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Evolution confirms talks to buy WA assets from La Mancha

By: Esmarie Swanepoel Australian gold miner Evolution Mining on Friday confirmed reports that the company had been engaging private gold producer La Mancha in negotiations regarding potential asset acquisitions. Evolution reported that discussions with La Mancha had taken place regarding a possible transaction... 

Evolution confirms talks to buy WA assets from La Mancha

Millennium to sell Beatons Creek for A$3.8m

By: Esmarie Swanepoel Gold miner Millennium Minerals has agreed to divest of its Beatons Creek tenements, in Western Australia, in a deal valued at A$3.8-million. The tenements included three mining leases, and were previously the subject of a farm-in agreement with Novo Resources Corporation, under which that... 

A1 shares rise on gold pour announcement

By: Esmarie Swanepoel ASX-listed junior A1 Consolidated Gold delighted shareholders on Friday by announcing the first gold pour at its Maldon treatment plant, in Victoria, resulting in a 25% increase in its share price. The first gold dore, produced earlier this week, weighed 146.3 oz, and was produced from the... 

Kibaran shares surge as financier circles

By: Esmarie Swanepoel The share price of graphite developer Kibaran Resources soared by 33% on Friday after the company announced significant interest in debt funding of its Epanko project, in Tanzania. Kibaran announced at the end of the week that it had received an expression of interest from a development finance... 

LME looking to restore bullion forward curve, eyes broad market restructuring

By: Reuters The London Metal Exchange (LME) has started talking to the main bullion trading banks about reinstating end-of-day gold and silver forward curves, which could be part of a bigger structural change in the precious metals market. A forward curve, which consists of a series of prices reflecting... 

Hannans signs up JV partner in Sweden

By: Esmarie Swanepoel ASX-listed Hannans Reward has welcomed a joint venture partner to its Pahtohavare copper/gold project, in Sweden. Swedish mining company Lovisagruvan AB could now earn a 35% interest in the Pahtohavare project by making a A$150 000 payment to Hannans, and by completing additional metallurgical... 

Metallum to benefit from Chilean price assist

By: Esmarie Swanepoel Junior copper miner Metallum said on Friday that the company would benefit from new measures introduced by the Chilean government to support small miners. The Chilean government has announced that it would provide price support to small miners delivering ore to the Enami processing facilities,... 

Whitehaven completes refinancing

By: Esmarie Swanepoel Coal miner Whitehaven Coal on Friday completed its A$1.4-billion refinancing with a syndicate of Australian and international banks. The senior bank facility was secured earlier this month, and would replace an existing credit facility, resulting in lower interest rates and increased headroom. 

Endeavour appoints new CFO

By: Esmarie Swanepoel Dual listed gold miner Endeavour Mining has appointed Ota Hally as its new CFO, effective from April 1. Hally would replace Christian Milau, who has resigned to join True Gold Mining as CEO. 

Mines begin to reopen in Chile after heavy rains

By: Reuters Chile's Codelco, the world's No 1 copper producer, said on Thursday it is gradually reopening mines in the north of the country that were closed on Wednesday due to heavy rains, but that its Salvador mine remained shuttered. Conditions at Salvador did not yet permit safe operation, and 17... 

Mines begin to reopen in Chile after heavy rains

Creamer Media publishes Electricity 2015: A review of South Africa's electricity sector research report

Creamer Media’s Electricity 2015 report provides an overview of State-owned power utility Eskom and independent power producers, as well as electricity planning, transmission, distribution and the theft thereof, besides other issues. 

Creamer Media publishes Electricity 2015: A review of South Africa's electricity sector research report

Report shows Australian miners’ tax burden has risen in recent years

By: Esmarie Swanepoel A new report commissioned by the Minerals Council of Australia (MCA) has revealed that mining tax ratios in the Australian mining industry were at, or above, the long-term average, despite legislative reforms. In the report, titled 'Mining Tax Ratios Revisited', author Chris Richardson, a... 

Report shows Australian miners’ tax burden has risen in recent years

Sigh of relief as WA holds royalty rates steady

By: Esmarie Swanepoel The Western Australian mining industry breathed a sigh of relief as Mines and Petroleum Minister Bill Marmion announced that there would be no changes in royalty rates during the year. Marmion on Wednesday released the results of the Mineral Royalty Rate Analysis (MRRA), which made a number of... 

Sigh of relief as WA holds royalty rates steady

Southern Copper still moving forward with Tia Maria Peru project - CEO

By: Reuters Southern Copper "will continue making efforts to move forward" with its Tia Maria project in Peru, the CEO of the mining firm told Reuters, just hours after a company spokesperson said the project was being shelved. "Our position is that effectively the statements that were made do not totally... 

Barrick to keep operating Zambia copper mine, pending royalty change

By: Reuters Barrick Gold, the world's biggest gold producer by output, will continue operating its Lumwana copper mine, in Zambia, while awaiting changes to the country's mineral royalty tax, the company said on Friday. Barrick had said it would suspend operations after Zambia hiked mineral royalties for... 

Codelco 2014 copper production up 3% to 1.67-million tonnes

By: Reuters Chile's state-run Codelco produced 1.67-million tonnes of copper in full-year 2014, a 3.1% rise from a year earlier, the world's No 1 copper producer said on Friday. The company said the jump in output was mostly due to Codelco's newest mine, Ministro Hales, which produced 141 200 t copper in... 

Encanto Potash gets third-party interest to build 100 MW power plant for SK project

By: Henry Lazenby Project developer Encanto Potash has received an expression of interest through its strategic advisor Horgen Holdings, that private equity fund manager Fengate Capital Management wanted to undertake the development, construction and financing of a 100-MW power station for the proposed Muskowekwan... 

Fortune Minerals secures $4m from financing partner for Colorado silver mine

By: Henry Lazenby Canadian miner Fortune Minerals has closed a further $4-million financing from financing partner Lascaux Resource Capital Fund to provide working capital for the Revenue silver mine (RSM), located in south-west Colorado. Lascaux in October last year provided Fortune with $35-million finance the... 

First Nickel trims 2014 FY net loss

By: Henry Lazenby Ontario-based nickel producer First Nickel has reported a narrower net loss for full-year 2014, as higher nickel prices and improved sales volumes boosted the bottom line. The company, which operates the Lockerby mine, in the Sudbury Basin, on Thursday reported a net loss of $20.7-million for the... 

Silvercrest swings to Q4 adjusted loss on higher costs

By: Henry Lazenby Canadian precious metals producer SilverCrest Mines this week reported a higher headline loss for the three months ended December 31, as costs rose mainly as a result of added direct production costs after the company transitioned the Santa Elena mine from an openpit heap-leach operation to an... 

Golden Star Resources reports strong ROI for underground Ghanaian gold project

By: Henry Lazenby Ghana-focused gold miner Golden Star Resources has reported a strong return on investment (ROI) for its brownfields Wassa underground gold project at its currently operating Wassa openpit mine in the country, and expected the development to transform the company into a lower-cost gold producer.... 

Pretium’s Brucejack project gets BC’s environmental nod, bar 15 conditions

By: Henry Lazenby British Columbia’s Environment Minister Mary Polak and Energy and Mines Minister Bill Bennett have issued an environmental assessment certificate to Pretium Resources for the Brucejack gold mine, located about 65 km northwest of Stewart. The ministers had issued the certificate with 15 legally... 

Pretium’s Brucejack project gets BC’s environmental nod, bar 15 conditions
Photo by Pretium Resources
Pretium Resources' Brucejack mine, BC.

Brazil gov't names Vale CEO Ferreira to head Petrobras board

By: Reuters Brazil's government has selected Murilo Ferreira, the CEO of miner Vale, to head the board of embattled state-run Petroleo Brasileiro, according to a filing from the oil company on Friday. The other nominations for the board responsible for steering Petrobras through a massive corruption probe... 

Brazil gov't names Vale CEO Ferreira to head Petrobras board
Photo by Bloomberg
Vale CEO Murilo Ferreira

Miners' gold forward sales surged 103t last year, most since 1999 – report

By: Reuters The volume of gold sold forward by mining companies rose by 103 t last year, the biggest annual increase since 1999, an industry report showed on Friday. That far outstrips an estimate given late last year of 42 t to 52 t, after Mexican gold and silver miner Fresnillo said it was hedging 47... 

Israel Chemicals to acquire Allana Potash in C$137m deal

By: Megan van Wyngaardt Dual-listed agriculture, processed food and engineered materials manufacturer Israel Chemicals (ICL) will acquire all shares it does not already own in TSX-listed Allana Potash, which owns a potash mine in Ethiopia, for C$137-million. ICL already held a 16.36% stake in the potash company and... 

Bauba makes first chrome shipment in platinum exploration funding move

By: Martin Creamer The JSE-listed Bauba Platinum, which is mining and selling chrome ore to fund its platinum exploration, this week shipped the first run-of-mine output from its maiden chrome horizon blast at the Moeijelik operation. Bauba last year entered into a two-year chrome-ore supply agreement with ASA... 

Bauba makes first chrome shipment in platinum exploration funding move
Photo by Duane Daws
Syd Caddy

Baoulé project a ‘company-maker’ for Stellar Diamonds

By: Natalie Greve The dense media separation (DMS) plant at Aim-listed Stellar Diamonds’ Baoulé kimberlite pipe project, in Guinea, has reached its target processing capacity of 50 t/h, the company said in an interim results statement for the six months ended December 31, on Friday. This comes after the diamond... 

Eskom CEO's suspension challenge struck from roll

By: Sapa Eskom CEO Tshediso Matona's challenge to his suspension was struck from the roll at the Labour Court in Johannesburg on Friday. "The application is struck from the roll," Judge Benita Whitcher said. 

Eskom CEO's suspension challenge struck from roll
Photo by Duane Daws
Eskom CEO Tshediso Matona

Orapa diamond field to plug ‘clear’ supply gap, asserts explorer

By: Natalie Greve Diamond explorer Botswana Diamonds continued to advance second-phase exploration on three of its joint venture (JV) blocks in the Orapa area of Botswana, telling shareholders on Friday that the diamond industry continues to “glisten” in a resource sector depressed by weak demand. Chairperson John... 

Basil Read records R820m loss in challenging market

By: Megan van Wyngaardt A challenging construction sector, difficult contractual environment and poor operational performance have contributed to JSE-listed construction company Basil Read reporting an R820.9-million aftertax loss for the year ended December 31, 2014. “Lossmaking contracts across all construction... 

Basil Read records R820m loss in challenging market

Opportunity to improve mining tax – KPMG

By: Creamer Media Reporter Creamer Media's Shannon de Ryhove speaks to Mining Weekly editor Martin Creamer about mining taxation. 

Opportunity to improve mining tax – KPMG

Platfields remains in financial doldrums, to announce management change

By: Natalie Greve Precious metals explorer Platfields will soon announce changes to its executive management, telling shareholders on Friday that amendments to the company’s leadership had been driven by a depressed platinum environment, funding shortfalls and mining right validity concerns. “The company has been... 

Kinross settles shareholder lawsuit tied to Mauritania debacle

By: Reuters Kinross Gold Corp has agreed pay $33-million to settle a shareholder lawsuit that had accused the Canadian gold miner of defrauding investors through an ill-advised mine acquisition in Mauritania that has resulted in over $6-billion in writedowns. According to documents filed with the U.S.... 

Vested interests, lack of understanding hamper establishment of S African PGMs exchange

By: Ilan Solomons As more than 80% of the world’s known platinum-group metals (PGMs) reserves are in South Africa, it is ideal that a PGMs exchange be established locally to ensure that the country receives maximum benefit from its mineral wealth, avers investment company Pan-African Investments & Research... 

Vested interests, lack of understanding hamper establishment of S African PGMs exchange

Platinum Equity nears deal for Itochu's PrimeSource – sources

By: Reuters Private equity firm Platinum Equity is in advanced talks to buy PrimeSource Building Products, the largest distributor of screws and nails in the US, from Itochu Corp, according to people familiar with the matter. A deal will likely value PrimeSource at between $800-million and $900-million, the... 

Mirasol options 75% of Chile gold belt projects to Yamana

By: Henry Lazenby Latin America-focused project generator Mirasol Resources has optioned 75% of the Gorbea Belt projects, in Chile, to Canadian miner Yamana Gold. Under the joint venture agreement, the option would be exercisable in three stages over a seven-year period that would see Yamana act as a strategic... 

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