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Indonesian tin group says members won't sell below $17 000/t

By: Reuters Indonesia's tin association said on Friday its members and PT Timah, the country's biggest tin exporter, will not trade the metal at prices below $17 000 a tonne, seeking to stem a sharp sell-off. Tin prices on the London Metal Exchange have fallen more than 13% this week, hitting their lowest... 

Santos volumes rise, but oil price dents revenue

By: Esmarie Swanepoel Australian oil and gas major Santos has reported an increase in production and sales volumes during the first quarter of 2015, but lower oil prices have led to a decline in sales revenue. Santos on Friday announced that production had increased by 15% year-on-year to 14-million barrels of oil... 

Study details economic benefits of WA’s exploration spend

By: Esmarie Swanepoel An economic impact study into the Western Australian Exploration Incentive Scheme (EIS) has revealed that for every A$1-million invested by the state government, the EIS stimulated exploration activity generating A$10.3-million in direct benefits to the state. The study also found that for every... 

Maules Creek drives Whitehaven output

By: Esmarie Swanepoel The continuing ramp-up of the Maules Creek coal mine, in New South Wales, has assisted in coal miner Whitehaven Coal reporting a 160% increase in run-of-mine (ROM) production during the March quarter. The New South Wales-focused company on Friday announced that ROM production for the three... 

Kwale performance keeps up - Base

By: Esmarie Swanepoel Mineral sands miner Base Resources has reported another solid quarter from its Kwale project, in Kenya, with heavy mineral concentrate (HMC) production up 24% over the previous quarter, from 166 000 t to 206 000 t. The miner said on Friday that a focus on debottlenecking the wet processing... 

Cobre proves lithium technology in Europe

By: Esmarie Swanepoel Perth-based lithium developer Cobre Montana has produced its first battery-grade lithium carbonate from the Cinovec project, in the Czech Republic. The company announced this week that the results, which included leaching and chemical extraction processes, were achieved on a 50 kg sample of ore... 

Kibaran raises funds to advance Epanko

By: Esmarie Swanepoel Graphite developer Kibaran Resources has raised A$4.1-million through a share placement to fund the continued development of the Epanko project, in Tanzania. Kibaran on Friday announced that the company had received firm commitments to raise the funds through the placement of 24.4-million... 

South32 spin-off from BHP turns bearish

By: Creamer Media Reporter Creamer Media's Shannon de Ryhove speaks to Mining Weekly editor Martin Creamer about the planned spin-off of South32 from BHP Billiton turning bearish, with an unprecedented number of ‘sell’ recommendations by analysts. 

South32 spin-off from BHP turns bearish

Walsh says Rio Tinto to continue with low-cost iron-ore expansions

By: Esmarie Swanepoel Diversified giant Rio Tinto has told shareholders that the group will continue to push on with its iron-ore expansion in the Pilbara, despite the declining iron-ore price. CEO Sam Walsh said in London this week that the company would continue with a low-capital brownfield expansion as part of... 

Walsh says Rio Tinto to continue with low-cost iron-ore expansions
Photo by Bloomberg
Rio Tinto CEO Sam Walsh

Apart from Big 3, iron ore miners face 'existential' threat -Goldman

By: Reuters Up to half of iron-ore output by miners outside the three mega producers in Australia and Brazil is at risk of closure with global demand set to peak at about 1.4-billion tonnes next year, Goldman Sachs said. Production volumes among top miners - Vale, Rio Tinto and BHP Billiton - was not at... 

Fortescue forecasts big drop in C1 cash costs

By: Esmarie Swanepoel A 9% reduction in C1 cash costs for the March quarter, compared with the previous quarter, has allowed iron-ore major Fortescue Metals to significantly lower its full-year cost guidance for the next financial year. During the quarter under review, Fortescue achieved a C1 cost of $25.90/t,... 

Fortescue forecasts big drop in C1 cash costs

Orinoco board gives thumbs up to $6.6m Brazil gold mine

By: Esmarie Swanepoel The board of ASX-listed Orinoco Gold has approved the development of the $6.6-million Cascaval underground gold mine, in Brazil. The decision to mine followed the successful completion of a due diligence by funding partner Chancery Asset Management, which would provide a A$14-million funding... 

TNG to spin out base metals

By: Esmarie Swanepoel ASX-listed TNG has called a shareholder meeting for May 20 to vote on the proposed demerger of its noncore portfolio of zinc, copper and other base metals assets in the Northern Territory. The proposed spin-off, which would be called Todd River Resources, would see TNG emerge with a 20%... 

Iluka profit falls in March quarter

By: Esmarie Swanepoel Mineral sands miner Iluka has reported a 50% slump in revenue for the quarter ended March, compared with the previous quarter, owing to lower production and the deferral of sales. Revenue for the quarter reached A$115.2-million, compared with the A$233.9-million reported in the previous quarter. 

Tiger upgrades Kipoi reserves

By: Esmarie Swanepoel Copper miner Tiger Resources has added some 23 000 t of copper to the ore reserves of its Stage 2 Kipoi project, in the Democratic Republic of Congo. The miner said on Thursday that the ore reserve estimate for the Stage 2 project had increased from 666 000 t at the end of December 2013, to 689... 

La Mancha signs up for Interim project

By: Esmarie Swanepoel ASX-listed junior Interim Resources has signed a farm-in agreement with private gold miner La Mancha Resources over the Binduli project, in Western Australia. Under the terms of the farm-in agreement, La Mancha could earn an initial 51% stake in the project by spending A$2.1-million in... 

MMG weighs new plan for Dugald River

By: Esmarie Swanepoel Hong Kong-listed MMG on Thursday reported that it was considering lower yearly throughput, over a longer mine life, for its Dugald River zinc/lead/silver project, in Queensland. The miner said that an updated development plan for the Dugald River mine was under consideration, following the 2014... 

Goldman Sachs bullish on South Africa as favourable investment destination 

By: Martin Creamer Leading global investment banking, securities and investment management firm Goldman Sachs is bullish on South Africa, which it regards as a favourable destination for fund managers because of the depth of its capital market and the scarcity of other emerging market options. Goldman Sachs... 

Goldman Sachs bullish on South Africa as favourable investment destination
Photo by Duane Daws
Colin Coleman

Australia's Waratah Resources to launch Islamic commodities venture

By: Reuters Sydney-based Waratah Resources Limited plans to launch an Islamic commodities trading business as it shifts focus from Asian markets to the Middle East, the company said in a statement. The move adds to a growing number of firms keen to tap into an Islamic finance market that is developing... 

Australia's Fortescue under pressure as iron-ore crashes

By: Reuters Australia's Fortescue Metals Group has two stark choices to deal with a crash in the iron-ore market and cut its $9-billion debt pile - sell off stakes in its mines or transport infrastructure, or sell new shares. Investors say the quickest capital-raising option for the world's No. 4 iron-ore... 

NuCoal loses Doyles Creek court bid

By: Esmarie Swanepoel ASX-listed Nucoal Resources went into a trading halt on Wednesday after the New South Wales High Court sided with the government in an argument over the Doyles Creek project. NuCoal in June of last year launched constitutional proceedings to have the New South Wales Mining Amendment Act declared... 

PanAust rejects Chinese takeover approach

By: Esmarie Swanepoel Gold miner PanAust has rejected an unsolicited takeover offer from shareholder Guangdong Rising Asset Management (Gram), saying on Wednesday that the offer price was inadequate. China’s Gram in early April announced its intention to launch a takeover offer for PanAust, offering a cash price of... 

PanAust rejects Chinese takeover approach

Woodside revenues decline as production falls

By: Esmarie Swanepoel Australian oil and gas major Woodside has seen a 20% decline in sales revenue during the quarter ended March, compared with the previous quarter, as production declined by 6.8%. Woodside told shareholders on Wednesday that production volumes during the quarter were affected by lower liquefied... 

Western Areas reports solid March quarter performance

By: Esmarie Swanepoel Nickel miner Western Areas has reported another strong quarter, despite a planned shutdown at its mill during February this year. Production during the March quarter reached 6 702 t, compared with the 6 597 t delivered in the previous quarter. Year-to-date production has been recorded at 19 959... 

Carbine launches PFS at Mt Morgan

By: Esmarie Swanepoel Junior developer Carbine Resources has launched a prefeasibility study (PFS) on its Mount Morgan copper and gold project, in Queensland. The ASX-listed company said on Wednesday that the study would likely be completed by the third quarter of this year, and would be used to expedite the bankable... 

Henty production steady as mine nears life-end

By: Esmarie Swanepoel Tasmania-focused gold miner Unity Mining has delivered its fourth consecutive quarter of strong results, with its Henty mine producing 15 829 oz of gold. Gold production during the three months to March well outstripped the 11 370 oz of gold produced during the December quarter. The mine was... 

Copper Hill viable - Golden Cross

By: Esmarie Swanepoel Copper/gold explorer Golden Cross Resources is set to launch a prefeasibility study on its Copper Hill project, in New South Wales, after its scoping study came up positive. The junior ASX-listed company on Wednesday revealed that the scoping study had considered a two- and... 

IMX signs offtake MoU

By: Esmarie Swanepoel SX-listed IMX Resources has inked a memorandum of understanding (MoU) with commodities trader Ningbo Foreign Trade for a possible offtake agreement over the Chilalo graphite project, in Tanzania. IMX said on Wednesday that the MoU would allow the two companies to execute a binding offtake... 

No swift recovery seen for copper market amid surplus, weak demand

By: Reuters The copper market will not get any respite from weak prices and excess supplies any time soon, even after recent hefty cost cutting and project delays have removed more than a million tonnes of new capacity, top executives said on Tuesday. Speaking at the CRU Copper conference, the executives... 

No swift recovery seen for copper market amid surplus, weak demand

Christmas break and mine scheduling lower Gold Fields Q1 output

By: Henry Lazenby The Christmas break in South Africa and mine scheduling at the other operations led to lower output for the three months ended March 31, triple-listed miner Gold Fields said on Tuesday. Despite the lower production being planned, output in the period was down 10% quarter-over-quarter to 501 000... 

'Blood-free' minerals scheme must be binding, EU lawmakers say

By: Reuters European importers of minerals from conflict zones should be forced to certify their goods "blood-free", an influential group of EU lawmakers said on Tuesday, seeking to toughen a proposal to prevent the financing of warlords in Africa. Much of the gold, tantalum, tin and tungsten used in... 

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