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RNI shares rise on WA gold asset sale news

By: Esmarie Swanepoel The share price of ASX-listed RNI increased by 60% on Friday as the company announced plans to sell its Western Australian gold assets to fellow-listed Metals X. The two parties have executed a binding heads of agreement under which RNI would divest of its Grosvenor, Horseshoe and part of its... 

RNI shares rise on WA gold asset sale news

OceanaGold, Romarco union to create lowest-cost global gold producer

By: Henry Lazenby Triple-listed OceanaGold has agreed to buy Canadian project developer Romarco Gold in an all-scrip deal valued at about C$856-million, which upon closing, would create the lowest-cost global gold producer. Romarco's main asset was the Haile gold mine, in South Carolina, which was a high-grade... 

OceanaGold, Romarco union to create lowest-cost global gold producer
Photo by Romarco Minerals
Haile, South Carolina.

SocGen says miners' output costs have dropped more than expected

By: Reuters Miners' output costs have dropped more than industry consensus due to lower energy prices and weak emerging market currencies, a report by Societe Generale showed, suggesting metals prices have further to fall before miners are forced out of business. The prices of many metals are still around... 

ERA H1 loss widens

By: Esmarie Swanepoel Uranium miner Energy Resources of Australia (ERA) has reported a net loss of $255.3-million for the six months ended June 30, owing to a $197-million impairment charge. ERA had previously warned shareholders of the massive write-off, following the deferral of the Ranger 3 Deeps underground... 

A$970m needed for Mt Peake development

By: Esmarie Swanepoel A definitive feasibility study (DFS) into the Mt Peake vanadium-titanium-iron project, in the Northern Territory, has attached a capital cost of A$970-million to develop the project. ASX-listed TNG on Friday said the Mt Peake project would generate a pretax internal rate of return of 41%, a... 

Kipoi debottlenecking to raise output to 32 500 t/y

By: Esmarie Swanepoel A study for the debottlenecking of the Kipoi solvent extraction and electrowinning (SX-EW) plant, in the Democratic Republic of Congo, has revealed that copper production could be increased from the nameplate capacity of 25 000 t/y to 32 500 t/y. Project owner Tiger Resources on Friday said the... 

Peak Resources sees bright future for Tanzania magnet metals project

By: Chanel de Bruyn A focus on high-value rare earths and the use of a tailor-made beneficiation process bodes well for Tanzania-focused Peak Resources. The ASX-listed company is developing the Ngualla rare earths project, which contains high-grade neodymium and praseodymium mineralisation. 

Peak Resources sees bright future for Tanzania magnet metals project

Anglo American signs power option at Grosvenor

By: Esmarie Swanepoel ASX-listed Energy Development has inked an agreement with mining major Anglo American for the development of a waste coal mine gas power station at the Grosvenor metallurgical coal mine, in Queensland. Grosvenor is Anglo American’s $1.9-billion flagship underground longwall mine, which will... 

Newmont evaluates increased output at Tanami

By: Esmarie Swanepoel Gold miner Newmont Mining will reach a decision on the possible expansion of its Tanami operation later this year. Newmont’s Asia Pacific leader Tom Palmer told the WA Mining Club this week that the company’s Full Potential programme had seen a 22% increase in production at Tanami, and reduced... 

Chatree delivers for Kingsgate

By: Esmarie Swanepoel Gold miner Kingsgate Consolidated has reported higher production of 55 601 oz for the three months to June 30, compared with the 34 538 oz produced in the previous quarter. The higher output was owing to its Chatree mine, in Thailand, having resumed operations in March after a temporary... 

Barrick sells 50% of Zaldívar copper mine, forming partnership with Antofagasta

By: Henry Lazenby The world’s largest gold miner by output Barrick Gold has agreed to sell half of its interest in the Zaldívar copper mine, in Chile, to Antofagasta for $1-billion in cash, forming a partnership with one of the world’s largest copper producers. Barrick was in the process of reducing its... 

Teranga sees gold production increase

By: Esmarie Swanepoel Gold miner Teranga Gold Corporation has reported a 24% increase in production from its Sabadola gold mine, in Senegal, for the three months to June. Gold production reached 49 392 oz, compared with the 48 643 oz produced in the March quarter. 

Creamer Media publishes Real Economy Insight: Coal 2015 brief

This ten-page brief is a synopsis of key developments in the coal industry over the past 12 months. It provides an overview of the global and South African coal markets and the role of coal in South Africa’s economy, with a particular focus on the role of coal in the generation of electricity. 

Creamer Media publishes Real Economy Insight: Coal 2015 brief

Stanmore eyes 2016 production start for Isaac Plains mine

By: Esmarie Swanepoel ASX-listed Stanmore Coal has bought the Isaac Plains coal mine, in Queensland, from project owners Vale and Sumitomo Corporation for $1. Stanmore would assume all of the outstanding contracts, including transport infrastructure access arrangements and a $32-million rehabilitation obligation... 

Stanmore eyes 2016 production start for Isaac Plains mine

Canada-Nova Scotia Offshore Petroleum Board gets new chairperson

By: Henry Lazenby Onshore and offshore oil and gas industry veteran Roderick Keith MacLeod has been appointed as the new chairperson for the Canada-Nova Scotia Offshore Petroleum Board (CNSOPB), which is responsible for the regulation of petroleum activities in the Nova Scotia offshore area. Canada’s Minister of... 

PotashCorp remains resolute to buy German rival, pares outlook

By: Henry Lazenby Canada’s Potash Corporation of Saskatchewan (PotashCorp) on Thursday reiterated its intentions to buy German rival K+S, saying it was prepared to make binding commitments to motivate its target’s management, which had so far rebuffed the unsolicited offer. PotashCorp president and CEO Jochen... 

PotashCorp remains resolute to buy German rival, pares outlook

Lower costs, higher sales lift Endeavour’s Q2 profit

By: Henry Lazenby West Africa-focused gold producer Endeavour Mining has increased its second-quarter profit on the back of sharply lower costs and record output, despite a lower average realised price for the yellow metal. The Vancouver-based company with four operating gold mines in Côte d’Ivoire, Ghana, Mali... 

‘Fair’ steel pricing model will cap good-times upside, offer bad-times collar

By: Terence Creamer Embattled South African steel producer ArcelorMittal South Africa (AMSA) has offered insight into the “fair pricing model” it has tabled before government in return for tariff protection and a government stipulation that locally manufactured steel be designated for used public infrastructure... 

‘Fair’ steel pricing model will cap good-times upside, offer bad-times collar

Nevsun lowers 2015 guidance

By: Natasha Odendaal TSX- and NYSE-listed Nevsun Resources on Friday revised its 2015 production guidance downwards to 140-million to 150-million pounds of copper owing to unplanned plant stoppages during the first half of the year. Output from the Vancouver-headquartered firm’s Bisha mine, in Eritrea, had been hit... 

Mining boom bolsters explosives, chemicals markets – research firm

By: Megan van Wyngaardt The rapid growth of Africa’s mining industry, and particularly in Central Africa, is being mirrored in the mining explosives and chemicals market, research firm Frost & Sullivan reports. Through new analysis, the firm has found that almost 65% of major and minor mining firms in the region... 

Gold miners expect feedback on final wage offer by next week

By: Megan van Wyngaardt Representative unions in the gold mining industry – the Associations of Mineworkers and Construction Union, the National Union of Mineworkers, Solidarity and UASA – are expected to revert back to the Chamber of Mines (CoM) in the next week, on whether their members accept gold producers’ final... 

Gold miners expect feedback on final wage offer by next week

Mashile-Nkosi chosen as business leader of the year

By: Natasha Odendaal Kalagadi Manganese executive chairperson Daphne Mashile-Nkosi has been recognised for her business acumen and ability to execute successful business strategies. She was this week bestowed the 2015 Africa Female Business Leader of the Year Award and a special commendation award by Pan-African... 

AMSA flags iron-ore import plan as it seeks new pricing deal with Kumba

By: Terence Creamer Steel producer ArcelorMittal South Africa (AMSA) signalled on Friday that it was aiming to reopen historically fraught iron-ore pricing negotiations with Kumba Iron Ore, with CEO Paul O’Flaherty describing the current cost-plus arrangement as unsustainable in light of dramatic declines in... 

AMSA flags iron-ore import plan as it seeks new pricing deal with Kumba
Photo by Duane Daws
ArcelorMittal South Africa CEO Paul O’Flaherty

Lace underground tunnel development slower than planned

By: Megan van Wyngaardt Underground tunnel development at Southern Africa-focused diamond developer DiamondCorp’s Lace diamond mine, in the Free State, is proceeding slower than planned, owing to fractured ground close to old workings; however, the development work in the Upper K4 (UK4) block remains close to schedule... 

South Africa's ArcelorMittal reports wider H1 loss

By: Reuters Africa's largest steelmaker ArcelorMittal South Africa said on Friday its half-year losses widened amid lower international demand and a weak economy in its home market. Its headline loss per share rose to nearly 25 cents per share for the six months ended 30 June from 2 cents a year earlier, the... 

South Africa's ArcelorMittal reports wider H1 loss
Photo by Duane Daws
Newcastle Works

Zambia's CEC delays plan to cut power supply to mines

By: Reuters Zambia's power supplier Copperbelt Energy Corp. (CEC) has delayed a plan to reduce electricity to mines after mining firms warned they would have to close processing plants and shed jobs, an industry official said on Friday. Zesco Ltd., the main power generating firm in Africa's No. 2 copper... 

Clear policy guidelines will eliminate confusion between artisanal and illegal mining

By: Zandile Mavuso While artisanal and small-scale mining (ASM) plays a fundamental role in the South African economy, as it helps reduce poverty and creates jobs for rural communities, the artisanal mining aspect has been labelled as illegal. This is because of the blurred delineation of artisanal and illegal... 

Clear policy guidelines will eliminate confusion between artisanal and illegal mining

Grupo Mexico says seeking partners for Mexico oil auction

By: Reuters Mexican mining, rail and infrastructure company Grupo Mexico said on Thursday that it was looking at partnering up with companies to bid in the second phase of Mexico's first round of oil field auctions. "We are looking at joint ventures with strategic players, we've been working so far with... 

Cameco net earnings slide 31%

By: Henry Lazenby Canada’s top uranium producer Cameco on Thursday reported a 31% slide in net earnings as higher costs and a C$28-million settlement charge weighed-down its bottom line. Net earnings attributed to equity holders for the quarter ended June 30 were C$88-million, or C$0.22 a diluted share, compared... 

Goldcorp slashes dividend 60% despite strong Q2 performance

By: Henry Lazenby The world’s largest gold miner by market capitalisation Goldcorp on Thursday said it would cut its monthly dividend a share by 60% to $0.02, effective from August 1, despite more than doubling its second-quarter profit. The TSX- and NYSE-listed miner, which produced gold, silver, copper, lead and... 

Overcoming ‘trust deficit’ key to surviving ‘these tough times’ – Cutifani 

By: Terence Creamer In a hard-hitting address, Anglo American CEO Mark Cutifani lamented the decline in the competitiveness of South Africa's mining industry and warned that the “trust deficit” between government, the industry and labour would need to be urgently overcome if the country and the sector were to... 

Overcoming ‘trust deficit’ key to surviving ‘these tough times’ – Cutifani
Photo by Duane Daws
Mark Cutifani

Arch Coal widens loss as tough coal market conditions persist

By: Henry Lazenby US coal producer Arch Coal has widened its second-quarter loss to $168-million, or $0.79 a diluted share, as it was grappling with one of the worst coal market downturns in history. For the quarter ending June 30, the company recorded a $19.1-million impairment charge and incurred $4-million in... 

Zimbabwe to cut royalty fees levied on small gold mines – finmin

By: Reuters Zimbabwe will reduce royalties levied on small-scale gold producers to 1% from 3% from September to boost output from the sector, Finance Minister Patrick Chinamasa said on Thursday. In a half-year budget presentation to parliament, Chinamasa said deliveries of gold from small scale producers had... 

Phakisa mining lab gets Cabinet nod

By: Natasha Odendaal Plans to set up the first four-week Operation Phakisa ‘mining laboratory’ to identify and resolve the challenges plaguing South Africa’s mining sector have been given the Cabinet go-ahead. The Operation Phakisa mining lab, which would get under way in October, would identify a “set of concrete... 

Phakisa mining lab gets Cabinet nod

Gold producers table final three-year wage offers

By: Megan van Wyngaardt Gold producers AngloGold Ashanti, Evander Gold Mines, Harmony Gold and Sibanye Gold have tabled their final three-year offers for wage and benefit increases to representative unions, the Association of Mining and Construction Union (AMCU), the National Union of Mineworkers (NUM), Solidarity and... 

Lonmin: victim of price falls and management wobbles

By: Reuters Platinum producer Lonmin is facing its deepest crisis to date, hurt by a downturn in the metal and haunted by a mixture of bad luck and debatable management choices that are putting its survival at risk. Times are tough for everyone in the platinum sector. 

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