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Peabody beats Street Q3 forecast as Australian cost savings lift results

By: Henry Lazenby     Updated 1 hour 30 minutes ago US coal producer Peabody Energy’s NYSE-listed stock was on Monday trending lower despite the company reporting a much narrower loss than what Wall Street analysts were expecting, mainly supported by lower costs at its Australian operations. For the three months ended September 30, the St Louis,... 

Peabody beats Street Q3 forecast as Australian cost savings lift results

Global supply glut increases iron-ore downside risks – Moody’s

By: Henry Lazenby     Updated 3 hours ago A growing oversupply in the iron-ore market was damaging the credit quality of producers and posed risks to the downside, Moody's Investors Service said last week in a sector comment ‘Iron-ore supply increases pose risk to market fundamentals’. Owing to an aggressive supply push by the major... 

Global supply glut increases iron-ore downside risks – Moody’s

On back of strong Q3 output growth, Klondex lifts full-year outlook

By: Henry Lazenby     Updated 35 minutes ago Nevada-focused gold producer Klondex Mines on Monday reported a 73% quarter-on-quarter rise in precious metals produced during the three months ended September 30, as production benefitted from increased mill throughput and higher gold grades. The company, which this year transformed from a... 

Randgold asks DRC to match local investment, maintain positive legal climate

By: Henry Lazenby     Updated 4 hours ago While Randgold Resources’ Kibali gold mine, in the Democratic Republic of Congo (DRC), continued with its scheduled ramp-up, the company on Monday appealed to the local and national governments to match the nearly $600-million investment in the local economy, and to maintain an investor-friendly... 

Randgold asks DRC to match local investment, maintain positive legal climate

Monument Mining obtains Malaysia federal stay order pending hearing

By: Henry Lazenby     Updated 1 hour 9 minutes ago Malaysia-focused gold producer Monument Mining on Monday said that it had obtained a stay from the Federal Court against the Court of Appeal's order forcing the company to deposit $9.4-million into a joint account maintained by legal counsels of the respective parties to a lawsuit regarding a... 

Niko Resources’ stock tumbles after Indian govt announces new gas price

By: Henry Lazenby     Updated 4 hours ago Calgary-based Niko Resources, which has oil and gas exploration operations across Southeast Asia, on Monday said that it was currently evaluating the impact of the Indian government’s new domestic gas pricing policy on its assets in the country. The company’s TSX-listed stock on Monday fell by... 

Buenaventura scales back plans for Chucapaca gold project

By: Reuters     Updated 34 minutes ago Peruvian miner Buenaventura has scaled back plans for its Chucapaca gold project since taking full control of the deposit from Gold Fields earlier this year, the company told Reuters on Monday. Buenaventura will now invest $700-million in the project instead of an earlier estimate of $2-billion,... 

Gold Fields on track to reach full-year production target, cost estimates revised downwards

By: Leandi Kolver     Updated 7 hours ago Gold miner Gold Fields on Monday announced that its attributable gold equivalent production for the three months ended September as expected to be about 559 000 oz. All-in sustaining costs (AISC) and all-in costs (AIC) for the third quarter were expected to be about $1 074/oz and $1 096/oz... 

Creamer Media publishes Defence 2014: A review of South Africa's defence industry research report

Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand strategic defence procurement... 

Creamer Media publishes Defence 2014: A review of South Africa's defence industry research report

Shanta delivers record gold output, hikes New Luika resource

By: Natasha Odendaal     Updated 7 hours ago London-listed Shanta Gold on Monday reported record gold output for the third quarter of the year. The East Africa-focused gold production and exploration company delivered 22 720 oz of gold during the three months to September, up 4% from the 21 940 oz delivered during the second quarter of the... 

Fraser Alexander appoints interim CEO

By: Chantelle Kotze     Updated 7 hours ago Jaap Nel has stepped down as CEO and as a member of the board of directors of mining solutions company Fraser Alexander, which is a subsidiary of Royal Bafokeng Holdings. His resignation is effective October 13. 

Fraser Alexander appoints interim CEO
Photo by Duane Daws
Fraser Alexander interim CEO Velile Nhlapo

Nordgold completes acquisition of Burkina Faso project

By: Leandi Kolver     Updated 7 hours ago London-listed Nordgold has completed the acquisition of Canadan mineral exploration company Goldrush Resources’ Ronguen gold project, 10 km from Nordgold’s Bissa mine, in Burkina Faso. Nordgold had, in June this year, entered into a share purchase agreement with Goldrush to acquire all the shares... 

Davis Tax Committee mulls ways to 'detect and deter' corporate tax avoidance

By: Terence Creamer     Updated 7 hours ago The revenue implications for South Africa of ‘base erosion and profit shifting’ by corporate taxpayers are firmly in the crosshairs of the Davis Tax Committee (DTC) and Judge Dennis Davis hinted on Monday that recommendations were being considered to “detect and deter” tax-avoiding financial... 

Davis Tax Committee mulls ways to 'detect and deter' corporate tax avoidance
Photo by Duane Daws
Judge Dennis Davis

Tiger closes deal to fully acquire Kipoi copper play

By: Natalie Greve ASX-listed Tiger Resources has completed the acquisition of the remaining 40% shareholding in Société d’Exploitation de Kipoi (SEK), the owner of the Kipoi copper project, in the Democratic Republic of Congo (DRC). SEK was now a wholly-owned subsidiary of Tiger, with the deal having followed the... 

Wescoal expects higher H1 earnings, output

By: Natasha Odendaal JSE-listed miner Wescoal expects to report higher headline earnings and increased production for the six months to September 30. Headline earnings per share for the first half of the year were expected to rise more than 20% on the prior corresponding period last year. 

500 NUM members on strike at Glencore’s Koornfontein mine

By: Natalie Greve Some 500 workers have entered the third day of a protected strike at mining major Glencore’s Koornfontein mine, in Mpumalanga, over what the union claims are unfair deviations from the company’s standard retrenchment package. NUM Highveld regional secretary Stanley Lebelo told Mining Weekly... 

Mwana lifts Q2 gold recovery at Freda Rebecca 23%

By: Natalie Greve Mwana Africa has increased gold production at its Zimbabwe-based Freda Rebecca mine by 23% to 16 555 oz in the quarter ended September 30, owing to improvements in feed grade, recovery and tons milled. Tons milled rose 21.3% to 319 768 t over the three months, while the average     feed grade... 

Wesizwe reports first fatality at Bakubung

By: Natasha Odendaal Work on the shaft sinking operations on the main and ventilation shafts at the Bakubung platinum mine site, in Rustenburg, was suspended after Wesizwe on Monday reported its first fatality. A contractor employed as a jumbo operator was fatally injured on October 17 during the shaft sinking... 

RBPlat’s Styldrift project falls further behind schedule

By: Natasha Odendaal JSE-listed Royal Bafokeng Platinum’s (RBPlat’s) ongoing Styldrift I expansion project has fallen over two months behind schedule. The project, which had a targeted production ramp-up start date of the third quarter of 2015 and had been set to reach steady-state production by July 2018, was... 

RBPlat’s Styldrift project falls further behind schedule
Photo by Duane Daws
RBPlat Styldrift

Portfolio committee ‘concerned’ by illegal mining in KZN

By: Natalie Greve The Portfolio Committee on Mineral Resources says it is concerned about the scale of illegal coal mining at a derelict mine in Osizweni, outside Newcastle, in KwaZulu-Natal. Committee chairperson Sahlulele Luzipo said during a meeting with entities of the Department of Mineral Resources (DMR) –... 

Guinea-focused developer moves to fill bauxite supply breach

By: Natalie Greve Ireland-based Anglo African Minerals is looking to fast-track its 43-million-ton Guinea-based bauxite project into production by 2016, telling Mining Weekly Online that production from the 338 km2 project would go some way towards filling the supply deficit resulting from the implementation of a... 

Norilsk sheds African assets in $337m deal

By: Natasha Odendaal Norilsk Nickel is set to sell its African assets to Botswana-based mining company BCL for $337-million, as the Russian miner’s newly adopted strategy to shed all international assets moves forward. The parties on Monday announced the conclusion of definitive transaction agreements that would see... 

Norilsk sheds African assets in $337m deal

China's CITIC wins trial date against Australian billionaire

By: Reuters An Australian court on Monday rejected billionaire politician Clive Palmer's attempt to stop a case brought against him by China's CITIC Ltd, and cleared the way for a trial in November. Palmer wanted the court to throw out CITIC's lawsuit, which alleges he used A$12-million ($10.5-million) that... 

Australia urged to remove gas supply barriers as prices are set to rise

By: Esmarie Swanepoel The Australian Petroleum Production & Exploration Association (Appea) on Monday welcomed recommendations that the Australian government should remove inappropriate barriers to gas production and should minimise the regulatory burdens on the gas producers. Appea was responding to a report from... 

Paladin’s Langer Heinrich output below forecast

By: Esmarie Swanepoel September quarter production from the Langer Heinrich mine, in Namibia, was significantly lower than expected, as unforeseen issues with process circuit scaling exacerbated production losses from planned maintenance, ASX- and TSX-listed Paladin Energy reported. The uranium miner had previously... 

Talisman to pay $10m for Glencore’s idled Sinclair nickel mine

By: Esmarie Swanepoel Minerals explorer Talisman Mining has signed an agreement with major Glencore’s Xstrata Nickel Australasia Operations to acquire the Sinclair nickel mine, in Western Australia, for a deal valued at A$10-million. Under the terms of the agreement, Talisman would make a cash payment of A$8-million... 

Miners need sustainable solutions to productivity problem – EY

By: Esmarie Swanepoel A report by advisory firm Ernst & Young (EY) has indicated that cost cutting would only lead to short-term productivity gains for mining companies with complex operations and that sustainable long-term solutions were needed. In its new report, ‘Productivity in mining: now comes the hard part’,... 

Miners need sustainable solutions to productivity problem – EY

Minotaur sells gypsum project in A$4.8m deal

By: Esmarie Swanepoel ASX-listed Minotaur Exploration on Monday announced the sale of Lake Purdilla gypsum deposit, in South Australia, for A$4.8-million. The explorer told shareholders that the conditional sale and purchase deed for the project, which consists of two exploration licenses, was an important step... 

Rain falls on the Syama parade

By: Esmarie Swanepoel Heavy rains at the Syama operation, in Mali, has impacted on gold miner Resolute Mining’s output during the three months to September. Gold production during the three months under review declined to 67 078 oz, compared with the 81 877 oz delivered in the June quarter, while cash costs for the... 

Atrum improves Groundhog North project economics

By: Esmarie Swanepoel Coal developer Atrum Coal has reduced the expected capital cost and increased the mine life of its proposed Groundhog North project, in Canada, after doubling the resource estimate earlier this month. ASX-listed Atrum on Monday reported that a supplementary prefeasibility study (PFS) into the... 

Troy advances Karouni gold project

By: Esmarie Swanepoel Dual-listed gold miner Troy Resources has moved a step closer to production at its Karouni gold project, in Guyana, after signing a minerals agreement with the state government. The minerals agreement detailed the fiscal, property, import/export procedures, taxation and other conditions for the... 

Hillgrove reports solid quarter

By: Esmarie Swanepoel Copper miner Hillgrove Resources has reported solid production in the third quarter, despite it being only a two-month quarter as the company aligned its financial year to the calendar year. For the two months ended September, Hillgrove’s Kanmantoo copper mine, in South Australia, delivered 4... 

India to legislate new law to acquire illegally allotted land

By: Ajoy K Das The Indian government is readying new legislation to acquire land bought by companies whose coal blocks the Supreme Court declared to be illegally allotted. The law, in the form of an ordinance prepared by the Coal Ministry, was expected to be approved by the government before month-end, since... 

China metals demand seen up in 2015, copper at least 6%

By: Reuters China's consumption of refined copper is expected to rise at least 6% in 2015, roughly in line with this year, supported by new investment in power networks and demand from rail projects, analysts and industry executives said. An expected slowdown in new residential and commercial building... 

Body of illegal miner found

By: Sapa The body of an illegal miner who was trapped underground in Selby, near Booysens has been retrieved, Johannesburg emergency services said on Sunday. "The body has been recovered after an extensive rescue. A trench had caved in on him, the rescue team had to remove rocks that had fallen onto the... 

Chile cuts copper production forecast for 2014

By: Reuters Chile reduced its forecast for production of copper in 2014 to 5.83-million tonnes, down from a previous prediction for 5.95-million tonnes. State copper commission Cochilco said on Friday that the country, the world's top copper producer, would likely produce a record 6.23-million tonnes in 2015. 

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