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Gold recoverer Goldplat turning attention to platinum opportunity

By: Martin Creamer     Updated 5 hours ago Gold recovery company Goldplat, the South African operations of which generated an operating profit in the three months to September 30, is taking steps to diversify into platinum group metal (PGM) recovery. The London-AIM-listed company, which serves companies including AngloGold Ashanti,... 

India mulls fresh curbs on gold imports after spurt in shipments

By: Ajoy K Das Stung by a five-fold rise in gold imports during September, the Indian government has started considering options to tighten inward shipment of the precious metal. According to a government official, the Commerce Ministry has started consultations with various wings of the government, including... 

Didipio set to exceed expectations - OceanaGold

By: Esmarie Swanepoel Dual-listed gold miner OceanaGold on Friday reported that its Didipio project, in the Philippines, was on track to beat full-year expectations, after a stellar third quarter. During the three months to September, the company produced 67 352 oz of gold and 7 978 t of copper, compared with the 60... 

Low kimberlite discovery rate seen sparking diamond production crisis by turn of decade

By: Jade Davenport The stability of the diamond sector has always been a slave to the fine balance between supply and demand. Over the last century, the industry has had to contend with various crises of oversupply, largely spurred by conflict, global economic instability and the vagaries of consumer demand. As a... 

Low kimberlite discovery rate seen sparking diamond production crisis by turn of decade

Newmont earnings fall on lower prices, beats Street

By: Henry Lazenby Gold producer Newmont Mining has reported lower earnings for the three months ended September 30, as lower sales and metals prices weighed on its balance sheet. However, the Denver, Colorado-based company’s financial results beat analyst forecasts, helped, in part, by lower costs. 

Newmont earnings fall on lower prices, beats Street

Met coal price recovery unlikely until 2016 – Moody’s

By: Henry Lazenby A recovery in metallurgical (met) coal prices to between $135 and $145 a metric tonne is unlikely before the second half of 2016, says Moody’s Investors Service. In its sector commentary ‘Slow China demand, few curtailments push out met coal recovery’, published on Thursday, the firm noted that... 

PanAust expects to hit upper-end of 2014 guidance

By: Esmarie Swanepoel Copper/gold miner PanAust on Thursday told shareholders that the company was on track to meet its full-year production guidance, after reporting a solid quarter in the three months to September. During the quarter under review, the Phu Kham mine, in Laos, produced 16 562 t of copper in... 

Accelerated underground development to save OceanaGold A$215m

By: Esmarie Swanepoel Dual-listed gold miner OceanaGold on Thursday estimated cost savings of about A$215-million between 2018 and 2020 from its Didipio project, in the Philippines, by bringing forward underground production. In September, ASX- and TSX-listed OceanaGold announced that the underground development of... 

Centerra Gold loss widens as prices, sales drop

By: Reuters Centerra Gold reported a deeper third-quarter loss on Wednesday, reflecting lower gold prices and the sale of fewer ounces of gold, the company said. The Toronto-based gold miner's net loss widened to $3.2-million, or $0.01 a share, from $1.8-million, or $0.01, in the year-ago period. 

Barrick Gold reports narrower Q3 profit on lower sales, prices

By: Henry Lazenby The world’s largest gold producer by output, Barrick Gold, experienced narrower net earnings for the quarter ended September 30, as lower gold and copper sales, as well as lower realised prices impacted on its performance. The Toronto-based miner, with operations in North and South America,... 

Barrick Gold reports narrower Q3 profit on lower sales, prices

300 a year doing mechanised mining courses at Wits centre

By: Martin Creamer Three hundred people a year are doing courses in mechanised mining offered by the University of the Witwatersrand Centre for Mechanised Mining Systems (CMMS). CMMS director Dr Declan Vogt, who was interviewed by Mining Weekly Online at the university, sees one of the centre’s main roles as... 

300 a year doing mechanised mining courses at Wits centre
Photo by Duane Daws
CMMS director Declan Vogt

Strike-hit Impala’s platinum output down 25%, unit costs up 62%

By: Martin Creamer Strike-hit mining company Impala Platinum (Implats) has produced 25.5% fewer platinum ounces in the three months to September 30 than in the corresponding period last year. In line with reduced platinum production, group unit costs rose 62% to R26 698/oz of platinum, compared with R16 488/oz in... 

Strike-hit Impala’s platinum output down 25%, unit costs up 62%
Photo by Duane Daws
Implats CEO Terence Goodlace

Trans Hex takes over Namaqua diamond mines from De Beers

By: Martin Creamer The long-awaited acquisition by Trans Hex of the Namaqualand diamond mines from De Beers has become effective. The JSE-listed Trans Hex expects to receive cash flows of R653-million over the life of Namaqualand Mines, which have a resource of between 1.6-million carats and 1.9-million carats that... 

Trans Hex takes over Namaqua diamond mines from De Beers
Photo by Duane Daws
Trans Hex CEO Llewellyn Delport

China to face 10mt to 15mt bauxite gap from 2016 - Alumina

By: Reuters China could face a 10-million to 15-million tonne shortfall in bauxite supply as stockpiles run down from the second half of 2015, following an Indonesian ban this year on exports, said Andrew Wood, an executive with Melbourne-based Alumina Inc. The shortfall could curb China's alumina... 

Renaissance studies 93 000 oz/y Cambodia mine

By: Esmarie Swanepoel A scoping study into ASX-listed Renaissance Minerals’ Okvau gold project, in Cambodia, has estimated that the project could deliver some 93 000 oz/y over an eight-year mine life. Based on a mineral resource of 11-million tonnes grading 2.3 g/t gold, the scoping study assessed the possibility of... 

Indian government accelerates plans to open coal sector

By: Ajoy K Das The Indian government is stepping on the gas to provide the necessary regulatory and legislative framework permitting private investment in the coal mining sector. `Denationalisation’ was still a taboo word for political reasons, but the government was working on various fronts to reform and... 

AEL leans on coal, iron-ore

By: Natasha Odendaal As strikes in South Africa’s mining space, particularly within underground operations, weigh on AECI during 2014, the JSE-listed group has moved to lean more on the coal and iron-ore sectors to bolster the group’s bottom line. Speaking at an investor day at AECI’s Woodmead offices, on Tuesday,... 

AEL leans on coal, iron-ore
Photo by Duane Daws
AECI CEO Mark Dytor

India’s Mines Ministry steps away from iron-ore tariff war

By: Ajoy K Das After taking up cudgels on behalf of mining companies, India’s Mines Ministry has washed its hands of the issue of lowering export duty on iron-ore exports. The Mines Ministry said in a communication that its primary mandate was overseeing production and governance of mineral resources of the... 

New London gold benchmark to go live in early Q1 2015 – LBMA 

By: Reuters A new electronic gold price mechanism is expected to be in operation early in the first quarter of 2015, replacing the century-old gold benchmark, the London Bullion Market Association (LBMA) said on Monday. The gold industry group said it has launched a survey to request further feedback from... 

Freeport Indonesia union plans one-month strike at copper mine

By: Reuters Workers at Freeport-McMoRan's giant Indonesian copper mine plan to go on strike for a month from next week, a union official said on Monday, after the company failed to make changes to local management following a fatal accident. Earlier this month, hundreds of angry protesters blocked access... 

Underground coal gasification roadmap on the way – FFF

By: Martin Creamer A roadmap for underground coal gasification (UCG) is on the way with its own association and charter, Fossil Fuel Foundation (FFF) stalwart Professor Lionel Falcon said at the weekend. Speaking at the FFF’s 20th anniversary awards banquet, Falcon said the UCG initiative followed the finalisation... 

Underground coal gasification roadmap on the way – FFF
Photo by Duane Daws
Fossil Fuel Foundations' Lionel Falcon

Sumitomo appeal of nickel mine ruling to be heard in early 2015 - Axiom

By: Reuters An appeal by Japan's Sumitomo Metal Mining Co Ltd against a Solomon Islands court ruling giving Australia's Axiom Mining Ltd prospecting rights to a nickel deposit is expected to be heard early next year, Axiom said on Monday. Axiom has been making plans to ship unprocessed ore to Chinese buyers... 

Rail options open for Aspire's Mongolian coal

By: Esmarie Swanepoel The shareholders of coal developer Aspire Mining on Monday smiled on the news that the company’s Ovoot project, in Mongolia, had been presented with a rail solution. The Mongolian government recently approved a new national rail policy, which included the extension of a rail from Erdenet to... 

India’s ICVL to invest $500m in Mozambique infrastructure

By: Ajoy K Das India’s International Coal Ventures Limited (ICVL) will invest $500-million to build infrastructure and logistics to support mining at its newly acquired coal blocks in Mozambique. The investments would be made over the next two to three years, as ICVL’s coal blocks would need supporting... 

Mindoro Resources ships first iron-ore from Philippines

By: Henry Lazenby TSX-V- and Frankfurt-listed Mindoro Resources this week reported that it had completed the first shipment of high-iron/low-nickel direct shipping ore (DSO) from the Agata project, located in northern Mindanao, in the Philippines. The shipment of 54 181 wet metric tonnes (wmt) of limonite ore,... 

Latest WGC report demonstrates how responsible gold mining distributes value

By: Henry Lazenby The World Gold Council (WGC) has released the second edition of its ‘Responsible gold mining and value distribution’ report, covering 2013 data, highlighting the continuing contribution responsible gold mining makes in supporting economic development in host countries. The report was published on... 

Latest WGC report demonstrates how responsible gold mining distributes value

PotashCorp reports lower Q3 income on higher taxes, disappointing offshore investments

By: Henry Lazenby The world’s largest fertiliser company PotashCorp of Saskatchewan on Thursday reported lower third-quarter earnings for the three months ended September 30, as increased taxes and a disappointing performance from its offshore investments weighed on results. The Saskatoon, Saskatchewan-based... 

PotashCorp reports lower Q3 income on higher taxes, disappointing offshore investments

Less Eskom coal, fewer S African diamonds, less refined platinum, lower iron-ore sales – Anglo

By: Martin Creamer Diversified mining company Anglo American on Thursday reported 12% lower coal production for South Africa’s State electricity utility Eskom, 31% less refined platinum production, 4% lower iron-ore exports and fewer diamond carats from South African diamond mines, in the three months to September... 

Less Eskom coal, fewer S African diamonds, less refined platinum, lower iron-ore sales – Anglo
Photo by Duane Daws
Anglo CEO Mark Cutifani

Nautilus Minerals steps closer to releasing PNG funding

By: Henry Lazenby Prospective seafloor miner Nautilus Minerals has satisfied one of the conditions precedent to releasing $113-million, which its project partner – the Papua New Guinea government – had paid into escrow in May, representing the balance of the State’s 15% share of capital required to complete the... 

Capital-raise puts novel underpin on Northam Platinum’s funded R6.6bn BEE deal

By: Martin Creamer Platinum mining company Northam on Wednesday concluded a fully funded ten-year R6.6-billion black economic-empowerment (BEE) equity transaction underpinned by a R4.6-billion capital raising, which has the potential to position the JSE-listed company as a fully integrated, fully empowered South... 

Capital-raise puts novel underpin on Northam Platinum’s funded R6.6bn BEE deal
Photo by Duane Daws
Northam Platinum CEO Paul Dunne

China overseas direct investment seen rising 10% a year

By: Reuters China's overseas direct investment is projected to rise at least 10% annually for the next five years, a trend that will soon make the country a net capital exporter, a senior commerce ministry official said on Wednesday. "It's only a matter of time," said Zhang Xiangchen, an assistant minister... 

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