R/€ = 15.17 Change: -0.17
R/$ = 13.89 Change: -0.11
Au 1267.82 $/oz Change: -4.28
Pt 966.00 $/oz Change: 1.00

Base Metals News

Suspended Philippine nickel miner mounts first legal challenge to govt crackdown

By: Reuters     Updated 4 hours ago A suspended Philippine nickel miner said on Wednesday it has sued government environment agencies for a nearly four-month stoppage of its operations, in the first legal challenge to the state's environmental crackdown on the mining sector. The Philippines is the world's top nickel ore supplier... 

First Quantum expects approval of Zambia industrial park soon

By: Reuters     Updated 5 hours ago Canada's First Quantum Minerals expects Zambia to approve the creation of a new industrial park it is spearheading near its Kalumbila mine in the coming days, its local director in charge of government affairs said on Wednesday. John Gladston said the Multi-Facility Economic Zone (MFEZ) in... 

Aeon hesitant to take on all Century's assets and liabilities

By: Esmarie Swanepoel     26th October 2016 ASX-listed junior Aeon Metals has told fellow-listed metals miner MMG that while it is interested in some of the assets that form part of the now-defunct Century zinc mine, in Queensland, the company is unable to buy the entire asset. Aeon Metals chairperson Tom Mann previously said that the... 

Nova project delivers first concentrate six weeks early

By: Esmarie Swanepoel     26th October 2016 Metals miner Independence Group has produced its first concentrate at the Nova nickel/copper project, in Western Australia’s Fraser Range. “The production of first nickel and copper concentrate is a key milestone for the Nova project. Based on the definitive feasibility study, the first... 

Nova project delivers first concentrate six weeks early

Caterpillar’s Q3 profit sags, casts dim outlook with lowered 2016 guidance

By: Henry Lazenby     26th October 2016 The world’s largest earthmoving and mining equipment manufacturer Caterpillar has booked a sharply lower third-quarter profit, citing global economic weakness and an abundance of used equipment available, which is slowing sales. The NYSE-listed company expressed concern that the tough market... 

Caterpillar’s Q3 profit sags, casts dim outlook with lowered 2016 guidance

Ivanhoe banks third $41.2m tranche of Zijin’s $412m Kamoa/Kakula investment

By: Henry Lazenby     26th October 2016 Africa-focused project developer Ivanhoe Mines has received the third of five instalments from Chinese mining company Zijin Mining Group. The transaction is part of Zijin’s strategic co-development agreement under which it acquired 49.5% of Ivanhoe’s majority stake in the Kamoa-Kakula copper... 

Sherritt widens loss as output slows; lowers Ambatovy FY guidance

By: Henry Lazenby     25th October 2016 Canadian diversified miner Sherritt International Resources has, for the second time this year, cut the nickel guidance at the 40%-owned Ambatovy mine, in Madagascar, citing a tailings pipe blockage and total shutdown that occurred in June and July, followed by weak output in August. The... 

Sherritt widens loss as output slows; lowers Ambatovy FY guidance
Photo by Sherritt International
Ambatovy, Madagascar

Freeport reports weaker Q3 results, lowers sales guidance

By: Henry Lazenby     25th October 2016 The world’s largest publicly traded copper producer Freeport-McMoRan on Tuesday announced third-quarter results weaker that analyst predictions, saying it now also expects to sell less copper, gold and molybdenum in 2016. Phoenix-based Freeport now expects to sell about 4.8-billion pounds of... 

Freeport reports weaker Q3 results, lowers sales guidance

Operational improvements continue across Anglo portfolio

By: Martin Creamer     25th October 2016 Operational improvements continue across the portfolio of Anglo American, which delivered an overall superior production performance in the three months to end September. On a copper equivalent basis, the London- and Johannesburg-listed diversified mining company beat previous third-quarter... 

Operational improvements continue across Anglo portfolio
Photo by Duane Daws
Anglo American CEO Mark Cutifani

Tiger adjusts output after plant spill

By: Esmarie Swanepoel     25th October 2016 ASX-listed Tiger Resources has downgraded its copper cathode production expectations for 2016, following the seepage of process solution from its intermediate leach solutions (ILS) pond at the Kipoi project, in the Democratic Republic of Congo. The miner said on Tuesday that the leak was... 

Tiger adjusts output after plant spill

Bellhaven upgrades 70% of La Mina resource to the indicated category

By: Henry Lazenby     25th October 2016 Colombia-focused explorer Bellhaven Copper & Gold has upgraded the La Mina resource, in Colombia, increasing confidence in the National Instrument 43-101-compliant resource estimate and further de-risking the project. The TSX-V-listed company reported Monday that La Mina now contained... 

Rambler cuts costs as it redoubles focus on Ming mine expansion

By: Henry Lazenby     24th October 2016 Canada-focused maritime copper producer Rambler Metals and Mining has managed to lower costs by more than 18% for the year ended July 31, but booked another sizeable writedown on its flagship Ming mine, in Newfoundland. The London, England-based company reported that C1 cash costs fell on average... 

Xtract confident of company’s future after halting Chile mine investment

By: Megan van Wyngaardt     24th October 2016 Xtract Resources’ decision to no longer provide finance to Minera Polar Limitada, the owner of the Chepica gold/copper mine, in Chile, has stopped the severe financial haemorrhaging the company had suffered over the past year. In September, Xtract decided to pull the plug on its investment in the... 

Liquidator retrenches all 5 000 workers at mothballed Botswana nickel miner

By: African News Agency      24th October 2016 All 5 000 employees of the moth-balled Botswana nickel miner Bamangwato Concession Limited (BCL) and its subsidiaries Tati Nickel Mining Company (TNMC) and BCL Investments will receive their last salaries in October 2016, the mine’s provisional liquidator has said. In a letter sent directly to... 

MMG hopes to restart Peru exports

By: Esmarie Swanepoel     24th October 2016 Metals miner MMG is hopeful that concentrate trucking from its Las Bambas copper project, in Peru, will resume in the coming days as regional unrest quiets down. MMG has previously reported that logistics at the Las Bambas operation were temporarily disrupted by ongoing community protests,... 

Crude rally May clinch Canada top stock market status in ’16

By: Bloomberg     22nd October 2016 Gold’s best run since 2010 pushed Canadian equities to the top spot among developed-market stocks this year. Crude at $50/bl will give them an opportunity to stay there. That’s the view of strategists who follow the nation’s resource-heavy stock market. They expect energy producers will rally... 

Crude rally May clinch Canada top stock market status in ’16

Codelco copper premiums $80 to $85 Europe, $70 China – sources

By: Reuters     22nd October 2016 The world's biggest copper miner, Codelco, has slashed its 2017 physical copper premium to European buyers to the $80 to $85 per tonne range and is offering Chinese buyers a premium of around $70, three traders told Reuters this week. That would represent a deep cut from last year, underlining... 

Top copper miner gets reprieve as Chile signals more funding

By: Bloomberg     21st October 2016 Codelco’s prospect of remaining as the world’s biggest copper miner received a boost on Thursday as Chile signaled it will increase funding for the state company to overhaul aging mines and head off a slump in output. Chile is already investing a lot in Codelco and will have to provide “slightly... 

Oz lowers gold output forecast, copper on target

By: Esmarie Swanepoel     21st October 2016 Copper-gold miner Oz Minerals has downgraded its gold expectations for the full 2016, following the blackout at its Prominent Hill mine, in South Australia, in September, and the preferential treatment of copper ore. While the miner has previously warned that gold production would be at the... 

Oz lowers gold output forecast, copper on target

World Bank raises 2017 price outlook for oil and metals 

By: Terence Creamer     20th October 2016 The World Bank has increased its 2017 price outlook for both metals and oil in its latest ‘Commodity Markets Outlook’, raising its October forecast for crude oil to $55/bl, from $53/bl in July. It has, however, sustained its forecast for an average oil price of $43/bl in 2016. Energy prices,... 

World Bank raises 2017 price outlook for oil and metals

Oyu Tolgoi sets all-time high for quarterly mined material in Q3

By: Samantha Herbst     20th October 2016 Rio Tinto subsidiary Turquoise Hill Resources’ Oyu Tolgoi mine, in Mongolia, set an all-time high of 25-million tonnes of quarterly mined material in the third quarter of 2016, including stripping for Phase 4 of the project, which is the next area of high-grade ore. CEO Jeff Tygesen said the... 

Oyu Tolgoi sets all-time high for quarterly mined material in Q3
Oyu Tolgoi, Mongolia

Groundwater inflow limits Tschudi’s Q1 copper production

By: Mia Breytenbach     20th October 2016 Aim-listed Weatherly International’s Tschudi openpit copper mine, in Namibia, delivered 3 641 t of copper cathode in the quarter ended September 30, in line with expectations informed by the excessive rates of groundwater inflow into the openpit. Although output for the first quarter of the 2017... 

Rox buys Collurabbie

By: Esmarie Swanepoel     20th October 2016 Junior Rox Resources will pay A$25 000 and issue 7.4-million of its shares to fellow listed Falcon Minerals, to gain hold of the Collurabbie nickel project, some 70 km east of the company’s Fisher East nickel sulphide and Mt Fisher gold projects. The Collurabbie project consists of two... 

BHP sinks cash into Nickel West to revive operations

By: Esmarie Swanepoel     20th October 2016 The future of mining giant BHP Billiton’s Nickel West arm appears solid as the company focused on extending its current operating life from 2023 to 2032, and sinks cash into maintaining its asset integrity. BHP, which has unsuccessfully tried to sell its nickel businesses, has invested... 

BHP sinks cash into Nickel West to revive operations
Nickel West president Eduard Haegel

Western Areas MD urges nickel miners to focus on operations

By: Esmarie Swanepoel     20th October 2016 Nickel miner Western Areas MD Dan Lougher has called on the industry to ignore market speculation and “get on with business”. Speaking at the Paydirt Nickel Conference, in Perth, he said on Thursday that despite the negativity in the market around Indonesia’s ban on laterite exports and the... 

Brazil to offer thousands of mineral rights areas in H1 2017

By: Reuters     20th October 2016 Brazil's government plans to sell rights to as many as 22 000 mineral exploration areas in the first half of 2017, the president of the country's geological service (CPRM) Leonardo Ledsham said on Wednesday. Brazil also plans to sell nine large, strategic mining projects, he said, including: the... 

ELB as EPC contractor for Gamsberg process, water plants

By: Megan van Wyngaardt     19th October 2016 Engineering solutions provider ELB’s Engineering Services subsidiary has been appointed by Black Mountain Mining, a subsidiary of Vedanta Resources, to provide engineering, procurement and construction (EPC) services at the Gamsberg zinc project, in the Northern Cape. The company will oversee the... 

Acid mine water quick-fix possible as water deficit looms, Oppenheimer, De Beers told 

By: Martin Creamer     19th October 2016 Water-constrained Gauteng may see an acid mine drainage (AMD) quick-fix in order to save the fresh water from the Lesotho Highlands Water Project from being wasted on AMD dilution instead of being available to the economy, environmental adviser Dr Anthony Turton said on Wednesday. Delivering the... 

Acid mine water quick-fix possible as water deficit looms, Oppenheimer, De Beers told
Photo by Duane Daws
Environmental adviser Dr Anthony Turton

Mount Milligan crushing circuit almost on line

By: Megan van Wyngaardt     19th October 2016 North American mining company Thompson Creek Metals has started commissioning major equipment and components at its British Columbia-based Mount Milligan openpit copper and gold mine’s permanent secondary crushing circuit.  Routine testing and commissioning of all equipment and process circuits... 

Teck exercises Reward right, matches Marindi offer

By: Esmarie Swanepoel     19th October 2016 The Australian arm of Canadian miner Teck Resources has exercised its pre-emptive right over the Reward zinc project, in the Northern Territory, usurping a A$21-million offer from Marindi Metals. ASX-listed Rox Resources in August accepted Marindi’s offer for its 49% share in the Reward project,... 

Congo miner challenges Freeport sale of Tenke mine in international court

By: Reuters     19th October 2016 Democratic Republic of Congo state miner Gecamines has challenged Freeport McMoRan Inc's sale of its majority stake in the Tenke copper mine at the International Court of Arbitration in Paris, Gecamines said on Wednesday. Gecamines Secretary-general Deogratias Ngele told Reuters that Gecamines... 

Codelco unions say mulling company-wide strike at Chile's copper mines

By: Reuters     19th October 2016 Unionised workers at Chile's State-owned copper miner Codelco are mulling going on a company-wide strike, possibly by mid-November, if the government does not make progress on a number of demands, union leaders told Reuters on Tuesday. Codelco, the world No 1 copper producer, returns all its... 

Wetar to reach nameplate by year-end

By: Esmarie Swanepoel     18th October 2016 The Wetar copper project, in Indonesia, is expected to reach its nameplate capacity of 25 000 t/y of copper cathode by the December quarter, owner Finders Resources said on Tuesday. The company reported that the copper cathode solvent extraction and electrowinning (SX-EW) plant had plated over 4... 

Peru protester shooting death at MMG mine sparks police probe

By: Bloomberg     18th October 2016 Peru’s government is investigating police conduct during demonstrations against MMG Ltd.’s giant Las Bambas copper mine on Friday that left one protester dead. Interior Minister Carlos Basombrio said a man was shot in the head and 20 police officers were injured during clashes near the mine in... 

CuDeco ships first sulphide copper

By: Esmarie Swanepoel     17th October 2016 ASX-listed CuDeco has shipped its first sulphide copper concentrate from its Rocklands copper mine, in Queensland, to customers in China. The company on Monday reported that 4 635 t of sulphide copper concentrate was shipped through the Port of Townsville on October 15, under an existing offtake... 

Nova commissioning starts ahead of schedule

By: Esmarie Swanepoel     17th October 2016 Commissioning of the nickel processing plant at the Nova project, in Western Australia, has started some four weeks ahead of schedule, owner Independence Group has reported. The processing plant construction, which included wet commissioning, was completed on October 10, and crushing and milling... 

OceanaGold loses compensation claim against El Salvador

By: Reuters     15th October 2016 OceanaGold has lost a claim seeking some $284-million in compensation from El Salvador for failing to issue permits allowing it to dig a gold mine in the Central American country, according to an arbitration decision announced on Friday. The World Bank's International Centre for Settlement of... 

Antofagasta says will defend against regulator's charges

By: Reuters     15th October 2016 Chile's Antofagasta Minerals said on Friday it would present a defence after Chilean regulators accused the company late Thursday of mismanaging water resources and nearby plant life at its Los Pelambres copper mine. The company said there were some errors in the information that led Chilean... 

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