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Barrick Gold weighs sale of $1.9bn Acacia stake – sources

By: Reuters     27th July 2016 Barrick Gold Corp, the world's largest gold producer, is weighing a sale of its majority stake in African unit Acacia Mining and has approached several South African miners, according to sources familiar with the situation. The potential sale would be part of Barrick's broader strategy of selling... 

Barrick Gold weighs sale of $1.9bn Acacia stake – sources
Acacia Mining's Bulyanhulu mine

Centerra revises 2016 forecast amid half-year gold production, sales decreases

By: Samantha Herbst     27th July 2016 Canadian gold miner Centerra Gold has seen a 36% decrease in gold ounces sold in the first half of 2016, with recorded net earnings of $21.1-million, or $0.09 a common share, for the period under review, against $62.6-million, or $0.26 a share, recorded in the first half of 2015. Gold production... 

Centerra revises 2016 forecast amid half-year gold production, sales decreases
Kumtor gold mine, Kyrgyzstan

Coal miner Alpha emerges from bankruptcy amid doubts on outlook

By: Reuters     27th July 2016 Coal producer Alpha Natural Resources emerged from Chapter 11 bankruptcy on Tuesday with doubts about its long-term prospects and ability to carry out a recent environmental clean-up deal with regulators. Alpha said in a statement it emerged from bankruptcy as a slimmed down, privately held... 

Coal miner Alpha emerges from bankruptcy amid doubts on outlook

Freeport-McMoRan reports narrowed loss in Q2, half-year results

By: Anine Kilian     27th July 2016 US-based multicommodity producer Freeport-McMoRan reported a net loss of $479-million, or $0.38 a share, for the second quarter of 2016, and a net loss of $4.7-billion, or $3.70 a share, for the first six months of 2016. This reflects a narrowed loss, year on year, when compared with the net loss... 

Freeport-McMoRan reports narrowed loss in Q2, half-year results
Freeport McMoRan's Grasberg mine, Indonesia

Antofagasta sees full-year copper production at lower end of forecasts

By: Reuters     27th July 2016 Chilean copper miner Antofagasta said full-year copper production would be at the lower end of the 710 000 t to 740 000 t it predicted in January, as a global market surplus shows little sign of easing. In common with other mining companies, Antofagasta has this year staged a recovery from the... 

Antofagasta sees full-year copper production at lower end of forecasts

Clean-up at tragic Brazil mine fails to speed return of iron-ore

By: Bloomberg     27th July 2016 Just four months after a deadly November mudslide destroyed an entire mining community in southwestern Brazil, the companies responsible were working toward a resumption of iron-ore production by year end. As recently as March, hundreds of people left homeless by the disaster were sleeping in new... 

Clean-up at tragic Brazil mine fails to speed return of iron-ore

Fortescue sees Vale ore blending plan completed in near future

By: Bloomberg     27th July 2016 Fortescue Metals Group Ltd. is optimistic its iron ore blending project with Brazil’s Vale SA, the world’s top iron ore exporter, may be completed soon as better demand in China supports a price rally this year. “We’ve completed a lot of laboratory test work and that has been very positive and we... 

Fortescue sees Vale ore blending plan completed in near future
Fortescue CEO Nev Power

Keystone’s death means record oil revival for Canadian railways

By: Bloomberg     27th July 2016 Keystone was the great hope for opening US markets further to Canadian crude. Now that it’s dead, the railways are going to make not just a comeback, but transport more oil than ever before. The Keystone XL pipeline was set to carry heavy Canadian crude south from Hardisty, Alberta’s oil hub,... 

Galaxy extends General Mining takeover

By: Mariaan Webb     26th July 2016 Lithium miner Galaxy Resources has extended the takeover offer period for its joint venture (JV) partner General Mining to August 5. Since the offer opened on June 28, Galaxy has received acceptances for 72.4% of the fully paid ordinary shares in General Mining, giving it a total interest of... 

Continental Gold gets environmental nod for power lines

By: Megan van Wyngaardt     27th July 2016 TSX-listed Continental Gold has been granted an environmental licence approving the construction of a transmission line to provide electrical power for its proposed large-scale underground mine at the Buriticá project, in Antioquia, Colombia. Corpouraba, a regional autonomous environmental... 

Buffalo Coal’s CEO, CFO resign

By: Anine Kilian     26th July 2016 Dual-listed Buffalo Coal CEO Malcolm Campbell and CFO and corporate secretary Sarah Williams have resigned. They will continue in their current roles for three months to facilitate the implementation of an orderly succession plan. 

Southern Copper reports 24.7% fall in Q2 profit vs year earlier

By: Reuters     27th July 2016 Southern Copper Corp said on Monday that its net profit fell 24.7% to $221.9-million, or $0.29 a share, in the second quarter from the same period a year earlier as copper prices continued to slump. The Arizona-based miner, which operates in Peru and Mexico, said its copper output rose 26.1% in... 

Creamer Media publishes Africa Mining Projects in Progress 2016 - First Edition

     25th July 2016 This edition of Creamer Media’s Africa Mining Projects in Progress 2016 (First Edition) reviews recently announced scoping, prefeasibility and definitive/bankable feasibility studies on projects across the continent, as well as the projects that are under way. 

Creamer Media publishes Africa Mining Projects in Progress 2016 - First Edition

Draft Mining Charter Three not an effective tool to achieve mining industry transformation – law firm

By: Mia Breytenbach     27th July 2016 The draft reviewed Mining Charter Three is not an effective tool to achieve the transformation of the mining industry, says law firm Cliffe Dekker Hofmeyr crossborder mergers and acquisitions Africa and Asia head Deepa Vallabh. Speaking at a ‘State of the South African mining industry’ seminar,... 

Mining companies relying more on renewable energy

By: Megan van Wyngaardt     27th July 2016 Mining companies are increasingly looking to renewable energy to meet their power needs, as the subdued mineral price environment is incentivising firms to reduce reliance on more expensive diesel or distant, unreliable electricity grid systems, states research firm BMI Research. In its outlook... 

Mining companies relying more on renewable energy

Sibanye expects triple-digit surge in H1 earnings

By: Creamer Media Reporter      27th July 2016 Dual-listed Sibanye Gold expects a surge in earnings for the first half of 2016 on the back of a 31% higher average rand gold price. The company on Wednesday said in a trading update that headline earnings per share (HEPS) for the six months ended June 30 were likely to be between 484% and 611%... 

WPIC, BullionVault team up for online platinum marketplace

By: Natasha Odendaal     27th July 2016 The World Platinum Investment Council (WPIC) and BullionVault have partnered to deliver a secure, low-cost way for private individuals to invest in physical platinum, along with existing gold and silver offerings, in an online marketplace. The parties on Wednesday announced a new agreement that... 

$125m capital loan to strengthen Botswana diamond cutting and polishing industry

By: African News Agency      27th July 2016 The US government has guaranteed a $125-million loan that will be used to strengthen Botswana’s localised diamond cutting and polishing industries in order to create more jobs and contribute to economic growth. In a statement released on Tuesday, US overseas development financier Overseas Private... 

Physical gold shortage ahead 

     27th July 2016 There seems to be a lack of confidence in the world order and the ability of governments to manipulate the value of flat currency, as is confidence in governments as credible sources of capital. Mining Weekly editor Martin Creamer discusses this trend with senior deputy editor Tracy Hancock. 

Physical gold shortage ahead

Independence to raise up to A$280m to strengthen balance sheet

By: Creamer Media Reporter      27th July 2016 ASX-listed Independence Group (IGO) plans to raise up to A$280-million to strengthen its balance sheet and fund the remaining capital expenditure (capex) for its Nova base metals project, in Western Australia. The equity raising comprises a A$250-million fully underwritten placement and an up to... 

Independence to raise up to A$280m to strengthen balance sheet
The Tropicana mine is a joint venture between Independence Group and AngloGold Ashanti.

Possible loophole in new Indian child labour Bill, mica mining under scrutiny

By: Ajoy K Das     27th July 2016 The Indian government has promulgated the Child Labour (Prohibition and Regulation) Amendment Bill 2016 amid charges of diluting penal provisions, complicity in promoting child labour and its ineffectiveness in curbing the use of child labour in the mica mining industry across the country. The... 

Gold miner Saracen triples exploration budget to A$42m

By: Creamer Media Reporter      27th July 2016 Western Australian gold miner Saracen Mineral Holdings has tripled its exploration budget to A$42-million for the current financial year as part of a strategy to grow the inventory and production at its existing mines. The commitment reflects Saracen’s high level of confidence in the organic... 

Australian mining group denies iron-ore being dumped in China

By: Reuters     27th July 2016 A leading mining group in Australia on Wednesday denied allegations by Chinese iron-ore miners that Australian counterparts were dumping ore at cheap prices to push them out. "Australian iron-ore producers do not engage in dumping of their product," the Minerals Council of Australia said in... 

Kidman and Poseidon sign lithium processing MoU

By: Creamer Media Reporter      27th July 2016 Diversified miner Kidman Resources has taken a key step towards accelerating the development of its Mt Holland project in Western Australia, announcing on Wednesday that it may use Poseidon Nickel’s Lake Johnston plant to process lithium ore into concentrate. The 1.5-milion-tonne-ayear Lake... 

GBM raises A$2.6m to advance Qld gold project

     27th July 2016 ASX-listed GBM Resources has completed a A$2.6-million capital raising to advance its Mt Coolon gold project, in Queensland, and for working capital purposes. The funds were raised through the placement of 160.5-million shares at 1.6c apiece to professional and sophisticated investors. 

Fortescue production costs to fall even further in FY17

By: Mariaan Webb     27th July 2016 Australia’s third-largest iron-ore producer, Fortescue Metals, has lowered its cash production costs (C1) for the tenth consecutive quarter to $14.31/wmt in the three-months ended June 30, while hitting another shipping record. Fortescue shipped 43.4-million tonnes in the final quarter of the... 

Fortescue production costs to fall even further in FY17
A train load of ore from Fortescue Metals heading for the port.

Atlas Iron ‘on sound footing’, hits FY16 shipping target

By: Mariaan Webb     27th July 2016 Iron-ore miner Atlas Iron is on a sound footing for the future after having completed a debt restructuring plan and reporting “excellent” performance in the June quarter, said outgoing MD David Flanagan on Wednesday. Atlas Iron shipped 3.7-million wet metric tonnes (wmt) in the three months ended... 

Atlas Iron ‘on sound footing’, hits FY16 shipping target
Atlas Iron outgoing MD David Flanagan

Mustang recovers first rubies at Mozambique project

By: Creamer Media Reporter      27th July 2016 ASX-listed Mustang Resources has recovered ten rubies, totalling 2.61 ct, from initial trenching activities at its flagship Montepuez ruby project, in Mozambique. The trenching programme is being used to delineate targets for a bulk sampling programme and to assist in mapping gravel layers... 

Philippines will not allow Tampakan mine to operate as openpit – Minister

By: Reuters     27th July 2016 The Philippine minister in charge of mining said she will not allow the $5.9-billion Tampakan gold and copper mine in southern Mindanao island to operate as an open-pit site and vowed to shut more operations causing environmental destruction. The Tampakan project is the biggest stalled mining... 

DiamondCorp gets DMR nod for Lace mining resumption

By: Natasha Odendaal     26th July 2016 JSE-listed DiamondCorp has resumed mining operations at its Lace diamond mine after receiving the go-ahead from the Department of Mineral Resources (DMR). The diamond mining, development and exploration company halted operations just over a week ago to have miners’ assistants undertake refresher... 

Supply, demand fundamentals remain challenging – Kumba Iron Ore 

By: Martin Creamer     26th July 2016 While iron-ore prices seem to have stabilised, supply and demand fundamentals remain challenging, outgoing Kumba Iron Ore CEO Norman Mbazima said on Tuesday. Speaking at the Anglo American group company's presentation of interim results for the six months to June 30, Mbazima said that the global... 

Outgoing Kumba Iron Ore CEO Norman Mbazima outlines the current state of the company to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Nicholas Boyd.

Kefi to raise £3.8m

By: Natasha Odendaal     26th July 2016 Aim-listed gold hopeful Kefi Minerals has raised about £3.8-million to resettle the Tulu Kapi community in its vital next development step at the Tulu Kapi gold project, in Ethiopia. The £3.56-million net proceeds, combined with the company’s current £2.2-million working capital, will resettle... 

War of words between AfroCan, Vantage intensifies over failed Lily deal 

By: Ilan Solomons     26th July 2016 Canadian gold producer and investor AfroCan Resources Gold and South African gold miner Vantage Goldfields are continuing to exchange words in a dispute over a failed financing deal. AfroCan has stated that Vantage has demanded, in a letter received from Vantage’s attorneys dated July 25, that... 

War of words between AfroCan, Vantage intensifies over failed Lily deal
Lily gold mine, Barberton

Poland says lines up third investor as coal miner KHW needs more funds

By: Reuters     26th July 2016 Poland has lined up a third investor for one of its troubled state-run coal mining groups, KHW, to limit the amount of money Weglokoks and Enea need to invest, the country's deputy energy minister said on Tuesday. KHW has found itself in deeper trouble than thought since six Polish state-run... 

Sherritt’s second-quarter net loss per share widens by 119%

By: Samantha Herbst     26th July 2016 As nickel prices remained under pressure in the three months to June 30, with reference prices averaging $4/lb, TSX-listed diversified miner Sherritt International has reported a 119% wider net loss a share from continuing operations in the second quarter, which translates to a 44% wider net loss... 

Sherritt’s second-quarter net loss per share widens by 119%
Sherritt International's Ambatovy plant

Perseus on track to become multi-mine gold producer

By: Megan van Wyngaardt     26th July 2016 West African-focused gold miner Perseus increased its June quarter production  to 44 058 oz, a 7.8% improvement on the March quarter, bringing the company’s total production for the 2016 financial year to 153 902 oz. This was in line with its revised guidance of 152 000 oz to 167 000 oz for the... 

Perseus on track to become multi-mine gold producer

Gold market retains small surplus; rising ETF demand offsets lower physical demand

By: Creamer Media Reporter      26th July 2016 Thomson Reuters GFMS expects the gold price to average $1 279/oz for 2016, compared with its previous forecast of $1 184/oz. In the second-quarter update of its 2016 Gold Survey, Thomson Reuters GFMS attributes the higher forecast to the “impressive gains” posted by gold so far this year and the... 

Highfield alters potash offtake agreements

By: Megan van Wyngaardt     26th July 2016 Spanish potash developer Highfield Resources has withdrawn from its nonbinding memorandums of understanding (MoUs) for potash offtake it signed with European fertiliser companies in May. The ASX-listed company on Tuesday said that the first MOUs, signed with large European fertiliser companies... 

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