Au 1279.80 $/oz Change: -7.95
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Rio is said to hold talks with Indonesia on Grasberg mine exit

By: Bloomberg     20th October 2017 Rio Tinto Group has held talks with Indonesian groups, including State-owned PT Indonesia Asahan Aluminium, about a possible exit from its interest in the giant Grasberg copper and gold operation, according to people with knowledge of the matter. Executives at Rio held meetings in recent weeks,... 

Rio is said to hold talks with Indonesia on Grasberg mine exit
Grasberg gold and copper operation, Indonesia

Acacia seeks further clarification on Barrick’s agreement with Tanzania govt

By: Creamer Media Reporter      20th October 2017 LSE-listed Acacia Mining is seeking further clarification from its parent company Barrick Gold, which owns 63.9% of Acacia, regarding the agreement that was reached between Barrick and the government of Tanzania on Thursday to resolve a tax dispute. The government and Barrick in July started... 

Acacia seeks further clarification on Barrick’s agreement with Tanzania govt
Acacia's Bulyanhulu mine.

Bacanora secures environmental nod for Mexico lithium project

By: Mariaan Webb     20th October 2017 Calgary-headquartered Bacanora Minerals has secured the final key requirement for its flagship lithium project, announcing on Friday that Mexico’s Environmental Ministry had approved a 35 000 t/y lithium carbonate operation at Sonora. The approval is a major milestone for Bacanora, which is... 

Brazil's Vale reports record iron-ore output in Q3

By: Reuters     19th October 2017 Brazil's Vale SA, the world's largest iron ore producer, said on Thursday its production in the third quarter hit a fresh quarterly record, boosted by a ramp-up at its S11D mine. Iron ore output rose 3.3 percent compared with the same period last year to 95.1 million tonnes, the company said,... 

Brazil's Vale reports record iron-ore output in Q3
Vale's SLLD operation, Brazil

Asanko optimistic following encouraging Q3 production

By: Natasha Odendaal     20th October 2017 Despite three mill motor outages impacting on output in July and August, the third quarter of the year ended on a more positive note for dual-listed Asanko Gold, with the company maintaining its revised guidance of 205 000 oz to 225 000 oz of gold for the full year. While the Asanko Gold Mine... 

Klondex on track for year-end guidance

By: Natasha Odendaal     20th October 2017 Dual-listed Klondex Mines produced 40 818 gold equivalent ounces and sold 38 012 gold equivalent ounces from its Nevada and Canada operations during the third quarter of 2017. This brought the mine’s nine-months-to-September output to 141 855 oz, nearing the 2017 guidance of between 213 000 oz... 

New Gold achieves first commercial production at Rainy River

By: Samantha Herbst     20th October 2017 TSX- and NYSE-listed intermediate gold miner New Gold has achieved first commercial production at its Ontario-based Rainy River mine, about two weeks ahead of schedule. "Achieving commercial production is a major milestone for New Gold and the Rainy River team. With the hard work, dedication and... 

BHP's chairperson holds first annual meeting, plans to review board

By: Bloomberg     19th October 2017 In  Ken MacKenzie’s first annual shareholder meeting at BHP Billiton, he emphasised that while the company will listen to investors, it is the board that makes decisions. For most companies, that’s a pretty unremarkable statement, but it carries extra weight at BHP, which is under pressure by... 

BHP's chairperson holds first annual meeting, plans to review board
BHP chairperson Ken Mackenzie

Mexico expects to hold a third oil and gas auction in 2018

By: Reuters     20th October 2017 Mexico's oil regulator will likely add another auction in 2018 featuring conventional onshore oil and gas blocks, the head of the National Hydrocarbons Commission (CNH) said on Thursday, potentially teeing up a third tender in an election year. The bid terms will be announced later this year or... 

Barclays sued by fund for $850m for copper market abuse

By: Bloomberg     20th October 2017 Red Kite Management, the world’s largest metals hedge fund, is suing Barclays Plc for alleged market abuse in the copper market that it claims cost the firm at least $850-million between 2010 and 2013. The case pits a $2-billion hedge fund against a bank that has been hit by a number of scandals... 

South32 is said to study bid for $1.6bn Rio coal portfolio

By: Bloomberg     20th October 2017 South32 is studying a potential bid for Rio Tinto Group’s A$2-billion ($1.6-billion) coking coal portfolio, people familiar with the matter said, as it seeks to take advantage of surging prices for the steelmaking ingredient. The Perth-based company is working with an adviser as it weighs an... 

South32 is said to study bid for $1.6bn Rio coal portfolio
Rio Tinto's Kestrel mine.

Tertiary has eye on ‘near-revenue generating’ fluorspar project

By: Mariaan Webb     19th October 2017 Aim-traded Tertiary is in “advanced discussions” to acquire a new fluorspar project, which will add to its existing fluorspar assets in Sweden, Norway and the US. The company did not disclose where the project is located, but said that a technical due diligence was under way and that further... 

Alumina shortages to increase as Chinese crackdown bites

By: Reuters     20th October 2017 Shortages of alumina, the raw material for producing aluminium, may become more severe in the coming months as an environmental crackdown in China is due to shut capacity, forcing smelters to scramble for supplies and pushing up prices. Alumina prices have already shot up 73% since May and... 

AngloGold Ashanti sells Moab Khotsong to Harmony; Kopanang to Heaven-Sent

By: Natasha Odendaal     19th October 2017 JSE-listed AngloGold Ashanti has disposed of its various South African gold and uranium mining assets in the Vaal river region to Harmony Gold Mining for $300-million. The transaction comprised the Moab Khotsong mine, the Great Noligwa mine and related infrastructure; AngloGold Ashanti’s entire... 

AngloGold Ashanti sells Moab Khotsong to Harmony; Kopanang to Heaven-Sent
Moab Khotsong

Diesel switch sends rocketing rhodium market to new heights

By: Bloomberg     Updated 6 hours ago Rhodium and ruthenium are having a banner week. Rhodium, mainly used in autocatalysts to curb harmful emissions, is benefiting as more European consumers choose gasoline-powered cars and trucks over diesel, said Jonathan Butler, a precious metals strategist at Mitsubishi Corp. in London. Drivers... 

Bushveld shareholders approve tin asset demerger

By: Creamer Media Reporter      Updated 6 hours ago Shareholders of Aim-listed diversified mineral development company Bushveld Minerals have approved the demerger of the company’s tin assets. Bushveld earlier this month revealed its plans to demerge its tin assets, comprising the Mokopane tin and Zaaiplaats tin tailings projects in South Africa,... 

Alrosa finds 34 ct yellow diamond

By: Creamer Media Reporter      20th October 2017 Russian miner Alrosa’s Almazy Anabara has extracted a large, 34.17 ct yellow diamond at its Ebelyakh alluvial deposit. The rough diamond measures 20.17 by 19.65 by 15.1 mm and is a transparent intense yellow crystal with a small inclusion in the intermediate zone. 

New AfDB, OpenOil report shows gaps in extractive resources management

By: Natasha Odendaal     20th October 2017 The African Development Bank (AfDB) and Berlin-based financial analysis firm OpenOil are hoping to trigger a new debate within Africa’s oil and gas and mining sectors with the publication of a jointly produced report on how African governments use financial models to manage projects. In an effort... 

Nersa releases dates and venues for upcoming Eskom hearings

By: Creamer Media Reporter      20th October 2017 The National Energy Regulator of South Africa (Nersa) has published the dates and venues for its upcoming public hearings into Eskom’s revenue application for the 2018/19 financial year. Eskom has applied for an allowable revenue of R219.5-billion, which would translate to a 19.9% average... 

Nersa releases dates and venues for upcoming Eskom hearings

Ncondezi enters into negotiations with GE, CMEC for mine development

By: Natasha Odendaal     20th October 2017 Aim-listed Ncondezi Energy has entered into negotiations with China Machinery Engineering Corporation (CMEC) and General Electric (GE) South Africa for the development, construction and operation of the integrated Ncondezi 300 MW coal-fired power project and openpit coal mine, in Tete,... 

Eskom approval is last remaining hurdle for R2.3bn Seriti Coal deal

By: Terence Creamer     20th October 2017 The black-empowerment consortium selected as the preferred bidder for Anglo American’s Eskom-tied coal operations is optimistic that the State-owned utility will approve the ceding of three coal supply agreements (CSAs) from Anglo to Seriti Coal by year-end. The R2.3-billion transaction was... 

Eskom approval is last remaining hurdle for R2.3bn Seriti Coal deal
Photo by Duane Daws
Thebe Energy and Resources CEO Sizwe Mncwango

MinRes eyes spodumene concentrate at Wodgina

By: Esmarie Swanepoel     20th October 2017 Lithium miner Mineral Resources (MinRes) is hoping to start the construction of a spodumene concentrate plant at its Wodgina lithium operation, in Western Australia, by the fourth quarter of this year. The company on Friday announced plans to instal three modules capable of producing 250 000 t/y... 

Nigeria seeks to boost mining reserves to lure investors

By: Bloomberg     20th October 2017 Nigeria plans to spend 15-billion naira ($42-million) over the next year to explore for minerals and attract investors into mining and reduce its dependence on oil, Solid Minerals Development Minister Kayode Fayemi said. “Because we are starting from a low base, we want to have a portfolio of... 

Silver Lake reports solid quarter

By: Esmarie Swanepoel     20th October 2017 Gold miner Silver Lake Resources has reported another quarter of solid production during the period ended September, with the miner producing 34 692 oz of gold. The performance compares with 38 366 oz produced in the June quarter. Production in the September quarter affected by lower grades and... 

Pioneer raises cash for exploration

By: Esmarie Swanepoel     20th October 2017 ASX-listed Pioneer Resources has raised A$5.6-million through a share placement to sophisticated investors and a share purchase plan. The company on Friday said that it had raised an initial A$4.3-million through the SPP issuing about 312.3-million shares at a price of 1.4c each. 

WPG output falls in line with plan to lower costs

By: Esmarie Swanepoel     20th October 2017 Gold miner WPG Resources has reported a decline in production for the September quarter, as the company implemented a new mine and mill plan aimed at reducing all-in sustaining costs (AISC) to about A$1 200/oz by the June quarter of next year. The strategy, which was finalised in May this year,... 

Bald Hill fully funded - Tawana

By: Esmarie Swanepoel     20th October 2017 Lithium developer Tawana Resources on Friday told shareholders that the company was fully funded to start production in the first quarter of 2018 from its Bald Hill project, in Western Australia, after securing A$25-million in funding. The funding package comprises a A$20-million share placement... 

Atlas Iron turns cash positive as turnaround bears fruit

By: Esmarie Swanepoel     20th October 2017 Iron-ore miner Atlas Iron on Friday announced that it had become net cash positive following the end of the September quarter with some A$93-million cash on hand and a further A$21-million in its reserve account. MD Cliff Lawrenson told shareholders that the transition to a net cash status... 

Atlas Iron turns cash positive as turnaround bears fruit

Gamsberg zinc project a thumbs up for South Africa amid investment slowdown

By: Mia Breytenbach     20th October 2017 Amid low levels of capital project activities in South Africa, the $400-million Gamsberg zinc and lead project, in the Northern Cape, has become the largest mining project under execution in the country. “Commentators have noted that this significant investment in the South African mining... 

Gamsberg zinc project a thumbs up for South Africa amid investment slowdown

Mining Weekly iPhone and Android Apps available for free download 

     20th October 2017 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 app for iPhone and Android users.  These apps offer... 

Mining Weekly iPhone and Android Apps available for free download

Miner defends Western Cape phosphate project, highlights its importance

By: Ilan Solomons     19th October 2017 Emerging miner Kropz has warned that the West Coast Environmental Protection Association’s (WCEPA’s) application to have the water-use license (WUL) for Kropz’s Elandsfontein phosphate mine, near Saldanha Bay, in the Western Cape, suspended, would, if successful, cause “irreversible environmental... 

Miner defends Western Cape phosphate project, highlights its importance

Eskom’s new R174bn grid plan includes R18bn for IPP connections

By: Terence Creamer     19th October 2017 State-owned electricity utility Eskom says all connection costs relating to 27 outstanding renewable-energy projects have been included in its latest Transmission Development Plan (TDP), which covers the ten-year period from 2018 to 2027. The renewable-energy projects were legally procured in... 

Eskom’s new R174bn grid plan includes R18bn for IPP connections

Remove exploration red tape or mining will die, geologist warns 

By: Martin Creamer     19th October 2017 The excessive red tape around minerals exploration must be removed to prevent the demise of South Africa’s vital mining industry, consulting exploration geologist Allan Saad said on Thursday. Saad, who spent 18 years in geological roles with mining major Rio Tinto and who formerly represented the... 

Consulting exploration geologist Allan Saad outlines current exploration constraints to Mining Weekly Online’s Martin Creamer. Photographs: Christo Greyling. Video and Video Editing: Nicholas Boyd.

Insimbi’s H1 earnings rise

By: Anine Kilian     19th October 2017 JSE-listed Insimbi Refractory and Alloys’ earnings before interest, taxes, depreciation and amortisation increased by 273% year-on-year to R179.8-million for the six months ended August 31. Earnings a share were up by 142% year-on-year to 11.97c and headline earnings a share increased by 150%... 

Blame game on over supposed coal shortage in India

By: Ajoy K Das     19th October 2017 In a blame game over a supposed coal shortage in the country, India’s Coal Ministry has fingered thermal power companies for their failure to follow procedures and a lack of efficient inventory management, while demanding more supplies of dry fuel. The Coal Ministry has claimed that it has been... 

Resources Watch  

     19th October 2017 This week: South African mining rights application process open to corruption And, South Africa should consider agromining 

Resources Watch

Shanta expects new strategy to bolster future quarters

By: Natasha Odendaal     19th October 2017 Aim-listed Shanta Gold expects to deliver a stronger operational and financial performance during the next few quarters as it shifts into a new strategy of improving profitability and reducing debt following legislative changes in Tanzania. The East Africa-focused gold producer, developer and... 

Jiangxi Special Electric plans to take stake in Australian lithium miner

By: Reuters     19th October 2017 China's Jiangxi Special Electric Motor said on Thursday it planned to buy a stake in an Australian lithium mining and exploration company, the latest electric vehicle company to scoop up supplies of raw materials. Jiangxi, which makes electric vehicles and lithium batteries, said its German... 

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