http://www.miningweekly.com
R/€ = 14.01 Change: 0.06
R/$ = 13.03 Change: 0.06
Au 1250.88 $/oz Change: -1.57
Pt 954.50 $/oz Change: 3.50
 
Close

Email me free daily news

Email address

Kirkland Lake rises as 2016 acquisitions boost profit, initiates dividend

By: Henry Lazenby     30th March 2017 The TSX-listed stock of Canadian midtier miner Kirkland Lake Gold on Wednesday gained 6.6% after the company reported headline earnings for the three months ended December rising 1 800%, boosted by two transformative acquisitions in 2016 that lifted output and lowered costs. For the fourth... 

Kirkland Lake rises as 2016 acquisitions boost profit, initiates dividend

Anglo's new billionaire backer Agarwal says he's no activist

By: Bloomberg     29th March 2017 Anglo American’s new billionaire shareholder said he has no intention of behaving like an activist investor after surprising the mining industry by paying $2.5-billion for a 13% stake earlier this month. “At the moment, I’ve come in purely as an investor on my personal capacity and that is the... 

Anglo's new billionaire backer Agarwal says he's no activist
Photo by Bloomberg
Vedanta chairperson Anil Agarwal

Metals Australia buys into Canadian cobalt

By: Esmarie Swanepoel     29th March 2017 ASX-listed explorer Metals Australia has struck a deal to acquire the Lac du Marcheur cobalt project, in Quebec, while also raising A$2.45-million through a private share placement. Under the acquisition agreement, Metals Australia has a 15-day period to conduct a due diligence on the Lac du... 

Escondida names new mine head following failure of wage talks

By: Reuters     Updated 7 hours ago Chile's Escondida named a new president to run the BHP Billiton-operated mine on Thursday, days after the company failed to clinch a wage deal with workers after an historically long strike. Mauro Neves, a Brazilian who has worked in Vale and Australian logistics firm Aurizon, will take over the... 

Vale minority shareholders nominate candidate to board

By: Reuters     Updated 7 hours ago Brazil's mining company Vale on Wednesday said Aberdeen Asset Management, on behalf of minority shareholders, nominated Isabella Saboya to join the company's board. Vale said in a securities filing that Sandra Guerra was also nominated by the minority shareholders as a substitute board member... 

Gold seen soaring to $1 500 as inflation poised for a comeback

By: Bloomberg     29th March 2017 Gold is poised to rally to levels last seen four years ago as rising inflation and negative real interest rates combine to boost demand, according to Incrementum, which says that the precious metal may be in the early stages of a bull market. Prices may climb to $1 400/oz to $1 500/oz this year,... 

Tanzania orders audit of mining companies' earnings over taxes

By: Reuters     29th March 2017 Tanzania's President John Magufuli has ordered a special audit of mining companies to determine if they pay their fair share of taxes to the East African country. Mining contributes 3.5% of the gross domestic product (GDP) in Tanzania, Africa's fourth-largest gold producer, but the government... 

Pipe rupture being repaired at Barrick mine in Argentina

By: Reuters     29th March 2017 The decoupling of a pipeline at Barrick Gold Corp's Veladero mine in Argentina on Tuesday posed no threat to the environment, the company said in a statement on Wednesday while local authorities investigated the incident. The rupture of the pipe carrying gold and silver solution was reported to... 

Avesoro turnaround strategy to start bearing fruit this year

By: Megan van Wyngaardt     29th March 2017 In “a year of transition”, dual-listed Avesoro Resources has posted revenues of $63.6-million for the year ended December 31, generated from gold sales of 50 264 oz at an average realised price of $1 266/oz. “While the period was challenging for the company, the new leadership team [introduced in... 

Randgold dividend continues to rise 

     29th March 2017 Since its first dividend in its 2006 financial year, gold miner Randgold Resource’s yearly dividends have increased by 900% over a ten-year period. Mining Weekly editor Martin Creamer joins senior deputy editor Tracy Hancock in studio to discuss this achievement. 

Randgold dividend continues to rise

Petra Diamonds issues $600m in notes

By: Megan van Wyngaardt     Updated 17 minutes ago To refinance its existing $300-million, 8.25% senior secured second lien notes, Petra Diamonds has launched a $600-million notes issue on Thursday. Proceeds will also be used to repay all drawn bank facilities and for general corporate purposes. 

Masimong said to lead bid for Anglo's South African coal mines

By: Bloomberg     Updated 29 minutes ago Masimong Minerals has emerged as the favorite to win an auction for some of Anglo American’s South African coal mines, according to two people familiar with the matter. Led by South African Chamber of Mines President Mike Teke, Masimong has edged ahead of Phembani Group, the other shortlisted... 

Masimong said to lead bid for Anglo's South African coal mines
Photo by Duane Daws
Mike Teke

El Salvador Congress approves law prohibiting metals mining

By: Reuters     Updated 35 minutes ago El Salvador's Congress on Wednesday approved a law prohibiting all metal mining projects in a bid to protect the poor Central American country's environment and natural resources. The new law, which enjoyed cross-party support from 70 lawmakers, blocks all exploration, extraction and processing... 

Jubilee starts platinum production at Hernic

By: Natasha Odendaal     29th March 2017 Dual-listed Jubilee Platinum's share price on the JSE surged nearly 10% and its share price on the LSE by nearly 9% on Wednesday afternoon after the company announced the start of platinum concentrate production at its Hernic operations. The commissioning and subsequent ramp-up of the fully... 

NUM goes to war over proposed Eskom power station closures

By: Natasha Odendaal     29th March 2017 The National Union of Mineworkers (NUM) on Wednesday said it was planning mass protest action over State-owned power utility Eskom’s decision to mothball five power stations to make room for independent power producers (IPPs). In an effort to “save” Eskom from bankruptcy and privatisation, as... 

Promulgation of Mining Charter to dent South Africa’s risk, reward score – BMI

By: Megan van Wyngaardt     29th March 2017 If the proposed Mining Charter is promulgated, it will dent South Africa’s score on global research firm BMI Research’s Sub-Saharan Africa Mining Risk Reward Indices, as it could deter investment. The research firm currently places South Africa as the second-most attractive country for capital... 

Armadale starts graphite exploration programme at Tanzania mine

By: Megan van Wyngaardt     29th March 2017 An exploration programme at dual-listed Armadale Capital’s Mahenge Liandu graphite project in Tanzania, aimed at upgrading its resource estimate, has kicked off. The project currently has an existing Joint Ore Reserves Committee-compliant inferred mineral resource estimate of 40.9-million tonnes... 

Pallinghurst turns $45m profit, upbeat on 2017, mulling options

By: Martin Creamer     29th March 2017 Diversified mining company Pallinghurst, which made $45-million profit in 2016, is upbeat on 2017. The Johannesburg Stock Exchange-listed company spoke of all three of its business platforms being well positioned for further growth and value-unlock. 

Pallinghurst turns $45m profit, upbeat on 2017, mulling options
Photo by Duane Daws
Pallinghurst CEO Arne Frandsen and chairperson Brian Gilbertson at JSE listing ten years ago this year.

Asia's coal markets tighten on Indonesia port probe, Australian cyclone

By: Reuters     29th March 2017 Port disruptions in Indonesia and a cyclone hitting mines in Australia have tightened Asia's coal markets in March, while demand in China and other key import markets remains strong, lifting prices. Prompt thermal coal cargo prices for export from Australia's Newcastle port have risen by more... 

Rio's autonomous haul service to be fully integrated by 2018

By: Esmarie Swanepoel     29th March 2017 Diversified major Rio Tinto will progressively expand the use of its AutoHaul system this year, with full implementation to be achieved by the end of 2018, Rio iron-ore-division planning, integration and assets MD Kellie Parker says. Once fully operational, AutoHaul will be the world’s first... 

BHP mulling Yandi options

By: Esmarie Swanepoel     29th March 2017 Diversified miner BHP Billiton is considering the development of its South Flank iron-ore deposit, in the Pilbara, which could result in the development of the world’s largest iron-ore mining and processing centre. BHP’s asset president for Western Australian iron-ore, Edgar Basto on Wednesday... 

Cooper Energy approves Sole development

By: Esmarie Swanepoel     29th March 2017 The board of ASX-listed Cooper Energy has approved the development of the Sole gas project, offshore Victoria, with the company launching a A$151-million capital raise as part of its financing initiative to fund the project. The Sole gas project is expected to require a capital investment of some... 

OreCorp to raise A$20.6m to fast-track Tanzania project

By: Esmarie Swanepoel     29th March 2017 ASX-listed OreCorp will raise A$20.6-million through a share placement to institutional and sophisticated investors to fast-track the development of its Nyanzaga gold project, in Tanzania. The company will place 43-million ordinary shares at an issue price of 48c each to investors in North... 

Report highlights mining, Mets sectors’ contribution to Aus economy, jobs

By: Esmarie Swanepoel     29th March 2017 New data by advisory firm Deloitte Access Economics has shown that the mining and mining equipment, technology and services (Mets) sectors contributed 15% of Australia’s gross domestic product in 2015/16, delivering some A$236.8-billion. The report, which was commissioned by the Minerals Council... 

Report highlights mining, Mets sectors’ contribution to Aus economy, jobs

Botswana grants Sese mining lease

By: Esmarie Swanepoel     29th March 2017 The Botswana government has awarded ASX-listed African Energy a mining licence for its Sese joint venture (JV). The mining licence covers 51.47 km2 and contains 650-million tonnes of raw coal classified as measured and indicated resources, with African Energy saying on Tuesday that the granted... 

Vango starts dewatering at K2

By: Esmarie Swanepoel     29th March 2017 ASX-listed gold developer Vango Mining has started its dewatering programme at the K2 underground gold mine, in Western Australia. “We are delighted to be in a position to commence dewatering of the K2 deposit. Despite an extended period of heavy seasonal rain at the project area, we have been... 

Pilbara strikes lithium deal with Atlas Iron

By: Esmarie Swanepoel     29th March 2017 Lithium developer Pilbara Minerals has signed a farm-in and joint venture agreement with iron-ore miner Atlas Iron over the Mt Francisco lithium-tantalum project, near the Pilgangoora lithium project. Under the terms of the agreement, Pilbara will acquire an initial 51% interest in the lithium,... 

Jervois granted special status in NT

By: Esmarie Swanepoel     29th March 2017 The Northern Territory government has awarded the Jervois copper-silver-gold project major project status, inking a project facilitation agreement (PFA) with owner KGL Resources. The PFA requires the territory government and the company to work together to progress the project through the... 

Eskom cancels supplier contract owing to inferior coal 

By: Creamer Media Reporter      29th March 2017 State-owned power utility Eskom has terminated a contract with a major coal supplier to its Tutuka power station after discovering the coal supplied was not extracted from the contracted collieries. The parastatal, following strict monitoring of the coal quality to the station, revoked the... 

India to offer free pricing, revenue sharing model to open up commercial coal mining

By: Ajoy K Das     29th March 2017 Returning to commercial coal mining for the first time since 1973, India will offer free pricing and revenue sharing contracts to investors securing coal blocks through the reverse auction route. In a working paper outlining the plans for the launch of commercial mining, the Coal Ministry... 

Acacia rebuffs reports that it violated Tanzanian concentrate export ban

By: Henry Lazenby     28th March 2017 London-listed gold producer Acacia Mining has denied allegations that it is trying to export gold and copper concentrates from Tanzania, despite the ban instituted by that country's government. Neither the company nor its customers have attempted to export gold and copper concentrates, the... 

Radisson chases potential ‘game-changing’ discovery at high-grade O’Brien project

By: Henry Lazenby     28th March 2017 Following on the heels of a successful 2016 exploration campaign, junior explorer Radisson Mining Resources has doubled its current drill programme to 20 000 m and added a second drill at the O’Brien project, cut by the prospective regional Larder-Lake-Cadillac Fault, in Quebec. Emboldened by... 

Radisson chases potential ‘game-changing’ discovery at high-grade O’Brien project
Photo by Radisson Mining Resources
Radisson observed specks of visible gold at a depth of 533 m in the Piche conglomerate

Goldcorp, Barrick creating another NuevaUnión-like JV at close to discovery cost

By: Henry Lazenby     28th March 2017 Canadian gold majors Goldcorp and Barrick Gold on Tuesday announced a series of transactions that will result in the creation of a new 50:50 joint venture (JV) over a new project located in the Atacama region of Chile, that combines Barrick and Kinross Gold’s Cerro Casale project, with Exeter... 

Goldcorp, Barrick creating another NuevaUnión-like JV at close to discovery cost

Bushveld Minerals moves closer to SMC acquisition as it supports BEE deal

By: Mia Breytenbach     28th March 2017 Aim-listed Bushveld Minerals has signed a a deed of settlement and undertaking (DSU) with Gingko Trading and Oakleaf Investments Holdings 115. Under the DSU, Bushveld will settle all demonstrable funding that Gingko advanced to Oakleaf 115, as part of its acquisition, as a participant in the... 

Bushveld Minerals moves closer to SMC acquisition as it supports BEE deal
Photo by Duane Daws
Bushveld Minerals CEO Fortune Mojapelo

Firestone narrows H1 loss, says Liqhobong on track for commercial production in June

By: Mia Breytenbach     28th March 2017 Aim-listed Firestone Diamonds, which on Tuesday posted a $4.1-million loss before tax for the six months to December 31, expects its Liqhobong diamond mine, in Lesotho, to reach commercial production at the end of June. Commissioning of the mine started in October 2016, with the mine construction... 

Firestone narrows H1 loss, says Liqhobong on track for commercial production in June
Photo by Duane Daws
Firestone Diamonds CEO Stuart Brown

Business warns of downgrade threat amid Gordhan uncertainty

By: Natasha Odendaal     28th March 2017 The Chamber of Mines (CoM) is the latest business entity to express concern that President Jacob Zuma’s unexpected decision to cut short an international investor roadshow led by Finance Minister Pravin Gordhan will leave investors unsettled and raise the possibility of a downgrade. Media reports... 

Business warns of downgrade threat amid Gordhan uncertainty
Photo by Duane Daws
Pravin Gordhan

Giant gold coin worth $4m stolen in Berlin museum heist

By: Bloomberg     28th March 2017 Burglars stole a 100 kg (220 lb), solid-gold coin worth $4-million from a Berlin museum in a heist out of a Hollywood movie. A security guard at the Bode Museum alerted police early Monday morning that the coin – which carries Queen Elizabeth II’s imprint and is called "Big Maple Leaf" – had been... 

Swedish miner says Donald Trump doesn't hold key to metal prices

By: Bloomberg     28th March 2017 The operator of some of Europe’s largest copper and zinc mines expects President Donald Trump’s plans to spend on US infrastructure to have much less impact on base-metal prices than the needs of burgeoning middle-class populations in emerging markets. That’s because projects in the US and other... 

Popular Articles This Week

more

Other Popular Articles


Company Post

more

Services News

Consulting Engineers

Contract Mining

Crushing and Screening

Drilling and Tunnelling

Earthmoving

Energy Services

Explosives

Furnaces and Kilns

Materials Handling

Opencast/Quarries

Pumps

Valves

Latest Videos

Randgold dividend continues to rise

Gold mining operations need to transform into 'mines of the future'

Resources Watch

IDC to support R&D of low-energy technology

Master Drilling boasts strong order book

Vedanta already turning Anglo’s discarded zinc assets to account

Take community engagement seriously, ARM’s Motsepe advises

Magara seizes dual role at Lonmin

more

Press Office

more

RSS Feed

About

Mining Weekly is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Research Channel Africa
Polity

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on MiningWeekly.com is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Close