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A cosmic theory and two-inch lump of gold drive Novo's 500% surge

By: Bloomberg     Updated 6 hours ago Quinton Todd Hennigh has spent 13 years scouring the Earth for clues to back a hunch: that the world’s biggest gold resource has lost siblings elsewhere on the planet. Now the president of Novo Resources Corp thinks he may have found a counterpart of South Africa’s Witwatersrand in the ancient... 

A cosmic theory and two-inch lump of gold drive Novo's 500% surge

Strong operating recovery as AngloGold sets new safety record

By: Martin Creamer     Updated 7 hours ago Production of 1.748-million ounces after strong second-quarter recovery has put AngloGold Ashanti virtually at the halfway mark to meet full year guidance, CEO Srinivasan Venkatakrishnan said on Monday in presenting the company’s half-year results that also saw full-year cost guidance remain... 

Strong operating recovery as AngloGold sets new safety record
Photo by Duane Daws
AngloGold Ashanti CEO Srinivasan Venkatakrishnan

Funds to go for BHP's jugular if miner doesn't deliver goods

By: Bloomberg     Updated 6 hours ago BHP Billiton’s truce with activist investors led by billionaire Paul Singer won’t last long if the world’s biggest mining company doesn’t pump up returns and deliver on strategic reform in the wake of its expected bumper profit report this week. The naming in June of BHP’s youngest director Ken... 

Zambia restores full power supply to First Quantum mines

By: Reuters     Updated 7 hours ago Zambia has restored full electricity supply to the mines of First Quantum Minerals, the ministries of finance and energy said on Saturday, after reducing power to the mines earlier this week in a dispute over new, higher prices. Zambia's state power company reduced electricity supply to two First... 

The victor, the spoils? Trump eyes Afghanistan's elusive mineral riches

By: Reuters     Updated 7 hours ago US President Donald Trump is eyeing Afghanistan's mineral wealth to help pay for a 16-year war and reconstruction efforts that have already cost $117-billion. Investors who have studied the country, one of the world's most dangerous, say that is a pipe dream. Ever since a United States Geological... 

Cadence in talks to sell stake in lithium developer Bacanora

By: Creamer Media Reporter      Updated 5 hours ago UK-based mining investment firm Cadence Minerals is in negotiations to sell its interest in Aim- and TSX-V-listed lithium developer Bacanora Minerals, the company announced on Monday. Cadence said that during the course of discussions with institutional investors about the potential sale of its... 

Allegiance lowers cost estimate of Canada coal project

By: Esmarie Swanepoel     Updated 6 hours ago A review of the staged production plan tipped for the Telkwa metallurgical coal project, in British Columbia, has resulted in significant cost savings. ASX-listed Alliegiance Coal said on Monday that the Stage 1 start-up costs estimated in the prefeasibility study (PFS) has now reduced from an... 

Portland smelter approaching full capacity

By: Esmarie Swanepoel     Updated 6 hours ago The Portland smelter, in Victoria, is expected to return to full production shortly, securing the future of more than 650 employees and contractors, Industry and Employment Minister Wade Noonan reported on Monday. Aluminium major Alcoa in January initiated work to restart smelting capacity,... 

World copper mine output falls 3% in first five months of 2017

By: Henry Lazenby     19th August 2017 Global copper mine output was 3% lower year-on-year during the first five months of 2017, according to the latest data from the International Copper Study Group (ICSG). Concentrate production declined by around 2.5% and solvent extraction-electrowinning (SX-EW) declined by around 4.5%. 

World copper mine output falls 3% in first five months of 2017

Freeport-McMoRan redeems five series of senior notes

By: Henry Lazenby     18th August 2017 The world’s largest publicly traded copper producer Freeport-McMoRan (FCX) has redeemed five series of senior notes with a total value of $543-million. The Phoenix, Arizona-headquartered company advised that it had issued notices to redeem on September 18, with two series of FCX senior notes and... 

Garibaldi ramps up exploration effort at Nickel Mountain

By: Henry Lazenby     19th August 2017 TSX-V-listed Garibaldi Resources is stepping up its exploration efforts at its flagship Nickel Mountain base metals project, in north-west British Columbia's prolific Eskay Camp. The Vancouver-based company advised on Friday that crews, including Full Force Drilling based in Peachland, British... 

Chilean economic growth boosted by domestic spending

By: Reuters     18th August 2017 Chile's gross domestic product grew broadly in line with expectations in the second quarter of 2017, boosted by domestic spending, the central bank said on Friday, although investment continued to lag. GDP grew by 0.7% in the second quarter from the first quarter in seasonally adjusted terms. 

Rye Patch buys more haulage trucks for Florida Canyon

By: Henry Lazenby     19th August 2017 Canadian precious metals junior Rye Patch Gold has secured financing to buy four more haul trucks for its Florida Canyon mine, in Nevada. The Vancouver-based company announced on Friday that it would add four Caterpillar 785C haul trucks for a total of $3.67-million, growing the Florida Canyon... 

Gold futures punch through $1 300 as global stocks extend losses 

By: Bloomberg     18th August 2017 Gold futures broke above $1 300/oz, rising to the highest level since November, as global stocks dropped and investors fretted that turmoil in the White House will prevent President Donald Trump from delivering on his legislative agenda. Futures for delivery in December advanced as much as 1.1%... 

Mining Weekly iPhone and Android Apps available for free download 

     18th August 2017 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 app for iPhone and Android users.  These apps offer... 

Mining Weekly iPhone and Android Apps available for free download

Savannah raises stake in Matilda Minerals to 100%

By: Anine Kilian     Updated 7 minutes ago Aim-listed Savannah Resources has increased its interest in Matilda Minerals, which holds the prospecting rights to the 180 km2 Jangamo heavy mineral sands tenement, in Mozambque, to 100%, by acquiring a further 20% equity interest in the entity.  This 20% interest has been secured in... 

Tanzania’s 55% share of mine revenue ‘pretty generous’ – AngloGold

By: Martin Creamer     Updated 13 minutes ago The share of revenues that the government of Tanzania has received from the Geita gold mine is “pretty generous” when compared with what shareholders have received, AngloGold Ashanti CEO Srinivasan Venkatakrishnan said on Monday when the company reported an adjusted headline loss of $93-million,... 

Tanzania’s 55% share of mine revenue ‘pretty generous’ – AngloGold
Photo by Creamer Media
AngloGold Ashanti CEO Srinivasan Venkatakrishnan

Sasol turns to courts after Sars slaps it with tax bills worth R12.8bn 

By: Terence Creamer     Updated 1 hour 15 minutes ago JSE-listed energy and chemicals group Sasol will approach the Supreme Court of Appeal (SCA) to resolve a tax dispute with the South African Revenue Service (Sars), which has slapped it with assessments for outstanding tax liabilities and penalties worth R12.8-billion. The company made a... 

Sasol CFO Paul Victor on the group's tax dispute with the South African Revenue Service. Camera Work & Editing: Nicholas Boyd. Recorded: 21.8.2017

Sylvania lifts FY profit amid another year of record production

By: Creamer Media Reporter      Updated 4 hours ago Platinum group metals (PGMs) processor Sylvania Platinum has posted a net profit of $8.87-million for the year ended June 30, compared with a profit of $3.73-million in the 2016 financial year. The company’s Sylvania Dump Operations (SDO) had achieved a fourth consecutive year of record... 

CoM files replying affidavit in Mining Charter interdict application

By: Anine Kilian     Updated 5 hours ago The Chamber of Mines (CoM) has submitted a replying affidavit in the High Court, in Pretoria, in response to Mineral Resources Minister Mosebenzi Zwane’s August 7 affidavit, in an interdict application against the implementation of the Reviewed Mining Charter. Zwane in June introduced the... 

Beowulf moves forward with exploration in Sweden

By: Creamer Media Reporter      Updated 5 hours ago Explorer Beowulf Mining on Monday announced that it would move ahead with its exploration programme in Sweden, with work focusing on the Parikijaure licences to the south of its Kallak project. The magnetic signature of magnetite mineralisation at Kallak extends southwards from Kallak North to... 

China Minmetals to invest 10bn yuan to upgrade smelters in Hunan province

By: Reuters     Updated 6 hours ago China Minmetals Corp (CHMIN.UL) plans to invest 10-billion yuan ($1.50-billion) to upgrade its copper, lead and zinc smelting facilities Hunan province, a spokesman confirmed on Monday, after a recent rebuke from the Ministry of Environmental Protection (MEP). The company will invest in new... 

Australia warns multinationals over tax as Chevron drops appeal

By: Esmarie Swanepoel     Updated 6 hours ago US oil and gas major Chevron has withdrawn its High Court appeal over a A$340-million bill from the Australian Taxation Office (ATO). The withdrawal means that the Full Federal Court decision of April is now final. 

Australia warns multinationals over tax as Chevron drops appeal

Fortescue doubles profits in 2017

By: Esmarie Swanepoel     Updated 6 hours ago Iron-ore major Fortescue Metals has doubled its net profit for the year ended June 30, reflecting the higher iron-ore prices during the year, as well as a sustained focus on productivity and efficiency initiatives that resulted in record low C1 cash costs. Net profit after tax was reported at... 

Yancoal narrows interim losses

By: Esmarie Swanepoel     Updated 6 hours ago ASX-listed Yancoal has narrowed its loss during the financial half-year ended June, as higher demand for quality thermal coals drove price improvements throughout the reporting period, buoyed by the impact of the Queensland cyclone event at the beginning of the year. The miner reported an... 

Beach swings into profit

By: Esmarie Swanepoel     Updated 6 hours ago ASX-listed Beach Energy reported an after-tax net profit of A$387.5-million for the year ended June 30, compared with a net loss of A$588.8-million in the previous corresponding period. Beach told shareholders on Monday that the after-tax net profit was A$976-million higher than the 2016... 

Australian Pacific cautious on new funding deal

By: Esmarie Swanepoel     Updated 6 hours ago The share price of coal miner Australian Pacific Coal fell by more than 16% on Monday after the company said that it had been unable to reach acceptable terms to finalise a binding funding proposal. The ASX-listed company last week flagged a possible funding offer, telling shareholders that it... 

Hastings raises more cash for rare earths project

By: Esmarie Swanepoel     Updated 6 hours ago Rare earths developer Hastings Technology Metals will raise some A$15.5-million through a share placement. The company said on Monday that some 77.5-million new ordinary shares would be placed at a price of 20c each, under the company’s current capacity. 

Lepidico hunts for lithium at WA gold project

By: Esmarie Swanepoel     Updated 6 hours ago ASX-listed lithium player Lepidico has signed a binding term sheet with fellow-listed Maximus Resources to earn a 75% interest in the lithium rights of the Spargoville gold project, in Western Australia. The lithium rights will be known as the Moriarty lithium project. 

Turkish firms set for $64bn spending spree to leave home

By: Bloomberg     Updated 6 hours ago Robert Yuksel Yildirim had barely been at the family’s construction-materials business a year before the company won its first international contract. Now, it’s a conglomerate with interests in mining, ports and chemicals across 28 countries. Twenty four years after the deal to import coal... 

WorleyParsons developing black enterprises 

By: Martin Creamer     21st August 2017 Project delivery and engineering consultancy WorleyParsons RSA is answering South Africa’s call for broader economic participation and transformation. The local company, which is part of the Australian Securities Exchange-listed WorleyParsons engineering group that serves the resources and energy... 

WorleyParsons RSA CEO Denver Dreyer interviewed by Mining Weekly’s Martin Creamer. Photographs: Duane Daws. Video: Darlene Creamer

Zwane again firm on Charter targets as consistent with radical economic transformation

By: Natasha Odendaal     18th August 2017 As government’s plans for radical economic transformation unfold, the mining sector has become the centre of that swirling debate in light of the newly gazetted reviewed and updated Mining Charter. South Africa has been pursuing radical economic transformation as the path towards coveted... 

Zwane again firm on Charter targets as consistent with radical economic transformation
Photo by Duane Daws
Mineral Resources Minister Mosebenzi Zwane

Scotgold submits planning application for revised operations

By: Mariaan Webb     18th August 2017 The Loch Lomond and Trossachs National Park Planning Authority has confirmed receipt and has validated Scotgold’s application for revised operations at the Cononish gold and silver project, in Scotland. The validation defines the start of the statutory determination period, Aim-listed Scotgold... 

Pan African warns of lower FY earnings

By: Creamer Media Reporter      18th August 2017 JSE- and Aim-listed Pan African Gold expects to report earnings per share (EPS) of between 18.3c and 21.32c in the year ended June 30. This represents a 29% to 39% decrease on the EPS of 30.2c reported in the prior financial year. 

Zimbabwe tightens screws on miners' export earnings in forex crunch

By: Reuters     18th August 2017 The Reserve Bank of Zimbabwe has ordered platinum and chrome miners to surrender 80% of their export earnings to the central bank as the country struggles to contain a crippling dollar note shortage. Previously miners in the southern African nation were required to retain 50% of their earnings. 

Fracking jobs prove elusive for coal miners looking to switch

By: Bloomberg     18th August 2017 Robert Dennis has mined coal in West Virginia for 10 years but a recent evening found him in a classroom at his local community college. He came to learn about opportunities in fracking, a drilling technique used to produce natural gas — the very fuel that is threatening coal’s future. “I know... 

Vast receives matching investment offer from Sub-Sahara Goldia

By: Mariaan Webb     18th August 2017 Aim-listed Vast Resources has received a finance offer from Sub-Sahara Goldia Investments, which matches the $10-million agreement signed with a Romanian investor last month. Sub-Sahara, which provided Vast with a $4-million loan in January, had a right to provide equivalent finance to the... 

Shanta cancels Helio transaction, New Luika on track to meet FY guidance

By: Anine Kilian     18th August 2017 East Africa-focused Shanta Gold has cancelled its proposed £3.5-million buyout of TSX-V-listed Helio Resources. The transaction, which was announced in June, would have given Shanta control of Helio’s assets, adjacent to its own New Luika gold mine, in Tanzania. 

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