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Gold believers from Soros to UBS lose faith in miners’ gain

By: Bloomberg     26th August 2016 The red-hot market for gold-mining companies has made the shares too expensive for some investors, even though they remain bullish on the outlook for bullion. Earlier this year, fund managers including George Soros had gobbled up shares of producers such as Barrick Gold and Newmont Mining in a... 

Gold believers from Soros to UBS lose faith in miners’ gain
George Soros

Venezuela says signs $5.5bn mining deals, companies include Barrick

By: Reuters     26th August 2016 President Nicolas Maduro said on Friday that Venezuela had signed over $5.5-billion in mining deals with companies including Canada's Barrick Gold and China's Shandong Gold. The deals are part of plan to ease the Opec nation's grave economic crisis that has caused food shortages and supermarket... 

Wealth Minerals aggressively advances Chile lithium asset acquisitions

By: Henry Lazenby     26th August 2016 The Vancouver- and Santiago-based teams of junior explorer Wealth Minerals has since February put together the largest brine property package in Chile of any junior mining company in the hopes of capitalising on the rising tide of the energy metal. On Wealth’s team is Marcelo Awad, a former... 

Wealth Minerals aggressively advances Chile lithium asset acquisitions

Venetia underground project may deliver first carats ahead of 2022 target

By: Ilan Solomons     26th August 2016 The construction of the R29-billion ($2.1-billion) underground development at the Venetia mine by diamond miner De Beers Consolidated Mines (DBCM) is within budget and developing on schedule, with the potential to see underground opera- tions deliver the first ore before the targeted start of... 

Venetia underground project may deliver first carats ahead of 2022 target

Vale says crown-jewel deal unlikely this year

By: Bloomberg     26th August 2016 Vale SA, the top iron-ore miner, is poised to complete coal and fertilizer sales this year, while a deal involving its most prized assets probably will take longer, according to its investor relations chief. The Rio de Janeiro-based company, which is grappling to reduce one of the industry’s... 

Goldsource stock stumbles on revised lower guidance

By: Henry Lazenby     27th August 2016 VANCOUVER (miningweekly.com) – The TSX-V-listed stock of junior gold producer Goldsource Mines on Friday fell as much as 20% after the company revised lower its full-year guidance, citing weather related issues, a delay in the shipment of a 40-t truck to site and low grade ore. The... 

International Frontier formalises partnership with Mexican govt over Tecolutla JV

By: Henry Lazenby     27th August 2016 TSX-V-listed International Frontier Resources (IFR) announced Friday that Tonalli Energia met all the terms and conditions and signed a license contract with the Mexico Comision Nacional de Hidrocarburos (CNH) for the Onshore Oil and Gas Development Block 24 (Tecolutla), granting Tonalli the... 

Buffalo Coal production slides as tough conditions continue

By: Megan van Wyngaardt     26th August 2016 Total run-of-mine production at JSE-listed Buffalo Coal’s operations fell 20.4% year-on-year, to 416 000 t, in the second quarter ended June 30, owing to difficult mining conditions and pitroom constraints at its Magdalena project. The mine saw a 27.9% decrease in Magdalena underground... 

Centrex appoints new projects GM

By: Megan van Wyngaardt     26th August 2016 To further its Oxley potassium project and oversee the recently started prefeasibility study (PFS), Centrex Metals has appointed Steve Klose as its projects GM. Klose, who holds degrees in minerals engineering and project management, joins Centrex from his previous role as WorleyParsons senior... 

Mining Weekly iPhone and Android Apps available for free download 

     26th August 2016 Creamer Media’s readers continue to be part of the mobile revolution.  Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers a MiningWeekly.com app for iPhone and Android users.  These apps offer... 

Mining Weekly iPhone and Android Apps available for free download

Northam investing R5.5bn in platinum growth projects 

By: Martin Creamer     26th August 2016 Platinum mining company Northam on Friday elaborated on the company’s suite of four growth projects timed to fill a demand gap expected to be created by constrained future South African platinum supply. The Johannesburg Stock Exchange- (JSE-) listed company, headed by CEO Paul Dunne, expects the... 

Northam Platinum CEO Paul Dunne outlines growth projects to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws: Video and Video Editing: Darlene Creamer. 26.08.2016

Avocet sees H1 production, earnings rise despite challenging market

By: Megan van Wyngaardt     26th August 2016 Despite a tough operating environment, Aim-listed Avocet has achieved a positive performance in the six months to June 30, producing 41 614 oz of gold at a cash cost of $913/oz. This was a slight improvement on the 39 859 oz produced at a cash cost of $1 021/oz in the six months to June 30, 2015. 

BlueRock to resume Kareevlei operations

By: Natasha Odendaal     26th August 2016 Aim-listed BlueRock Diamonds will resume operations at its Kareevlei mine, in the Northern Cape, on Monday after a weeks-long suspension ordered by the Department of Mineral Resources (DMR). The DMR suspended operations at the mine after an inspection on July 6 unveiled required changes to... 

Indo-Russia Summit expected to fast-track mining, hydrocarbon collaboration projects

By: Ajoy K Das     26th August 2016 The forthcoming yearly Indo-Russia Summit, in October, is expected to lay down the framework for scaling up bilateral engagements in the mining, energy and hydrocarbon sectors, wherein mega marquee investments have already been put on the anvil. While the bilateral agreements up for discussion... 

Govt cofunding boost for Marindi project

By: Creamer Media Reporter      26th August 2016 The Caranbirini zinc/lead project, which ASX-listed Marindi Metals is developing in the Northern Territory, has received A$100 000 in cofunding from the federal government for exploration activities, including geophysics and analysis of historical drill-holes. Caranbirini is near Glencore’s... 

West African Resources repays $5m loan

By: Creamer Media Reporter      26th August 2016 ASX-listed West African Resources said on Friday it had repaid a $5-million loan to Macquarie Bank ahead of its maturity date on September 30. The repayment was made following the completion of a A$21-million capital raising, announced earlier this month. 

Ausdrill subsidiary sees strong growth in West Africa

By: Creamer Media Reporter      26th August 2016 The West African gold industry continues to provide strong growth opportunities for Australia’s mining services company Ausdrill, with the company’s wholly owned subsidiary appointed as preferred contractor by private explorer and developer Toro Gold. Ausdrill said on Friday that African Mining... 

Talga sells Pilbara gold assets to Oz subsidiary of Novo

By: Megan van Wyngaardt     26th August 2016 Junior Talga Resources has completed the sale of its Pilbara gold projects to Beatons Creek Gold, which exercised its option to purchase the Mosquito Creek, Talga Talga and Warrawoona projects. Beatons, an Australian subsidiary of the TSX-V-listed Novo Resources, previously acquired 100%... 

Saracen doubles profit, set to ramp up to 300 000 oz/y

By: Megan van Wyngaardt     26th August 2016 ASX-listed Saracen Mineral Holdings has delivered a 132% increase in net profit after tax to A$25.9-million for the financial year ended June, capping a strong operational and financial performance at its growing Western Australia gold operations. The profit, which was after allowing for an... 

Saracen doubles profit, set to ramp up to 300 000 oz/y

Bolivia says deputy interior minister killed after kidnap by miners

By: Reuters     26th August 2016 Bolivian Deputy Interior Minister Rodolfo Illanes was beaten to death after he was kidnapped by striking mineworkers on Thursday, the government said. Up to 100 people have been arrested as authorities vowed to punish those responsible. "At this present time, all the indications are that our... 

Bolivia says deputy interior minister killed after kidnap by miners
Protesting miners in Bolivia demanding changes to laws turned violent this week after a blockading a highway

Moody’s upgrades St Barbara ratings, outlook stable

     26th August 2016 Ratings agency Moody’s Investors Service has upgraded Australian gold miner St Barbara’s corporate family rating and senior secured rating from B2 to B3, and assigned the company a stable outlook. Moody’s assistant VP Saranga Ranasinghe said that the upgrade of St Barbara's rating reflected the... 

Former director of Minotaur JV partner charged for insider trading

By: Creamer Media Reporter      26th August 2016 A former director of Golden Fields Resources, which was a joint venture (JV) partner with ASX-listed explorer Minotaur Exploration at the Eloise copper project, in Queensland, has been charged with two counts of insider trading. The Australian Securities and Investments Commission (Asic) alleges... 

Vale ordered to pay C$30 000 for 2013 Voisey’s spill

By: Henry Lazenby     26th August 2016 A Vale subsidiary has been ordered to pay C$30 000 in penalties for a 2013 incident, where untreated and acutely lethal effluent was discharged from the Voisey’s Bay nickel mine, in Newfoundland and Labrador, into the Anaktalak Bay. The St Johns provincial court ordered Vale Newfoundland and... 

Kinross suspends Chile mine ops, lays off 300 workers

By: Henry Lazenby     26th August 2016 Canadian miner Kinross Gold has laid off about 300 workers at its Maricunga mine, in Chile, after it was forced to suspend operations earlier than planned owing to a court ruling upholding a local regulator’s resolution to close the mine’s water pumping wells. Kinross previously stated that it... 

Codelco places bond on local market at historic low price

By: Reuters     26th August 2016 Chilean state copper producer Codelco said it placed $390-million worth of bonds on the local market on Thursday, fetching an historically low effective rate of 2.09%. The world's top copper miner Codelco is raising the money for refinancing and investment purposes, at a time when a fall in the... 

Brazil's Vale expects Samarco to restart mid-2017

By: Reuters     26th August 2016 Brazilian miner Vale expects Samarco, an iron-ore joint venture it owns with BHP Billiton, to restart operations in the middle of 2017, a company executive said on Thursday. Samarco's mine has been shut since November when a tailings dam on the site burst, killing 19 people and causing Brazil's... 

Noront expands RoF land-holdings, outlines exploration and development strategies

By: Henry Lazenby     26th August 2016 Northern Ontario-focused project developer Noront Resources has increased its position as the dominant land-holder in the prospective Ring of Fire (RoF) mining camp after closing the acquisition of 75% of MacDonald Mines’ claims in the region, the company said this week. Through the transaction,... 

Arbitrary licence cancellation a thing of the past as Kenya establishes oversight board

By: John Muchira     26th August 2016 Investors in Kenya’s mining sector will no longer face the risk of arbitrary cancellation of their licences, as the country has established a body to oversee the licensing of prospecting and mining activities and the leasing of mining tenements. Moreover, companies planning to invest in the... 

SA urged to grasp opportunities afforded by platinum and gold resurgence, rising coal exports

By: Dylan Slater     26th August 2016 According to consulting engineers and scientists SRK Consulting South Africa, the fact there are signs of resurgence in platinum, a stronger gold price and growing coal exports to India should be triggers for South Africa’s mining leadership to grasp the opportunities it missed in the last... 

SA urged to grasp opportunities afforded by platinum and gold resurgence, rising coal exports
MARCIN WERTZ Strong leadership is vital to ensure the next mining upturn can be capitalised upon

Ivanhoe expands Kakula mineralisation as Kamoa construction gathers pace

By: Henry Lazenby     25th August 2016 Africa-focused explorer and project developer Ivanhoe Mines has reported further intercepts of greater than 10% copper, at a 3% cut-off, highlighting the high-grade nature of the thick, flat-lying, shallow, chalcocite-rich core of the Kakula Discovery zone, near the Kamoa copper project in the... 

Anglo Pacific reports strong interim results as royalty income rises

By: Henry Lazenby     25th August 2016 Royalty streaming firm Anglo Pacific Group has reported strong results for the first half of 2016, more than doubling free cash flow and narrowing its net loss, which was helped by a weaker pound and higher royalty income. For the interim period ended June 30, the London, UK-based firm reported a... 

Despite commodity slump, M&R bets future on resources

By: Terence Creamer     25th August 2016 Murray & Roberts (M&R) CEO Henry Laas says the decision to sell its infrastructure and building unit, as well as Genrec, to create a multinational project company focused on oil and gas, underground mining, as well as power and water has created an entity that no longer fits neatly within the... 

Despite commodity slump, M&R bets future on resources
Photo by Duane Daws
Murray & Roberts CEO Henry Laas

Safety dominates Sibanye results presentation as 125% profit surge takes back seat 

By: Martin Creamer     25th August 2016 Top performing precious-metals mining company Sibanye Gold, dismayed by an uncharacteristic spate of mineworker fatalities, began its presentation of high-cash results for the half-year with a safety moment as a mark of its determination to up its safety performance. The 125% surge in profits in... 

Sibanye Gold presentation attended by Mining Weekly Online’s Martin Creamer. Photographs, Video and Video Editing: Darlene Creamer

Release coal docs at your own peril, Guptas warn Treasury

By: News24Wire      25th August 2016 Four days before the Guptas’ business chiefs ambushed Finance Minister Pravin Gordhan on a radio station, their company Tegeta threatened Treasury over a report into coal contracts with Eskom. The threat occurred when Democratic Alliance MP David Maynier submitted a request under the Promotion of... 

South32’s local coal expansion projects progressing to feasibility stage

By: Samantha Herbst     25th August 2016 While diversified mining major South32’s South Africa-based thermal coal expansion projects are yet to be approved, CEO Graham Kerr remains optimistic about developments at its South Africa Energy Coal operation, noting that both proposed expansion projects are progressing well into the... 

South32’s local coal expansion projects progressing to feasibility stage
South32 COO Africa Mike Fraser

Nersa confirms appeal of court’s RCA judgment

By: Terence Creamer     25th August 2016 The National Energy Regulator of South Africa (Nersa) confirmed on Thursday that it would appeal the August 16 North Gauteng High Court judgment setting aside its approval of Eskom’s third multiyear price determination (MYPD3) Regulatory Clearing Account (RCA) adjustment for the 2013/14 financial... 

Nersa confirms appeal of court’s RCA judgment

South32 to pay inaugural dividend despite significant revenue drop

By: Samantha Herbst     25th August 2016 Despite a 25% drop in revenue for the 2016 financial year, diversified mining major South32 announced on Thursday that it would pay an inaugural shareholder dividend of $0.01 a share, reflecting the company’s belief in its operations and the flexibility of its balance sheet. With revenue down... 

South32 to pay inaugural dividend despite significant revenue drop
Photo by Bloomberg
South32 CEO Graham Kerr

Bushveld raises cash for Vametco costs, other projects

By: Creamer Media Reporter      25th August 2016 Diversified mineral development company Bushveld Minerals has raised £580 000 through the issue of 38.67-million shares at 1.5p apiece. The proceeds will be used for general working capital purposes, continuing costs associated with the Vametco transaction, ongoing work in respect of subsidiary... 

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