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Codelco says protectors damage key Ministro Hales mine equipment

By: Reuters     Updated 1 hour 11 minutes ago Chilean state copper company Codelco said important mine equipment at its newest project Ministro Hales had been seriously damaged by striking contract workers who seized control of the site this week, potentially affecting output. Contract workers affiliated with the Confederation of Copper... 

Noranda Aluminum halts billet output at Missouri plant after blast

By: Reuters     Updated 1 hour 14 minutes ago Noranda Aluminum has suspended output of aluminium billet extrusion at its New Madrid plant, in Missouri, after an explosion at the site, a spokesperson said on Tuesday, a move that could relieve downward pressure on prices in the glutted market for the metal. The blast took place at about 12:30... 

Ivanhoe, Zijin extend Kamoa transaction completion date

By: Megan van Wyngaardt TSX-listed Ivanhoe Mines and Zijin Mining Group have extended the completion date for Zijin's planned investment in Ivanhoe's Kamoa copper project, in the Democratic Republic of Congo, to 15 business days after the satisfaction or waiver of all conditions precedent to the transaction have been... 

Codelco's Ministro Hales mine halted as protesters occupy site

By: Reuters Chile State copper producer Codelco said it had suspended operations at its Ministro Hales mine, in northern Chile, after the complex was seized by striking contract workers. Contract workers affiliated with the Confederation of Copper Workers, or CTC, have been on strike across Codelco's... 

First Nickel resumes operations at Lockerby after explosion

By: Sashnee Moodley Mining and exploration company First Nickel resumed normal operations on Monday, following an underground explosion at its Lockerby mine, south-west of Sudbury, in Ontario, on Sunday morning.  

First Nickel resumes operations at Lockerby after explosion

Congo gold production rises 79% in Q2 – report

By: Reuters Gold production in the Democratic Republic of Congo rose sharply in the second quarter and copper production also picked up, the central bank said on Monday, despite uncertainty about a proposed revision of the mining code. Congo, which hopes to become one of Africa's leading gold producers,... 

Canada's First Quantum Minerals to lay off 1 480 workers in Zambia

By: Reuters Canada's First Quantum Minerals will lay off about 1 480 workers at one of its Zambian copper projects after a reduction in its power supply curbed production, the company's local subsidiary said on Sunday. "Regrettably a reduction of approximately 1 480 construction jobs will be brought forward... 

Zambian villagers to take on mining firm Vedanta in UK court

By: Reuters British mining company Vedanta Resources faces legal action in London's High Court after a group of Zambian villagers said their water source and farmland was polluted by the firm's copper mining operations. Vedanta owns a 79.4% stake in Zambia's Konkola Copper Mines, which was also named by... 

Now is the right time for S2 – Bennett

By: Esmarie Swanepoel Takeover target Sirius Resources’ MD and CEO Mark Bennett on Monday said there was definite opportunity to expand the project portfolio of the demerged S2 Resources, following a merger of Sirius and fellow-listed Independence Group. Metals miner Independence Group in May announced plans to merge... 

Now is the right time for S2 – Bennett
Photo by Bloombeg
Sirius CEO Mark Bennett

Panoramic changes Lanfranchi plans, dismisses staff

By: Esmarie Swanepoel Nickel miner Panoramic Resources has suspended mining at its Deacon orebody, within the Lanfranchi operations, in Western Australia, following an earlier seismic activity. Mining from the Deacon orebody was expected to decline in 2016 as the orebody was depleted; however, Panoramic took the... 

Straits details refinancing deal

By: Esmarie Swanepoel Copper developer Straits Resources has inked a binding agreement with lender Standard Chartered Bank (SCB) and Asian investment firm PAG subsidiary PAG SPV to restructure its debt. Under the terms of the agreement, Straits’ $111-million outstanding debt with SCB would be reduced by more than 50%... 

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... 

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... 

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... 

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... 

Low gold price places 10% of all miners in a lossmaking position

By: Ilan Solomons Following the announcement earlier this month by China’s Central Bank of a seemingly “underwhelming” 57% increase in gold reserves, the gold price plunged to below $1 100/oz amid a broader commodities sell-off. International research firm Wood Mackenzie data suggests these price levels put about... 

Low gold price places 10% of all miners  in a lossmaking position
DRAMATIC DECLINE Following a decade of generally poor capital allocation, cumulative net losses and poor shareholder returns, by June this year the market priced the gold mining sector at just a fraction above its net tangible worth

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... 

First Quantum idles Sentinel to operate Kansanshi at capacity amid power reductions

By: Natasha Odendaal Aim- and TSX-listed First Quantum Minerals has idled its Sentinel processing plant and redirected its power supply to enable its Kansanshi mine to operate as close to capacity as possible and maintain its development momentum, as Zambia’s power utility imposes power restrictions on mines in the... 

First Quantum idles Sentinel to operate Kansanshi at capacity amid power reductions

Zambia's H1 copper output rises 2.1%

By: Reuters Zambia's copper production increased by 2.1% in the first half of 2015 versus the same period last year as mining companies in Africa's No.2 producer of the metal ramped up output in May and June, the statistics office said on Thursday. "Increase in copper production in May and June of 2015 was... 

Panoramic misses the mark in FY2015

By: Esmarie Swanepoel Nickel miner Panoramic Resources fell just short of reaching its production targets for the financial year ended June 30, as the fourth-quarter output from its Lanfranchi operation, in Western Australia, continued to be affected by seismic events that happened in April. Following two separate... 

Capstone Mining’s Q2 profit sags on lower sales, prices

By: Henry Lazenby Canadian miner Capstone Mining has reported a 92% slide in second-quarter earnings, as lower sales, lower realised prices and increased costs impacted the company’s quarterly performance. Vancouver-based Capstone, which had operations in the US, Mexico, Canada, Chile and Australia, reported net... 

Nautilus Mining awards vessel dewatering plant design contract

By: Henry Lazenby Prospective seafloor miner Nautilus Minerals has awarded a contract for the detailed design of the Solwara 1 dewatering plant to be used on the company’s production support vessel to the Brisbane office of global consulting engineering firm DRA Group. The scope of work awarded to DRA involved the... 

$750m Dugald River gets the go-ahead

By: Esmarie Swanepoel Hong Kong-listed MMG has approved the updated development plan for the Dugald River zinc/lead/silver project, in Queensland, bringing the project on line at a time when global zinc supply is expected to dissipate with the closure of a number of mines. In April this year, MMG flagged that it was... 

$750m Dugald River gets the go-ahead
Photo by Reuters
MMG CEO Andrew Michelmore

Mincor beats FY output target

By: Esmarie Swanepoel Australian nickel miner Mincor has exceeded its production target of 8 500 t, producing 8 632 t of nickel-in-ore during the financial year ended June 30. For the quarter ended June, nickel sales reached 1 468 t, compared with the 1 651 t sold in the previous quarter, as the Mariners mine, in... 

DeGrussa delivers on copper production target

By: Esmarie Swanepoel Copper and gold miner Sandfire Resources has exceeded its production expectations for the fourth quarter ended June, with the miner producing some 18 637 t of copper and 9 499 oz of gold. Copper production exceeded the expected 17 000 t forecast at the end of the March quarter, and was also above... 

Hillgrove costs fall in June quarter

By: Esmarie Swanepoel Despite recording a decrease in production for the quarter ended June, copper miner Hillgrove Resources also reported record throughput at its processing facility and record low C1 cash costs. Copper production for the quarter reached 4 138 t, compared with the 5 013 t produced in the previous... 

Independence secures A$550m for Sirius buy

By: Esmarie Swanepoel ASX-listed Independence Group has secured A$550-million in financing from a number of Australian banks to fund its takeover of fellow listed Sirius Resources. In May, the two companies announced merger plans that would see Sirius shareholders issued with 0.66 of an Independence share for every... 

Canadian miner Sherritt posts wider loss as nickel prices drop

By: Reuters Canadian miner Sherritt International Corp reported a bigger loss for the second quarter, hurt by lower nickel prices. The Toronto-based company said on Tuesday its adjusted net loss from continuing operations widened to C$75.2-million ($58.2-million), or C$0.25 a share, in the three months ended... 

Taseko strikes participation and cooperation accord with Aboriginal group

By: Henry Lazenby Base metals producer Taseko Mines has formalised a participation and cooperation agreement between the Gibraltar mine, in British Columbia, and its next-door neighbour, the Soda Creek Indian Band (Xat'sull). "We are pleased to formalise a relationship with Taseko regarding the Gibraltar mine.... 

Weak market conditions prompt Freeport-McMoRan to look for cost cuts

By: Henry Lazenby Multinational diversified miner Freeport-McMoRan has started a comprehensive review of its mining and oil and gas businesses to target significant capital spending and operating and administrative cost cuts in response to weak market conditions for its significant products. These plans would... 

Codelco says Chuquicamata copper mine operational again

By: Reuters Codelco's Chuquicamata copper mine returned to normal operations on Tuesday afternoon after a contract workers' strike caused a halt earlier in the day, the company said in a statement. All projects except the small Salvador mine were operational, although there had been "various difficulties"... 

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