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Base Metals News

First Quantum weighs further increases at Cobre Panama

By: Esmarie Swanepoel     17th May 2018 The Cobre Panama copper project, being developed by dual-listed First Quantum Minerals, is 72% complete and due for first concentrate production early in 2019. Project manager Gavin Ashley told delegates at the Latin America Downunder conference, in Perth, that the process plant would be... 

Short spell of mining hope dashed – Lorimer

By: Martin Creamer     16th May 2018 The short spell of hope for South Africa’s beleaguered mining sector, which burst forth with the election of Cyril Ramaphosa as President, has been dashed, Shadow Mineral Resources Minister James Lorimer said during the mineral resources budget debate. Applying the ‘learning nothing and... 

Short spell of mining hope dashed – Lorimer
Shadow Mineral Resources Minister James Lorimer

Maiden resource estimate for Asiamet's BKZ

By: Creamer Media Reporter      16th May 2018 London-listed Asiamet Resources believes that its BKZ polymetallic deposit has the potential to be the company’s second mine in the BK district of Kalimantan, Indonesia, the firm said on Wednesday, announcing an initial resource estimate for the project. The resource estimate for BKZ, which is... 

Russian billionaires trade barbs as Potanin testifies in court

By: Bloomberg     16th May 2018 In the second day of London court hearings, billionaire Vladimir Potanin couldn’t pass up the chance to throw a few barbs to his long-running rival Oleg Deripaska. Potanin took the stand on Tuesday in a case involving a dispute over the sale of shares in MMC Norilsk Nickel, Russia’s biggest... 

Avanco a step closer to Pedra Branca

By: Esmarie Swanepoel     16th May 2018 Takeover target Avanco is one step closer to the grant of a provisional environmental licence for its Pedra Branca copper project, in Brazil, following a successful public hearing. The company on Wednesday reported that no objections were recorded at the public hearing, which indicated a strong... 

Vedanta appoints Deshnee Naidoo as Africa Base Metals CEO

By: Simone Liedtke     16th May 2018 Deshnee Naidoo has been appointed as CEO of Vedanta Resources’ Africa Base Metals, an entity through which its zinc and copper assets in South Africa, Zambia and Namibia will be managed. Naidoo’s appointment signals Vedanta group’s ongoing commitment to enhancing its African operations and is... 

Vedanta appoints Deshnee Naidoo as Africa Base Metals CEO
Dheshnee Naidoo has been appointed as CEO of Vedanta Resources’ Africa Base Metals

Katanga ramps up DRC copper, cobalt production as legal woes mount

By: Henry Lazenby     15th May 2018 Commodity giant Glencore’s majority owned and publicly traded Democratic Republic of Congo- (DRC-) focused copper/cobalt unit Katanga Mining is ramping up output after resuming production from the Phase 1 whole ore leaching project on December 11, the company reported on Tuesday. Katanga will... 

Poland's KGHM Q1 net profit falls 38%, comes tad below forecasts

By: Reuters     15th May 2018 Poland's KGHM, one of the world's biggest copper and silver producers, reported on Tuesday a 38% annual fall in its first quarter net profit due to lower production and sales. The State-run KGHM said its net profit for the three months of the year stood at 439-million zlotys compared with... 

Metal Tiger, MOD to start drilling campaign at Botswana project

By: Marleny Arnoldi     15th May 2018 Natural resource investor Metal Tiger on Tuesday said a significant drilling campaign is starting at the T3 Dome Complex at the company’s 30%-owned joint venture project with MOD Resources in the Kalahari copperbelt, in Botswana. This follows the completion of the public review of the... 

DRC Mining Code draft regulations complete, but industry still hopes for changes

By: Marleny Arnoldi     15th May 2018 Major mining companies operating in the Democratic Republic of Congo (DRC) remain hopeful that meaningful changes can still be made to the 2018 Mining Code.  

Russian billionaires take boardroom battle to London High Court

By: Reuters     15th May 2018 Russia tycoon Oleg Deripaska gave evidence in the London High Court on Monday in a case challenging the sale of shares in Norilsk Nickel (Nornickel) by soccer club owner Roman Abramovich. Deripaska, making his first public appearance since being made a target of US sanctions, wants to stop... 

Russian billionaires take boardroom battle to London High Court
Oleg Deripaska

Government releases its tenth Industrial Policy Action Plan 

By: Kim Cloete     15th May 2018 The government has released its Industrial Policy Action Plan (Ipap) 2018, with a sharp focus on deepening industrial development, speeding up radical economic transformation and increasing the ability to produce higher value-added products. Trade and Industry Minister Dr Rob Davies said it was... 

Government releases its tenth Industrial Policy Action Plan
Photo by Creamer Media
Trade and Industry Minister Dr Rob Davies

Rising earnings to mark Americas Silver’s next 3 quarters as silver optionality beckons

By: Henry Lazenby     15th May 2018 Diversified Canadian miner Americas Silver is looking towards growing profit over the next three quarters as lower costs and rising grades at key operations provide it with runway potential to reward investors. “Our job as management is to figure out how to make money at these low silver prices.... 

Callinex jumps 35% on viable combined Nash Creek, Superjack PEA

By: Henry Lazenby     15th May 2018 Base metals-focused Callinex Mines has made public the results of a preliminary economic assessment (PEA) examining the production of zinc from the combined 100%-owned Nash Creek and Superjack projects, located in New Brunswick’s prolific Bathurst Mining District, in Maritime Canada. The PEA... 

Galileo hits 15.4% zinc mineralisation at Zambia project

By: Marleny Arnoldi     14th May 2018 Aim-listed Galileo Resources on Monday announced drilling results for its final eight drill holes – as part of a 26-hole diamond drilling programme – at the Star Zinc project, in Zambia, in which the company has an 85% interest.  

Dredging starts at Karumba port

By: Esmarie Swanepoel     14th May 2018 Annual dredging has restarted at the port of Karumba, as part of ASX-listed New Century Resources’ restart of the Century zinc mine, in Queensland. The 2018 dredging programme would see New Century invest A$6.8-million in the first dredging activities to be undertaken at Karumba since early... 

Barrick, Glencore expect to get licence for Tanzanian project

By: Bloomberg     14th May 2018 Executives at Barrick Gold and Glencore expect to receive a new license for their joint venture Kabanga nickel project in Tanzania, having held “productive” talks with the government during the past several months, Barrick said Sunday. Under changes to Tanzania’s mining license structure put into... 

Savannah’s Oman projects receive Ministerial sign-offs

By: Mariaan Webb     14th May 2018 Aim-quoted Savannah Resources is making progress towards the granting of mining licences for the first two of a planned series of high-grade copper mine developments in Oman. The company has received the required ‘letters of no objection’ from eight Ministries for the Mahab 4 and Maqual South... 

Russian billionaires' Nornickel tussle to go to trial on Monday

By: Reuters     14th May 2018 A London High Court trial over the legality of Russian billionaire Roman Abramovich's sale of a stake in Norilsk Nickel will start on Monday, part of a long-running battle for control of the miner. Rusal, which is controlled by Oleg Deripaska, is trying to stop Chelsea soccer club owner... 

Russian billionaires' Nornickel tussle to go to trial on Monday
The Norilsk Nickel head office in Russia.

Trevali revenues rise 187%, Q1 earnings miss on Perkoa freight timing

By: Henry Lazenby     11th May 2018 Pureplay zinc producer Trevali Mining has reported adjusted earnings a share of $0.04, missing average analyst earnings forecasts by a penny, on lower-than-expected sales from the Perkoa mine, in Burkina Faso, mainly owing to freight timing at the Port of Abidjan, in Côte d’Ivoire.... 

Trevali revenues rise 187%, Q1 earnings miss on Perkoa freight timing
Photo by Trevali Mining
The Santander mine, Peru

More agile Sherritt focused on building ‘cycle-proof’ balance sheet

By: Henry Lazenby     11th May 2018 Canadian diversified miner Sherritt International is focused on further strengthening its balance sheet, with a view to building a “cycle-proof” balance sheet as Class I nickel and cobalt prices rise, president and CEO David Pathe tells Mining Weekly Online. Building on from the late... 

More agile Sherritt focused on building ‘cycle-proof’ balance sheet
Photo by Reuters
Nickel ore

Louis Dreyfus completes $466m sale of metals unit to Chinese fund

By: Reuters     11th May 2018 Louis Dreyfus Company said on Friday it had completed the sale of its metals business to a Chinese investment fund for $466-million, as part of a push to revive profits by focusing on its core agricultural markets. Louis Dreyfus announced in December an agreement to sell LDC Metals to NCCL... 

Rio and Alcoa team up with Apple in zero carbon aluminium smelting drive

By: Esmarie Swanepoel     11th May 2018 Mining major Rio Tinto has teamed up with aluminium producer Alcoa to develop the world’s first carbon-free aluminium smelting process. The new process will produce oxygen and replace all direct greenhouse-gas (GHG) emissions from the traditional aluminium smelting process. 

Rio and Alcoa team up with Apple in zero carbon aluminium smelting drive

Rusal's first quarter earnings jump, but warns on sanctions impact

By: Reuters     11th May 2018 Russian aluminium giant Rusal boosted first-quarter recurring net profit on Friday amid stronger aluminium prices, but warned that sanctions imposed by the United States in April could harm its business. Washington last month announced sanctions on Russian billionaire Oleg Deripaska and several... 

Rusal's first quarter earnings jump, but warns on sanctions impact

Pre-construction work gets under way at Nevada Copper’s promising Pumpkin Hollow

By: Henry Lazenby     11th May 2018 The proponent of what will probably be North America’s next new copper mine development, Nevada Copper, has signed a pre-works agreement with Cementation USA and secured key long-lead time items, further derisking the restart of construction of the company's fully permitted and shovel-ready... 

Pre-construction work gets under way at Nevada Copper’s promising Pumpkin Hollow
Photo by Nevada Copper
Nevada Copper's Pumkin Hollow underground shaft

Local market welcomes launch of SRK Exploration Services

By: Nadine James     11th May 2018 The local and sub-Saharan African market has responded “very positively” to the establishment of SRK Exploration Services, a discipline-led division of SRK Global, says SRK Exploration Services Southern African exploration manager Oliver Bayley. He explains that the Cardiff-based division... 

Local market welcomes launch  of SRK Exploration Services
HENNIE THEART AND OLIVER BAYLEY The growing ranks of midtier and junior mining companies who lack in-house technical ability has created an untapped market for SRK

To succeed as a ‘sunrise industry’, SA mining must widen ownership, meet other challenges

11th May 2018 The following has been adapted from a chapter Towards Mining Vision 2030, by Joel Netshitenzhe, ANC NEC member and executive director of the Mapungubwe Institute for Strategic Reflection (Mistra) in a book on The Political Economy of Mining in South Africa, to be published in 2018 by Mistra. 

To succeed as a ‘sunrise industry’, SA mining must widen ownership, meet other challenges

Higher metals prices prop up BC mining industry in 2017 – PwC

By: Creamer Media Reporter      10th May 2018 British Columbia's mining industry remained upbeat in 2017, as prices for most metals and minerals produced in the province continued to steadily recover from multiyear lows. Although most commodity prices remain below the record highs seen in 2011, the recent increases are part of an upward... 

Gold industry running risk of becoming irrelevant – Bristow

By: Martin Creamer     10th May 2018 The gold mining industry is running the risk of becoming irrelevant to the investment community. “It hasn’t delivered much value for a long time,” Randgold Resources CEO Dr Mark Bristow commented to Mining Weekly Online during an interview to mark the company’s presentation of first-quarter... 

Gold industry running risk of becoming irrelevant – Bristow
Photo by Creamer Media
Randgold Resources CEO Dr Mark Bristow

Bezant sees potential for Philippines copper/gold project in current market

By: Creamer Media Reporter      10th May 2018 Aim-listed Bezant has concluded an internal review process of its assets and on Thursday detailed some plans for the advancement of its copper/gold portfolio. The company, which recently sold its Choco platinum/gold project in Colombia, will focus on the Mankayan copper/gold project, in the... 

Ironbark marches on with Citronen

By: Esmarie Swanepoel     10th May 2018 ASX-listed Ironbark Zinc is advancing its Citronen zinc/lead project, in Greenland, to take advantage of the high zinc prices. The company is planning a major fuel cargo shipment for this year, while preliminary site work will also be conducted, including the start of the boxcut, portal and... 

Agarwal encouraging Anglo to accentuate South Africa link

By: Martin Creamer     9th May 2018 Indian mining billionaire Anil Agarwal is encouraging Anglo American – in which he now holds more than 21% – to accentuate its link with South Africa, where the Vedanta Resources company he founded and chairs is successfully turning to highly positive account the zinc assets that Anglo walked... 

Agarwal encouraging Anglo to accentuate South Africa link
Photo by Dylan Slater
Anil Agarwal (right) and Martin Creamer

Vedanta's KCM disputes $18m Zambia tax bill – industry source

By: Reuters     9th May 2018 Vedanta Resources' Zambia unit, Konkola Copper Mines (KCM), is disputing a bill of almost $18-million slapped on it by tax authorities after an audit, an industry source familiar with the matter, told Reuters on Wednesday. Zambia's revenue authority concluded audits of mining companies that... 

Congo finalising mining rules after company concerns ignored

By: Bloomberg     9th May 2018 The Democratic Republic of Congo’s Mines Ministry said it’s completing work on new regulations, as a draft document showed the government has so far ignored companies’ key concerns about the reforms. Miners including Glencore and Randgold Resources have demanded the government dial back aspects... 

Chile copper output up 18.9% in first quarter 2018 – Cochilco

By: Reuters     9th May 2018 Chile's copper production increased 18.9% in the first quarter of 2018 from the same period a year earlier, Chilean copper commission Cochilco said on Tuesday. Production this year was boosted by a low basis for comparison following an historic strike last year at BHP's Escondida copper mine, the... 

Poland's KGHM expects to match or exceed 2017 profit this year

By: Reuters     9th May 2018 One of the world's biggest copper miners, KGHM Polska Miedz SA, expects this year's consolidated net profit to match or exceed last year's result despite lower capacity, acting CEO Rafal Pawelczak said on Tuesday. Last year group's net profit amounted to 1.57-billion zloty, but this year the... 

Metalicity appoints CEO for spin-off

By: Esmarie Swanepoel     9th May 2018 ASX-listed Metalicity has appointed Ton Panoulias as president and CEO of subsidiary Kimberley Mining, to lead the company through its initial public offering (IPO) on the TSX-V in the September quarter of this year. Metalicity in March announced plans to list its Admiral Bay zinc project, in... 

Nevsun cites inadequate value, problematic structure in rejecting proposal

By: Henry Lazenby     8th May 2018 Base metals miner Nevsun Resources has publicly broken its silence on the announced C$1.5-billion takeover proposal led by Euro Sun Mining and supported by Lundin Mining. The miner issued a statement on Tuesday, saying the board unanimously rejected four consecutive proposals – three by Lundin... 

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