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Report highlights mining, Mets sectors’ contribution to Aus economy, jobs

By: Esmarie Swanepoel     Updated 2 hours 25 minutes ago New data by advisory firm Deloitte Access Economics has shown that the mining and mining equipment, technology and services (Mets) sectors contributed 15% of Australia’s gross domestic product in 2015/16, delivering some A$236.8-billion. The report, which was commissioned by the Minerals Council... 

Report highlights mining, Mets sectors’ contribution to Aus economy, jobs

Cooper Energy approves Sole development

By: Esmarie Swanepoel     Updated 2 hours 19 minutes ago The board of ASX-listed Cooper Energy has approved the development of the Sole gas project, offshore Victoria, with the company launching a A$151-million capital raise as part of its financing initiative to fund the project. The Sole gas project is expected to require a capital investment of... 

BHP mulling Yandi options

By: Esmarie Swanepoel     Updated 1 hour 53 minutes ago Diversified miner BHP Billiton is considering the development of its South Flank iron-ore deposit, in the Pilbara, which could result in the development of the world’s largest iron-ore mining and processing centre. BHP’s asset president for Western Australian iron-ore, Edgar Basto on Wednesday... 

Rio's autonomous haul service to be fully integrated by 2018

By: Esmarie Swanepoel     Updated 1 hour 36 minutes ago Diversified major Rio Tinto would progressively expand the use of its AutoHaul system this year, with full implementation to be achieved by the end of 2018, Rio’s MD for planning, integration and assets for its iron-ore division Kellie Parker said. Once fully operational, AutoHaul will be the... 

OreCorp to raise A$20.6m to fast-track Tanzania project

By: Esmarie Swanepoel     Updated 2 hours 22 minutes ago ASX-listed OreCorp will raise A$20.6-million through a share placement to institutional and sophisticated investors to fast-track the development of its Nyanzaga gold project, in Tanzania. The company will place 43-million ordinary shares at an issue price of 48c each to investors in North... 

Vango starts dewatering at K2

By: Esmarie Swanepoel     Updated 2 hours 32 minutes ago ASX-listed gold developer Vango Mining has started its dewatering programme at the K2 underground gold mine, in Western Australia. “We are delighted to be in a position to commence dewatering of the K2 deposit. Despte an extended period of heavy seasonal rain at the project area, we have been... 

Pilbara strikes lithium deal with Atlas Iron

By: Esmarie Swanepoel     Updated 2 hours 34 minutes ago Lithium developer Pilbara Minerals has signed a farm-in and joint venture agreement with iron-ore miner Atlas Iron over the Mt Fransisco lithium-tantalum project, near the Pilgangoora lithium project. Under the terms of the agreement, Pilbara will acquire an initial 51% interest in the lithium,... 

Jervois granted special status in NT

By: Esmarie Swanepoel     Updated 2 hours 35 minutes ago The Northern Territory government has awarded the Jervois copper-silver-gold project major project status, inking a project facilitation agreement (PFA) with owner KGL Resources. The PFA requires the territory government and the company to work together to progress the project through the... 

Metals Australia buys into Canadian cobalt

By: Esmarie Swanepoel     Updated 2 hours 28 minutes ago ASX-listed explorer Metals Australia has struck a deal to acquire the Lac du Marcheur cobalt project, in Quebec, while also raising A$2.45-million through a private share placement. Under the acquisition agreement, Metals Australia has a 15-day period to conduct a due diligence on the Lac du... 

Botswana grants Sese mining lease

By: Esmarie Swanepoel     Updated 2 hours 30 minutes ago The Botswana government has awarded ASX-listed African Energy a mining licence for its Sese joint venture (JV). The mining license covers 51.47 km2 and contains 650-million tonnes of raw coal classified as measured and indicated resources, with African Energy saying on Tuesday that the granted... 

India to offer free pricing, revenue sharing model to open up commercial coal mining

By: Ajoy K Das     Updated 2 hours 46 minutes ago Returning to commercial coal mining for the first time since 1973, India will offer free pricing and revenue sharing contracts to investors securing coal blocks through the reverse auction route. In a working paper outlining the plans for the launch of commercial mining, the Coal Ministry... 

Asia's coal markets tighten on Indonesia port probe, Australian cyclone

By: Reuters     Updated 1 hour 16 minutes ago Port disruptions in Indonesia and a cyclone hitting mines in Australia have tightened Asia's coal markets in March, while demand in China and other key import markets remains strong, lifting prices. Prompt thermal coal cargo prices for export from Australia's Newcastle port have risen by more... 

St Barbara approves A$100m for Gwalia extension project

By: Esmarie Swanepoel     28th March 2017 The board of gold miner St Barbara has approved a A$100-million investment to expand its Gwalia operations, in Western Australia. “The approval of the Gwalia extension project begins an exciting new phase in St Barbara’s and the Gwalia mine’s story. Gwalia started in 1896 and it just keeps... 

St Barbara approves A$100m for Gwalia extension project

South32 to return additional $500m to shareholders

By: Martin Creamer     27th March 2017 Diversified mining company South32 on Monday announced that it intends to return an additional $500-million to shareholders, equating to 4.5% of the group’s current market capitalisation. The Sydney-, London- and Johannesburg-listed company said in a media release that this dividend-complementing... 

South32 to return additional $500m to shareholders
South32 CEO Graham Kerr

Vedanta says has no plans to buy Anglo American assets in South Africa

By: Reuters     Updated 1 hour 33 minutes ago The chairperson of Indian miner Vedanta Resources has no plans to buy assets in South Africa from Anglo American, or to push for a board seat after announcing a plan to acquire a 13% stake in the mining giant. "I believe in the management, I believe in the company (Anglo)... and felt that if I... 

Vedanta says has no plans to buy Anglo American assets in South Africa
Photo by Bloomberg
Vedanta chairperson Anil Agarwal

Eskom cancels supplier contract owing to inferior coal

By: Creamer Media Reporter      Updated 2 hours 42 minutes ago State-owned power utility Eskom has terminated a contract with a major coal supplier to its Tutuka power station after discovering the coal supplied was not extracted from the contracted collieries. The parastatal, following strict monitoring of the coal quality to the station, revoked the... 

Acacia rebuffs reports that it violated Tanzanian concentrate export ban

By: Henry Lazenby     28th March 2017 London-listed gold producer Acacia Mining has denied allegations that it is trying to export gold and copper concentrates from Tanzania, despite the ban instituted by that country's government. Neither the company nor its customers have attempted to export gold and copper concentrates, the... 

Radisson chases potential ‘game-changing’ discovery at high-grade O’Brien project

By: Henry Lazenby     28th March 2017 Following on the heels of a successful 2016 exploration campaign, junior explorer Radisson Mining Resources has doubled its current drill programme to 20 000 m and added a second drill at the O’Brien project, cut by the prospective regional Larder-Lake-Cadillac Fault, in Quebec. Emboldened by... 

Radisson chases potential ‘game-changing’ discovery at high-grade O’Brien project
Photo by Radisson Mining Resources
Radisson observed specks of visible gold at a depth of 533 m in the Piche conglomerate

Goldcorp, Barrick creating another NuevaUnión-like JV at close to discovery cost

By: Henry Lazenby     28th March 2017 Canadian gold majors Goldcorp and Barrick Gold on Tuesday announced a series of transactions that will result in the creation of a new 50:50 joint venture (JV) over a new project located in the Atacama region of Chile, that combines Barrick and Kinross Gold’s Cerro Casale project, with Exeter... 

Goldcorp, Barrick creating another NuevaUnión-like JV at close to discovery cost

Bushveld Minerals moves closer to SMC acquisition as it supports BEE deal

By: Mia Breytenbach     28th March 2017 Aim-listed Bushveld Minerals has signed a a deed of settlement and undertaking (DSU) with Gingko Trading and Oakleaf Investments Holdings 115. Under the DSU, Bushveld will settle all demonstrable funding that Gingko advanced to Oakleaf 115, as part of its acquisition, as a participant in the... 

Bushveld Minerals moves closer to SMC acquisition as it supports BEE deal
Photo by Duane Daws
Bushveld Minerals CEO Fortune Mojapelo

Firestone narrows H1 loss, says Liqhobong on track for commercial production in June

By: Mia Breytenbach     28th March 2017 Aim-listed Firestone Diamonds, which on Tuesday posted a $4.1-million loss before tax for the six months to December 31, expects its Liqhobong diamond mine, in Lesotho, to reach commercial production at the end of June. Commissioning of the mine started in October 2016, with the mine construction... 

Firestone narrows H1 loss, says Liqhobong on track for commercial production in June
Photo by Duane Daws
Firestone Diamonds CEO Stuart Brown

Business warns of downgrade threat amid Gordhan uncertainty

By: Natasha Odendaal     28th March 2017 The Chamber of Mines (CoM) is the latest business entity to express concern that President Jacob Zuma’s unexpected decision to cut short an international investor roadshow led by Finance Minister Pravin Gordhan will leave investors unsettled and raise the possibility of a downgrade. Media reports... 

Business warns of downgrade threat amid Gordhan uncertainty
Photo by Duane Daws
Pravin Gordhan

Giant gold coin worth $4m stolen in Berlin museum heist

By: Bloomberg     28th March 2017 Burglars stole a 100 kg (220 lb), solid-gold coin worth $4-million from a Berlin museum in a heist out of a Hollywood movie. A security guard at the Bode Museum alerted police early Monday morning that the coin – which carries Queen Elizabeth II’s imprint and is called "Big Maple Leaf" – had been... 

Swedish miner says Donald Trump doesn't hold key to metal prices

By: Bloomberg     28th March 2017 The operator of some of Europe’s largest copper and zinc mines expects President Donald Trump’s plans to spend on US infrastructure to have much less impact on base-metal prices than the needs of burgeoning middle-class populations in emerging markets. That’s because projects in the US and other... 

Randgold hoists dividend 900% in ten years

By: Martin Creamer     28th March 2017 Gold mining company Randgold Resources on Tuesday reaffirmed its intention to increase its final dividend for the year ended December 31, 2016. Since its first dividend in its 2006 financial year, the yearly dividends have increased by 900% over the ten-year period. 

Randgold hoists dividend 900% in ten years
Photo by Duane Daws
Randgold Resources CEO Mark Bristow

Diamond industry’s famous hungry crocodile doesn't cut it

By: Bloomberg     28th March 2017 The diamond industry’s most famous chart is the hungry crocodile, the ancient reptile’s jaws wide open, reflecting both a predicted shortage of gems and the inevitable price rises that will come with it. Not only has this chart, which has been an industry staple for more than a decade and... 

Agarwal says happy with his 13% stake in Anglo American

By: Reuters     28th March 2017 Indian-billionaire Anil Agarwal said on Monday he was happy with his personal 13% stake in mining company Anglo American and was just planning to keep it as an investment for now. "I got the opportunity to take 13% share of that company because I also believe that India and Africa go hand in... 

Troy restructures Investec debt

By: Esmarie Swanepoel     28th March 2017 ASX-listed gold miner Troy Resources has restructured its revolving debt facility with Investec Bank, extending the maturity date by six months to the end of December 2018 and reducing the March and June quarter repayments. A $2-million repayment was now due at the end of March, while a further... 

India to announce iron-ore pricing mechanism next month

By: Ajoy K Das     28th March 2017 A committee appointed by the Indian government will submit its report of recommendations on a domestic pricing mechanism for iron-ore next month, raising the specter that the free pricing regime for natural resources might be coming to an end, or could face limitations. A Steel Ministry official... 

Expanded Poplar Grove a go – Paringa

By: Esmarie Swanepoel     28th March 2017 A bankable feasibility study (BFS) into an expanded Poplar Grove coal mine, in Western Kentucky’s Illinois basin, has proven positive for ASX-listed Paringa Resources. The company on Tuesday reported that the expanded BFS incorporates a second coal seam at the Poplar Grove mine, which resulted in... 

MCA calls for Australia’s pursuit of trade liberalisation

By: Esmarie Swanepoel     28th March 2017 The Minerals Council of Australia (MCA) has proposed a number of measures to boost Australia’s international engagement in its submission to the federal government’s Foreign Policy White Paper, calling on the government to pursue further trade liberalisation, maintain an open foreign investment... 

Simpson dismissed from Peninsula board

By: Esmarie Swanepoel     28th March 2017 ASX-listed Peninsula Energy has announced the immediate departure of its MD and CEO John Simpson, who will also be stepping down from the board. Wayne Heili has been appointed CEO and MD, effective April 3. 

Lithium vendor sets price for Tawana

By: Esmarie Swanepoel     28th March 2017 ASX-listed Tawana Resources will pay the vendors of the Cowan and Yallari lithium projects, in Western Australia, A$1-million in cash and issue A$1-million worth of shares. Tawana earlier this month said it would exercise its option to acquire the Cowan and Yallari projects, which are adjacent to... 

Syrah inks sales and supply MoU

By: Esmarie Swanepoel     28th March 2017 Graphite developer Syrah Resources has signed a nonbinding memorandum of understanding (MoU) with China’s BTR New Energy Materials regarding sales and supply chain cooperation. “We are very excited about the opportunity to develop sales and supply options with BTR and we look forward to... 

Agrimin raises A$13.2m for Mackay project

By: Esmarie Swanepoel     28th March 2017 Sulphate of potash (SOP) project developer Agrimin will raise some A$13.2-million through a share placement and nonrenounceable entitlement offer to advance its Mackay project, in Western Australia. The ASX-listed junior on Tuesday announced that it will raise an initial A$7-million through a... 

Colombia municipality, home of AngloGold project, votes to ban mining

By: Reuters     28th March 2017 Voters in Colombia's Tolima province have backed a proposal to ban mining projects in their municipality, a result that raises questions about the future of an AngloGold Ashanti gold exploration in the area. South Africa's AngloGold may not be permitted to extract gold at its flagship Colombian... 

Vale completes Moatize sale to Mitsui, appoints new CEO

By: Henry Lazenby     28th March 2017 Brazilian miner Vale has completed the sale of its interest in the Mozambique-based Moatize coal project to Japanese miner Mitsui & Co, receiving an initial payment of $733-million. A further $37-million will be paid after the financing for the project is concluded, Vale said in a press release... 

Agnico sells $220m in stock to single US institutional investor

By: Henry Lazenby     28th March 2017 Dual-listed Canadian gold producer Agnico Eagle Mines has agreed to issue and sell five-million of its common shares directly to an institutional investor in the US at a price of $43.97 apiece, or about $220-million in total. Toronto-based Agnico said it will use the net proceeds of the offering... 

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