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Caterpillar ups profit outlook on doubling Q1 headline profit, record earnings

By: Henry Lazenby     24th April 2018 Global mining and construction equipment manufacturer Caterpillar has reported record first-quarter profit as strength in many of its end-markets and a strong emphasis on cost control boosted margins. The Deerfield, Illinois-based company reported adjusted profit of $2.82 a share – up 120%... 

Caterpillar ups profit outlook on doubling Q1 headline profit, record earnings

Chaarat makes offer for Kyrgyz mine but Centerra not interested

By: Mariaan Webb     24th April 2018 Aim-listed miner Chaarat Gold on Tuesday confirmed that it had made a proposal to buy the Kumtor mine from TSX-listed Centerra Gold as part of a proposed three-way transaction between the companies and the Kyrgyz State consortium, Kyrgyzaltyn. However, the Canadian mining company said that... 

Chaarat makes offer for Kyrgyz mine but Centerra not interested
The Kumtor mine

Freeport stock tanks on disappointing Q1 earnings, Indonesia fears

By: Henry Lazenby     25th April 2018 US diversified miner Freeport McMoRan’s (FCX’s) NYSE-listed stock lost as much as 17% on Tuesday following disappointing first-quarter financial results and a lowered copper production outlook. Phoenix, Arizona-based Freeport’s president and CEO Richard Adkerson expressed shock and disappointment... 

Teck profit rises on strong copper, zinc price and volume gains

By: Henry Lazenby     24th April 2018 Higher copper and zinc prices and improved copper sales volumes that were driven by higher output, have contributed to lift Canada’s largest diversified miner’s first-quarter profit by 15%, the company announced on Tuesday. Adjusted profit attributable to shareholders, which typically excludes... 

Anglo reports 4% increase in Q1 production

By: Anine Kilian     24th April 2018 Diversified miner Anglo American on Tuesday reported a 4% year-on-year increase in total production on a copper equivalent basis in the first quarter ended March. The company had a “solid start to 2018”, despite the suspension of operations at the Minas-Rio mine, in Brazil, CEO Mark Cutifani said. 

De Beers reports rise in Q1 output

By: Rebecca Campbell     24th April 2018 Diamond group De Beers reported on Tuesday that its total production had increased by 15% to 8.5-million carats during the first quarter of this year (1Q18). This rise in output was largely credited by the Group to the ramp-up in production at the Gahcho Kué project in Canada and greater... 

Amplats lifts Q1 PGMs output 8% y/y

By: Nadine James     24th April 2018 Anglo American Platinum (Amplats) achieved an 8% year-on-year increase in platinum group metals (PGM) production to 1.2-million ounces for the quarter ended March 31, owing to improved operational performances across its portfolio.  Palladium production was up 9% year-on-year, at 407 400 oz, and... 

Union at BHP's Escondida copper mine in Chile says no advance deal likely

By: Reuters     25th April 2018 The union of workers at BHP's Escondida copper mine, in Chile, the world's largest, told Reuters on Tuesday it had made little progress on an early contract deal with management, making it "highly likely" that no agreement would be struck before official talks begin in June. The union accepted... 

US aluminium trade group calls on Trump to avoid quotas

By: Reuters     25th April 2018 A US aluminium trade group said US manufacturers rely on foreign metal and called on the US government to avoid quotas on nations exempted from tariffs on aluminium imports. US President Donald Trump last month announced a 10% tariff on aluminium imports to counter what he has described as... 

Gécamines says was forced to seek dissolution of Katanga’s Kamoto

By: Anine Kilian     24th April 2018 State-owned La Générale des Carrières (Gécamines) says it was forced to take legal action to dissolve TSX-listed Katanga Mining’s Kamoto Copper Company (KCC) for failure to restore shareholders’ equity within the legal time period. The State-owned miner has initiated court proceedings to seek the... 

China's shrinking steel stockpiles seen giving iron-ore a boost

By: Bloomberg     24th April 2018 Falling steel inventories in China point to an improving outlook for iron-ore through the rest of this half, according to one of the world’s top exporters of the raw material. While demand for iron ore has been slower to rebound after Lunar New Year celebrations than in recent years, steel... 

Daimler joins China's Responsible Cobalt initiative

By: Reuters     Updated 25 minutes ago German carmaker Daimler has joined the Responsible Cobalt Initiative, a programme established under a Chinese industry body to tackle risks in the cobalt supply chain arising from artisanal mining. Cobalt consumers are under pressure to ensure the material they use is not tainted by child labour... 

Fresnillo reports higher Q1 silver and gold output

By: Creamer Media Reporter      Updated 54 minutes ago Mexico-focused Fresnillo has reported a year-on-year increase in silver and gold production during the March quarter, as the new San Julian JM (Phase 2) mine is now operating at full capacity.contribution to output. Silver production jumped 14% to 14.24-million ounces, when compared with the... 

Ncondezi reviews updated EPC, operations and maintenance proposals

By: Marleny Arnoldi     Updated 2 hours 42 minutes ago Power development company Ncondezi Energy is reviewing updated proposals for the engineering, procurement and construction (EPC) and operations and maintenance (O&M) contracts for its integrated 300 MW power and coal mine project in Tete, Mozambique.  

Lonmin launches community grievance system

By: Marleny Arnoldi     Updated 2 hours 51 minutes ago Platinum producer Lonmin has introduced a community grievance mechanism called Buang Le Rona/Thetha Nathi, meaning ‘Talk to Us’.  

Amplats raises R390m to fund Maseve, Styldrift I projects

By: Marleny Arnoldi     Updated 3 hours ago Anglo American Platinum (Amplats) has successfully placed about 17.3-million Royal Bafokeng Platinum (RBPlat) ordinary shares at R22.50 a share with qualifying investors, raising R390-million.  

GAIL India likely to be split ahead of setting up natural gas exchange

By: Ajoy K Das     Updated 3 hours ago The Indian government is likely to split national gas infrastructure and marketing major GAIL India into separate entities, with one controlling pipeline construction and operation and the other natural gas marketing. The proposal comes in the wake of the Indian government moving ahead to set up... 

Aluminium maker Hydro to miss cost cutting target amid Brazil woes

By: Reuters     Updated 3 hours ago Norwegian aluminium-maker Norsk Hydro will miss its 2018 cost-cutting target as its troubled Brazilian operation continues to work at reduced capacity following a spill in February from a major plant, it said on Wednesday. A regulatory order to cut output from Hydro's Alunorte, the world's... 

Unpacking this week's headlines 

     Updated 3 hours ago South Africa needs research to improve its mining competitiveness, the industry needs to recover faster and investigations needed in Modikwa bus killings. Mining Weekly editor Martin Creamer unpacks the headlines.   

Unpacking this week's headlines

Raw material suppliers join Finland battery factory project

By: Mariaan Webb     Updated 4 hours ago Five companies that can supply essential raw materials for an emerging battery industry in Finland have joined a cooperation network that aims to obtain international investment in the battery cluster. The cooperation network includes the cities of Vaasa and Kokkola, Freeport Cobalt, the... 

Raw material suppliers join Finland battery factory project

Gold Fields lowers South Deep’s FY guidance after below-expectation Q1 performance

By: Marleny Arnoldi     Updated 4 hours ago A below expectation performance at its South Deep mine, in Johannesburg, contributed to a 1% year-on-year and a 10% quarter-on-quarter decrease in Gold Fields’ output for the quarter ended March 31.  

Gold Fields lowers South Deep’s FY guidance after below-expectation Q1 performance
Gold Fields CEO Nick Holland at South Deep

Marange villagers disperse after diamond protest in Zimbabwe

By: African News Agency      Updated 4 hours ago After two days of demonstrations – which at one stage turned violent – disgruntled villagers from Zimbabwe’s diamond-rich area of Marange on Tuesday began dispersing after a day of running battles with the police. There were no major injuries reported. Police fired tear gas and threatening to... 

Prairie secures court win in Poland

By: Mariaan Webb     Updated 4 hours ago The Polish Civil Court has ruled in favour of ASX- and LSE-listed Prairie Mining by granting an injunction preventing the Ministry of Environment (MoE) from granting concessions or concluding usufruct agreements with third parties until full court proceedings are concluded. The company started... 

Prairie secures court win in Poland

Namibia may scrap black ownership requirements for mining companies – minister

By: Reuters     Updated 5 hours ago Diamond and uranium producer Namibia may scrap requirements for black ownership in the mining sector as it seeks to woo investors to an industry that is rebounding with the commodities cycle, its new mines minister said on Tuesday. Regional peers such as Angola and Zimbabwe are also trying to... 

Aton’s wooing of M&R shareholders continues

By: Marleny Arnoldi     24th April 2018 As it continues to seek support from Murray & Roberts (M&R) shareholders for its R15 a share buyout offer, German investment company Aton on Tuesday released salient information related to its buyout offer to address “stakeholder concerns”.  

Goldplat increases gold equivalent sales

By: Nadine James     24th April 2018 Aim-listed Goldplat sold and transferred 28 534 gold-equivalent ounces during the nine months ended March 31, compared with the 27 714 oz sold and transferred in the nine months to March 31, 2017. Gold-equivalent production for the nine months under review, however, decreased to 27 212 oz,... 

MC Mining appoints new board members

By: Anine Kilian     24th April 2018 Coal developer MC Mining has appointed CFO Brenda Berlin as an executive director to its board and also announced two nonexecutive director appointments. Berlin was named CFO in November last year and joined MC from Impala Platinum, where she held a number of senior appointments, including head... 

Gakara exports first batch of rare earth concentrate, ramps up production

By: Nadine James     24th April 2018 London-listed Rainbow Rare Earths’ Gakara project, in Burundi, has produced and exported its first 25 t batch of high-grade rare earth concentrate. The commissioning of the gravity processing plant at the mine, which started production in December 2017, has also been completed.  

Moody's changes outlook on Glencore's ratings to positive from stable

By: Nadine James     24th April 2018 Moody's Investors Service has assigned Glencore a ‘Baa2’ long-term issuer rating with a positive outlook. Moody’s says Glencore's improved credit profile was driven by higher commodity prices and consistently low production costs.  

DMR’s appeal of High Court ruling to further delay Mining Charter 3

By: Anine Kilian     24th April 2018 Mineral Resources Minister Gwede Mantashe’s application for leave to appeal the Pretoria High Court’s decision on the ‘once empowered, always empowered’ principle under the Mining Charter is regrettable, says Herbert Smith Freehills co-chairperson and partner Peter Leon. He added that the... 

Rusal sanctions seen risk to Kazakh coal venture – Samruk Energy

By: Reuters     24th April 2018 The Bogatyr Komir coal mining joint venture between Kazakhstan's state-run Samruk Energy and Rusal could face risks linked to US sanctions against the Russian aluminium producer, Samruk said on Tuesday. Bogatyr Komir produces 41-million tonnes of coal a year, which it sells in Kazakhstan and... 

Kumba on track to meet FY guidance after stable Q1 performance

By: Nadine James     24th April 2018 Kumba Iron Ore says it is on track to meet its full-year production guidance of 30-million to 31-million tonnes of iron-ore, on the back of a stable performance in the quarter ended March 31. Kumba’s production increased by 4% year-on-year to 10.86-million tonnes, driven by a 26% year-on-year... 

Polymetal announces two transactions

By: Mariaan Webb     24th April 2018 LSE-listed gold miner Polymetal on Tuesday announced two transactions which, when completed, would increase its ownership in the Nezhda and the Prognoz gold properties to 100%. Polymetal has exercised its call option to acquire the remaining 75.3% in the Nezhda property located in north-east... 

Petropavlovsk closes Pokrovskiy plant to integrate into POX Hub

By: Mariaan Webb     24th April 2018 Russian gold miner Petropavlovsk is advancing the development of the POX Hub at the Malomir mine towards its planned commissioning later this year, with the Pokrovskiy plant having been taken off line for refurbishment and integration into the new processing facility. Petropavlovsk chairperson... 

Petropavlovsk closes Pokrovskiy plant to integrate into POX Hub
The flagship POX Hub

Commissioning of automated underground mine drives growth at Randgold’s Kibali mine

By: Anine Kilian     24th April 2018 The successful commissioning of the automated materials handling system at Randgold Resources’ Kibali underground operation is supporting the mine’s planned ramp-up in production, CEO Mark Bristow says. The mine, in the Democratic Republic of Congo, is on track to achieve its production guidance... 

Iluka faces class action suit over 2012 disclosures

By: Esmarie Swanepoel     24th April 2018 Mineral sands miner Iluka on Tuesday said that it would defend itself against a class action launched by shareholders. The company said that a number of shareholders have launched a class action in the Federal Court of Australia, claiming breaches of continuous disclosure obligations, as well... 

Minas-Rio disruptions to cut Anglo’s earnings by up to $400m

By: Anine Kilian     24th April 2018 Diversified miner Anglo American expects the continued disruptions at its Minas-Rio iron-ore mine, in Brazil, to result in a reduction in earnings before interest, taxes, depreciation and amortisation of between $300-million and $400-million for this year. Production was suspended at the mine in... 

Barossa LNG project advances to FEED phase – Santos

By: Esmarie Swanepoel     24th April 2018 Australian oil and gas major Santos and its joint venture (JV) partners have advanced the Barossa project to the front-end engineering and design (FEED) phase of development. FEED activities will involve engineering and commercial work, aimed at finalising the project’s technical detail, cost,... 

Barossa LNG project advances to FEED phase – Santos

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