Au 1203.19 $/oz Change: 5.23
Pt 818.50 $/oz Change: 17.45

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Eldorado claims €750m from Greek State over permit delays

By: Marleny Arnoldi     18th September 2018 Gold and base metals producer Eldorado Gold’s Greek subsidiary Hellas Gold has filed an application for payment with the Hellenic Republic, requesting about €750-million for damages suffered by the company, arising from delays in the issuance of permits for the Skouries project, in northern... 

Eldorado claims €750m from Greek State over permit delays

Kirkland invests in Urban Barry explorer Osisko Mining

By: Creamer Media Reporter      19th September 2018 Midtier gold producer Kirkland Lake has increased its shareholding in TSX-listed Osisko Mining, through which it has exposure to the Urban Barry area of north-western Quebec. The company acquired 14 705 882 common shares of Osisko by way of private placement at C$1.70 a share, for a total cash... 

CNN-flighted advert projecting huge growth for platinum-using fuel cells

By: Martin Creamer     18th September 2018 French company Air Liquide, a member of the Davos-launched Hydrogen Council that includes platinum-mining company Anglo American, is currently flighting an advertisement on the global television network CNN, which forecasts exceptional growth for the hydrogen and fuel cell market. Quoting the... 

CNN-flighted advert projecting huge growth for platinum-using fuel cells
CNN-flighted advertisement projecting fuel cell growth.

Struggling Aldridge agrees to be bought by Virtus Mining

By: Mariaan Webb     19th September 2018 Troubled Turkey-focused junior Aldridge Minerals has agreed to be bought by Virtus Mining – a development-stage mining company in which Aldridge director Ahmet Taçyildiz will indirectly hold 70%. Virtus will acquire all the issued and outstanding common shares of Aldridge for C$0.10 in cash,... 

Velocity completes Rozino PEA, earns 70% stake

By: Mariaan Webb     19th September 2018 Eastern Europe-focused Velocity Minerals has completed a positive preliminary economic assessment (PEA) for the Rozino openpit gold project, paving the way for the TSX-V-listed company to earn its 70% in Bulgaria project. The assessment is based on an openpit mining operation, which recovers... 

MMG slashes Las Bambas copper forecast

By: Mariaan Webb     18th September 2018 Hong Kong- and Australia-listed MMG has lowered its 2018 copper concentrate production guidance for the Las Bambas mine, in Peru, to between 375 000 t and 395 000 t, from an earlier guidance of 410 000 t to 430 000 t. The lower production forecast is as a result of wall instability restricting... 

Metallon may pay suppliers in gold amid Zimbabwe cash shortage

By: Bloomberg     18th September 2018 Metallon Corp. is considering paying mining-equipment suppliers in gold because a cash shortage in Zimbabwe is hampering its plan to expand output, Chief Executive Officer Mzi Khumalo said. Zimbabwe, which abandoned its own currency in 2009 because of hyperinflation, has faced cash shortages for... 

Mineral resource estimate at Avesoro’s Liberia mine now 1.1Moz of gold

By: Marleny Arnoldi     Updated 2 hours 58 minutes ago TSX- and Aim-listed Avesoro Resources has increased the measured and indicated mineral resource at its New Liberty gold mine, in Liberia, to more than 1.1-million ounces of gold. The company said in a statement on Wednesday that total openpittable and underground measured and indicated mineral... 

Congo expects declaration on strategic metals by end of October

By: Bloomberg     18th September 2018 The Democratic Republic of Congo expects to issue a decree identifying strategic metals by the end of October, a government official said. Congo’s government has said it’s preparing to categorize cobalt and other metals as strategic, imposing a 10% royalty tax on producers including Glencore and... 

Gold continues 'slow dance' around $1 200 despite fund exodus

By: Bloomberg     18th September 2018 Gold is sticking to a narrow trading range around $1 200/oz even after holdings in bullion-backed exchange-traded funds plunged to their lowest in a year. Bullion for immediate delivery was 0.2 percent lower at $1 198.74/oz as of 11:29 a.m. in London. In the last month, gold has traded within a... 

Central Asia Metals hunts for acquisitions

By: Reuters     Updated 46 minutes ago Base metals producer Central Asia Metals (CAML) on Wednesday reported a more than doubling in first-half revenue and profits following the acquisition of a mine in Macedonia and said it was actively looking for new opportunities to expand. Aim-listed CAML bought the Sasa zinc and lead mine in... 

Central Asia Metals hunts for acquisitions
The Sasa mine in Macedonia.

Activities restart at New Century’s port facility

By: Creamer Media Reporter      Updated 51 minutes ago Queensland miner New Century Resources has started stockpiling zinc concentrate in its 80 000 t storage shed at the Karumba port, paving the way for exports to start and first revenue to be received this month. “The successful refurbishment and restart of activities at New Century’s port... 

Hummingbird to raise processing throughput, confirms good gold intercepts

By: Marleny Arnoldi     Updated 55 minutes ago Aim-listed gold miner Hummingbird Resources will build a second ball mill at the Yanfolila gold mine, in Mali, that will increase plant throughput from 1.2-million to 1.4-million tonnes a year, based on a blend of ore types. Based on 100% fresh ore types, the throughput capacity will increase... 

DRA to conduct feasibility study for Guinea graphite project

By: Schalk Burger     Updated 1 hour 25 minutes ago Engineering services multinational DRA has been appointed to conduct the feasibility study for Canada-based Guinea-focused mining company SRG’s Lola graphite project, in Guinea. DRA said in a statement on Wednesday that the project will be executed through the DRA Met-Chem office, in Montreal,... 

Poland's JSW seeks Ministry approval to buy Prairie Mining assets - CEO

By: Reuters     Updated 1 hour 47 minutes ago Poland's State-run JSW is awaiting approval from the Energy Ministry in its bid to acquire the Polish mining assets of Australia's Prairie Mining, JSW said on Wednesday. Prairie Mining has been developing coking coal projects at the Jan Karski mine in southeast Poland and the Debiensko mine in... 

Metminco buys Solomon Islands DSO nickel laterite project, to delist from Aim

By: Mariaan Webb     Updated 1 hour 49 minutes ago Share trading in Metminco resumed on the ASX on Wednesday as the miner announced the acquisition of the Jejevo nickel project, in the Solomon Islands, giving it exposure to the nickel market at a time of rising demand from the battery market. Metminco will buy Sunshine Metals in a scrip... 

Metminco buys Solomon Islands DSO nickel laterite project, to delist from Aim

Upbeat Pan African repositioned as lower-cost gold producer

By: Martin Creamer     Updated 4 hours ago Gold mining company Pan African Resources said on Wednesday that it had reconfigured its gold operations for sustainable profitability through the creation of a lower cost base and the imposition of efficiencies and stability through restructuring. The London- and Johannesburg-listed company,... 

Upbeat Pan African repositioned as lower-cost gold producer
Photo by Creamer Media
Pan African Resources CEO Cobus Loots (right) with Thabo Mokoena (left) and Eric Kholwane (centre) at the Elikhulu sod-turning ceremony

NAIF approves A$95m loan for Sheffield’s Thunderbird

By: Mariaan Webb     Updated 4 hours ago The Northern Australia Infrastructure Facility (NAIF) is backing the Thunderbird mineral sands project, in the Kimberley region of Western Australia, through a A$95-million loan, ASX-listed Sheffield Resources announced on Wednesday. The NAIF loan comprises a A$30-million project development... 

Coal exports from top shipper hobbled with miners facing constraints

By: Bloomberg     19th September 2018 Coal exports from Indonesia will be restrained this year, which could frustrate a plan by the government to ease a burgeoning trade deficit while keeping prices elevated, according to an industry group. Producers in the world’s largest shipper face an order backlog of 18 months as they aren’t... 

Coal exports from top shipper hobbled with miners facing constraints

UK tax authority confirms Erris Resources EIS status

By: Marleny Arnoldi     18th September 2018 Aim-listed Erris Resources’ enterprise investment scheme (EIS) status has been confirmed by the UK tax authority. The EIS is a series of UK tax reliefs launched in 1994 in succession to the business expansion scheme. It is designed to encourage investments in small unquoted companies carrying on... 

Lulo kimberlite investment contract gazetted

By: Tasneem Bulbulia     18th September 2018 Tphe Angolan Ministry of Mineral Resources and Petroleum has gazetted a new mineral investment contract for the Lulo kimberlite exploration licence, covering a five-year period through to April 30, 2023. Lucapa Diamond Company co-owns and operates the kimberlite  exploration programme on the... 

Eskom delays finalisation of new strategy to mid-November

By: Terence Creamer     18th September 2018 South Africa’s electricity utility Eskom has delayed the publication of a new strategy blueprint to mid-November from an initial deadline of the end September to allow for greater consultation with external stakeholders. Following the appointment of a new board in February, a strategy review was... 

Eskom delays finalisation of new strategy to mid-November

Orion nears drilling completion at Prieska project

By: Marleny Arnoldi     18th September 2018 ASX- and JSE-listed Orion Minerals’ Prieska project drill-out programme is nearing completion, with continued high-grade results being returned at the deep sulphide target. The company has drilled more than 83 000 m since May 2017, across 94 intersections, including 15 intersections drilled for... 

Sitatunga Resources branches out into manganese

By: Marleny Arnoldi     18th September 2018 Exploration and mining project development company Sitatunga Resources has bought the East Manganese project, in Hozatel, Northern Cape, from Southern Ambition, marking the first step in the company’s strategy to build a manganese portfolio in the province. The deal, which was signed on August... 

Vector Resources secures $20m loan to aid Adidi-Kanga development

By: Marleny Arnoldi     18th September 2018 ASX-listed Vector Resources has secured a $20-million committed debt facility with resources focus fund Medea Future Materials Fund, to help reduce its indebtedness with a local Democratic Republic of Congo (DRC) bank. The company needs $5-million for upfront acquisition costs, about $10-million... 

Japan's Marubeni to halve coal-fired power capacity by 2030

By: Reuters     18th September 2018 Japan’s Marubeni Corp said it would no longer start new coal-fired power plant projects and will halve its net coal power generating capacity of about 3 GW by 2030 to cut greenhouse-gas emissions and tackle global climate change. “As a general principle, Marubeni will no longer enter into any new... 

Kalium completes BFS for Beyondie SoP project

By: Mariaan Webb     18th September 2018 ASX-listed Kalium Lakes has completed a “compelling” bankable feasibility study (BFS) for the Beyondie sulphate of potash (SoP) project, in Western Australia, prompting the board to approve early works and front-end engineering and design work ahead of a final investment decision. The BFS... 

Sibanye announces early tender results for bond notes buyback

By: Marleny Arnoldi     18th September 2018 JSE- and NYSE-listed precious metals miner Sibanye-Stillwater announced early tender results of its offer to repurchase up to $350-million of the 6.1% notes due in June 2022 and 7.1% notes due in June 2025. The aggregate purchase price relating to the 6.1% notes amounted to $145-million and the... 

Sibanye announces early tender results for bond notes buyback
Photo by Creamer Media
Sibanye-Stillwater CEO Neal Froneman

CEO Initiative to support government’s investor outreach at October summit

By: Terence Creamer     18th September 2018 The CEO Initiative is putting its weight behind President Cyril Ramaphosa’s plans for increasing levels of investment and stimulating growth in the recession-afflicted South African economy. The CEO Initiative draws in business leaders from various sectors and rose to prominence during Pravin... 

CEO Initiative to support government’s investor outreach at October summit
Photo by Creamer Media
Jabu Mabuza

Kibo Energy to review tender opportunity for Tanzania power utility

By: Marleny Arnoldi     18th September 2018 Africa-focused energy company Kibo Energy is assessing an opportunity to further participate in the development of Tanzania’s energy sector. This follows after Tanzania Electricity Supply Company (Tanesco) announced on Monday that a tender process has been initiated for superior coal technology... 

Tharisa to embark on £3.2m exploration programme prior to Salene acquisition decision

By: Marleny Arnoldi     18th September 2018 JSE- and LSE-listed platinum-group metals (PGMs) and chrome producer Tharisa Minerals has restructured its transaction with Leto Settlement Trust for the acquisition of 90% of the Salene Chrome Zimbabwe prospect. Tharisa has been granted a call option to acquire a 90% shareholding in Salene,... 

Sibanye, Lonmin still committed to merger after competition watchdog decision

By: Reuters     18th September 2018 Precious metals producer Sibanye-Stillwater said on Tuesday it remained fully committed to a takeover of platinum miner Lonmin after South Africa's competition watchdog imposed conditions on the deal. On Monday, the competition watchdog gave the green light to the all-share transaction as it did... 

Ramelius goes underground at Edna May

By: Mariaan Webb     18th September 2018 Gold miner Ramelius Resources has opted for underground operations at Edna May, rather than developing a large Stage 3 openpit cutback at the Western Australia-based operation. Starting in early 2019, the company will start underground mining and ore production is expected from the start of the... 

Ramelius goes underground at Edna May
Edna May is currently an openpit operations but will go underground early next year.

Gladiator raises cash to fast-track North Arunta project

By: Tasneem Bulbulia     18th September 2018 Gladiator has received firm commitment to raise up to A$625 000 to further the North Arunta project, in the Northern Territory. The capital raising entails commitments for a placement of 105-million shares at 0.2c apiece to raise up to A$210 000 placements before costs to sophisticated and... 

Botswana trims growth prospects, sees wider budget deficits

By: Reuters     18th September 2018 Botswana's economy is expected to expand by 4.5% this year, down from an estimate in February of 5.3%, the finance ministry said on Tuesday at a 2019 budget conference. A senior official in the diamond-producing southern African nation’s economy said the government expects an optimistic medium... 

Universal Coal shares jump on takeover proposal

By: Mariaan Webb     18th September 2018 Australia-listed coal miner Universal Coal on Tuesday confirmed that it had received a conditional, nonbinding offer from a consortium of investors, led by South African mining finance and private equity firm Ata Resources. Ata is proposing a cash offer of A$0.35 a share for Universal and... 

PFS generates positive feedback for Cardinal’s Ghana gold project

By: Tasneem Bulbulia     18th September 2018 Gold-focused Cardinal Resources’ prefeasibility study (PFS) for the Namdini gold project in Ghana has confirmed it as one of the country’s and continent’s most promising undeveloped, large gold assets. The financial modelling of the project has shown it to be technically sound and financially... 

New Botswana coal mine development under way – Minergy

By: Martin Creamer     18th September 2018 Work is under way on the new Masama coal mine, which Botswana Stock Exchange-listed Minergy expects to commission in January, ahead of its primary listing on London’s Alternative Investment Market (Aim) in the first half of next year. The 390-million-tonne Masama, located in the Mmamabula... 

New Botswana coal mine development under way – Minergy
Minergy CEO Andre Bojé

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