R/€ = 16.34 Change: 0.01
R/$ = 14.24 Change: 0.01
Au 1232.68 $/oz Change: 0.18
Pt 834.50 $/oz Change: 6.25

Base Metals News

Lundin Mining boosted zinc reserves 61% last year, copper up 2,8%

By: Liezel Hill     28th March 2008 Base-metals miner Lundin Mining increased its proven and probable zinc reserves by 61,4% year on year in 2007, while copper reserves were 2,8% higher on December 31 than a year earlier, the firm said on Friday. The company reported copper reserves of 19,38-million tons, and zinc reserves of... 

Explorer Kiwara to list in Johannesburg

By: Liezel Hill     28th March 2008 Aim-listed exploration and development company Kiwara plc plans to list on JSE on April 3, the company announced on Friday.  

Camec expands fundraising to £100m

By: Matthew Hill     28th March 2008 Democratic Republic of Congo-focused (DRC-focused) cobalt and copper miner Camec has decided to more-than-double the amount of money it plans to raise through issuing paper to £100-million. Previously it said that it would raise £43,5-million by issuing 72,5-million shares at 60p a... 

BHP Billiton cancels business with Standard Bank after 'misplaced' comments

By: Matthew Hill     28th March 2008 Both mining giant BHP Billiton and South African banking group Standard Bank were on Friday tight-lipped over the name of a senior bank executive who made remarks that led to the diversified miner taking its business away from the firm. This came after financial daily Business Day reported that... 

FNX sticks to its knitting, but keeps an eye out for potential targets

By: Liezel Hill     27th March 2008 Toronto-based FNX Mining would continue to prioritise its internal operations and pipeline of prospects, but would not discount the possibility of acquisitive growth, chairperson Terry MacGibbon said on Thursday. The company, which produces nickel, copper, platinum-group metals, gold and cobalt... 

No decision on retrenchments – BHP Billiton

By: Sapa     27th March 2008 No decision has been made on retrenching workers from BHP Billiton's Bayside aluminium smelter in Richards Bay, a spokesperson said on Thursday. BHP Billiton’s Bronwyn Wilkinson said that no decision had been made on retrenchments and that the company was not planning to send out... 

Teck Cominco, Inmet agree to go ahead with Panama copper project

By: Liezel Hill     27th March 2008 Canadian miner Teck Cominco has opted into the Petaquilla project in Panama, confirming late on Wednesday that it would exercise its right to earn a 26% interest in the project. Teck has signed an agreement with fellow Canadian Inmet Mining for the next phase of the development of the project,... 

Norilsk's Breese to head gold-miner GBS

By: Liezel Hill     26th March 2008 TSX-listed gold-miner GBS Gold International has appointed Peter Breese as president and CEO, effective August 1, the company said on Wednesday. Breese was the COO of nickel-miner LionOre Mining International when it was acquired by Norilsk Nickel, and currently heads the group's... 

Turkish court halts development at Inmet's Cerattepe project

By: Liezel Hill     26th March 2008 An administrative court in Turkey has granted an injuntion against further development work at the Cerattepe copper project, owned by Canada's Inmet Mining, the firm said on Wednesday. The injunction was granted after two nongovernmental organisations applied to the court to cancel the... 

Angus & Ross expects output at Greenland zinc mine by year-end

By: Liezel Hill     26th March 2008 LSE-listed Angus & Ross (A&R) expects to receive a mining licence in June for its Black Angel zinc/lead mine, in western Greenland, and is confident that it will begin production this year, the firm said on Wednesday. The company submitted its mining licence application in February to... 

Yamana posts full-year profit on acquisitions, new mine

By: Liezel Hill     26th March 2008 Canadian gold-miner Yamana Gold has reported net earnings for 2007 of $157,2-million, compared with a loss of $70,2-million a year earlier. Fourth quarter net income rose to $47,1-million, from $6,14-million in the same period of 2006. 

Kazakh govt wants stake in Kazakhmys

By: Liezel Hill     25th March 2008 LSE-listed copper producer Kazakhmys has held preliminary talks with the government of Kazakhstan, including the possibility of the government taking a minority stake in the company in exchange for natural resource assets in the country, the firm said on Tuesday. The proposal was one of a... 

Baja may increase cost estimates for Mexico copper/cobalt project

By: Liezel Hill     25th March 2008 Vancouver-based Baja Mining has commissioned a review of the capital cost estimates for its El Boleo project, in Mexico, and expects to publish revised project cost forecasts and economics in April, the firm said. “Recognising the significant capital cost increases that have occurred in... 

Camec concludes JV agreement with Prairie

By: Mariaan Webb     25th March 2008 Democratic Republic of Congo-focused explorer and miner, Camec, has completed the joint venture (JV) with the Dan Gertler-linked Priarie International, the firm said on Tuesday. This comes as all conditions, including the resolution of previous disputes between the firm and State-owned... 

Engineering continues on Guatemala nickel project, despite funding delay

By: Liezel Hill     20th March 2008 Engineering, procurement and construction management firm Hatch was continuing to work on the detailed engineering for the Fenix ferronickel project, in Guatamala, while the project's owner, Vancouver-based Skye Resources, kept a weather eye open for signs of improvements in the credit... 

More than half of SA’s mines yet to lodge additional power requests - Eskom

By: Matthew Hill     20th March 2008 State-owned power utility Eskom, currently grappling with a national electricity shortage, wants to reveal exactly where the extra 5% power it is allocating to the mining industry is going, but it is up to the customers, a spokesperson said. However, has yet to receive all the information that it... 

London-listed Kalahari to raise £14,4m to advance Namibian projects

By: Olivia Soraya Spadavecchia     20th March 2008 Aim-listed mining exploration and evaluation group Kalahari Minerals said on Thursday that it had conditionally raised £14,4-million, before expenses, through the placement of about 46-million new ordinary shares at a price of 31,25p a share. "Kalahari has a broad portfolio of projects... 

Lundin Mining reports $436m Q4 loss after impairment charges

By: Liezel Hill     19th March 2008 Base-metals miner Lundin Mining has posted a net loss of $436,6-million, after noncash impairment charges of $491,9-million. The charges related to its merger with EuroZinc Mining and the acquisition of Rio Narcea Gold Mines. 

Companies tender for share in Zambia's Maamba mine

By: Reuters     19th March 2008 Thirty foreign and local companies have tendered for shares in Zambia's major coal supplier to its copper mines, a senior industry official said on Wednesday. Joseph Chikolwa, chief executive officer of ZCCM Investments Holdings, which wholly owns the Maamba Collieries Ltd mine, said... 

Norilsk extends deadline for sale of Polyus stake

By: Liezel Hill     19th March 2008 The world's biggest producer of nickel and palladium, Norilsk Nickel, has postponed a deadline for offers from prospective buyers of its 1% shareholding in Russian gold-miner Polyus Gold. 

Constellation Copper warns may file for protection from creditors

By: Liezel Hill     18th March 2008 Shares in Denver-based copper-miner Constellation Copper lost 50% of their value on Tuesday, after the company said that there was “significant doubt” over its ability to continue as a going concern. The company cautioned in a commentary accompanying its 2007 financial results that,... 

Rio Tinto on track to more than double output at Queensland refinery

By: Liezel Hill     18th March 2008 Aluminium producer Rio Tinto Alcan remains on schedule and within budget in an expansion of its Yarwun alumina refinery, in Australia, the company said on Tuesday. 

Mega mergers may mean more assets up for sale

By: Liezel Hill     18th March 2008 The mooted combinations of mining giants BHP Billiton and Rio Tinto, and Companhia Vale do Rio Doce and Xstrata, would likely result in several relatively smaller planned and producing mines becoming available to prospective buyers, the head of Canadian miner HudBay Minerals said on Tuesday. The... 

Zambia plans to build new coal power station

By: Reuters     18th March 2008 Zambia will construct a new coal-fired power station and scrap import duty for power-saving electric appliances in a bid to alleviate power shortages at copper mines, President Levy Mwanawasa said. Mwanawasa said in remarks on state television late on Monday that he had instructed his finance... 

Strong Canadian dollar, rising costs bite into HudBay earnings

By: Liezel Hill     18th March 2008 Canadian miner HudBay Minerals reported net earnings of C$227,1-million for 2007, compared with C$564-million a year ago, after increased production and higher metals prices failed to offset the effects of a surging Canadian dollar and higher operating costs. The company also attributed the... 

Silver Wheaton agrees to buy silver from Mercator's Arizona mine

By: Liezel Hill     17th March 2008 Vancouver-based silver reseller Silver Wheaton has signed an agreement to buy the entire silver production from Mercator Minerals' Mineral Park copper/molybdenum/silver mine, in Arizona. Silver Wheaton will pay Mercator $42-million in cash up front for the rights to the life-of-mine silver... 

Dwyka made ‘solid progress' in first half

By: Olivia Soraya Spadavecchia     14th March 2008 Aim- and ASX-listed Dwyka said on Friday that it had made "solid progress" with all its strategic and operational objectives during the half-year, with exploration work starting on the Muremera nickel project, in Burundi, in conjunction with its partners BHP Billiton. To date BHP... 

Aim Resources to raise further $56m for Burkina Faso project

By: Olivia Soraya Spadavecchia     14th March 2008 Africa-focused mining company Aim Resources will, in the upcoming months, decide on the project-funding for its Perkoa zinc project, in Burkina Faso, start the mine decline, and increase the process plant's capacity. The company said on Friday that it would have to raise a further... 

Australia will be first to excel at mining ocean floor for gold, copper, top Canadian professor predicts

By: Irma Venter     14th March 2008 Did Jules Verne know something the rest of the world is only waking up to now? In 1870, Verne wrote in Twenty Thousands Leagues Under The Sea that "in the depths of the oceans there are mines of zinc, iron, silver and gold that would be quite easy to exploit". 

Norilsk wins auction for large Russian deposit

By: Liezel Hill     13th March 2008 The world's biggest producer of nickel and palladium, Norilsk Nickel, plans to conduct geological work with BHP Billiton on a big nickel, copper and platinum-group metals (PGMs) deposit, in Siberia, the company said on Thursday. Norilsk won an auction for the right to explore and mine the... 

Rio Tinto in talks with govt to review terms, timing of SA smelter

By: Liezel Hill     13th March 2008 Diversified miner Rio Tinto is in discussions with the South African government to review the timing of its planned aluminium smelter at Coega, in the Eastern Cape, in light of the country's power shortage, the company said on Thursday. South Africa has reduced power supply to large... 

Kazakhmys has not received takeover proposal

By: Liezel Hill     13th March 2008 LSE-listed copper producer Kazakhmys had noted an announcement by Eurasian Natural Resources that it was considering a takeover bid for the company, but had not received any proposals, the Kazakhstan-focused miner said on Thursday. 

Ivanhoe raises resource estimate for giant Mongolia copper/gold project

By: Liezel Hill     12th March 2008 Vancouver-based Ivanhoe Mines has increased the total resource estimate for its Oyu Tolgoi project in Mongolia, after publishing initial resources for the Heruga copper/gold/molybdenum deposit, which adjoins the southern boundary of the project. The new estimate adds 13,4-million ounces of gold... 

Norilsk Nickel to sell 1% stake in Polyus Gold

By: Liezel Hill     11th March 2008 The world's biggest producer of nickel and palladium, Norilsk Nickel, has invited offers for a 1% stake in Polyus Gold, or about 1,9-million shares in the gold producer. 

BHP to close parts of Bayside smelter to achieve 10% cut in energy use

By: Liezel Hill     11th March 2008 Diversified resources group BHP Billiton plans to close two potlines at its Bayside aluminium smelter, in Richards Bay, South Africa, in order to reduce the group's overall power consumption at its Southern African operations by 10%, the company said on Tuesday. At the request of... 

Worker at Eritrea project injured by ground ordnance

By: Liezel Hill     11th March 2008 The driver of the project contractor's vehicle susustained minor injuries at the site of the Bisha gold project, in Eritrea, on Friday, after the vehicle was damaged by a ground ordnance, probably a land mine, Vancouver-based Nevsun Resources said. “Based on all information available,... 

Dundee Precious Metals, Bulgaria clinch long-awaited deal

By: Liezel Hill     10th March 2008 Toronto-based Dundee Precious Metals has reached an agreement in principle with Bulgarian government representatives on its plans to expand the Chelopech copper/gold mine in the country, the firm said on Monday. The deal appears to signal the end of a long-running dispute between the two... 

Zambian Chambishi smelter rehires most fired staff

By: Reuters     10th March 2008 Zambia's Chinese-owned Chambishi Copper Smelter (CCS) on Monday fired 89 workers and rehired 347 others after a strike and riots last week, industry officials said on Monday. The company originally fired all 500 workers but agreed to rehire staff after a screening process to identify the... 

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