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Mines Management gets conditional approval to build $500m copper/silver mine in Montana

By: Henry Lazenby The US Forest Service and the Montana Department of Environmental Quality has given TSX- and NYSE MKT-listed project developer Mines Management conditional approval to proceed with development of its $550-million Montanore silver/copper mine, underneath the Cabinet Mountains Wilderness, in... 

Anglo American to lay off 10% of workers at Chile's El Soldado mine

By: Reuters Global miner Anglo American said on Friday that it will lay off 10% of staff, equivalent to 150 workers, at its El Soldado copper mine, in central Chile, as a steep slide in metals prices forces it to cut costs. "Current market conditions have put (El Soldado's) operational continuity at risk.... 

Argentina scraps mining export taxes as part of free market push

By: Reuters Argentina's new president has revoked the 5% tax that the previous administration collected on mining exports, state news agency Telam reported on Friday, as part of the country's two-month old push toward open markets. "Today end the taxes on mining exports," president Mauricio Macri,... 

Olympic Dam to beat 2016 copper target – BHP

By: Esmarie Swanepoel Mining major BHP Billiton is on track to exceed its 2016 financial year copper production target of 200 000 t at the Olympic Dam mine, in South Australia. Asset president Jacqui McGill told the American Chamber of Commerce on Friday that copper production during the December quarter had... 

Olympic Dam to beat 2016 copper target – BHP

Peru wins $2.5bn in World Bank loans to ease commodity rout

By: Reuters The World Bank on Thursday approved $2.5-billion in new three-year credit lines for Peru to bolster the country's finances as it struggles with slowing growth and fiscal pressures brought on by the collapse of commodities prices. The World Bank said the two facilities approved by its executive... 

Orbite back on track with plant commissioning after resolving supplier dispute

By: Henry Lazenby The list of items to be done before full commissioning of Quebec-based clean-tech firm Orbite Technologies’ new commercial-scale high-purity alumina (HPA) plant can stat has become short and straightforward, chief executive Glenn Kelly said on Thursday, after the company managed to resolve a... 

Canadian cobalt project development advancing

By: Malusi Mkhize More than C$115-million has, so far, been spent on the development, including test mining and a pilot plant processing, at the Nico cobalt/gold/bismuth/copper project, in Canada’s Northwest Territories and Saskatchewan. Once operational, Nico, discovered by North American development stage mining... 

Canadian cobalt project  development advancing
STRATEGIC POSITIONING As Nico will be a vertically integrated project, Fortune Minerals will control the mining of the cobalt and the processing of concentrates into higher value products

Mining stocks resemble ‘a big Walmart sale’ as low commodity prices persist

By: Henry Lazenby Sentiment remain negative about the mining and oil and gas industries as the super cycle nears a protracted potential bottom, resulting in dwindling market capitalisations for companies large and small and cruelly undervalued stock prices – creating a buyer’s market for the savvy investor. Chief... 

Mining stocks resemble ‘a big Walmart sale’ as low commodity prices persist

Palabora iron-making plant nearing commercial operation

By: Ilan Solomons The shortage of high-quality scrap metal and the challenging economic climate have provided a boost for local metallic iron units producer Iron Mineral Beneficiation Services (IMBS) and State-owned development finance institution the Industrial Development Corporation’s (IDC’s) SupaScrap... 

Palabora iron-making plant nearing commercial operation
SUPASCRAP IN ACTION The Industrial Development Corporation plans to increase the initial 50 000 t/y pilot plant at Palabora in modules to 500 000 t/y over the next two to three years

Agnico Eagle beats Q4 expectations

By: Henry Lazenby Agnico Eagle on Wednesday reported an adjusted profit of $3.9-million, or $0.02 a share for the fourth quarter of 2015, beating analyst expectations of nil a share. The Toronto-based miner reported a net loss of $21.3-million, or $0.10 a share, despite rising gold sales. 

Mining’s improving fortunes weighed down by debt

By: Simon Rees The mining sector was expected to climb out of the downturn’s trough by year-end 2016, Paradigm Capital partner and senior analyst David Davidson told an audience at a recent meeting of the Canadian Institute of Mining’s Management and Economics Society. However, debt levels were a notable... 

Mining’s improving fortunes weighed down by debt

Teck turns a profit in low commodity price environment

By: Henry Lazenby Canadian diversified miner Teck Resources surprised markets on Thursday with better than expected fourth-quarter earnings, beating analyst expectations by C$0.03 a share. However, the Vancouver-based miner reported a net loss of C$459-million in the fourth quarter, as it booked after-tax... 

Teck turns a profit in low commodity price environment

Glencore reports lower FY coal, copper output

By: Creamer Media Reporter Output across most of diversified major Glencore’s production categories fell in 2015, with coal output down 10% year-on-year, copper production 3% year-on-year and nickel 5% year-on-year. Coal production decreased to 131.5-million tonnes, owing to the curtailment of production in response to... 

Glencore reports lower FY coal, copper output

Congo drops mining code revision in face of industry pressure

By: Reuters Democratic Republic of Congo has dropped plans to revise its mining code to boost government revenues, the country's mines minister said on Wednesday, bowing to fierce industry pressure amid steep commodity price drops. The government of Africa's leading copper producer initiated the review of... 

Congo's copper output falls on low prices, gold rises

By: Reuters Copper production in Democratic Republic of Congo dropped for the first time in six years in 2015 and this year could be another tough one as low commodity prices bite, the Central African country's chamber of mines said on Wednesday. Output dropped 3.3% in Africa's top copper producer to 995 805... 

Indonesia allows Freeport to resume copper exports for another six months

By: Reuters Indonesia on Wednesday granted Freeport-McMoRan a new six-month export permit for shipments from one of the world's largest copper mines, ending a near two-week stoppage due to a dispute over payment for a new metal smelter. The deal is a relief for both sides as a lengthy halt in exports would... 

As pressure on BHP and Glencore grows, Australia cuts may signal nickel revival

By: Reuters Australian nickel miners are under increasing pressure to suspend or cut production, with investors eyeing key announcements in coming weeks after rival producers in New Caledonia won a pledge of support from France. Benchmark prices of the steel-making material have fallen more than 45 percent... 

Oz Minerals’ 2015 profit surges on record output

By: Esmarie Swanepoel Copper/gold miner Oz Minerals reported a 168% increase in its after-tax net profit for the year ended December 31, on the back of record copper production of 130 305 t. After-tax net profit surged to A$130.2-million during the 2015 financial year, compared with A$30.3-million reported in the... 

Mincor widens loss to nearly A$35m

By: Esmarie Swanepoel The decision to mothball its Western Australian mines amid a nickel price slump has resulted in Mincor Resources widening its half-year loss from A$1.89-million in the first half of 2015 to A$34.69-million in the six months to December. Mincor on Wednesday reported asset impairments of about... 

Anglo American sees no output impact from Los Bronces mine leak 

By: Reuters Anglo American said on Tuesday that a milling plant at its Los Bronces copper mine, in Chile, remained closed after a leak was detected over the weekend, but that it did not foresee any impact on production from the stoppage. The leak was found on farmland close to the capital Santiago during a... 

Taseko expects to benefit from BC’s power cost deferral programme

By: Henry Lazenby Base metals producer Taseko Mines expects to benefit from recently announced planned support for struggling mining companies in British Columbia. Premier Christy Clark recently revealed that government was working on a plan to enable struggling mining companies to defer some of their “very... 

Vedanta rephases capex at Gamsberg as part of cost-cutting measures

By: Kim Cloete In light of tumbling commodity prices, global diversified metals and mining company Vedanta Resources has had to restructure costs across all of its businesses, including South Africa-based Gamsberg zinc project .  Vedanta Resources CEO Tom Albanese told delegates at the Investing in African... 

Vedanta rephases capex at Gamsberg as part of cost-cutting measures
Vedanta Resources CEO Tom Albanese

Copper loses its shine, for now

By: Kim Cloete Plunging copper prices have pushed the copper industry into a quandary, with global demand deteriorating to an even worse extent than many people realise, Bernstein senior research analyst Paul Gait told delegates at the 2016 Investing in African Mining Indaba this week. Gait noted, however, that... 

Noranda Aluminum hit by commodity crash, seeks bankruptcy

By: Reuters Noranda Aluminum Holding Corp, which smelts and refines aluminium and mines bauxite, filed for bankruptcy on Monday, joining a growing list of commodity-related businesses in Chapter 11. Over the past year, scores of commodity-related businesses have filed for bankruptcy as prices for metals,... 

Chile copper production flat in 2015 – Cochilco

By: Reuters Copper production in Chile was largely flat in 2015 compared to the previous year, figures from state copper commission Cochilco showed on Monday, as production cuts in the face of falling market prices started to bite. Chile, the world's largest exporter of the base metal used in construction... 

Ok Tedi board approves PNG copper mine restart from March 1

By: Reuters Papua New Guinea copper miner Ok Tedi Mining Ltd said its board has approved a restart of its operations on March 1, more than five months after the mine was put on care and maintenance when drought cut off its transport links. The move will bring further metal to a copper market which is... 

Manaila mine

By: Sheila Barradas A polymetallic mine located in Suceava County, in northern Romania, 26 km from the town of Iacobeni. 

Manaila mine

Copper supply cuts no consolation for price bulls

By: Reuters An expected axing of copper miners' loss-making output this year may put a floor under the price of the metal, but weaker prospects for demand growth in top consumer China should curb any gains. Producers hoping prices would pick up have for months resisted output cuts. Many that are losing... 

US grants aid to Alcoa smelter workers after China complaint – ruling

By: Reuters The US government has granted aid to workers at Alcoa's Intalco aluminium smelter in Washington state, after they complained that Chinese dumping threatened their jobs, according to a federal ruling. The US Department of Labour (DOL) granted Trade Adjustment Assistance to the 500 workers at the... 

Oz Minerals announces A$12m underground expansion at Prominent Hill

By: Esmarie Swanepoel Copper/gold miner Oz Minerals on Wednesday told shareholders that it would spend about A$12-million on expanding the underground capacity at its Prominent Hill mine, in South Australia Development on a second access decline would begin immediately, linking the existing underground development... 

Isabel to ship first nickel ore in Q1

By: Esmarie Swanepoel Nickel developer Axiom Mining was targeting first shipment of ore from its Isabel nickel project, in the Solomon Island, during the first quarter of this year. The miner told shareholders this week that planning, design and development work continued at the Isabel project, with the development... 

US zinc producer Horsehead files for bankruptcy

By: Reuters Horsehead Holding Corp, a large US zinc producer, filed for Chapter 11 bankruptcy on Tuesday due to a slump in metals prices and a shortage of cash. The Pittsburgh-based company is the latest victim of a commodity price crash that has claimed scores of US energy exploration companies, miners and... 

Rambler reports 12th shipment of copper concentrate

By: Henry Lazenby TSX-V- and Aim-listed Rambler Metals and Mining has delivered about 8 000 wet metric tonnes (wmt) of copper and gold concentrate from its facility in Goodyear's Cove, Newfoundland and Labrador, marking the twelfth shipment completed since declaring commercial production at its Ming copper and... 

Freeport asks Indonesia to cut or postpone $530m smelter bond – mining minister

By: Reuters Freeport McMoRan Inc has asked Indonesia to reduce a $530-million smelter bond the local unit of the US copper mining giant must set aside before receiving an extension of its export permit, Indonesia's mining minister said on Tuesday. Freeport's 6-month copper concentrate export permit expired... 

Poland's Minister repeats may cut mining tax – media

By: Reuters Poland's treasury minister Dawid Jackiewicz was quoted as saying on Tuesday that he saw a possibility of cutting this year a tax on mining, which affects copper producer KGHM Polska Miedz. "Probably - but I say this only in the form of a guessing - we will end up with cutting the tax... 

RNI plays option at Doolgunna project

By: Esmarie Swanepoel Junior miner RNI would acquire the Doolgunna copper/gold project, in Western Australia, from Ascidian Prospecting. In 2010, RNI secured an option to acquire the project, and in June last year extended the option agreement. 

Guinea miner Alufer to produce 5Mt of bauxite in 2017

By: Reuters Guinea-focused bauxite miner Alufer will produce five-million tonnes of bauxite next year, the mines minister said on Monday, potentially boosting Guinea's output by more than a quarter. Guinea holds nearly a third of the world's reserves of bauxite, the metal used to make aluminium, and... 

Nautilus takes delivery of seafloor production tools

By: Creamer Media Reporter Marine-mining pioneer Nautilus Minerals on Monday announced that the Solwara 1 Joint Venture (comprising Nautilus 85% and Eda Kopa (Solwara) Limited 15%) has taken delivery of the three seafloor production tools (SPTs) from British manufacturer Soil Machine Dynamics’ (SMD) facility, in Newcastle... 

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