R/€ = 15.73 Change: -15.57
R/$ = 13.92 Change: -13.78
Au 1337.55 $/oz Change: -3.22
Pt 1107.00 $/oz Change: -0.50

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Venezuela ordered to pay $2.17bn to Russian junior for 2011 project expropriation

By: Henry Lazenby     Updated 7 hours ago The government of the Bolivarian Republic of Venezuela has been ordered to pay a Russian-owned junior mining company nearly $2.2-billion in compensation and interest for illegally expropriating the company’s assets without compensation in 2011. Following the news, Rusoro Mining’s TSX-V-listed... 

Venezuela ordered to pay $2.17bn to Russian junior for 2011 project expropriation

Citigroup says this ‘hot commodity’ is destined to cool off soon

By: Bloomberg     23rd August 2016 Iron-ore, dubbed by Citigroup as one of the hot commodities of 2016, looks set to cool off. Prices may sag toward the end of the year and into 2017 as supply rises and steel demand fades, the bank said, adding to the list of banks that are calling time on an unexpected rally. The raw material... 

Citigroup says this ‘hot commodity’ is destined to cool off soon

Executives believe they can survive lower metals outlook – KPMG

By: Megan van Wyngaardt     23rd August 2016 Fewer than half of senior metals executives responding to KPMG International’s 2016 Global Metals & Mining Outlook survey voiced any level of confidence in the prospects for the global economy over the next two years. This was particularly concerning given the tight relationship between the... 

Glencore, Anglo rally loses steam as miners deliver on debt cuts

By: Bloomberg     23rd August 2016 Rescue plans unveiled by embattled mining companies Glencore Plc and Anglo American Plc in the past year have won over investors. Yet a rally in the stocks is stalling this month. Glencore is barely changed in August and Anglo is up less than 4% after they more than doubled in the year through... 

Old rings are treasure as gold rally revives scrap recycling

By: Bloomberg     23rd August 2016 The surprising rebound in gold prices this year has given new life to unwanted jewelry, coins and trinkets – in the melting pot. More than a third of the world’s bullion supply usually comes from recycled metal, but purchases at pawn shops and cash-for-gold companies had slowed during a... 

Timmins Gold extends San Francisco mine life to 2023

By: Henry Lazenby     Updated 1 hour 36 minutes ago Mexico-focused gold miner Timmins Gold has completed a new Canadian National Instrument 43-101-compliant technical report on its San Francisco gold mine, extending the mine life out to 2023. The Vancouver-based company on Monday announced a new mine plan for the asset that was expected to... 

Debt holders tender 23% of outstanding notes in Iamgold's early tender offer

By: Henry Lazenby     23rd August 2016 Iamgold on Monday announced the early tender results of its cash tender offer for up to $150-million in principal amount of the company’s outstanding 6.75% senior notes due 2020, advising that $145.7-million in principal, or about 23% of notes outstanding had been tendered and not withdrawn by... 

Redstar’s stock spikes as Eric Sprott takes 12.1% stake

By: Henry Lazenby     Updated 3 hours ago The TSX-V-listed stock of North America-focused exploration firm Redstar Gold spiked by as much as 30% on Tuesday, after precious-metals heavyweight investor Eric Sprott agreed to take a 12.1% stake in the company. Sprott (71), a renowned and respected leader in the investment community, is... 

Codelco to raise up to $390m via local bond issue

By: Reuters     Updated 2 hours 58 minutes ago Codelco, Chile's state-run copper producer, is looking to raise up to $390-million from a local bond market issue, it said on Tuesday, for refinancing and investment purposes. Codelco, the world's biggest copper miner, said it would issue the ten-year debt on Thursday. 

Diamcor launches C$5m financing

By: Henry Lazenby     Updated 6 hours ago South Africa-focused diamond project developer Diamcor has launched a C$5-million brokered private placement, the company said on Tuesday. Proceeds from the offering will be used for the acquisition of additional operational equipment and materials to support the continued advancement of the... 

Brazil's Vale says iron-ore railway down for over 12 hours on Monday

By: Reuters     23rd August 2016 Brazilian mining company Vale said on Tuesday that its most important railway, used to transport iron ore from its Carajas mine in the Amazon, stopped operating for over 12 hours on Monday due to a land protest on the line. Operations were interrupted between 6:30 am and 6:50 pm local time, the... 

IFM completes sale of local assets to Samancor Chrome

By: Megan van Wyngaardt     23rd August 2016 As part of its ongoing business rescue process, Aim-listed International Ferro Metals (IFM) has completed the R300-million sale of its local subsidiary to Samancor Chrome. The balance of R10-million is payable upon transfer of the immovable properties, with proceeds distributed to creditors of... 

Entrepreneurs pursuing gold dump projects, ‘pennyweight’ opportunities at depth 

By: Martin Creamer     23rd August 2016 Fresh from developing seven superb gold projects in Africa, mining project company DRA is excited about new gold project opportunities opening up in South Africa, where its sees much potential in gold tailings retreatment and also in underground gold deposits that are still rated in the... 

DRA global executive process Glenn Bezuidenhout outlines gold project potential to Mining Weekly’s Martin Creamer. Photographs: Duane Daws. Video: Nicholas Boyd.

India to assess if Bunder diamond mine viable after Rio’s exit

By: Bloomberg     23rd August 2016 A day after Rio Tinto announced plans to shut the Bunder diamond mine in central India, the Mines Ministry said it will analyse if mining at the site is viable because of environmental concerns. The deposit is located in an ecologically sensitive zone and it’s not clear if the mine can be... 

DMR denies using MHSA for its own gains

By: Anine Kilian     23rd August 2016 The Department of Mineral Resources (DMR) on Tuesday criticised certain mining companies for suggesting that its use of Section 54 of the Mine Health and Safety Act (MHSA), which compels producers to stop operations so that investigations can take place, furthers its own purposes. Mining majors... 

India creates ecosystem to support its new mineral exploration policy

By: Ajoy K Das     23rd August 2016 In a bid to create a suitable ecosystem around the newly unveiled National Mineral Exploration Policy (NMEP), the Indian government has decided to create a National Geoscience Data Repository (NGDR) under Geological Survey of India (GSI) and a National Center for Mineral Targeting (MCMT), the... 

Sandfire buys Ventnor out at Green Dragon project

By: Megan van Wyngaardt     23rd August 2016 ASX-listed Sandfire Resources is purchasing the remaining 65% of joint venture (JV) partner Ventnor Resources’ Thaduna/Green Dragon copper project for $3-million. Sandfire will pay Ventnor $2-million in shares, a further $1-million if it decides to mine the project and a 2% net smelter return... 

Junior miners ‘vindicated’ by ACCC position on Utah Point privatisation

By: Mariaan Webb     23rd August 2016 The Association of Mining and Exploration Companies (Amec) CEO Simon Bennison says junior miners feel vindicated by Australia’s statutory body on competition matters’ position on the privatisation of the Utah Point bulk handling facility. Australian Competition and Consumer Commission (ACCC)... 

Junior miners ‘vindicated’ by ACCC position on Utah Point privatisation

CuDeco celebrates shipping milestone from Queensland copper mine

By: Megan van Wyngaardt     23rd August 2016 Queensland copper producer CuDeco on Tuesday reported that its first delivery of sulphide copper concentrates had been sent from its flagship Rocklands operations, near Cloncurry, to the Port of Townsville, ahead of the start of bulk shipments. The shipment complements the second shipment of 300... 

GBM targets gold from small heap-leach operation by next year

By: Megan van Wyngaardt     23rd August 2016 Australian miner GBM Resources expects to start gold production from a small-scale heap leach operation on the Eugenia deposit at Mt Coolan in the fourth quarter of 2017, following the completion of a scoping study. The study, carried out by Mining One, demonstrates that a 16-month operation at... 

Agrimin study proves robust Mackay SoP project

By: Megan van Wyngaardt     23rd August 2016 A recently completed scoping study at ASX-listed potassium miner Agrimin’s 100%-owned Mackay sulphate of potash (SoP) project has indicated that the project will be able to produce 370 000 t/y over a 20-year mine life. The company on Tuesday said that the Western Australia-based project also had... 

Implats falls most in a month as profit tumbles on work stoppages

By: Bloomberg     23rd August 2016 Impala Platinum (Implats), the world’s second-largest miner of the metal, headed for the biggest decline in more than a month after the company said full-year earnings will tumble as much as 75% because of lower local prices and production stoppages. The shares slid 4.6% to R58.95 as of 9:52 a.m.... 

Universal reiterates Sept production start date for NCC

By: Creamer Media Reporter      23rd August 2016 ASX-listed Universal Coal’s New Clydesdale Colliery (NCC), in South Africa’s Mpumalanga province, remains on schedule for the production of first coal in September. Coal mining contractor STA Coal Mining Company has been appointed to conduct the underground mining and has begun to re-establish... 

Kin to update Leonora PFS

By: Mariaan Webb     23rd August 2016 The prefeasibility study (PFS) of the Leonora gold project, in Western Australia, is set to receive a facelift, with gold developer Kin Mining announcing on Tuesday that it would update the study completed by the project’s previous owner, Navigator Resources, in 2009. “With the PFS, Navigator did... 

Vast’s Pickstone-Peerless output picks up in June quarter

By: Natasha Odendaal     23rd August 2016 Aim-listed Vast Resources on Tuesday reported strong performance from its Pickstone-Peerless gold mine (PPGM), in Zimbabwe, during the three months to June 30. The operation delivered a 62% increase in gold production to 4 542 oz during the June quarter, with the plant consistently exceeding 20... 

New MD for gold junior ABM

By: Creamer Media Reporter      23rd August 2016 Gold junior ABM Resources has appointed Matt Briggs, an experienced geologist and mining industry executive, as its MD. Briggs, who most recently headed group strategic planning for South Africa-headquartered gold major Gold Fields, will take up his appointment on October 3. 

Teck raises concerns over Reward offer, JV following Rox–Marindi deal

By: Mariaan Webb     23rd August 2016 Diversified mining company Teck Resources has raised concern over the offer that joint venture (JV) partner Rox Resources had accepted for its 49% interest in the Reward zinc and lead project, in the Northern Territory. Under a JV agreement, Rox was required to offer to sell its interest in the... 

Billionaire Wiese sees opportunity to combine diamond mines

By: Bloomberg     23rd August 2016 Christo Wiese, South Africa’s richest man, sees opportunities to consolidate diamond operations in the region after buying a stake in a Cape Town-based miner of the precious stones. Wiese, 74, has always been “fascinated’’ by diamonds and saw good value in  Trans Hex Group Ltd., he said in an... 

Billionaire Wiese sees opportunity to combine diamond mines
Photo by Bloomberg
Christo Wiese

ConocoPhillips’ JV partner says it has pre-emption right over Senegal assets

By: Mariaan Webb     23rd August 2016 Oil and gas major Woodside’s planned acquisition of exploration assets in Senegal may be challenged by junior explorer FAR, which has a right of pre-emption over the proposed sale. FAR is US energy group ConocoPhillips’s joint venture (JV) partner in the Senegal exploration assets and the company... 

Illinois granted ‘superpriority’ claims to Peabody’s self-bonding obligations

By: Henry Lazenby     23rd August 2016 The US state of Illinois has reached a ‘superpriority’ settlement agreement with major coal producer Peabody Energy relating to the company’s self-bonding obligations in the state. This is the fourth superpriority settlement agreement, following agreements with Wyoming, New Mexico and Indiana... 

Eldorado diversifies exploration portfolio

By: Henry Lazenby     23rd August 2016 Canadian gold producer Eldorado Gold has added four new exploration properties located in Romania, Serbia and Brazil to its portfolio, the miner said on Monday. Eldorado VP of of exploration Peter Lewis said the company was excited by the addition of the projects, since they all included defined... 

KWG and Chinese engineering group move ahead with RoF rail feasibility study

By: Henry Lazenby     23rd August 2016 Junior exploration firm KWG Resources has appointed a China-based consulting engineering group to undertake a conditional bankable feasibility study (BFS) on a proposed railroad from the mineral properties in Ontario's Ring of Fire (RoF), to a junction with the CN Railroad at Exton, Ontario. KWG... 

Mining lobbyists urge Canada to once more take global mining lead 

By: Creamer Media Reporter      22nd August 2016 Canada’s mining lobbies have outlined seven top priorities at the 73rd Energy and Mines Ministers’ Conference currently underway in Winnipeg, Manitoba, urging federal and provincial leadership to take action to regain Canada’s former title as the top mining destination in the world. The Canadian... 

Energizer starts FEED study on Molo project as Dundee becomes largest stakeholder

By: Henry Lazenby     22nd August 2016 There is progress at Energizer Resources’ Molo project after the company announced last week that a Dundee affiliate had become the largest shareholder at just under 20%, enabling Energizer to initiate a front end engineering design (FEED) study. Goodman & Company, Investment Counsel, one of... 

Desktop study indicates copper potential at Northern Cape project

By: Natasha Odendaal     22nd August 2016 An exploration desktop study has identified and ranked seven high-priority additional prospective copper targets showing the potential for shallow, near-surface, openpit copper mineralised zones within the Concordia project, in the Okiep copper district, in the Northern Cape, Aim-listed Galileo... 

Omnia still pursuing North American entry after Nordex offer is withdrawn

By: Megan van Wyngaardt     22nd August 2016 JSE-listed Omnia Holdings has withdrawn and terminated its offer to acquire all of the issued and outstanding shares of Canadian firm Nordex Explosives. The chemicals company on Monday said Nordex shareholders had approved the change of control private placement and going private transaction with... 

Sasol’s Shondoni mine nearing completion

By: Megan van Wyngaardt     22nd August 2016 Construction of energy and chemical company Sasol’s R15.3-billion Shondoni mine, near Secunda, is approaching completion, with operations at three coal production sections expected to start this month through the new incline conveyor. The mine, which is set to replace the ageing Middelbult mine,... 

CRG eyes further processing opportunities

By: Natasha Odendaal     22nd August 2016 As dual-listed Central Rand Gold (CRG) ramps up the processing of gold-bearing ore under a joint venture (JV) tolling agreement, the group is in talks for further opportunities for a target tailings deposit. The group on Monday said it was in discussions with the owner of an undisclosed target... 

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