R/€ = 13.69 Change: 0.00
R/$ = 12.95 Change: -0.02
Au 1257.07 $/oz Change: 0.37
Pt 1028.00 $/oz Change: 0.80

Base Metals News

Copper not expected to hit $3/lb until mid-year

By: Henry Lazenby     25th February 2017 Bank of America Merrill Lynch (BofAML) does not expect the copper price to rally to $3/lb at least until mid-year, as a softer Chinese copper market and global policy uncertainty weighs. After rallying by 28% in the fourth quarter of 2016, copper prices have held up into the first quarter,... 

High noon approaches for Centerra, Kyrgyz disputes as cash reserves dwindle

By: Henry Lazenby     25th February 2017 Resolution of the drawn-out dispute between Canadian gold producer Centerra Gold, the Republic of Kyrgyzstan and Kyrgyz State miner Kyrgyzaltyn is potentially possible by mid-year, the multinational miner said late Thursday. Having filed with the Permanent Court of Arbitration early in January a... 

High noon approaches for Centerra, Kyrgyz disputes as cash reserves dwindle

Vale intensifies CEO search as Ferreira to quit, sources say

By: Reuters     24th February 2017 Vale has stepped up the search for a new CEO as Murilo Ferreira announced his departure, signalling efforts by some top shareholders to shield the world's No 1 iron producer from political interference, three people with direct knowledge of the situation said on Friday. Earlier in the day, Rio... 

Elliott raises stake in Arconic, pushes harder for CEO ouster

By: Reuters     24th February 2017 Hedge fund Elliott Management said on Thursday it had raised its stake in specialty metals maker Arconic Inc to about 13% and stepped up pressure for the ouster of CEO Klaus Kleinfeld. Elliott also made a big push for hiring Larry Lawson, former CEO of aircraft parts maker Spirit AeroSystems... 

CuDeco awards contract at Rocklands

By: Esmarie Swanepoel     24th February 2017 Despite operations at the Rocklands copper mine, in Queensland, remaining suspended, owner CuDeco has awarded a mining contract for the resumption of Stage 1 operations to Andy’s Earthmovers. The scope of the award is for the initial Stage 1 mining and for the first part of the mining of the Las... 

Growth in copper supply to slow through 2020 – ICSG

By: Henry Lazenby     24th February 2017 Global copper mine production growth is expected to slow to 2.5% a year through 2020, down from an average growth rate of almost 4% a year in the last five years, the International Copper Study Group (ICSG) said on Thursday. The Lisbon, Portugal-based think tank cited continued delays in project... 

Growth in copper supply to slow through 2020 – ICSG

30 000 t/y output in three years targeted

     24th February 2017 Aim-listed copper mining company Weatherly International is targeting production in Namibia of 30 000 t/y within three years at a production cost of less than $2/lb with minimal capital expenditure (capex). This is according to the company’s November investor presentation in which it notes that... 

30 000 t/y output in  three years targeted
Photo by Bloomberg
COPPER CATHODE Tschudi is producing 17 000 t/y of London Metal Exchange Grade A cathode for the next nine years at a C1 cost of $1.75/lb

Canadian miner achieves record smelter production

     24th February 2017 Canada-based international gold mining company Dundee Precious Metals’ (DPM’s) Tsumeb copper smelter, in Tsumeb, in Namibia, achieved record smelting production in December, with quarterly concentrate production also at a record high of 61 270 t, DPM said when it announced its mine and smelter... 

Delivering integrated power solutions for African projects

By: Tasneem Bulbulia     24th February 2017 Integrated energy solutions provider Zest Energy, a member of the Zest WEG group, is set to hand over a power generation solution for Syrah Resources’ Balama graphite mine, in Mozambique, at the end of April. This flagship project – the company’s largest power plant in terms of power output –... 

Delivering integrated  power solutions for African projects
POWER PROJECT Zest Energy successfully delivered a mobile substation solution to the Kamoa-Kakula mine in the Democratic Republic of Congo

Global mining-sector resurgence predicted 

By: Ilan Solomons     24th February 2017 Given that the global economy is expected to grow by 3.4% this year and 3.5% in 2018, the health of global macroeconomics is good, which bodes well for a resurgence in the global mining industry during the course of this year. This is according to Standard Bank mining and metals research head Tim... 

Global mining-sector resurgence predicted
Standard Bank's Tim Clark and Sandra du Toit discuss their perceptions of the state of the global mining sector and give their predictions for the year ahead.

Rapid energy access needed in Southern Africa

     24th February 2017 The rebound in commodity prices should usher in new projects as well as the expansion of existing operations in Southern Africa’s mining industry, but the region, counteractively, has an insufficient power supply, says fast-track mobile turbine power provider APR Energy regional sales director... 

Zambia dumps copper concentrate import tariff

By: Ilan Solomons     24th February 2017 The Zambia Chamber of Mines (ZCM) has welcomed the removal of 7.5% import duty on copper concentrates following a recent statement by Finance Minister Felix Mutati. This was preceded by months of mining companies voicing concern about the impact that the imposition of the duty would have on the... 

Zambia dumps copper concentrate import tariff
CONCENTRATE CONSTERNATION Zambia’s concentrate production does not meet processing capacity as some of its smelters are in ramp up phase

Vale hits profit home run on strong production, rising iron-ore prices

By: Henry Lazenby     23rd February 2017 Brazil’s Vale, the world’s largest iron-ore producer, has swung back into the black with a net profit of $3.98-billion for 2016, boosted by higher iron-ore prices and record output. This represents a significant swing from a loss of $12.13-billion in 2015. 

Vale hits profit home run on strong production, rising iron-ore prices
Photo by Vale
Vale reported record 2016 iron-ore production, set to increase this year as the world's biggest iron-ore, S11D, mine ramps up

Analysts acclaim Glencore’s performance as good fundamentals return

By: Martin Creamer     23rd February 2017 Commodity market fundamentals are improving against a backdrop of better than expected demand and limited, if any, inventory build through the trough of the cycle, diversified mining and marketing company Glencore said on Thursday. This comes against the background of the London-, Hong Kong- and... 

Analysts acclaim Glencore’s performance as good fundamentals return
Glencore CEO Ivan Glasenberg

Oz profits fall as blackout reduces output

By: Esmarie Swanepoel     23rd February 2017 Copper-gold miner Oz Minerals has reported a fall in underlying net profit for the full year to December, compared with the previous corresponding period, as revenue fell. Underlying net profit reached A$134-million, compared with A$140-million for 2015. 

St Augustine certain Philippine mineral sharing accord will withstand legal scrutiny

By: Henry Lazenby     23rd February 2017 TSX-listed St Augustine Gold and Copper (SAGC) this week said its mineral production sharing agreement (MPSA), which covers the King-king copper/gold project in Mindanao, Philippines, will withstand legal scrutiny after authorities earmarked the permit for cancellation. The Philippine Department... 

Global refined copper market saw wider deficit in November – ICSG

By: Henry Lazenby     23rd February 2017 The International Copper Study Group reports a global copper market deficit of about 90 000 t in November, up from the 64 000 t deficit in October. The November deficit was mainly attributable to a 3.5% increase in apparent Chinese demand in the first 11 months of 2016, the Lisbon, Portugal-based... 

Global refined copper market saw wider deficit in November – ICSG

Hudbay narrows loss as metals prices rise

By: Henry Lazenby     23rd February 2017 Canadian base metals producer Hudbay Minerals has reported a loss of $47.3-million, or $0.20 a share, for the three months to December 31, compared with a loss of $255.5-million for the comparable period a year earlier. For the full 2016, its loss narrowed to $35.2-million, $0.15 a share,... 

BHP in for the long haul on Escondida strike as it eyes 30-day wait

By: Reuters     22nd February 2017 BHP Billiton's decision this week to give up its legal right to replace striking workers at the Escondida copper mine, in Chile, is a move aimed at sacrificing some output to undermine the union's position, analysts said Wednesday. The strike began on February 9, after workers voted... 

Goldman says commodities need proof of demand to rally more

By: Bloomberg     22nd February 2017 Commodity markets will probably stay in a “holding pattern” until there are hard data showing real demand and shrinking stockpiles to support the recent price rally, according to Goldman Sachs Group, which expects such evidence to emerge in the second quarter. “Market positioning is now extremely... 

Congo said to get $100-million to clear China Moly purchase

By: Bloomberg     22nd February 2017 The Democratic Republic of Congo’s state mining company received $100-million as part of a settlement to drop its objections to the sale of the country’s biggest copper mine to Chinese buyers, according to people with knowledge of the agreement. The cash payment was made last month after... 

Western Areas swings back to profit

By: Esmarie Swanepoel     22nd February 2017 Nickel miner Western Areas has swung back to profit in the half-year ended December 31, as earnings before interest, taxes, depreciation and amortization (Ebitda) improved by 58% over the previous corresponding period. Ebitda for the half-year reached A$29.5-million, resulting in net profit of... 

Kipoi hit by disruptions, output affected – Tiger

By: Esmarie Swanepoel     22nd February 2017 A number of disruptive events at the Kipoi copper project, in the Democratic Republic of Congo, have resulted in ASX-listed Tiger Resources warning of a "material negative impact" on cash flows, as well as reduced revenues from lower copper production. The miner in October 2016 reported that heap... 

Escondida will wait 30 days into strike to replace workers

By: Reuters     22nd February 2017 Chile's Escondida copper mine, the world's largest, said on Tuesday it would not begin replacing striking workers for at least 30 days into the work stoppage to show its commitment to dialogue. The mine can legally hire temporary workers after 15 days of a strike. Tuesday marked 13 days since... 

Copper Mountain Q4 earnings beat forecasts as sales soar

By: Henry Lazenby     22nd February 2017 British Columbia-focused copper/gold producer Copper Mountain Mining has reported buoyant fourth-quarter earnings attributable to shareholders of C$2.1-million, or C$0.01 a share, a swing back to profit as improving prices and sales volumes boosted the bottom line. The Vancouver-based miner,... 

BC confirms mineral exploration tax credits in 5th balanced budget

By: Henry Lazenby     22nd February 2017 The British Columbia provincial government on Tuesday unveiled its fifth consecutive budget in the black, confirming critical fiscal supports for the mineral exploration industry, previously unveiled by Liberal Premier Christy Clark. The 2017/18 budget, which is expected to run a C$295-million... 

BC confirms mineral exploration tax credits in 5th balanced budget
Photo by Geoscience BC
The British Columbia provincial government has confirmed critical fiscal supports for the mineral exploration industry, previously unveiled by Liberal Premier Christy Clark

Anglo targets further $1bn in cost, volume improvements in 2017

By: Ilan Solomons     21st February 2017 Diversified miner Anglo American is this year seeking an additional $1-billion in incremental net cost and volume improvements, while also aiming to return to an investment-grade credit rating and resume dividend payments. The group has already identified 75% of these targeted net cost and volume... 

Anglo targets further $1bn in cost, volume improvements in 2017
Anglo American is aiming to have capital expenditure maintained at $2.5-billion and stay-in-business capital increased to $1.2-billion in 2017

CuDeco gives MD walking papers

By: Esmarie Swanepoel     21st February 2017 The board of copper miner CuDeco has demanded the immediate resignation of MD Dr Dianmin Chen, after the suspension of operations at the company's flagship Rocklands project. The Queensland Department of Natural Resources and Mines temporarily suspended operations at Rocklands pending the... 

DeGrussa delivers increased profits for Sandfire

By: Esmarie Swanepoel     21st February 2017 ASX-listed Sandfire Resources has reported a solid half-year, with higher profits and revenues. Profits after tax increased from A$15.7-million in the first half of the 2016 financial year to A$35.9-million in the first half of the current financial year, while revenues had increased from... 

Newmont appoints new head for South American assets

By: Natasha Odendaal     21st February 2017 Gold and copper producer Newmont Mining has tasked mining executive Dean Gehring with leading its South American business, effective June 1. Gehring will succeed Trent Tempel, who is retiring after 33 years at the firm. 

Government-mediated talks between Escondida union, BHP fail

By: Reuters     21st February 2017 A government-mediated meeting between BHP Billiton and striking workers at its Escondida mine in Chile has failed, and workers will head back to their encampment without any future dialogue planned, a union spokesman told Reuters on Monday. "The company is continuing with their stubborn posture,... 

Freeport Indonesia says could seek arbitration over mining contract violations

By: Reuters     20th February 2017 Freeport-McMoRan Inc's Indonesian unit said on Monday it hoped to resolve a dispute with the government over its mining contract, but reserved the right to start arbitration against the government and seek damages. Freeport has submitted a notification to Indonesia's mining ministry describing... 

CuDeco to update Rocklands health, safety management system as ops suspended

By: Esmarie Swanepoel     20th February 2017 Operations at the Rocklands copper mine, in Queensland, have been temporarily suspended by order of the Department of Natural Resources and Mines, pending the submission of an updated safety and health management system. ASX-listed CuDeco said on Monday that a desktop audit by the Queensland... 

Higher costs, lower prices impact on First Quantum's Q4 net earnings

By: Henry Lazenby     18th February 2017 Base metals producer First Quantum Minerals' net earnings from continuing operations decreased to $12-million for the three months ended December 31, compared with $111-million posted for the fourth quarter of 2015, as higher costs and lower metals prices weighed on the bottom line. For the full... 

Freeport declares force majeure at Indonesia copper mine

By: Reuters     18th February 2017 Freeport-McMoRan said on Friday it cannot meet contractual obligations for copper concentrate shipments from its Grasberg mine in Indonesia following a five-week export ban, the second big producer in a week to declare force majeure. Production at Freeport's giant mine in Papua, Indonesia, came... 

Anglo to suspend copper mining at El Soldado in Chile

By: Reuters     18th February 2017 Anglo American will temporarily suspend operations at its El Soldado copper mine in Chile after failing to receive regulatory approval for a redesign that would have helped keep output flowing, the company said on Friday. Chilean mining regulator Sernageomin has rejected the permit request for... 

Sherritt to ramp up 2017 capex as it resumes oil & gas drilling, Ambatovy charges

By: Henry Lazenby     18th February 2017 Diversified miner Sherritt International says it expects to increase capital expenditure (capex) on new mining development and fleet upgrades this year. The Toronto-headquartered company said the majority of its $129-million capex budget for this year will be focused on completing the first Block... 

Asa delivers mixed quarter as Trojan weighs on performance

By: Natasha Odendaal     17th February 2017 London-listed Asa Resources has delivered a mixed performance in the third quarter as commodity prices declined and some lingering operational difficulties persisted at its Trojan nickel mine, in Zimbabwe. However, the company has implemented several mitigating measures to deal with the... 

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