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Corsa's coal sales volume growth above 20% for fifth consecutive quarter

By: Henry Lazenby     17th August 2017 Improvements in the metallurgical coal market has pushed US-focused coal producer Corsa Coal to a second quarter profit, and marked the company’s fifth consecutive quarter of growth of 20%, or greater, in metallurgical coal sales volumes. Canonsburg, Pennsylvania-based Corsa reported positive net... 

Corsa's coal sales volume growth above 20% for fifth consecutive quarter

Ascendant reports first month of positive ‘top line’ earnings; higher grades on the cards

By: Henry Lazenby     17th August 2017 Just seven months since acquiring the El Mochito zinc/lead/silver mine, in west-central Honduras, TSX-listed Ascendant Resources has achieved positive adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) for the month of July. Analysts use the metric that looks at a... 

BHP to invest $2.46bn to extend life of Chilean mine

By: Creamer Media Reporter      Updated 2 hours 20 minutes ago BHP has approved capital expenditure of $2.46-billion for the Spence Growth Option (SGO) at the Spence opencut copper mine, in northern Chile, which will extend the mine life by more than 50 years.   CEO Andrew Mackenzie on Thursday said the SGO project supports BHP's strategy to deliver... 

BHP to invest $2.46bn to extend life of Chilean mine

Gold Fields H1 earnings fall on stronger local currencies

By: Reuters     Updated 3 hours ago Gold Fields posted a 25% drop in first-half normalised earnings on Thursday due to stronger exchange rates in South Africa and Australia, but maintained its full-year targets. The gold miner said normalised earnings fell to $77-million in the six months to June from $103-million a year earlier. 

Zinc breaks through $3 000 barrier as metals rally gathers pace

By: Bloomberg     16th August 2017 Zinc surged above $3 000 a metric ton amid persistent global deficits, and aluminium climbed as China reined in illegal capacity, adding fresh impetus to the rally even as some investors expressed concerns. Zinc jumped as much as 2.6% to $3 037/t on the London Metal Exchange, the highest level... 

Freeport Indonesia says flash floods damage mine power plant

By: Reuters     16th August 2017 Flash floods have left one worker missing and caused extensive damage to a power plant at US-owned miner Freeport Indonesia's operations in the eastern-most province of Papua, company officials said on Wednesday. Mining operations were continuing as normal, but power and water outages were... 

ONGC Videsh earmarks $1bn for oil production growth

By: Ajoy K Das     16th August 2017 ONGC Videsh, the overseas arm of Indian exploration and production (E&P) major ONGC, is aiming to complete a $1-billion capital expenditure programme during the 2017/18 financial year. This investment spread across exploration, development and production will enable ONGC Videsh to achieve oil... 

Congo reinstates miners' VAT exemption on imports in U-turn

By: Reuters     17th August 2017 Congo's finance ministry has provisionally reinstated mining companies' exemption from a value added tax (VAT) on imports, the Chamber of Mines said on Wednesday, days after miners complained customs authorities were planning to impose VAT on them. Democratic Republic of Congo, Africa's top... 

Palladium consumption to hit all-time high in 2017 – Nornickel

By: Mariaan Webb     15th August 2017 Palladium consumption is heading for an all-time high of 10.8-million troy ounces, which will leave the market in a deficit of more than one-million ounces in 2017, according to the world’s largest producer of the precious metal. Russia’s Nornickel said on Tuesday that it retained a positive... 

Palladium consumption to hit all-time high in 2017 – Nornickel

Cliffs Natural Resources reverts to original Cleveland-Cliffs name

By: Henry Lazenby     15th August 2017 US iron-ore specialist Cliffs Natural Resources has renamed the company to its historical name Cleveland-Cliffs, as part of celebrating its 170th anniversary, the company announced on Tuesday. Under the name Cleveland-Cliffs, the company has been operating for decades as an important part of the... 

Plymouth selects processing route for Spain project

By: Mariaan Webb     Updated 14 minutes ago Australia’s Plymouth Minerals and joint venture (JV) partner Valoriza Mineria have selected a commercial and known sulphate calcine/roast and fresh water leach processing route for the San Jose lithium/tin deposit, in Spain. The selection of a processing route allows the JV partners to determine... 

Impairment, silicosis claims provision to push Sibanye to H1 loss of at least R4.8-billion

By: Creamer Media Reporter      Updated 1 hour 18 minutes ago JSE- and NYSE-listed Sibanye expects to report an attributable loss of at least R4.8-billion for the six months to June 30, mainly as a result of R4.4-billion in nonrecurring items, including a R1.1-billion provision for potential silicosis claims.         Also part of the nonrecurring items is a... 

Coal India building new railway links to efficiently evacuate production

By: Ajoy K Das     Updated 2 hours 10 minutes ago Coal India Limited (CIL) is undertaking three critical railway infrastructure projects that will enable the miner to efficiently evacuate 282-million tons a year of production. According to a directors’ report of the company, the railway infrastructure projects form part of the miner’s ‘Synergy... 

Booming thermal coal price on China demand cheers miners

By: Reuters     Updated 2 hours 30 minutes ago Australian thermal coal prices for spot cargoes above $100/t, lifted by reports of strikes and strong Chinese demand, are providing a boost in earnings and share prices for miners like Glencore and Whitehaven Coal. A crackdown on illegal mining and pollution in China has curbed domestic... 

Wolf making progress with turnaround plan for UK project

By: Creamer Media Reporter      Updated 2 hours 38 minutes ago Specialty metals producer Wolf Minerals said on Thursday that the operational turnaround plan for its Drakeland openpit mine at the Hemerdon tungsten and tin project in Devon, south-west England, was making good progress. The turnaround plan, which was announced last month, is aimed at achieving... 

Gupta firms sue Bank of Baroda to try stop account closures

By: Bloomberg     Updated 2 hours 58 minutes ago Companies controlled by the Gupta family, whose accounts are being closed down by Bank of Baroda, said they’re taking legal action against the lender to try and stop the termination, which comes after South Africa’s four biggest lenders cut banking services for the family that’s in business with... 

KAZ Minerals more than doubles output as new mines ramp up

By: Mariaan Webb     Updated 3 hours ago The ramping up to two new openpit copper mines in the Pavlodar and East regions of Kazakhstan has helped KAZ Minerals to more than double its first-half production, revenue and profit. The London-, Kazakhstan- and Hong Kong-listed miner on Thursday reported production of 118 000 t of copper in... 

KAZ Minerals more than doubles output as new mines ramp up

World treaty to ban and reduce mercury poison comes into force

By: News24Wire      Updated 3 hours ago It is rated as one of the top ten chemical poisons endangering human health and the natural world. Tiny drops of this poison can be found in human teeth, in fresh fish, in light bulbs, paints, batteries and even cosmetics. And it is in the air, water and soil everywhere, in varying amounts. 

Evolution swings from loss to record profit

By: Esmarie Swanepoel     Updated 3 hours ago Gold miner Evolution Mining has reported record net profit of A$217.6-million for the 2017, compared with a net loss of A$24.3-million in 2016, on the back of higher sales revenues and lower group all-in sustaining costs (AISC). “In the 2017 financial year, we continue to deliver on our business... 

Evolution swings from loss to record profit
Photo by Bloomberg
Evolution executive chairperson Jake Klein

Whitehaven has a solid year

By: Esmarie Swanepoel     Updated 4 hours ago Coal miner Whitehaven Coal has reported a 52% increase in revenue for the year ended June, as coal production and sales during the 12 months increased. Sales revenue for the full year reached A$1.7-billion, while earnings before interest, tax, depreciation and amortisation rose 219% to... 

Exxaro's H1 profit more than doubles

By: Reuters     Updated 5 hours ago Diversified miner Exxaro Resources said first-half profit more than doubled, driven by growth in its coal business and higher income from investments. The company, which mainly produces coal and invests in iron ore, said headline earnings rose to R2.79-billion ($211.9-million) in the six months... 

Exxaro's H1 profit more than doubles
Photo by Duane Daws
Mxolisi Mgojo

Red 5 raises cash for gold buy

By: Esmarie Swanepoel     Updated 5 hours ago ASX-listed gold miner Red 5 has launched a nonrenounceable rights issue with the aim of raising some A$12.7-million to fund the initial cash consideration to acquire all of the shares in Darlot Mining company. The one-for-three nonrenounceable rights issue will be priced at 5c a share, with more... 

Decmli gets BHP contract

By: Esmarie Swanepoel     Updated 5 hours ago Mining contractor Decmil has been awarded a A$13-million contract at mining major BHP’s new South Flank project, in the Pilbara. The scope of the project will include civil and enabling works for the expansion of the Mulla Mulla village, which will be required to support current operations at... 

Atrum appoints Canada coal exec as new CEO and MD

By: Esmarie Swanepoel     Updated 5 hours ago ASX-listed Atrum Coal has appointed Max Wang as its new MD and CEO, with Wang expected to assume his duties prior to the end of August. “We are pleased to advise our shareholders that after an extensive search, we have appointed Wang to lead the company as CEO and MD. Wang is an experienced coal... 

Hammer nails Glencore JV

By: Esmarie Swanepoel     Updated 5 hours ago ASX-listed junior Hammer Metals has acquired fellow-listed AuKing Mining’s stake in tenements in Mount Isa, forming a new joint venture (JV) with major Glencore. Hammer and AuKing in December of last year struck a deal under which Hammer would pay 1.5-million shares for a number of tenement... 

Lucapa recovers more large diamonds

By: Esmarie Swanepoel     Updated 5 hours ago Diamond miner Lucapa Diamond Company has recovered more large diamonds from its Lulo project, in Angola, including 83 ct and 68 ct Type IIa gems. In addition, five other 50-plus carat stones were also recovered. 

Thalanga set for Q4 restart

By: Esmarie Swanepoel     Updated 5 hours ago ASX-listed Red River Resources is on track to restart commercial production at its Thalanga zinc project, in Queensland, early in the fourth quarter of this year. The company said on Thursday that the project commissioning will start in the third quarter, with some 85% of the plant and... 

Krugerrand demand resurgence anticipated to result in record sales  

By: Ilan Solomons     16th August 2017 Increased demand for gold has supported sales of the gold bullion Krugerrands and this year is predicted to yield the highest sales since the 1980s, with an expected 15% to 20% increase on the 1.1-million ounces of the coins sold in 2016. This is according to precious metal smelting and refining... 

Rand Refinery marketing executive head Richard Collocott discusses the significance of the fiftieth anniversary of the launch of the gold bullion Krugerrand

China's Chalco plans $500m investment in Guinea bauxite project

By: Reuters     16th August 2017 Aluminium Corp of China (Chalco) plans to invest $500 million in a project to produce bauxite, used to make aluminium, in Guinea starting next year, the mines ministry said. The deal comes after a trip by the Guinean mines minister, Abdoulaye Magassouba, to China and follows other major Chinese... 

Mustang ruby inventory grows to 147 000 ct

By: Creamer Media Reporter      16th August 2017 ASX-listed Mustang Resources’ ruby inventory at the Montepuez project, in Mozambique, has grown to 147 052 ct, on track for reaching the targeted 200 000 ct to be sold at the company’s inaugural auction in October. The growing inventory is, in part, the result of work to increase water supply to... 

Nornickel delivering coal to remote settlements in Russian Arctic

By: Creamer Media Reporter      16th August 2017 The Polar transport division of nickel and palladium miner Nornickel said on Wednesday it had shipped about a third of the 72 000 t of coal it planned to deliver to remote settlements in the Russian Arctic this year.  Nornickel, which is a key participant of the Northern Supply Haul programme,... 

Mining contractors progressing work at Xtract’s Mozambique gold project, alluvial mining to start soon

By: Mia Breytenbach     16th August 2017 The mining contractor activity at Aim-listed Xtract Resources’ Manica concession area, in Mozambique, is progressing “favourably”, with initial mining of the alluvial gold deposits expected to start at the end of this month, the company reported on Wednesday. Xtract’s Mozambique subsidiary... 

Davenport extends landholding in German potash basin

By: Mariaan Webb     16th August 2017 Melbourne-registered Davenport Resources has signed an agreement with a German government agency to buy three potash mining licences in the South Harz region for €1.2-million. Davenport, which is listed on the ASX, will acquire the licences from Bodenverwertungs-und-verwaltungs – the agency... 

Solidarity warns of ‘major impact’ should AMSA proceed with job cuts

By: Terence Creamer     16th August 2017 Trade union Solidarity has confirmed receipt of a Section 189A retrenchment notice from steel producer ArcelorMittal South Africa (AMSA) and has indicated that it will enter negotiations with the company to ensure alternatives to retrenchments are considered. On Tuesday, AMSA announced that it... 

Solidarity warns of ‘major impact’ should AMSA proceed with job cuts

Parliamentary State capture probe hits first hurdle

By: African News Agency      16th August 2017 The investigation into State capture by Parliament’s portfolio committee on public enterprises on Wednesday hit its first hurdle as it was confirmed to members that the legislature would not pay for an independent evidence leader. Acting chairperson Zukiswa Rantho told MPs she had asked the chair... 

Parliamentary State capture probe hits first hurdle

Bushveld Energy, IDC studies indicate favourable vanadium battery, electrolyte demand

By: Mia Breytenbach     16th August 2017 There is favourable demand for vanadium redox flow batteries (VRFBs), particularly in the utility and offgrid, as well as minigrid markets, with demand to peak in 2025 to 2030. This is according to recently concluded market studies, commissioned by Aim-listed Bushveld Minerals’ energy subsidiary... 

Bushveld Energy, IDC studies indicate favourable vanadium battery, electrolyte demand
Photo by Duane Daws
Bushveld Minerals CEO Fortune Mojapelo

China to ban primary mercury mining by 2032 as convention comes into force

By: Reuters     16th August 2017 China will ban the production and trade of a range of products containing mercury by 2020, including thermometers and blood pressure monitors, and ban primary mercury mining by 2032, as a global pact to cut pollution from the metal comes into effect. China - the world's biggest miner and... 

Miners drive strong European share gains as investors await GDP figures

By: Reuters     16th August 2017 Miners and oil stocks helped Europe's major share index make robust gains on Wednesday as higher metals prices lent a hand and investors awaited eurozone GDP figures expected to confirm the bloc's economic growth was on track. The pan-European STOXX 600 rose 0.7%, its third day of gains after a... 

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