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Rio Tinto simplifies business to further lower costs

By: Esmarie Swanepoel Diversified giant Rio Tinto on Friday announced that it would streamline its business, condensing its assets into four product groups namely; aluminium, copper and coal, diamonds and minerals, and iron-ore. The miner said that the new copper and coal product group would bring Rio’s coal... 

Rio Tinto simplifies business to further lower costs
Photo by Bloomberg
Rio Tinto CEO Sam Walsh

Glencore cuts Australian coal exports to match demand

By: Esmarie Swanepoel Johannesburg-, London- and Hong Kong-listed mining major Glencore on Friday announced that it would reduce its Australian coal exports by some 15-million tonnes in 2015, to align output with current customer demand. The decision to decrease coal exports from Australia followed the miner’s move in... 

Newcrest downsizes Evolution shareholding

By: Esmarie Swanepoel Gold major Newcrest Mining has reduced its shareholding in fellow-listed Evolution Mining from 32.3% to 14.9% in an overnight sell-down of shares. The sale was priced at 85c a share, generating proceeds of some A$106-million, which Newcrest would use to repay debt. 

Endeavour Mining raises stake in West Africa-focused Legend Gold

By: Henry Lazenby West Africa-focused gold producer Endeavour Mining has filed an ‘early warning report’, as required by National Instrument 62-103, after increasing its holdings in Mali-focused explorer Legend Gold to about 18.75%. Vancouver-based Endeavour had received a further 2.5-million Legend common shares,... 

India’s coal block auction to be ready by June

By: Ajoy K Das The Indian government will be ready to start the auction of coal blocks to standalone domestic and foreign miners by June this year, an official in the Ministry of Coal said. The process of identifying suitable coal blocks had already begun and rules for allocating these through auction would be... 

Potash West gains 25% stake in technology firm, mulls separate listing

By: Esmarie Swanepoel The share price of ASX-listed Potash West fell slightly on Friday as the company raised the possibility of listing a venture that will pursue potash technologies. Potash West has obtained a 25% interest in a lithium technology licensing company, which holds the licence for a unique lithium... 

Africa remains on Chinese investment map, despite economic slowdown

By: Megan van Wyngaardt China’s investment in African resources remains at a relatively early stage and is likely to increase further over the next decade, despite the economic slowdown in the world’s second-largest economy, reports South African financier Standard Bank. China’s economy grew by 7.4% in 2014, the slowest... 

Africa remains on Chinese investment map, despite economic slowdown

Troy's higher gold output results in more revenue

By: Esmarie Swanepoel ASX- and TSX-listed gold miner Troy Resources has reported a 22% increase in revenues for the half-year ended December, on the back of a higher gold output. The miner on Friday reported that gold equivalent production during the interim period reached 65 014 oz, compared with the 60 334 oz... 

Beadell signs off on tough year

By: Esmarie Swanepoel Gold miner Beadell Resources on Friday reported a $100-million drop in net profit after tax for the financial year ended December, with higher costs of production, a foreign exchange rate loss and tax liabilities negatively impacting on the company’s financial performance. Net profit after tax... 

Aus explorer exercises option to acquire two US projects

By: Henry Lazenby Australian explorer Carnavale Resources has exercised an option to acquire private firm Tojo Minerals, which has the rights to the Red Hills project, in Nevada, and the Little Butte project, in Arizona. Perth, Australia-based Carnavale said in a statement that it would move to immediately ramp-up... 

Resgen reveals possible financiers for Boikarabelo construction

By: Megan van Wyngaardt South Africa-focused coal miner Resource Generation (Resgen) on Thursday revealed that it was in negotiations with FirstRand Bank, acting through its Rand Merchant Bank division, HSBC Bank - Johannesburg Branch, the Industrial Development Corporation, Noble Resources International and Export... 

Iron Road pushes CEIP resource to 4.5bt

By: Esmarie Swanepoel Junior developer Iron Road has increased the mineral resource estimate at its Central Eyre iron project, in South Australia, by 22%, to about 4.5-billion tonnes, grading 16% iron. The ASX-listed company noted that about 3.5-billion tonnes, or 77% of the mineral resource, was classified as... 

M&R accelerates Clough’s globalisation as Australian LNG workflow tapers

By: Terence Creamer Engineering and construction group Murray & Roberts (M&R) has signalled its intention to accelerate the internationalisation of its Australia-based oil and gas unit, Clough – a strategy underpinned by a dramatic tapering off of greenfield liquefied natural gas (LNG) megaprojects in Australia and... 

M&R accelerates Clough’s globalisation as Australian LNG workflow tapers
Clough CEO Kevin Gallagher

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PanTerra to earn into British Columbia gold project

By: Esmarie Swanepoel Gold miner PanTerra Gold has inked a predevelopment and earn-in agreement with Vancouver-based Canarc Resource Corporation, which was expected to lead to the development of the New Polaris gold mine, in British Columbia. PanTerra reported on Thursday that the company would progressively spend... 

PanTerra to earn into British Columbia gold project

Mining investment at the core of African economic development

By: Henry Lazenby     Updated 2 hours 32 minutes ago The potential for broad-based development driven by mineral resources as well as upstream oil and gas remained largely untapped in African countries, but the quest for solutions to make mineral and petroleum resources an engine for growth and development had been a central preoccupation of... 

Mining investment at the core of African economic development

Silver Wheaton lifts revolving credit facility to $2bn

By: Henry Lazenby The world’s largest streaming firm Silver Wheaton has amended and restated its revolving credit facility on Friday, increasing the available credit from $1-billion to $2-billion and extending the term by two-years to February 27, 2020. Silver Wheaton said it used proceeds drawn from this amended... 

US Mint American Eagle gold coin sales tumble in February

By: Reuters US Mint American Eagle gold coin sales in February were the weakest for the second month of the year since 2007, and down 77% from January, according to data on Friday, as investors eyed the soaring stock markets. The US Mint sold 18 500 oz of gold bullion coins this month, down from 31 000... 

Endeavour Mining reports wider Q4 loss on impairment charges

By: Henry Lazenby Canadian gold producer Endeavour Mining has reported a significantly wider net loss for the three months ended December, as notable impairment charges on its Tabakoto mine, in Mali, weighed on financials. The ASX- and TSX-listed company on Thursday reported a net loss attributable to shareholders... 

Batteries at the centre of Apple’s EV master plan

By: Henry Lazenby Consumer electronics giant Apple is being sued by lithium-ion battery producer A123 Systems for "systematically" poaching employees to establish a new battery division, expected to power the company’s foray into the electric vehicle (EV) sector. The venture, reportedly named ‘Project Titan,’ has... 

Juniors struggle in sea of red tape, fees and demographic losses – Benjamin Cox

By: Simon Rees As the industry prepares for the 2015 Prospectors and Developers Association of Canada’s conference, many have written off the past year as another annus horribilis – a horrible year filled with more impairments, fire sales, debt headaches and muted prices. The junior sector has struggled most,... 

Juniors struggle in sea of red tape, fees and demographic losses – Benjamin Cox

Caledonia progresses revised investment plan at Blanket mine

Work that formed part of Aim-listed Caledonia Mining Corporation’s revised investment plan for its Blanket gold mine, in Zimbabwe, would be completed by July. As part of its plan the company planned to develop a tramming loop 750 m below surface, which was now at 384 m. 

Nevsun hikes FY14 earnings

By: Natasha Odendaal TSX- and NYSE-listed Nevsun Resources posted earnings a share of $0.47 for the 2014 financial year, a rise on the $0.06 reported in the prior period. As the Vancouver-based mining company reported a substantial rise in revenue from $155-million in the 2013 financial year to $555-million in the... 

Rainbow Rare Earths gets go ahead for Burundi-based mine

By: Megan van Wyngaardt Africa-focused Rainbow Rare Earths has been granted a mining licence for its high-grade Gakara rare earths project, in Burundi, by the country’s Ministry of Mines and Energy. Terms for a mining convention had also been negotiated and approved by the government and, once the administration process... 

First tungsten from new Zimbabwe mine June – Premier

By: Martin Creamer he first major commercial production of tungsten from a new mine under construction in Zimbabwe is expected in June. The plant for the mine, which is being built in Johannesburg by Appropriate Process Technology, is due for shipment to Zimbabwe on May 11. The RHA project has so far absorbed an... 

First tungsten from new Zimbabwe mine June – Premier
Photo by Duane Daws
George Roach and Martin Creamer

Diamcor earnings drop 36% y/y

By: Megan van Wyngaardt TSX-listed Diamcor Mining sold 3 579 ct of rough diamonds in the third quarter ended December 31, generating gross revenue of C$886 843, averaging $221.96/ct. This was a 36% decrease on the 2013 comparative period in 2013, when the company reported selling 3 955 ct and gross revenue of... 

Report forecasts ‘dominant’ role for gas in Africa’s power mix

By: Terence Creamer Gas has the potential to account for more than 40% of the electricity generated in sub-Saharan Africa (SSA) from 2020 onwards, a new report by McKinsey & Company shows, adding that, by 2040, gas-fired capacity could be responsible for more than 700 terawatt-hours in the region. The study projects... 

Report forecasts ‘dominant’ role for gas in Africa’s power mix

Australian iron-ore juniors hurting, some majors reviewing expenditure plans as prices slump

By: Esmarie Swanepoel The recent free fall in the iron-ore price to its lowest level in six years has struck a deathblow to a number of Australian juniors operating in the sector, while the majors have been forced to cut back costs. Commodity analyst Wood Mackenzie (WoodMac) blamed the lagging commodity price on a... 

Australian iron-ore juniors hurting, some majors reviewing expenditure plans as prices slump

Resources Watch

By: Creamer Media Reporter This week: Sibanye eyes a R3-billion, 150 MW solar power station. DRDGold lifts its output 6% despite 67 hours of load shedding in December. And, the International Council for Mining & Metals says mines are the development engines for host countries. 

Resources Watch

Colombian mining tax regime counterproductive to investment, profit

By: Henry Lazenby The Colombian mining tax regime has imposed a significantly high tax burden on marginal investments in mining, discriminated across minerals and was counterproductive to project profitability, pointing to a need to improve the country's mining tax regime. This was according to a report released... 

Obama vetoes Keystone XL pipeline, leaving it in limbo

By: Reuters President Barack Obama on Tuesday, as promised, swiftly vetoed a Republican bill approving the Keystone XL oil pipeline, leaving the long-debated project in limbo for another indefinite period. The US Senate Majority Leader Mitch McConnell, after receiving Obama's veto message, immediately... 

Montero declines participation in Ethiopian graphite project

By: Henry Lazenby TSX-V-listed Montero Mining & Exploration has declined participation in the Moyale graphite project, in Ethiopia, the company reported on Thursday. Montero had in August entered into a binding agreement with Ethiopia-based Hulager General Import & Export to acquire up to an 80% interest in its... 

True North Gems updates Greenland precious-gem project PFS

By: Henry Lazenby An updated prefeasibility study (PFS) on Canadian project developer True North Gems' Aappaluttoq ruby and pink sapphire project, in Southwest Greenland, has presented positive results, revealing that the project has an after-tax net present value at an 8% discount rate of $171-million. The mine,... 

Vale shares down after Q4 loss, missing analyst forecasts

By: Henry Lazenby The NYSE-listed stock of the world’s largest iron-ore producer, Brazil’s Vale, on Thursday trended lower after the diversified miner reported a significant fourth-quarter net loss, as the collapse of the steelmaking commodity’s price weighed on its bottom line.  Despite narrowing the net loss for... 

Vale shares down after Q4 loss, missing analyst forecasts

Kibo enters two JVs with Metal Tiger for gold and uranium projects

By: Megan van Wyngaardt Tanzania focused exploration and development company Kibo Mining has completed due diligence on its Morogoro South gold-prospective exploration portfolio and has started its 50/50 joint venture (JV) activities with investing company Metal Tiger. The portfolio, which consists of 18 licences,... 

Kibo enters two JVs with Metal Tiger for gold and uranium projects

Sibanye Gold says not keen on Implats' Marula mine

By: Reuters South Africa’s Sibanye Gold, which says it wants to expand into platinum, said on Thursday it was not interested in Impala Platinum’s Marula mine. Implats earlier announced on Thursday announced its intention to sell Marula, which produced 78 500 oz of platinum in its 2014 financial year, as part... 

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