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Nevsun hikes FY14 earnings

By: Natasha Odendaal TSX- and NYSE-listed Nevsun Resources posted earnings a share of $0.47 for the 2014 financial year, a rise on the $0.06 reported in the prior period. As the Vancouver-based mining company reported a substantial rise in revenue from $155-million in the 2013 financial year to $555-million in the... 

Colombian mining tax regime counterproductive to investment, profit

By: Henry Lazenby The Colombian mining tax regime has imposed a significantly high tax burden on marginal investments in mining, discriminated across minerals and was counterproductive to project profitability, pointing to a need to improve the country's mining tax regime. This was according to a report released... 

Aus explorer exercises option to acquire two US projects

By: Henry Lazenby Australian explorer Carnavale Resources has exercised an option to acquire private firm Tojo Minerals, which has the rights to the Red Hills project, in Nevada, and the Little Butte project, in Arizona. Perth, Australia-based Carnavale said in a statement that it would move to immediately ramp-up... 

Vale reports increased production in Mozambique while Tata Steel decides to leave

By: Keith Campbell Brazilian mining major Vale has reported its Moatize coal mine in Mozambique set a new production record last year. This was revealed in the group’s recently published 2014 and 4Q14 Production Report. It also set a new record for quarterly production during the fourth quarter (4Q). It further... 

Vale shares down after Q4 loss, missing analyst forecasts

By: Henry Lazenby The NYSE-listed stock of the world’s largest iron-ore producer, Brazil’s Vale, on Thursday trended lower after the diversified miner reported a significant fourth-quarter net loss, as the collapse of the steelmaking commodity’s price weighed on its bottom line.  Despite narrowing the net loss for... 

Vale shares down after Q4 loss, missing analyst forecasts

Zambian ex-mines minister found guilty of corruption

By: Reuters Zambia's former mines minister was convicted of corruption on Monday for his role in the award of prospecting licences to a Chinese mining company in 2009. Delivering judgment in the matter, magistrate Lameck Mwale said the prosecution had proved that Maxwell Mwale interfered in the award of... 

Sandfire profit dips on lower copper prices

By: Esmarie Swanepoel Copper/gold miner Sandfire Resources’ after-tax profit declined by 9% to A$30.6-million in the six months to the end of December, on the back of lower prevailing copper prices. The interim profit compared with A$33.5-million reported in the previous corresponding period, despite sales revenue... 

Hillgrove reports strong financials depsite shorter year

By: Esmarie Swanepoel ASX-listed copper miner Hillgrove Resources has reported a 7.5% increase in underlying profit for the full-year ended December, despite only reporting an 11-month year, as the company aligned its financial and calendar years. Underlying profit for the period ended December reached... 

Drought in Chile curbs copper production, to trim global surplus

By: Reuters A drought in Chile is hampering copper production, a water-intensive business, in the world's biggest producer of the metal, one more factor that could trim an expected surplus this year. Both Anglo American and BHP Billiton have said the extremely dry conditions have hit production due to... 

Palabora’s R9.3bn life-of-mine extension project gets shareholder nod

By: Megan van Wyngaardt Shareholders of Palabora Copper, a subsidiary of Palabora Mining Company, have given their approval for the R9.3-billion Lift II project that would extend the life of the Palabora mine to 2033. Lift II would involve a block-cave mine development. 

Anglo's zinc loss now Vedanta's sweet gain

By: Martin Creamer London-listed diversified mining company Vedanta Resources has found itself in a sweet spot as the owner of the zinc assets that Anglo American saw fit to sell off four years ago, when China seemed in perpetual over supply mode and small operations abounded. But China is no longer supplying as it... 

Anglo's zinc loss now Vedanta's sweet gain
Photo by Duane Daws
Deshnee Naidoo

Late sales widens Straits losses

By: Esmarie Swanepoel The timing of concentrate sale has resulted in copper miner Straits Resources reporting an 11% decline in revenue for the half-year ended December, compared with the previous corresponding period. The miner reported on Wednesday that revenue for the interim period reached A$88.6-million,... 

South32 catalyst for next wave of productivity gains – BHP Billiton

By: Martin Creamer Mining giant BHP Billiton, which pulled a free cash flow rabbit out of the thrashed commodity price hat in the six months to December 31, intends the spinoff of South32 to be the catalyst for the new wave of productivity gains in the period ahead “because if you keep doing the same thing, you... 

South32 catalyst for next wave of productivity gains – BHP Billiton
Photo by Duane Daws
Peter Beaven

Workers end strike at Zambia's Barrick Gold copper mine

By: Reuters Workers at Barrick Gold's Lumwana Copper Mine in Zambia called off their strike on Tuesday after the government said they would not lose their jobs, a government official said. More than 2 000 workers went on strike on Monday at the mine to protest against the company's plans to suspend... 

Vedanta says Zambia VAT breakthrough to boost copper output

By: Reuters Konkola Copper Mines (KCM), a unit of Vedanta Resources, said on Monday that a resolution to a dispute with the Zambian government over value added tax (VAT) refunds would allow it to ramp up copper production. KCM also said it would now be able to profitably purchase copper concentrate from... 

Commissioning of Nautilus Minerals’ third marine-mining machine starts

By: Henry Lazenby Canadian marine-mining hopeful Nautilus Minerals on Monday reported that it had started commissioning and factory acceptance testing of the third seafloor production tool (SPT), the auxiliary cutter, at engineering firm Soil Machine Dynamics’ facility, at Newcastle upon Tyne, in the UK. The... 

EY’s Canadian Mining Eye index falls 12% in Q4, lower oil prices provide some respite

By: Henry Lazenby Global professional services firm EY’s Canadian Mining Eye index fell 12% in the quarter ended December 31, compared with a 15% decline in the prior period. The index underperformed against the S&P/TSX Composite index, which fell 2% in the last quarter of 2014, while the London Metal Exchange... 

EY’s Canadian Mining Eye index falls 12% in Q4, lower oil prices provide some respite

Copper miner Antofagasta cuts cost forecast on lower peso, oil

By: Reuters Chilean copper producers Antofagasta cut its production cost forecast for 2015 by 6.6% on Monday due to lower oil prices and a weaker Chilean peso against the US dollar. The mining company said it expects its net cash cost for 2015 to be $1.40/lb of copper, about 10 cents per pound lower than it... 

Freeport CEO says unlikely to sell assets

By: Reuters Freeport-McMoRan is unlikely to sell oil, gas and copper assets in the current market as buyers are unwilling to pay good prices for quality assets due to weak commodities prices, the company's chief executive said on Monday. "The idea of property sales is not a likely outcome," Freeport CEO... 

Cupric advances ambitions of new copper mine in Botswana

By: Natasha Odendaal Emerging copper miner Cupric Africa has set its sights on developing a new underground copper mine in Botswana, with work under way to firm up the bankable feasibility study (BFS) and map out the next step for the company’s Khoemacau copper/silver exploration project. At the beginning of 2013,... 

Zambia simplifies VAT refunds to resolve row with mining companies

By: Reuters Zambia has relaxed the rule requiring exporters to produce documents from destination countries to claim tax refunds, the revenue authority said, in a move to resolve a row that threatens investment in Africa's second-biggest copper producer. Zambia has been withholding the VAT payments from... 

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Zambia president says to prevent job losses at Barrick Gold's mine 

By: Reuters President Edgar Lungu said on Monday his government would not allow mining jobs to be lost at Barrick Gold's Zambian copper mine after the company said it plans to close the business due to high royalties. More than 2 000 unionised workers at the Lumwana copper mine owned stopped work on Monday... 

Copper Mountain beats Q4 earnings forecast

By: Henry Lazenby British Columbia-based base metals producer Copper Mountain Mining has widened its fourth-quarter net loss to C$16.25-million, or C$0.11 a share, from the net loss of C$4.15-million, or C$0.03 a share, reported for the comparable period a year earlier. Adjusted earnings for the three months ended... 

Hudbay Minerals back in black despite missing analyst expectations

By: Henry Lazenby Canadian base metals miner Hudbay Minerals has reported a fourth-quarter net profit on the back of recognising temporary tax recovery differences in Peru and Manitoba, in Canada. The Toronto-based firm reported an after-tax profit of C$49.6-million, or C$0.21 a share, compared with a loss of... 

First Quantum FY earnings decline, control on costs tightened

By: Natasha Odendaal Despite delivering record output of 427 655 t of copper and reining in costs in the year to December, TSX- and LSE-listed First Quantum Minerals on Friday posted a decline in comparative earnings for the past year. The Canadian base metals miner posted comparative earnings of $474.5-million or... 

Despite narrower Q4 adjusted earnings, Newmont Mining beats expectationss

By: Henry Lazenby NYSE-listed Newmont Mining on Thursday reported a narrower adjusted net profit, mainly owing to fewer ounces sold at lower prices, for the three months ended December 31. The Denver, Colorado-based company reported net income excluding special items for the period under review of $86-million, or... 

Despite narrower Q4 adjusted earnings, Newmont Mining beats expectationss

Botswana still auspicious mining jurisdiction

By: Mia Breytenbach Having ranked consistently as one of the top mining jurisdictions in Africa, Botswana remains a favourable mining destination for investment – despite current infrastructure challenges and the global economic downturn, mining consultancy Core Consultants MD Lara Smith tells Mining Weekly. She... 

Botswana still auspicious mining jurisdiction
Photo by Reuters
AGAINST THE ODDS Botswana remains an auspicious mining destination, despite current infrastructure and macroeconomic challenges

Mongolian Parliament backs bid to end Rio copper mine dispute

By: Reuters Mongolia's parliament has backed its new prime minister's plan to resolve a long-running dispute with global miner Rio Tinto this year over plans to expand the massive Oyu Tolgoi copper mine. The proposal approved by parliament on Wednesday just before the Mongolian Lunar New Year says the... 

Productora to benefit from oxide option

By: Esmarie Swanepoel A scoping study into an oxide option at ASX-listed Hot Chili’s Productora copper project, in Chile, has indicated that the project could produce an additional 8 000 t/y to 10 000 t/y of copper cathode. The scoping study revealed that a two-million-tonne-a-year heap leach option at Productora... 

Barrick Gold to sell two mines, reduce debt by $3bn

By: Reuters Barrick Gold said on Wednesday it will sell its Porgera mine, in Papua New Guinea, and its Cowal mine, in Australia, to help reduce net debt by at least $3-billion by year-end, giving investors a long-awaited glimpse into its strategy. Barrick, the world's biggest gold producer, also said it was... 

Barrick Gold to sell two mines, reduce debt by $3bn
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