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Flow-through share scheme a major source of funds for Canadian juniors in challenging market

By: Henry Lazenby The challenging global capital marketplace has seen the junior mining exploration sector struggle to obtain the funds it needs to look for and find the mineral deposits that will become tomorrow’s new major mines. However, if it were not for Canada’s innovative flow-through share tax incentive,... 

Flow-through share scheme a major source of funds for Canadian juniors in challenging market

Alpha Natural loses eligibility for Wyoming’s ‘self-bonding’ programme

By: Henry Lazenby US coal producer Alpha Natural Resources had been notified by the Wyoming Department of Environmental Quality's Land Quality Division (LQD) that the LQD believed the company no longer qualified under the ‘self-bonding’ programme in the state, under which Alpha avoided insurance or provisions of... 

Base metals on ‘negative’ watch as low prices, slowing growth stales outlook – Moody’s

By: Henry Lazenby Advisory firm Moody’s Investors Service does not expect base metal prices to materially improve over the next 12 to 18 months, saying the basket of metals including copper, zinc and nickel faced downside risks amid an uncertain global economic recovery. In its latest ‘Outlook Update: Global Base... 

Platinum sector faces its Kodak moment in fuel cell technology

By: Reuters Platinum miners betting on fuel cell vehicles to help boost demand for the precious metal and lift moribund prices are in danger of having their hopes dashed, at least in the medium term: electric and hybrid cars are taking a bigger share of the market. The world's three largest platinum... 

True Gold fortifies Karma project team

By: Henry Lazenby Canadian project developer True Gold has reinforced its Burkina Faso-based development and operations team that would be responsible for completing construction of the Karma gold mine, as well as subsequent operations and ongoing community and government relations. The TSX-V-listed company last... 

Rockwell Q4 results impacted by lower grades, sales

By: Megan van Wyngaardt Dual-listed Rockwell Diamonds’ fourth-quarter operating performance was negatively impacted by lower grades at its Saxendrift operation, lower volumes at its Niewejaarskraal project and a drop in overall carats sold. “While we achieved revenue growth of 19% to C$17.1-million and our average cash... 

Uranium Energy’s Paraguay project advances to exploitation phase

By: Henry Lazenby One of US uranium producer and project developer Uranium Energy Corp’s (UEC’s) Paraguay projects has advanced from the exploration phase to the exploitation phase, making it only the third project to enter the exploitation phase since the current mining law was promulgated in 2007. The NYSE... 

Codelco production rises as new mines boost output

By: Reuters Codelco, the world's No 1 copper producer, increased output in the first quarter of 2015, compared with a year ago, although a slide in the copper price eroded profits. Codelco produced 394 000 t of copper from its fully owned projects in the first quarter, up 3% from 2014, boosted by new... 

Creamer Media publishes Gold 2015: A review of South Africa's gold sector electronic research report

In this context Creamer Media’s Gold 2015 report reviews the global gold market and gold companies that have operations in Africa. It particularly focuses on the South African gold sector, including labour issues and electricity shortages, as well as prospects for the sector. 

Creamer Media publishes Gold 2015: A review of South Africa's gold sector electronic research report

Vale to ship coal along Mozambique Nacala Corridor in Q3 - exec

By: Reuters Brazilian miner Vale plans to start exporting coal along the Nacala rail and port corridor in Mozambique and Malawi in the third quarter after heavy rains damaged the rail line, the firm's head of coal told Reuters on Friday. The Moatize mine remains on track to reach a run rate of 11-million... 

Oakbay narrows FY losses

By: Natasha Odendaal Higher gold production and improved grades in the second half of the 2015 financial year led to JSE-listed Oakbay Resources and Energy narrowing its overall losses for the full year by 84%, while its gross and operating profit swung back into the black. Posting its maiden results since listing on... 

Metmar reports positive FY cash generation, despite challenges

By: Megan van Wyngaardt Despite a decline in commodity prices, lower demand and persistent low global economic growth, which resulted in deteriorating trading conditions, bulk commodities trader Metmar still achieved positive cash generation of R18.7-million for the financial year ended February 28. “Sinter tolling and... 

Productivity, modernisation key in gold wage talks

By: Megan van Wyngaardt South Africa’s gold mining industry needed to undergo a structural shift and significant modernisation to curb the socioeconomic pressures it was facing and to create a sustainable, uninterrupted operating environment, South Africa’s gold miners have stated. In the latest update from their ‘This... 

Productivity, modernisation key in gold wage talks

Health dept, gold industry launch compensation programme

By: Megan van Wyngaardt The Department of Health (DoH), along with eight current and historical gold mining companies, on Friday launched their Project Ku-Riha – meaning compensation in Tsonga. The project was aimed at tackling the backlog of compensation claims from mineworkers who suffered occupational lung diseases... 

Harmony in talks with unions to slash over 3 000 jobs – NUM

By: Reuters South African gold producer Harmony Gold is in talks with unions to cut more than 3 000 jobs at its Doornkop mine, the National Union of Mineworkers said on Friday. Officials at Harmony could not be reached for comment. 

Bauba appoints new FD, directors

By: Creamer Media Reporter JSE-listed Bauba Platinum has appointed Carl-Heinz Gernandt to succeed Willem Moolman as FD, effective May 30. Gernandt obtained a BCom internal auditing degree from the University of Pretoria in 2002 and was a member of the Association of Certified Chartered Accountants and Certified General... 

Japan push into Africa resources sputters, helps China

By: Reuters A Japanese government drive to secure access to resources in Africa has sputtered as some companies shy away from investing due to slumping commodity prices and worries over political stability, helping China as it races to import raw materials from the continent. Around two years ago, Japan said... 

CIL incremental production to be offered under auctioned supply linkages

By: Ajoy K Das In a bid to placate opposition, India’s Coal Ministry has proposed that only incremental coal produced by Coal India Limited (CIL) would be earmarked for supplies through auctioned linkages to user industries. According to a proposal firmed up by an inter-Ministerial committee, user industries... 

Banks fall over themselves to grant Glencore $15.25-billion in revolving credit

By: Martin Creamer A horde of banks have seemingly rushed in eagerly to grant an eventual $15.25-billion worth of revolving credit facilities to diversified mining and marketing major Glencore, as part of a refinancing exercise. Initially launched at $14-billion, the credit facilities of the London-, Hong Kong- and... 

Banks fall over themselves to grant Glencore $15.25-billion in revolving credit
Photo by Bloomberg
Iavn Glasenberg

Mongolia to issue $1bn in bonds to help ease cash shortfall

By: Reuters Mongolia plans to issue a $1-billion debt offering to put its fiscal affairs back in order, it said on Thursday, as it tries to ride a wave of good will that arose from a $6-billion deal with global miner Rio Tinto for its giant Oyu Tolgoi copper mine. According to a statement from Thursday's... 

Atlas Iron boosts Pilbara resource

By: Esmarie Swanepoel Iron-ore miner Atlas Iron has reported a 25% increase in the total mineral resource at its Corunna Downs project, between its Mt Webber and McPhee Creek projects, in the Pilbara. The resource increase followed on from a maiden inferred mineral resource for the Glen Herring deposit, which was... 

Bookbuild shows ‘strong support’ for Cowal acquisition – Evolution chair

By: Esmarie Swanepoel Gold miner Evolution Mining on Friday completed the institutional component of its accelerated renounceable entitlement offer, raising A$172-million to assist in funding the acquisition of the Cowal mine, in New South Wales. The institutional entitlement offer formed part of the larger... 

Bookbuild shows ‘strong support’ for Cowal acquisition – Evolution chair
Evolution is buying the Cowal mine from Barrick Gold for $550-million.

Auctus offer for Mungana ‘not fair’ – independent expert

By: Esmarie Swanepoel An independent expert has supported ASX-listed Mungana Goldmines’ decision not to accept a takeover offer from Auctus Chillagoe. Auctus launched its 13.5c-a-share offer for all the issued shares in Mungana in April, arguing that the offer gave Mungana shareholders certainty of value and liquidity. 

Fertoz mulling growth options at Canada phosphates project

By: Esmarie Swanepoel ASX-listed Fertoz is considering a number of growth options at its Wapiti phosphate project, in British Columbia, to increase output. A May scoping study indicated that C$2.7-million would be required to develop Stage 1 of the project, which would access resources from a 7-m-deep openpit to... 

Syrah publishes feasibility study for Mozambique graphite project

By: Esmarie Swanepoel A feasibility study has estimated that the Balama graphite project, in Mozambique, would require a capital investment of some $138-million to deliver a 380 000-t/y operation. Project owner Syrah Resources on Friday announced that based on the current maiden Joint Ore Reserves... 

Botswana's Okavango diamond sales fall 20%

By: Reuters Botswana's Okavango Diamond Company (ODC) sold 1.02-million carats worth $193-million in the five months to May, 20% less than the same year-ago period due to a weaker market and lower output, the firm said on Thursday. State-owned ODC, which has held four tenders in 2015, is expected to sell 14%... 

Wolfden Resources terminates Murray Brook acquisition, opts for Manitoba claim

By: Henry Lazenby Base metals explorer Wolfden Minerals has cancelled its exclusivity agreement to buy a 65% interest in the Murray Brook project, the fifth-largest massive sulphide deposit in the Bathurst Mining Camp (BMC) of New Brunswick, from Votorantim Metals Canada, settling instead for a Manitoba... 

World Bank member invests C$4.5m in Peru-focused explorer

By: Henry Lazenby Peru-focused explorer Tinka Resources will receive a C$4.5-million investment from World Bank Group member the International Finance Corporation (IFC). IFC said on Thursday that its motivation was to help the company develop Peru's mining sector in a way that promoted job creation and local... 

Recession unavoidable for Alberta this year – Conference Board

By: Henry Lazenby Despite oil prices having seemingly stabilised, oil- and-natural-gas-producing Alberta's economy was headed for an overall decline in real gross domestic product this year, The Conference Board of Canada's ‘Provincial Outlook: Spring 2015’ found. The economy of the western Canada province was... 

Recession unavoidable for Alberta this year – Conference Board

Canadian Mining Eye Index slows decline – EY

By: Henry Lazenby Professional services firm EY’s Canadian Mining Eye Index had slowed its decline in the three months ended March 31, falling only 1% compared with a 12% decline in the fourth quarter last year. The index, which tracked the Canadian mining sector performance of 100 TSX- and TSX-V-listed midtier... 

Ivanhoe CEO heads to DRC this weekend to address confusion

By: Henry Lazenby Africa-focused project developer Ivanhoe Mines will send a high-level delegation to the Democratic Republic of Congo (DRC) this weekend to address any “misunderstandings” that might exist between itself and the government following Ivanhoe’s announcement on Monday to sell nearly half of the Kamoa... 

Ivanhoe CEO heads to DRC this weekend to address confusion

Two bodies found near mine

By: News24Wire Security guards at the Aquarius Platinum Mine in Kroondal, assisted by the Rustenburg police, found two bodies with their hands and legs tied from behind in a field outside the mine premises. The guards were chasing suspected copper thieves when they made the grisly discovery. 

Stellar sells more diamonds from Baoulé trial mining

By: Megan van Wyngaardt West Africa-focused Stellar Diamonds has sold diamonds valued at $505 000 at a recent auction. The Aim-listed diamond development company on Thursday said this brought the sales from its 75%-owned Baoulé kimberlite pipe, in Guinea, to over $922 000, of which $700 644 were derived from the trial... 

Shanta secures $40m loan

By: Megan van Wyngaardt East Africa-focused gold production and exploration company Shanta Gold has secured $40-million in loan facilities from Investec Bank. The company said that its operating subsidiary Shanta Mining Company, would use $20-million of the $40-million loan facilities to refinance an existing bank loan... 

Quick action needed to prevent collapse of global coal sector – Prevost

By: Martin Creamer Quick action was needed to prevent the collapse of the global coal sector, XMP Consulting senior coal analyst Xavier Prevost warned on Thursday. Addressing the Fossil Fuel Foundation junior coal mining conference – from which two Department of Mineral Resources (DMR) officials down to speak... 

Quick action needed to prevent collapse of global coal sector – Prevost

BRPs appoint Evraz Highveld CFO, to publish business rescue plan in Aug

By: Megan van Wyngaardt Vertically integrated steel and vanadium slag producer Evraz Highveld Steel and Vanadium’s business rescue practitioners (BRPs) have appointed nonexecutive director Andrew Phillip Maralack acting CFO of the company, with immediate effect. Maralack was a qualified chartered accountant with... 

BRPs appoint Evraz Highveld CFO, to publish business rescue plan in Aug

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