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Paladin bides time as uranium market turnaround gets underway

By: Henry Lazenby Dual-listed Paladin Energy has narrowed its 2015 after-tax net loss attributable to shareholders, saying it was optimistic about a long-awaited uranium market turnaround getting underway. For the 2015 financial year ended June 30, the Perth, Western Australia-based uranium producer reported a... 

Australian officials threaten to close giant Glencore zinc mine

By: Reuters Glencore Plc's McArthur River zinc mine in Australia could be ordered to close unless it improves its environmental record and increases a financial bond covering rehabilitation of the site, according to government officials. Residents near the zinc mine, one of the world's biggest, have... 

BHP and ExxonMobil to spend A$400m on new pipeline

By: Esmarie Swanepoel Diversified miner BHP Billiton and its joint venture (JV) partner ExxonMobil Australia have agreed to a A$400-million spend to replace a 187-km pipeline in Victoria, which transports crude oil and condensate between the Longford and Long Island Point facilities. ExxonMobil said on Friday that... 

Saracen's record production lifts profits

By: Esmarie Swanepoel Record gold production pushed miner Saracen Mineral Holdings’ net profit after tax up 86% and revenue by 18% in the 2015 financial year. Gold production rose 25% year-on-year to 167 531 oz, generating revenues of A$249.9-million. Net profit after tax increased from A$6-million in 2014 to... 

Ramelius to further lift output

By: Esmarie Swanepoel ASX-listed gold miner Ramelius Resources was targeting gold production of nearly 100 000 oz/y by the second half of 2016, as the development of its Vivien and Kathleen Valley gold mines progressed. Ramelius on Friday reported that the company had sold 88 706 oz of gold in the financial year... 

Atlas shares rise as it reports lower costs

By: Esmarie Swanepoel The share price of iron-ore miner Atlas Iron shot up by 19% on Friday on news of lower costs and increased cash flows. Atlas told shareholders that cash costs during July fell to A$55/t, from the A$66/t reported in the June quarter, as the contractor collaboration agreements implemented at its... 

Atlas shares rise as it reports lower costs

Metals X hedges gold

By: Esmarie Swanepoel ASX-listed Metals X has entered into a hedging programme for 245 000 oz of gold, with scheduled deliveries until September 2018. The gold would be priced at A$1 631.23/oz. 

US dollar gold price hits Resolute bottom line

By: Esmarie Swanepoel Despite beating production and cost guidance, gold miner Resolute Mining reported a net loss after tax of A$502.6-million for the 2015 financial year. This was down from a profit of A$33.3-million in the 2014 financial year and came on the back of a A$572-million impairment charge primarily... 

Rex gets 12-month extension at Hillside

By: Esmarie Swanepoel Copper hopeful Rex Minerals has been granted a 12-month extension to submit its environment protection and rehabilitation programme and its social management plan for the Hillside project, in South Australia. Rex had applied to the South Australian Department of State Development for the... 

Tiger struggles in interim period

By: Esmarie Swanepoel Copper cathode producer Tiger Resources has swung to a loss in the interim period ended June, despite a 111% increase in revenues. Tiger on Friday reported a net loss after tax of A$5.6-million for the six months under review, compared with a net profit after tax of A$10.3-million in the previous... 

Vale reports coal prices down, although costs also fell, in the second quarter

By: Keith Campbell Brazilian mining major Vale is of the opinion that the global metallurgical (or coking) coal market “may remain oversupplied throughout the year despite some slight production decrease from US producers in 2015”. In its report Vale’s Performance in 2Q15, the miner surveyed the state of the... 

M&R holds line on resources-focused strategy despite commodity meltdown

By: Terence Creamer Engineering and construction group Murray & Roberts (M&R) says it has no intention of shifting its strategy away from the international natural resources market, notwithstanding the prevailing weak climate for commodities and a bleak immediate outlook. Speaking to investors on Thursday, CEO Henry... 

M&R holds line on resources-focused strategy despite commodity meltdown

Evolution doubles profits

By: Esmarie Swanepoel Australian gold producer Evolution Mining has more than doubled its underlying net profit for the financial year ended June, as the company’s focus on cost reduction and improved efficiencies paid off. Underlying net profit for the year reached a record A$106.1-million, compared with the... 

Evolution doubles profits

Northern Star shines in 2015

By: Esmarie Swanepoel Gold miner Northern Star Resources has reported massive surges in revenue and profit for the financial year ended June, following the acquisition of a number of gold projects in Western Australia over the past year. Underlying net profit for the full year increased by 198% year-on-year to... 

Alkane adjusts Dubbo economics

By: Esmarie Swanepoel ASX-listed Alkane Resources has adjusted the economics of its Dubbo zirconia project, in New South Wales, following the completion of the front-end engineering design (FEED). The FEED has resulted in a capital expenditure adjustment, from the A$1-billion estimated in the 2013 definitive... 

Highfield secures finance for Muga development

By: Esmarie Swanepoel ASX-listed potash developer Highfield Resources has secured project finance facilities of up to €222-million to fund the development of its Muga potash mine, in Spain. The company on Thursday said it had agreed to a mandate with four major European commercial banks, under which the mandated lead... 

Echo gets a takeover offer

By: Esmarie Swanepoel The share price of ASX-listed junior Echo Resources increased by nearly 16.5% on Thursday, after the company announced that it had received an indicative, nonbinding takeover offer of 15c a share in cash. The company noted that the third-party proposal was conditional and subject to the... 

Glencore buys Vale coal mine

By: Esmarie Swanepoel Diversified miner Glencore has partnered with privately held Bloomfield Group to acquire the Integra coal complex, in New South Wales, from Brazilian major Vale for an undisclosed amount. Under the terms of the binding agreements already signed, Bloomfield would acquire the Integra opencut... 

Talga triples resources

By: Esmarie Swanepoel ASX-listed Talga Resources has tripled its total indicated and inferred resource inventory across Sweden with the announcement of a maiden Joint Ore Reserves Committee-compliant resource at the Jalkunen graphite project. A maiden inferred resource of 31.5-million tonnes, grading 14.9% graphitic... 

IchorCoal offer ‘inadequate’, says Universal

By: Esmarie Swanepoel South Africa-focused coal miner Universal Coal has brushed off an indicative takeover offer from shareholder IchorCoal, calling it inadequate and opportunistic. Earlier this month, IchorCoal announced its intentions to make an all-cash offer of A$80-million to acquire all the outstanding shares... 

IchorCoal offer ‘inadequate’, says Universal

BC Iron faces losses as iron-ore price falls

By: Esmarie Swanepoel The falling iron-ore price has resulted in junior miner BC Iron's revenues nearly halving for the financial year ended June, pushing the miner into a loss. BC Iron on Wednesday reported a net loss after tax of A$158.5-million, compared with a net profit of A$71.8-million in 2014, while revenues... 

Shale, tight gas could boost NT economy by A$22bn

By: Esmarie Swanepoel The development of shale and tight gas resources in the Northern Territory could add a combined A$22.4-billion to the state’s economy over 20 years and create an additional 6 300 jobs by 2040, a new report has revealed. The report, compiled by advisory firm Deloitte Access Economics and... 

Shale, tight gas could boost NT economy by A$22bn

St Barbara swings to profit

By: Esmarie Swanepoel Gold miner St Barbara has swung back into profit for the financial year ended June, as a turnaround strategy was implemented at the Simberi mine, in Papua New Guinea, and the Gold Ridge project was divested. The company reported a net profit after tax of A$39.6-million for the year, compared... 

APLNG connected to power grid

By: Esmarie Swanepoel The Australian Pacific liquefied natural gas (APLNG) project has been plugged into the Queensland power grid, with the final connection to provider Powerlink’s transmission network occurring this week. The new high-voltage electricity infrastructure was now powering three APLNG gas-processing... 

Aguia raises A$9.5m for Brazilian project

By: Esmarie Swanepoel Brazil-focused fertiliser developer Aguia Resources has completed a A$9.5-million capital-raise to fund environmental baseline studies and a bankable feasibility study at its Tres Estradas project. Some 55.8-million shares were placed to institutional and sophisticated investors, at a price of... 

PanTerra eyes extended Las Lagunas mine life

By: Esmarie Swanepoel Gold producer PanTerra Gold has flagged a possible supply agreement for Phase 2 of its Las Lagunas project, in the Dominican Republic. Earlier this month, the ASX-listed company revealed plans to extend the project beyond 2019 by buying and importing some 100 000 t/y of high-grade arsenopyrite... 

Magnis gets enviro nod for Tanzanian project

By: Esmarie Swanepoel ASX-listed junior Magnis Resources was one step closer to ticking all the boxes at its Nachu graphite project, after an environmental certificate was issued by the National Environment Management Council of Tanzania. The certificate was essential to the granting of a mining licence for the project. 

Evolution adds ounces at Cowal

By: Esmarie Swanepoel Gold miner Evolution Mining has reported a 40% increase in the ore reserve at its recently acquired Cowal mine, in New South Wales. Evolution on Wednesday released an ore reserve estimate of 72.58-million tonnes, grading 0.93 g/t gold for 2.18-million ounces of contained gold. This was up by some... 

Peninsula signs another offtake agreement in the US

By: Esmarie Swanepoel Uranium developer Peninsula Energy has inked two new uranium concentrate sales and purchase agreements with major US power utilities. Under the terms of the agreements, up to 1.93-million pounds of uranium would be delivered to the utilities by Peninsula, from 2016. 

Takeover target Romarco advances S Carolina project construction

By: Henry Lazenby Project developer Romarco Minerals on Monday reported that construction at its flagship Haile gold mine, in South Carolina, was advancing on schedule and within budget. The TSX-listed company, which was the subject of an open bid from OceanaGold, had completed the water treatment plant in July.... 

BHP Billiton still bullish on China

By: Martin Creamer China will continue to grow at 7% this year, BHP Billiton CEO Andrew Mackenzie said on Tuesday, when the mining giant posted a solid set of dividend-paying results. Mackenzie, who rejected the notion that China was “impossible to read”, expected the second half of this calendar year to be... 

BHP Billiton still bullish on China
Photo by Reuters
BHP Billiton CEO Andrew Mackenzie

Phoenix shareholder withdraws support for Zijin bid

By: Esmarie Swanepoel Takeover target Phoenix Gold on Tuesday announced that shareholder Geologic Resource Partners had withdrawn its support of a takeover offer from China’s Zijin Mining. Geologic Resource Partners in June backed the Zijin bid by executing a prebid agreement with Zijin, increasing the Chinese... 

BHP focused on further cost cuts after tough year 

By: Esmarie Swanepoel Mining giant BHP Billiton on Tuesday announced that it would further cut back on spending as it downwardly adjusted its estimations for peak Chinese steel demand. In a conference call, CEO Andrew Mackenzie said BHP had delivered productivity gains of $4.1-billion in the year ended June 30, some... 

BHP focused on further cost cuts after tough year
Photo by Bloombeg
BHP Billiton CEO Andrew Mackenzie

Barrambie PFS delivers positive results

By: Esmarie Swanepoel A prefeasibility study (PFS) into the Barrambie titanium project, in Western Australia, has highlighted the potential for the project to be a low-cost producer of titanium dioxide, vanadium pentoxide and iron-oxide. Owner Neometals on Tuesday reported that the project would produce an average of... 

DPE backs Drayton South development

By: Esmarie Swanepoel The New South Wales Department of Planning and Environment (DPE) has provisionally recommended that diversified miner Anglo American’s Drayton South project be approved. Anglo American in January submitted a new mine plan for the Drayton mine expansion, reducing the tonnage from the mine from a... 

Minera seeks urgent cash injection

By: Esmarie Swanepoel ASX-listed junior Minera Gold has warned shareholders that, without an immediate injection of cash, the company could be in trouble. Over the past two months, Minera has been working to secure funding, including an A$800 000 bridging facility. While the company had received a number of nonbinding... 

Alkane's Dubbo enviro plans approved

By: Esmarie Swanepoel The share price of Alkane Resources responded positively on Tuesday after the federal Department of Environment gave the go-ahead for the development of the Dubbo zirconia project, in New South Wales. The Department of Environment had assessed the project’s impact on the pink-tailed work lizard... 

Kidman declares initial resource at Burbanks

By: Esmarie Swanepoel ASX-listed Kidman Resources has reported an initial mineral resource of 99 000 oz, at 5.6 g/t, at its Burbanks gold project, in Western Australia. The project, which was acquired by Kidman for A$3-million in May, was scheduled to start milling underground ore in September. Kidman was currently... 

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