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Australasia News

Gold fades as world gets used to bad news, Perth Mint says

By: Bloomberg     Updated 2 hours 8 minutes ago Investors have grown immune to the economic and geopolitical risks that typically drive haven demand for gold. That’s how Richard Hayes, the chief executive officer of Australia’s Perth Mint, summed up the reason behind bullion’s slump to a 19-month low despite tensions between the US and China... 

Impairments dent Harmony’s FY18 earnings

By: Schalk Burger     17th August 2018 Despite meeting its production guidance targets and increasing its underground recovered grade by 8%, gold producer Harmony Gold warned in a trading statement on Friday that it expects its full-year headline earnings per share (HEPS) to be 40% to 45% lower than in 2017. HEPS for the year ended... 

Gold seen fighting back in battle with dollar for haven role

By: Bloomberg     17th August 2018 Don’t write off gold in the battle of the havens. Bullion has lost out in a paradigm shift where the metal’s no longer viewed as the traditional refuge when investors are in a risk-off mood, but that won’t last, according to Rick Rule, CEO of Sprott US Holdings. 

Gold seen fighting back in battle with dollar for haven role

Gold Fields advances projects to ‘underwrite a better future’

By: Simone Liedtke     17th August 2018 NYSE- and JSE-listed Gold Fields aims to continue building new projects that will “underwrite a better future for [the miner] in terms of a longer life at lower costs”. This, CEO Nick Holland said during a conference call on Thursday, is particularly important, given the volatility of the gold... 

Gascoyne raises funds for Dalgaranga

By: Esmarie Swanepoel     17th August 2018 Gold developer Gascoyne Resources was hoping to raise up to A$15-million through the issue of around 50-million shares to fund the final stages of development at its Dalgaranga gold project, in Western Australia. The shares will be priced at 30c each, representing a 16.7% discount to the... 

Ausdrill raises first A$175m

By: Esmarie Swanepoel     17th August 2018 Mining services provider Ausdrill has raised some A$175-million from the institutional component of its 1-for-2.13 pro-rata non-renounceable entitlement offer. The completion of the institutional offer is the first stage of the company’s fully underwritten entitlement offer, which is expected to... 

Infinity launches scoping of lithium hydroxide option

By: Esmarie Swanepoel     17th August 2018 ASX-listed Infinity Lithium Corporation has launched a lithium hydroxide scoping study at its San Jose resource, in Spain. The lithium hydroxide scoping study will start in direct response to the increased demand and supply chain considerations in the evolving battery chemicals market, the... 

Qld jobs on the rise

By: Esmarie Swanepoel     17th August 2018 The Queensland Resources Council (QRC) on Friday said that a plethora of positions were still available in the state’s resources sector. The state government this week revealed that some 4 400 new jobs were created in July across Queensland, the 22nd straight month of jobs growth. 

Nkwe recommends Zijin offer aceptance

By: Esmarie Swanepoel     17th August 2018 The independent directors of South Africa-focused Nkwe Platinum have unanimously recommended a 10c a share takeover offer from shareholder Zijin Mining Group. The 10c a share takeover offer was a 25% improvement on the 8c a share offer launched in March this year, and provided shareholders with... 

Evolution's profits surge in 2018

By: Esmarie Swanepoel     17th August 2018 Gold miner Evolution has reported a 21% surge in underlying net profits after tax for the 2018 financial year, on the back of a 4% increase in sales revenues. Underlying net profits after tax for the full year ending June reached A$250.8-million, while statutory net profit after tax also... 

Evolution's profits surge in 2018
Photo by Bloomberg
Evolution executive chairperson Jake Klein

Kangaroo shares jump on deal

By: Esmarie Swanepoel     17th August 2018 The share price of junior Kangaroo Resources surged by more than 40% on Friday on news of a takeover offer from major shareholder PT Bayan Resources. Kangaroo on Friday reported that it had entered into a binding scheme implementation agreement with PT Bayan under which the shareholder would... 

BP signs up for PNG LNG

By: Esmarie Swanepoel     17th August 2018 The joint venture partners of the Papua New Guinea liquefied natural gas (PNG LNG) project have entered into a mid-term LNG sales and purchase agreement with BP Singapore. Under the terms of the agreement, BP will be supplied with around 0.45-million tonnes of LNG a year over an initial... 

Poseidon gets conditional proposal

By: Esmarie Swanepoel     17th August 2018 ASX-listed Poseidon Nickel has received a conditional proposal from Perth-based Black Mountain Metals. Poseidon told shareholders on Friday that while no formal bid price per share has been offered or agreed upon, Black Mountain has made an informal proposal of 6c a share 

Higher lithium output drives MinRes revenues

By: Esmarie Swanepoel     16th August 2018 ASX-listed Mineral Resources this week reported a 16% increase in revenue for the full year ended June, with net profits after tax jumping from A$201-million to A$272-million. The company reported increased mineral sales of 3.5-million tonnes of direct shipping ore (DSO) in the 12 months to... 

Iluka's H1 earnings surge

By: Esmarie Swanepoel     16th August 2018 Mineral sands miner Iluka has reported an 80% increase in the underlying group earnings before interest, tax, depreciation and amortization (EBITDA) for the half-year to June. Underlying EBITDA reached A$278.5-million in the interim period, compared with the A$154.6-million in the previous... 

Arafura starts geo work at Nolans

By: Esmarie Swanepoel     16th August 2018 Rare earths developer Arafura Resources has started a major geotechnical programme at its Nolans neodymium-praseodymium (NdPr) project, in the Northern Territory, to assess the location for critical site infrastructure. The company on Thursday said that some 70 to 80 shallow pits will be... 

New assets deliver turnaround for Yancoal

By: Esmarie Swanepoel     16th August 2018 ASX-listed Yancoal Australia has reported significantly improved numbers in the six months ended June, after the acquisition of mining major Rio Tinto’s Coal & Allied assets in 2017. Yancoal on Thursday reported that revenue for the interim period had reached A$2.3-billion, compared with the... 

Origin swings to profit

By: Esmarie Swanepoel     16th August 2018 Energy major Origin Energy has swung into profit for the financial year ended June, following a full year of operations from both the liquefied natural gas (LNG) trains at its Australia Pacific LNG operation, as well as higher commodity prices. Statutory profit for the full year to June was... 

Neometals to separately list titanium and vanadium business

By: Esmarie Swanepoel     16th August 2018 The board of ASX-listed Neometals has approved the demerger of the Barrambie titanium/vanadium project, in Western Australia, along with the associated technology assets, into a newly listed company. Neometals told shareholders on Thursday that the move would allow the company and the newly... 

Oz Minerals profit jumps 59%, completes review of new Brazil assets

By: Esmarie Swanepoel     16th August 2018 Copper/gold miner Oz Minerals has reported a 59% increase in net profit after tax for the interim period ended June, with underlying earnings before interest, tax, deprecation and amortisation (Ebitda) increasing by 33%. Net profit after tax for the six months to June was reported at... 

Oz Minerals profit jumps 59%, completes review of new Brazil assets

Rio reports fatality in the Pilbara

By: Esmarie Swanepoel     16th August 2018 Mining major Rio Tinto has reported a fatality at its Paraburdoo mine, in the Pilbara. A spokesperson for the company told Mining Weekly Online that the incident is being investigated by the relevant authorities, with the full cooperation of the company. 

Orion turbocharges Prieska study

By: Martin Creamer     15th August 2018 The Sydney- and Johannesburg-listed exploration and development company Orion Minerals, which is developing a zinc and copper project at Prieska in the Northern Cape, on Wednesday announced the second tranche of its two-tranche share issuance to raise $7.86-million. The total $11-million capital... 

Orion turbocharges Prieska study
Photo by Creamer Media
Orion Minerals CEO Errol Smart

Ausdrill adds underground expertise with Barminco deal

By: Esmarie Swanepoel     15th August 2018 Mining services provider Ausdrill has made a takeover offer for joint specialist underground hard-rock mining contractor Barminco in a deal valued at A$271.5-million. The transaction will create Australia’s second-largest mining services company. 

Ausdrill adds underground expertise with Barminco deal

Woodside posts A$541m half-year profit

By: Esmarie Swanepoel     15th August 2018 Oil and gas producer Woodside has reported an interim net profit after tax of A$541-million for the six months to June, with operating cash flows for the period up by 25% on the first half of 2017. Woodside said on Wednesday that the increased operating cash flows was driven by higher production... 

Myanmar puts Bawdwin on fast track

By: Esmarie Swanepoel     15th August 2018 ASX-listed junior Myanmar Metals has unveiled an accelerated path to redevelop the Bawdwin polymetallic mine, in Myanmar. Myanmar and its joint venture (JV) partners Win Myint Mo Industries (WMM) and EAP Global Mining Company have defined a number of clear project milestones for the next 12... 

Anova looks at options to keep Second Fortune going

By: Esmarie Swanepoel     15th August 2018 Junior gold miner Anova Metals is looking at alternative development models to continue mining its Second Fortune gold mine, in Western Australia. The first mining campaign at Second Fortune started in November last year and was completed in July, resulting in the production of 3 701 oz of gold... 

Gold Road reveals sucession plans

By: Esmarie Swanepoel     15th August 2018 ASX-listed Gold Road Resources has flagged the impending retirement of MD and CEO Ian Murray, with the company saying that Duncan Gibbs will be appointed as his successor. “Gold Road owes enormous gratitude to Murray, who’s leadership of this company has been inspirational and transformative,”... 

NT launches new exploration programme

By: Esmarie Swanepoel     15th August 2018 The Northern Territory government has launched a major new airborne geophysical survey is underway in the Tanami Desert as part of the territory government’s A$26-million investment in minerals exploration. The survey is one of the largest of its kind undertaken in the territory and the data... 

Caravel raises funds for WA copper project

By: Esmarie Swanepoel     15th August 2018 Junior Caravel Minerals will raise just over A$2-million through a partially underwritten, non-renounceable rights issue to completion additional work at its Calingiri copper project, in Western Australia. Eligible shareholders will be able to apply for one new share for every three shares held,... 

Lead shortages, seasonally strong demand suggest possible price revival

By: Reuters     14th August 2018 Global trade disputes and political tensions have sent prices of battery metal lead to 14-month lows but tight supplies, shortages and seasonally strong demand for the coming northern winter suggest a possible change of tack. The possibility of protracted trade tensions between the United States... 

Spitfire/Excelsior merger gets expert backing

By: Esmarie Swanepoel     14th August 2018 An independent expert has concluded that the proposed merger between juniors Excelsior Gold and Spitfire Materials is in the best interest of Excelsior shareholders. The merger will be implemented through a scheme of arrangement, with Spitfire to acquire all of the issued capital of Excelsior by... 

Sabre's Sherlock Bay project still proving positive

By: Esmarie Swanepoel     14th August 2018 ASX-listed Sabre Resources will proceed with scoping and prefeasibility studies on its Sherlock Bay nickel/copper/cobalt project, in Western Australia. The decision comes after a review and update of a mining study on the Sherlock Bay project was conducted, which provided Sabre with updated... 

Gold Mountain boosts its exploration efforts in PNG

By: Esmarie Swanepoel     14th August 2018 ASX-listed Gold Mountain has completed the assembly and commissioning of a large-capacity mobile plant to process coarse gold and platinum bulk samples. Gold Mountain holds a number of exploration tenements in Papua New Guinea, with its flagship Crown Ridge project in the final stage assessment... 

Terramin refinances standby term facility

By: Esmarie Swanepoel     14th August 2018 ASX-listed Terramin Australia has struck a refinancing deal with shareholder Asipac Group to restructure a standby term facility. The existing unsecured facility has now been increased from A$3.25-million to A$5.25-million on similar terms and will be secured in accordance with the terms of the... 

Balama fines circuit gets an upgrade

By: Esmarie Swanepoel     14th August 2018 The commissioning of attrition cells for the fines graphite circuit at the Balama graphite project, in Mozambique, has been successfully completed, ASX-listed Syrah Resources said. The company told shareholders that initial assessment was showing significant improvement in fines graphite fixed... 

Western Surat gas project receives final enviro nod

By: Esmarie Swanepoel     14th August 2018 ASX-listed Senex Energy has been given commonwealth environmental approval for its Western Surat gas project, bringing the project one step closer to development. Along with the previously granted state environmental approvals and petroleum lease, Senex has received all primary approvals to... 

Boonanarring on track and budget - Image

By: Esmarie Swanepoel     14th August 2018 Commissioning and first production from the Boonanarring mineral sands project, in Western Australia, remained on track for the fourth quarter of this year, owner Image Resources said. The company on Tuesday said that construction of the opencut mine started in April, with the exposure of first... 

Minister decries Gold Fields’ job-cut plan at cash-burning South Deep

By: Martin Creamer     14th August 2018 They say South Deep will be the last gold mine standing, but every report coming out of it indicates that it is an extremely hard nut to crack, with production hopelessly below guidance. Since 2006, Gold Fields has pumped R32-billion into South Deep without even breaking even, let alone making a... 

Minister decries Gold Fields’ job-cut plan at cash-burning South Deep
Photo by Creamer Media
Gold Fields CEO Nick Holland
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