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Sumatra signs documents for Tembang finance

By: Esmarie Swanepoel     Updated 2 minutes ago Gold hopeful Sumatra Copper & Gold has executed the documentation for its $45-million funding facility for its Tembang gold project, in Indonesia. Earlier this month, Sumatra announced that it had secured the senior debt facility with Nomura Singapore and Indonesia Eximbank. 

OceanGold hopeful of Blackwater economics

By: Esmarie Swanepoel     Updated 16 minutes ago A preliminary economic report on dual-listed gold miner OceanaGold’s Blackwater gold project, in New Zealand, has indicated an economically robust project. In a report released on Wednesday, the ASX- and TSX-listed miner noted that Blackwater could be mined at a rate of 120 000 t/y, to produce... 

BHP reports record production, says no major projects under way

By: Esmarie Swanepoel     Updated 1 hour 1 minute ago Mining giant BHP Billiton has reported record production across four commodities and eight operations during the quarter ended September, including from its Pilbara iron-ore operations. Iron-ore production for the three months under review increased by 1% on the previous quarter, and 17% on the... 

BHP reports record production, says no major projects under way
Photo by Bloomberg
BHP CEO Andrew Mackenzie

Global REE supply threatened after reports that 40% of Chinese supply is illegal

By: Henry Lazenby The world's most prolific producer of rare earth elements (REE) - China - had revealed that 40% of its supply was from illegally mined sources in the country, market-focused research house Benchmark Mineral Intelligence analyst Simon Moores reported on Tuesday. REE market expert Dudley... 

Global REE supply threatened after reports that 40% of Chinese supply is illegal

De Beers plans to keep South African diamond exploration spend at R30m a year

By: Martin Creamer Diamond company De Beers plans to maintain its diamond exploration spend in South Africa at R30-million to R35-million a year. De Beers Consolidation Mines (DBCM) CEO Phillip Barton, who spoke to Mining Weekly Online in a video interview (see attached) on the sidelines of the Diamond Route... 

De Beers plans to keep South African diamond exploration spend at R30m a year
Photo by Creamer Media
Phillip Barton (right) and Martin Creamer

India takes baby steps towards open coal sector

By: Ajoy K Das The Indian government has given the first hints of legislative changes designed to usher in the de-nationalisation of the country’s coal sector. While no timeframe for the dramatic reform of the sector had been given, the government has indicated that de-nationalisation was the path it would... 

Monument Mining obtains Malaysia federal stay order pending hearing

By: Henry Lazenby Malaysia-focused gold producer Monument Mining has obtained a stay from the Federal Court against the Court of Appeal's order forcing it to deposit $9.4-million into a joint account maintained by legal counsels of the respective parties to a lawsuit regarding a claimed interest in the Selinsing... 

Peabody beats Street Q3 forecast as Australian cost savings lift results

By: Henry Lazenby US coal producer Peabody Energy’s NYSE-listed stock was on Monday trending lower despite the company reporting a much narrower loss than what Wall Street analysts were expecting, mainly owing to lower costs at its Australian operations. For the three months ended September 30, the St Louis,... 

Peabody beats Street Q3 forecast as Australian cost savings lift results

Niko Resources’ stock tumbles after Indian govt announces new gas price

By: Henry Lazenby Calgary-based Niko Resources, which has oil and gas exploration operations across Southeast Asia, on Monday said it was currently evaluating the impact of the Indian government’s new domestic gas pricing policy on its assets in the country. The company’s TSX-listed stock on Monday fell by more... 

China's CITIC wins trial date against Australian billionaire

By: Reuters An Australian court on Monday rejected billionaire politician Clive Palmer's attempt to stop a case brought against him by China's CITIC Ltd, and cleared the way for a trial in November. Palmer wanted the court to throw out CITIC's lawsuit, which alleges he used A$12-million ($10.5-million) that... 

Miners need sustainable solutions to productivity problem – EY

By: Esmarie Swanepoel A report by advisory firm Ernst & Young (EY) has indicated that cost cutting would only lead to short-term productivity gains for mining companies with complex operations and that sustainable long-term solutions were needed. In its new report, ‘Productivity in mining: now comes the hard part’,... 

Miners need sustainable solutions to productivity problem – EY

India to legislate new law to acquire illegally allotted land

By: Ajoy K Das The Indian government is readying new legislation to acquire land bought by companies whose coal blocks the Supreme Court declared to be illegally allotted. The law, in the form of an ordinance prepared by the Coal Ministry, was expected to be approved by the government before month-end, since... 

China metals demand seen up in 2015, copper at least 6%

By: Reuters China's consumption of refined copper is expected to rise at least 6% in 2015, roughly in line with this year, supported by new investment in power networks and demand from rail projects, analysts and industry executives said. An expected slowdown in new residential and commercial building... 

Riddle of inventory levels keeps platinum investors shy

By: Reuters Investors are unlikely to rush back into platinum any time soon after a minimal price reaction to its biggest-ever supply shock highlighted a major problem: no-one knows how much metal exists above ground or more importantly who holds it. Analysts predicted a surging market as a record five-month... 

Philippines clears way for Marcventures' expanded nickel mining

By: Reuters Marcventures Holdings Inc , one of the Philippines' biggest nickel miners, has won government approval to expand its mining operations, helping it to ramp up ore exports to top buyer China, the company said on Friday. The decision by the Mines and Geosciences Bureau (MGB) will allow Marcventures... 

Vale to divest 20% of Indonesian unit within five years – CEO

By: Reuters Nickel miner Vale Indonesia will divest a further 20% stake of the company to Indonesian parties within five years, the firm's chief executive said on Friday, after signing an amended mining contract with the government of Indonesia. Vale has already divested a 20% stake via its public listing... 

Iron-ore boss at trader Glencore quits – source

By: Reuters The head of iron ore trading at commodities miner and trader Glencore, Christian Wolfensberger, has quit, according to a source with direct knowledge of the matter. Wolfensberger, a Swiss-born Glencore veteran with more than two decades of experience, was appointed to run the iron ore division... 

Concerns about possible deflationary spiral as commodity prices continue to slide

By: Henry Lazenby In a global economy witnessing passive consumer inflation, sluggish wage growth and falling commodity prices, some market observers have voiced their concern about the potential for deflation in developed markets. Last month, gold dipped below $1 200/oz, before recovering marginally, as inflation... 

Concerns about possible deflationary spiral as commodity prices continue to slide

Concerns about possible deflationary spiral as commodity prices continue to slide

By: Henry Lazenby In a global economy witnessing passive consumer inflation, sluggish wage growth and falling commodity prices, some market observers have shown concern about the potential for deflation in developed markets. Last month, gold dipped below $1 200/oz, before recovering marginally, as inflation... 

Concerns about possible deflationary spiral  as commodity prices continue to slide

Precious metals markets influenced by monetary conditions, industrial metal prices remain detached – report

By: Leandi Kolver While precious metal markets were influenced by monetary conditions, industrial metals have managed to remain somewhat detached from generic economic conditions, with prices being determined by fundamentals of supply and demand that were, in many cases, specific to each metal, French corporate... 

Precious metals markets influenced by monetary conditions, industrial metal prices remain detached – report

LME takes charge of London platinum, palladium 'fixes', eyes on gold

By: Reuters The London Metal Exchange, owned by Hong Kong Exchanges and Clearing, will take charge of London's platinum and palladium pricing, also known as "fixes", from December 1, replacing a teleconference with an electronic platform. The unexpected move marks a stunning comeback for the LME, which... 

China's MMG to spend $3bn to finish Peru mine by early 2016

By: Reuters China's MMG Ltd said it will spend about $3-billion completing the huge Las Bambas copper mine in Peru, more than previously expected, and will slightly delay the start of production to the first quarter of 2016. MMG led a Chinese consortium that bought Las Bambas, set to become the world's... 

Cockatoo inks exploration deal with Jogmec

By: Esmarie Swanepoel Australian coal developer Cockatoo Coal has signed an exploration joint venture agreement with Japan Oil, Gas and Metals National Corporation (Jogmec) over its Dingo West project, in Queensland. The project consists of two exploration permits covering 76 km2, and is located about 50 km from... 

R50m virtual reality centre set to revolutionise mine design

By: Martin Creamer The University of Pretoria’s new virtual reality mine design centre, which is on track to go into test mode in April, is set to revolutionise both surface and underground mine design. A total of R50-million is being invested in the centre, which will be put into a three-month test phase ahead of... 

R50m virtual reality centre set to revolutionise mine design
Photo by Creamer Media
Prof Ronny Webber-Youngman (right) and Martin Creamer

With Glencore lurking, Rio Tinto stake gives Chinalco global clout

By: Reuters A seat on the board, a bigger role in the world's largest mining company, a copper project in Peru or full control of an iron-ore project in Guinea. Those are the sort of prizes Chinese aluminium firm Chinalco, the top shareholder in Rio Tinto, is likely to be looking for as trading giant... 

With Glencore lurking, Rio Tinto stake gives Chinalco global clout
The headquarters of Aluminum Corp. of China (Chinalco) in Beijing, China. Glencore has reportedly opened talks with Chinalco - Rio Tinto's top shareholder - to gauge interest in a tie-up with the diversified major.

Canadian diamond output could more than double in 4 years

By: Henry Lazenby Canada’s diamond output could more than double in the next four years, underpinned by De Beers Canada and Mountain Province Diamonds’ Gahcho Kué project, in Canada’s Northwest Territories, and Stornoway Diamond Corp’s Renard project, in Quebec – with both projects now in the construction phase –... 

Canadian diamond output could more than double in 4 years

De Beers, NUM sign three-year wage deal 

By: Martin Creamer The South African arm of Anglo American diamond company De Beers on Tuesday signed a three-year wage agreement extending to 2016 with the National Union of Mineworkers (NUM). The three-year-duration wage deal was the first of its kind with NUM, said De Beers Consolidated Mines (DBCM), which runs... 

De Beers, NUM sign three-year wage deal
Photo by Duane Daws
DBCM CEO Phillip Barton

Mick Davis X2 now sitting on nigh-$5bn war chest

By: Martin Creamer Old Xstrata recollections were reignited on Tuesday as former Xstrata CEO Mick Davis announced that his new X2 Resources had garnered in another $1-billion to take the incipient mining company towards financial reserves of close on $5-billion. A number of new investors have taken the X2 total up... 

Mick Davis X2 now sitting on nigh-$5bn war chest
Photo by Duane Daws
Flashback Mick Davis picture

Rare earths miner Lynas increases output 12%

By: Esmarie Swanepoel Rare earths miner Lynas has continued the trend of improved production performance during the first quarter ended September, with the miner producing 2 043 t of rare-earth oxide (REO). This is a 12% improvement on the 1 822 t the company produced in the June quarter. 

Mineralogy adds more fuel to Citic fire

By: Esmarie Swanepoel Unlisted mineral resource developer Mineralogy has taken further steps to evacuate China’s Citic from its properties. On Wednesday, Mineralogy confirmed that it had issued Citic with a termination notice over the Mineralogy leases and port, which allows Citic to export iron concentrate from the... 

India proposes grand merger of mining and steel companies

By: Ajoy K Das Indian steel producer Rashtriya Ispat Nigam Limited (RINL) has thrown its hat in the ring for a grand merger with the country’s largest iron-ore miner, NMDC Limited. The Indian government was already working on a proposal to merge KIOCL, an iron-ore pellet producer, with NMDC, and adding RINL... 

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