R/€ = 13.43 Change: 0.01
R/$ = 12.44 Change: 0.03
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Pt 963.50 $/oz Change: -1.00

Base Metals News

Tanzania gold export ban costing Acacia $1m a day in lost revenue

By: Megan van Wyngaardt     24th March 2017 The recent implementation of a gold and copper exports ban by the Tanzanian government is costing its largest gold miner, Acacia Mining, an average of $1-million a day in revenues. LSE-listed Acacia Mining on Friday said it was now taking a “range of actions” at its Bulyanhulu and Buzwagi mines... 

Hot Chili raises A$13m

By: Esmarie Swanepoel     24th March 2017 Junior copper developer Hot Chili is hoping to raise up to A$13-million through a private placement to refund its outstanding debt and fund exploration work. The ASX-listed company on Friday said it had arranged an offering of unsecured convertible notes, with the funding to be led by lender... 

Freeport-McMoRan sees no material impact on output from Peru strike

By: Reuters     24th March 2017 Freeport-McMoRan said Thursday that a nearly two-week strike has not materially impacted production levels at its Cerro Verde copper mine in Peru, the country's biggest, though the union said output has been cut in half. The union is preparing to skirt an order by the labour ministry to return... 

Raise drill tackles first African project

By: Tasneem Bulbulia     24th March 2017 The Redbore 100, “the crown jewel” of Redpath Mining’s series of raise drills, is undertaking its inaugural African project, in Zambia, extolls Redpath Mining Africa raiseboring manager Johan Davel. “One of the most powerful, largest-capacity, proven raise drills ever manufactured” is in... 

Raise drill tackles first African project
AFRICAN DEBUT The Redbore 100 has met the Synclinorium vent shaft project’s target rates, with Redpath on track to meet the projected completion date in July

‘Women, local communities must play greater role in mining’

By: Ilan Solomons     24th March 2017 Women must be encouraged and supported to play a greater role in Africa’s mining industries, states Zambian Mines, Energy and Water Development Minister Christopher Yaluma. The Minister, who was speaking at the Alternative Mining Indaba in Cape Town, last month, said that one of the greatest... 

‘Women, local  communities must play greater role in mining’
CHRISTOPHER YALUMA One of the greatest constraints women face in entering into the mining industry is in securing financing

Escondida workers to end strike as they opt for old contract

By: Reuters     23rd March 2017 The strike at Escondida, the world's largest copper mine, will end after workers decided to invoke a legal provision that allows them to extend their old contract, the union said on Thursday. The workers said they would present their decision to the government on Friday and return to work on... 

Nevsun finds more mineralisation at Eritrea-based Bisha, satellite deposits

By: Henry Lazenby     23rd March 2017 Canadian base metals producer Nevsun Resources has found more mineralisation at its flagship Bisha mine and satellite deposits in Eritrea, on the Horn of Africa. Drilling undertaken in 2016 has increased the inferred resource at the Harena deposit by nearly 130% to 25-million tonnes grading 0.93%... 

Nevsun finds more mineralisation at Eritrea-based Bisha, satellite deposits
Photo by Nevsun Resources
Bisha, Eritrea

BHP's Escondida mine says negotiations dissolved; will return to production

By: Reuters     23rd March 2017 The negotiation process between BHP Billiton and striking workers at its Escondida mine in Chile has ended unsuccessfully, Escondida mine president Marcelo Castillo said on Thursday, and the company will try to restart operations. The company will also evaluate an option of the Chilean labor code... 

Alara gets offtake partner for Oman project

By: Esmarie Swanepoel     23rd March 2017 Metals miner Alara Resources has signed an offtake agreement for the supply of some 35 000 t of copper concentrate from its Al Hadeetha project, in Oman. The company said on Thursday that, under the terms of the agreement, the concentrate will be shipped at regular intervals from the Sohar port,... 

Minerals railway in Peru to take 2-3 wks to resume – govt

By: Reuters     23rd March 2017 A railway used by copper, zinc and silver mines to transport their concentrates from Peru's central Andes to port will not likely be operative for at least two to three weeks following "important" damages from floods and mudslides, the transportation minister said on Wednesday. Martin Vizcarra... 

Canadian royalties, streaming firm Franco-Nevada reports rising revenues as it looks to diversify

By: Henry Lazenby     23rd March 2017 Canadian gold royalties and streaming firm Franco-Nevada Corp has recorded a 37.6% increase in revenue for 2016, boosted by record ounces delivered and soaring sales. The company, which derives income from 107 producing royalties and streams, achieved a 30.9% increase in gold-equivalent ounces... 

Canadian royalties, streaming firm Franco-Nevada reports rising revenues as it looks to diversify

No talks planned to end 5-1/2-week Quebec zinc plant strike – union

By: Reuters     22nd March 2017 No meetings are planned between management and striking workers at Noranda Income Fund's zinc refinery in Quebec, the second biggest in North America, a union official said on Wednesday, as the work stoppage dragged through a sixth week. The two sides last met, along with a mediator, on March 3... 

RNC, private equity firm Waterton Global form nickel-focused partnership

By: Henry Lazenby     22nd March 2017 Canadian miner Royal Nickel Corp (RNC) has joined forces with private equity firm Waterton Global Resource Management (WGRM) to buy, develop and operate nickel assets. The companies on Wednesday announced that they had inked a joint venture (JV) accord that will result in Waterton buying a 50%... 

RNC, private equity firm Waterton Global form nickel-focused partnership

EIUG supports Eskom plan for new pricing deals with power-intensive firms 

By: Terence Creamer     22nd March 2017 The Energy Intensive User Group of Southern Africa (EIUG) believes there is policy, legislative and regulatory space to introduce new electricity pricing arrangements to help restart of idle mining and process-industry activities, as well as encourage new investments to absorb Eskom’s surplus,... 

EIUG supports Eskom plan for new pricing deals with power-intensive firms

BHP mine struggling to stave off title of longest Chile strike

By: Bloomberg     22nd March 2017 The biggest copper mine in the world owned by the largest mining company is about to gain another, less desirable superlative – that of Chile’s longest mining strike in a generation. Management and union representatives at BHP Billiton’s Escondida are entering into another round of talks on... 

Alecto prepares for first blast at Mowana project

By: Natasha Odendaal     22nd March 2017 Alecto Minerals is “moving at speed” towards delivering continuous production and first sales from the Mowana copper project, in Botswana, with the first blast expected to take place within days. With appointed drill and blast contractor Capital Drilling mobilising its equipment to site, an... 

Africa’s biggest copper find keeps giving as Ivanhoe hits mineralisation 3.8 km west of Kakula

By: Henry Lazenby     22nd March 2017 The TSX-listed stock of Africa-focused explorer Ivanhoe Mining on Tuesday rose 12% after it announced that it had encountered more shallow, high-grade mineralisation at Africa’s largest copper deposit ever – the Kamoa-Kakula copper discovery, in the Democratic Republic of Congo (DRC). A new hole... 

Northern Dynasty, EPA file joint motion to extend stay of proceedings

By: Henry Lazenby     21st March 2017 Canadian project developer Northern Dynasty Minerals on Tuesday said its Alaska-based subsidiary Pebble Limited Partnership (PLP) and the US Environmental Protection Agency (EPA) have filed a joint motion in federal court to extend a stay of proceedings in ongoing litigation under the Federal... 

Zambia copper miners face $276m bill in power dispute

By: Bloomberg     21st March 2017 Zambian copper miners including the local unit of Glencore Plc could face a power bill of more than $276-million if they lose a dispute with the government over electricity tariff rises, according to Copperbelt Energy Corp., their biggest supplier. A resolution to the three-year battle could... 

Freeport Indonesia resumes copper concentrate production

By: Reuters     21st March 2017 Freeport McMoRan Inc's Indonesian unit has resumed production of copper concentrate at its giant Grasberg mine, a spokesman told Reuters on Tuesday, ending a more than one-month stoppage. "We have begun to resume operations in stages," Freeport Indonesia spokesman Riza Pratama said, confirming... 

Striking union at BHP's Escondida says it is open to further conversations

By: Reuters     21st March 2017 The union for striking workers at BHP Billiton's Escondida in Chile, the world's largest copper mine, said after meeting with the company on Monday that it was open to further conversations that could lead to reopening negotiations. "At this time, both parties are doing their own evaluation.... 

Metals X weighs cobalt options

By: Esmarie Swanepoel     21st March 2017 Metals miner and developer Metals X has told shareholders that it was weighing its options at its Wingellina and Maroochydore projects, in Western Australia, as cobalt prices and demand surged. The company said that the surge in cobalt prices and the ‘apparent fundamental shift’ in cobalt demand... 

Peru mine output stranded after rains disrupt rail shipments

By: Reuters     21st March 2017 Heavy rains in Peru have disrupted train transport of minerals from the country's central region to the Pacific Coast, and the train line could take at least 15 days to fix, VP and Transport Minister Martin Vizcarra said on Monday. The government is coordinating with mining companies to find... 

Striking union, BHP Billiton's Escondida mine to meet Monday

By: Reuters     21st March 2017 Striking workers at BHP Billiton's Escondida copper mine in Chile, the world's largest, said they will hold negotiations with the company on Monday, but the union imposed a condition that it will only discuss workers' three main demands. Union members have also given union leaders authority to... 

Elliott demands review of Arconic's voting deal with Oak Hill

By: Reuters     21st March 2017 Hedge fund Elliott Management, which is in the throes of a proxy battle with Arconic Inc, demanded on Monday an independent review of the company's voting agreement with private equity firm Oak Hill Capital Partners. Last week, Arconic disclosed that in August 2016 the company had reached a... 

Smaller global copper deficit seen in December – ICSG

By: Henry Lazenby     21st March 2017 The International Copper Study Group said Monday the global copper market deficit had fallen back to about 50 000 t in December, following a deficit of about 90 000 t in November. According to the group’s latest copper bulletin, world mine output is estimated to have increased by around 5%, or... 

Smaller global copper deficit seen in December – ICSG

Trilogy pulls the trigger on high-grade copper Arctic prefeasibility study

By: Henry Lazenby     20th March 2017 Alaska-focused mineral explorer Trilogy Metals will undertake a prefeasibility study (PFS) on the Arctic project, in Northwest Alaska – one of the highest-grade copper deposits known in the world with an average grade of 6% copper equivalent. "The PFS will demonstrate the true value of the... 

South African OEM completes equipment delivery to Chinese copper mine

By: David Oliveira     20th March 2017 South African original-equipment manufacturer Galison earlier this month completed the delivery of an automated underground rolling stock solution, comprising 40 underground wagons and two tipping stations, to Chinese State-owned copper mine Pulong, in Yunnan province, China, at a cost of about... 

South African OEM completes equipment delivery to Chinese copper mine
Galison's 20 m3 wagons are capable of carrying 40 t of rock in a single load

Union at Chile's Escondida slams new offer from management

By: Reuters     20th March 2017 The labor union at the world's largest copper mine, BHP Billiton's Escondida in Chile, called a fresh offer of talks by management to end a 39-day strike "manipulative." The union told Reuters on Sunday that it will decide whether to attend a meeting with the company after holding two assemblies... 

Arconic drops request for $259m US energy fund loan

By: Reuters     17th March 2017 Arconic said on Friday it had dropped its request for a $259-million loan from the US Energy Department, a day after the Trump administration proposed killing the programme aimed at boosting manufacturing of advanced technology vehicles. In 2015 the Obama administration announced a "conditional... 

TSX ends down as financials, commodity stocks retreat

By: Reuters     17th March 2017 Canada's benchmark stock index fell on Friday as financial stocks lost ground along with bond yields and as natural resource companies pulled back despite an uptick in commodity prices. The heavyweight financials group lost 0.6%, with insurance company Manulife Financial down 1.5% at C$24.13 and... 

New offer suggests breakthrough in Chile's Escondida strike

By: Reuters     17th March 2017 Chile's Escondida has agreed to meet with its union and made changes to its contract offer, it said on Friday, a move that could herald the first real sign of a breakthrough in a strike at the world's biggest copper mine. The strike at the BHP Billiton-owned mine has lasted 37 days and has... 

Growing output, rising precious metal prices to benefit Maverix

By: Henry Lazenby     17th March 2017 Maverix Metals, a relatively newly TSX-V-listed royalty vehicle created last July, when Canadian miner Pan American Silver spun out its royalty portfolio, populating it with some of its management, is positioned to grow output and leverage rising precious metals prices over the coming years. The... 

Growing output, rising precious metal prices to benefit Maverix

Vedanta already turning Anglo’s discarded zinc assets to account 

By: Martin Creamer     17th March 2017 Diversified mining company Vedanta, which is being associated with the acquisition of 13% of the equity of Anglo American by Volcan Investments because of the link both these entities have with Indian billionaire Anil Agarwal, has done well with the South African assets it acquired from Anglo... 

Vedanta already turning Anglo’s discarded zinc assets to account
Flashback video: Vedanta's Zinc International CEO Deshnee Naidoo updates Mining Weekly Online’s Martin Creamer on the Gamsberg zinc project. Video and Video Editing: Nicholas Boyd.

Anglo's billionaire investor puts mining on cusp of M&A era

By: Bloomberg     17th March 2017 Anil Agarwal’s surprise move into Anglo American suggests the mining industry may be on the cusp of a new wave of deals. For years, Anglo has been the subject of takeover speculation and during the worst of the commodities crisis it seemed on the verge of a breakup. It spent last year getting... 

Anglo's billionaire investor puts mining on cusp of M&A era
Photo by Bloomberg
Anil Agarwal

Suspended Philippine nickel miner plans to restart in policy test

By: Reuters     17th March 2017 A Philippine nickel ore producer plans to reopen two mines suspended for environmental violations while it awaits the outcome of an appeal, in a test of rules around the government's crackdown on the industry. The two mines were among 10 suspended last year during a months-long audit led by... 

Orion's purchase of Prieska project to proceed

By: Esmarie Swanepoel     17th March 2017 Junior metals developer Orion Gold has ticked all the boxes to complete the acquisition of Agama Exploration & Mining, to gain a 73.33% interest in the Prieska copper mine, in South Africa. Orion on Friday said that, following the completion of a convertible note issue, the company was now fully... 

Todd River IPO raises A$6m

By: Esmarie Swanepoel     17th March 2017 The initial public offering (IPO) of base metals spin-off Todd River Resources has raised A$6-million. ASX-listed parent company TNG on Friday said up to 30-million shares were offered, with an issue price of 20c each, along with one free attaching option for every two subscribed shares. 

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