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Barrick Gold misses Q1 earnings forecast, to sell Chile copper mine

By: Henry Lazenby     Updated 6 hours ago The world’s largest gold producer by output Barrick Gold has missed Wall Street analyst’s average first-quarter earnings forecast, as lower metals prices and lower sales impacted the bottom line. For the three months ended March 31, TSX- and NYSE-listed Barrick reported net earnings of... 

Southern Copper reports lower Q1 profit as river spill clean-up costs mount

By: Henry Lazenby Mexican mining giant Grupo Mexico subsidiary Southern Copper has reported a 12.7% slide in profit for the three months ended March 31, as expenses related to the Sonora river spill last year impacted the bottom line. The NYSE- and BVL-listed miner reported net income of $282.4-million, which was... 

Southern Copper reports lower Q1 profit as river spill clean-up costs mount

Peru says it could ask for changes to Southern Copper project amid protests

By: Reuters Peru's energy and mines minister said on Friday the government could ask Southern Copper to make further changes to its $1.4-billion Tia Maria project if needed after protests by farmers turned deadly this week. Rosa Maria Ortiz said the government was focused on restarting talks with opponents... 

Zambia's 2015 fiscal deficit to exceed 4.6% of GDP – official

By: Reuters Zambia's fiscal deficit will exceed the targeted 4.6% of gross domestic product in 2015 due to weaker copper prices and changes to the mining tax regime, a senior Treasury official said on Friday. Mike Masiye, the director of budget in the ministry of finance, said copper prices had collapsed to... 

Newmont Mining posts profit well ahead of estimate

By: Reuters Newmont Mining, the world's number two gold miner, reported an adjusted quarterly profit that was double the analysts' average estimate, helped by lower costs. All-in sustaining costs to produce one ounce of gold fell nearly 18% to $849 in the first-quarter ended March 31. This cost metric,... 

Mining firms replenish coffers

By: Henry Lazenby Several miners this week successfully completed private placements to shore up their balance sheets in anticipation of pursuing their strategic corporate objectives. Africa-focused project developer Ivanhoe Mines and China-based Zijin Mining Group on Monday closed an $85-million private... 

Barrick will not suspend copper mine as Zambia backs down on royalties

By: Reuters Barrick Gold Corp, the world's biggest gold producer, said on Thursday it will not suspend operations at its Lumwana open-pit copper mine in Zambia now that the country's government has reduced mining royalties. Zambia's cabinet set the royalty tax rate for open-pit and underground mining at 9%... 

Freeport-McMoRan books significant Q1 loss on sliding commodity prices

By: Henry Lazenby US-based diversified miner Freeport-McMoRan swung to an eye-popping first-quarter net loss of $2.5-billion, or $2.38 a share, on the back of writing down the carrying value of its oil and gas properties and a related tax charge to establish a deferred tax valuation allowance. The net loss... 

Freeport-McMoRan books significant Q1 loss on sliding commodity prices

Anglo American sees solid Q1

By: Megan van Wyngaardt Global miner Anglo American on Thursday reported that its first quarter for the year delivered a solid production performance, in line with expectations. Although its South African iron-ore mines were facing some challenges, compounded by a weak iron-price, the company reported a 71%... 

Anglo American sees solid Q1

Vedanta's Zambia copper unit to remain loss-making under new taxes – CEO

By: Reuters Zambia's Konkola copper mines, a unit of Vedanta Resources Plc, will remain loss-making under a new tax regime that comes into effect in July, its Chief Executive Steven Din said. Zambia's cabinet set the country's royalty tax rate for open cast and underground mining at 9% on Monday, although... 

Sandfire restructures DeGrussa project facility, reports higher output

By: Esmarie Swanepoel ASX-listed copper/gold miner Sandfire Resources on Thursday announced it had completed the restructuring of its $125-million DeGrussa project finance facility. The company has reached an agreement with its financier ANZ Banking Corporation to restructure the project finance facility into a... 

Sandfire restructures DeGrussa project facility, reports higher output

Chile regulator seeks new sanctions against Barrick's Pascua-Lama

By: Reuters Chile's environmental regulator SMA said on Wednesday it will seek new sanctions against Barrick Gold's massive Pascua-Lama gold and silver project, further complicating the possibility that the suspended mine might resume construction. The regulator already fined Barrick $16-million in May 2013... 

Chile's Copec eyes mid-2016 startup for Can-Can copper mine

By: Reuters Chilean industrial conglomerate Empresas Copec said on Wednesday it plans to start operations at its small Can-Can copper mine, in the north of the country, in mid-2016. Copec is in the process of getting environmental permits for the mine, which is expected to produce 4 000 t of copper cathodes... 

Vale reports record Q1 iron-ore output despite price rout

By: Henry Lazenby Brazil-based global miner Vale has reported record first-quarter iron-ore output despite a global supply glut that wis being compounded by waning demand from China, the world’s top importer of the steelmaking ingredient. For the three months ended March 31, total iron-ore output, excluding... 

Vale reports record Q1 iron-ore output despite price rout

Nevsun makes progress with Eritrean zinc expansion

By: Henry Lazenby Canadian miner Nevsun Resources is on track to start commissioning the new zinc plant currently under construction at its flagship Bisha operation, in Eritrea, by mid-2016. The Vancouver-based firm on Wednesday reported that overall construction progress stood at 60%, with foundations and civil... 

PanAust ups FY guidance on strong March quarter performance

By: Esmarie Swanepoel Copper and gold miner PanAust on Wednesday increased its full-year production expectations after reporting strong results from its Phu Kham and Ban Houayxai operations during the three months to March. The miner estimated full-year production at between 74 000 t and 76 000 t of... 

Canada’s mining industry welcomes federal budget 

By: Henry Lazenby Canada's national mining association has welcomed the Conservative government’s balanced federal budget 2015, citing its pleasure with renewed funding for critical areas such as environmental assessments, the Major Projects Management Office, Aboriginal education and training, and geoscience.... 

Canada’s mining industry welcomes federal budget
Photo by Reuters
Canada's Finance Minister Joe Oliver on Tuesday tabled a C$990.3-billion balanced budget.

Teck Resources misses Q1 analyst earnings forecasts, slashes dividend by two thirds

By: Henry Lazenby Canada’s largest diversified miner Teck Resources has cut its twice-yearly dividend by two-thirds as lower commodity prices and weakening Chinese metallurgical coal demand weighed on the Vancouver-based company’s first-quarter results. Teck on Tuesday announced an eligible dividend of $0.15 a... 

Teck Resources misses Q1 analyst earnings forecasts, slashes dividend by two thirds

Codelco's Salvador copper mine restarts following Chile floods

By: Reuters World top copper producer Codelco said on Tuesday that operations at its Salvador mine in Chile restarted on April 20 as scheduled, following a halt forced by heavy rains three weeks ago. Operations will be gradually stepped up after drinking water was reconnected and damaged roads repaired,... 

Kalongwe proves up for Regal

By: Esmarie Swanepoel A scoping study into the Kalongwe copper/cobalt project, in the Democratic Republic of Congo, has proven highly encouraging, owner Regal Resources said on Tuesday. On a base case of one-million tonnes a year of heavy mineral separation (HMS) throughput, the Kalongwe project was expected to... 

Barrick taps Michael Klein as advisor on Zaldivar mine options-sources

By: Reuters Barrick Gold is being advised on options for its Zaldivar copper mine in Chile by the boutique firm of mining rainmaker Michael Klein, in a deal potentially worth around $2-billion, three sources familiar with the matter said on Monday. Toronto-based Barrick has already contacted a limited group... 

Solvista and Rockcliff ink merger accord to further Manitoba projects

By: Henry Lazenby TSX-V-listed juniors Solvista Gold and Rockcliff Resources signed a definitive amalgamation agreement on Friday that would see Solvista acquire all the issued and outstanding common shares of Rockcliff. The all-scrip transaction would combine Rockcliff’s Snow Lake copper/gold/zinc/silver prospect... 

Hudbay to expand Manitoba assets through Snow Lake acquisition

By: Henry Lazenby Hudbay Minerals has entered into a definitive agreement to buy a 100% interest in QMX Gold’s Snow Lake project, in Snow Lake, Manitoba, which is expected to provide it with more operational flexibility as its nearby Lalor mine complex transitioned from the current zinc- and copper-rich lenses to... 

Hudbay to expand Manitoba assets through Snow Lake acquisition

Siemens awarded entire Nautilus Minerals support vessel electric contract

By: Henry Lazenby Prospective marine miner Nautilus Minerals has awarded Siemens International Trading (Shanghai), a subsidiary of Siemens, the entire electrical installation contract for its support vessel currently being designed and built by Fujian Mawei Shipbuilding, in Fujian province, in south-eastern China.... 

Ivanhoe and Zijin Mining close $85m private placement

By: Henry Lazenby Africa-focused project developer Ivanhoe Mines and China-based Zijin Mining Group have closed a $85-million private placement, boosting the miner’s working capital and available funds for general corporate purposes, and advancing the company’s three main projects. Zijin acquired a 9.9% stake in... 

Oz focuses on acquisitions, corporate structure to survive commodity slump

By: Esmarie Swanepoel ASX-listed Oz Minerals on Monday announced plans to cut the fat and focus on acquiring value accretive assets, as CEO and MD Andrew Cole seeks to create a company that can survive the commodity slump. “The resource sector and cycle is shifting rapidly. Oz Minerals’ response is to become a... 

Miners report first-quarter output ahead of financials

By: Henry Lazenby Several miners reported production results this week ahead of publishing financial results for the three months ended March 31. NYSE- and TSX-listed McEwen Mining reported 23% increased gold output to 24 696 oz and a decline in silver production of 10% to 655 339 oz in the period when compared... 

Anglo American weighs options to ease water shortage at Chile mine

By: Reuters Anglo American is weighing its options to resolve a water shortage at Los Bronces copper mine, in central Chile, that has hit production, and testing market appetite for two of its copper deposits, a top executive said. An eight-year drought has dried up reservoirs and rivers, sucking into the... 

Anglo American to give Mitsubishi option to boost Peru Quellaveco stake

By: Reuters Anglo American is looking at syndicating its Quellaveco copper project, in Peru, and having current partner Mitsubishi Corp increase its current 18.1% stake, said Hennie Faul, the head of Anglo's copper business. "If you're going to syndicate that and increase the partnership, we've got a very... 

Tiger upgrades Kipoi reserves

By: Esmarie Swanepoel Copper miner Tiger Resources has added some 23 000 t of copper to the ore reserves of its Stage 2 Kipoi project, in the Democratic Republic of Congo. The miner said on Thursday that the ore reserve estimate for the Stage 2 project had increased from 666 000 t at the end of December 2013, to 689... 

Peru okays Southern Copper's $1.2bn Toquepala mine expansion

By: Reuters Peru approved Southern Copper's planned $1.2-billion expansion of its Toquepala mine, in southern Peru, putting it on track to double the operation's concentrating capacity, the company said on Wednesday. Southern Copper, controlled by Grupo Mexico, said in a regulatory filing that the expansion... 

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