record performance, London-listed Ariana Resources reported on Monday. The mine produced a record 7 588 oz of gold during the September quarter, a 6% increase... 

Polymetal approves new gold mine

By: Mariaan Webb     12th November 2018 The board of Russian gold miner Polymetal has approved a new $234-million gold mine, which is set to enter into production in the final quarter of 2021. Announcing the outcomes of a feasibility study and board approval for the Nezhda project, Polymetal said on Monday that the mine would operate... 

Polymetal approves new gold mine

Omnia shares fall as it warns of interim loss

By: Simone Liedtke     12th November 2018 Local chemicals company Omnia Holdings’ share price on the JSE fell by more than 16% on Monday after it announced that it expects to swing to a loss a share for the six months to September 30. It expects to report a loss a share of between 85c and 170c, compared with the earnings a share of 423c... 

DDE and Stargems host six rough diamond tenders, over 2-million carats sold

By: Tasneem Bulbulia     12th November 2018 The Dubai Diamond Exchange (DDE) and Stargems Group have completed six rough diamond tenders of Anhui-Congo Mining Investment Company goods, with over two-million carats sold. The tenders were held at the Almas Tower with around 200 diamond companies in attendance and were facilitated by the DDE... 

DDE and Stargems host six rough diamond tenders, over 2-million carats sold
DMCC executive chairperson and DDE chairperson Ahmed Bin Sulayem

Eskom warns of power cuts due to low coal stockpiles 

By: Reuters     12th November 2018 Cash-strapped power utility Eskom said on Monday the risk of nation-wide electricity outages had increased significantly due to a sharp fall in coal stockpiles at five of its power stations. "The risk of load-shedding is there and its rising," said Eskom spokesperson Khulu Phasiwe. 

Eskom warns of power cuts due to low coal stockpiles

Arafura aims for A$3m in SPP

By: Esmarie Iannucci     12th November 2018 Rare earths developer Arafura Resources will raise A$3-million through a share purchase plan (SPP) to advance its Nolans project, in the Northern Territory. Eligible shareholders will be allowed to subscribe for up to A$15 000 worth of new shares in the company, with the new shares to be issued... 

Stonewall raises A$6m for Theta Hill study

By: Esmarie Iannucci     12th November 2018 ASX-listed Stonewall Resources will raise A$6-million through a private share placement to fund the feasibility study of its Theta Hill gold project, in South Africa. Shareholder Fineway Creation will subscribe for A$1.5-million in shares, representing some 166.6-million fully paid ordinary... 

Universal completes third colliery buy  

By: Esmarie Iannucci     12th November 2018 South Africa focused Universal Coal has completed the A$8.9-million acquisition of the North Block Complex from South Africa’s Exxaro Coal. The North Block Complex is an opencast operation located in proximity to South African State-owned utility Eskom’s Arnot, Tutuka and Komati power stations.... 

Universal completes third colliery buy

Ramelius ups the ante in Explaurum bid

By: Esmarie Iannucci     12th November 2018 Gold miner Ramelius Resources has increased its takeover offer for fellow listed Explaurum by 5c a share in cash. Ramelius has presented Explaurum with a new indicative, non-binding and incomplete proposal of 5c a share in cash for Explaurum’s shares, in addition to the existing one-for-four... 

Stage 2 Pilgangoora lithium expansion approved

By: Esmarie Iannucci     12th November 2018 The board of lithium miner Pilbara Minerals has approved the Stage 2 expansion of the Pilgangoora project, in Western Australia. The Stage 2 operation will see an additional three-million-tonne-a-year processing circuit added to the existing Stage 1 operation, taking the project capacity to... 

Stage 2 Pilgangoora lithium expansion approved

Koolyanobbing unaffected by derailment - MinRes

By: Esmarie Iannucci     12th November 2018 ASX-listed Mineral Resources on Monday told shareholders that a train derailment over the weekend was not expected to have a material impact on iron-ore production at the Koolyanobbing project, in Western Australia, or on the company’s shipment schedule. Mineral Resources over the weekend... 

Senex awards Roma North LNG infrastructure contract

By: Esmarie Iannucci     12th November 2018 ASX-listed Senex Energy has awarded the contract to build critical infrastructure for the development of the Roma North natural gas project, in Queensland, to Wasco. The contract includes the construction of the gas processing facility and a 6 km transportation pipeline to infrastructure... 

Major milestones struck at Thunderbird

By: Esmarie Iannucci     12th November 2018 Mineral sands developer Sheffield Resources has awarded a A$336-million fixed-price, lump sum engineering, procurement and construction (EPC) contract to fellow-listed GR Engineering to design and construct its Thunderbird mineral processing plant, as well as the supporting infrastructure, in... 

India’s Petroleum, Natural Gas Ministry to overrule ONGC on small oil, gas fields

By: Ajoy K Das     12th November 2018 ndications are emerging that the Indian government will take away oil and gas, small discovered fields (DSF) from ONGC and put them up for auction to private investors, overruling opposition from the State-run exploration and production (E&P) major. In a move that a section claims to be... 

US postpones sanctions deadline on Russian tycoon's firms

By: Reuters     12th November 2018 The United States on Friday said it was postponing the enforcement of sanctions on Russian companies EN+, Rusal and Gaz PAO for nearly four weeks as their top shareholder works on a plan to cut his stakes. The US Treasury Department had given Russian tycoon Oleg Deripaska until December 12 to... 

US postpones sanctions deadline on Russian tycoon's firms
Russian tycoon Oleg Deripaska

Avrupa starts Portugal drilling as it closes first tranche of placement

By: Creamer Media Reporter      11th November 2018 Canada-listed, Europe-focused junior Avrupa Minerals has closed the first tranche of its private placement of $500 000, comprising 10-million units, allowing the company to start a drilling programme at its project in Portugal. The 2 500-m to 3 000-m drilling programme at the Alvalade copper/zinc... 

Second Australian iron-ore train derailed in less than a week

By: Bloomberg     11th November 2018 Australia’s iron-ore industry was hit with a second train derailment in a week when 30 empty ore wagons ran off the tracks in the southern part of Western Australia on Sunday. The second derailment happened at 7:30 a.m. Perth time south of Norseman as an ore train returned from the southern... 

De Beers, UN Women complete first round of trainer development workshop

By: Tasneem Bulbulia     9th November 2018 De Beers Group and the United Nations Entity for Women for Gender Equality and the Empowerment of Women (UN Women), in partnership with Blouberg and Musina municipalities, on Friday completed the trainer development workshops aimed at equipping trainers to deliver capacity-building programmes to... 

Alrosa says October diamond sales down 28% y/y

By: Reuters     9th November 2018 Russian diamond miner Alrosa said on Friday that its sales of rough and polished diamonds totalled $242.8-million in October, a year-on-year decrease of 28%. Alrosa said in a statement that its total diamond sales from January to October rose 6% year-on-year to $3.9-billion. 

Sanjeev Gupta's Liberty gets financing for Dunkirk aluminium smelter

By: Reuters     9th November 2018 Industralist Sanjeev Gupta's Liberty steel company has secured the financing for its acquisition of a Dunkirk aluminum smelter from Rio Tinto . The Liberty company said on Friday that it had entered into a committed financing agreement with a syndicate of major international banks. It said the... 

Kibo submits mining right application for Mabesekwa project

By: Marleny Arnoldi     9th November 2018 Aim-listed Kibo Energy has submitted its application for a full mining right for the Mabesekwa coal independent power producer project, in Botswana. This follows the company’s formal presentation to Botswana’s Department of Mines, which outlined the project’s envisaged development plan.  

Bushveld lowers FY output guidance

By: Tasneem Bulbulia     9th November 2018 Integrated primary vanadium producer Bushveld Minerals has lowered the full-year production guidance for its Bushveld Vametco subsidiary downwards to between 2 600 t and 2 650 t, from the previously expected 2 850 t to 3 000 t. This is as a result of the impact of industrial action at the... 

Zimbabwe platinum miners plan base metal refinery, Minister says

By: Bloomberg     9th November 2018 Platinum miners in Zimbabwe plan to jointly develop a base-metal refinery in the country, Mines Minister Winston Chitando said. The processing plant has been under consideration since at least 2014. The project may cost $134-million, the state-owned Zimbabwe Broadcasting Corp. reported in September. 

Lucara records lower Ebitda of $18.2-million for Q3

By: Tasneem Bulbulia     9th November 2018 Lucara Diamond Corp achieved earnings before interest, taxes, depreciation and amortisation (Ebitda) of $18.2-million for the third quarter ended September 30, compared with the Ebitda of $49.8-million reported for the quarter ended September 30, 2017. The decrease in Ebitda reflects lower... 

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