R/€ = 15.87 Change: -0.27
R/$ = 13.66 Change: -0.22
Au 1278.54 $/oz Change: -21.47
Pt 884.00 $/oz Change: -20.07

Base Metals News

New Century raises A$40m for mine restart

By: Esmarie Swanepoel     30th April 2018 Zinc developer New Century Resources was hoping to raise A$40-million through an institutional share placement to fund the restart of the Century mine, in Queensland. Century will place some 36.3-million new shares, priced at A$1.15 each, to institutional investors. The offer price was a 9.1%... 

Consolidated Zinc increases Mexican resource

By: Esmarie Swanepoel     30th April 2018 ASX-listed Consolidated Zinc has reported a 32% increase in the resource estimate at its Tres Amigos project, in northern Mexico. The project is now estimated to contain some 1.17-million tonnes, grading 16.1% zinc and lead for 189 700 t of contained metal. 

Sandfire reports another strong quarter

By: Esmarie Swanepoel     27th April 2018 Copper/gold miner Sandfire Resources has maintained its full year production guidance, on the back of another strong quarter in the three months to March. Copper production from the DeGrussa mine, in Western Australia, in the quarter under review reached 15 531 t, compared with the 16 263 t... 

OceanaGold’s q-o-q profit cut in half on weak output

By: Henry Lazenby     27th April 2018 Multinational miner OceanaGold’s TSX-listed equity tread water on Thursday after the company on Thursday reported a 50% drop in first-quarter profit over the prior period. The TSX- and ASX-quoted miner said gold output fell 24% for the March quarter to 125 646 oz, which the company noted was... 

Sub-Saharan Africa GDP uptick predicted on stable oil and metal prices

By: Nadine James     27th April 2018 Sub-Saharan Africa’s growth is projected to reach 3.1% in 2018, and to average 3.6% in 2019/20, reports a biannual analysis of African economies conducted by the World Bank, Africa’s Pulse, which was released by the international finance organisation last week. The growth forecasts are premised... 

Sub-Saharan Africa GDP uptick predicted on stable  oil and metal prices
Photo by Creamer Media
SILVER LINING Economic activity will pick up in metals exporting countries, as mining production and investment rise

Mandela Mining Precinct to produce next gen mining equipment

By: Nadine James     27th April 2018 The Mandela Mining Precinct’s primary objective is to drive research, development and innovation and the investment therein, and it is extremely important, in terms of the local industry’s sustainability, that the next generation of mining equipment is developed by indigenous South African... 

Mandela Mining Precinct to produce next gen mining equipment
Photo by Dylan Slater
BRAINSTORMING The Mandela Mining Precinct’s research and development workstreams are tackling challenges pertaining to dilution, narrow seams, and hard rock mining

Mandela Mining Precinct seeks to safeguard jobs, says Chamber of Mines

By: Nadine James     27th April 2018 The Chamber of Mines (CoM) is excited about the launch of the Mandela Mining Precinct, which seeks to preserve jobs while creating new skilled positions through its support, research, industrial and sustainable development initiatives for the local mining sector, says CoM senior executive:... 

Mandela Mining Precinct seeks to safeguard jobs, says Chamber of Mines
SIETSE VAN DER WOUDE Industry has to address needs pertaining to the skills, health, safety and personal fulfilment of workers, while ensuring that mining operations become more efficient, and profitable

Nevada Copper hires new CEO

By: Henry Lazenby     26th April 2018 Development company Nevada Copper has appointed former Barrick Gold senior executive Matthew Gili as its new president and CEO, the company announced on Wednesday. The TSX-listed company’s flagship Pumpkin Hollow project was recently re-engineered and the company expects to be in production... 

Aluminium bears on treacherous ground as supply shocks continue

By: Bloomberg     26th April 2018 One of the few hedge funds to survive the downswing in the commodity supercycle has a lesson for traders trying to navigate whipsawing aluminium prices: go short at your peril. While supply fears faded this week after the US eased sanctions against United Co Rusal, traders should be alert to the... 

Vale unsure if New Caledonia nickel operations will continue

By: Reuters     26th April 2018 Brazil's Vale hopes to find a partner for its struggling New Caledonia nickel mine by the end of the year but it is not clear if the world's largest nickel producer will continue nickel operations there, executives said on Thursday. A day after first quarter results showed a 36% slump in profit,... 

Chile copper mine Escondida says no early wage agreement reached

By: Reuters     26th April 2018 Chile's Escondida, the world's largest copper mine, said on Thursday that early contract talks with its workers' union ended without an agreement, setting the stage for legally scheduled negotiations to begin in June. The union representing workers at the mine, which is controlled by BHP told... 

Weatherly’s shares fall as it appoints more financial advisers to review possible sale

By: Marleny Arnoldi     26th April 2018 Aim-listed copper miner Weatherly International’s share price on the LSE fell by nearly 70% on Thursday after it announced the appointment of additional financial advisers to review strategic alternatives for the company, including its potential sale.  

Norilsk sees increase in all metals during Q1

By: Anine Kilian     26th April 2018 Russian palladium and nickel mining company Norilsk Nickel, which also owns operations in Finland and South Africa, increased production of all key metals in the first quarter of the year. “The main phase of our downstream reconfiguration programme was completed last year and work-in-progress... 

Kaz Minerals reports q-on-q production increase

By: Marleny Arnoldi     26th April 2018 Copper-focused mining company Kaz Minerals’ copper production increased by 3% to 67 300 t in the first quarter of 2018, compared with 65 200 t in the fourth quarter of 2017.  

Kaz Minerals reports q-on-q production increase
Kaz Minerals' Bozymchak mine

Russia, betting on EU-Trump talks, keeps powder dry in Rusal row for now

By: Reuters     26th April 2018 Moscow is holding off on taking retaliatory measures against the United States for imposing sanctions on Rusal, hoping the EU can persuade Washington to ease restrictions against the world's second largest aluminium producer further, sources told Reuters. The United States on Monday gave... 

Southern Copper says legal dispute over Peru's Tia Maria resolved

By: Reuters     26th April 2018 Southern Copper's CEO said on Wednesday it had reached a settlement with a company in Peru that blocked development of its $1.4-billion Tia Maria project with a legal injunction. Southern Copper's Oscar Gonzalez told Reuters he hoped the new government of Peruvian President Martin Vizcarra would... 

Miner Grupo Mexico's profit jumps 24% in Q1

By: Reuters     26th April 2018 Grupo Mexico, one of the world's biggest copper producers, said on Wednesday that its net profit for the first quarter was $513-million, up 24.3%. The company, which also has units in infrastructure and railways, said its revenue totalled $2.67-billion during the quarter from January to March. 

Vale’s Q1 earnings slump despite record sales volumes, as price tumbles

By: Henry Lazenby     26th April 2018 Brazilian diversified miner Vale – the world’s largest producer iron-ore – has reported a bigger than 36% drop in profit attributable to shareholders for the three months ended March 31. The Rio de Janeiro-based multinational blamed a 12.4% slide in iron-ore prices to $66.41/t in the period for... 

Sherritt narrows Q1 loss as metals prices jump

By: Henry Lazenby     26th April 2018 Canadian diversified miner Sherritt International has reported a narrower first-quarter headline loss of C$14.7-million, or C$0.04 a share, compared with a loss of C$82.7-million, or C$0.28 a share, for the same period of 2017, mainly as higher metals prices made up for lower output. Sherritt... 

Online submission streamlines application procedure for water licences

By: Nadine James     26th April 2018 The process for water use licence applications (WULAs) is improving as a result of an online system being put in place by the Department of Water and Sanitation (DWS), according to SRK Consulting principal environmental scientist Jacky Burke. Burke, the leader of SRK’s WULA Group, hosted a... 

N American oil & gas, mining sectors released a third of total 2013 pollution – report

By: Henry Lazenby     25th April 2018 A new report that fine-combed the national pollutant release and transfer registers (PRTRs) of Canada, the US and Mexico to explore pollutant data reported by industrial facilities, has pointed to the critical need to standardise the way information is collected across the three jurisdictions,... 

N American oil & gas, mining sectors released a third of total 2013 pollution – report

Antofagasta Q1 copper output down 10.5%

By: Reuters     25th April 2018 Chilean-focused Antofagasta said first quarter copper production fell by 10.5% to 153 800 t compared with the same quarter a year ago, mainly because of lower quality ore, but kept full-year output guidance unchanged. The issue of ore quality in mature copper regions, especially Chile, the... 

Aluminium maker Hydro to miss cost cutting target amid Brazil woes

By: Reuters     25th April 2018 Norwegian aluminium-maker Norsk Hydro will miss its 2018 cost-cutting target as its troubled Brazilian operation continues to work at reduced capacity following a spill in February from a major plant, it said on Wednesday. A regulatory order to cut output from Hydro's Alunorte, the world's... 

Raw material suppliers join Finland battery factory project

By: Mariaan Webb     25th April 2018 Five companies that can supply essential raw materials for an emerging battery industry in Finland have joined a cooperation network that aims to obtain international investment in the battery cluster. The cooperation network includes the cities of Vaasa and Kokkola, Freeport Cobalt, the... 

Raw material suppliers join Finland battery factory project

US aluminium trade group calls on Trump to avoid quotas

By: Reuters     25th April 2018 A US aluminium trade group said US manufacturers rely on foreign metal and called on the US government to avoid quotas on nations exempted from tariffs on aluminium imports. US President Donald Trump last month announced a 10% tariff on aluminium imports to counter what he has described as... 

Union at BHP's Escondida copper mine in Chile says no advance deal likely

By: Reuters     25th April 2018 The union of workers at BHP's Escondida copper mine, in Chile, the world's largest, told Reuters on Tuesday it had made little progress on an early contract deal with management, making it "highly likely" that no agreement would be struck before official talks begin in June. The union accepted... 

Freeport stock tanks on disappointing Q1 earnings, Indonesia fears

By: Henry Lazenby     25th April 2018 US diversified miner Freeport McMoRan’s (FCX’s) NYSE-listed stock lost as much as 17% on Tuesday following disappointing first-quarter financial results and a lowered copper production outlook. Phoenix, Arizona-based Freeport’s president and CEO Richard Adkerson expressed shock and disappointment... 

Teck profit rises on strong copper, zinc price and volume gains

By: Henry Lazenby     24th April 2018 Higher copper and zinc prices and improved copper sales volumes that were driven by higher output, have contributed to lift Canada’s largest diversified miner’s first-quarter profit by 15%, the company announced on Tuesday. Adjusted profit attributable to shareholders, which typically excludes... 

Gécamines says was forced to seek dissolution of Katanga’s Kamoto

By: Anine Kilian     24th April 2018 State-owned La Générale des Carrières (Gécamines) says it was forced to take legal action to dissolve TSX-listed Katanga Mining’s Kamoto Copper Company (KCC) for failure to restore shareholders’ equity within the legal time period. The State-owned miner has initiated court proceedings to seek the... 

Moody's changes outlook on Glencore's ratings to positive from stable

By: Nadine James     24th April 2018 Moody's Investors Service has assigned Glencore a ‘Baa2’ long-term issuer rating with a positive outlook. Moody’s says Glencore's improved credit profile was driven by higher commodity prices and consistently low production costs.  

Century sells more zinc

By: Esmarie Swanepoel     24th April 2018 Base metals developer New Century Resources has reported another offtake contract over its Century zinc mine, in Queensland, this time with commodity trader Concord Resources. New Century told shareholders on Tuesday that the Concord offtake represented around 5% of the production from Century’s... 

Chile's Copec to buy stake in copper project in Peru

By: Reuters     24th April 2018 Chilean industrial conglomerate Empresas Copec said on Monday it had reached an agreement with Peru's Minsur to buy a 40% stake in a holding company that owns a Peruvian copper mine project for $168.5-million. Minsur will retain 60% ownership in Cumbres Andinas, the company that controls the... 

Barrick beats Q1 earnings call; halves debt in 3yrs

By: Henry Lazenby     24th April 2018 Canadian mining major Barrick Gold's Porgera Joint Venture mine, in Papua New Guinea, is still operating at only 25% of capacity following a 7.5 magnitude earthquake that struck the island on February 26, the company announced on Monday in its first-quarter earnings release. The earthquake... 

Barrick beats Q1 earnings call; halves debt in 3yrs
Photo by Reuters
Workers stand next to an open pit at Barrick Gold's Veladero gold mine, in Argentina's San Juan province

LME plans nickel closing price experiment

By: Reuters     23rd April 2018 The London Metal Exchange (LME) is planning to move end-of-day pricing of the benchmark three-month nickel contract from open outcry to its electronic trading platform for a trial period, LME chief Matt Chamberlain said on Monday. The temporary move is designed to test the practicality of... 

US extends deadline for Rusal sanctions, aluminium prices dive

By: Reuters     23rd April 2018 The US on Monday gave American customers of Russia's biggest aluminium producer more time to comply with sanctions, and said it would consider lifting them if United Company Rusal Plc's major shareholder, Russian tycoon Oleg Deripaska, ceded control of the company. Aluminium prices on the London... 

Ivanhoe reaches Platreef Shaft 1 milestone 750 m below surface

By: Henry Lazenby     23rd April 2018 Blockbuster mine developer Ivanhoe Mines has reached a significant development milestone at its Platreef platinum/palladium/ gold/nickel/copper discovery on the northern limb of South Africa’s Bushveld Complex, after Shaft 1 has reached a depth of 750 m. Lateral development will take place from... 

Ivanhoe reaches Platreef Shaft 1 milestone 750 m below surface

BHP, Vale given a further 66 days to resolve Samarco dam failure dispute

By: Henry Lazenby     23rd April 2018 A Brazilian federal court has given mining giants BHP and Vale an additional 66 days to resolve a multibillion-dollar settlement regarding their joint venture Samarco mine’s tailings dam failure in 2015, that killed 19 people and is billed as the country’s worst environmental disaster. BHP and... 

First Centenera drill hole hits strong Cu/Au mineralisation at Esperanza

By: Henry Lazenby     23rd April 2018 The maiden drill hole at junior explorer Centenera Mining's Esperanza project, in Argentina, has hit strong copper and gold mineralisation from surface to about 166 m. The Vancouver-based company reported the results of the first 166 m of the 387-m-deep drill hole 18-ESP-025, returning 166 m... 

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