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SocGen says miners' output costs have dropped more than expected

By: Reuters Miners' output costs have dropped more than industry consensus due to lower energy prices and weak emerging market currencies, a report by Societe Generale showed, suggesting metals prices have further to fall before miners are forced out of business. The prices of many metals are still around... 

Newmont evaluates increased output at Tanami

By: Esmarie Swanepoel Gold miner Newmont Mining will reach a decision on the possible expansion of its Tanami operation later this year. Newmont’s Asia Pacific leader Tom Palmer told the WA Mining Club this week that the company’s Full Potential programme had seen a 22% increase in production at Tanami, and reduced... 

Kipoi debottlenecking to raise output to 32 500 t/y

By: Esmarie Swanepoel A study for the debottlenecking of the Kipoi solvent extraction and electrowinning (SX-EW) plant, in the Democratic Republic of Congo, has revealed that copper production could be increased from the nameplate capacity of 25 000 t/y to 32 500 t/y. Project owner Tiger Resources on Friday said the... 

RNI shares rise on WA gold asset sale news

By: Esmarie Swanepoel The share price of ASX-listed RNI increased by 60% on Friday as the company announced plans to sell its Western Australian gold assets to fellow-listed Metals X. The two parties have executed a binding heads of agreement under which RNI would divest of its Grosvenor, Horseshoe and part of its... 

RNI shares rise on WA gold asset sale news

ERA H1 loss widens

By: Esmarie Swanepoel Uranium miner Energy Resources of Australia (ERA) has reported a net loss of $255.3-million for the six months ended June 30, owing to a $197-million impairment charge. ERA had previously warned shareholders of the massive write-off, following the deferral of the Ranger 3 Deeps underground... 

A$970m needed for Mt Peake development

By: Esmarie Swanepoel A definitive feasibility study (DFS) into the Mt Peake vanadium-titanium-iron project, in the Northern Territory, has attached a capital cost of A$970-million to develop the project. ASX-listed TNG on Friday said the Mt Peake project would generate a pretax internal rate of return of 41%, a... 

Anglo American signs power option at Grosvenor

By: Esmarie Swanepoel ASX-listed Energy Development has inked an agreement with mining major Anglo American for the development of a waste coal mine gas power station at the Grosvenor metallurgical coal mine, in Queensland. Grosvenor is Anglo American’s $1.9-billion flagship underground longwall mine, which will... 

Teranga sees gold production increase

By: Esmarie Swanepoel Gold miner Teranga Gold Corporation has reported a 24% increase in production from its Sabadola gold mine, in Senegal, for the three months to June. Gold production reached 49 392 oz, compared with the 48 643 oz produced in the March quarter. 

Chatree delivers for Kingsgate

By: Esmarie Swanepoel Gold miner Kingsgate Consolidated has reported higher production of 55 601 oz for the three months to June 30, compared with the 34 538 oz produced in the previous quarter. The higher output was owing to its Chatree mine, in Thailand, having resumed operations in March after a temporary... 

OceanaGold, Romarco union to create lowest-cost global gold producer

By: Henry Lazenby Triple-listed OceanaGold has agreed to buy Canadian project developer Romarco Gold in an all-scrip deal valued at about C$856-million, which upon closing, would create the lowest-cost global gold producer. Romarco's main asset was the Haile gold mine, in South Carolina, which was a high-grade... 

OceanaGold, Romarco union to create lowest-cost global gold producer
Photo by Romarco Minerals
Haile, South Carolina.

As gold price falls, miners pick derivatives to protect income

By: Reuters Gold mining companies are turning increasingly to derivatives to lock in future revenues, as an industry still smarting from losing out on a 12-year bull run gets creative over protecting its income during the metal's current downturn. While miners overall remain wary of hedging -- the... 

India's jewellery exports can quintuple to $40bn if controls tightened

By: Reuters India's gold jewellery exports could jump five times to $40-billion per year by 2020 if quality controls are tightened, the World Gold Council (WGC) said, adding the country is punching below its weight due to questions over the purity of its products. Mom-and-pop shops employing generational... 

Drilling at Harmony’s Kili Teke confirms ‘fantastic copper-gold find’

By: Megan van Wyngaardt In a world where new discoveries are rare, Harmony Gold is encouraged by the prospect that Kili Teke could well develop into another major copper-gold discovery, commented CEO Graham Briggs. Additional drilling at the JSE-listed miner’s Kili Teke prospect in the Hela province, in Papua New Guinea... 

Newly opened Ungani oilfield to benefit WA

By: Esmarie Swanepoel The Ungani onshore oilfield, in the Kimberley was officially opened this week, marking the first oil development in the region in nearly 30 years. Mines and Petroleum Minister Bill Marmion said the joint venture (JV) between ASX-listed Buru Energy and Mitsubishi Corporation was expected to... 

Stanmore eyes 2016 production start for Isaac Plains mine

By: Esmarie Swanepoel ASX-listed Stanmore Coal has bought the Isaac Plains coal mine, in Queensland, from project owners Vale and Sumitomo Corporation for $1. Stanmore would assume all of the outstanding contracts, including transport infrastructure access arrangements and a $32-million rehabilitation obligation... 

Stanmore eyes 2016 production start for Isaac Plains mine

Falling commodity prices creating a project graveyard – Deloitte

The continued fall in commodity prices was likely to see more projects being scrapped, advisory firm Deloitte Access Economics reported this week. In fact, the 'project graveyard' was expected to expand faster than the project pipeline and, with the majority of Australia’s liquefied natural gas... 

QRC warns of antiresources activists' impact on investment 

By: Esmarie Swanepoel The Queensland Resources Council (QRC) has warned Australian government agencies that appeasing antiresources activists could discourage investment into Australia’s resources sector. Speaking at the Darwin Mining Club, QRC CEO Michael Roche said that, in a fruitless attempt to appease the... 

WPG sells industrial land

By: Esmarie Swanepoel Gold hopeful WPG Resources will sell a large block of land in Port Pirie for A$750 000 to fund the feasibility study on its Tarcoola gold project, in South Australia, and to take the project through permitting. The confidential sales contract would be settled in September, subject to the... 

Yolla 6 adds to BassGas production

By: Esmarie Swanepoel The Yolla 6 development well has delivered its first production for the BassGas joint venture (JV), in Victoria. JV partner AWE, which holds a 35% stake in the project, on Thursday said the Yolla 6 well had been successfully tied-in to export facilities at the Yolla platform. 

Panoramic misses the mark in FY2015

By: Esmarie Swanepoel Nickel miner Panoramic Resources fell just short of reaching its production targets for the financial year ended June 30, as the fourth-quarter output from its Lanfranchi operation, in Western Australia, continued to be affected by seismic events that happened in April. Following two separate... 

Encounter signs $6m earn-in over Lookout Rocks

By: Esmarie Swanepoel Uranium and base metals explorer Encounter Resources has entered into an earn-in agreement with Antofagasta Minerals in a deal valued at $6-million. Under the terms of the agreement, Antofagasta would earn a 51% interest in the tenements making up the Lookout Rocks copper prospect, in Western... 

MDL widens H1 losses

By: Esmarie Swanepoel Mineral sands miner Mineral Deposits Limited (MDL) has widened its underlying loss for the six months to June 30, to $14.3-million, as the Grande Côte project, in Senegal, continued to ramp up and the Tizir Titanium & Iron (TTI) facility, in Norway, saw lower demand from the titanium feedstock... 

Evolution shareholders back La Mancha buy

By: Esmarie Swanepoel Shareholders of gold miner Evolution Mining on Thursday overwhelmingly voted in favour of the acquisition of private gold miner La Mancha’s Australian operations. In April, Evolution entered into a binding agreement that would see La Mancha becoming Evolution’s largest shareholder and long-term... 

Paladin plans $33m cost cuts for 2016 FY

By: Esmarie Swanepoel Uranium miner Paladin Energy plans to save some $33-million in capital costs during the 2016 financial year, as the company awaits a turnaround in the uranium price. The Africa-focused miner gave a revised forecast for the C1 cash costs at its Langer Heinrich mine, in Namibia, which were... 

Alacer Gold lifts Q2 profit on strong Çöpler output, lower costs

By: Henry Lazenby TSX- and ASX-listed Alacer Gold this week reported strong results for the quarter ended June, as lower costs and improved production boosted its bottom line. The Toronto-headquartered company on Monday reported an 8% improvement in gold production from its 80%-owned Çöpler gold mine, in Turkey,... 

Nautilus Mining awards vessel dewatering plant design contract

By: Henry Lazenby Prospective seafloor miner Nautilus Minerals has awarded a contract for the detailed design of the Solwara 1 dewatering plant to be used on the company’s production support vessel to the Brisbane office of global consulting engineering firm DRA Group. The scope of work awarded to DRA involved the... 

New ISO standard clarifies diamond labelling

By: Natasha Odendaal The new International Organisation for Standardisation (ISO) standard setting out the classification and providing clarity on the terms when buying and selling diamonds, treated diamonds and synthetic diamonds has been welcomed by industry bodies. ISO International Standard 18323: 2015 Jewellery... 

Thermal coal prices fall amid worries over Chinese demand

By: Reuters Physical coal prices in Australia and Europe continued to fall over the past week, pushed lower by concerns over demand in China after a massive rout in the country's stock market. Cargoes for delivery into Europe's main ports at Amsterdam, Rotterdam and Antwerp in August last closed at $57.40 a... 

$750m Dugald River gets the go-ahead

By: Esmarie Swanepoel Hong Kong-listed MMG has approved the updated development plan for the Dugald River zinc/lead/silver project, in Queensland, bringing the project on line at a time when global zinc supply is expected to dissipate with the closure of a number of mines. In April this year, MMG flagged that it was... 

$750m Dugald River gets the go-ahead
Photo by Reuters
MMG CEO Andrew Michelmore

Sunbird gets buyout offer from S African power infrastructure firm

By: Esmarie Swanepoel South Africa-focused Sunbird Energy on Wednesday confirmed that it had received a takeover offer from South African power infrastructure company Glendal Power. The company told shareholders that a trading halt had been necessitated on July 27, after the company received an indicative nonbinding... 

Sunbird gets buyout offer from S African power infrastructure firm

Southern Gold considering bigger Cannon mine

By: Esmarie Swanepoel ASX-listed Southern Gold is considering the development a larger project at its Cannon gold mine, in Western Australia, after project partner Metals X spent some A$4.5-million on an adjacent smaller project. Southern Gold told shareholders that the Georges Reward acquisition had placed the Cannon... 

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