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Greek court rules Eldorado Gold can resume mining in northern Greece

By: Reuters Canada's Eldorado Gold can temporarily resume mining operations in northern Greece until a final court ruling is made, Greece's top administrative court said on Friday. Eldorado had appealed to Greece's top court to overturn a ban on its plans to develop a gold mine in a forested area of... 

Global commodity price slump sends ripples around the world

By: Reuters In the boom times when the price of gold was soaring, Ebenezer Sam-Onuawonto had a dream job and a dollar salary many times the national average in this mining town in southwestern Ghana. When the price fell, he lost his job as human resources chief at a mining company that closed its local... 

Global commodity price slump sends ripples around the world

BlueRock secures £400 000 to fund continuation of operations

By: Megan van Wyngaardt Aim-listed BlueRock Diamonds has entered into an agreement with substantial shareholder Mark Poole to issue £400 000 of convertible loan notes (CLNs), allowing it to finance continuing operations and expansion plans. 

Canadian firm fights gold mine ban by leftist Greek government

By: Reuters A Canadian company appealed to Greece's top court on Friday to overturn a ban on its plans to develop a gold mine in a forested area of northern Greece, in a case widely seen as a test of the leftist government's approach to foreign investment. Vancouver-based Eldorado's venture to extract gold... 

Paragon secures $15m for Mothae, Lemphane development

By: Megan van Wyngaardt Aim-listed Paragon Diamonds has signed a nonbinding term sheet to secure a $15-million funding package with private South Africa-based company Acrux Resources. The funds would be used to acquire and bring the defined Lesotho-based Mothae kimberlite resource and the nearby Lemphane kimberlite pipe... 

Black-controlled Fraser Alexander wins Glencore coal discard contracts

By: Martin Creamer Black-controlled mining services company Fraser Alexander has won the Glencore group discard and handling services contracts for Tweefontein Boschmans, Impunzi Atcom, Impunzi ATC and Koornfontein coal mines. The Royal Bafokeng Holdings-owned Fraser Alexander said in a release that the size of the... 

Black-controlled Fraser Alexander wins Glencore coal discard contracts
Discard hauler ejecting coal discard material.

Tauron's new board says plans to buy coal mining assets

By: Reuters The new board at Poland's Tauron said it plans to buy coal mines, bringing the state-controlled utility into line with government plans to help ailing miners. With just three weeks until parliamentary elections, government efforts to save to country's coal sector, which has been hurt by low... 

Jubilee concludes R110m sale of JSR, Power Alt

By: Megan van Wyngaardt Dual-listed mine-to-metals company Jubilee has formally transferred ownership, related risk and benefit in 100% of the issued shares in Jubilee Smelting & Refining (JSR) and 70% of the issued shares in Power Alt (PA) for R110.5-million to Siyanda Resources. The company advised shareholders on... 

Glencore resumes slide despite investor meeting, John Mack share purchase

By: Reuters Glencore's share price eased again on Thursday despite the company's assurances to investors that its debt-cutting plans remain on track and a decision by board member and legendary banker John Mack to buy $600,000 worth of stock. Battered by a collapse in global commodity prices over the past... 

Poland sacks Tauron management after coal mine talks falter

By: Reuters The State-controlled supervisory board at Polish power group Tauron on Thursday replaced all Tauron management after the group failed to buy a troubled coal mine seen as vital for Poland's mining sector overhaul. In a surprise move, Jerzy Kurella - former deputy head at Poland's state-run gas... 

StratMin receives first payment from Bass, extends deal completion date

Aim-listed StratMin Global Resources has received an initial £75 000 from ASX-listed Bass Metals as part of the Australia-based company’s £2-million earn-in agreement to acquire a 25% stake in StratMin’s Graphmada Mauritius subsidiary. Bass Metals noted in a statement on Thursday that it had... 

Destruction of diamond beneficiation almost complete – Lorimer 

By: Martin Creamer The destruction of 95% of South Africa’s once-buoyant diamond cutting and polishing industry showed once again that governments could not micromanage businesses and should not try to do so, Democratic Alliance (DA) Shadow Mineral Resources Minister James Lorimer said on Thursday. The Opposition... 

Destruction of diamond beneficiation almost complete – Lorimer
James Lorimer MP

Bushveld declares maiden resource at Mokopane project

By: Megan van Wyngaardt A maiden mineral resource estimate of 12.5-million tons at a grade of 0.7% vanadium pentoxide (V2O5) was declared on the AB zone of Aim-listed Bushveld Minerals’ Mokopane vanadium project, in Limpopo. "This confirms our expectations that the AB zone represents significant upside for the project.... 

Prevost drops coal bombshell 

By: Martin Creamer South Africa’s Mr Coal on Wednesday called on the country to begin reversing out of low-priced coal export markets and turn inwards towards the domestic market through a grouping of inland terminals that could provide economic logistics to the high-grade South African coal that the global market... 

Prevost drops coal bombshell
Photo by Duane Daws
Xavier Prevost

Thermal coal prices near record lows; Indonesian output cuts check losses

By: Reuters Physical coal prices were mired near record lows this week as slower economic growth in top consumer China dented the outlook for demand, although some production cutbacks by the world's biggest thermal coal exporter Indonesia helped check losses. Thermal coal benchmarks hit record lows earlier... 

As China sparkle fades, De Beers sees glint in bridal, gift diamonds

By: Reuters Famed diamond supplier De Beers expects the value of its sales of the polished jewel in China may rise this year by just over a tenth of 2011's surge, as the economy that has long bolstered global luxury goods heads for its weakest growth in 25 years. The world's largest diamond producer by value... 

Glencore seen reluctant to step up asset sales to include top mines

By: Reuters Debt-laden Glencore may unload all its agricultural assets instead of just a stake, analysts said, but the commodity group is unlikely to expand its divestment programme to include top mines. Selling assets is one prong of a wider strategy by the Swiss-based trader and miner to cut about a third... 

Megafactory trend sparks ‘arms race’ in battery sector 

By: Simon Rees Tesla Motors’ so-called ‘gigafactory’ has sparked an “arms race” in the battery sector, Benchmark Mineral Intelligence MD Simon Moores told an audience attending the Toronto leg of the company’s World Tour 2015, in which Mining Weekly Online participated. The gigafactory, now being built in... 

Glencore fightback over debt fears lifts shares

By: Reuters Glencore said on Tuesday it was strong enough to ride out current volatility in commodity markets, helping to lift the mining group's shares by a fifth. Glencore's stock rebounded after a fall of 30% to a record low on Monday in response to uncertainty over its ability to cope with a prolonged... 

Glencore fightback over debt fears lifts shares
Photo by Bloomberg
Glencore CEO Ivan Glasenberg.

Investor body in talks with Glencore on $2.5bn placing – Sky News

By: Reuters Mining and trading group Glencore Plc has been holding talks with investor trade body Investment Association related to the company's recent $2.5-billion equity placing, Sky News reported. Sky News reported that a meeting took place between the company's secretary John Burton and Investment... 

Mining’s bottoming presents opportunity to write new script – KPMG

By: Martin Creamer The bottoming of the resources market is presenting South Africa with a valuable opportunity to write a new exploration script that encourages investment ahead of all other mining jurisdictions. “Catch this wave now so that when the market turns, we can be in a space that tells investors they... 

Mining’s bottoming presents opportunity to write new script – KPMG
Photo by Duane Daws
Muhammad Saloojee

BHP Billiton upbeat on future outlook despite climate change

By: Megan van Wyngaardt Diversified major BHP Billiton has invested in the development of low-emissions technologies and supporting market mechanisms that provide financial incentives for emissions reductions and sustainable development to support moves to limit global temperature increases to 2 °C. “We believe that a... 

Glencore says remains 'operationally and financially robust'

By: Reuters Mining and trading company Glencore said on Tuesday its business remained "operationally and financially robust" and it was confident of the medium and long-term fundamentals of its commodities. "Glencore has no debt covenants and continues to retain strong lines of credit and secure access to... 

Platinum extends rout, falls below $900 on Volkswagen scandal

By: Reuters Platinum fell below $900/oz on Tuesday for the first time since January 2009 on fears that the Volkswagen emissions scandal would reduce demand from the auto sector. Spot platinum slid to $899.80/oz, before paring some losses to trade at $902.99 by 0651 GMT. 

Platinum extends rout, falls below $900 on Volkswagen scandal

Greek energy ministry calls on Eldorado to allow staff back to work

By: Reuters Greece's newly appointed government has called on Canada's Eldorado Gold to allow most of the workers at its Greek gold mine to return to work, the energy ministry said on Monday. Greece last month revoked Eldorado's permit to develop a mine in the northern region of Halkidiki, seen as one of the... 

Commodities in crisis as shares tumble, shipper files for bankruptcy

By: Reuters Shares in commodity trading firms were hit hard and a Japanese shipper filed for bankruptcy on Tuesday, in the latest signs that tumbling energy and raw material prices are triggering a sector-wide crisis. Mining and trading giant Glencore saw its London-listed shares fall 30% on Monday to record... 

More rough diamond price cutting needed – WFDB 

By: Martin Creamer A further reduction in the price of rough diamonds is needed, according to the World Federation of Diamond Bourses (WFDB). Last month Anglo American-controlled De Beers cut the prices of its rough by up to 10% and this month State-controlled Alrosa of Russia followed suit, against the background... 

More rough diamond price cutting needed – WFDB
Photo by duane daws
Ernie Blom

Swiss watchdog says opens precious metal manipulation probe

By: Reuters The Swiss competition regulator said on Monday it had opened an investigation into possible manipulation of the precious metals market by several major banks. Switzerland's WEKO watchdog said its investigation, the result of a preliminary probe, was looking at possible collusion of bid/ask... 

VW debacle puts favourable spotlight on zero-emission platinum fuel cell 

By: Martin Creamer The attack on diesel vehicles and the Volkswagen emissions debacle are putting a favourable new spotlight on the zero-emission value of fuel cell electric vehicles that use considerable volumes of platinum. This year has seen several global car manufacturers steadfastly advancing the... 

VW debacle puts favourable spotlight on zero-emission platinum fuel cell
Photo by Reuters
Briquette of platinum shavings

Caterpillar restructuring to see more than 10 000 retrenchments by 2016

By: Henry Lazenby US-based heavy machinery and mining equipment manufacturer Caterpillar will retrench more than 10 000 employees by the end of 2016 as part of a significant restructuring and cost reduction plan, designed to lower operating costs by about $1.5-billion a year, once fully implemented. Starting later... 

Caterpillar restructuring to see more than 10 000 retrenchments by 2016

Chile laments World Court decision to hear Bolivia sea dispute

By: Reuters Bolivia won the first round of its battle against Chile to gain unfettered access to the Pacific Ocean, as an International Court of Justice decision went in its favour, disappointing Chileans who had hoped the case would end on Thursday. The ICJ, also known as the World Court, said on Thursday... 

Poland drops rescue plan for miner Weglowa to avoid European probe

By: Reuters Poland has withdrawn a rescue plan for coal miner Kompania Weglowa (KW) as the European Commission (EC) is unlikely to approve it, the treasury ministry said on Thursday. The Polish government earlier this month approved a plan to transfer part of its stakes in gas group PGNiG, utility PGE and... 

Gold miners cut back global hedge book in second quarter

By: Reuters Gold mining companies trimmed their outstanding global hedge book by 17 t in the second quarter, an industry report showed on Thursday, as two of last year's biggest hedgers, Fresnillo and Polyus Gold, closed out positions. In their quarterly Global Hedge Book Analysis, Societe Generale and GFMS... 

Iberian consolidates ownership of Cehegin iron-ore project as Glencore withdraws

By: Henry Lazenby Spain-focused iron-ore project developer Iberian Metals has regained full control over the Cehegin iron-ore prospect, in the south-west of the country, after joint venture (JV) partner Glencore relinquished its 20% interest in the brownfield project. Calgary, Alberta-based Iberian on Wednesday... 

Iberian consolidates ownership of Cehegin iron-ore project as Glencore withdraws

Hochschild receives final Inmaculada mill operating permit

By: Henry Lazenby London-listed Hochschild Mining has received the final mill operating permit from the Peruvian government for its Inmaculada mine, giving the company the green light to start doré sales. The south-west Peru-based mine declared commercial production earlier this month. 

Flinders chosen as industry partner for Swedish graphene commercialisation programme

By: Henry Lazenby TSX-V-listed Flinders Resources has been chosen as an industry partner within Svenskt Grafen (Swedish Graphene), a government funded programme to research and commercialise graphene production from Swedish-sourced graphite.  Flinders said its flagship production-ready and fully permitted Woxna... 

Kibo advances uranium project, looks for other opportunities

By: Megan van Wyngaardt Work has started at Tanzania-focused mineral explorer Kibo Mining’s Pinewood uranium project, with the immediate focus on updating a 2009 study and report on prospectivity and exploration potential in the region. Kibo and joint venture (JV) partner Metal Tiger would also continue to seek uranium... 

Opec focuses on rival mega projects, lives with shale swing output

By: Reuters After almost a year of painfully low oil prices, Opec members are beginning to believe they are winning against upstart US shale producers in a short-term market share contest. Yet insiders and experts say Opec is looking for a longer-lasting impact on other high-cost production oil field plans,... 

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