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World refined copper market saw wider deficit in November – ICSG

By: Henry Lazenby     Updated 4 hours ago The latest data out from the International Copper Study Group has revealed a global market deficit of about 90 000 t in November last year, up from the 64 000 t deficit in October. The November deficit was mainly attributable to a 3.5% increase in apparent Chinese demand in the first 11 months of... 

World refined copper market saw wider deficit in November – ICSG

Hudbay narrows loss as metals prices rise

By: Henry Lazenby     Updated 5 hours ago Canadian base metals producer Hudbay Minerals said Wednesday it expects to lift zinc output by 25% in 2017, to take advantage of rising prices, while copper and precious metals output is expected to fall 17% and 5%, respectively over 2016 totals. The Toronto-headquartered company forecast zinc... 

Primero’s contained gold reserves drop 24% over 2015

By: Henry Lazenby     Updated 7 hours ago The TSX-listed stock of Canadian precious metals producer Primero Mining on Wednesday took a 10% knock after the company announced a 24% fall in year-over-year gold reserves in 2016. The Vancouver-based company, which operates mines in Canada and Mexico, reported that silver reserves declined 20%... 

Goldman says commodities need proof of demand to rally more

By: Bloomberg     22nd February 2017 Commodity markets will probably stay in a “holding pattern” until there are hard data showing real demand and shrinking stockpiles to support the recent price rally, according to Goldman Sachs Group, which expects such evidence to emerge in the second quarter. “Market positioning is now extremely... 

BHP in for the long haul on Escondida strike as it eyes 30-day wait

By: Reuters     Updated 7 hours ago BHP Billiton's decision this week to give up its legal right to replace striking workers at the Escondida copper mine, in Chile, is a move aimed at sacrificing some output to undermine the union's position, analysts said Wednesday. The strike began on February 9, after workers voted... 

Lithium X joint venture receives Argentinian pond construction permit

By: Henry Lazenby     Updated 6 hours ago Junior lithium explorer and project developer Lithium X said Tuesday it has received permits to build the initial ponding facility as part of the Salta Exploraciones (SESA) joint venture (JV), at the company’s flagship Sal de los Angeles project, in Argentina. The Vancouver-based company said the... 

St Augustine certain Philippine mineral sharing accord will withstand legal scrutiny

By: Henry Lazenby     Updated 3 hours ago TSX-listed St Augustine Gold and Copper (SAGC) this week said its mineral production sharing agreement (MPSA) No 009-92-XI, which covers the King-king copper/gold project in Mindanao, Philippines, will withstand legal scrutiny after authorities earmarked the permit for cancellation. The... 

Perseus adjusts life-of-mine plan at Edikan

By: Megan van Wyngaardt     22nd February 2017 An updated life-of-mine plan at dual-listed Perseus Mining’s Edikan gold mine, in Ghana, has forecast a weighted average all-in site cost, including all direct production costs, royalties, waste stripping costs and sustaining capital expenditure, of $875/oz for the five-year period between July... 

Brazil's Vale to redeem next month $792m in bonds maturing in March 2018

By: Reuters     Updated 4 hours ago Vale, the world's largest iron-ore producer, will redeem next month €750-million of bonds that mature in March 2018. The company said in a securities filing on Wednesday the bonds will be redeemed on March 27. The early repayment is consistent with the company's debt reduction strategy, the... 

Congo said to get $100-million to clear China Moly purchase

By: Bloomberg     22nd February 2017 The Democratic Republic of Congo’s state mining company received $100-million as part of a settlement to drop its objections to the sale of the country’s biggest copper mine to Chinese buyers, according to people with knowledge of the agreement. The cash payment was made last month after... 

Juniors struggling to survive amid several stumbling blocks

By: Dylan Slater     22nd February 2017 Various challenges are threatening the existence of junior miners in South Africa, mining and resources growth specialist company To-The-Point Growth Specialists partner Bernard Swanepoel told guests at the thirty-fifth edition of mining networking platform, the Africa Mining Network (AMN), on... 

Juniors struggling to survive amid several stumbling blocks
Photo by Duane Daws
Bernard Swanepoel

Chamber notes Gordhan’s bemoaning of Section 54 stoppages

By: Martin Creamer     22nd February 2017 The Chamber of Mines of South Africa has described Finance Minister Pravin Gordhan as having done an effective job of maintaining fiscal discipline with a budget deficit of 3.1% in these most trying of times. The chamber comments that the 2017/18 Budget demonstrates the truism that sustaining and... 

Pan African CEO accuses union of ‘blatantly false’ safety statements 

By: Martin Creamer     22nd February 2017 The CEO of the London Aim- and Johannesburg-listed precious metals and coal mining company Pan African Resources on Wednesday accused the National Union of Mineworkers (NUM) of making statements that were “blatantly false” on safety practice at the Evander gold mine in Mpumalanga. “I will not say... 

Mining Weekly Online’s Martin Creamer on results presentation of Pan African Resources by CEO Cobus Loots. Photographs: Duane Daws. Video: Nicholas Boyd. Video Editing: Lionel da Silva.

Eskom and Transnet need to borrow billions more

By: News24Wire      22nd February 2017 Eskom and Transnet need to borrow billions more than anticipated in 2016, National Treasury revealed in its 2017 Budget Review on Wednesday. Even as Eskom’s financial performance improved in 2015/16 as a result of a 12.7% tariff hike and a revenue increase by R10.5-billion to R161-billion, it... 

Eskom and Transnet need to borrow billions more

Transnet exec suspended after tender report

By: News24Wire      22nd February 2017 A senior Transnet executive has been put on special leave following a News24 report on a R10-million tender the State-owned company awarded to the executive's former boss. Transnet confirmed on Wednesday that Sandile Simelane, the head of Transnet Freight Rail's (TFR) corporate affairs... 

Pan African ups earnings, pays record dividend

By: Martin Creamer     22nd February 2017 Precious metals and coal producer Pan African Resources on Wednesday announced higher earnings and revenues, and a record dividend pay-out of R300-million, despite lower gold production in the six months to December 31. Earnings per share increased by 33.4% to 16.58c a share and the board... 

Pan African ups earnings, pays record dividend
Photo by Duane Daws
Pan African CEO Cobus Loots

Australia wage growth stays stubbornly weak, building bounces back

By: Reuters     22nd February 2017 Australian wage growth stayed stuck at record lows last quarter amid subdued demand for labour, a drag both on household spending power and on the course of inflation. The Australian Bureau of Statistics said on Wednesday that its wage price index rose just 0.5% in October-December, in line with... 

India’s iron-ore production poised for five-year high

By: Ajoy K Das     22nd February 2017 With the current financial year drawing to a close in little over a month, India's iron-ore production is poised to hit a five-year high. While official aggregate production data is not yet available, granular province-wide iron-ore production data indicate that India's iron-ore production for... 

Western Areas swings back to profit

By: Esmarie Swanepoel     22nd February 2017 Nickel miner Western Areas has swung back to profit in the half-year ended December 31, as earnings before interest, taxes, depreciation and amortization (Ebitda) improved by 58% over the previous corresponding period. Ebitda for the half-year reached A$29.5-million, resulting in net profit of... 

Kipoi hit by disruptions, output affected – Tiger

By: Esmarie Swanepoel     22nd February 2017 A number of disruptive events at the Kipoi copper project, in the Democratic Republic of Congo, have resulted in ASX-listed Tiger Resources warning of a "material negative impact" on cash flows, as well as reduced revenues from lower copper production. The miner in October 2016 reported that heap... 

Altura gets approval for Pilgangoora

By: Esmarie Swanepoel     22nd February 2017 The West Australian Department of Mines and Petroleum has approved the mining proposal and mine closure plan for the Pilgangoora lithium project being developed by Altura Mining. The company said on Wednesday that the mining proposal, the mine closure plan, and the native vegetation clearing... 

Fortescue profits surge on higher iron-ore prices

By: Esmarie Swanepoel     22nd February 2017 Iron-ore major Fortescue Metals has more than tripled its net profit for the half-year ending December 31, as revenue and underlying earnings before interest, taxes, depreciation and amortisation (Ebitda) increased. Net profits increased by 283% from the $319-million reported at the end of... 

Fortescue profits surge on higher iron-ore prices

Doray warns of impairments

By: Esmarie Swanepoel     22nd February 2017 Gold miner Doray Minerals has warned of a noncash impairment of between A$40-million and A$45-million for the half-year ending December. The miner told shareholders on Wednesday that the impairment at the Andy Well gold mine, in Western Australia, resulted from lower production levels and mine... 

Dacian raises A$110m for Mt Morgans development

By: Esmarie Swanepoel     22nd February 2017 Gold developer Dacian Gold has launched a A$110-million equity raising, comprising a A$15.4-million institutional placement and a 1-for-3.1 accelerated nonrenounceable entitlement offer to complete the construction of its Mt Morgans project, in Western Australia. Dacian on Wednesday told... 

Woodside boosts profits, expected output

By: Esmarie Swanepoel     22nd February 2017 Oil and gas producer Woodside Petroleum has reported a significant upswing in profits for the full 2016, as the company exceeded its production targets and reduced its operating costs. Net profit for the 2016 financial year reached $868-million, compared with the $26-million reported for 2015. 

Richmont Q4 earnings back in the black, strong outlook underpins Island Gold ops

By: Henry Lazenby     22nd February 2017 Small-scale gold producer Richmont Mines has reported fourth-quarter earnings coming in below bullish analyst expectations, though it did swing back to a profit for the three-month and full-year period ended December. The Toronto-headquartered company reported earnings of C$1.1-million, or C$0.02... 

De Beers new diamond mine set to reach full commercial production

By: Reuters     22nd February 2017 Gahcho Kué diamond mine, in Canada's Northwest Territories is set to reach full commercial production over the next six weeks, the heads of Anglo American unit De Beers and its Canadian partner Mountain Province Diamonds said on Tuesday. First diamond production at the Arctic mine, the world's... 

Escondida will wait 30 days into strike to replace workers

By: Reuters     22nd February 2017 Chile's Escondida copper mine, the world's largest, said on Tuesday it would not begin replacing striking workers for at least 30 days into the work stoppage to show its commitment to dialogue. The mine can legally hire temporary workers after 15 days of a strike. Tuesday marked 13 days since... 

Copper Mountain Q4 earnings beat forecasts as sales soar

By: Henry Lazenby     22nd February 2017 British Columbia-focused copper/gold producer Copper Mountain Mining has reported buoyant fourth-quarter earnings attributable to shareholders of C$2.1-million, or C$0.01 a share, a swing back to profit as improving prices and sales volumes boosted the bottom line. The Vancouver-based miner,... 

BC confirms mineral exploration tax credits in 5th balanced budget

By: Henry Lazenby     22nd February 2017 The British Columbia provincial government on Tuesday unveiled its fifth consecutive budget in the black, confirming critical fiscal supports for the mineral exploration industry, previously unveiled by Liberal Premier Christy Clark. The 2017/18 budget, which is expected to run a C$295-million... 

BC confirms mineral exploration tax credits in 5th balanced budget
Photo by Geoscience BC
The British Columbia provincial government has confirmed critical fiscal supports for the mineral exploration industry, previously unveiled by Liberal Premier Christy Clark

Despite missing analyst estimates, Newmont lifts FY headline earnings 89%

By: Henry Lazenby     22nd February 2017 US gold major Newmont Mining has reported an 89% increase in full-year 2016 adjusted earnings of $619-million, or $1.16 a diluted share, missing average analyst forecasts calling for earnings of $1.54 a share. The net loss attributable to Newmont stockholders from continuing operations narrowed... 

Despite missing analyst estimates, Newmont lifts FY headline earnings 89%
Photo by Bloomberg
Newmont has delivered expansions and proven the investment case at Cripple Creek & Victor, in Colorado

Giyani sees ‘company maker’ potential in Botswana manganese claims

By: Henry Lazenby     21st February 2017 Canadian junior explorer Giyani Gold is strategically repositioning to take advantage of the rising tide in the energy metals market. After dabbling in several project opportunities in recent years, including an oil and coal infrastructure opportunity in Turkey, and gold exploration in... 

Giyani sees ‘company maker’ potential in Botswana manganese claims
Photo by Duane Daws
Giyani Gold executive chairperson and CEO Duane Parnham believes the company's manganese prospects in Botswana hold “company maker” potential

$1bn earmarked for AngloGold’s deep-but-cheap Mponeng mine

By: Martin Creamer     21st February 2017 A big capital investment is on the cards for AngloGold Ashanti’s Mponeng gold mine, the world’s deepest underground operation. The former Western Deep Levels Number One operation was on the receiving end of a surfeit of comment when AngloGold Ashanti presented cash-rich results on Tuesday.  

$1bn earmarked for AngloGold’s deep-but-cheap Mponeng mine
Photo by Duane Daws
AngloGold Ashanti executive VP Graham Ehm

Bacanora buys 50% stake in German lithium project

By: Anine Kilian     21st February 2017 Aim- and TSX-V-listed Bacanora will acquire a 50% stake in the Zinnwald lithium project, in Germany, from European solar panel producer SolarWorld for €5-million, plus an undertaking to invest a further €5-million on a feasibility study (FS). The FS is expected to take 18 to 24 months to complete. 

Ending mine fatalities most pressing 2017 priority – AngloGold

By: Martin Creamer     21st February 2017 The first and most pressing of AngloGold Ashanti’s key 2017 priorities is to put an end to mine fatalities by improving workplace conditions and bettering legal compliance, AngloGold Ashanti chief operating officer South Africa Chris Sheppard said on Tuesday, when the company posted stunning... 

Ending mine fatalities most pressing 2017 priority – AngloGold
Photo by Duane Daws
AngloGold COO South Africa Chris Sheppard

De Beers lifts FY16 underlying Ebitda by 42%

By: Ilan Solomons     21st February 2017 Higher revenues contributed to a 42% improvement year-on-year in diamond miner De Beers’ underlying earnings before interest, taxes, depreciation and amortisation (Ebitda) to $1.4-billion in 2016. A 30% increase in revenue to $6.1-billion was driven by stronger rough diamond demand, which led to... 

De Beers lifts FY16 underlying Ebitda by 42%
De Beers results benefited from cost-saving programmes, portfolio changes and the impact of favourable exchange rates as unit costs decreased by 19%

Anglo targets further $1bn in cost, volume improvements in 2017

By: Ilan Solomons     21st February 2017 Diversified miner Anglo American is this year seeking an additional $1-billion in incremental net cost and volume improvements, while also aiming to return to an investment-grade credit rating and resume dividend payments. The group has already identified 75% of these targeted net cost and volume... 

Anglo targets further $1bn in cost, volume improvements in 2017
Anglo American is aiming to have capital expenditure maintained at $2.5-billion and stay-in-business capital increased to $1.2-billion in 2017

ConCourt rules in favour of gold producers over 2013 wage agreement extension

By: Creamer Media Reporter      21st February 2017 The Constitutional Court ruling in favour of the gold producers this week brings “final certainty” on the nature of an extended 2013 wage agreement. The ruling, relating to a June 2014 Labour Court order that upheld an interim order preventing the Association of Mineworkers and Construction Union... 

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