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Base Metals News

Cerro Grande pares Q3 loss

By: Henry Lazenby Chile-focused miner Cerro Grande Mining has slightly narrowed its third-quarter loss despite lower sales and prices being offset somewhat by lower costs. The Canadian firm reported a net loss before income taxes for the period ended June 30, of $1.42-million, compared with a loss of... 

Codelco plans to revise Andina expansion; profit tumbles 30%

By: Reuters Codelco, the world's No 1 copper producer, said on Friday it was reworking a plan to expand its key Andina mine in the wake of a falling copper price and protests about the project's possible impact on the environment. The up-to-$7.5-billion expansion of Andina, located in the Andes mountains... 

First Quantum Minerals launches $2.1bn Zambia copper mine

By: Reuters Canada's First Quantum Minerals on Friday launched production at its $2.1-billion copper Sentinel mine which has been under construction since June 2012. The mine would produce 280 000 t/y to 300 000 t/y of copper at full production from one large low-grade ore body containing 0.51% copper, First... 

First Quantum Minerals launches $2.1bn Zambia copper mine

Australian officials threaten to close giant Glencore zinc mine

By: Reuters Glencore Plc's McArthur River zinc mine in Australia could be ordered to close unless it improves its environmental record and increases a financial bond covering rehabilitation of the site, according to government officials. Residents near the zinc mine, one of the world's biggest, have... 

Rex gets 12-month extension at Hillside

By: Esmarie Swanepoel Copper hopeful Rex Minerals has been granted a 12-month extension to submit its environment protection and rehabilitation programme and its social management plan for the Hillside project, in South Australia. Rex had applied to the South Australian Department of State Development for the... 

Tiger struggles in interim period

By: Esmarie Swanepoel Copper cathode producer Tiger Resources has swung to a loss in the interim period ended June, despite a 111% increase in revenues. Tiger on Friday reported a net loss after tax of A$5.6-million for the six months under review, compared with a net profit after tax of A$10.3-million in the previous... 

Icahn targets struggling miner Freeport-McMoran with 8.5% stake

By: Reuters Activist investor Carl Icahn disclosed an 8.5% stake in miner Freeport-McMoran, saying the company was undervalued and needed to address several corporate governance and capital issues. In a filing with the US Securities and Exchange Commission, the billionaire investor said he intends to speak... 

Botswana project receives modular building solutions

By: David Oliveira Prefabricated building supplier Speedspace delivered 4 256 m2 of mobile preassembled building solutions to Botswana government-owned nickel and copper producer BCL last month. Company MD Hennie Wiggett notes that the 135 units, including housing, ablution facilities, offices, security units and... 

Botswana project  receives modular  building solutions
TIGHT DELIVERY SCHEDULE Speedspace delivered 4 256 m2 of preassembled buildings to house contractors at BCL’s smelter plant for its shutdown programme

Local company begins prefabricated building construction in Kitwe

By: David Oliveira Prefabricated building solutions manufacturer and supplier African Modular Building Solutions (AMBS) is constructing an emergency communication and control call centre facility, comprised of six buildings, for Zambian copper producer Mopani Copper Mines (MCM) at the company’s headquarters, in... 

Local company begins prefabricated building construction in Kitwe
CORE COMFORT AMBS’s newest 60-mm-thick polyurethane core panels have similar insulation properties to a wall of 2.5 bricks thick

Freeport-McMoRan again chops 2016 budget, to cut 10% of US jobs

By: Henry Lazenby US-diversified miner Freeport-McMoRan (FCX) on Thursday again laid into its 2016 capital plans, advising that falling copper prices and lower US production levels would result in about 10% of its US jobs being terminated. The Phoenix, Arizona-based miner trimmed its mining budget by 25%, or... 

Goldcorp, Teck to combine Chile projects into massive 50/50 JV

By: Henry Lazenby Gold major Goldcorp and Canadian diversified miner Teck Resources will combine their El Morro and Relincho projects, in Chile, to leverage increased financial returns and dramatically reduce capital expenditure. The miners announced on Thursday that both companies would contribute their separate... 

Goldcorp, Teck to combine Chile projects into massive 50/50 JV
Photo by Goldcorp/Teck Resources
Project Corridor, in Chile, aims to combine the El Morro and Relincho projects.

Zambia worried by slowdown in China, low copper price

By: Reuters Zambia is worried about the economic slowdown in China, a key consumer of its copper, and expects a further decline in revenue due to sharply lower prices for the commodity, a senior official said on Wednesday. "We are worried because China is one of the major consumers of our copper," Secretary... 

CFTC to meet with Alcoa on LME warehouse reform

By: Reuters The chairperson of the US commodities regulator and an executive from aluminium producer Alcoa will meet this week to discuss metals warehousing reform, a spokesperson for the agency said on Tuesday. The meeting between US Commodity Futures Trading Commission (CFTC) chairperson Timothy Massad and... 

Century Aluminum will curtail Kentucky smelter due to weak prices

By: Reuters Century Aluminum, which is owned by Glencore, said on Tuesday it will curtail its Hawesville smelter, in Kentucky, on October 24, blaming weak metal prices on a flood of low-priced exports from China. "Chinese overcapacity and the improper export of heavily subsidised Chinese aluminium products... 

Antofagasta’s H1 profit falls 49% as copper slump weighs

By: Henry Lazenby Chile-focused copper miner Antofagasta’s LSE-listed stock closed up nearly 10% on Tuesday despite the miner booking a 49% drop in profit for the first half of the year (H1). Earnings before interest, taxes, depreciation and amortisation were $561.6-million, a 48.6% decline, reflecting a dramatic... 

Antofagasta’s H1 profit falls 49% as copper slump weighs

EY’s Mining Eye index climbs for first time in a year

By: Henry Lazenby Professional services firm EY’s Canadian Mining Eye index has gained 4% during the three months ended June, recording a gain for the first time since the second quarter of 2014, compared with a 1% decline in the first quarter. The index outperformed the S&P/TSX Composite index, which slipped 2%... 

EY’s Mining Eye index climbs for first time in a year

South32 sees opportunity to work with Eskom on further coal supply

By: Martin Creamer New diversified mining company South32, which on Monday reported 56%-higher underlying earnings of $1-billion, sees an opportunity to work with Eskom on additional coal supply.   The demerged BHP Billiton entity, which is fast-tracking the implementation of its regional operating model in South... 

South32 sees opportunity to work with Eskom on further coal supply
Photo by Duane Daws
Graham Kerr

Anglo to sell two Chile copper mines for up to $500m

By: Megan van Wyngaardt Diversified miner Anglo American will sell its Anglo American Norte copper asset to an investor consortium led by Audley Capital Advisors for up to $500-million. Norte owned the Mantoverde and Mantos Blancos copper mines in northern Chile. The total consideration payable to Anglo American... 

Worker dies at Sherritt’s Ambatovy operation, Madagascar

By: Henry Lazenby A contract worker has died from head injuries after being struck by a falling tree at diversified miner Sherritt International’s Ambatovy joint-venture (JV) project, in Madagascar. TSX-listed Sherritt reported that an employee of a tree-clearing contractor was working  in a future mining area on... 

Nevada Copper gets green light to build Pumpkin Hollow

By: Henry Lazenby The City of Yerington has given TSX-listed Nevada Copper permission to immediately start with any work necessary to develop its Pumpkin Hollow copper project. “With all permits in hand and land title aspects complete, Nevada Copper will focus on financing options as it now can begin construction... 

Diamond producer Alrosa to supply Norilsk with X-ray slurry analysers

By: Henry Lazenby A subsidiary of Russian diamond major Alrosa has won a tender to supply nickel miner Norilsk with five X-ray slurry analysers. The X-ray AR-31-NM analysers would be installed at the Talnah concentration mill, in Russia, to determine nickel, copper and iron concentrations in concentrates and... 

First Nickel goes into receivership

By: Henry Lazenby Legal firm KSV Kofman has been appointed as the receiver of First Nickel after the company’s principal secured lender Resource Capital Fund demanded repayment of all of the obligations owing to it, enforcing its security under the Bankruptcy and Insolvency Act of Canada. The Ontario Superior... 

First Nickel goes into receivership
Photo by First Nickel
Lockerby, Ontario.

The roles of aviation in supporting mining

By: Keith Campbell Mining depends on infrastructure. So much so that mining companies sometimes have to build and operate their own railways, ports and power stations, in parts of the world in which such essentials are non-existent or woefully inadequate. And those parts of the world tend to be rather isolated or... 

The roles of aviation in supporting mining

Lupaka starts shipping Invicta ore for toll mill testing

By: Henry Lazenby TSX-V- and BVL-listed Lupaka Gold has started shipping a 900 t ore sample from its Invicta gold mine site for an initial toll mill test campaign at a toll mill near La Oroya, in central Peru. The processing campaign would test and demonstrate grinding and recovery kinetics, chemical consumption,... 

NUM signs three-year wage deal at Nkomati following three-day strike

By: African News Agency The National Union of Mineworkers announced on Thursday that it had signed a three-year wage deal at the Nkomati Nickel Mine, which is owned by Patrice Motsepe’s African Rainbow Minerals and Norilsk of Russia. The deal followed a three-day strike which started on Sunday evening. The agreement is... 

Western Areas lifts profit, despite weak markets

By: Esmarie Swanepoel Despite a challenging price environment, nickel miner Western Areas has reported a 37.5% increase in net profits after tax ti A$35-million for the year ended June, as costs were reduced and volumes increased. This compared with a net profit after tax of A$25.4-million reported in 2014, while... 

DeGrussa delivers a strong year for Sandfire

By: Esmarie Swanepoel Copper miner Sandfire has reported a strong 2015, driven by strong sales revenues and higher copper and gold production from the DeGrussa mine, in Western Australia. For the year ended June 30, Sandfire’s revenue increased from the A$525.7-million reported in 2014, to A$548.6-million, on the sale... 

Elementos's Cleveland proves its mettle

By: Esmarie Swanepoel The proposed Stage 2 openpit operation planned for the Cleveland mine would add an additional A$21-million to the project’s cash flow, owner Elementos reported on Thursday. Elementos was developing the Cleveland project through a staged, low-capital development strategy, which the company hoped... 

Funding dearth stalls junior Santa Fe from drilling likely BC discovery

By: Henry Lazenby A lack of investor interest to finance the junior mining industry has seen many an exploration project stall, preventing their owners from getting out in the field to drill resources and develop what would be the world’s next new mines. One such frustrated company was Santa Fe Metals with its... 

Rambler reports rising precious-metals grades in copper concentrate shipments

By: Henry Lazenby TSX-V-listed Rambler Metals & Mining has shipped its eleventh consignment of copper concentrate from its Ming copper/gold mine, in Baie Verte, Newfoundland and Labrador, reporting increased precious-metals grades on Wednesday. The 5 250 wet metric tonnes (wmt) shipment had an average grade of 27%... 

Important that Optimum Coal issue is resolved – Glencore

By: Martin Creamer It was important that the Optimum Coal issue was resolved well so that the coal-mining company could become operational once more, Glencore CEO Ivan Glasenberg said on Wednesday. Responding to media questions after the mining and marketing company’s presentation of half-year (H1) results,... 

Important that Optimum Coal issue is resolved – Glencore
Photo by Creamer Media
Ivan Glasenberg greeting pupils at the R75-million school Glencore built in the Mpumalanga coalfields

Glencore maintains dividend on 29% lower earnings

By: Martin Creamer Diversified marketing and mining major Glencore on Wednesday reported 29% lower first-half (H1) earnings of $4.6-billion on weaker commodity prices. The board of the London-, Hong Kong- and Johannesburg-listed company declared an interim dividend of $0.6 a share, consistent with the 2014 interim... 

Glencore maintains dividend on 29% lower earnings
Photo by Duane Daws
Ivan Glasenberg still seeing window of opportunity

Australian nickel refiner seeks more ore from New Caledonia

By: Reuters Australian nickel refiner Queensland Nickel has yet to fill its laterite ore quota from New Caledonian suppliers and was eager to increase volume as the South Pacific country faces pressure to lift a ban on exports to China. China's stainless steel mills typically use nickel pig iron, a cheaper... 

MMG's revenues slump in H1

By: Esmarie Swanepoel Despite higher production volumes, base metals miner MMG's revenue for the six months ended June 30, declined by 7% year-on-year, contributing to a loss of $48-million, compared with a profit of $47.7-million in the previous corresponding period. MMG on Wednesday pointed out that its interim... 

Hard-hit miners, railways push TSX lower

By: Reuters Canada's main stock index fell on Tuesday, its seventh decline in the last nine sessions, with miners and railways leading a broad retreat as copper hit a six-year low and Chinese equities tumbled. First Quantum Minerals plunged 9.7% to C$7.65 and Teck Resources shed 8% to C$8.39. 

Sirius inks supply agreement with Glencore

By: Esmarie Swanepoel Takeover target Sirius Resources has inked a supply agreement with diversified major Glencore to supply nearly half of the planned nickel sulphide concentrate production from the Nova mine, in Western Australia. It was expected that concentrate from Nova would be trucked by road to either the... 

Nevada Copper’s Pumpkin Hollow clears last regulatory hurdle

By: Henry Lazenby TSX-listed Nevada Copper is now fully permitted to start construction and operate its $1.04-billion Pumpkin Hollow openpit and underground copper project, in Nevada, which CEO and president Giulio Bonifacio describes as one of the best mining jurisdictions in the world. "This makes Pumpkin Hollow... 

Tiger CEO walks away

By: Esmarie Swanepoel Copper cathode producer Tiger Resources has announced the resignation of its CEO Brad Marwood. Company director Michael Griffiths has been appointed interim CEO while the company seeks a successor to Marwood. 

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