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First copper from DRC-China deal due by year end – govt

By: Reuters     Updated 7 hours ago A joint venture between Democratic Republic of Congo's (DRC's) State miner and two Chinese companies, signed under a 2009 "minerals for infrastructure" deal, will begin producing copper before the end of 2015, the DRC's government said on Thursday. Under the deal Chinese companies pledged to... 

Junior highlights sector’s prospects of rejuvenating SA mining

By: Ilan Solomons Black economic empowerment junior mining and exploration company Lerama Resources believes that the small junior mining sector, if sufficiently financially supported, could turn around the fortunes of the ailing South African mining industry. Lerama is currently involved in two exploration... 

Junior highlights sector’s prospects of rejuvenating SA mining
BUSHVELD COMPLEX EXPLORATION WORK Lerama Resources is currently involved in two exploration projects in the Bushveld Complex, in Limpopo, which have the potential to become small polymetallic base-precious metal producers

Botswana defers copper tax to support struggling producers

By: Reuters Botswana will defer for one year the payment of a three percent royalty tax to support copper producers during a period of weak global demand and to avoid job losses, Minerals Minister Kitso Mokaila said on Thursday. Copper producers in Botswana include AIM-listed African Copper and Discovery... 

Glencore's Zambia mining unit completes refinery upgrade

By: Reuters Zambia's Mopani Copper Mines (MCM) owned by Glencore said on Thursday it had completed upgrading a copper refinery at cost of $74-million seven months ahead of schedule. Mopani said in a statement that the completion of the upgrades at the Mufulira refinery located 385 km (239 miles) north of the... 

Finders ticks the last box for Wetar financing

By: Esmarie Swanepoel Copper miner Finders Resources on Thursday reported that the company had completed the final milestone for the $165-million senior project finance facility, allowing first draw-down to proceed. Finders told shareholders that the company’s Indonesian subsidiary had completed a mandatory hedging... 

First Quantum launches equity offering of up to C$1.44bn

By: Henry Lazenby Base metals producer First Quantum Minerals on Wednesday announced that it planned to raise up to C$1.44-billion through a common share equity offering. The TSX- and LSE-listed company said it intended to use the net proceeds of the offering to advance and expand existing production facilities,... 

Great Panther Silver eager to start work on Coricancha

By: Henry Lazenby Mexico-focused Great Panther intends to start, as soon as possible, surface drilling at the Coricancha mine complex, through which it has gained a foothold in Peru, the second largest silver producing country in Latin America. The surface drilling will focus on defining and expanding zones of... 

Xtract gets major discount on O’Kiep acquisition

By: Megan van Wyngaardt Aim-listed Xtract Resources has successfully renegotiated the deed of assignment for the acquisition of the O'Kiep copper sulphide tailings project, in the Northern Cape, which would result in a reduced cash payment of $2.88-million, a 28% reduction from the initial $4-million payment. Xtract... 

Xtract gets major discount on O’Kiep acquisition
Photo by Duane Daws
CEO Jan Nelson

Peru strike spares output at top copper and gold mines

By: Reuters Peru's production of copper and gold was largely unaffected by a national strike on Monday as unionised workers declined to down tools for fear of losing their jobs and companies used replacements. Walk-outs at some mines, however, might have curbed silver, tin and iron output, according to... 

Rio Tinto, Mongolia agree on Oyu Tolgoi underground development path

By: Esmarie Swanepoel Mining giant Rio Tinto on Tuesday announced the signing of the mine development and financing plan for the underground mine at the Ouy Tolgoi copper operation, in Mongolia. The plan addressed key outstanding shareholder issues, and set out an agreed basis for the funding of the project Rio said... 

Rio Tinto, Mongolia agree on Oyu Tolgoi underground development path

Oracle Q4 net loss unchanged in Q1 at $2.2m

By: Tracy Hancock Dual-listed Oracle Mining Corp maintained a $2.2-million net loss for the quarter ended March 31, having reported the same result for the three months ended March 31, 2014. The Vancouver, Canada-based corporation explained on Friday that the net loss for the period under review included a... 

Oracle Q4 net loss unchanged in Q1 at $2.2m

Southern Copper to announce 'pause' in Peru project – sources

By: Reuters Southern Copper Corp was preparing to announce a formal "pause" in its stalled $1.4-billion Tia Maria project in Peru amid deadly protests against it, two government sources and a company source said on Friday. 

Engineering company innovates to save money and time

By: Dylan Stewart Multidisciplinary engineering company LogiMan has successfully completed its work on the Tschudi copper project, in Namibia, ahead of schedule and within budget. 

Chile cuts mining investment outlook by $30bn over next decade

By: Reuters Chile scaled back its expectations for investment in its vast mining industry by some $30-billion over the next decade, due to fewer gold mines being developed and other projects being delayed, Mining Undersecretary Ignacio Moreno said on Thursday. Mining investment in Chile, the world's top... 

Aditya Birla widens losses in full year

By: Esmarie Swanepoel Copper miner Aditya Birla has reported an after-tax net loss of A$219.7-million during the full year ended March, compared with a loss of A$224 000 reported in the previous financial year. The significant loss was ascribed to the halting of operations at the Nifty copper project, in Western... 

Sirius signs copper offtake at Nova

By: Esmarie Swanepoel Metals developer Sirius Resources on Wednesday announced that it had signed an offtake agreement with commodities trading group Trafigura over the planned copper sulphide concentrate at the Nova nickel mine, in Western Australia. The Nova nickel mine was expected to deliver about 26 000 t/y of... 

Creamer Media publishes African Mining Roundup for May 2015 research report

This month’s report includes details of iron-ore company Tawana’s agreement to formalise the legal and commercial conditions of the Mofe Creek project, in Liberia; Canadian miner Nevsun Resources’ Bisha operation, in Eritrea, which is on track to start commissioning at its new zinc plant by... 

Creamer Media publishes African Mining Roundup for May 2015 research report

Nifty ops suspended after worker is killed

By: Esmarie Swanepoel Copper miner Aditya Birla has temporarily suspended operations at its Nifty copper mine, in Western Australia, following a fatality. The miner said on Tuesday that a worker operating a bogger in the underground section of the mine was killed in an accident overnight. 

Big deals expected when Chinese premier visits South America 

By: Reuters Chinese Premier Li Keqiang will visit South America next week on a four-nation tour, the Foreign Ministry said on Monday, a part of the world where China has deep business ties but traditionally only limited political influence. Li will travel to Brazil, Colombia, Peru and Chile on the May 18 to... 

Panoro positioned for growth in Peru’s copper-producing nexus

By: Henry Lazenby With a preliminary economic assessment (PEA) for its flagship project in hand and Peru having made it a national goal to double its copper output by next year, Canadian copper explorer Panoro Minerals is positioned for growth. The PEA published early last month on its Cotabambas porphyry... 

Hudbay narrows Q1 loss, declares commercial production at Constancia

By: Henry Lazenby Canadian base metals miner Hudbay Minerals has reported a narrower first-quarter loss on the back of improved output and sales, despite reporting a significant inventory build-up. The Toronto-based company, with assets in Canada, the US and Peru, reported a net loss of $23.7-million, or $0.10 a... 

Congo copper and gold production jumps in Q1

By: Reuters Copper and gold production in Democratic Republic of Congo rose sharply in the first quarter of 2015, despite continuing uncertainty about a proposed revision of the mining code. Congo, which vies with Zambia to be Africa's leading copper producer, mined 279 573 t of the metal during the quarter,... 

PanAust in trading halt to complete bid discussions with Gram

By: Esmarie Swanepoel Takeover target PanAust on Friday went into a trading halt, saying it was in discussions with suitor Guangdong Rising Asset Management (Gram). PanAust had consistently rejected the A$1.71-a-share cash offer made by Gram in April this year, saying the offer did not adequately recognise the... 

Cash-hungry Weatherly posts flat Q3 output

By: Natalie Greve Copper producer Weatherly International produced 1 822 t of copper in the quarter ended March 31, with the Tschudi copper mine, in Namibia, contributing 692 t for the three months after production started in February. Despite a difficult first two months of the year, the group’s nearby Central... 

Weather hampers Mozambique coal operations

By: Keith Campbell Brazilian mining major Vale has reported that its biggest coal operation, Moatize in the Tete province of Mozambique, was hit by unusually heavy rains during the first quarter (1Q) of this year, cutting output in comparison with that for the last quarter of last year. This was stated in the... 

African Copper warns of possible June closure despite $1.5-million loan

By: Natalie Greve Zambia Copper Investments (ZCI) subsidiary African Copper has signed an unsecured loan facility of $1.5-million with its majority shareholder, the Copperbelt Development Foundation (CDF), but warns that this funding inflow may not be enough to keep the company’s doors open beyond June. The copper... 

South32 set to hit ground running after 98% BHP 'yes' vote 

By: Martin Creamer The demerging South32 mining company, which is set to hit the ground running after receiving an overwhelming 98.05% yes vote from BHP Billiton shareholders on Wednesday, is at an advanced stage of planning a global shared service centre in South Africa, which will create 200 new quality jobs.... 

South32 set to hit ground running after 98% BHP 'yes' vote
Photo by Bloomberg
Andrew Mackenzie

PanAust blames Gram offer for low share price

By: Esmarie Swanepoel Takeover target PanAust on Wednesday blamed a takeover offer from shareholder Guangdong Rising Asset Management (Gram) for the company’s shares remaining fairly stagnant since early April. In a communication to shareholders, PanAust pointed out that the share price of other listed copper miners... 

Oz Minerals appoints new management

By: Esmarie Swanepoel Copper miner Oz Minerals has added to its executive team, recruiting senior executives as part of its relocation plans to Adelaide. Oz Minerals previously announced plans to save some A$44-million in cost from a roll-out of strategic changes, which included the divestment of Oz Minerals’... 

Taseko Mines improves cornerstone operation’s economics, extends life

By: Henry Lazenby An updated mine plan for base metals miner Taseko Mines’s 75%-owned Gibraltar openpit copper/molybdenum mine, in south-central British Columbia, has improved the operation’s financial metrics, lifted reserves and extended the mine life. The latest mine plan, the result of a detailed, six-month... 

No relief for Canada's BC as PwC expects challenges to continue into 2015

By: Henry Lazenby British Columbia's (BC's) mining sector was not showing any early signs of improvement in 2015; however, investment in the mining industry needed continue despite today's challenging conditions, advised PwC's BC mining practice partner and leader, Mark Platt. "Miners need to keep exploring if... 

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