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Gold plunges as 1.8Moz traded in a New York minute

By: Bloomberg     Updated 6 hours ago Gold sank like a stone at 09:00 in London after a huge spike in volume in New York futures that traders said was probably the result of a "fat finger," or erroneous order. Trade shot up to 1.8-million ounces of gold in just a minute, a level not reached even with the surprise election of US... 

Yancoal said to add new incentives to offer for Rio coal assets

By: Bloomberg     26th June 2017 China-controlled Yancoal Australia added new incentives to its offer for Rio Tinto Group’s Australian coal assets to fend off a last-minute challenge by rival Glencore, according to a person with knowledge of the situation. Yancoal submitted a revised offer and will release details of the... 

Aguia raises C$10.8m as part of TSX-V listing

By: Esmarie Swanepoel     26th June 2017 Brazil-focused fertiliser developer Aguia Resources has raised C$10.8-million through a share placement to institutional and sophisticated investors to complete a bankable feasibility study on its Tres Estradas phosphate project. The placement was priced at C$0.40 a unit, which consisted of one... 

Shore Gold consolidates Star-Orion South diamond project, inks earn-in with Rio Tinto

By: Henry Lazenby     24th June 2017 TSX-listed project developer Shore Gold has consolidated its ownership in the Star-Orion South diamond project, in Saskatchewan, after buying Newmont Canada FN Holdings’ 31% interest in the Fort à la Corne joint venture (FalC JV), the company announced on Friday. With a resulting 100% ownership... 

Shore Gold consolidates Star-Orion South diamond project, inks earn-in with Rio Tinto
Photo by Shore Gold
Rio Tinto has signed an option agreement to earn up to 60% of Shore Gold's Star-Orion South diamond project, in Saskatchewan

Sisson tungsten/moly play gets federal nod

By: Henry Lazenby     24th June 2017 TSX-listed Northcliff Resources’ majority owned Sisson Mines has received Canadian federal approval for the Sisson tungsten/molybdenum mine, in New Brunswick, following an environmental assessment under the Canadian Environmental Assessment Act. The federal Minister of Fisheries, Oceans and the... 

Zinc rally to slow in H2 as headwinds mount – BofAML

By: Henry Lazenby     24th June 2017 Headwinds to the current zinc price rally are expected to mount during the second half of the year as consumption slows, undermining the base metal’s strong fundamentals, new analysis by Bank of America Merrill Lynch (BofAML) has found. The banking group’s Global Commodities Research team said in... 

Guatemala police clear access to Tahoe’s blocked Escobal mine

By: Henry Lazenby     23rd June 2017 Police have used teargas to clear a public road near the town of Casillas, in south-east Guatemala, of protesters blocking access to Canadian miner Tahoe Resources’ controversial Escobal mine, the third-largest silver mine in the world. The TSX- and NYSE-listed miner said in a statement on Friday... 

Glencore increases offer for Rio Tinto’s C&A assets

By: Megan van Wyngaardt     23rd June 2017 In light of reports on Tuesday that diversified miner Rio Tinto urged its shareholders to vote in favour of the sale of its wholly-owned subsidiary Coal & Allied Industries (C&A) to Yancoal Australia, as opposed to electing the counter offer from Glencore, the latter has raised its offer to... 

Glencore paid $4bn in taxes, royalties in 2016

By: Natasha Odendaal     23rd June 2017 Triple-listed Glencore on Friday reported it had paid some $4-billion in taxes and royalties to governments in 2016. Some $1.78-billion related to payments in respect of the extractive activities under the reporting requirements of the European Union (EU) directive, the mining giant’s yearly... 

Randgold keen on DRC mining code review, partnerships to develop young industry

By: Creamer Media Reporter      23rd June 2017 LSE-listed Randgold Resources on Friday said the mining industry would welcome a review of the Democratic Republic of the Congo's (DRC’s) existing mining code in a “young” industry still open to development. However, this review needs to be subject to an inclusive debate, with government and the... 

West African Resources secures C$15m for exploration drilling at Sanbrado

By: Megan van Wyngaardt     23rd June 2017 Dual-listed West African Resources has entered into an agreement with Sprott Capital Partners to act as lead underwriter for the purchase of 46.8-million ordinary shares at C$0.32 apiece, to raise C$15-million. The underwriters will also have the option to acquire up to an additional... 

Santacruz to consolidate ownership of Veta Grande, Minillas properties

By: Henry Lazenby     24th June 2017 Canadian junior Santacruz Silver Mining has signed an option agreement with certain private Mexican companies known as Contracuña under which Santacruz aquired an option to buy a 100% interest in the Veta Grande and Minillas properties, for $15.5-million. The TSX-V-listed company currently... 

Orocobre ops affected by severe weather

By: Esmarie Swanepoel     23rd June 2017 Dual-listed miner Orocobre is expecting to produce between 2 400 t and 2 500 t of lithium carbonate in the three months to June, on the back of severe weather conditions in Argentina and Chile. This production expectation compares with the 2 784 t of lithium carbonate produced in the three months... 

Cobalt 27 aims to tap electric car revolution with $150m IPO

By: Reuters     23rd June 2017 Minerals company Cobalt 27 Capital made its debut on Canada's Venture Exchange on Friday, raising C$200-million in a listing that offers investors exposure to cobalt, a key metal for batteries in electric cars. Cobalt 27's initial public offering highlights the burgeoning market for cobalt as the... 

Lithium squeeze looms as top miner front-loads, Chile says

By: Bloomberg     26th June 2017 Plans by one of the world’s top lithium producers to accelerate output could lead to a shortage of the light metal used in electric-car batteries in five years, according to the Chilean government’s development agency. Soc. Quimica & Minera de Chile SA last month announced plans to increase its... 

CoM interdicts implementation of Reviewed Mining Charter

By: Anine Kilian     Updated 3 hours ago The Chamber of Mines (CoM) has issued an urgent application to the High Court of South Africa requesting that the court prevent the implementation of the Reviewed Mining Charter, which was published by the Department of Mineral Resources (DMR) on Thursday.   The application, issued on Monday,... 

Gemfields continues resistance as Pallinghurst shareholders vote in favour of buyout

By: Anine Kilian     Updated 4 hours ago Pallinghurst Resources has received 96% shareholder support for the buyout of the remaining stake in Gemfields, making its offer for Gemfields wholly unconditional. Brian Gilbertson’s Pallinghurst on May 19 announced its intention to buy out Gemfields’ minority shareholders in exchange for... 

Greenhouse tightening as govt imposes Paris agreement – Exxaro

By: Martin Creamer     Updated 4 hours ago The legislative changes around emission of greenhouse gases is becoming more onerous as the South African government implements the Paris Agreement, diversified black-owned resources group Exxaro said on Monday, when the coal-mining major announced that “good progress” had been made finalising... 

Greenhouse tightening as govt imposes Paris agreement – Exxaro
Photo by Duane Daws
Exxaro CEO Mxolisi Mgojo

Rio Tinto backs revised Yancoal bid for Coal & Allied assets

By: Anine Kilian     Updated 5 hours ago Diversified miner Rio Tinto on Monday confirmed that China-controlled Yancoal Australia was the preferred buyer for its Australian Coal & Allied unit.   Yancoal at the weekend increased its offer to $2.69-billion, adding $240-million in unconditional guaranteed royalty payments to a previous cash... 

Rio Tinto backs revised Yancoal bid for Coal & Allied assets

Tsodilo completes pilot hole drilling programme at BK16

By: Anine Kilian     Updated 6 hours ago Diamond explorer Tsodilo Resources has completed a pilot hole drill (PHD) programme at its BK16 kimberlite project, in the Orapa kimberlite field, in Botswana. The purpose of the programme was to drill pilot holes on the sites that have been earmarked for the large diameter drill (LDD) programme. 

Mpumalanga Premier unable to attend Mining Charter imbizo owing to Russia trip

By: Ilan Solomons     Updated 6 hours ago Mpumalanga Premier David Mabuza was unable to attend a community engagement imbizo in the Steve Tshwete local municipality, in Mpumalanga, regarding the third iteration of the Mining Charter, last week, as he was out of the country on an official trade and investment trip to Russia, said... 

Mpumalanga Premier unable to attend Mining Charter imbizo owing to Russia trip
David Mabuza was not able to attend the community engagement imbizo because he was out of the country on an official trade and investment trip to Russia

Test work confirms Portugal project's ‘high-quality’ spodumene potential – Savannah

By: Mariaan Webb     26th June 2017 Metallurgical testwork on a sample from the Mina da Barroso lithium prospect has confirmed that the project, which Aim-listed Savannah Resources bought in May, has the potential to produce high-quality spodumene concentrate using conventional technologies. Testwork confirmed a high lithium oxide... 

Energia raises A$3m for Italy zinc project

By: Esmarie Swanepoel     26th June 2017 ASX-listed junior Energia Minerals is hoping to raise A$3.12-million through a non-renounceable rights issue to fund work at its Gorno zinc project, in Italy. Energia on Monday said that the two-for-five rights issue would be priced at 1c a share, which represented a discount of 37.5% to the... 

Energia raises A$3m for Italy zinc project

Nova to reach commercial production by end of June

By: Esmarie Swanepoel     26th June 2017 The Nova nickel/copper/cobalt mine, in Western Australia, is expected to reach commercial production by the end of June, ASX-listed Independence Group said on Monday. Since commissioning started in October last year, the processing plant has been constrained by ore production from the... 

Musgrave mulling its options at Cue

By: Esmarie Swanepoel     26th June 2017 ASX-listed Musgrave Minerals on Monday said that it was considering its options with regards to the Cue project after fellow-listed Silver Lake Resources last week announced its intention to sell its interest in the joint venture. Silver Lake has reached an agreement with Westgold Resources to... 

Rio continues with Strandline earn-in

By: Esmarie Swanepoel     26th June 2017 The exploration arm of mining major Rio Tinto is expected to make its first $500 000 payment to ASX-listed junior Strandline Resources after completing a due diligence on that company's heavy mineral sands tenements in Tanzania. Rio Tinto and Strandline in April this year inked an earn-in and... 

CoAL's Uitkomst buy completed after supply agreement finalised

By: Esmarie Swanepoel     26th June 2017 Triple-listed Coal of Africa (CoAL) has announced that all conditions precedent for its R275-million buy of South Africa's Pan African Resources Coal Holdings have been fulfilled, after a supply agreement was signed over the Uitkomst colliery. The transaction will now be effective at the end of... 

BHP gets ball rolling on new Pilbara iron-ore mine

By: Esmarie Swanepoel     26th June 2017 Mining major BHP has approved a $184-million initial investment into the South Flank iron-ore project, in the Pilbara. The South Flank operation will leverage and expand on the existing Mining Area C hub, and is BHP's preferred option to replace the 80-million-tonne-a-year Yandi mine, which will... 

BHP gets ball rolling on new Pilbara iron-ore mine

Rio Tinto to give revised Glencore offer 'appropriate consideration'

By: Esmarie Swanepoel     26th June 2017 Diversified major Rio Tinto on Monday confirmed that it had received an improved offer from fellow diversified miner Glencore for its Australia subsidiary Coal & Allied (C&A). Glencore at the end of last week upped its offer from its initial $2.55-billion to $2.67-billion after Rio Tinto backed... 

Amec slams 33% increase in WA mine safety levy

By: Esmarie Swanepoel     26th June 2017 The Association of Mining and Exploration Companies (AMEC) has lashed out at the Western Australian government, after Mines and Petroleum Minister Bill Johnston warned of an increase in levies to the Department of Mines and Petroleum's (DMP's) Mines Safety Branch (MSB). The MSB is one of the... 

Sibanye Gold aims to restart Cooke mine this week

By: Reuters     26th June 2017 South African precious metals producer Sibanye Gold aims to resume production at its strike-hit Cooke Mine later this week, but first plans to conduct safety inspections in the shafts on Monday. A company spokesman also said the company needed to wrap up an appeals process for around 1 500 miners... 

Sibanye Gold aims to restart Cooke mine this week

Vedanta seeks to quadruple Zambia copper output over three years

By: Bloomberg     26th June 2017 Vedanta Resources plans to quadruple its Zambian copper output over the next three years, the local unit’s chief executive officer said, signaling a more ambitious expansion in Africa’s second-biggest producer of the metal. Most of the increase will come from Konkola Copper Mines’ flagship... 

Vedanta seeks to quadruple Zambia copper output over three years

Banks balk at risk of funding South Africa Mining Charter deals

By: Bloomberg     26th June 2017 South Africa’s plan to force mining companies to give the black majority a bigger stake in the nation’s mineral wealth faces a major obstacle: convincing  banks to back billions of dollars of fresh deals in an industry in decline. Mineral Resources Minister Mosebenzi Zwane said on June 15 that... 

High hopes for inaugural Investing in LatAm Mining Cumbre

     26th June 2017 Generalist and specialist investors are returning to the Latin American mining sector in large numbers, as they see the opportunity for returns re-emerging, content developer and presentation coordinator Mining Indaba director of content Harry Chapman tells Mining Weekly. The cusp of... 

High hopes for inaugural Investing in LatAm Mining Cumbre
Photo by Reuters
Latin America is perfectly placed to take advantage of the growing demand for battery metals

Eskom refuses to provide information on Tegeta claim settlement – AfriBusiness 

By: Anine Kilian     23rd June 2017 Business rights watchdog AfriBusiness will consult with its legal team to determine the way forward after State-owned Eskom reportedly refused to provide it with information on the R2-billion fine imposed on Tegeta Resources’ Optimum coal mine. Following a period of arbitration, Eskom and Tegeta... 

Zwane forced to beat a hasty retreat from community engagement imbizo

By: Ilan Solomons     23rd June 2017 Mineral Resources Minister Mosebenzi Zwane was, on Friday, forced to leave a community engagement imbizo in the Steve Tshwete local municipality, in Mpumalanga, without addressing the meeting. The Minister, who was meant to hear the views of affected communities following the release of the third... 

Zwane forced to beat a hasty retreat from community engagement imbizo
Practical Radical Economic Transformation members storm stage where Mineral Resources Minister Mosebenzi Zwane was meant to discuss the new Mining Charter

If Koko returns, it won’t be as acting CEO, Brown avers, as she unveils interim board

By: Terence Creamer     23rd June 2017 Public Enterprises Minister Lynne Brown has called on the new interim leadership of embattled power utility Eskom to give priority attention to addressing the management of contracts, conflicts of interest and the quality of coal being supplied to its power stations. Speaking following the Eskom... 

If Koko returns, it won’t be as acting CEO, Brown avers, as she unveils interim board
Photo by Duane Daws
Zethembe Khoza, Lynne Brown, Ben Martins and Johnny Dladla

Mining Charter violates shareholder rights – Hogan Lovells

By: Martin Creamer     23rd June 2017 Mining Charter Three’s arbitrary increase of empowerment shareholding to 30% violates the property rights of shareholders, and the new charter’s requirement to pay 1% of yearly turnover is not expected to survive challenges under the Companies Act and the Constitution. Property rights under the... 

Mining Charter violates shareholder rights – Hogan Lovells
Hogan Lovells partner Wessel Badenhorst

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