R/€ = 16.10 Change: -0.07
R/$ = 14.41 Change: -0.11
Au 1321.44 $/oz Change: -1.76
Pt 1074.50 $/oz Change: -4.00

Base Metals News

Copper price drags down Sandfire profit in otherwise strong financial year

By: Mariaan Webb     Updated 45 minutes ago Despite posting lower profit owing to weaker copper prices, the owner of the DeGrussa copper and gold mine, Sandfire Resources, is satisfied with its performance and upbeat about its prospects as the company turns net debt free. The ASX-listed copper and gold miner had delivered its best... 

Ivanhoe seeks strategic advice following unsolicited interest in its projects

By: Creamer Media Reporter      29th August 2016 TSX-listed Ivanhoe Mines is planning to appoint an investment bank to advise the company’s board on strategic options after having received unsolicited interest in its projects in recent months. “The mining industry has taken notice of our company. Our remarkable Kakula discovery on the Central... 

Hedge funds bail on copper as Goldman sees ‘supply storm’

By: Bloomberg     29th August 2016 Copper is stuck in a rut. While other metals have shined in 2016, copper has struggled to gain traction and last week erased its gains for the year. Demand in China, the world’s biggest user, is slowing just as Goldman Sachs Group predicts a “ supply storm” will hit the market and drag prices... 

Former director of Minotaur JV partner charged for insider trading

By: Creamer Media Reporter      26th August 2016 A former director of Golden Fields Resources, which was a joint venture (JV) partner with ASX-listed explorer Minotaur Exploration at the Eloise copper project, in Queensland, has been charged with two counts of insider trading. The Australian Securities and Investments Commission (Asic) alleges... 

Vale ordered to pay C$30 000 for 2013 Voisey’s spill

By: Henry Lazenby     26th August 2016 A Vale subsidiary has been ordered to pay C$30 000 in penalties for a 2013 incident, where untreated and acutely lethal effluent was discharged from the Voisey’s Bay nickel mine, in Newfoundland and Labrador, into the Anaktalak Bay. The St Johns provincial court ordered Vale Newfoundland and... 

Codelco places bond on local market at historic low price

By: Reuters     26th August 2016 Chilean state copper producer Codelco said it placed $390-million worth of bonds on the local market on Thursday, fetching an historically low effective rate of 2.09%. The world's top copper miner Codelco is raising the money for refinancing and investment purposes, at a time when a fall in the... 

Noront expands RoF land-holdings, outlines exploration and development strategies

By: Henry Lazenby     26th August 2016 Northern Ontario-focused project developer Noront Resources has increased its position as the dominant land-holder in the prospective Ring of Fire (RoF) mining camp after closing the acquisition of 75% of MacDonald Mines’ claims in the region, the company said this week. Through the transaction,... 

Zim PGMs producer’s accommodation needs met

By: Kimberley Smuts     26th August 2016 African building manufacturer Kwikspace Modular Buildings provided site accommodation capable of housing about 500 project personnel as part of refurbishment works being carried out at the Selous, Zimbabwe-based base metals refinery (BMR) owned by platinum-group metals (PGMs) producer Zimplats –... 

Zim PGMs producer’s  accommodation needs met
ACCOMMODATING CHANGE Kwikspace prefabricated buildings are manufactured in modules, allowing for future expansion

South32 to pay inaugural dividend despite significant revenue drop

By: Samantha Herbst     25th August 2016 Despite a 25% drop in revenue for the 2016 financial year, diversified mining major South32 announced on Thursday that it would pay an inaugural shareholder dividend of $0.01 a share, reflecting the company’s belief in its operations and the flexibility of its balance sheet. With revenue down... 

South32 to pay inaugural dividend despite significant revenue drop
Photo by Bloomberg
South32 CEO Graham Kerr

Nickel price hurts Western Areas' 2016 results

By: Mariaan Webb     25th August 2016 A significant reduction in the nickel price has dented Perth-based miner Western Areas’ revenue in the 2016 financial year, pushing the company into an after tax loss of A$29.78-million. The 2016 loss compares with a profit of A$35.01-million in the 2015 financial year, Western Areas, which is... 

Free-falling Mongolia won’t be saved by commodity revival

By: Bloomberg     25th August 2016 The commodity super-cycle that peaked in 2011 powered Mongolia to world-beating growth. Then came the bust and China’s recent economic slowdown that’s pushed the land of Genghis Khan into an unprecedented economic crisis this summer. Yet even though the commodity market finally has a pulse again... 

Tightening supply should bode well for commodity prices – Glencore

By: Martin Creamer     24th August 2016 Diversified mining and marketing company Glencore, now with a significantly reduced debt profile, is producing its key commodities at exceptionally low operational cost, exemplified by the unit cost of the zinc it produced in the six months to June 30 coming in at the negative unit cost figure of... 

Tightening supply should bode well for commodity prices – Glencore
Photo by Bloomberg
Glencore CEO Ivan Glasenberg

Panoramic hikes Savannah North resource

By: Mariaan Webb     24th August 2016 ASX-listed base metals company Panoramic Resources has upgraded the Savannah North resource to 175 100 t of nickel, 74 400 t of copper and 15 300 t of cobalt, representing a 60% increase in the contained nickel on the maiden resource estimate. The combined resource at the Savannah project, in... 

Buxton and Independence Group form Fraser Range JV

By: Mariaan Webb     24th August 2016 ASX-listed junior Buxton Resources has granted fellow listed Independence Group (IGO) the sole and exclusive right to acquire a 90% interest in the Zanthus and Widowmaker tenements, in the Fraser Range, Western Australia, for $1.5-million in cash. Under a joint venture (JV) announced on... 

Think zinc: miners bet big on revival in key base metal market

By: Reuters     24th August 2016 Resource companies are racing to dig zinc mines, betting that markets for the metal used to rust-proof steel and protect noses from sunburn have finally turned after a decade in the doldrums. A supply glut is evaporating as big zinc mines run dry, commodity analysts say, helping drive up prices... 

Copper poised to be only metal loser this year as stocks pile up

By: Bloomberg     24th August 2016 Copper’s on the verge of becoming the only major metal to post a loss this year as the highest stockpiles in almost seven months suggest the market is amply supplied. Inventories of copper, used in everything from wiring to automobiles to iPhones, rose 4.7% to 240 075 metric tons, according to... 

Codelco to raise up to $390m via local bond issue

By: Reuters     24th August 2016 Codelco, Chile's State-run copper producer, is looking to raise up to $390-million from a local bond market issue, it said on Tuesday, for refinancing and investment purposes. Codelco, the world's biggest copper miner, said it would issue the ten-year debt on Thursday. 

Sandfire buys Ventnor out at Green Dragon project

By: Megan van Wyngaardt     23rd August 2016 ASX-listed Sandfire Resources is purchasing the remaining 65% of joint venture (JV) partner Ventnor Resources’ Thaduna/Green Dragon copper project for $3-million. Sandfire will pay Ventnor $2-million in shares, a further $1-million if it decides to mine the project and a 2% net smelter return... 

CuDeco celebrates shipping milestone from Queensland copper mine

By: Megan van Wyngaardt     23rd August 2016 Queensland copper producer CuDeco on Tuesday reported that its first delivery of sulphide copper concentrates had been sent from its flagship Rocklands operations, near Cloncurry, to the Port of Townsville, ahead of the start of bulk shipments. The shipment complements the second shipment of 300... 

Teck raises concerns over Reward offer, JV following Rox–Marindi deal

By: Mariaan Webb     23rd August 2016 Diversified mining company Teck Resources has raised concern over the offer that joint venture (JV) partner Rox Resources had accepted for its 49% interest in the Reward zinc and lead project, in the Northern Territory. Under a JV agreement, Rox was required to offer to sell its interest in the... 

KWG and Chinese engineering group move ahead with RoF rail feasibility study

By: Henry Lazenby     23rd August 2016 Junior exploration firm KWG Resources has appointed a China-based consulting engineering group to undertake a conditional bankable feasibility study (BFS) on a proposed railroad from the mineral properties in Ontario's Ring of Fire (RoF), to a junction with the CN Railroad at Exton, Ontario. KWG... 

Desktop study indicates copper potential at Northern Cape project

By: Natasha Odendaal     22nd August 2016 An exploration desktop study has identified and ranked seven high-priority additional prospective copper targets showing the potential for shallow, near-surface, openpit copper mineralised zones within the Concordia project, in the Okiep copper district, in the Northern Cape, Aim-listed Galileo... 

PNX fully funded to complete Hayes Creek PFS

By: Mariaan Webb     22nd August 2016 Base and precious metals explorer PNX Metals has received strong support from new investors and existing major shareholders in its latest share placement, raising $1.5-million to fund the completion of its prefeasibility study (PFS) for its flagship Hayes Creek project, in the Northern... 

Report urges govt inquiry into Glencore Australia zinc mine clean-up

By: Reuters     22nd August 2016 Plans to expand Glencore's McArthur River zinc mine in Australia should be put on hold, subject to a government inquiry to ensure it can be run soundly and its waste rock stored safely, a report released on Monday said. The call comes following problems at the mine over the past few years,... 

We did it, you should too: Ore-ban talk gathers pace in Asia

By: Bloomberg     22nd August 2016 The Philippines should follow Indonesia’s lead and prohibit the export of raw metal ores, according to National Development Planning Minister Bambang Brodjonegoro, who said he was a big supporter of the curbs imposed by his country and results so far have been a success. The restrictions have... 

Moody’s restates Barrick’s Baa3 rating and revises outlook to stable

By: Henry Lazenby     19th August 2016 Credit ratings agency Moody’s Investors Service has confirmed the Baa3 ratings of the world’s largest gold producer by volume Barrick Gold and revised the ratings outlook to stable from negative. "The outlook revision to stable reflects Barrick's reducing leverage and management's commitment to... 

ARM to report contraction in FY16 earnings

By: Natasha Odendaal     19th August 2016 JSE-listed African Rainbow Minerals (ARM) expects its headline earnings for the year ended June 30 to decline by between 36% and 41%, hit by a contraction in the average US dollar commodity prices realised, partially offset by the weaker rand. Headline earnings a share are anticipated to decrease... 

Bass Metals to conclude buyout of StraMin’s Graphmada

By: Natasha Odendaal     19th August 2016 Bass Metals’ A$15.25-million acquisition of StratMin Global Resources’ Graphmada Mauritius subsidiary is expected to formally conclude on Monday. Bass, which already held a 6.25% stake in the graphite operations, resumed trading on the ASX on Friday, outlining a timeline for its buy-out of the... 

Congo slashes growth forecast after drop in copper production

By: Bloomberg     19th August 2016 The Democratic Republic of Congo cut its growth forecast for 2016 for the third time this year because of lower commodity prices and warned the economy could slow further if other industries don’t perform. The government “has duly noted the slowdown in economic growth in the DRC” in the first... 

A commodities rebound is accelerating right on China’s doorstep

By: Bloomberg     19th August 2016 China may be slowing, but a commodities rebound is under way and the world’s biggest miner knows where the next growth story is building – emerging economies in Southeast Asia. Combined gross domestic product in the ASEAN-5 nations – Indonesia, Thailand, Malaysia, the Philippines and Vietnam –... 

A commodities rebound is accelerating right on China’s doorstep
BHP Billiton CEO Andrew Mackenzie

Chile economy shrinks in second quarter from first as mining falls

By: Reuters     19th August 2016 Chile's gross domestic product shrunk by 0.4% in the second quarter of 2016 from the first quarter, as mining in the world's biggest copper exporter contracted, the central bank said on Thursday. The fall was the first contraction from one quarter to the next since early 2010, when Chile was hit... 

Company looks to strengthen position

By: Nadine James     19th August 2016 Despite the current depressed commodities market, Certified Reference Materials (CRMs) producer African Mineral Standards (AMIS) has had a successful year and intends to continue to strengthen its position as a market leader in order to maximise its growth once the market improves. As part of its... 

Company looks to  strengthen position
SIGNIFICANT STOCK AMIS stocks a wide range of certified reference material which are sourced from naturally occurring raw materials worldwide

Congress key to addressing socioeconomic challenges

By: Nadine James     19th August 2016 Owing to the increasing relevance of the geosciences field and the insights and solutions to global socioeconomic challenges it holds, the thirty-fifth International Geological Congress (IGC) –  to be held at the Cape Town International Convention Centre from August 27 to September 4 –  is... 

Congress key to addressing socioeconomic challenges
PASSING THE TORCH The Thirty-fourth IGC president Neil Williams symbolically handing over the IGC to current copresident Professor Richard Viljoen

Decline in ore grades grows interest in geometallurgy

By: Nadine James     19th August 2016 The concept of geometallurgy is being researched by State-owned mineral research council Mintek’s Mineralogy division, owing to the global mining industry’s challenge of confronting declining grades and low-grade orebodies. The current lack of exploration, in addition to the finite number of... 

Decline in ore grades grows interest in geometallurgy
NOSIPHIWO NYAMANE Geometallurgical modelling absorbs a wider range of specialists, increasing opportunities for geologists and consulting companies

Drilling reveals high-grade zinc/copper at Prieska project

By: Mia Breytenbach     19th August 2016 ASX-listed Orion Gold has made a “strong start” to its maiden drilling programme at the Prieska Copper (PC) zinc/copper project, in the Northern Cape, with initial assays including grades of up to 21.7% zinc and 7.5% copper confirming and enhancing historical results. The PC mine, a key part of... 

Drilling reveals high-grade zinc/copper  at Prieska project
Photo by Bloomberg
HISTORICAL PERFORMANCE The Prieska Copper mine has a recorded historical production of 0.43-million tonnes of copper

Horomela seeks to expand its asset base, attracting investors

By: Ilan Solomons     19th August 2016 Local base metals exploration and mining aspirant Horomela last month received permission from the Department of Mineral Resources (DMR) to assess the viability of exploring a further 600 000 ha of tenements adjacent to an existing 200 000 ha of prospecting land, in the Namaqualand region of the... 

Horomela seeks to expand its asset base, attracting investors
Photo by Duane Daws
ABONGILE MDINGI The Department of Mineral Resources has given Horomela the go-ahead to survey its new tenements for copper, lead, silver, tungsten, zinc and uranium

No mining sector without geology

     19th August 2016 Mining development is one of the main areas where geoscience directly contributes to a country’s economy, with Africa expected to supply a significant portion of the world’s future mineral resources through the application of various scientific approaches, states the local organising committee... 

No mining sector without geology
ABERRA MOGESSIE The professor says geological, geochemical and geophysical investigations form the foundation for successful exploration activities

Zambian economic progress linked closely to wellbeing of mining sector

By: Ilan Solomons     19th August 2016 A new analysis of mining over the past 100 years in Zambia shows a clear historical link between levels of mining investment and wider economic development. This is according to an academic paper published last month in the journal of the Southern African Institute of Mining and Metallurgy,... 

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