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Northern Dynasty tumbles on First Quantum’s Pebble pull-out

By: Henry Lazenby     25th May 2018 The TSX-traded stocks of base metals producer First Quantum Minerals and Northern Dynasty Minerals tumbled on Friday following an overnight joint announcement that the companies have terminated a 2017 framework accord that envisioned the partners closing an option and partnership transaction to... 

Northern Dynasty tumbles on First Quantum’s Pebble pull-out

Summer doldrums could see lower lows for gold as upside headwinds mount

By: Henry Lazenby     26th May 2018 Gold bug Mickey Fulp does not expect the gold price to break out this year, bar any substantial geopolitical event that upsets the state of the global economy. During a recent mining conference held in Vancouver, the ‘Mercenary Geologist’ told Mining Weekly Online that he expects gold to test... 

D1 Mint buys 1 500 investment-grade diamonds for new diamond-backed crypto coin

By: Henry Lazenby     25th May 2018 The emergence of blockchain technology is helping to turn diamonds into a new investment asset class that in turn, could drive future demand for natural diamonds, the creator of a new diamond backed crypto coin said on Friday. Singapore-based D1 Mint Limited, the creator of the diamond-backed D1... 

D1 Mint buys 1 500 investment-grade diamonds for new diamond-backed crypto coin

McEwen Mining PEA outlines new lease on life for El Gallo Complex

By: Henry Lazenby     25th May 2018 Dual-listed precious metals producer McEwen Mining has published a preliminary economic assessment (PEA) on its El Gallo Complex, in Sinaloa state, Mexico, outlining a redevelopment plan called Project Fenix that could add between 10 and 12 additional years to the operation. Based on an updated... 

McEwen Mining PEA outlines new lease on life for El Gallo Complex
Photo by Bloomberg
McEwen Mining chief owner Robert McEwen

Paladin mothballs Namibia uranium mine

By: Esmarie Swanepoel     25th May 2018 Dual-listed Paladin Energy on Friday confirmed that its Langer Heinrich uranium mine, in Namibia, was being placed on care and maintenance, but said that the low-cost openpit operation would be one of the first to resume production when the uranium market normalised. Paladin in April said that... 

Paladin mothballs Namibia uranium mine
Photo by Bloomberg
Langer Heinrich

Centerra agrees to extend first Kyrgyz agreement longstop date by a month

By: Henry Lazenby     25th May 2018 TSX-listed gold producer Centerra Gold has agreed to a month’s extension of the first longstop date of a strategic accord it signed with the Kyrgyz government on September 11, 2017. The Toronto-based miner said that the first longstop date is the date by which all conditions precedent to the... 

Lack of financing to constrain lithium supply

By: Mariaan Webb     25th May 2018 Difficulty in finding financing for many of the lithium projects that mining companies are prepared to launch is seen as one of the main constraints to a 25% electric vehicle (EV) adoption rate by 2025. UK-based mining investment firm Cadence Minerals, estimates that lithium compound demand is... 

Lack of financing to constrain lithium supply

In lithium hot spot, ghost towns recall another boom gone bust

By: Bloomberg     25th May 2018 Chile knows what it is to be expendable. Ghost towns that pepper the nation’s north are a painful reminder of a time when it was replaced almost overnight as the world’s top fertiliser producer. These days, the decaying buildings and rusty plants serve as a harbinger for miners embarking on a... 

Endeavour discovers new mineralised zones at Houndé

By: Anine Kilian     25th May 2018 TSX-listed Endeavour Mining has discovered two new large mineralised zones – Kari Centre and Kari West – at its Houndé mine, in Burkina Faso. Following the Kari Pump discovery in December last year, exploration efforts were prioritised on the wider Kari area, which hosts a large gold-in-soil... 

Copper Mountain sets aside cash for Cloncurry exploration

By: Esmarie Swanepoel     25th May 2018 The board of ASX- and TSX-listed Copper Mountain Mining has approved a A$5-million budget for exploration work at the Cloncurry project, in Queensland. The company said on Friday that the planned work programmes would include follow-up drilling on discoveries made in 2017, as well as testing of... 

Chile's Codelco posts first quarter pre-tax profit of $537m

By: Reuters     25th May 2018 Chilean state copper company Codelco reported on Friday first quarter pre-tax profits of $537-million, a slight increase over the previous year, even as ore grades continued to decline at the miner's aging deposits. The world´s top copper miner produced 446 300 t of copper in the first quarter,... 

Chile's Pinera taps businessman Benavides as Codelco chair

By: Reuters     25th May 2018 Chilean President Sebastian Pinera named Juan Benavides, a former CEO of Chile retail leader Falabella, as chairperson of the board of directors at Codelco, the world's top copper producer, the government said on Friday. Benavides was currently serving as chairman at Chilean private pension fund... 

Mining Weekly iPhone and Android Apps available for free download 

25th May 2018 Creamer Media’s readers continue to be part of the mobile revolution.  Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers a MiningWeekly.com app for iPhone and Android users.  These apps offer... 

Mining Weekly iPhone and Android Apps available for free download

Vedanta to stick to ops in Indian city despite deadly protests – co executive

By: Reuters     25th May 2018 London-listed Vedanta Resources plans to stick to operations in a southern Indian city despite protests demanding the closure of its copper smelter that killed 13 people this week, a company executive told Reuters on Friday. The company's position comes a day after the state of Tamil Nadu, where... 

Sierra Leone president to push review of mining law, contracts

By: Reuters     25th May 2018 Sierra Leone's new president will follow through with campaign promises to review mining contracts and consider changes to the law that would ensure the West African nation benefits from its natural resources, his spokesperson told Reuters. Sierra Leone, which is recovering from a devastating... 

Sierra Leone president to push review of mining law, contracts
Photo by Reuters
Sierra Leone President Julius Maada Bio

Agarwal wants to build Indian commodity giant to rival majors

By: Bloomberg     25th May 2018 Billionaire industrialist Anil Agarwal plans to leave behind a legacy: an Indian resources group to rival the world’s biggest. The founder and owner of Vedanta Resources wants to keep building the company into a giant producer of the commodities that India needs to curb its reliance on imports,... 

Agarwal wants to build Indian commodity giant to rival majors
Vedanta chairperson Anil Agarwal

Steenkampskraal BFS to be finalised in 6 to 12 months

By: Anine Kilian     25th May 2018 A bankable feasibility study (BFS) on the Steenkampskraal rare earths mine, in the Western Cape, will be concluded in the next 6 to 12 months, says Steenkampskraal Holdings chairperson Trevor Blench. The mine is one of the highest-grade rare earth and thorium mines in the world, with average... 

Australia’s energy sector should leverage automation and technology to boost competitiveness

25th May 2018 Australia’s energy resources sector could unlock a potential A$10-billion in value to the national economy if it pursues a number of transforms, a report by National Energy Resources Australia (Nera) has found. In its 2018 update to the ‘Sector Competitiveness Plan’, Nera identified... 

Australia’s energy sector should leverage automation and technology to boost competitiveness

Myanmar fully funded to exercise Bawdwin option

By: Esmarie Swanepoel     25th May 2018 ASX-listed explorer Myanmar Metals has struck a A$14.9-million investment deal with base metals producer Perilya, which it would fund the company’s share of the option exercised over the Bawdwin lead/zinc/silver mine, in Myanmar. Myanmar earlier this week issued formal notice to Win Myint Mo... 

Five killed, including 2 Congolese security forces, in attack on Banro mine

By: Reuters     25th May 2018 Five people were killed, including two Congolese security forces, and several company workers wounded in an attack on Banro Corp's east Congo gold mine, a Banro official told Reuters. A Mai Mai militia attacked Banro Corp's east Congo Namoya gold mine on Thursday. 

Russian diamond producer Alrosa says H1 sales to exceed initial expectations

By: Reuters     25th May 2018 Russia's Alrosa, the world's largest producer of rough diamonds in carat terms, said on Thursday first-half sales would be significantly higher than it originally planned due to market strength. Speaking on the sidelines of the St Petersburg economic forum, Alrosa chief executive Sergey Ivanov... 

Sanctioned tycoon Deripaska resigns as director of his firm Rusal

By: Reuters     25th May 2018 Russian metals tycoon Oleg Deripaska stepped down as a director of his aluminum firm Rusal as part of a choreographed series of steps which he hopes will persuade the US government to rescind sanctions that have crippled his businesses. Deripaska is now actively preparing the next step: reducing... 

Fortescue repays more debt

By: Esmarie Swanepoel     25th May 2018 Iron-ore miner Fortescue Metals has issued a voluntary redemption notice of $160-million for the remaining balance of the 9.75% senior secured notes due in 2022. CFO Ian Wells said on Friday that the repayment of the high cost notes left all of Fortescue’s remaining debt structured on investment... 

Manas withdraws from Tanzania buy

By: Esmarie Swanepoel     25th May 2018 Explorer Manas Resources has abandoned its bid to acquire the Victoria gold project, in Tanzania, after a lack of progress to transfer the licence, as well as challenging conditions facing mining companies operating in the country. Manas in April last year struck a deal to acquire the Victoria... 

American Pacific buys into US projects

By: Esmarie Swanepoel     25th May 2018 ASX-listed American Pacific Borate and Lithium will spend $3-million to acquire a 100% interest in the Salt Wells North and Salt Wells South borate and lithium exploration projects, in Nevada. In addition to the $3-million exploration spend over a five-year period, American Pacific will also be... 

Aton increases interest in M&R to 43.70%, lifts offer price to R17 a share

By: Simone Liedtke     25th May 2018 German-owned Aton has acquired a further 18.25-million shares in Murray & Roberts (M&R). Following the settlement of these shares’ acquisition, Aton will hold 194.35-million shares in M&R, representing about 43.70% of the entire issued share capital. 

Centamin lowers FY18 production guidance

By: Anine Kilian     25th May 2018 Aim-listed Centamin's share price on the LSE fell by more than 15% on Friday after the miner lowered its production guidance for the full year to between 505 000 oz and 515 000 oz. It had previously expected to produce 580 000 oz of gold for the full year, however, it said in a statement on... 

Miners halt dividend payouts, stay-in-business capex as price languishes in the doldrums

By: Natasha Odendaal     25th May 2018 The once burgeoning platinum industry that in the recent past benefited from a years-long upswing in commodity demand and prices is now failing to recover from the global economic depression that heralded the end of its glory days and shut many smaller operators down. In the wake of the 2008... 

Miners halt dividend payouts, stay-in-business capex as price languishes in the doldrums

Electric vehicles seen driving cobalt crunch by mid-2020s

By: Reuters     25th May 2018 The increasing popularity of electric vehicles may create a crunch for supplies of cobalt in the early-to-mid 2020s, miners and analysts say, adding that small operators trying to start up mines outside Africa could play a bigger role over time in satisfying demand for the metal used in... 

Vale sees key mine topping iron-ore output forecasts in 2018 – source

By: Reuters     25th May 2018 Brazilian miner Vale expects iron-ore output at its premier S11D mine to reach 58-million tonnes this year, above an official forecast of 50-million to 55-million tonnes, a person familiar with the matter said. The expected increase is due mainly to selling more "canga," or iron-ore with a... 

Nautilus unveils spider-inspired sediment sampler

By: Henry Lazenby     25th May 2018 Marine mining pioneer Nautilus Minerals has unveiled a new autonomous sediment sampler called the 'Nautilus Jumping Spider’ for use in sampling deep-sea deposits, that could cut exploration costs “by an order of magnitude”, the company reported on Thursday. Nautilus said it has successfully... 

Fireweed tumbles following positive Macmillan Pass PEA

By: Henry Lazenby     25th May 2018 Vancouver-based explorer Fireweed Zinc has reported strong economic indicators for its Macmillan Pass project, in Canada’s Yukon Territory, sending its TSX-V-listed stock up 6% on Thursday to open at a 52-week high, before closing down 11% by market close. Based on metal price assumptions of... 

EY’s Canadian Mining Eye Index falls in Q1

By: Henry Lazenby     25th May 2018 The EY Canadian Mining Eye Index has shown a decline in first-quarter performance, falling 8% from the fourth quarter of 2017, the professional services firm reported on Thursday. Based on the 2018 operating guidance released by the majority of Canadian gold mining companies, average production... 

Only one-third of the 15 largest copper producers reported positive production trends – S&P Global

By: Henry Lazenby     25th May 2018 Only about one-third of the 15 largest copper producers with output of more than 40 000 t of copper per quarter reported positive production trends during the first quarter of this year, driving quarter-on-quarter output 4.8% or 136 548 t lower, a new report by S&P Global has found. However, on... 

Only one-third of the 15 largest copper producers reported positive production trends – S&P Global

Probe into influence peddling to start hearings in August

By: Reuters     24th May 2018 An inquiry into allegations of influence peddling revolving around former president Jacob Zuma and businessman friends of his will begin formal public hearings in August and could take two years or more, the head of the commission said on Thursday. The allegations around Zuma, forced from office... 

Polyus sees 2018 production at upper end of guided range

By: Reuters     24th May 2018 Polyus, Russia's largest gold producer, said on Thursday its 2018 production was likely to be at the upper end of the forecast range of 2.375-million to 2.425-million troy ounces. CEO Pavel Grachev said on the sidelines of the St Petersburg economic forum that 2018 capital expenditure would be... 

Semafo signs mining services contract with AUMS

By: Creamer Media Reporter      24th May 2018 TSX-listed Semafo has signed a mining services contract with African Underground Mining Services (AUMS) for the Siou underground mine, in Burkina Faso. AUMS will be responsible for supplying the mining fleet and a skilled labour force for the Siou underground mine, in addition to providing... 

IronRidge appoints new chairperson

By: Anine Kilian     24th May 2018 Neil Herbert has been appointed nonexecutive chairperson of Aim-listed IronRidge Resources with immediate effect. He succeeds Nick Mather, who will remain on the board as a nonexecutive director. 

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