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Copper News

Ivanhoe hits shaft-digging milestone at Platreef

By: Henry Lazenby     1st November 2017 Africa-focused megaproject developer Ivanhoe Mines has reached the 500-m level below surface, during construction of the first shaft of the Platreef platinum-group meals (PGM) project, in South Africa's Limpopo province. The 7.25-m-diameter Shaft 1, which is expected to reach the Flatreef... 

CuDeco reports Sept quarter results

By: Ilan Solomons     31st October 2017 Queensland copper miner CuDeco earned a positive earnings before interest, taxes, depreciation and amortisation of $3.3-million, gross revenue of $39.8-million and a net revenue of $30.8-million during the three months to September 30, the company reported on Tuesday. CuDeco noted that its... 

Global copper balance widens to 160 000 t deficit as refined output stalls

By: Henry Lazenby     31st October 2017 The world's refined copper balance has increased to 160 000 t for the first seven months of 2017, as refined copper supply has stagnated, according to the International Copper Study Group (ICSG). The Lisbon-based think tank said the July deficit was in fact the lowest recorded so far this year,... 

Global copper balance widens to 160 000 t deficit as refined output stalls

Ivanhoe agrees to rehabilitate critical rail line in DRC

By: Natasha Odendaal     30th October 2017 TSX-listed Ivanhoe Mines is preparing to rebuild the 34 km of rail track that connects the Kipushi zinc/copper/silver/germanium mine with the Democratic Republic of the Congo’s (DRC’s) national railway at Munama, south of Lubumbashi. Under terms of a memorandum of understanding (MoU) with DRC... 

Weatherly postpones debt repayments to Orion

By: Anine Kilian     30th October 2017 Copper miner Weatherly International’s debt repayments to Orion Mine Finance have been rescheduled. Weatherly has entered into a further amendment and restatement agreement in relation to its existing facility with Orion. 

Norilsk Nickel lifts Q3 nickel output by 10% q/q

By: Mariaan Webb     30th October 2017 The world’s largest producer of refined nickel and palladium, Norilsk Nickel, on Monday reported a 10% quarter-on-quarter increase in its nickel output, but said third-quarter copper and platinum group metals production had declined. Nickel production increased to 54 175 t in the September... 

Norilsk Nickel lifts Q3 nickel output by 10% q/q

Glencore Congo deals are said to be part of latest offshore leak

By: Bloomberg     30th October 2017 Glencore could face renewed scrutiny of its business in the Democratic Republic of Congo after confidential information was released in the data breach of a major offshore law firm, according to people familiar with the matter. The documents relate to Glencore’s acquisition of Katanga Mining,... 

PEA demonstrates ‘extremely compelling’ economics for Timok Upper Zone

By: Henry Lazenby     27th October 2017 Canadian base metals producer Nevsun Resources has reported strong economics for its proposed Timok Upper Zone project, in Serbia. The results of a preliminary economic assessment (PEA), completed by Vancouver-based SRK, has outlined a $630-million project that will produce 2.1-billion pounds of... 

Metals study groups appoint Paul White as new secretary general

By: Henry Lazenby     27th October 2017 The International Copper Study Group, the International Lead and Zinc Study Group (ILZSG) and the International Nickel Study Group have appointed Paul White as their new secretary general to replace Don Smale, who will retire on December 31. Assuming his new role on January 1, White is currently... 

Deep sea mining viability gets boost as prices rise, land-based ore depletes

By: Natasha Odendaal     27th October 2017 As demand for rare earths and precious minerals increase amid a drive towards a low-carbon economy, depleting land-based reserves are increasingly boosting the commercial viability and attractiveness of the “last frontier” of deep sea mining. With growing demand driving the prices for copper,... 

Battery boom relies on one African nation avoiding chaos of past

By: Bloomberg     27th October 2017 The cars of the future will depend increasingly upon supplies of an obscure metal from a country in the African tropics where there has never been a peaceful transition of power and child labor is still used in parts of the mining industry. Most major automakers are pledging to build millions of... 

Sherritt narrows Q3 loss as higher commodity prices, lower costs boost the bottom line

By: Henry Lazenby     26th October 2017 Canadian diversified miner Sherritt International has reported improved headline earnings for the three months ended September, as higher realised prices for nickel, cobalt and oil and lower unit operating costs, mainly for nickel and electricity boosted earnings. Excluding special items, the net... 

KAZ lifts copper, gold and silver production guidance

By: Mariaan Webb     26th October 2017 Copper miner KAZ Minerals has increased its copper guidance for 2017 to between 250 000 t and 270 000 t, following a strong performance at its Aktogay mine, in eastern Kazakhstan. The mine produced 31 200 t of copper, comprising 23 300 t from the newly commissioned sulphide operations and 8 000 t... 

Freeport trades lower on earnings miss as production falls

By: Henry Lazenby     25th October 2017 The NYSE-listed equity of the world’s second-largest publicly traded copper miner by market capitalisation traded as much as 3.87% lower on Wednesday, despite confidently beating earnings forecasts as lower-than-expected output weighed on investor sentiment. For the three months ended September... 

Freeport trades lower on earnings miss as production falls
Photo by Freeport-McMoRan
SAG mills at Freeport's Grasberg mine, in Indonesia

Savannah raises £3.91m to advance pipeline of projects

By: Creamer Media Reporter      25th October 2017 Aim-listed Savannah Resources has raised about £3.91-million through the issue of about 74.43-million shares to new and existing investors at a placing pricing of 5.25p a share. It has also issued one warrant for every two new subscriptions shares, with each warrant having an exercise price of 6p. 

Govt eager to get mining parties back to the table – Gigaba

By: Natasha Odendaal     25th October 2017 With the implementation of the revised – and heavily contested – Mining Charter Three postponed to December, Finance Minister Malusi Gigaba on Wednesday said it was critical that the current impasse in the mining sector be resolved. Earlier this year, the Department of Mineral Resources (DMR)... 

Govt eager to get mining parties back to the table – Gigaba
Photo by Duane Daws
Mineral Resources Minister Mosebenzi Zwane

Antas production up in Sept quarter

By: Esmarie Swanepoel     25th October 2017 Metals miner Avanco Copper has reported an increase in both copper and gold production for the three months to September. The ASX-listed company on Wednesday reported that copper-in-concentrate for the September quarter was up 3% on the June quarter, to 3 698 t, while gold-in-concentrate... 

Shared vision needed for mining to boost entire economy – Mgojo

By: Martin Creamer     24th October 2017 A collective national vision, which must be viable, inclusive and transformative, is urgently needed to unleash mining’s latent ability to energise the entire South African economy, Chamber of Mines president Mxolisi Mgojo said on Tuesday. Speaking at a media lunch, Mgojo emphasised the folly of... 

Shared vision needed for mining to boost entire economy – Mgojo
Photo by Duane Daws
Chamber of Mines president Mxolisi Mgojo

Weatherly’s Tschudi mine output rises 21% q/q in Sept quarter

By: Anine Kilian     24th October 2017 Copper cathode production at Aim-listed Weatherly International’s Tschudi mine, in Namibia, improved by 21% quarter-on-quarter to 4 105 t in the quarter ended September 30.  Tschudi C1 costs reduced by 15% to $5 402/t. “The company continues to experience lower-than-anticipated leach rates . . .... 

Mixed fortunes for Anglo’s copper, coal and nickel divisions

By: Ilan Solomons     24th October 2017 Diversified major Anglo American recorded increases in production at its copper units, while coal and nickel production decreased in the third quarter, ended September 30. The company on Tuesday posted a 6% year-on-year increase in production on a copper-equivalent basis in the third quarter of... 

Mixed fortunes for Anglo’s copper, coal and nickel divisions
Photo by Bloomberg
For the first nine months of the year, copper equivalent production increased by 8%, while copper production increased by 5% to 147 300 t

Southern Copper says Q3 profit doubled, expects Tia Maria permit

By: Reuters     23rd October 2017 Southern Copper Corp said on Friday that its net profit doubled to $401.8 million in the third quarter from the same period a year earlier as sales surged on higher copper prices. The Arizona-based company, controlled by Grupo Mexico , added that it expects Peru's government to issue a... 

Southern Copper says Q3 profit doubled, expects Tia Maria permit

Rio is said to hold talks with Indonesia on Grasberg mine exit

By: Bloomberg     20th October 2017 Rio Tinto Group has held talks with Indonesian groups, including State-owned PT Indonesia Asahan Aluminium, about a possible exit from its interest in the giant Grasberg copper and gold operation, according to people with knowledge of the matter. Executives at Rio held meetings in recent weeks,... 

Rio is said to hold talks with Indonesia on Grasberg mine exit
Grasberg gold and copper operation, Indonesia

Barclays sued by fund for $850m for copper market abuse

By: Bloomberg     20th October 2017 Red Kite Management, the world’s largest metals hedge fund, is suing Barclays Plc for alleged market abuse in the copper market that it claims cost the firm at least $850-million between 2010 and 2013. The case pits a $2-billion hedge fund against a bank that has been hit by a number of scandals... 

Rise in DRC exploration activity expected

     20th October 2017 With the improvements in the copper price, mining interest will soon be returning to the Democratic Republic of Congo (DRC), says mining consultancy SRK Consulting country manager Susa Maleba.   “In fact, for explorers wanting to initiate drilling programmes, time is running out,” says Maleba.... 

Rise in DRC exploration activity expected
EXTENDING LIFE The sulphide resources underlying the oxide resources at Kinsevere have the potential to extend the mine life to 2033

South Africa spending less than its peers on mining research and development

By: Mia Breytenbach     20th October 2017 While South Africa had increased its investment in mining research and development (R&D) since 2014, the country’s investment was still below that of its peers, delegates heard during a panel discussion on ‘Technological Innovation and Advancements in the Mining Industry’ at the Joburg Indaba... 

Remove exploration red tape or mining will die, geologist warns 

By: Martin Creamer     19th October 2017 The excessive red tape around minerals exploration must be removed to prevent the demise of South Africa’s vital mining industry, consulting exploration geologist Allan Saad said on Thursday. Saad, who spent 18 years in geological roles with mining major Rio Tinto and who formerly represented the... 

Remove exploration red tape or mining will die, geologist warns
Consulting exploration geologist Allan Saad outlines current exploration constraints to Mining Weekly Online’s Martin Creamer. Photographs: Christo Greyling. Video and Video Editing: Nicholas Boyd.

BHP's chairperson holds first annual meeting, plans to review board

By: Bloomberg     19th October 2017 In  Ken MacKenzie’s first annual shareholder meeting at BHP Billiton, he emphasised that while the company will listen to investors, it is the board that makes decisions. For most companies, that’s a pretty unremarkable statement, but it carries extra weight at BHP, which is under pressure by... 

BHP's chairperson holds first annual meeting, plans to review board
BHP chairperson Ken Mackenzie

Sandfire holds steady in September quarter

By: Esmarie Swanepoel     19th October 2017 Copper/gold miner Sandfire Resources has reported a slight decline in copper production for the three months to September, compared with the June quarter, following planned maintenance shutdowns at its DeGrussa mill, in Western Australia. Copper production for the quarter under review reached 15... 

BHP told bending to activists poses risks for debt investors

By: Bloomberg     19th October 2017 BHP Billiton’s new chairman Ken MacKenzie is grappling with a simmering campaign by activist shareholders -- moving too far to appease them could risk unsettling debt investors who own the world’s biggest miner’s $24-billion of bonds. The campaign by funds including billionaire Paul Singer’s... 

BHP told bending to activists poses risks for debt investors
BHP new chairperson Ken Mackenzie

Altus secures new exploration licence in Ethiopia

By: Creamer Media Reporter      18th October 2017 Aim-listed Altus Strategies has been granted an exploration licence for the Daro copper/gold project, in northern Ethiopia. The licence covers an area of about 412 km2 and is valid for three years. 

BHP on track for 7% volume growth in FY18; guidance intact

By: Henry Lazenby     18th October 2017 The world’s largest mining house BHP Billiton said on Wednesday it remained on track for a 7% volume growth in the 2018 financial year, leaving its full-year 2018 guidance unaltered. The Melbourne, Australia-based miner reported its operating results for the three months ended September 30,... 

BHP on track for 7% volume growth in FY18; guidance intact

KGHM plays down recent breakdown impact

By: Reuters     17th October 2017 Polish copper producer KGHM Polska Miedz said on Tuesday it expects no big negative impact on sales or core earnings from the recent breakdown of a smelter in the city of Glogow. "We hope that we will be able to recoup some losses," CEO Radoslaw Domagalski-Labedzki told reporters. 

Rio Tinto produces more iron-ore and coal, but cuts copper guidance

By: Esmarie Swanepoel     17th October 2017 Diversified major Rio Tinto has reported increased production across its iron-ore and coal assets, but has adjusted its copper output expectations for the full year on the back of delays at the Escondida operation. “The business performed very well in the September quarter, with a strong... 

Rio Tinto produces more iron-ore and coal, but cuts copper guidance
Photo by Bloomberg
Rio Tinto CEO Jean-Sebastian Jacques

Exploration, junior culture needed to save mining – Bristow 

By: Martin Creamer     16th October 2017 Unless South Africa starts exploring again and finds new ore deposits, the country will continue to turn out the lights of the mining sector. With poor policy added, disinvestment and lack of interest will ultimately stop South Africa’s mining industry in its tracks, which will deal a colossal... 

Exploration, junior culture needed to save mining – Bristow
Top resources consultant Dr John Bristow outlines the urgent need for exploration to Mining Weekly Online’s Martin Creamer. Video and Video Editing: Nicholas Boyd.

Vast Resources reports higher output

By: Creamer Media Reporter      16th October 2017 UK-headquartered Vast Resources on Monday reported stronger operational results from its mines in Romania and Zimbabwe, with third-quarter tonnes mined, milled and copper and gold production outperforming the previous quarter. The Manaila polymetallic mine, in Romania, delivered an “exceptional... 

Prominent Hill openpit closure brought forward

By: Esmarie Swanepoel     16th October 2017 Copper/gold miner Oz Minerals will bring forward the closure of its openpit operations at the Prominent Hill mine, in South Australia, from the mid-2018 to the first quarter of the year. About A$10-million will be saved through the accelerated plan, the company reported on Monday, as it released... 

Nzuri publishes feasibility study for DRC copper/cobalt project

By: Esmarie Swanepoel     16th October 2017 A feasibility study (FS) into the Stage 1 development of the Kalongwe oxide copper-cobalt project, in the Democratic Republic of Congo, has estimated that the project would require a capital investment of $53.12-million. The Stage 1 operation will comprise an openpit mine and a one-million tonne... 

Anglo Asian lifts Q3 gold output as new mine starts producing

By: Mariaan Webb     13th October 2017 Gold/copper/silver miner Anglo Asian on Friday reported a 2 300-oz quarter-on-quarter production increase as the benefits of a strategic review are starting to show and its newest mine – Ugur – starts contributing to output. The new Ugur openpit started production in September and already has... 

Anglo Asian lifts Q3 gold output as new mine starts producing
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