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Call for three-year renewal of Canada’s exploration tax scheme to arrest signs of decline

By: Mariaan Webb     Updated 7 hours ago The Mineral Exploration Tax Credit (METC), which incentivises exploration financing by providing individuals investing in companies exploring for minerals in Canada with a 15% tax credit on eligible expenditures, has to be renewed for at least three years to provide greater certainty and boost... 

Call for three-year renewal of Canada’s exploration tax scheme to arrest signs of decline

Jaguar Mining lowers guidance, CEO resigns

By: Mariaan Webb     15th August 2018 The TSX-listed stock of Jaguar Mining on Wednesday fell by 25% after the Brazil-focused company released its second quarter results announcement, which contained a revised production guidance and news that Rodney Lamond is leaving his position as CEO and director. Jaguar lowered its production... 

Leagold updates FY guidance after Brio Gold buy

By: Creamer Media Reporter      15th August 2018 Midtier gold miner Leagold has updated its production guidance to reflect the recent completion of its Brio Gold acquisition, which added three mines in Brazil to its portfolio. The company said this week that it expects to produce between 325 000 oz and 350 000 oz of gold at an all-in sustaining... 

Battery boom spurs quest to resurrect World War II cobalt mines

By: Bloomberg     15th August 2018 The giant rocky outcrop known by locals as La Cobaltera offers a glimpse into northern Chile’s mining past, and a hint of its future. Slag from an ancient furnace is piled at the entrance of a mine shaft that hasn’t seen commercial activity since World War II. Inside, eucalyptus posts still... 

Battery boom spurs quest to resurrect World War II cobalt mines

Stornoway posts Q2 loss; Renard ramp-up slower than planned

By: Mariaan Webb     15th August 2018 The share price of Quebec diamond miner Stornoway Diamonds took a beating on Tuesday, after the company unveiled a net loss of C$35.9-million for the second quarter and said that the ramp-up of its underground mine at Renard was slower than planned. Stornoway’s share price dipped to a 12-month... 

Stornoway posts Q2 loss; Renard ramp-up slower than planned
The Renard mine in Quebec

Wheaton Precious Metals lifts second-quarter earnings

By: Creamer Media Reporter      15th August 2018 The world’s largest precious metals streaming firm Wheaton Precious Metals has reported a 9% increase in adjusted net earnings and an 8% increase in cash flow from operations during the second quarter, on higher revenue as a result of more gold ounces being sold at a higher average price.... 

Roxgold says 2018 output may be at upper-end of guidance

By: Anine Kilian     15th August 2018 Burkina Faso-focused Roxgold has delivered strong second-quarter production and cash flow results, standing the company in good stead to achieve the upper end of its 2018 production guidance. For the three months to June 30, TSX-listed Roxgold achieved gold production of 35 828 oz of gold,... 

Eastplats’ chrome circuit completion targeted for Q3

By: Marleny Arnoldi     15th August 2018 Construction of Vancouver-based Eastern Platinum’s (Eastplats’) retreatment project, at its Crocodile River mine, in South Africa’s North West, is progressing well and all significant items required for the chrome circuit’s completion and commissioning are on site. Completion of the form... 

Hochschild H1 pre-tax profit jumps 90% on higher grade ores

By: Reuters     15th August 2018 Britain's Hochschild Mining reported on Wednesday a 90% jump in pre-tax profit for the first half, helped in part by higher grade ores from its Peruvian mines Inmaculada and Pallancata. The century-old miner, which has been spending heavily on land around existing mines, or brownfield... 

Metals poisoned by Turkey contagion as copper nears bear market

By: Bloomberg     15th August 2018 From Turkey’s financial crisis to China’s trade war, the emerging-market contagion is infecting metal markets. Base metals markets tumbled on Wednesday, with most contracts falling more than 2% in London. Copper sank below $6 000 a metric ton and is now approaching a bear market. Not even gold,... 

Metals poisoned by Turkey contagion as copper nears bear market

Osisko buys in Québec- and Ontario-focused Beaufield

By: Creamer Media Reporter      15th August 2018 TSX-listed mine developer Osisko Mining announced on Tuesday that it had entered into a definitive agreement to buy TSX-V-listed explorer Beaufield Resources by way of a statutory plan of arrangement. Osisko president and CEO John Burzynski said that the proposed transaction should provide... 

Russian miners explore payment schemes eschewing dollar

By: Reuters     15th August 2018 Two of Russia's biggest mining companies said on Wednesday they were investigating rouble-based payments schemes, amid calls from Moscow to reduce the role of the US dollar in Russian trade and so limit the impact of US sanctions. The Kremlin said on Monday that Russia favoured bilateral trade... 

Russian miners explore payment schemes eschewing dollar

India to bring in new mineral policy to align exploration and development projects

By: Ajoy K Das     15th August 2018 The Indian government is expected to put into play a new mineral policy, possibly before the end of August, aimed at a more investor-friendly alignment of exploration and development projects. The Mines Ministry, which is the driver of the proposed policy changes, is expected to suggest... 

Orion turbocharges Prieska study

By: Martin Creamer     15th August 2018 The Sydney- and Johannesburg-listed exploration and development company Orion Minerals, which is developing a zinc and copper project at Prieska in the Northern Cape, on Wednesday announced the second tranche of its two-tranche share issuance to raise $7.86-million. The total $11-million capital... 

Orion turbocharges Prieska study
Photo by Creamer Media
Orion Minerals CEO Errol Smart

Resources investor Ian Henderson joins Bluejay board

By: Creamer Media Reporter      15th August 2018 Aim- and FSE-listed Bluejay Mining has appointed well-known resource investor, Ian Henderson, as a nonexecutive director with immediate effect. The appointment is designed to promote Bluejay and its flagship Dundas ilmenite project, in Greenland, to the international mining investment industry,... 

We made significant progress in Marikana, says Lonmin

By: African News Agency      15th August 2018 Platinum producer Lonmin has made significant progress in delivering on its commitment to the Marikana community, the company said on Wednesday. "Housing has been a key focus of the company’s social and labour plans, with modern housing developments being built for many of its employees," said... 

We made significant progress in Marikana, says Lonmin
Lonmin CEO Ben Magara

Gordhan announces whistleblower hotline to boost fight against corruption

By: News24Wire      15th August 2018 Stabilising State-owned enterprises could take six months or longer, depending on the extent of corruption, said Public Enterprises Minister Pravin Gordhan. The minister on Wednesday briefed the portfolio committee on public enterprises on the progress made in addressing governance challenges at... 

Gordhan announces whistleblower hotline to boost fight against corruption
Photo by Dylan Slater
Public Enterprises Minister Pravin Gordhan

Vast creates new subsidiary and expands Romania footprint

By: Mariaan Webb     15th August 2018 Aim-listed Vast Resources has acquired an indirect interest in a prospective polymetallic mineralisation in the so-called ‘golden quadrilateral’ in the Metaliferi mountains of Romania, through a newly formed subsidiary, EMA Resources, which it intends to list separately. The company announced on... 

First-half diamond sales down 16% at Botswana's Okavango

By: Reuters     15th August 2018 Sales at Botswana's State-owned Okavango Diamond Company (ODC) fell 16% in the first half of 2018 to $260-million, its managing director said, citing a high comparison base against last year's record growth. Marcus ter Haar said the company sold 1.778-million carats in the first half of 2018... 

Kibo to acquire 60% stake in UK energy company

By: Simone Liedtke     15th August 2018 Africa-focussed energy company Kibo Energy has signed a memorandum of understanding (MoU) for the acquisition of a 60% equity interest in UK company Mast Energy Developments (MED). Under the terms of the MoU, Kibo can acquire a 60% shareholding in MED for £300 000 payable to existing MED... 

Keras advances testwork at Togo manganese project

By: Anine Kilian     15th August 2018 Aim-listed Keras Resources has made a number of appointments to advance the 10 000 t bulk sampling metallurgical test work programme at the Nayega manganese project, in northern Togo. Keras has appointed Graham Stacey as project manager, Carriere Mines Travaux Public (CMTP) as the turnkey mining... 

Gem Diamonds recovers 12th diamond of over 100 ct for 2018

By: Simone Liedtke     15th August 2018 LSE-listed Gem Diamonds has recovered a 138 ct top white colour and Type IIa diamond, at its Letšeng mine, in Lesotho. This diamond, the miner said on Wednesday, is the highest dollar per carat kimberlite diamond in the world. 

Gem Diamonds recovers 12th diamond of over 100 ct for 2018

Ausdrill adds underground expertise with Barminco deal

By: Esmarie Swanepoel     15th August 2018 Mining services provider Ausdrill has made a takeover offer for joint specialist underground hard-rock mining contractor Barminco in a deal valued at A$271.5-million. The transaction will create Australia’s second-largest mining services company. 

Ausdrill adds underground expertise with Barminco deal

Ghana President to address delegates at Mining Indaba 2019

By: Marleny Arnoldi     15th August 2018 Ghana President Nana Akufo-Addo will speak at the 2019 Investing in African Mining Indaba, which will be held at the Cape Town International Convention Centre from February 4 to 7. Ghana is considered one of the major mining centres on the African continent; therefore, with Akufo-Addo speaking,... 

Ghana President to address delegates at Mining Indaba 2019
Photo by Reuters
Ghana President Nana Akufo-Addo

Woodside posts A$541m half-year profit

By: Esmarie Swanepoel     15th August 2018 Oil and gas producer Woodside has reported an interim net profit after tax of A$541-million for the six months to June, with operating cash flows for the period up by 25% on the first half of 2017. Woodside said on Wednesday that the increased operating cash flows was driven by higher production... 

Myanmar puts Bawdwin on fast track

By: Esmarie Swanepoel     15th August 2018 ASX-listed junior Myanmar Metals has unveiled an accelerated path to redevelop the Bawdwin polymetallic mine, in Myanmar. Myanmar and its joint venture (JV) partners Win Myint Mo Industries (WMM) and EAP Global Mining Company have defined a number of clear project milestones for the next 12... 

Anova looks at options to keep Second Fortune going

By: Esmarie Swanepoel     15th August 2018 Junior gold miner Anova Metals is looking at alternative development models to continue mining its Second Fortune gold mine, in Western Australia. The first mining campaign at Second Fortune started in November last year and was completed in July, resulting in the production of 3 701 oz of gold... 

Gold Road reveals sucession plans

By: Esmarie Swanepoel     15th August 2018 ASX-listed Gold Road Resources has flagged the impending retirement of MD and CEO Ian Murray, with the company saying that Duncan Gibbs will be appointed as his successor. “Gold Road owes enormous gratitude to Murray, who’s leadership of this company has been inspirational and transformative,”... 

NT launches new exploration programme

By: Esmarie Swanepoel     15th August 2018 The Northern Territory government has launched a major new airborne geophysical survey is underway in the Tanami Desert as part of the territory government’s A$26-million investment in minerals exploration. The survey is one of the largest of its kind undertaken in the territory and the data... 

Caravel raises funds for WA copper project

By: Esmarie Swanepoel     15th August 2018 Junior Caravel Minerals will raise just over A$2-million through a partially underwritten, non-renounceable rights issue to completion additional work at its Calingiri copper project, in Western Australia. Eligible shareholders will be able to apply for one new share for every three shares held,... 

Iamgold sells 70% interest in French Guiana project to Columbus Gold

By: Creamer Media Reporter      14th August 2018 Canadian miner Iamgold has agreed to sell up to a 70% interest in its Maripa gold project, located in French Guiana, to Columbus Gold, the companies announced on Tuesday. Columbus Gold, which is listed on the TSX and is focused on French Guinana, stated that the acquisition would solidify the... 

Atlatsa narrows Q2 headline loss, restructure plan set for Q4 completion

By: Simone Liedtke     14th August 2018 JSE- and TSX-listed Atlatsa Resources’ headline basic and diluted loss a share narrowed to $0.04 in the second quarter, ended June 30, from $0.22 in the second quarter of 2017. The company on Tuesday said this movement was based on the loss attributable to the shareholders of the company of... 

Kefi reports continued progress on Tulu Kapi development

By: Anine Kilian     14th August 2018 Aim-listed Kefi Minerals says its preparations for the development of its Tulu Kapi gold project, in Ethiopia, continue in earnest with the recent appointment of the head of project implementation, his construction oversight team and the start of their engagement with the principal project... 

Mining production increases 2.8% y/y in June

By: Marleny Arnoldi     14th August 2018 Mining production increased by 2.8% year-on-year in June, from a 1.8% decline in May, with the largest positive contributor being platinum group metals (PGMs), which rose by 28.2% and contributed 5.9 percentage points, says Statistics South Africa (Stats SA). Other positive contributors were... 

Lily mine to reopen in Feb 2019, says new owner

By: Anine Kilian     14th August 2018 Vantage Goldfields, which has been bought out by Siyakhula Sonke Empowerment Corporation (SSC), plans to reopen the Lily mine, in Barberton, Mpumalanga, in February 2019, three years after a pillar collapse claimed the lives of three employees at the mine.  A lamp house container in which... 

Centamin appoints former Egypt Minister to its board

By: Creamer Media Reporter      14th August 2018 Gold miner Centamin has appointed Egyptian industry, economic and investment expert Professor Ibrahim Fawzy to its board as an independent nonexecutive director. As a mechanical engineer, obtaining his PhD from University College, London, Fawzy held the key position of Egypt Industry Minister... 

Lazard drafting plan to bolster Eskom's balance sheet – sources

By: Reuters     14th August 2018 State-owned power firm Eskom has hired financial adviser Lazard to draft a plan to shore up its balance sheet as it struggles to emerge from a financial crisis, two banking sources told Reuters. Cash-strapped Eskom is critical to Africa's most industrialised economy as it supplies more than 90%... 

Daro exploration producing promising outputs

By: Schalk Burger     14th August 2018 Exploration work at the Daro copper/gold project, in northern Ethiopia, has produced promising results at the Teklil prospect and a significant gold-bearing quartz vein at the Keren prospect has been discovered, while stream sediment analysis has defined new target areas for exploration, Aim- and... 

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