R/€ = 15.48 Change: 0.09
R/$ = 13.16 Change: 0.13
Au 1284.50 $/oz Change: -1.61
Pt 977.00 $/oz Change: -2.00

Europe News

World copper mine output falls 3% in first 5 months of 2017

By: Henry Lazenby     19th August 2017 Global copper mine output was 3% lower year-on-year during the first five months of 2017, the latest data from the International Copper Study Group (ICSG) showed on Friday. Concentrate production declined by around 2.5% and solvent extraction-electrowinning (SX-EW) declined by around 4.5%. 

Gold futures punch through $1 300 as global stocks extend losses

By: Bloomberg     18th August 2017 Gold futures broke above $1 300/oz, rising to the highest level since November, as global stocks dropped and investors fretted that turmoil in the White House will prevent President Donald Trump from delivering on his legislative agenda. Futures for delivery in December advanced as much as 1.1%... 

Scotgold submits planning application for revised operations

By: Mariaan Webb     18th August 2017 The Loch Lomond and Trossachs National Park Planning Authority has confirmed receipt and has validated Scotgold’s application for revised operations at the Cononish gold and silver project, in Scotland. The validation defines the start of the statutory determination period, Aim-listed Scotgold... 

Vast receives matching investment offer from Sub-Sahara Goldia

By: Mariaan Webb     18th August 2017 Aim-listed Vast Resources has received a finance offer from Sub-Sahara Goldia Investments, which matches the $10-million agreement signed with a Romanian investor last month. Sub-Sahara, which provided Vast with a $4-million loan in January, had a right to provide equivalent finance to the... 

Former Sierra Rutile CEO denies bribery claims

By: Esmarie Swanepoel     18th August 2017 Sierra Leone Presidential candidate and former CEO of Sierra Rutile John Sisay has denied allegations that he was involved in bribery to secure mining licences in the African nation. Reports emerged this week alleging that mineral sands miner Iluka had uncovered suspected bribe payments by Sisay... 

Polish miner KGHM's first-half profit rise lags forecasts

By: Reuters     18th August 2017 Polish-based copper miner KGHM reported a 66% rise in first-half net profits on Thursday but failed to meet analysts' estimates as currency effects and increased costs offset rising copper and molybdenum prices. The state-controlled firm posted a consolidated net profit of 491-million zlotys, up... 

Polish miner KGHM's first-half profit rise lags forecasts

IHS materials index posts sixth gain in seven weeks

By: Henry Lazenby     18th August 2017 The materials price index (MPI) from Global Insight by IHS Markit has recovered about half the losses it suffered between February and June. The latest reading of the MPI, an index measuring the weighted average of weekly spot prices for a basket of globally traded manufacturing inputs comprising... 

Scientists find unexpected new source for lithium

By: Reuters     17th August 2017 Scientists have found an unexpected new source for lithium, a key component in battery-powered electric cars and other renewable energy technologies: supervolcanoes. Most of the world's lithium comes from Chile and Australia, and expanding access to the mineral is crucial for meeting demand for... 

Glencore coal miners return to work in Australia but vow more strike action

By: Reuters     17th August 2017 Coal mine workers from seven Glencore collieries in Australia returned to work on Thursday after a four-day work stoppage, with many voting to keep up pressure on the company over wages and job security. More than 1,400 workers met in the mining hub of Singleton, New South Wales, about 200 km... 

Harmony ups South African capex, pays 70% higher dividend 

By: Martin Creamer     17th August 2017 Gold mining company Harmony Gold, which spent R2.3-billion capital expenditure (capex) on its South African operations in the 12 months to June 30, will be increasing its capex to R2.7-billion for mainly the ongoing development of the Phakisa and Tshepong gold mines in the Free State. The... 

Harmony ups South African capex, pays 70% higher dividend
Harmony Gold CEO Peter Steenkamp delivering results at presentation covered by Mining Weekly Online’s Martin Creamer. Video: Darlene Creamer. Video Editing: Lionel da Silva.

Plymouth selects processing route for Spain project

By: Mariaan Webb     17th August 2017 Australia’s Plymouth Minerals and joint venture (JV) partner Valoriza Mineria have selected a commercial and known sulphate calcine/roast and fresh water leach processing route for the San Jose lithium/tin deposit, in Spain. The selection of a processing route allows the JV partners to determine... 

Wolf making progress with turnaround plan for UK project

By: Creamer Media Reporter      17th August 2017 Specialty metals producer Wolf Minerals said on Thursday that the operational turnaround plan for its Drakeland openpit mine at the Hemerdon tungsten and tin project in Devon, south-west England, was making good progress. The turnaround plan, which was announced last month, is aimed at achieving... 

KAZ Minerals more than doubles output as new mines ramp up

By: Mariaan Webb     17th August 2017 The ramping up to two new openpit copper mines in the Pavlodar and East regions of Kazakhstan has helped KAZ Minerals to more than double its first-half production, revenue and profit. The London-, Kazakhstan- and Hong Kong-listed miner on Thursday reported production of 118 000 t of copper in... 

KAZ Minerals more than doubles output as new mines ramp up

World treaty to ban and reduce mercury poison comes into force 

By: News24Wire      17th August 2017 It is rated as one of the top ten chemical poisons endangering human health and the natural world. Tiny drops of this poison can be found in human teeth, in fresh fish, in light bulbs, paints, batteries and even cosmetics. And it is in the air, water and soil everywhere, in varying amounts. 

Zinc breaks through $3 000 barrier as metals rally gathers pace

By: Bloomberg     16th August 2017 Zinc surged above $3 000 a metric ton amid persistent global deficits, and aluminium climbed as China reined in illegal capacity, adding fresh impetus to the rally even as some investors expressed concerns. Zinc jumped as much as 2.6% to $3 037/t on the London Metal Exchange, the highest level... 

Nornickel delivering coal to remote settlements in Russian Arctic

By: Creamer Media Reporter      16th August 2017 The Polar transport division of nickel and palladium miner Nornickel said on Wednesday it had shipped about a third of the 72 000 t of coal it planned to deliver to remote settlements in the Russian Arctic this year.  Nornickel, which is a key participant of the Northern Supply Haul programme,... 

Davenport extends landholding in German potash basin

By: Mariaan Webb     16th August 2017 Melbourne-registered Davenport Resources has signed an agreement with a German government agency to buy three potash mining licences in the South Harz region for €1.2-million. Davenport, which is listed on the ASX, will acquire the licences from Bodenverwertungs-und-verwaltungs – the agency... 

Miners drive strong European share gains as investors await GDP figures

By: Reuters     16th August 2017 Miners and oil stocks helped Europe's major share index make robust gains on Wednesday as higher metals prices lent a hand and investors awaited eurozone GDP figures expected to confirm the bloc's economic growth was on track. The pan-European STOXX 600 rose 0.7%, its third day of gains after a... 

European Metals bolsters Cinovec team to deliver DFS next year

By: Mariaan Webb     16th August 2017 ASX- and Aim-listed European Metals has appointed Craig Reimer to head the definitive feasibility study (DFS) of the Cinovec lithium/tin project in the Czech Republic. The appointment is aimed at strengthening the Cinovec team, as European Metals works towards delivering a DFS for the project in... 

ONGC Videsh earmarks $1bn for oil production growth

By: Ajoy K Das     16th August 2017 ONGC Videsh, the overseas arm of Indian exploration and production (E&P) major ONGC, is aiming to complete a $1-billion capital expenditure programme during the 2017/18 financial year. This investment spread across exploration, development and production will enable ONGC Videsh to achieve oil... 

Technology set to unleash mining innovation – Anglo’s O’Neill

By: Martin Creamer     16th August 2017 In the next ten years, technology is set to unleash a wave of mining innovation, with the sweet spot centred on changing the thinking around orebodies and processing plants rather than much-spoken-about automation. “Our focus has changed from hunting technologies to hunting value,” Anglo American... 

Technology set to unleash mining innovation – Anglo’s O’Neill
Anglo American technical director Tony O’Neill

Miner Hochschild's H1 pretax profit falls 33.8% on higher costs

By: Reuters     16th August 2017 Precious metals miner Hochschild Mining's pretax profit fell 33.8% in the first half of the year, hurt by higher costs. Attributable silver production rose 8.9% to 8.9-million ounces in the six months ended June 30, and the company said it was on track to deliver attributable production of... 

Elliott Management raises stake in BHP to 5%

By: Reuters     16th August 2017 Hedge fund Elliott Management has raised its stake in BHP Billiton to 5%, stepping up a campaign to make the top global miner quit all or part of its petroleum business, boost returns and ditch its dual listing. New York-based Elliott launched its effort in April, at which point it held a 4.1%... 

Shortage of Chinese rare earths spot material bodes well for Mkango – report

By: Henry Lazenby     15th August 2017 Structural changes in China’s rare earths supply chain bodes well for companies outside of that country that are developing new rare earths projects. A new report published by respected industry observer Adamas Intelligence of Sudbury, Ontario, highlights a 50% increase in the price of certain... 

Shortage of Chinese rare earths spot material bodes well for Mkango – report

Palladium consumption to hit all-time high in 2017 – Nornickel

By: Mariaan Webb     15th August 2017 Palladium consumption is heading for an all-time high of 10.8-million troy ounces, which will leave the market in a deficit of more than one-million ounces in 2017, according to the world’s largest producer of the precious metal. Russia’s Nornickel said on Tuesday that it retained a positive... 

Palladium consumption to hit all-time high in 2017 – Nornickel

Explorer Connemara raises £135 000

By: Creamer Media Reporter      15th August 2017 Irish exploration firm Connemara Mining has raised £135 000 in a share placing, the Aim-listed company announced on Tuesday. Connemara placed 7 848 837 new shares of €0.01 each in the company at 1.72p a share to raise the capital. 

Alrosa says can't reach an area of 4 missing miners

By: Reuters     15th August 2017 Rescuers have been unable to reach the area of an underground mine in Siberia where four of eight missing miners might have been working during a partial flood this month, Russian diamond producer Alrosa said on Tuesday. State-controlled Alrosa has been searching for the eight missing miners... 

Strong financials keep Polyus on track to meet production guidance

By: Samantha Herbst     14th August 2017 Following positive operational and financial progress during the first half of 2017, London- and Moscow-listed Polyus remains on track to meet its full-year production guidance of between 2.08-million ounces and 2.13-million ounces. 

Strong financials keep Polyus on track to meet production guidance
Polyus CEO Pavel Grachev

European Lithium exploring several options for Wolfsberg offtake

By: Mariaan Webb     14th August 2017 ASX-listed European Lithium and Chinese lithium firm Shandong RuiFu Lithium have agreed to extend the timeframe for entering into a formal offtake agreement for spodumene concentrate production from the Wolfsberg project, in Austria. European Lithium chairperson Tony Sage said on Monday that... 

Anglo Asian says Ugur resource exceeds initial estimate

By: Mariaan Webb     14th August 2017 Gold, copper and silver miner Anglo Asian on Monday announced a Joint Ore Reserve Committee- (Jorc-) compliant resource estimate for its Ugur gold deposit, where production is set to start next month. Ugur – a new mineral deposit 3 km west of the Gedabek licence in western Azerbaijan – has a... 

Russian bank sees gold jumping to $1 400 on world tension

By: Bloomberg     14th August 2017 Gold prices are set to jump to a four-year high of $1 400/oz by the end of the year over mounting tensions between North Korea and the US, and surging demand in the world’s biggest consumers, according to the head of precious metals at a Russian investment bank. Bullion could rise to $1 360/oz... 

Cornish Lithium project secures £1m for exploration

By: Reuters     14th August 2017 British mining company Cornish Lithium has secured £1-million to explore for lithium in Cornwall, southwest England, its CEO said, taking the country a step closer to a domestic source of the strategic mineral. Lithium plays an essential role in electric car batteries, and is produced by... 

Cornish Lithium project secures £1m for exploration

Alrosa says 2017 output target unchanged despite accident - Ifax

By: Reuters     14th August 2017 Russian state-controlled diamond miner Alrosa's 2017 production plans remain unchanged despite an accident at its Mir underground mine in eastern Siberia, it said on Monday. Rescue teams are still searching for eight workers in Alrosa's underground Mir mine in the remote Yakutia region of... 

This Canadian copper giant is missing best of metal's surge

By: Bloomberg     12th August 2017 As copper producers from Freeport-McMoRan to BHP Billiton ponder what to do with the windfall from surging prices, First Quantum Minerals has no such dilemma. Unlike most of its peers, First Quantum’s copper sales are fully hedged – at an expected average price of $2.37/lb for the second half of... 

Nevsun delays Timok schedule, provides more capital for flagship Bisha ops

By: Henry Lazenby     11th August 2017 Canadian base metals producer Nevsun Resources this week announced a strategic update on its capital allocation plans, allotting extra capital to its Eritrea-based Bisha zinc/copper/gold operation and delaying the timetable for delivery of the Serbia-based Timok prefeasibility study (PFS) to the... 

Nevsun delays Timok schedule, provides more capital for flagship Bisha ops
Photo by Nevsun Resources
Bisha mine, Eritrea

Outlook stable for Anglo American – S&P's

By: Anine Kilian     11th August 2017 Ratings agency Standard and Poor’s (S&P’s) has given global mining company Anglo American a stable outlook, raising its long- and short-term corporate credit ratings to BBB-/A-3 from BB+/B. The agency also raised Anglo American’s long-term South Africa national scale rating to zaAAA from zaAA+,... 

Russian tycoon Prokhorov agrees to sell 7% stake in Rusal to Vekselberg

By: Reuters     11th August 2017 Russian aluminium giant Rusal said tycoon Mikhail Prokhorov has agreed to sell around a 7% stake to billionaire Viktor Vekselberg for $503.9-million, concluding lengthy negotiations over a sale. Prokhorov, a minority shareholder in Hong Kong-listed Rusal, had been in talks to sell a 12% stake in... 

Work advancing to secure Chinese funding for large Greenland zinc project

By: Mariaan Webb     11th August 2017 Base metals developer Ironbark Zinc is continuing to work towards securing Chinese funding for a large potential zinc mine – the Citronen base metals project, in Greenland. Ironbark, which is listed in Australia, is working with China Nonferrous Metal Industry’s Foreign Engineering and... 

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