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FCX stock rises on interim Indonesia export deal despite earnings miss

By: Henry Lazenby     26th April 2017 The NYSE-listed stock of US-based diversified miner Freeport-McMoRan (FCX) on Tuesday closed 7.11% higher despite the miner reporting earnings below analyst forecasts, as investors were pleased with the company reporting resumed copper concentrate exports from Indonesia following a three-month... 

FCX stock rises on interim Indonesia export deal despite earnings miss
Photo by Reuters
Freeport has taken actions to adjust its cost structure, reduce its workforce and slow significant investments in its underground development projects and new smelter at Grasberg, Indonesia

Newmont’s Q1 results surprise to the upside as output, prices rise

By: Henry Lazenby     26th April 2017 US gold major Newmont Mining has surprised investors by beating average consensus estimates during the first quarter ended March, as the miner reported improved output and prices, which were slightly offset by higher costs. The Denver, Colorado-based miner reported net income from continuing... 

Sibanye’s Stillwater buy wins strong shareholder support

By: Martin Creamer     25th April 2017 Shareholders have voted overwhelmingly in favour of Sibanye acquiring Stillwater, the US platinum group metals (PGMs) company. The number of shares that voted in favour of the proposed deal made up 83% of Sibanye’s total issued share capital. 

Sibanye’s Stillwater buy wins strong shareholder support
Photo by Duane Daws
Sibanye CEO Neal Froneman

BHP cuts coking coal, copper guidance, narrows iron-ore range

By: Esmarie Swanepoel     Updated 7 hours ago Diversified major BHP Billiton on Wednesday lowered its metallurgical coal and copper production targets, narrowed its iron-ore guidance and said that it plans to sell some noncore US shale gas acreage. The mining major reduced its metallurgical coal production guidance for the 2017 financial... 

BHP cuts coking coal, copper guidance, narrows iron-ore range
Photo by Bloomberg
BHP CEO Andrew Mackenzie

Randgold replaces 2016 Loulo-Gounkoto complex gold output, updates Morila reclamation plan

By: Henry Lazenby     26th April 2017 Africa-focused gold producer Randgold Resources said Tuesday it had replaced 100% of the 707 116 oz gold it produced in 2016 at the Mali-based Loulo-Gounkoto complex through ongoing exploration, placing the operation on track to meet 2017 production guidance of 690 000 oz gold, despite some... 

Randgold replaces 2016 Loulo-Gounkoto complex gold output, updates Morila reclamation plan
Randgold CEO Mark Bristow

Jameson lowers capital cost estimate for Canada project

By: Esmarie Swanepoel     Updated 3 hours ago An updated prefeasibility study (PFS) into the Crown Mountain coking coal project, in Canada, has reduced the capital cost estimate from the $339.7-million anticipated in the original 2014 PFS, to $281-million. Capital costs could be reduced further by leasing or using low-hour used equipment,... 

KWG, Marten Falls First Nation to establish equal partnership to kick-start RoF development

By: Henry Lazenby     26th April 2017 Junior project developer KWG Resources has undertaken to strike an equal partnership with the Marten Falls First Nation to kick-start infrastructure development in the remote emerging mining district known as the Ring of Fire, in Northern Ontario. The parties envision the establishment of... 

Barrick earmarks $500m for Argentina mine after spill

By: Reuters     26th April 2017 Barrick Gold has earmarked $500-million over five years for upgrades and expansions to its Veladero mine, in Argentina, COO Richard Williams said on Tuesday, four weeks after a third cyanide solution spill at the mine. Barrick, the world's biggest gold miner, said improvements to the mine's... 

Peak sets sights on idled US rare earths mine

By: Esmarie Swanepoel     Updated 3 hours ago ASX-listed Peak Resources has revealed that it is in discussions with ERP Strategic Minerals to a possibly collaborate on the Mountain Pass rare earths project, in California. ERP has entered a bid to purchase the Mountain Pass project from the administrators of Molycorp Minerals, which has... 

Elliott spurns offer, forging ahead with Arconic proxy fight

By: Reuters     25th April 2017 Tensions between Elliott Management and specialty metals maker Arconic Inc escalated on Tuesday, as the hedge fund spurned a truce offered by the company and urged shareholders to elect all four of its director nominees. Elliott's latest letter to shareholders came a day after Arconic said it was... 

Zambia said to near mine company stake sale to Israeli investor

By: Bloomberg     25th April 2017 Zambia, Africa’s second-biggest copper producer, is close to selling a stake in ZCCM Investments Holdings, a State controlled mine holding company, for more than $100-million, according to three people familiar with the matter. Sapir Capital, an Israeli private equity company that’s invested in... 

Sylvania’s dump operations post another ‘strong’ production quarter

By: Creamer Media Reporter      Updated 51 minutes ago Low-cost platinum group metals (PGMs) producer Sylvania Platinum’s Sylvania Dump Operations (SDO) is on track to meet, and possibly exceed, full-year guidance of 63 000 oz to 65 000 oz of PGMs. The SDO delivered 17 096 oz of PGMs in the third quarter, ended March 31. 

M&R a co-applicant with GE in dispute with Eskom over Duvha contract

By: Terence Creamer     Updated 58 minutes ago Murray & Roberts (M&R) has confirmed that it is a coapplicant with GE’s in court bid to prevent Eskom from implementing a contract with Dongfang Electric Corporation for the Duvha Unit 3 boiler recovery project. The 600 MW boiler was damaged catastrophically in March 2014 as a result of over... 

Job losses loom at troubled Marula – Implats

By: Martin Creamer     Updated 1 hour 48 minutes ago Despite ongoing engagement between all stakeholders to restore operational continuity and secure the financial sustainability of the Marula platinum operation, continued community protest action and persistently low metal prices have now necessitated a fundamental restructuring of the business to... 

Job losses loom at troubled Marula – Implats
Photo by Duane Daws
Acting Implats CEO Gerhard Potgieter

Black Mountain Mining establishes Esop 

     Updated 1 hour 50 minutes ago While mining companies Kumba and Exxaro have boasted successful employee share ownership plans over the last few years, Vedanta’s Black Mountain Mining has established a 7-year plan for its employees. Mining Weekly editor Martin Creamer speaks to Creamer Media's Sashnee Moodley about the payouts. 

Black Mountain Mining establishes Esop

Normal production resumes at Pan African’s Evander after shaft refurbishment programme

By: David Oliveira     Updated 3 hours ago South African gold miner Pan African Resources has completed the R41.5-million stoppage and refurbishment programme for the 7 and 8 shafts at its Evander gold mine, in Mpumalanga, and normal production has resumed. During a media briefing at the mine this week, Pan African group mining engineer... 

Bligh makes a U-turn on Bundarra sale

By: Esmarie Swanepoel     Updated 3 hours ago The directors of ASX-listed Bligh Resources have withdrawn their support of a bid by gold miner Saracen Mineral Holdings to acquire the Bundarra gold project, in Western Australia, after shareholder Zeta Resources increased its offer price. Zeta has increased its intended off-market takeover... 

Rio Tinto in JV with Strandline to earn into Tanzania project

By: Esmarie Swanepoel     Updated 3 hours ago The exploration arm of mining major Rio Tinto has inked an earn-in and joint venture (JV) agreement with ASX-listed junior Strandline Resources worth up to $10.75-million. Strandline on Wednesday reported that the JV would allow Strandline to accelerate exploration activities at its heavy... 

Mining giants race to fill board leadership gaps

By: Reuters     Updated 3 hours ago Three of the world's biggest miners are hunting for new leaders for their boards at a time when the industry faces questions from investors about its conventional diversified business operations and strategies for growth. BHP Billiton, Rio Tinto and Anglo American, whose chairpersons have all... 

Neometals looking for third-party buyer

By: Esmarie Swanepoel     Updated 3 hours ago ASX-listed Neometals is looking for a third-party buyer for its 13.8% interest in the Reed Industrial Minerals joint venture (JV), after its JV partners failed to take the bait. Neometals in early April announced plans to divest of its stake in the JV vehicle, which owns the Mt Marion lithium... 

Now US shareholders give nod to Sibanye deal

By: Martin Creamer     Updated 3 hours ago The requisite majority of Stillwater shareholders in the US have approved the acquisition by Sibanye of the entire issued share capital of Stillwater Mining Company. The voting took place a day after Sibanye shareholders gave their overwhelming approval to the transaction that is expected to... 

Now US shareholders give nod to Sibanye deal
Photo by Duane Daws
Sibanye CEO Neal Froneman

Lynas hits record quarter

By: Esmarie Swanepoel     Updated 3 hours ago Rare earths miner Lynas has reported record production and sales during the three months to March, resulting in record cash flow. Neodymium-praseodynium (NdPr) production during the quarter increased by 3.2% from the previous quarter, to 1 373 t. It was also a 61.5% improvement on the previous... 

Riots hit major bauxite mining hub in Guinea

By: Reuters     Updated 4 hours ago Riots have paralysed a major bauxite mining hub in Guinea, Africa's top producer, as residents erected barricades and burned tyres to protest against high pollution levels and power cuts, government and company officials said on Tuesday. The unrest broke out on Monday night in the city of Boke,... 

Rain halts mining at Tarcoola

By: Esmarie Swanepoel     Updated 4 hours ago Mining operations at the Tarcoola gold project, in South Australia, have been temporarily suspended on the back of two significant rainfall events in close proximity to each other. ASX-listed WPG Resources said on Wednesday that all roads leading to the mine have been temporarily closed, which... 

Western Areas hopes for stellar year

By: Esmarie Swanepoel     Updated 4 hours ago Nickel miner Western Areas is tracking at the upper end of its full-year guidance following a strong March quarter, with the miner also reporting its lowest unit cash costs since June 2015. The total tonnes of nickel-in-concentrate produced during the March quarter dropped slightly from 5 844 t... 

NT govt funds study for common-user mine, processing facility

By: Esmarie Swanepoel     Updated 4 hours ago The Association of Mining and Exploration Companies (AMEC) has welcomed the Northern Territory government’s decision to invest in a feasibility study to construct a common-user mine and processing facility in Tennant Creek. Chief Minister Michael Gunner earlier this week announced that the... 

Kin finds processing solution for Leonora

By: Esmarie Swanepoel     Updated 4 hours ago Junior Kin Mining has entered into an option agreement with Agnew Gold Mining Company, held by gold miner Gold Fields, to acquire the Lawlers processing facility for A$2.5-million. The plant, which has been on care and maintenance for 21 months, has a capacity of some 800 000 t/y and includes a... 

Mincor proves gold mettle

By: Esmarie Swanepoel     Updated 4 hours ago The Widgiemooltha gold project, in Western Australia, could deliver 65 863 oz of gold over an initial 19-month mine life, ASX-listed Mincor Resources has told shareholders. A feasibility study into the 60 000 t/m project estimated that the project could be developed at a capital cost of... 

Russian mining tycoons eyeing return to London's stock market

By: Bloomberg     Updated 5 hours ago For three years, Russian companies retreated from the London stock market. Now, a pair of oil and mining-billionaires is hoping to break the drought. En+ Group, owned by aluminium magnate Oleg Deripaska, and Polyus PJSC, a gold producer controlled by the family of Suleiman Kerimov, are planning... 

Rössing Uranium swings to FY profit, despite low prices

By: Creamer Media Reporter      25th April 2017 In what was a very tough year for the uranium mining industry, Rio Tinto subsidiary Rössing Uranium, which operates in Namibia, swung to a profit of N$107-million in 2016, from a loss of N$385-million in 2015. In the company’s ‘Report to Shareholders 2016’, MD Werner Duvenhage said the year was... 

Anglo commits to innovative mining that’ll keep people out of harm’s way

By: Martin Creamer     25th April 2017 Keeping people out of harm’s way, extracting more precious ore and less waste rock, recycling all the required water and producing only dry tailings are among the innovative steps diversified mining company Anglo American is firmly committed to taking.  “The real future of mining lies in turning... 

Anglo commits to innovative mining that’ll keep people out of harm’s way
Anglo American Chairperson Sir John Parker

Debswana Diamond Company starts processing Cut 8 ore

By: Reuters     25th April 2017 Botswana's Debswana Diamond Company has started processing ore from the $3-billion expansion of its Jwaneng diamond mine, popularly known as Cut 8, the company said on Tuesday. The Cut 8 project, which Debswana started in 2010, is meant to uncover 100-million carats of diamonds and extend the... 

Indian govt reserves right to call for joint development of oil and gas blocks under OALP

By: Ajoy K Das     25th April 2017 The Indian government has reserved the right to call for the joint development of oil and gas fields to be auctioned under the newly unveiled Open Acreage Licensing Policy (OALP). In a draft contractor agreement, which is signed between a successful bidder and government, a provision for the... 

Six new prospecting licences awarded to Botswana Diamonds

By: Martin Creamer     25th April 2017 London Aim-listed Botswana Diamonds on Tuesday announced that its joint venture (JV) with the large Russian diamond company, Alrosa, had been awarded of six new prospecting licences in Botswana.   Four are in the Central Kalahari Game Reserve (CKGR) and two are in the Orapa kimberlite province... 

Six new prospecting licences awarded to Botswana Diamonds
Botswana Diamonds chairperson John Teeling

Africa urged to transform dependence on commodities

By: African News Agency      25th April 2017 Even as the world emerges from the worst of the global commodity price meltdown, African countries were urged on Tuesday to make the most of the next upward cycle to diversify and industrialise away from over-reliance on exports of raw materials. In a statement, Dr Martyn Davies, Deloitte... 

Teck’s earnings rise on higher coal price

By: Henry Lazenby     25th April 2017 Canadian diversified miner Teck Resources on Tuesday posted adjusted first-quarter profit of C$671-million, or C$1.16 a share, a significant increase on the C$18-million, or C$0.03 a share reported a year earlier, but falling short of analyst forecasts calling for earnings a share of C$1.29. The... 

Oil and mining giants detail road map to reduce carbon by half

By: Bloomberg     25th April 2017 A group of companies and nonprofit agencies that includes energy giants Royal Dutch Shell and BHP Billiton said global greenhouse gas emissions could be cut in half by 2040 without impeding economic development, in part by converting grids to use mostly renewable power. The declining costs of... 

Mining company to begin mediation talks with Northern Cape community

By: News24Wire      25th April 2017 Kumba Iron Ore representatives are expected to enter into mediation talks with the Dingleton community this week in a bid to resolve a dispute over land in the area. Kumba wants to relocate the entire town of Dingleton in the Northern Cape to a town 25 km away, GroundUp reported. 

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