R/€ = 14.23 Change: -0.10
R/$ = 13.06 Change: -0.07
Au 1267.43 $/oz Change: -7.74
Pt 953.00 $/oz Change: -7.00

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Barrick Gold cuts gold production forecast at Argentina mine

By: Mariaan Webb     Updated 7 hours ago Toronto-based miner Barrick Gold’s shares fell nearly 4% in after-hour trade on Monday, after the group lowered its production forecast and increased its cost guidance at its Veladero mine, in Argentina. The mine, where authorities suspended the addition of cyanide to the heap leach process... 

Barrick Gold cuts gold production forecast at Argentina mine
The Veladero mine in Argentina

Zambia said to near mine company stake sale to Israeli investor

By: Bloomberg     Updated 2 hours 8 minutes ago Zambia, Africa’s second-biggest copper producer, is close to selling a stake in ZCCM Investments Holdings, a State controlled mine holding company, for more than $100-million, according to three people familiar with the matter. Sapir Capital, an Israeli private equity company that’s invested in... 

Anglo American achieves strong Q1 operational performance

By: Megan van Wyngaardt     24th April 2017 Diversified major Anglo American, led by CEO Mark Cutifani, posted a strong operational performance in the quarter ended March 31, with higher output achieved for most of its products, except copper and nickel. South African coal production increased 9% to five-million tonnes in the first quarter... 

Anglo American achieves strong Q1 operational performance
CEO Mark Cutifani

De Beers achieves 8% y/y increase in Q1 diamond output

By: Megan van Wyngaardt     24th April 2017 Diamond giant De Beers’ rough diamond production increased by 8% to 7.4-million carats in the first quarter of the year, reflecting the contribution of the Gahcho Kué mine, in Canada. The joint venture mine reached commercial production on March 2 and contributed 600 000 ct to De Beers’... 

Alcoa off to a strong start as independent firm

By: Mariaan Webb     Updated 6 hours ago US aluminium producer Alcoa is off to a strong start as an independent company, with the firm on Monday reporting first-quarter revenue and profit growth on stronger alumina and aluminium prices. Alcoa posted net income of $225-million, or $1.21 a share, in the first quarter of 2017, compared... 

Teck’s earnings rise on higher coal price

By: Mariaan Webb     Updated 6 hours ago Canadian diversified miner Teck Resources on Tuesday posted adjusted first-quarter profit of C$671-million, a significant increase on the C$18-million reported a year earlier. The miner said that the increase was largely driven by higher realised steelmaking coal prices and, to a lesser extent,... 

Miners told to move DRC HQs as provinces compete for revenue

By: Bloomberg     Updated 7 hours ago The Democratic Republic of Congo told local units of Glencore, China Molybdenum, Ivanhoe Mines and four other mining companies to relocate their head offices as newly demarcated provinces fight over tax revenue and control of mineral projects. The companies, all headquartered in Lubumbashi, the... 

Oil and mining giants detail road map to reduce carbon by half

By: Bloomberg     Updated 6 hours ago A group of companies and nonprofit agencies that includes energy giants Royal Dutch Shell and BHP Billiton said global greenhouse gas emissions could be cut in half by 2040 without impeding economic development, in part by converting grids to use mostly renewable power. The declining costs of... 

Chevron’s A$340m tax bill appeal in Australia dismissed

By: Esmarie Swanepoel     24th April 2017 The federal government has welcomed a Full Federal Court decision to dismiss oil and gas giant Chevron’s appeal of a A$340-million Australian Taxation Office (ATO) bill. The court dismissed Chevron’s appeal against an ATO ruling that the US giant had used an intra-company loan as a means to shift... 

Chevron’s A$340m tax bill appeal in Australia dismissed

Arconic opens door to Elliott deal with offer of two board seats

By: Bloomberg     Updated 6 hours ago Arconic broached a potential compromise in a bruising proxy battle with Elliott Management, saying it would be willing to hand over two of the four board seats sought by billionaire Paul Singer’s New York hedge fund. The Arconic board will “promptly appoint” two of Elliott’s candidates if they... 

Former Guinea Minister charged with laundering bribes goes to trial

By: Reuters     Updated 7 hours ago A former government minister in Guinea went to trial in New York on Monday on US charges that he laundered $8.5-million in bribes he took in exchange for helping a Chinese company secure valuable mining rights. In an opening statement, Assistant US Attorney Lorinda Laryea told jurors in Manhattan... 

Japan steel industry head says concerned at Trump 'protectionism'

By: Reuters     24th April 2017 Japanese steelmakers are concerned at "protectionism" by US President Donald Trump, Japan Iron and Steel Federation chairperson Kosei Shindo said on Monday, following Trump's first shot across China's bows over steel exports. Japan is the world's second-largest steel producer, although Shindo... 

Metanor gains Kirkland Lake as strategic investor as it closes $8.85m placement

By: Mariaan Webb     24th April 2017 Project developer Metanor Resources has gained midtier gold miner Kirkland Lake Gold as a strategic investor, the company disclosed on Monday as it announced the closing of a private placement to raise funds for its Bachelor and Barry projects, in Quebec. Kirkland Lake acquired 10 357 143 units... 

Jan Nelson heading up copper explorer

By: Mariaan Webb     24th April 2017 Former Xtract Resources and Pan African Resources CEO Jan Nelson has joined Handa Copper – a TSX-V-listed company focusing on prospects in Africa – as CEO. Nelson, who quit as Aim-listed Xtract CEO in September last year, will head up the exploration company’s new management team, which will be... 

Rössing Uranium swings to FY profit, despite low prices

By: Creamer Media Reporter      Updated 47 minutes ago In what was a very tough year for the uranium mining industry, Rio Tinto subsidiary Rössing Uranium, which operates in Namibia, swung to a profit of N$107-million in 2016, from a loss of N$385-million in 2015. In the company’s ‘Report to Shareholders 2016’, MD Werner Duvenhage said the year was... 

Anglo commits to innovative mining that’ll keep people out of harm’s way

By: Martin Creamer     Updated 55 minutes ago Keeping people out of harm’s way, extracting more precious ore and less waste rock, recycling all the required water and producing only dry tailings are among the innovative steps diversified mining company Anglo American is firmly committed to taking.  “The real future of mining lies in turning... 

Anglo commits to innovative mining that’ll keep people out of harm’s way
Anglo American Chairperson Sir John Parker

Debswana Diamond Company starts processing Cut 8 ore

By: Reuters     Updated 1 hour 13 minutes ago Botswana's Debswana Diamond Company has started processing ore from the $3-billion expansion of its Jwaneng diamond mine, popularly known as Cut 8, the company said on Tuesday. The Cut 8 project, which Debswana started in 2010, is meant to uncover 100-million carats of diamonds and extend the... 

Indian govt reserves right to call for joint development of oil and gas blocks under OALP

By: Ajoy K Das     Updated 4 hours ago The Indian government has reserved the right to call for the joint development of oil and gas fields to be auctioned under the newly unveiled Open Acreage Licensing Policy (OALP). In a draft contractor agreement, which is signed between a successful bidder and government, a provision for the... 

Six new prospecting licences awarded to Botswana Diamonds

By: Martin Creamer     Updated 5 hours ago London Aim-listed Botswana Diamonds on Tuesday announced that its joint venture (JV) with the large Russian diamond company, Alrosa, had been awarded of six new prospecting licences in Botswana.   Four are in the Central Kalahari Game Reserve (CKGR) and two are in the Orapa kimberlite province... 

Six new prospecting licences awarded to Botswana Diamonds
Botswana Diamonds chairperson John Teeling

Africa urged to transform dependence on commodities

By: African News Agency      Updated 5 hours ago Even as the world emerges from the worst of the global commodity price meltdown, African countries were urged on Tuesday to make the most of the next upward cycle to diversify and industrialise away from over-reliance on exports of raw materials. In a statement, Dr Martyn Davies, Deloitte... 

Mining company to begin mediation talks with Northern Cape community

By: News24Wire      Updated 6 hours ago Kumba Iron Ore representatives are expected to enter into mediation talks with the Dingleton community this week in a bid to resolve a dispute over land in the area. Kumba wants to relocate the entire town of Dingleton in the Northern Cape to a town 25 km away, GroundUp reported. 

Competition Commission approves buyout of ASA Metals' ferrochrome production assets

By: Megan van Wyngaardt     24th April 2017 The Competition Commission has recommended that the Competition Tribunal approve the proposed merger between ferrochrome producer ASA Metals and Newco. Newco is a newly created joint venture between Sinosteel and Samancor. Sinosteel operates globally in the production, supply and procurement of a... 

Gold and bullion miners tumble as French vote cuts haven demand

By: Bloomberg     24th April 2017 Gold dropped to a two-week low and bullion mining stocks sank the most in more than a year as investors favoured riskier assets on expectation that Emmanuel Macron will become France’s next president. The metal slipped as much as 1.5% and South African gold miners plunged as much as 8.7% after... 

Gold and bullion miners tumble as French vote cuts haven demand

Diamond production at Petra’s operations flat during rainy season

By: Megan van Wyngaardt     24th April 2017 LSE-listed Petra Diamonds’ production of 999 768 ct for the third quarter, ended March 31, was only marginally higher than the 995 905 ct it produced in the same quarter of 2016. However, run-of-mine (RoM) production for the quarter increased 18% to 760 916 ct, as RoM grades improved owing to the... 

Hummingbird’s Yanfolila gearing up for production

By: Anine Kilian     24th April 2017 The development of Aim-listed Hummingbird Resources’ Mali-based Yanfolila mine is progressing on time and within budget. The company on Monday said structural, mechanical, plate work and piping work have been under way for over three months, while the plant foundations largely complete. 

Congo nears Eskom power-supply contract to boost copper output

By: Bloomberg     24th April 2017 The Democratic Republic of Congo (DRC) signed a provisional agreement to import power from South Africa that could boost copper production this year by as much as 20%, according to the country’s chamber of mines. State-owned power company SNEL proposed importing 200 MW from South African utility... 

NLC puts overseas acquisitions on the backburner after acquiring domestic coal blocks

By: Ajoy K Das     24th April 2017 Having secured three coal blocks through the preferential allocation dispensation for government companies, NLC Limited (formerly Neyveli Lignite Corporation) has abandoned plans for overseas acquisition of coal assets. NLC has been allocated two coal blocks in the eastern Indian province of... 

Amplats’ Q1 output up 1% y/y

By: Anine Kilian     24th April 2017 A strong performance by its Mogalakwena mine has contributed to a 1% year-on-year increase in JSE-listed Anglo American Platinum’s (Amplats’) production to 571 900 oz for the quarter ended March 31. Mogalakwena’s output rose 3% year-on-year to 111 900 oz, with strong plant recoveries and... 

Improved mine productivity drives Sishen's Q1 production up 31%

By: Anine Kilian     24th April 2017 Improved mining productivity contributed to a 31% year-on-year increase in the Sishen mine’s output for the quarter ended March 31, to 7.7-million tonnes. “Production, however, decreased 10% [year-on-year] as the fourth quarter of 2016 benefitted from greater access to low strip ratio ore. Waste... 

Japan steelmakers scramble for coking coal to make up Debbie losses

By: Reuters     24th April 2017 Japanese steelmakers have bought coking coal from the US, Canada and China to replace supply lost after a cyclone closed rail links in Australia, their biggest supplier, industry and trader sources said. Still, the Japanese buyers are paying nearly double the $150/t price that they were... 

Saracen revises terms for Bundarra buy

By: Esmarie Swanepoel     24th April 2017 Gold miner Saracen Mineral Holdings has amended the terms of its proposed acquisition of fellow ASX-listed Bligh Resources’ Bundarra gold project, in Western Australia, after Zeta Resources last week launched a cash takeover for Bligh. Saracen was to buy Bligh’s interest in the Bundarra gold... 

Tongon permit review confirms opportunities to extend mine life

By: David Oliveira     24th April 2017 A review of Africa-focused gold producer Randgold Resources’ Nielle permit, which hosts the company’s Tongon mine, in Côte d’Ivoire, has confirmed a number of opportunities to extend the life of the operation beyond the current four-year projection, company CEO Mark Bristow said during a site... 

Tongon permit review confirms opportunities to extend mine life
Photo by Duane Daws
Randgold Resources CEO Mark Bristow

Syndicated sells Barbara copper project to JV partner

By: Esmarie Swanepoel     24th April 2017 ASX-listed Syndicated Metals has agreed to sell its 50% interest in the Barbara copper project, in north Queensland, to its joint venture partner CopperChem for A$2.3-million in cash and a net smelter royalty of between 1% and 2% on the first 10 000 t of copper-in-concentrate produced, subject to... 

Tanzanian graphite project proves positive for Black Rock

By: Esmarie Swanepoel     24th April 2017 A prefeasibility study (PFS) into the Mahenge graphite project, in Tanzania, has estimated that the project cold produce some 167 000 t/y of high purity graphite over a mine life of 32 years. ASX-listed Black Rock Mining said on Monday that the project will require a capital investment of some... 

Syrah awards logistics contract to Grindrod

By: Esmarie Swanepoel     24th April 2017 Graphite developer Syrah Resources has awarded the graphite distribution and logistics services supply contract at its Balama project, in Mozambique, to JSE-listed Grindrod Mauritius. The contract includes the provision of long haul trucking services for graphite concentrate from the Balama site... 

Kingsrose production up by 88%

By: Esmarie Swanepoel     24th April 2017 Embattled gold miner Kingsrose Mining has reported an 88% increase in gold production during the March quarter, compared with the previous quarter, as the company’s administrators worked to recover ounces. Gold production during the three months under review increased from 1 786 oz to 3 361 oz,... 

Trump's infrastructure plan a boon for iron-ore, says Australia's Cormann

By: Bloomberg     23rd April 2017 US President Donald Trump’s plan to upgrade the nation’s roads, ports and bridges will drive demand for steel and support iron ore prices, Australia’s Finance Minister Mathias Cormann said. “The US and the Trump administration has put out a very ambitious infrastructure investment program" and... 

Trump's infrastructure plan a boon for iron-ore, says Australia's Cormann

Freeport collects export permit after Pence visit

By: Reuters     23rd April 2017 Freeport McMoRan collected a permit to resume copper exports from Indonesia on Friday after a hiatus of more than three months, hours after a state visit by US Vice President Mike Pence, who discussed the copper miner's dispute with Jakarta. Indonesia's Trade Ministry issued Freeport with a... 

Freeport collects export permit after Pence visit
US Vice President Mike Pence and Indonesian President Joko Widodo

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