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Alcoa’s adjusted profit tumbles 70%, aluminium deficit seen in 2016

By: Henry Lazenby US aluminium and speciality alloys manufacturer Alcoa has reported a 70% slide in adjusted earnings, saying strong productivity gains and solid midstream and downstream profitability were offset by low metal prices. Excluding special items, net income for the three months ended September 30 came... 

Alcoa’s adjusted profit tumbles 70%, aluminium deficit seen in 2016

Base metals prices to improve in medium term

By: Ilan Solomons Thomson Reuters GFMS is expecting to see substantial price hikes for base metals in the medium term, but says prices will remain “largely muted” in 2016. Base metals prices were between 12% and 34% lower than at the start of this year, the latest Thomson Reuters GFMS Base Metals Review and... 

Base metals prices to improve in medium term

Low zinc prices push Glencore to slash 500 000 t/y of production, shed jobs

By: Natalie Greve     Updated 6 hours ago Diversified major Glencore has revealed plans to cut back on its production of zinc across its portfolio in Australia, South America and Kazakhstan, saying a 500 000 t/y output reduction would preserve the value of its reserves in the ground at a time of low zinc and lead prices, which it... 

Low zinc prices push Glencore to slash 500 000 t/y of production, shed jobs

Streaming deals continue to evolve, syndication may be seen in future

By: Simon Rees In hindsight, July 6 could mark an important date for Canada’s streaming companies, as this was the day Silver Wheaton announced receipt of a Canada Revenue Agency (CRA) letter proposing a tax reassessment on income through the company’s foreign subsidiaries between 2005 and 2010. On September... 

Global nickel market seen in 23 000 t deficit in 2016 – INSG

By: Reuters The global nickel market should swing into a 23 000 tonne deficit in 2016 from a small surplus in 2015, the International Nickel Study Group (INSG) said on Wednesday, predicting that Chinese customers would drive an increase in nickel use. It said the market should post a surplus this year of 49... 

Indonesia ‘assures’ Freeport of extension of operations beyond 2021

By: Henry Lazenby The Indonesian government has assured US diversified miner Freeport-McMoRan subsidiary PT Freeport Indonesia (PT-FI) that the extension of its operations beyond 2021 would be approved, including the same rights and the same level of legal and fiscal certainty provided under its current contract... 

Copper at risk of sliding below $4 000/t – Goldman

By: Reuters Copper prices are at risk of tumbling below $4 000/t after demand for the metal in top consumer China collapsed this year, according to an analyst from Goldman Sachs, a bank known for its bearish views. Benchmark copper on the London Metal Exchange has slid nearly a fifth this year, hitting a... 

Sukari Q3 output up 13% y/y

By: Ilan Solomons Dual-listed Centamin’s Sukari mine, in Egypt, produced 105 413 oz of gold in the three months to September 30 – a 13% year-on-year increase. Centamin CEO Andrew Pardey said on Thursday that the company would maintain its full-year production guidance at 430 000 oz to 440 000 oz. 

Sukari Q3 output up 13% y/y
Sukari Gold Mine

Botswana Diamonds, Alrosa JV awarded new prospecting licence

By: Creamer Media Reporter      Updated 15 minutes ago The Botswana government has awarded Sunland Minerals – a 50:50 joint venture (JV) between Aim-listed Botswana Diamonds and Russian diamond producer Alrosa – a new prospecting licence, PL260/2015. The 25 km2 PL260/2015 covered ground which was the highest priority for the JV partners and it... 

Steel industry downscaling ‘unavoidable’, Seifsa warns

By: Terence Creamer     Updated 29 minutes ago Downscaling by South African primary steel producers was “unavoidable” despite recent protection measures, outgoing Steel and Engineering Industries Federation of Southern Africa (Seifsa) president Ufikile Khumalo cautioned on Friday. Khumalo is also chairperson of Scaw Metals, which confirmed in... 

Steel industry downscaling ‘unavoidable’, Seifsa warns
Photo by Duane Daws
Outgoing Seifsa president Ufikile Khumalo

LBMA asks for bids to provide gold trading, clearing services

By: Reuters     Updated 39 minutes ago The London Bullion Market Association (LBMA) said on Friday it has asked exchanges and technology firms to bid for services such as a gold exchange or a clearing platform to make the London market more transparent and liquid. "This is to investigate opportunities for greater market transparency... 

Zambia unlikely to reach 2015 copper output target – finance minister

By: Reuters     Updated 41 minutes ago Zambia is unlikely to attain its 2015 copper production target of 808 000 t after lower global prices and electricity shortages hit Africa's No.2 producer of the metal, its finance minister said on Friday. The government was talking to mining companies to find solutions that would minimise job... 

Guinea's Conde says Simandou iron mine auction suspended

By: Reuters     Updated 1 hour 2 minutes ago Guinea's President Alpha Conde has suspended an auction for the right to develop half of Simandou, the world's biggest untapped iron-ore deposit, already running well behind a timetable indicated earlier this year by the country's mines minister. Speaking to journalists, Conde gave no reason for... 

Anatolia shareholders pass Uranium merger share scheme

By: Natalie Greve     Updated 1 hour 12 minutes ago After last month approving the proposed merger with ASX-listed Uranium Resources, shareholders of uranium exploration company Anatolia Energy have voted in favour of three share schemes of arrangement that will result in the full transfer of Anatolia shares to its mining counterpart. The schemes... 

AMCU union to vote on gold strike

By: Reuters     Updated 1 hour 31 minutes ago South Africa's Association of Mineworkers and Construction (AMCU) will decide on Sunday if its members in the ailing gold sector will go on strike, a move that will be contested by two of the three producers it has reached an impasse with over wages. AMCU, which led a five-month strike in the... 

Evraz Highveld creditors get set for Oct 13 business-rescue vote

By: Terence Creamer     Updated 1 hour 44 minutes ago Evraz Highveld Steel and Vanadium creditors would, on Tuesday October 13, vote on a business rescue plan, which included a recommendation that International Resources Limited (IRL), of Hong Kong, be allowed to purchase the company. The vote was initially set for September 28, but was postponed... 

Evraz Highveld creditors get set for Oct 13 business-rescue vote

Wescoal to raise R81m for Elandspruit

By: Martin Creamer     Updated 2 hours 1 minute ago Coal mining and trading company Wescoal intends to raise R81-million equity capital to further develop its flagship Elandspruit Colliery as well as fund other growth options. To date,  JSE-listed Wescoal has self-funded growth projects from its own operational cash flows and, as a consequence,... 

Wescoal to raise R81m for Elandspruit
Photo by Duane Daws
Robinson Ramaite

Evolution delivers 174 169 oz gold in Q1

By: Natalie Greve     Updated 4 hours ago ASX-listed Evolution Mining has delivered 174 169 oz of gold in the first three months of the 2016 financial year. All-in sustaining costs (AISC) came in at A$882/oz. 

Phoenix Gold reiterates plea to shareholders to reject takeover offer

By: Natalie Greve     Updated 4 hours ago Sydney-listed Phoenix Gold has reiterated its appeal to shareholders to reject an offmarket takeover offer by Evolution Mining, saying it undervalues Phoenix’s shares and does not fairly reflect the value of its assets. Evolution’s August offer, which would expire on October 26, saw it offering a... 

Falling commodity prices, equity market jitters keep pressure on WA miners

By: Natalie Greve     Updated 5 hours ago The market capitalisation of Western Australia- (WA-) listed companies closed the month of September at A$118.5-billion, indicating a 6.4% month-on-month drop and pointing to continued pressure on the industry from falling commodity prices and continued global equity market jitters, the Deloitte... 

Falling commodity prices, equity market jitters keep pressure on WA miners

Universal again urges shareholders to reject IchorCoal offer

By: Creamer Media Reporter      Updated 5 hours ago Universal Coal’s independent directors have again called on shareholders not to accept fellow South Africa-focused IchorCoal’s A$0.16 a share cash takeover offer. Ichor, which already held a 29.99% stake in Universal, on October 1, officially launched its takeover bid. 

NUM to meet Chamber of Mines over coal strike

By: African News Agency      Updated 7 hours ago The National Union of Mineworkers (NUM) will meet the Chamber of Mines Friday for more talks to break the ongoing strike in the coal sector. Thousands of NUM members in the coal sector downed tools on Sunday after negotiations for wage hikes reached a deadlock. 

Rare metals investment blow-up shows risks lurking in China's financial system

By: Reuters     Updated 7 hours ago The promise of risk-free, double-digit returns made the "Daily Golden Jewel" investment offered by an obscure commodities exchange in China hard to resist. Advertisements on Chinese State TV implied government backing. Now Beijing faces a political headache after the Fanya Metal Exchange in... 

China base metal demand to inch up next yr, may pick up in H2

By: Reuters     Updated 7 hours ago Most base metals will face tepid demand in China in 2016 as the economy slows in the world's largest consumer of the commodities used in everything from jet engines to cooking utensils, although there is some hope appetite will strengthen later in the year. Twelve metals producers, users and... 

Mining-school enrolment still high despite industry’s contraction

By: Jade Davenport     Updated 7 hours ago The South African mining industry has, since the advent of the industrial economy, always been the main employment mecca. The industry has not only provided jobs for millions of workers, but has also offered some of the best careers in the country’s professional hierarchy. 

Mining-school enrolment still high despite industry’s contraction

Supervisors strike at Chile Codelco's Radomiro Tomic mine, ops unaffected

By: Reuters Chilean state-owned copper miner Codelco said on Thursday that unionised supervisors at its Radomiro Tomic mine have gone on strike after rejecting a labour deal, adding that operations have not been affected. "With the start of the strike the company activated a contingency plan, which has as... 

Goldman lowers 2016 price forecasts for nickel, zinc, lead

By: Reuters Goldman Sachs on Thursday slashed its 2016 price forecasts for nickel, zinc, and lead by more than 20%, primarily citing challenges to Chinese metals and mining demand. "China's metals and mining commodity demand is likely to continue to be challenged by a substantial debt and property inventory... 

Zambia, Zimbabwe utilities exceed dam water use – engineers group 

By: Reuters Zambia and Zimbabwe drew more water than they should have from the Kariba dam to generate electricity, draining the reservoir to 29% of its capacity in September, compared with 70% capacity last year, an engineering body said on Thursday. The Zambezi River Authority (ZRA) ordered utilities in the... 

Zambia, Zimbabwe utilities exceed dam water use – engineers group

Sibanye aiming to become South Africa’s mining champion

Creamer Media's Leandi Kolver speaks to Mining Weekly Editor Martin Creamer about Sibanye Gold’s planned acquisitions and diversification ambitions. 

Sibanye aiming to become South Africa’s mining champion

S Africa’s mining output growth slows to 3.8% y/y in Aug

By: Creamer Media Reporter Growth in South Africa’s mining output slowed to 3.8% year-on-year in August, compared with the 4% year-on-year increase recorded in July. Statistics South Africa on Thursday revealed that the highest positive growth rates were recorded for platinum-group metals (PGMs) and diamonds, which made... 

S Africa’s mining output growth slows to 3.8% y/y in Aug

BHP to cut 37 jobs at Kambalda concentrator

By: Esmarie Swanepoel Mining giant BHP Billiton will cut some 37 staff from its Kambalda concentrator, in Western Australia, as third-party providers cut ore supply. The concentrator, which has a capacity of 1.6-million tonnes a year, relies entirely on third-party feedstock. 

Marmion lauds WA exploration incentive scheme’s successes

By: Esmarie Swanepoel The Western Australian government’s Exploration Incentive Scheme (EIS) is delivering tangible results. Speaking at the Paydirt Nickel conference, in Perth, Mines and Petroleum Minister Bill Marmion pointed out that a recent independent review had indicated that for every A$1-million spent by the... 

GVK’s Alpha mine faces another legal hurdle

By: Esmarie Swanepoel The $10-billion Alpha coal mine, being developed by GVK Hancock, was facing yet another legal battle after antimining activists launched a legal challenge in the Queensland Court of Appeals. This was the fourth time environmental groups have launched legal action against the proposed mine and... 

GVK’s Alpha mine faces another legal hurdle

New copper hub unveiled in South Australia

By: Esmarie Swanepoel The University of Adelaide has launched a new research hub, involving key industry, university and governments from South Australia and the rest of the country, to benefit the Australian copper industry. The research hub was aimed at finding ways of elimiating other metals from copper deposits,... 

Zambian mining firms ask for reduced royalties to cope with slump

By: Reuters Mining companies in Zambia have asked the government to set mineral royalties for both underground and open pit operations at 6% to mitigate the negative impact of falling copper prices on the industry, sources said. The government of Africa's No.2 copper producer in June cut mineral royalties... 

Mincor warns of mothballing if prices don't improve

By: Esmarie Swanepoel Nickel miner Mincor Resources has warned it may suspend operations at its Miitel and Mariners mines, in Western Australia. MD David Moore told delegates at the Paydirt Nickel conference that, should nickel prices not improve in the near term, the mines would be mothballed until prices returned to... 

Intrepid unveils new thinking at Kitumba

By: Esmarie Swanepoel The Kitumba copper project, in Zambia, has benefited from another update to its prefeasibility study, with owner Intrepid Mines reporting a 35% decline in estimated capital costs. A 2013 feasibility study by previous owner Blackthorn Resources, estimated that the underground project would cost... 

Ramelius beats Q1 production expectations

By: Esmarie Swanepoel Gold producer Ramelius Resources has exceeded its production expectations for the September quarter by some 13%. It produced 23 637 oz in the three months to September 30, up from the guidance of between 19 000 oz and 21 000 oz. 

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