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Impairment strikes Galaxy profit

By: Esmarie Iannucci     21st February 2020 ASX-listed lithium miner Galaxy Resources has seen revenues halved during the year ended December, while the miner swung to a loss. Revenue for the year ended December reached $69.5-million, down from the $153.9-million reported in the previous financial year, as Galaxy reported a loss after tax... 

Impairment strikes Galaxy profit

Didipio troubles weigh on OceanaGold

By: Esmarie Iannucci     21st February 2020 Dual listed gold miner OceanaGold has reported lower revenues and profits for the year ending December as production volumes declined on the back of a decision to suspend mining operations at the Didipio mine, in the Philippines. The TSX- and ASX-listed OceanaGold produced 470 600 oz during the... 

Orocobre swings to red in H1

By: Esmarie Iannucci     21st February 2020 Lithium miner Orocbre has swung into a loss during the half year ended December, as lithium prices tumbled. The ASX- and TSX-listed company in Friday reported a net loss of $18.9-million for the interim period ending December, compared with a net profit of $24-million in the previous... 

Panoramic signs up Barminco for underground work

By: Esmarie Iannucci     21st February 2020 Nickel miner Panoramic Resources has inked a long-term underground mining contract with contractor Barminco at its Savannah nickel mine, in Western Australia. Barminco’s parent company Perenti on Friday said that under the near A$200-million contract, Barminco will undertake mine development,... 

Higher output pushes Senex profits

By: Esmarie Iannucci     21st February 2020 Oil and gas producer Senex Energy has swung into profits on the back of a 25% increase in revenues and a 40% increase in production during the six months to December, compared with the previous corresponding period. Profits after tax for the interim period has been reported at A$1.5-million, up... 

Vulcan's Zero Carbon idea confirmed

By: Esmarie Iannucci     21st February 2020 A scoping study into the Zero Carbon lithium project, in Germany, has demonstrated the potential for a combined operation producing lithium hydroxide and renewable energy, with a net zero carbon footprint, ASX-listed Vulcan Energy said on Friday. The scoping study considered the staged... 

Fires and climate fears rattle Australia's giant coal lobby

By: Reuters     20th February 2020 As bushfires and floods fuel public concerns in Australia about global warming, the country's powerful mining lobby is facing increasing pressure from investors to drop support for new coal mines, according to a dozen interviews with shareholders in global mining companies. Nearly a third of... 

Santos reports profit surge

By: Esmarie Iannucci     20th February 2020 Oil and gas major Santos has reported a 7% increase in net profits after tax for the full year ending December, with the ASX-listed company reporting record annual free cash flows. Net profits after tax for the full year reached $674-million, up from the $630-million reported in the previous... 

Santos reports profit surge

Teck warns of C$1.13bn hit if Trudeau rejects Frontier project

By: Reuters     21st February 2020 Canadian miner Teck Resources said on Friday it would write down the value of its proposed Frontier oil sands mine by C$1.13-billion should Prime Minister Justin Trudeau's government reject the project. The fate of the C$20.6-billion mine is expected to be decided by next week in what has become... 

Vale says 'no new facts' in internal report on deadly dam disaster

By: Reuters     21st February 2020 An in-depth internal report examining the causes of Vale SA's deadly Brumadinho tailings dam disaster last year contained "no new facts, nor surprises," the company's general counsel said on Friday. Late on Thursday, Vale released the report, which said the company had information as far back as... 

Time for govt to consider new strategies to get economic growth going, says Baxter

By: Marleny Arnoldi     21st February 2020 In what has been the longest economic downturn for the country since 1945, it has become necessary for government to consider alternative strategies and change various policies to allow business to grow the economy, Minerals Council South Africa CEO Roger Baxter said during a media briefing on... 

Time for govt to consider new strategies to get economic growth going, says Baxter
Photo by Creamer Media's Donna Slater
Minerals Council CEO Roger Baxter

Solar power for mines under consideration – Assore 

By: Martin Creamer     21st February 2020 A scoping study is under way into the self-generation of electricity for Assmang’s mines – but not its smelters, Assore CEO Charles Walters said on Friday, when the company reported interim results that were negatively affected by weaker chrome and manganese prices, and lower shipments of... 

Solar power for mines under consideration – Assore
Photo by Assore
Assore's mines and logisitcs routes

Gold pops as virus concerns ignite global stampede into havens

By: Bloomberg     21st February 2020 The stars have aligned for gold, as concerns that the coronavirus outbreak may damage growth, hurt risk assets and add to pressures for easier monetary policy trigger a global hunt for havens. Bullion headed for the biggest weekly gain in more than six months as prices hit a seven-year high. With... 

La Mancha now a 35% shareholder of Altus Strategies

By: Creamer Media Reporter      21st February 2020 Luxembourg‐incorporated La Mancha has completed the acquisition of 124 229 389 shares of Aim- and TSX-V-listed Altus Strategies, with the private gold investor now holding a 35.4% shareholding in the Africa-focused project company. La Mancha acquired the shares at C$0.09 each, for a total of... 

Court declares major Gupta-era coal contract with Eskom invalid 

By: News24Wire      21st February 2020 The Special Investigations Unit has secured a high court order setting aside a contract worth R3.7-billion between the formerly Gupta-owned mining group Tegeta Exploration & Resources and State power utility Eskom, according to Ministry of Justice and Correctional Services. According to the... 

 Court declares major Gupta-era coal contract with Eskom invalid

India’s Coal Ministry to fund CIL technical wing to increase exploration activity

By: Ajoy K Das     21st February 2020 The Indian government has framed a scheme to offer funds to the technical and consultancy arm of State miner Coal India Limited (CIL) to expand exploration activities so that more fully explored coal blocks could be put up for auction for bidding by private miners. Under the scheme, Central... 

Rio Tinto’s lone female board member to be joined by three more women

By: Bloomberg     21st February 2020 Rio Tinto Group will add three more women to its board over the course of this year, bringing the total to four out of 12 directors. Hinda Gharbi, a vice president at Schlumberger, and JPMorgan Chase & Co.’s Jennifer Nason will become independent non-executive directors on March 1, the company... 

Rio Tinto turns to arbitration to settle Mongolia tax dispute

By: Mariaan Webb     21st February 2020 Diversified major Rio Tinto said on Friday that its Mongolian unit, Oyu Tolgoi, had initiated a formal international arbitration process to seek a definitive resolution with regard to a dispute with that country’s tax authority. The Mongolia Tax Authority issued Rio Tinto with a tax assessment... 

Vale reports surprise loss amid base metal issues

By: Reuters     21st February 2020 Brazilian iron-ore miner Vale severely missed quarterly profit and margin estimates on Thursday, largely due to impairments related to its base metal and coal operations and the lingering effects of a deadly dam burst in January 2019. Excluding one-time factors, the company would have largely... 

Mine life extension puts Kisladag back on the map

By: Mariaan Webb     21st February 2020 Canada’s Eldorado Gold has announced a 15-year mine life at Kisladag, in Turkey, to 2034, following the completion of long-cycle heap leach testwork and the replacement of the tertiary crushing circuit with a high-pressure grinding roll circuit. The new mineral reserve for Kisladag includes... 

Mine life extension puts Kisladag back on the map

Lucapa uncovers more potential for fancy diamonds from Lulo project

By: Marleny Arnoldi     21st February 2020 ASX-listed Lucapa Diamond Company says further analysis of diamonds recovered at its Lulo project, in Angola, has confirmed the presence of rare Type IIa gems and light fancy yellow diamonds. This follows after the company earlier this week announced the recovery of 45 diamonds weighing 30.3 ct... 

High gold prices underpin AngloGold’s financial performance

By: Tasneem Bulbulia     21st February 2020 JSE-, ASX- and NYSE-listed AngloGold Ashanti nearly doubled its free cash flow to $127-million for the financial year ended December 31, as  well as increased its dividend as a higher gold price and improved efficiencies helped ensure exceptional performances at a number of its key mines.... 

Teck profit slumps on lower coal prices; flags virus hit

By: Reuters     21st February 2020 Canadian miner Teck Resources reported a 76% slump in fourth-quarter adjusted profit on Friday, hurt by lower prices for steelmaking coal and warned that the coronavirus epidemic would impact its earnings. Copper and other base metal prices have suffered from a long-drawn tariff war between the... 

Teck profit slumps on lower coal prices; flags virus hit
Teck Resources CEO Don Lindsay

Teck to update QB2 schedule, cost estimates

By: Mariaan Webb     21st February 2020 Diversified mining company Teck Resources is continuing to target first production at the Quebrada Blanca Phase 2 (QB2) copper project, in Chile, by late next year, but the miner warned on Friday that there had been delays in the schedule, primarily owing to permitting and social unrest. The... 

Teck to update QB2 schedule, cost estimates

Eskom’s survival cannot be based on continuing tariff increases, says Minerals Council

By: Marleny Arnoldi     21st February 2020 The Minerals Council South Africa has reiterated the significant job losses that may result from power utility Eskom being granted the additional R27.3-billion in revenue it is seeking. In a media release issued ahead of a submission at public consultations held by the National Energy Regulator... 

Eskom’s survival cannot be based on continuing tariff increases, says Minerals Council
Photo by Creamer Media
Minerals Council South Africa chief economist Henk Langenhoven

Pan American hikes quarterly dividend 43%

By: Creamer Media Reporter      21st February 2020 Nasdaq- and TSX-listed Pan American Silver has had a strong 2019, during which it generated $282-million in operational cash flow, allowing for $60-million in debt to be retired, a shareholder payout of about $29-million, investment in new projects and an improved cash position. The miner... 

Glencore to harness heat energy from residual flare gas to generate electricity at Lydenburg smelter  

By: Marleny Arnoldi     21st February 2020 Glencore Operations South Africa (GOSA) on Tuesday signed an energy conversion service agreement with clean-tech company Swedish Stirling. Swedish Stirling will install, operate and maintain an estimated 9.9 MW facility at GOSA’s Lydenburg ferrochrome smelter.  

Glencore to harness heat energy from residual flare gas to generate electricity at Lydenburg smelter
Glencore's ferrochrome smelter, in Lydenburg

Coeur to reposition Silvertip, operations suspended

By: Mariaan Webb     21st February 2020 NYSE-listed precious metals miner Coeur has temporarily suspended operating activities at its Silvertip zinc/lead/silver mine, in British Columbia, Canada, as the mine struggles to generate positive cash flow amid deteriorating zinc and lead markets. Silvertip, which represents about 6% of... 

Coeur to reposition Silvertip, operations suspended

Newmont soars on profit beat with rising gold providing tailwind

By: Bloomberg     21st February 2020 Newmont climbed after the world’s largest gold miner reported earnings that beat analysts’ expectations, helped by a tailwind from higher bullion prices. Miners have been sharing the windfall from stronger prices with investors in the form of higher dividends. Newmont led the pack in January... 

Price-hit Assore half-year earnings down, interim dividend upheld 

By: Martin Creamer     21st February 2020 JSE-listed base mineral and metals miner Assore, which on Friday reported net cash at a lower level of R8.1-billion, has declared an interim dividend of R7 a share for the half-year. Headline earnings for H1 FY20 decreased by 28% to R2,1 billion, compared to R2,9 billion for the H1 FY19. Assmang,... 

Price-hit Assore half-year earnings down, interim dividend upheld
Photo by Creamer Media
Charles Walters

Mining Weekly iPhone and Android Apps available for free download 

21st February 2020 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

America’s coal country isn’t dead — it’s preparing for a comeback

By: Bloomberg     20th February 2020 At least five of America’s coal producers went bankrupt in 2019. Prices for the fossil fuel have plunged 40% since a 2018 peak. And some of the nation’s largest miners are retrenching and slashing their dividends. But don’t be mistaken: The fight against climate change hasn’t killed off Coal... 

America’s coal country isn’t dead — it’s preparing for a comeback

Barrick says it will not approve Kibali ownership change

By: Mariaan Webb     20th February 2020 Canadian major Barrick Gold said on Thursday that it would not approve the mooted sale of Congolese parastatal Société Minière de Kilo-Moto’s (Sokimo’s) 10% interest in the Kibali gold mine to CSE-listed junior AJN Resources. The major was responding to a recent press release issued by AJN... 

Barrick says it will not approve Kibali ownership change
Kibali in the Democratic Republic of Congo

Newcrest granted more time to decide on Rattlesnake earn-in

By: Creamer Media Reporter      20th February 2020 Australian major Newcrest has been granted an extension on the option period to earn into the Rattlesnake Hills gold property, in Wyoming, in the US, TSX-V-listed GFG Resources reported on Thursday. The option period has been extended from March 9, to May 1. 

Bourassa quits as Nemaska CEO

By: Mariaan Webb     20th February 2020 Embattled lithium development company Nemaska Lithium on Thursday announced that Guy Bourassa would step down. He would leave the management and vacate his seat on the board with immediate effect. “Given the restructuring the corporation is undergoing and the current market conditions, we... 

Bourassa quits as Nemaska CEO
Guy Bourassa

FutureSmart, P101 earn Anglo $4.7bn

By: Martin Creamer     20th February 2020 The smart technology and efficiency enhancing programmes of diversified mining company Anglo American have netted the company $4.7-billion so far. FutureSmart Mining (TM) programmes deliver additional value from equipment and processes and P101 uplifts the performance of existing operating... 

FutureSmart, P101 earn Anglo $4.7bn
Photo by Anglo American
Playing precisely to the demand for a cleaner, greener and more sustainable world.

Alternative energy developments at Amplats, Sibanye 

20th February 2020 Mining Weekly editor Martin Creamer unpacks the alternative energy developments at Anglo American Platinum and Sibanye Stillwater. 

Alternative energy developments at Amplats, Sibanye

Anglo’s earnings margins poised to strengthen – Cutifani 

By: Martin Creamer     20th February 2020 The strong 2019 earnings margins of Anglo American are poised to strengthen further in 2020, CEO Mark Cutifani said on Thursday. The 2019 earnings before interest, taxes, depreciation and amortisation (Ebitda) margins of the London- and Johannesburg-listed diversified mining company ranged from... 

Anglo’s earnings margins poised to strengthen – Cutifani
Photo by Anglo American
Anglo American calculates that these earnings margins will increase in 2020.

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