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Prominent Hill bounces back, Oz Minerals to meet FY guidance

By: Mariaan Webb     22nd July 2016 South Australian copper and gold miner Oz Minerals has maintained its full-year production guidance, despite losing about 10% of its plant availability in the June quarter owing to unplanned repairs. The Prominent Hill mine produced 27 350 t of copper in concentrate and 30 099 oz of gold in... 

Prominent Hill bounces back, Oz Minerals to meet FY guidance
The Prominent Hill mine in South Australia.

Arrium iron-ore mines get A$49m loan for machinery

By: Mariaan Webb     22nd July 2016 The Australian government will provide a loan to collapsed South Australian company Arrium to support its iron-ore business and give its cash flow a boost. Prime Minister Malcolm Turnbull on Friday confirmed that the Export Finance and Insurance Corporation would provide a A$49.2-million loan,... 

Arrium iron-ore mines get A$49m loan for machinery

Santos half-year production hits record

By: Mariaan Webb     22nd July 2016 Oil and gas company Santos produced a record 31.1-million barrels of oil equivalent in the first half of 2016 and significantly boosted its sales volumes, but a 29% decrease in the average realised oil price has dented its revenue. Santos increased its production by 10% year-on-year in the first... 

Santos half-year production hits record

‘New class of gold investor’ may emerge amid global uncertainties

By: Dylan Slater     22nd July 2016 The World Gold Council (WGC) believes that an “entirely new class of gold investor” could emerge because of the significant global increase in the interest in gold stocks, following the Brexit vote – the British exit from the European Union (EU). “As a high-quality, liquid asset, we believe gold... 

‘New class of gold investor’ may emerge amid global uncertainties

Mount Gibson cash pile swells to A$400m

By: Megan van Wyngaardt     22nd July 2016 Iron-ore miner Mount Gibson’s cash balance of A$400-million at the end of June has placed the company in a strong position to progress its Extension Hill project and to mull over redevelopment alternatives at Koolan Island, while continuing its pursuit of other resources investments. The cash... 

AngloGold swings to H1 profit amid higher gold price, weaker currencies

By: Creamer Media Reporter      22nd July 2016 A higher gold price and weaker currencies have contributed to AngloGold Ashanti swinging back into profit for the six months ended June 30. The gold miner, led by CEO Srinivasan Venkatakrishnan, expects to report headline earnings of between $87-million and $99-million and headline earnings a... 

AngloGold swings to H1 profit amid higher gold price, weaker currencies
Photo by Duane Daws
AngloGold CEO Srinivasan Venkatakrishnan

Anglo American coal bidders said in talks for acquisition loans

By: Bloomberg     22nd July 2016 Bidders for Anglo American’s Australian metallurgical coal assets, including Coronado Coal and AMCI Capital, are in talks with banks for acquisition financing, people with knowledge of the matter said. Coronado and AMCI are competing for Anglo American’s Moranbah and Grosvenor mines with BHP... 

Regis to step up gold production in FY17

By: Megan van Wyngaardt     22nd July 2016 Australian gold producer and explorer Regis Resources has increased its production guidance for the 2017 financial year to between 305 000 oz and 330 000 oz, after a strong operational performance in 2016. The company produced 78 741 oz in the three months ended June, from its Duketon gold mine,... 

Lincoln keen to complete Kookaburra Gully PEPR by year-end

By: Megan van Wyngaardt     22nd July 2016 ASX-listed Lincoln Minerals is hoping to emerge next year as a supplier of graphite to global markets, with its flagship Kookaburra Gully graphite project, on South Australia’s Eyre Peninsula steaming ahead. The company recently received a mineral lease for the mine from the South Australian... 

Australia’s corporate watchdog continues Continental Coal probe

By: Mariaan Webb     22nd July 2016 The investigation of the Australian Securities and Investment Commission (Asic) into the affairs of Western Australia-based, but former South Africa-focused developer Continental Coal, is continuing, with the corporate watchdog announcing that it has secured further asset-freezing orders. Asic... 

Vedanta sweetens deal for Cairn merger to sway shareholders

By: Bloomberg     22nd July 2016 Vedanta sweetened the deal for Cairn India Ltd. shareholders by increasing the number of preference shares four times to salvage a deal which would help create a natural-resources group to compete with BHP Billiton and Vale. Vedanta will offer minority shareholders of Cairn India one equity share... 

Bligh to raise funds for exploration, names new MD and CEO-elect

By: Megan van Wyngaardt     22nd July 2016 Gold developer Bligh Resources on Friday announced an underwritten capital raising of $1.7-million to fund exploration opportunities in the Leonora area of Western Australia. The Sydney-based company appointed Somers & Partners to underwrite the capital raising, the proceeds of which will be used... 

Black Rock marketing graphite to new markets

By: Megan van Wyngaardt     22nd July 2016 Tanzania-focused graphite company Black Rock Mining has stepped up its offtake marketing activities, engaging potential offtake partners and presenting the company’s value proposition as a secure and reliable alternative source of high purity graphite for various applications. Marketing manager... 

Mining Weekly iPhone and Android Apps available for free download 

     21st July 2016 Creamer Media’s readers continue to be part of the mobile revolution.  Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers a MiningWeekly.com app for iPhone and Android users.  These apps offer... 

Mining Weekly iPhone and Android Apps available for free download

South32 on track to meet FY2017 cost guidance; FY2016 production in line with forecasts

By: Mia Breytenbach     21st July 2016 Diversified major South32 says the completion of restructuring initiatives and the fact that production met or exceeded guidance for the 2016 financial year for the majority of its operations is positioning the company well to achieve its unit cost guidance in the new financial year. Despite a... 

South32 on track to meet FY2017 cost guidance; FY2016 production in line with forecasts
Photo by Bloomberg
South32 CEO Graham Kerr

Kibo reaches net smelter royalty agreement with Acacia

By: Megan van Wyngaardt     22nd July 2016 Dual-listed Kibo Mining has reached an agreement with Acacia Mining to convert Acacia's residual equity interests in the Imweru and Lubando projects, in Tanzania, to a 2% net smelter royalty. The agreement was signed between Reef Miners, Kibo's wholly-owned Tanzanian subsidiary, which holds the... 

CRG concludes JV tolling agreement with gold-bearing ore supplier

By: Megan van Wyngaardt     22nd July 2016 Dual-listed gold miner Central Rand Gold (CRG) has completed and executed the definitive documents that will govern its joint venture (JV) tolling agreement with an unnamed third-party supplier of gold-bearing ore. CRG announced in June that it had entered into an agreement with the supplier,... 

Drilling programme under way at Independence’s Boulevard project

By: Anine Kilian     22nd July 2016 TSX-V-listed Independence Gold has started a reverse circulation (RC) drilling programme at its 100%-owned Boulevard project, 135 km south of Dawson City, Canada, and will also be undertaking a rotary air blast (RAB) drilling programme at its recently optioned Rosebute property, 58 km south of... 

Gold Fields appoints two more directors

By: Megan van Wyngaardt     22nd July 2016 Gold Fields has appointed Alhassan Andani and Peter Bacchus as independent nonexecutive directors, effective August 1 and September 1, respectively. Gold Fields earlier this month announced that former KPMG Africa chairperson Yunus Suleman would join the board in September, while outgoing Impala... 

Bauba to recover R15m debt through resale

By: Natasha Odendaal     22nd July 2016 JSE-listed Bauba Platinum on Friday said an agreement had been reached that will see the company recoup R15-million of debt previously thought to be unrecoverable through the resale of recovered product. The debt owed by an undisclosed party had followed the delivery of 20 000 t of chrome ore... 

Weatherly Q4 output drops on higher-than-expected groundwater inflows

By: Natasha Odendaal     22nd July 2016 Increased groundwater inflow rates have hampered production at the Tschudi openpit copper mine, in Namibia, in the quarter ended June 30. Aim-listed Weatherly International on Friday said the groundwater inflow rates had surpassed the levels forecast in the operation’s bankable feasibility study,... 

Arctic Star acquires Athabasca-based diamond project

By: Anine Kilian     22nd July 2016 TSX-V-listed diamond exploration company Arctic Star has wholly acquired the Diamond Dune project in the Saskatchewan province’s Athabasca Basin, the company announced on Friday. The new exploration project consists of two separate claim blocks totalling 40 832 ha located south-west and... 

Former mineworkers owed billions of rands

By: Natasha Odendaal     22nd July 2016 A substantial sum – between R7-billion and R10-billion – of an estimated R30-billion in unclaimed benefits is believed to be due to South Africa’s former mineworkers. The Department of Mineral Resources (DMR) is working to deliver a single compensation legislation by March and an integrated... 

Suspected Zama Zamas shot and arrested in Benoni

By: African News Agency      22nd July 2016 One man died and six others were wounded during a shootout between illegal miners and members of the police’s National Intervention Unit (NIU) in Benoni, east of Johannesburg, police said on Friday. Police spokesman Vishnu Naidoo said the unit, acting on information on the possible proliferation... 

Acacia could exceed FY output target following strong Q2

By: Creamer Media Reporter      22nd July 2016 Following a strong second-quarter performance, LSE-listed Acacia Mining expects its production for the full-year to reach or exceed guidance of 750 000 oz to 780 000 oz. It also expects its full-year all-in sustaining costs (AISC) to come in at the lower end of guidance of $950/oz to $980/oz. 

RNC closes flow-through financing to fund exploration programme

By: Anine Kilian     22nd July 2016 Dual-listed Royal Nickel Corporation (RNC) has completed its non-brokered private placement financing, having issued a total of 3 274 000 flow-through shares of the company at a price of $0.51 per flow-through share, for gross proceeds of $1.7-million. The proceeds from the offering will be used... 

Kootenay to proceed with 3 000 m drilling programme at La Cigarra

By: Samantha Herbst     22nd July 2016 With drill permits now in place, preparations for the 3 000 m drilling programme at Canadian explorer Kootenay’s 100%-owned La Cigarra silver project, in Chihuahua State, Mexico, are well under way, with expectations that drilling will commence on or by August 1. The TSX-V-listed company noted on... 

Enirgi Group and Lithium S to explore, develop in Argentina

By: Anine Kilian     22nd July 2016 Specialty chemicals company Enirgi Group Corporation and lithium exploration company Lithium S Corporation have entered into a Memorandum of Understanding (MoU) that details a strategic collaboration to explore and develop lithium projects in northern Argentina. Following a successful capital... 

Rosatom, partners to trial small hydropower plant at Lonmin site

By: Anine Kilian     22nd July 2016 Russian nuclear giant Rosatom will begin work on a $40-million 2 MW hydropower plant for South African platinum producer Lonmin in August. It will be the first time this type of technology is used in a mining application in South Africa. 

Dynasty workers resume activity at Zaruma

By: Megan van Wyngaardt     22nd July 2016 Workers at TSX-listed Dynasty Metals & Mining subsidiary Elipe’s Zaruma mine will return to work and continue mining activities, following an agreement reached this week. In April, an unexpected walkout by workers at the gold mine in Ecuador resulted in the temporary suspension of all activities... 

Subdued diamond production hits Botswana cutting and polishing firms

By: African News Agency      22nd July 2016 The Botswana government says the value of rough diamonds supplied to local cutting and polishing firms dropped by nearly half in 2015 due to subdued local production and reduced demand in the global market. Addressing parliament on the progress of local diamond beneficiation on Thursday,... 

Anglo Pacific’s H1 sales beat previously guided range by about 20%

By: Samantha Herbst     22nd July 2016 Half-year sales from dual-listed royalty company Anglo Pacific Group’s private royalty lands are expected to be in the range of 35% to 40%, the group announced earlier this week, after receiving notification from British-Australian multinational Rio Tinto of the invoiced payable tons for the... 

Centerra closes C$195-million bought deal offering

By: Creamer Media Reporter      22nd July 2016 Canadian gold miner Centerra Gold has closed its previously announced C$195-million bought deal offering of subscription receipts, the net proceeds of which will be used to partially fund the redemption of the secured and unsecured notes of the Thompson Creek Metals Company, in connection with... 

Edenville holds ‘constructive’ meetings with Tanzanian authorities

By: Creamer Media Reporter      22nd July 2016 Aim-listed Edenville Energy this week held “constructive” meetings with senior representatives of the Tanzania Ministry of Energy and Minerals (MEM) and the Tanzania Electric Supply Company (Tanesco) to discuss the next steps for Edenville to progress its Rukwa coal-to-power project. The meetings... 

Miner Newmont hints at dividend increase as bullion prices soar

By: Reuters     22nd July 2016 Newmont Mining Corp, the world's second biggest gold miner by market value, hinted on Thursday that it will boost its quarterly dividend later this year, reflecting a 25% jump in bullion prices so far this year. Newmont, which posted market-beating quarterly profits on Wednesday reflecting price,... 

Britain goes back to Bronze Age with plans to revive tin mining

By: Bloomberg     22nd July 2016 A half mile shaft of filthy water dug into the granite that forms the southernmost tip of England separates Richard Williams from his dream of bringing back mining to a region known for its tin since before Roman times. It’s just one hurdle for the head of Canadian upstart Strongbow Exploration Inc. 

Mozambique reports unquantified diamond discovery

By: Keith Campbell     22nd July 2016 In Mozambique, the National Director of Mines last week confirmed that diamonds had been discovered in the Massangena district of the Gaza province. Talking to the Maputo newspaper Notícias, he refused to say how many diamonds had so far been found, but stated that exploration and prospecting... 

Sable tight-lipped on CEO’s grand jury indictment, promises own investigation

By: Ilan Solomons     22nd July 2016 Aim-listed exploration company Sable Mining Africa says it cannot comment on the situation regarding the indictment of its CEO Andrew Groves by a grand jury in Liberia, last month, in relation to a corruption investigation. President Ellen Johnson Sirleaf last month ordered an inquiry into London... 

Sable tight-lipped on CEO’s grand jury indictment,  promises own investigation
Photo by Global Witness
ANDREW GROVES Sable noted in June that its CEO had confirmed to the company’s board that he had not received any indictment order by the grand jury in Liberia

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