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With mining industry on its knees, increased flow-through benefits could fuel recovery

By: Henry Lazenby Proponents of Canada’s longstanding flow-through share tax incentive programme, that is available to mineral exploration companies to raise funds in order to look for new deposits, say that increased benefits could help resuscitate the domestic industry, even as signs point towards a possible... 

With mining industry on its knees, increased flow-through benefits could fuel recovery

Mines Management gets conditional approval to build $500m copper/silver mine in Montana

By: Henry Lazenby The US Forest Service and the Montana Department of Environmental Quality has given TSX- and NYSE MKT-listed project developer Mines Management conditional approval to proceed with development of its $550-million Montanore silver/copper mine, underneath the Cabinet Mountains Wilderness, in... 

Shunned for years, gold stages comeback as equities melt down

By: Reuters Gold's prospects for a sustained price rally are better than they have been for years as a weaker dollar, crashing oil prices and concerns about the global economy have revived its safe-haven status after years as the dog of global financial markets. The last time gold prices rose more than 10%... 

Argentina scraps mining export taxes as part of free market push

By: Reuters Argentina's new president has revoked the 5% tax that the previous administration collected on mining exports, state news agency Telam reported on Friday, as part of the country's two-month old push toward open markets. "Today end the taxes on mining exports," president Mauricio Macri,... 

Anglo American to lay off 10% of workers at Chile's El Soldado mine

By: Reuters Global miner Anglo American said on Friday that it will lay off 10% of staff, equivalent to 150 workers, at its El Soldado copper mine, in central Chile, as a steep slide in metals prices forces it to cut costs. "Current market conditions have put (El Soldado's) operational continuity at risk.... 

Great Panther Silver fined for explosives theft at Mexican mine

By: Henry Lazenby Primary silver miner Great Panther Silver has paid a fine assessed by Mexican authorities after explosives were stolen from from one of the mines at its Guanajuato Mine Complex. The company on Friday announced that the fine paid was not expected to materially impact its financial results,... 

For Valentine's Day gift, forget diamonds: try ichnusaite

By: Reuters Far rarer than diamonds or emeralds, some minerals on Earth are known only from thimbleful samples, according to a first list of 2 550 obscure minerals on Friday that could have future uses, ranging from industry to exotic Valentine's Day gifts. Ichnusaite, fingerite, amicite and nevadaite are... 

Mining stocks resemble ‘a big Walmart sale’ as low commodity prices persist

By: Henry Lazenby Sentiment remains negative about the mining and oil and gas industries as the supercycle nears a protracted potential bottom, resulting in dwindling market capitalisations for companies large and small and cruelly undervalued stock prices – creating a buyer’s market for the savvy investor. CEO... 

Mining stocks resemble ‘a big Walmart sale’ as low commodity prices persist

Golden Saint raises £150 000

By: Natasha Odendaal London-listed Golden Saint has raised some £150 000 through the issue of 500-million new ordinary shares at 0.03p a share to fund general working capital for its alluvial mining operations. The company also planned to use some of the proceeds to fund its participation at a diamond show in Myanmar... 

AMSA’s R2.5bn competition settlement part of bigger image makeover to win steel protection

By: Terence Creamer Steel producer ArcelorMittal South Africa (AMSA) has made a R2.5-billion proposal to the Competition Commission to settle all outstanding matters against the company – if approved, it would be the largest competition-related fine ever paid by a single South African entity. Departing CEO Paul... 

AMSA’s R2.5bn competition settlement part of bigger image makeover to win steel protection
Photo by Duane Daws
Paul O’Flaherty

Formalising artisanal mining can spark great benefits, say NGOs

By: Kim Cloete Some of the millions of artisanal mineworkers in the world are starting to get recognition, with more of these miners working in partnership with larger mining companies. This was paying off, said Karen Hayes, senior director of ‘Mines to Markets’ at Washington-based nongovernmental organization... 

Rock-shifting technology brings new hope to Lily Mine rescue efforts

By: News24Wire New technology is being used to loosen a huge rock weighing between 20 t and 30 t that is hampering the rescue operation of three miners in Mpumalanga. Today marks a week since the three – Pretty Nkambule, Solomon Nyarende and Yvonne Mnisi – got trapped during a collapse at the Lily Mine in... 

Rock-shifting technology brings new hope to Lily Mine rescue efforts

Australia's miners go for more gold as bullion prices brighten

By: Reuters Australia's gold producers are set to report a round of higher half-year profits next week, but the results could pale against future gains as global economic woes light up bullion prices and miners dig more metal. Gold output in the world's second-biggest producer after China is set to rise... 

Northam’s H1 earnings fall into the red

By: Natasha Odendaal JSE-listed Northam Platinum on Friday said it expected to dip into the red for the six months to December 31, on the back of the consolidation of the Zambezi Platinum preference share dividends into the group’s results; lower metals prices; and the impairment of noncore assets. The group expected... 

Olympic Dam to beat 2016 copper target – BHP

By: Esmarie Swanepoel Mining major BHP Billiton is on track to exceed its 2016 financial year copper production target of 200 000 t at the Olympic Dam mine, in South Australia. Asset president Jacqui McGill told the American Chamber of Commerce on Friday that copper production during the December quarter had... 

Olympic Dam to beat 2016 copper target – BHP

Queensland’s January coal exports at record

By: Esmarie Swanepoel Despite the falling commodity prices, Queensland coal exports during the month of January reached just over 19-million tonnes, which was a record for the month of January and an 8% improvement on the same period last year. Queensland Resources Council (QRC) CEO Michael Roche said on Friday that... 

Roy Hill takes control of Pilbara mine

By: Esmarie Swanepoel Iron-ore miner Roy Hill has officially taken over the mine, rail and port operations at its namesake project in the Pilbara from engineering, procurement and construction contractor Samsung. Roy Hill CEO Barry Fitzgerald said this week that the company would begin the ramp-up of the Roy Hill... 

Woodside discovers more gas in Myanmar

By: Esmarie Swanepoel Australian oil and gas major Woodside on Friday announced a second gas discovery at its assets offshore Myanmar. The Thalin-1A exploration well in the Rakhine basin intersected a gross gas column of around 64 m, with the well reaching a total depth of 3 034 m. 

Dingyi eyes another offer for Elemental

By: Esmarie Swanepoel Potash hopeful Elemental Minerals on Friday announced that it had received an unsolicited, nonbinding, incomplete and conditional expression of interest from Dingyi Group Investment regarding a possible off-market takeover. Under the expression of interest, Dingyi was offering Elemental... 

First blasting done at Isaac Plains

By: Esmarie Swanepoel First blasting has occurred at the Isaac Plains coal mine, in Queensland, with the project on track to produce its first coal in April. Project owner Stanmore Coal said on Friday that following the Department of Environment and Heritage Protection’s acceptance of the Isaac Plains plan of... 

Rio Tinto pushes ahead with Guinea megamine despite writedown

By: Reuters Rio Tinto will seek financing for its massive Simandou iron ore project in Guinea, despite writing down its value due to low commodity prices and funding uncertainties. The world's No. 2 miner on Thursday reported a net loss of $866-million last year, hammered in large part by a $1.1-billion... 

Magnis raises funds for Tanzania graphite project

By: Esmarie Swanepoel Graphite developer Magnis Resources has raised A$3-million through a share placement to sophisticated and institutional investors to complete the bankable feasibility study and progress the Nachu project, in Tanzania. More than 8.5-million shares were issued at a price of 35c each. 

Positive PEA proves Gold Reach could develop BC project

By: Henry Lazenby TSX-V-listed Gold Reach Resources this week announced the results of a preliminary economic assessment (PEA) on its 100%-owned Ootsa copper/gold/molybdenum project, located in west-central British Columbia, pointing to a profitable operation despite the depressed gold-price environment. Gold... 

Peru wins $2.5bn in World Bank loans to ease commodity rout

By: Reuters The World Bank on Thursday approved $2.5-billion in new three-year credit lines for Peru to bolster the country's finances as it struggles with slowing growth and fiscal pressures brought on by the collapse of commodities prices. The World Bank said the two facilities approved by its executive... 

Orbite back on track with plant commissioning after resolving supplier dispute

By: Henry Lazenby The list of items to be done before full commissioning of Quebec-based clean-tech firm Orbite Technologies’ new commercial-scale high-purity alumina (HPA) plant can stat has become short and straightforward, chief executive Glenn Kelly said on Thursday, after the company managed to resolve a... 

Peabody stock sinks to one-year low on disappointing Q4

By: Henry Lazenby US coal producer Peabody Energy has reported a net loss of $518-million, or $28.43 a share for the three months ended December 31, as slowing global economic growth drove a wide range of commodity prices lower in 2015, resulting in the largest broad commodity market decline since 1991. Seaborne... 

Obama climate plan's broad scope to face skeptical Supreme Court

By: Reuters The US Supreme Court's unexpected move to block President Barack Obama's policy to cut pollution from coal plants highlights what both sides in the legal fight agree is a key weakness in the rules - a provision that expands the scope of regulation far beyond curbing emissions from individual... 

New ultralow-profile mining machine operated successfully for 500 hours at SA mines

By: Ilan Solomons Local ultralow-profile mining machinery and equipment supplier CMTI Consulting’s MT100 ultralow-profile mining machine has successfully operated for more than 500 hours at several gold and platinum mines throughout South Africa, CMTI Consulting MD Dr Danie Burger tells Mining Weekly. The MT100,... 

New ultralow-profile mining machine operated successfully for 500 hours at SA mines
MT100 MINING MACHINE The locally manufactured MT100, with a sweeper and a dozer attached, is a battery-driven platform with a maximum height of 420 mm and a battery life of seven hours

Palabora iron-making plant nearing commercial operation

By: Ilan Solomons The shortage of high-quality scrap metal and the challenging economic climate have provided a boost for local metallic iron units producer Iron Mineral Beneficiation Services (IMBS) and State-owned development finance institution the Industrial Development Corporation’s (IDC’s) SupaScrap... 

Palabora iron-making plant nearing commercial operation
SUPASCRAP IN ACTION The Industrial Development Corporation plans to increase the initial 50 000 t/y pilot plant at Palabora in modules to 500 000 t/y over the next two to three years

Agnico Eagle beats Q4 expectations

By: Henry Lazenby Agnico Eagle on Wednesday reported an adjusted profit of $3.9-million, or $0.02 a share for the fourth quarter of 2015, beating analyst expectations of nil a share. The Toronto-based miner reported a net loss of $21.3-million, or $0.10 a share, despite rising gold sales. 

Mining’s improving fortunes weighed down by debt

By: Simon Rees The mining sector was expected to climb out of the downturn’s trough by year-end 2016, Paradigm Capital partner and senior analyst David Davidson told an audience at a recent meeting of the Canadian Institute of Mining’s Management and Economics Society. However, debt levels were a notable... 

Mining’s improving fortunes weighed down by debt

Nuclear affordability emphasised, as Zuma unveils economic ‘turnaround plan’ 

By: Terence Creamer President Jacob Zuma unveiled the skeleton of what he described as an economic “turnaround plan” in a State of the Nation Address dominated by the current plight of the South African economy, which was unlikely to grow by more than 1% in 2016 and would not nearly approach the 5%-plus levels... 

Nuclear affordability emphasised, as Zuma unveils economic ‘turnaround plan’
President Jacob Zuma

Teck turns a profit in low commodity price environment

By: Henry Lazenby Canadian diversified miner Teck Resources surprised markets on Thursday with better than expected fourth-quarter earnings, beating analyst expectations by C$0.03 a share. However, the Vancouver-based miner reported a net loss of C$459-million in the fourth quarter, as it booked after-tax... 

Teck turns a profit in low commodity price environment

CompComm conditionally approves Tegeta, Optimum merger

By: Megan van Wyngaardt South Africa’s Competition Commission has recommended the Competition Tribunal conditionally approve the proposed merger between Gupta-owned Tegeta Exploration, Glencore’s Optimum coal mine and six target firms. The commission found that the proposed transaction was unlikely to substantially... 

CompComm conditionally approves Tegeta, Optimum merger

Construction at True Gold’s Karma almost complete 

By: Anine Kilian Construction at Toronto-listed gold producer True Gold’s Karma gold mine is 94% complete, with on-site commissioning currently under way, the company reported on Thursday. In the six months ended December 31, 2015, management forecast that the remaining project spend to completion would be... 

Ignore communities at your peril, Royal Bafokeng leader tells mines

By: Kim Cloete Mining companies in Africa have been criticised for often ignoring the views of communities in which they work. “Many voiceless communities rely on mining to survive. We see mining as vital but the communities that are heavily affected are not at the table when decisions are made,” the leader of... 

Stakeholders urged to embrace fast-approaching digital mining

By: Kim Cloete With the interplay between technological development and the mining industry becoming increasingly prominent, delegates at this year’s Investing in African Mining Indaba have been urged to embrace the concept of digital mining. Diversified metals and mining major Vedanta Resources CEO Tom... 

Ebola, insurgents and riots: the perils of West African mining

By: Reuters From Ebola to Islamist insurgents to social unrest triggered by the global commodity downturn, mining firms operating in West Africa face mounting security challenges, analysts and executives say. Safety is on all radar screens in the region after an Islamist attack on a restaurant and hotel left... 

Ebola, insurgents and riots: the perils of West African mining

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