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Cashless home loans for migrant mineworkers on way – Teba

By: Martin Creamer A system of providing incremental cashless home loans to migrant mineworkers living in distant areas is being implemented. Teba CEO Dr Graham Herbert, who spoke to Mining Weekly Online in the attached video interview on potential improvements to the much-criticised migrant labour system, says... 

Crater starts mining at its PNG mine

By: Esmarie Swanepoel Junior miner Crater Gold Mining has started mining at its High Grade Zone (HGZ) project, at the Crater Mountain mine, in Papua New Guinea. The start of mining at Crater Mountain comes in the wake of Crater securing a mining lease, and successfully concluding a compensation agreement with the... 

US District Court dismisses class action against Turquoise Hill Resources

By: Henry Lazenby A US District Court judge had on Tuesday dismissed a consolidated putative securities class action lawsuit that had been filed in the Southern District of New York against Rio Tinto subsidiary Turquoise Hill Resources and certain of its officers and directors, in December last year. Turquoise... 

Central Rand Gold raising $1.85m to boost surface mining

By: Martin Creamer London- and Johannesburg-listed gold-mining company Central Rand Gold, which is currently being courted by three Chinese suitors, is taking steps to raise $1.85-million in equity capital to boost surface mining production, bring idled underground equipment to surface and reduce staff. The focus... 

Central Rand Gold raising $1.85m to boost surface mining
Photo by Duane Daws
Johan du Toit

CoAL extends mine sale deadline, capital-raise timeframe

By: Martin Creamer The deadline for the disposal of the Mooiplaats colliery by the triple-listed Coal of Africa Limited (CoAL) as well its capital-raising timeframe have been extended out. Johannesburg, London and Sydney-listed CoAL said on Wednesday that it had agreed to give suitor Blackspear Capital more time to... 

CoAL extends mine sale deadline, capital-raise timeframe
Photo by Duane Daws
David Brown

India's Tata Steel restarts key iron mines amid shortage

By: Reuters India's Tata Steel Ltd resumed production from two of its four iron ore mines on Tuesday, a company source and a government official said, cutting a shortage that had forced the company to import the raw material for the first time. Court restrictions over the past three years to curb illegal... 

Despite gold hedge book contracting in Q3, full-year growth expected

By: Henry Lazenby A new report released on Tuesday by Societe Generale and Thompson Reuters GFMS had found that net gold hedging had declined by a net 200 000 oz in the third quarter. This was the result of a slowdown in the volume of hedging, which meant that the delivery into and the maturity of pre-existing... 

Despite gold hedge book contracting in Q3, full-year growth expected

'Phenomenal' rise in India's gold imports a concern - trade secy

By: Reuters A "phenomenal" rise in India's gold imports is a concern and the government will watch the impact from a recent easing in gold import rules, Trade Secretary Rajeev Kher said on Tuesday. Gold imports jumped 34% in November to $5.61-billion, sending India's trade deficit to a 18 month high, data... 

Red Mountain nails down financier for Batangas

By: Esmarie Swanepoel ASX-listed Red Mountain Mining has secured $5.5-million from a private investor to fund its definitive feasibility study (DFS), final permitting and development of its Batangas gold project, in the Philippines. The company reported on Tuesday that the two-stage funding would see the private... 

Kazakh ENRC sues Zamin to repay $65 mln over Brazil mine

By: Reuters Kazakh mining firm ENRC on Monday sued Indian billionaire Pramod Agarwal's mining firm Zamin for the repayment of a $65-million loan, the latest chapter in a legal battle between Indian and Kazakh tycoons over a Brazilian iron-ore project. The latest filing in a British court comes after a Zamin... 

Chrome, platinum prices likely to recover – Tharisa

By: Martin Creamer The price of chrome concentrate and the basket price of platinum group metals should recover in 2015, which could mean fourth-quarter profit for the JSE-listed Tharisa Minerals should it achieve its number-one priority of steady state production. Tharisa CEO Phoevos Pouroulis told Mining Weekly... 

Chrome, platinum prices likely to recover – Tharisa
Phoevos Pouroulis

Harmony Gold, Newcrest to spend $2.3bn on Golpu feasibility

By: Martin Creamer Gold mining companies Harmony Gold of South Africa and Newcrest Mining of Australia plan to spend $2.3-billion on developing their Golpu deposit in Papua New Guinea. Harmony and Newcrest, which each own 50% of the Golpu project through the Wafi-Golpu Joint Venture, on Monday gave a firm thumbs up... 

Harmony Gold, Newcrest to spend $2.3bn on Golpu feasibility
Photo by Duane Daws
Graham Briggs

Newcrest advances feasibility work at Wafi-Golpu

By: Esmarie Swanepoel Gold major Newcrest Mining on Monday announced that the company would proceed with a feasibility study on the Stage 1 development of the Wafi-Golpu project, in Papua New Guinea. A 2012 prefeasibility study (PFS) identified an improved business case for the project by splitting the project into... 

Has China reached peak graphite? – Benchmark Mineral Intelligence

By: Creamer Media Reporter According to a report released this week by London-based Benchmark Mineral Intelligence, China’s share of global natural graphite output will fall by 15% this year to levels not seen since the mid-1990s, when the country began exporting to international markets. This year alone the country’s... 

Indonesia revises up coal output targets for 2014 and 2015

By: Reuters Indonesia has revised up coal output targets for 2014 and 2015, the mining ministry's coal director said on Friday, as the government increases its revenue target and miners boost volumes amid plummetting global coal prices. Coal production is expected to reach 450-million tonnes in 2014,... 

BHP Billiton marks China iron-ore shipping milestone

By: Esmarie Swanepoel Mining giant BHP Billiton this week shipped its one billionth tonne of iron-ore to China. CEO Andrew Mackenzie said on Friday that China was of immense importance to BHP and to Australia as a whole, with the company striving to develop closer ties with the Asian nation and to contribute to its... 

Nido bids $108m for Otto’s Galoc interest

By: Esmarie Swanepoel ASX-listed Nido Petroleum has launched a $108-million takeover offer for fellow-listed Otto Energy’s 33% interest in the Galoc oil field, in the Philippines. Nido said on Friday it would pay a $10.8-million deposit for Otto’s subsidiary Galoc Production Company, which owns Otto’s share in the... 

US$-denominated copper hedging gives Taseko the edge in volatile price environment

By: Henry Lazenby Base metals miner Taseko Mines on Thursday said it had copper put options in place to provide downside protection to the price of copper through to June 30, 2015. For the first half 2015, the Vancouver-based company had put options in place to guarantee a floor price for 30-million pounds of... 

Another Indian miner set to start coal production in Mozambique

By: Keith Campbell Indian State-owned miner Coal India is to soon start mining in Mozambique, The Economic Times newspaper has reported from Kolkata (Calcutta). Although the company is a partner in another Indian miner, International Coal Ventures Limited (ICVL), which now owns and operates the Benga mine in... 

Impala Platinum selling shares to workers in R1.1bn deal

By: Martin Creamer South Africa’s second-largest platinum mining company is selling shares in the company’s primary operational subsidiary to employees in a R1.1-billion deal. The JSE-listed Inplats said on Thursday that it had concluded a vendor-financed equity transaction with Impala Platinum Limited, which owns... 

Impala Platinum selling shares to workers in R1.1bn deal
Photo by Duane Daws
Terence Goodlace

BHP Billiton sees China steel consumption slowing in 2015

By: Reuters Iron-ore giant BHP Billiton expects Chinese steel consumption growth to slow next year and has already adjusted its strategy to cope with a supply glut that has caused global prices to collapse, executives said on Thursday. "We anticipated the change towards current market conditions and the... 

Tighter coal market in sight – Glencore

By: Martin Creamer A natural tightening of the coal market as a result of demand catching up with supply will happen in the near future, says Glencore Coal CEO Peter Freyberg. Freyberg, who was addressing Glencore’s investor day, made the point that coal is not in the same over-supply situation as iron-ore and that... 

Tighter coal market in sight – Glencore
Photo by Bloomberg
Peter Freyberg

India’s NMDC to float JV with provincial government

By: Ajoy K Das The local government of the east Indian province of Odisha has firmed up plans for a joint venture (JV) with the country’s largest iron-ore miner NMDC Limited to explore resources in the region. Orissa Mineral Corporation (OMC), the provincial government’s mineral exploration and production... 

Realm saves costs at Indonesian project

By: Esmarie Swanepoel A review of ASX-listed Realm Resources’ 51%-held Katingan Ria coal project, in Central Kalimantan, has resulted in a 20% reduction in the proposed free-on-board cash cost over the project’s mine life. Realm reported on Thursday that industry operating costs had declined by up to 30% over the... 

Tightening nickel affords opportunity for Asian Mineral Resources

By: Simon Rees Of the few base metals piquing analyst interest for 2015, zinc and nickel stand out. For nickel, supply was expected to tighten across next year, which should act as a price support. Indonesia’s ban on the export of nickel ore has been a central catalyst for this, while the Philippines Congress... 

Fiscally committed oil exporters most exposed to low oil prices – Moody’s

By: Henry Lazenby Oil-exporting countries heavily reliant on oil revenues and committed to large spending programmes were most likely to have difficulty accommodating low oil prices, Moody's Investors Service said on Wednesday. In its report ‘Global oil price volatility: Oil-exporting sovereigns with limited... 

Fiscally committed oil exporters most exposed to low oil prices – Moody’s

Capital misallocation lowering commodity prices – Glencore

By: Martin Creamer Capital misallocation, not a lack of demand, remained the key factor in the current low level of several commodity prices, Glencore CEO Ivan Glasenberg said on Wednesday. Highlighting the need to differentiate by commodity in allocating capital, Glasenberg said at the company’s investor day in... 

Capital misallocation lowering commodity prices – Glencore
Photo by Duane Daws
Ivan Glasenberg

Strong diamond growth forecast, but funding access could pose threat

By: Sashnee Moodley The diamond industry can expect a strong demand outlook in future; however, access to diamond financing – especially for traders, cutters, polishers and jewellery manufacturers – could hinder future market growth. 

India’s Supreme Court rejects petitions to review coal block verdict

By: Ajoy K Das In a series of diverse rulings, India’s Supreme Court has turned down petitions from a spate of private companies to review its earlier decision to cancel the allocation of 214 coal blocks, but has agreed to hear a plea against a government ordinance issued in the wake of the cancellations. The... 

Indian govt to intervene in Posco licence

By: Ajoy K Das India’s federal government would intervene in the grant of a prospecting licence to South Korean steel major Posco, a crucial step for its $12-billion steel plant in the eastern Indian province of Odisha, which has been hanging fire for over a decade in the absence of iron-ore linkage. A... 

Pacific Niugini looks for more exploration in PNG

By: Esmarie Swanepoel ASX-listed Pacific Niugini was looking to increase its footprint in Papua New Guinea, with the company announcing this week that it was in preliminary discussions, and had signed confidentiality agreements, regarding the potential acquisition of an exploration tenement in the area. The... 

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