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First copper from DRC-China deal due by year end – govt

By: Reuters     Updated 49 minutes ago A joint venture between Democratic Republic of Congo's (DRC's) State miner and two Chinese companies, signed under a 2009 "minerals for infrastructure" deal, will begin producing copper before the end of 2015, the DRC's government said on Thursday. Under the deal Chinese companies pledged to... 

Venturex to sell Pilbara copper/zinc mine for A$14m

By: Esmarie Swanepoel     Updated 1 hour 5 minutes ago ASX-listed Venturex Resources has executed a conditional term sheet to divest of its Pilbara copper/zinc mine in a transaction worth A$14-million. The transaction would see Venturex divest of its three wholly-owned subsidiaries that hold the Pilbara mine to Orion Mine Finance Group. 

Axiom secures A$4m to fund Isabel

By: Esmarie Swanepoel     Updated 1 hour 14 minutes ago Metals developer Axiom Mining has raised A$4-million through a share placement and a convertible note issue to fund the development of its Isabel nickel project, in the Solomon Islands. The junior reported on Friday that shares had been placed to a number of institutional and high net worth... 

Junior highlights sector’s prospects of rejuvenating SA mining

By: Ilan Solomons Black economic empowerment junior mining and exploration company Lerama Resources believes that the small junior mining sector, if sufficiently financially supported, could turn around the fortunes of the ailing South African mining industry. Lerama is currently involved in two exploration... 

Junior highlights sector’s prospects of rejuvenating SA mining
BUSHVELD COMPLEX EXPLORATION WORK Lerama Resources is currently involved in two exploration projects in the Bushveld Complex, in Limpopo, which have the potential to become small polymetallic base-precious metal producers

Trevali lifts equity financing by $10.6m

By: Henry Lazenby Base metals-focused Trevali Mining has increased a bought-deal financing to $30.6-million. The zinc producer had initially engaged Dundee Securities to lead a syndicate of underwriters to buy 19.61-million shares in the company to raise $20-million, but on Thursday announced that it had... 

Botswana defers copper tax to support struggling producers

By: Reuters Botswana will defer for one year the payment of a three percent royalty tax to support copper producers during a period of weak global demand and to avoid job losses, Minerals Minister Kitso Mokaila said on Thursday. Copper producers in Botswana include AIM-listed African Copper and Discovery... 

Glencore's Zambia mining unit completes refinery upgrade

By: Reuters Zambia's Mopani Copper Mines (MCM) owned by Glencore said on Thursday it had completed upgrading a copper refinery at cost of $74-million seven months ahead of schedule. Mopani said in a statement that the completion of the upgrades at the Mufulira refinery located 385 km (239 miles) north of the... 

Finders ticks the last box for Wetar financing

By: Esmarie Swanepoel Copper miner Finders Resources on Thursday reported that the company had completed the final milestone for the $165-million senior project finance facility, allowing first draw-down to proceed. Finders told shareholders that the company’s Indonesian subsidiary had completed a mandatory hedging... 

First Quantum launches equity offering of up to C$1.44bn

By: Henry Lazenby Base metals producer First Quantum Minerals on Wednesday announced that it planned to raise up to C$1.44-billion through a common share equity offering. The TSX- and LSE-listed company said it intended to use the net proceeds of the offering to advance and expand existing production facilities,... 

Great Panther Silver eager to start work on Coricancha

By: Henry Lazenby Mexico-focused Great Panther intends to start, as soon as possible, surface drilling at the Coricancha mine complex, through which it has gained a foothold in Peru, the second largest silver producing country in Latin America. The surface drilling will focus on defining and expanding zones of... 

Xtract gets major discount on O’Kiep acquisition

By: Megan van Wyngaardt Aim-listed Xtract Resources has successfully renegotiated the deed of assignment for the acquisition of the O'Kiep copper sulphide tailings project, in the Northern Cape, which would result in a reduced cash payment of $2.88-million, a 28% reduction from the initial $4-million payment. Xtract... 

Xtract gets major discount on O’Kiep acquisition
Photo by Duane Daws
CEO Jan Nelson

Poseidon finds buyer for Silver Swan

By: Esmarie Swanepoel ASX-listed nickel miner Poseidon Nickel has sold the rights to mine the Silver Swan underground operation, on the Black Swan tenements in Western Australia, in a deal valued at A$1.5-million, in cash and shares. The Black Swan operations were acquired from major Norilsk Nickel earlier this year,... 

Southwire sees no aluminum supply disruption from Century lockout

By: Reuters Cable and wire manufacturer Southwire has taken steps to ensure supplies to its Kentucky rod plant continue, a spokesman said on Tuesday, as a lockout at supplier Century Aluminum Co's nearby smelter enters its second week. "We have taken steps to ensure that we have an adequate supply of... 

South32 in superb second-day share surge

By: Martin Creamer The share price of the new South32 mining company soared superlatively on day two. The demerged entity shot up 14% on the Australian Stock Exchange (ASX), rose 6.23% on top of Monday’s 3% rise in early morning trade on the Johannesburg Stock Exchange (JSE), and even closed higher at £1.08 a share... 

South32 in superb second-day share surge
Photo by Duane Daws
Mike Fraser at South32 listing in Johannesburg.

Nyrstar agrees sale option for Peruvian mine

By: Reuters Belgium's Nyrstar, the world's largest zinc producer, has sold an option to buy its mothballed Peruvian mine in Coricancha to Canada's Great Panther Silver. Great Panther will pay $1.5-million for its option, with the possibility of extending it for another year for the same amount, Nyrstar said... 

Poseidon sells Lake Johnston product

By: Esmarie Swanepoel Nickel miner Poseidon Nickel has agreed to sell up to 4 000 t of nickel concentrate, valued at A$2.3-million from its Lake Johnston facility to stainless steel producer Tsingshan Iron & Steel. Poseidon said on Tuesday that the concentrate was stored on site, and had been recovered and used to... 

Peru strike spares output at top copper and gold mines

By: Reuters Peru's production of copper and gold was largely unaffected by a national strike on Monday as unionised workers declined to down tools for fear of losing their jobs and companies used replacements. Walk-outs at some mines, however, might have curbed silver, tin and iron output, according to... 

Rio Tinto, Mongolia agree on Oyu Tolgoi underground development path

By: Esmarie Swanepoel Mining giant Rio Tinto on Tuesday announced the signing of the mine development and financing plan for the underground mine at the Ouy Tolgoi copper operation, in Mongolia. The plan addressed key outstanding shareholder issues, and set out an agreed basis for the funding of the project Rio said... 

Rio Tinto, Mongolia agree on Oyu Tolgoi underground development path

South32 shares rise on JSE debut, BHP Billiton shares fall

By: Martin Creamer Value generation from the assets of South32 in the months ahead of its debut on the Johannesburg Stock Exchange (JSE) is indicative the upside potential of the triple-listed BHP Billiton spin-off company, which saw its shares end up well in the money at the JSE's close on Monday and those of BHP... 

South32 shares rise on JSE debut, BHP Billiton shares fall
Photo by Duane Daws
Mike Fraser (left) with Martin Creamer at South32 listing.

Rio Tinto to sell aluminium assets in $1bn deal – paper

By: Reuters Global miner Rio Tinto plans to sell some of its aluminium assets in a potential $1 billion deal, the Financial Times reported, reviving a sale plan for its Pacific Aluminium unit two years after it was cancelled. The Financial Times, citing "people aware of Rio's plans", said on Sunday that Rio... 

Oracle Q4 net loss unchanged in Q1 at $2.2m

By: Tracy Hancock Dual-listed Oracle Mining Corp maintained a $2.2-million net loss for the quarter ended March 31, having reported the same result for the three months ended March 31, 2014. The Vancouver, Canada-based corporation explained on Friday that the net loss for the period under review included a... 

Oracle Q4 net loss unchanged in Q1 at $2.2m

Southern Copper to announce 'pause' in Peru project – sources

By: Reuters Southern Copper Corp was preparing to announce a formal "pause" in its stalled $1.4-billion Tia Maria project in Peru amid deadly protests against it, two government sources and a company source said on Friday. 

$782m zinc project investment approved

Diversified mining company Vedanta Resources, in November last year approved $782-million in investment over a three year period, to fund the conversion of the Skorpion Zinc refinery in Namibia, and to develop an openpit zinc mine in Gamsberg, South Africa. 

Engineering company innovates to save money and time

By: Dylan Stewart Multidisciplinary engineering company LogiMan has successfully completed its work on the Tschudi copper project, in Namibia, ahead of schedule and within budget. 

Chile cuts mining investment outlook by $30bn over next decade

By: Reuters Chile scaled back its expectations for investment in its vast mining industry by some $30-billion over the next decade, due to fewer gold mines being developed and other projects being delayed, Mining Undersecretary Ignacio Moreno said on Thursday. Mining investment in Chile, the world's top... 

Mining industry still has much to do – Ramatlhodi 

By: Megan van Wyngaardt In light of all the downscaling activity in the local mining industry, Mineral Resources Minister Ngoako Ramatlhodi on Thursday said he was “alarmed at the rate at which retrenchments have been taking place”. Most recently, platinum miner Lonmin announced that it was looking to scale down by... 

Mining industry still has much to do – Ramatlhodi
Photo by Duane Daws
Minister Ngoako Ramathlodi

Aditya Birla widens losses in full year

By: Esmarie Swanepoel Copper miner Aditya Birla has reported an after-tax net loss of A$219.7-million during the full year ended March, compared with a loss of A$224 000 reported in the previous financial year. The significant loss was ascribed to the halting of operations at the Nifty copper project, in Western... 

Mwana to hold EGM, shareholders to vote on board changes

By: Creamer Media Reporter The board of directors of multicommodity mining company Mwana Africa has advised shareholders to vote against proposals by a group of minority shareholders to unseat four independent nonexecutive directors. The company on Wednesday informed shareholders that the group of minority shareholders,... 

Sirius signs copper offtake at Nova

By: Esmarie Swanepoel Metals developer Sirius Resources on Wednesday announced that it had signed an offtake agreement with commodities trading group Trafigura over the planned copper sulphide concentrate at the Nova nickel mine, in Western Australia. The Nova nickel mine was expected to deliver about 26 000 t/y of... 

Creamer Media publishes African Mining Roundup for May 2015 research report

This month’s report includes details of iron-ore company Tawana’s agreement to formalise the legal and commercial conditions of the Mofe Creek project, in Liberia; Canadian miner Nevsun Resources’ Bisha operation, in Eritrea, which is on track to start commissioning at its new zinc plant by... 

Creamer Media publishes African Mining Roundup for May 2015 research report

Century Aluminum US plant lockout in prospect after union rejects deal

By: Reuters The United Steelworkers union has rejected a pay deal from Century Aluminum for workers at the fourth-largest aluminium smelter in the US, the local branch said on Tuesday, and a lockout is now set to go ahead. Unionised workers at the Century Aluminum smelter in Hawesville, Kentucky, had voted... 

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