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Oyu Tolgoi on track for full-year guidance despite concentrator fire, lowers 2015 guidance

By: Henry Lazenby Rio Tinto Subsidiary Turquoise Hill Resources on Friday reported that despite a recent concentrator fire at the massive Oyu Tolgoi copper/gold mine, in Mongolia, the operation was on track to meet its expected full-year output. Turquoise Hill in October reduced its 2014 forecasts for gold and... 

Zambia royalty hike to force mine closures – chamber

By: Reuters Zambia's decision to hike royalty rates on open pit mining from 6% to 20% will lead to shaft closures and 12 000 job losses, the chamber of mines said on Friday. Barrick Gold said on Thursday it would suspend operations at its Lumwana Copper Mine after royalty increases were passed into law in... 

Zambia royalty hike to force mine closures – chamber

Codelco says El Teniente expansion two to three yrs behind schedule

By: Reuters The expansion of Chilean copper company Codelco's El Teniente underground mine has fallen around two to three years behind schedule, CEO Nelson Pizarro said on Friday. Pizarro, who took the helm at the world's No 1 copper producer earlier this year, added that the El Teniente expansion will... 

Horseshoe waits for better days

By: Esmarie Swanepoel ASX-listed junior Horseshoe Metals would have to wait for an increase in commodity prices before considering the development of its Horseshoe Lights copper-gold project, in Western Australia. A scoping study into the project, which is estimated to host some 12.85-million tonnes of resource,... 

Peru OKs environmental study for Southern Copper mine expansion

By: Reuters Peru approved the environmental study for Southern Copper's $1.2-billion expansion of its Toquepala mine, a project expected to raise copper output by 100 000 t/y, the government said on Thursday. Construction on the expansion, which will add a new concentrator at the mine and boost its tailings... 

Trevali on schedule for H1 Caribou start up

By: Henry Lazenby Zinc-focused, base metals mining company Trevali Mining on Thursday reported that its Caribou mine and mill complex project remained on track and within budget, with commissioning still expected to start in the first half of next year. The Caribou zinc/lead/silver mine and mill complex, located... 

First Quantum says Zambia royalties could discourage investment

By: Reuters Zambia's new mining royalty rate could be a "massive disincentive" for future investment if it does not come with some form of capital relief, First Quantum Minerals's president told Reuters on Thursday. President Clive Newall said the miner does not yet know the specifics of the scheme to raise... 

Barrick Gold to suspend Lumwana copper ops after Zambia passes new royalty law

By: Henry Lazenby Canada’s Barrick Gold Corp will suspend operations at its Lumwana copper mine, in Zambia’s Northwestern province, after the country enacted legislation that raised the royalty rate on openpit mining operations from 6% to 20%. TSX- and NYSE-listed Barrick, the world’s largest gold producer, said... 

Barrick Gold to suspend Lumwana copper ops after Zambia passes new royalty law
Photo by Barrick Gold
Lumwana, Zambia

Piran produces first tin in Rwanda

By: Esmarie Swanepoel Unlisted Piran Resources has produced its first tin concentrate from the Musha and Ntunga mines, in Rwanda. This initial production was sourced from reprocessing of tailings dumps from previous mining operations. 

Poseidon advances Black Swan buy

By: Esmarie Swanepoel Nickel miner Poseidon Nickel on Thursday extended the expected completion date of the Black Swan operation, from the end of this calendar year until March next year. However, MD and CEO David Singleton said that the extension to the completion deadline would not change Poseidon’s overall... 

Judge refuses Vale request to dismiss Rio Tinto lawsuit in US

By: Reuters A US federal judge on Wednesday refused to dismiss mining giant Rio Tinto's lawsuit against rival Vale, alleging it conspired with Israeli billionaire Beny Steinmetz and BSG Resources to steal the company's valuable mining rights in Guinea. US District Judge Richard Berman of Manhattan rejected... 

Venezuela restarts nickel output at asset taken over from Anglo

By: Reuters Venezuela has restarted production from the Loma de Niquel ferronickel asset it took from mining giant Anglo American in 2012 after cancelling its licences, data from an industry body showed this week. Information on Venezuela is patchy but the International Nickel Study Group (INSG) numbers... 

Teck Resources makes first shipment from restarted Pend Oreille ops

By: Henry Lazenby Diversified Canadian miner Teck Resources on Wednesday reported that it had made the first shipment of zinc and lead ore in concentrate from its restarted Pend Oreille operations, in north-eastern Washington State, across the border to its nearby Trail operations, in British Columbia, for... 

Sirius secures cash to fund Nova development

By: Esmarie Swanepoel Nickel developer Sirius Resources has secured a syndicated facility agreement worth A$440-million to fund the development of its Nova nickel project, in Western Australia. Sirius told shareholders that it had agreed to the facility, with Australia and New Zealand Banking Group, BNP Paribas, The... 

Discovery set to shut Boseto mine

By: Esmarie Swanepoel Copper miner Discovery Metals on Wednesday announced that it would mothball its Boseto openpit operation, in Botswana, within the next six months. The miner told shareholders that a review of the openpit operation had been launched earlier this year to determine the effect of the current and... 

Osisko Gold Royalties agrees to provide C$10m loan to Highland Copper

By: Henry Lazenby Gold-focused royalty and stream company Osisko Gold Royalties on Tuesday said it had agreed to give Canadian explorer Highland Copper Company a C$10-million secured loan in exchange for, among other things, a 3% sliding-scale net smelter return (NSR) royalty on all metals produced from the White... 

Poseidon puts price tag on Lake Johnston restart

By: Esmarie Swanepoel ASX-listed nickel miner Poseidon Nickel on Tuesday announced that its Lake Johnston project, in Western Australia, would require a capital injection of some A$8.3-million to restart operations. Poseidon acquired the Lake Johnston project from Norilsk Nickel in a A$1-million deal in September... 

IMX signs new JV deal over Ntaka Hill

By: Esmarie Swanepoel Junior explorer IMX Resources has agreed to a joint venture (JV) with Mauritius-based Fig Tree Resources Fund II, to divest of more than 70% of its Ntaka Hill nickel project, in Tanzania, in a deal valued at $5.88-million. IMX has been on the hunt for an investor into the Ntaka Hill project... 

Nevsun reports full power restored at Eritrea ops, lifts dividend

By: Henry Lazenby Horn of Arica-focused copper miner Nevsun Resources on Monday reported that a third-party power solutions provider has fixed and restored the electricity supply to the Bisha plant, in Eritrea. Nevsun last week reported that power supply issues had forced a temporary halt in concentrate... 

Harmony Gold, Newcrest to spend $2.3bn on Golpu feasibility

By: Martin Creamer Gold mining companies Harmony Gold of South Africa and Newcrest Mining of Australia plan to spend $2.3-billion on developing their Golpu deposit in Papua New Guinea. Harmony and Newcrest, which each own 50% of the Golpu project through the Wafi-Golpu Joint Venture, on Monday gave a firm thumbs up... 

Harmony Gold, Newcrest to spend $2.3bn on Golpu feasibility
Photo by Duane Daws
Graham Briggs

First Quantum shuts Australia nickel plant after acid spill

By: Reuters Canada's First Quantum Minerals has shut its 38 000 t/y Ravensthorpe nickel plant in Australia following an acid spill, which is under investigation. The rupture of a one of several tanks containing sulphuric acid used to leach nickel late on Sunday caused an undetermined amount of the hazardous... 

After conquering iron ore, BHP and Rio move to dominate in copper

By: Reuters Rio Tinto and BHP Billiton are amassing vast copper holdings in a push to capture a greater chunk of the $140-billion world market, apparently aiming to squeeze out high-cost producers just as they did in the global iron ore business. Separately and in joint ventures, Rio and BHP intend to mine... 

Panoramic to launch share buy-back

By: Esmarie Swanepoel Nickel miner Panoramic Resources on Monday announced an on-market share buy-back as part of its efforts to increase share value. The ASX-listed company told shareholders that it would buy-back some 15.96-million shares, and would cancel these shares once acquired. 

US Congress approves land swap for Rio-BHP copper mine in Arizona

By: Reuters The US Congress has cleared the way for global miners Rio Tinto and BHP Billiton to swap land with the government, which will allow them to build a long-delayed $6-billion copper mine in Arizona. The land swap, first proposed nine years ago, was tucked into the annual defence policy bill passed... 

Samco Gold to acquire Peruvian base metals project

By: Henry Lazenby Argentina-focused Samco Gold on Friday announced that it had signed an agreement to buy two Peruvian subsidiaries of Mantaro Resources for about $3.4-million in cash and scrip, which would give it control over exploration and mining concessions over the Dino polymetallic property. Samco would... 

Goldspike’s high-grade zinc discovery could fill looming market void

By: Henry Lazenby Goldspike Exploration, focused on the Lone Mountain zinc/lead deposit in Eureka County, Nevada, this week reported that assay results from its Phase 1 drilling campaign had confirmed a significant new discovery of high-grade zinc mineralisation. The TSX-V-listed explorer, with a track record of... 

Goldspike’s high-grade zinc discovery could fill looming market void
Photo by Goldspike Exploration
Lone Mountain project, Nevada

Waning investor confidence, weak commodity prices among factors limiting growth of African mining sector

By: Jade Davenport Along with the Arctic, sub-Saharan Africa remains the most underexplored and highly prospective mineralised region on earth. However, despite its ‘open for business’ approach and myriad investment opportunities – in terms of greenfield and brownfield projects across the commodity spectrum –... 

Waning investor confidence, weak commodity prices  among factors limiting growth of African mining sector

US$-denominated copper hedging gives Taseko the edge in volatile price environment

By: Henry Lazenby Base metals miner Taseko Mines on Thursday said it had copper put options in place to provide downside protection to the price of copper through to June 30, 2015. For the first half 2015, the Vancouver-based company had put options in place to guarantee a floor price for 30-million pounds of... 

Freeport resumes processing at sole US copper smelter

By: Reuters Freeport McMoRan operations at its sole US copper smelter have returned to normal production levels after it completed repairs on an electric furnace damaged in a fire at the Arizona facility, a spokesperson said on Thursday. Freeport, the largest US miner by market value and revenue, resumed... 

Nautilus receives PNG funds from escrow, forms Solwara 1 JV

By: Henry Lazenby Prospective marine miner Nautilus Minerals on Thursday formed a joint venture (JV) company with Papua New Guinea’s (PNG’s) nominee Eda Kopa (Solwara) to mine high-grade polymetallic seafloor massive sulphide deposits at 1 600 m below the surface of the Bismarck Sea, offshore PNG, within the... 

Glencore hunts for buyer to take on WA nickel mine

By: Esmarie Swanepoel Diversified miner Glencore this week confirmed its intentions to divest of the Cosmos nickel mine, in Western Australia. The project was placed on care and maintenance in 2012, while still under the ownership of Xstrata, before being incorporated into the Glencore stable during the takeover of... 

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