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Flawed design fingered in Mt Polley tailings dam failure

By: Henry Lazenby British Columbia will immediately act on seven critical recommendations of an independent panel that investigated the tailings storage facility (TSF) failure that took place early in August last year at Canadian base metals miner Imperial Metals’ Mount Polley copper/gold mine and launch a code... 

Nautilus Minerals completes second of three marine mining machines

By: Henry Lazenby Marine mining project developer Nautilus Minerals has completed the second of three machines it needs to mine high-grade polymetallic seafloor massive sulphide deposits at 1 600 m below the surface of the Bismarck Sea, offshore Papua New Guinea (PNG). The TSX-listed pioneer on Friday said... 

El Teniente mine fire won't hurt copper production – Codelco

By: Reuters Codelco does not expect Thursday's fire at its El Teniente mine to affect copper production, the chief executive of the Chilean state-run copper firm told Reuters on Friday. Codelco halted operations at the Colon Alto secondary crushing plant at El Teniente after a fire that lasted around two... 

Codelco to cut 2015 costs by $1bn as copper price plummets

By: Reuters World No 1 copper miner Codelco will slash costs by $1-billion in 2015 and cut direct cash costs by $0.193/lb of copper at its operations, CEO Nelson Pizarro said Friday, as the price of the base metal slumped to multi-year lows. Still, none of the Chilean state-run copper miner's large... 

Vedanta plans capex cuts, 'deep restructuring' in Zambia

By: Reuters Vedanta Resources, hit by weaker commodity prices, said it planned "hundreds of millions of dollars" in capital spending cuts and deferrals, while looking at a "deep restructuring" of its struggling Zambian copper business. Vedanta spent $1.42-billion on capital projects in year ended June 30,... 

Tiger reaches record production in Dec

By: Esmarie Swanepoel Copper cathode producer Tiger Resources has reported a record production during the month of December, as its solvent extraction electrowinning (SX-EW) plant, at its Kipoi project in the Democratic Republic of Congo, reported its first quarter at nameplate capacity. The SX-EW plant produced its... 

Tschudi to produce first copper in Feb

By: Creamer Media Reporter First copper production from base metals miner Weatherly International’s Tschudi copper mine, in Namibia, is now expected in February. The Aim-listed company, which previously expected production to start in the second quarter of this year, on Friday said the project was “well ahead of its... 

Pilot Gold frames Turkish exploration project as ideal for current capital markets

By: Henry Lazenby TSX-listed explorer Pilot Gold has completed a new preliminary economic assessment (PEA) for the Halilaga copper/gold porphyry project, in north-western Turkey, sketching metrics for a robust, low strip, technically simple and scalable openpit project, using conventional milling and flotation... 

Chile's Codelco halts crushing at El Teniente mine after fire

By: Reuters A fire forced Chile's state miner Codelco to halt operations at a crushing plant at its El Teniente copper mine on Thursday, the company told Reuters. 

Copper sales to account for 80% of Harmony’s part-owned Papua New Guinea mine

By: Ilan Solomons Copper production sales are to account for about 80% of gold mining companies Harmony Gold and Newcrest Mining’s $2.3-billion Golpu project, in Papua New Guinea, Harmony CEO Graham Briggs tells Mining Weekly. Harmony and Newcrest each own 50% of the Golpu project through the Wafi-Golpu joint... 

Copper sales to account for 80% of Harmony’s part-owned Papua New Guinea mine
GOLPU PROJECT DRILL SITES The first stage of the project targets first production in 2020 from an orebody containing about 20-million ounces of gold and 9.4-million tonnes of copper

Anglo may record noncash impairment charges in price plunge parry

By: Martin Creamer Given the sharply lower commodity price environment, particularly for bulk commodities, Anglo American said on Wednesday that it expected to record noncash impairment charges in its 2014 results. The London- and Johannesburg-listed diversified major, headed by CEO Mark Cutifani, added in a media... 

Anglo may record noncash impairment charges in price plunge parry
Mark Cutifani

Oz Minerals to downsize, relocate head office as it starts strategic review

By: Esmarie Swanepoel The new MD and CEO of ASX-listed Oz Minerals on Wednesday announced a strategic review of the company’s operations, taking into account all aspects of the company, including costs and future opportunities. Andrew Cole told shareholders that the company needed to reshape itself to meet the... 

Oz Minerals to downsize, relocate head office as it starts strategic review

Sandfire hoping for more in H2

By: Esmarie Swanepoel Metals miner Sandfire Resources was expecting a stronger second half of the 2015 financial year, following the installation of key process plant enhancements at its DeGrussa concentrator, in Western Australia. Copper production during the three months to December reached 15 350 t, which was down... 

Tritton keeps delivering for Straits

By: Esmarie Swanepoel The Tritton copper project, in New South Wales, delivered a record production for owner Straits Resources during the three months to December. The company reported on Wednesday that copper production during the quarter increased to 7 904 t, from 7 012 t delivered in the previous quarter. 

Freeport-McMoRan posts significant loss on oil, gas write-downs

By: Henry Lazenby Arizona-based copper, gold and oil producer Freeport-McMoRan reported a significant fourth-quarter net loss on Tuesday as it booked impairment charges of $3.1-billion, or $3 a share, on the carrying values of its oil and gas properties. The diversified miner said it was taking aggressive actions... 

On back of strong 2014, First Quantum disappoints with 2015 outlook

By: Henry Lazenby Base metals miner First Quantum Minerals late on Monday reported record copper output during 2014, noting that the current year would see its Zambia operations benefit from increased synergies as its new smelter was being commissioned and its new Sentinel mine started first production during the... 

Mining companies suffer $70bn in impairment losses – report

A recent survey revealed that major global mining companies had suffered impairment losses of $70-billion in 2013/14, reflecting the impact of the current low commodity price cycle. The ‘Mining Financial Reporting Survey 2014’, compiled by financial services firm KPMG, further revealed that... 

Mining companies suffer $70bn in impairment losses – report

Exploration at Kibo's Haneti project to continue

By: Megan van Wyngaardt Dual-listed Kibo Mining would conduct further exploration at its Haneti nickel project, in central Tanzania, following a positive independent geochemical interpretation report. "With this new report [in] hand, the case for further exploration and development at Haneti is compelling. We are... 

JV reports first copper output from Boleo project, Mexico

By: Creamer Media Reporter The much-delayed and over budget Boleo copper/cobalt/zinc/manganese project, in Mexico, produced its first copper this month, with prior problems relating to the acid plant having been resolved, TSX-V-listed Baja Mining said in a statement. Joint venture firm and majority owner Boleo Minera y... 

Poland's KGHM plans dividends of up to one third of profits

By: Reuters Europe's No 2 copper producer KGHM plans to pay out dividends of up to one third of its 2014 annual profit, as it plans to spend 27-billion zlotys ($7.23-billion) to boost output over the next five years, the company said on Monday. The dividend policy of the state-controlled miner is in line... 

Seabridge Gold appoints independent panel to advise on KSM

By: Henry Lazenby British Columbia-focused project developer Seabridge Gold has established an independent geotechnical review board (IGRB) to review and consider its KSM project's tailings management facility (TMF) and water-storage dam (WSD), focusing on their structural stability and integrity. The IGRB would... 

Freeport's 2015 Indonesian copper concentrate output seen up 43%

By: Reuters US mining firm Freeport-McMoRan is expected to produce two-million tonnes of copper concentrate from its Indonesian operations in 2015, up from 1.4-million tonnes in 2014, a mining ministry official said on Monday. "Last year they only gained permission to export in July and production was also... 

Zambia's new president says to keep mineral tax despite mine closure fears

By: Reuters Zambia will maintain a new mineral royalty tax despite fears that it could lead to mine closures, President Edgar Lungu said on Sunday as he was inaugurated in the nation's capital. Africa's second biggest copper producer hiked open pit mining royalties to 20% from 6% and underground royalties to... 

Zambia's new president says to keep mineral tax despite mine closure fears
Zambia President Edgar Lungu

Creamer Media publishes Base Metals 2014: A review of Africa's base metal's sector research report

In light of these developments, Creamer Media’s Base Metals 2014 Report examines the global base metals market, with a particular focus on supply and demand, and on the production of copper, zinc, nickel and lead, as well as selected base metals operations and projects in Africa. 

Creamer Media publishes Base Metals 2014: A review of Africa's base metal's sector research report

Goldman Sachs slashes base metal price forecasts, ups gold

By: Reuters Goldman Sachs Group on Friday slashed its 2015 price forecasts for several base metals including copper and aluminium while raising its estimate for gold by $62/oz. "The primary reason for the changes to our forecasts is cost deflation - driven by a combination of actual and anticipated US... 

Goldman Sachs slashes base metal price forecasts, ups gold

Antofagasta closes C$53m Duluth Metals acquisition

By: Henry Lazenby Chile-based copper-mining group Antofagasta this week completed the C$53-million takeover of Duluth Metals, giving it exclusive control of the Twin Metals Minnesota (TMM) copper/nickel/platinum group metals project, in the Duluth Complex, in north-eastern Minnesota. Antofagasta had obtained all... 

Firm reflects on 2014 success story

The prefeasibility study (PFS) for gold miner Morobe Mining’s Wafi-Golpu project, in Papua New Guinea, was recently completed by project delivery and consulting services firm WorleyParsons, the company announced in December. The Wafi-Golpu project involves the development of a new greenfield... 

Firm reflects on 2014 success story
STYLDRIFT 17 SHAFT The company is undertaking the development of several shaft sinking projects including Wesizwe Platinum’s Styldrift No 17 shaft, in Rustenburg

Global base metals outlook turns negative – Moody’s

By: Henry Lazenby Global credit ratings advisory firm Moody’s Investors Service has changed its outlook on the global base metals industry to negative, citing weakening macroeconomic growth indicators and investor sentiment. In its report ‘Global Base Metals Industry: Economic Weakness and Copper Price Plunge Turn... 

Global base metals outlook turns negative – Moody’s

Nevsun expects lower copper output in 2015

The Bisha Mining Share Company (BMSC), which is 60% owned by TSX-listed miner Nevsun, is expected to produce between 160-million and 175-million pounds of copper in concentrate this year. This was lower than the 196-million pounds of copper in concentrate the company produced in 2014 against... 

Lundin Mining expects 2015 to be another ‘strong execution’ year

By: Tracy Hancock Diversified base metals mining company Lundin Mining expects another year of strong execution in 2015, following favourable 2014 production results, as the company focuses on cash generation and profit optimisation at each of its operations. President and CEO Paul Conibear said the company was... 

Lundin Mining expects 2015 to be another ‘strong execution’ year

Falling oil prices boon to Chile's economic recovery- Finance Minister

By: Reuters Tumbling oil prices will boost Chile's economic recovery this year, Finance Minister Alberto Arenas said on Wednesday, a counterbalance to a sharp drop in the price of copper, the country's top export. Chile imports the vast majority of fossil fuels it consumes, about $15-billion annually,... 

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