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Coal of Africa shares rise on update

By: Martin Creamer     Updated 2 hours 4 minutes ago The shares of triple-listed Coal of Africa Limited (CoAL) rose by more than 3% before noon on Friday following the company’s release of a quarterly update, which recorded a series of financial settlements, environmental go-aheads and project advances. CoAL also announced the issuing of... 

Capri appoints investigators to probe KBL breach claims

By: Esmarie Swanepoel     Updated 3 hours ago ASX-listed KBL Mining was again wading through the thicket, this time facing investigators from debt holder Capri Trading for an alleged breach of its general security agreement (GSA). Capri Trading regained a A$12.6-million KBL debt from ASX-listed Kidman Resources earlier this month, which... 

Newcrest boosts 2015 gold, copper guidance

By: Esmarie Swanepoel     Updated 4 hours ago Australian gold major Newcrest Mining on Friday increased its production expectations for the 2015 financial year, as the ramp-up of the Cadia East operation, in New South Wales, continued faster than expected. Newcrest upped its gold production expectations from between 2.2-million and... 

Newcrest boosts 2015 gold, copper guidance

Whitehaven confident of coal’s future despite lacklustre market

By: Esmarie Swanepoel     Updated 4 hours ago Despite the declining coal prices, ASX-listed producer Whitehaven Coal remains upbeat about the company’s prospects for the future. “While not ignoring the current weakness in coal markets, we remain confident that coal has a growing role to play in the world’s future energy requirements and... 

BC Iron back in full swing

By: Esmarie Swanepoel     Updated 4 hours ago Iron-ore producer BC Iron returned to an annual run-rate of six-million tonnes a year during the three months to December, following a troubled September quarter, with the miner on Friday also downgrading its cost expectations for the full year. The Nullagine joint venture (JV), in Western... 

Tiger reaches record production in Dec

By: Esmarie Swanepoel     Updated 4 hours ago Copper cathode producer Tiger Resources has reported a record production during the month of December, as its solvent extraction electrowinning (SX-EW) plant, at its Kipoi project in the Democratic Republic of Congo, reported its first quarter at nameplate capacity. The SX-EW plant produced its... 

Chesser heads to exit Turkey

By: Esmarie Swanepoel     Updated 4 hours ago ASX-listed Chesser Resources would exit Turkey by June this year, with the miner reporting on Friday that it would cease its hunt for new resource opportunities. In September, Chesser announced the sale of its Kestanelik gold project in Turkey, for $40-million to Nurol Holdings. 

Canada's Western Uranium targets Black Range

By: Esmarie Swanepoel     Updated 4 hours ago Uranium developer Black Range Minerals has become a takeover target for Canada’s Western Uranium Corporation, which on Friday launched an A$18.5-million offer for the Australian company. Western Uranium was offering one of its own shares for every 750 Black Range shares held, with the offer... 

Middle Island on the hunt for new projects

By: Esmarie Swanepoel     Updated 4 hours ago Junior explorer Middle Island Resources has started acquisition negotiations on two possible gold assets, the company reported on Friday. The company said that it was actively reviewing project acquisition opportunities in West Africa and Australia, and, to date, reviewed "hundreds" of projects... 

Iron-ore prices at new 5-1/2 yr low as rout takes hold

By: Reuters Spot iron-ore prices hit a new 5-1/2 year low on Thursday as more signs emerged of slowing Chinese economic growth, although iron-ore and steel futures in China edged higher on interest from bargain hunters. A deepening iron-ore glut and worries over a sharper economic slowdown in top buyer... 

Global gold output rises, but demand remains muted

By: Natasha Odendaal Despite the lower gold price, global mine production continued to grow last year, increasing 2% to an all-time high of 3 109 t, the latest survey by GFMS showed. However, total physical demand fell 19% in 2014 as all areas, with the exception of official sector purchases, registered declines. 

Lower oil price sees Beach defer projects

By: Esmarie Swanepoel ASX-listed Beach Energy on Thursday announced that it would reduce its capital expenditure (capex) during the second half of the 2015 financial year by around 20%, or by about A$55-million. The company told shareholders that it had undertaken a detailed review of its capex programme as a result... 

Low-cost, low-risk development option for Central Murchison – Metals X

By: Esmarie Swanepoel A revised feasibility study of ASX-listed Metals X’s Central Murchison gold project, in Western Australia, has delivered encouraging results, with the project now expected to require a less-intensive capital investment and have a longer mine life. The revised feasibility study was undertaken... 

Mining M&A hits 10-year low, deal activity likely to remain subdued

By: Esmarie Swanepoel Transaction volumes in the mining and metals sector reached a 10-year low in 2014, with transactions driven by divestments and forced sales in the face of falling commodity prices and risk-averse capital markets. It was fourth consecutive year of declining merger and acquisition (M&A) activity... 

Mining M&A hits 10-year low, deal activity likely to remain subdued

Fortescue lowers H2 cost guidance

By: Esmarie Swanepoel Iron-ore major Fortescue Metals has slashed its C1 cash costs during the quarter ended December, prompting the miner to decrease its C1 guidance for the second half of the 2015 financial year. C1 costs during the December quarter averaged $28.48/oz, a decrease of 11% on the previous quarter, and... 

Doray restructured financing to gain hold of cash flow

By: Esmarie Swanepoel Gold miner Doray Minerals has agreed to refinance and restructure its project finance facility, allowing the company improved access to cash flow to fund exploration and business development activities. MD Allan Kelly said on Thursday that following discussions with a number of domestic and... 

Stonewall back on the map and producing gold

By: Esmarie Swanepoel Stonewall Resources resumed trading on the ASX on Thursday, after months of absence from the exchange, announcing that it secured up to A$13.5-million in funding, and started gold production at its TGME operation, in South Africa. The company said it had started processing pre-mined residue from... 

Northern Star weighing capital options

By: Esmarie Swanepoel Gold miner Northern Star Resources’ focus would shift to capital management in the next quarter, MD Bill Beament said in a conference call on Thursday. Beament pointed out that bank debt had decreased to A$35-million at the end of the quarter ended December, with Northern Star planning to fully... 

Duketon doubles resource estimate in WA

By: Esmarie Swanepoel Junior Duketon Mining has more than doubled the mineral resource estimate at its namesake project in Western Australia, announcing on Thursday that the Duketon project was now estimated to host some 71 000 t of nickel, 26000 t of copper and 144 000 oz of platinum and palladium. The 115% increase... 

Troy nearing completion at Andorinhas

By: Esmarie Swanepoel Dual-listed gold miner Troy Resources was bracing for a busy six months, as the company closed its Andorinhas mine in Brazil, and rapidly developed it Karouni mine, in Guyana. The underground mine at Andorinhas would start preparing for its closure in February, and Troy said on Thursday that the... 

Glencore mulls closure of some South African coal operations 

By: Martin Creamer Diversified mining major Glencore is considering the closure of some of its coal-mining operations in South Africa, which would reduce its overall South African production by at least five-million saleable tons of coal a year and affect more than 1 000 employees. This announcement by the... 

Glencore mulls closure of some South African coal operations
Photo by Duane Daws
Ivan Glasenberg

Anglo may record noncash impairment charges in price plunge parry

By: Martin Creamer Given the sharply lower commodity price environment, particularly for bulk commodities, Anglo American said on Wednesday that it expected to record noncash impairment charges in its 2014 results. The London- and Johannesburg-listed diversified major, headed by CEO Mark Cutifani, added in a media... 

Anglo may record noncash impairment charges in price plunge parry
Mark Cutifani

NSW faces gas price shock, not a gas shortage – researcher

By: Esmarie Swanepoel Research conducted by the University of Melbourne, on behalf of The Australia Institute (TAI), has stated that gas demand in New South Wales could halve within the next decade, countermanding warnings from the industry that a gas shortage was imminent. The Australian Petroleum Producers and... 

Victoria maintains CSG ban while Parliamentary enquiry runs

By: Esmarie Swanepoel The Australian Petroleum Production and Exploration Association (Appea) on Wednesday railed against the Victorian state government’s decision to maintain a moratorium on coal seam gas (CSG) exploration in the state, until a Parliamentary inquiry into the matter was concluded. In May last year,... 

Oz Minerals to downsize, relocate head office as it starts strategic review

By: Esmarie Swanepoel The new MD and CEO of ASX-listed Oz Minerals on Wednesday announced a strategic review of the company’s operations, taking into account all aspects of the company, including costs and future opportunities. Andrew Cole told shareholders that the company needed to reshape itself to meet the... 

Oz Minerals to downsize, relocate head office as it starts strategic review

Mt Gibson flags A$850m to A$950m half-year impairment

By: Esmarie Swanepoel Iron-ore miner Mount Gibson Iron on Wednesday warned of a noncash impairment of between A$850-million and A$950-million in its interim results for the period ended December. The impairment comes in light of the declining market conditions, as well as recent development at Mount Gibson’s Koolan... 

AGL suspends CSG project after chemical find at fracking site

By: Esmarie Swanepoel ASX-listed AGL Energy has suspended pilot production testing at its Waukivory coal seam gas (CSG) pilot project, in New South Wales, after benzene, toluene, ethylbenzene and xylenes (BTEX) were detected in flow-back water from two of the four wells, and from an above-ground water storage tank.... 

St Barbara projects prove their mettle

By: Esmarie Swanepoel Gold miner St Barbara increased its gold production during the second quarter ended December, on the back of record quarterly production from it Leonora operations, and the highest monthly and quarterly production at its Simberi mine, since the project was acquired in 2012. Group gold production... 

Sandfire hoping for more in H2

By: Esmarie Swanepoel Metals miner Sandfire Resources was expecting a stronger second half of the 2015 financial year, following the installation of key process plant enhancements at its DeGrussa concentrator, in Western Australia. Copper production during the three months to December reached 15 350 t, which was down... 

Tritton keeps delivering for Straits

By: Esmarie Swanepoel The Tritton copper project, in New South Wales, delivered a record production for owner Straits Resources during the three months to December. The company reported on Wednesday that copper production during the quarter increased to 7 904 t, from 7 012 t delivered in the previous quarter. 

Millennium beats production targets

By: Esmarie Swanepoel Gold miner Millennium Minerals exceeded production expectations during the December quarter, allowing the company to reach its full-year production target. During the quarter ended December, Millennium produced 19 699 oz of gold, above the 18 000 oz projected, delivering a yearly gold production... 

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