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Currency shocks knock platinum to ten-year lows

By: Reuters     17th August 2018 Platinum prices tumbled to ten-year lows as the collapse of Turkey's lira rippled through markets and weakened the currency of top producer South Africa, underlining persistent oversupply of the autocatalyst metal. Platinum has been caught in a broad sell-off as investors rush to the safety of... 

Currency shocks knock platinum to ten-year lows

Union for Chilean mine Caserones accepts revised contract, averting strike

By: Reuters     17th August 2018 The main union for Chilean mine Caserones has accepted a revised contractual offer from the copper company, which averted the threat of a strike, according to an internal memo sent to workers early on Friday. An agreement between the union and the mining company, controlled by JX Holding and... 

Semafo reports two more deaths in restive Burkina Faso

By: Schalk Burger     17th August 2018 TSX-listed West Africa-focused gold exploration and production company Semafo on Friday reported that a bus transporting employees from the town of Bobo-Dioulasso to the Mana mine, in Burkina Faso, had been shot at by armed bandits on Friday morning. One Semafo national employee and one... 

Gold seen fighting back in battle with dollar for haven role

By: Bloomberg     17th August 2018 Don’t write off gold in the battle of the havens. Bullion has lost out in a paradigm shift where the metal’s no longer viewed as the traditional refuge when investors are in a risk-off mood, but that won’t last, according to Rick Rule, CEO of Sprott US Holdings. 

Gold seen fighting back in battle with dollar for haven role

Gold Fields remains in ‘strong’ financial position, despite $367m loss, says Holland

By: Simone Liedtke     16th August 2018 Despite attributable losses from continuing operations for the six-month period ended June 30, of $367-million or $0.45 a share, CEO Nick Holland maintains that the NYSE- and JSE-listed Gold Fields remains in a strong financial position. Holland further noted on Thursday that the integrity of the... 

Gold Fields remains in ‘strong’ financial position, despite $367m loss, says Holland
Photo by Creamer Media
Gold Fields CEO Nick Holland

Gold Fields advances projects to ‘underwrite a better future’

By: Simone Liedtke     17th August 2018 NYSE- and JSE-listed Gold Fields aims to continue building new projects that will “underwrite a better future for [the miner] in terms of a longer life at lower costs”. This, CEO Nick Holland said during a conference call on Thursday, is particularly important, given the volatility of the gold... 

Commodity price increases lack conviction – IHS

By: Nadine James     17th August 2018 Commodity analysts IHS Markit on Thursday reported that the Materials Price Index (MPI) had risen by 0.5% in the last week, but that the index’s ten subcomponents were evenly split between those showing increases and those showing declines, highlighting the uncertainty in markets. The MPI... 

PEA results show La Fortuna as ‘robust base’ for production growth

By: Nadine James     17th August 2018 TSX-listed Minera Alamos on Thursday announced positive preliminary economic assessment (PEA) results for the La Fortuna gold project, in Durango, Mexico. The PEA estimates average contained metal production of around 43 000 oz/y of gold, 220 000 oz/y of silver and 1 000 t/y of copper over a... 

Canada Cobalt produces first cobalt sulphate from Castle mine

By: Schalk Burger     17th August 2018 TSX-listed Canada Cobalt Works produced the first premium-grade cobalt sulphate from its 100%-owned Castle mine, in Northern Ontario, using its proprietary Re-2OX process.  President and CEO Frank Basa said in a statement on Thursday that pilot plant production of cobalt/nickel-rich gravity... 

Construction advancing on eCobalt’s Idaho project

By: Anine Kilian     17th August 2018 Construction at eCobalt Solutions’ Idaho cobalt project, in the Idaho cobalt belt, continues to advance on time and on budget, the company said on Thursday. “Very good progress has been made at the project by our exceptional team of mining professionals,” CEO Paul Farquharson said in statement on... 

Congo copper faces increased LME scrutiny with audits

By: Bloomberg     16th August 2018 The London Metal Exchange (LME) will start requiring that copper producers which source metal from the Democratic Republic of Congo (DRC) carry out independent audits to prove their material is ethically sourced, according to people familiar with the matter. The LME is reviewing its requirements... 

Congo copper faces increased LME scrutiny with audits

Critical Elements appoints finance VP

By: Nadine James     17th August 2018 TSX-listed lithium-focused junior Critical Elements has appointed Dr Marcus Brune as finance VP. Brune will join the senior management team and will oversee the structuring of the compnay’s wholly-owned Rose lithium/tantalum project debt financing, strategic investment and offtake agreements. 

Lydian announces payment date extension

By: Schalk Burger     17th August 2018 TSX-listed gold developer Lydian International, which is developing the Amulsar gold project, in Armenia, on Thursday announced that its senior lenders have agreed to extend the initial loan repayment date and the availability period from August 15 to August 31. “Lydian continues to have further... 

Western Uranium raises funds in positive macroeconomic environment

By: Nadine James     17th August 2018 US-focused uranium and vanadium mining company Western Uranium Corporation is benefiting from a positive macroenvironment and price increases for both uranium and vanadium, which have increasingly led management to focus on strategic, operational and capital raising opportunities, the company... 

Roxgold says 2018 output may be at upper-end of guidance

By: Anine Kilian     15th August 2018 Burkina Faso-focused Roxgold has delivered strong second-quarter production and cash flow results, standing the company in good stead to achieve the upper end of its 2018 production guidance. For the three months to June 30, TSX-listed Roxgold achieved gold production of 35 828 oz of gold,... 

Russia's government sees windfall tax on metals firms as impractical – Ministry

By: Reuters     17th August 2018 The Russian government thinks it would be impractical to raise more taxes from metals and mining companies that are earning windfall profits, the Russian finance ministry said on Friday. President Vladimir Putin called last week for further discussion of a proposal by Kremlin aide Andrei Belousov... 

BlueRock secures loan from chairperson, CEO

By: Anine Kilian     17th August 2018 Aim-listed BlueRock Diamonds, which owns and operates the Kareevlei mine, in the Kimberley region of South Africa, has entered into a loan with chairperson Paul Beck and CEO Adam Waugh.   

Zambian Revenue Authority executes search warrant at Gemfield’s Kagem mine

By: Schalk Burger     17th August 2018 Gemstone miner Gemfields on Friday said its Kagem Mining company had been subjected to an unannounced visit on Thursday by the Zambian Revenue Authority. Kagem Mining, through which Gemfields operates and holds 75% of the Kagem emerald mine, in Zambia, and its South African polygraph service... 

Mining industry reaffirms commitment to safety with campaign launch

By: Simone Liedtke     17th August 2018 The Minerals Council South Africa (MCSA), previously known as the Chamber of Mines, on Friday launched its National Day of Safety and Health in Mining 2018, which will see 66 MCSA member companies hosting safety and health days at each of their operations in the next month. The launch of the... 

Mining industry reaffirms commitment to safety with campaign launch
Photo by Dylan Slater
MCSA CEO Roger Baxter

Impairments dent Harmony’s FY18 earnings

By: Schalk Burger     17th August 2018 Despite meeting its production guidance targets and increasing its underground recovered grade by 8%, gold producer Harmony Gold warned in a trading statement on Friday that it expects its full-year headline earnings per share (HEPS) to be 40% to 45% lower than in 2017. HEPS for the year ended... 

Afraid of no-one and ready for a long strike, union leader tells Implats

By: Reuters     17th August 2018 Members of South Africa's AMCU mining union are ready to strike for a year if necessary and would bring the platinum belt to a standstill if Impala Platinum carries out plans to cut up to 13 400 jobs, the union's president said on Thursday. Joseph Mathunjwa, who led a five-month strike in 2014,... 

Poland's KGHM optimistic of meeting 2018 output plan

By: Reuters     17th August 2018 Poland's KGHM, one of the world's biggest copper and silver producers, will achieve its 2018 copper production plan despite a fall in output in the first half of the year, the company's chief executive said on Friday. "Looking at the results planned for 2018 we are optimistic and we assume that... 

Rusal says board backs change of domicile to Russia

By: Reuters     17th August 2018 Russia's sanctions-hit aluminium giant Rusal said on Friday its board had discussed and approved a change of domicile from Britain's Jersey to Russia in order to take advantage of new special tax regulations. Rusal, which was hit with US sanctions in April that seriously disrupted aluminium... 

Sweden's Granges halts plans for US aluminium joint venture

By: Reuters     17th August 2018 Sweden's Granges put on ice on Friday plans to form an aluminium manufacturing joint venture in the United States with Japan's Mitsubishi Aluminum Co, saying that the project was less attractive in "current circumstances". It did not specify what circumstances it was referring to though a Granges... 

Sweden's Granges halts plans for US aluminium joint venture

Gascoyne raises funds for Dalgaranga

By: Esmarie Swanepoel     17th August 2018 Gold developer Gascoyne Resources was hoping to raise up to A$15-million through the issue of around 50-million shares to fund the final stages of development at its Dalgaranga gold project, in Western Australia. The shares will be priced at 30c each, representing a 16.7% discount to the... 

Ausdrill raises first A$175m

By: Esmarie Swanepoel     17th August 2018 Mining services provider Ausdrill has raised some A$175-million from the institutional component of its 1-for-2.13 pro-rata non-renounceable entitlement offer. The completion of the institutional offer is the first stage of the company’s fully underwritten entitlement offer, which is expected to... 

Infinity launches scoping of lithium hydroxide option

By: Esmarie Swanepoel     17th August 2018 ASX-listed Infinity Lithium Corporation has launched a lithium hydroxide scoping study at its San Jose resource, in Spain. The lithium hydroxide scoping study will start in direct response to the increased demand and supply chain considerations in the evolving battery chemicals market, the... 

CSIR, Mandela Mining Precinct combine forces in push to improve safety and productivity

By: Nadine James     17th August 2018 The Council for Scientific and Industrial Research (CSIR), as part of its collaboration with the Mandela Mining Precinct, has either developed or adapted several technologies that could be applied in mining environments to improve safety, productivity and efficiency. The function of the Mandela... 

CSIR, Mandela Mining Precinct combine forces  in push to improve safety and productivity

Qld jobs on the rise

By: Esmarie Swanepoel     17th August 2018 The Queensland Resources Council (QRC) on Friday said that a plethora of positions were still available in the state’s resources sector. The state government this week revealed that some 4 400 new jobs were created in July across Queensland, the 22nd straight month of jobs growth. 

Nkwe recommends Zijin offer aceptance

By: Esmarie Swanepoel     17th August 2018 The independent directors of South Africa-focused Nkwe Platinum have unanimously recommended a 10c a share takeover offer from shareholder Zijin Mining Group. The 10c a share takeover offer was a 25% improvement on the 8c a share offer launched in March this year, and provided shareholders with... 

Evolution's profits surge in 2018

By: Esmarie Swanepoel     17th August 2018 Gold miner Evolution has reported a 21% surge in underlying net profits after tax for the 2018 financial year, on the back of a 4% increase in sales revenues. Underlying net profits after tax for the full year ending June reached A$250.8-million, while statutory net profit after tax also... 

Evolution's profits surge in 2018
Photo by Bloomberg
Evolution executive chairperson Jake Klein

Kangaroo shares jump on deal

By: Esmarie Swanepoel     17th August 2018 The share price of junior Kangaroo Resources surged by more than 40% on Friday on news of a takeover offer from major shareholder PT Bayan Resources. Kangaroo on Friday reported that it had entered into a binding scheme implementation agreement with PT Bayan under which the shareholder would... 

BP signs up for PNG LNG

By: Esmarie Swanepoel     17th August 2018 The joint venture partners of the Papua New Guinea liquefied natural gas (PNG LNG) project have entered into a mid-term LNG sales and purchase agreement with BP Singapore. Under the terms of the agreement, BP will be supplied with around 0.45-million tonnes of LNG a year over an initial... 

Poseidon gets conditional proposal

By: Esmarie Swanepoel     17th August 2018 ASX-listed Poseidon Nickel has received a conditional proposal from Perth-based Black Mountain Metals. Poseidon told shareholders on Friday that while no formal bid price per share has been offered or agreed upon, Black Mountain has made an informal proposal of 6c a share 

Mining Weekly iPhone and Android Apps available for free download 

17th August 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

Amplats starts construction on Polokwane sulphur dioxide abatement project

By: Anine Kilian     16th August 2018 Construction of the sulphur dioxide (SO2) abatement project at Anglo American Platinum’s (Amplats’) Polokwane smelter got under way on Thursday. The company will implement new wet sulphuric acid (WSA) technology at the smelter and will ultimately reduce SO2 emissions by an estimated 96%, to... 

Grootegeluk boosts Exxaro’s H1 coal output

By: Marleny Arnoldi     16th August 2018 Diversified miner Exxaro Resources’ coal production volumes for the six months to June 30 increased by 7%, or 1.5-million tonnes, compared with that of the second half of 2017. The company on Thursday attributed the increase in overall output to higher production volumes at the company’s... 

Grootegeluk boosts Exxaro’s H1 coal output
Photo by Creamer Media
Exxaro CEO Mxolisi Mgojo

Alrosa to put 202 'special' diamonds up for sale at Israel auction

By: Creamer Media Reporter      16th August 2018 Diamond miner Alrosa will offer 202 gem-quality rough diamonds for sale at an auction to be held in Israel from August 19 to September 6. The diamonds, with a combined weight of 3 165 ct, are all larger than 10.8 ct, otherwise known as 'special' diamonds. 

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