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Europe News

Acacia lowers AISC, maintains positive net cash position in Q3

By: Marleny Arnoldi     19th October 2018 Lower realised gold prices and lower production resulted in gold miner Acacia Mining reporting an 11% year-on-year decrease in earnings before interest, taxes, depreciation and amortisation to $44.6-million for the third quarter, ended September 30. The company reported revenue for the period... 

Lionsgold apologises as shares head for cancellation

By: Mariaan Webb     19th October 2018 Gold exploration, production and retail firm Lionsgold CEO Cameron Parry on Friday offered an apology to shareholders as the company announced that trading on the Aim would be cancelled on November 12. Lionsgold, which is developing a gold currency and banking platform, was suspended from... 

Bosnian government to help keep Aluminij smelter on power grid

By: Reuters     19th October 2018 A Bosnian regional government will help to keep aluminium smelter Aluminij Mostar running, a Minister said on Friday, after heavy debt brought it to the brink of closure. Management at Bosnia's sole aluminium smelter had called for the Bosniak-Croat Federation to intervene after the business was... 

Clash over Trump tariffs heats up with barrage of WTO litigation

By: Reuters     19th October 2018 Disputes over US tariffs and retaliatory moves by other states have sparked 12 requests for adjudication at the World Trade Organization, signalling an escalation in global trade tensions. The agenda for an Oct. 29 meeting of the WTO's dispute settlement body on Friday confirmed the legal moves,... 

Flow of LME nickel to hidden storage dents bull story

By: Reuters     19th October 2018 The bulk of nickel moving out of London Metal Exchange-approved warehouses in Asia is showing up in hidden facilities in Europe, analysts said, denting a bullish scenario of potential shortages. LME nickel stocks have shrunk by about 40% this year, largely from warehouses in Malaysia, Taiwan... 

Why a no-deal Brexit risks freezing London's diamond trade

By: Bloomberg     19th October 2018 The UK has warned that a no-deal Brexit risks London being frozen out of the global diamond trade. Britain is a member of the Kimberley Process, the global certification program used to track and prevent the trade of conflict gems, through its European Union membership. The country will need to... 

Acacia Mining threatens to invoke investment treaty in Tanzania dispute 

By: Reuters     19th October 2018 Acacia Mining said on Friday it would seek direct dialogue with Tanzania over a long-running tax dispute and threatened to invoke a bilateral investment treaty should a settlement not be reached. Acacia's parent Barrick Gold has been negotiating with the Tanzanian government on behalf of... 

Acacia Mining threatens to invoke investment treaty in Tanzania dispute

De Beers eyes tech markets for synthetic diamonds future 

By: Reuters     19th October 2018 Anglo American unit De Beers is going after lucrative, but elusive high-tech markets in quantum computing, as it aims to expand its lab-grown diamond business beyond drilling and cutting. Element Six, De Beers' synthetic diamond arm, is building a $94-million factory in Portland, Oregon, an... 

De Beers eyes tech markets for synthetic diamonds future

Wolf Minerals UK to be wound up

By: Creamer Media Reporter      19th October 2018 Embattled tungsten miner Wolf Minerals UK will be wound up under the UK Insolvency Act, while all directors of the company have resigned, with immediate effect. Wolf went into voluntary administration last week after failing to secure funding to meet its short-term working capital requirements... 

Scotgold provides planning update, French unit be liquidated

By: Mariaan Webb     18th October 2018 Aim-listed Scotgold on Thursday expressed its hope that the Loch Lomond and the Trossachs National Park Planning Authority (NPA) would soon announce a formal decision on the Cononish gold and silver project. The company said that it had worked with the NPA to secure all the necessary agreements... 

Highland ups Sept quarter production

By: Mariaan Webb     18th October 2018 Aim-listed Highland Gold, which operates the Mnogovershinnoye (MNV), Novoshirokinskoye (Novo) and Belaya Gora mines in Russia, boosted its September quarter output by 4.4% year-on-year to 74 826 oz of gold and gold equivalent. Its nine-month output came to 203 747 oz and the company reported on... 

Euro Manganese reveals site of Czech manganese process plant

By: Creamer Media Reporter      18th October 2018 Canadian junior Euro Manganese (EMM) has secured the right to a parcel of industrial zoned land adjacent to the Chvaletice manganese tailings project, where the company plans to build its high-purity manganese processing facility. The 19.94 ha land will be acquired through EP Chvaletice (EPCS),... 

Strongbow unveils financing deal, still aiming for 2018 London listing

By: Mariaan Webb     17th October 2018 Strongbow Exploration, the company that is seeking to revive the South Crofty tin mine in Cornwall, south-west England, is still targeting a listing on London’s Aim exchange this year, president and CEO Richard Williams said on Wednesday, while announcing a financing and offtake agreement with... 

Strongbow unveils financing deal, still aiming for 2018 London listing
Buildings at the South Crofty tine mine that closed in 1998.

Alcoa to close two Spanish aluminium plants with job losses

By: Reuters     17th October 2018 Alcoa said on Wednesday it would close two of its three aluminium plants in Spain with a combined annual production of 180 000 metric tonnes, resulting in the lay off of almost 700 workers. The Aviles and La Coruna plants were two of the least productive due to intrinsic structural problems such... 

Hochschild ups production target

By: Creamer Media Reporter      17th October 2018 London-listed Hochschild has raised its production target from 38-million ounces to 38.5-million ounces of silver equivalent, following a record nine-month performance. The miner, which operates three mines in Peru and one in Argentina, reported attributable nine-month production of 29.5-million... 

Acacia Mining says another employee arrested by Tanzania anti-corruption body

By: Reuters     17th October 2018 Acacia Mining said on Wednesday an employee and a former employee were detained by Tanzania's anticorruption authority, a week after the gold miner said another staffer had been released on bail after being charged with corruption. Tanzania's anti-corruption authority was quoted by local media as... 

Greek PM-wannabe says unblocking Skouries a priority

By: Bloomberg     17th October 2018 Kyriakos Mitsotakis says he’s a man with a mission. The leader of New Democracy, currently Greece’s main opposition party – who will become Prime Minister if his party wins general elections next year – says what the country needs more than anything else is investment. With that in mind, he says... 

Greek PM-wannabe says unblocking Skouries a priority
The Skouries project.

Berkeley plunges on Spain permit uncertainty

By: Mariaan Webb     17th October 2018 The stock of triple listed Berkeley Energia plunged on Wednesday, after news reports that the Spanish government has decided not to issue the permits needed for its Salamanca uranium mine. Berkley, which on Monday alerted investors to a delay in receiving an urbanisation licence, traded nearly... 

Berkeley plunges on Spain permit uncertainty

Soil sampling gets under way at Red Rock’s DRC copper/cobalt licence

By: Creamer Media Reporter      17th October 2018 A soil sampling programme has started at a copper/cobalt licence in the Democratic Republic of Congo (DRC) owned by Aim-listed natural resources development company Red Rock Resources. The licence was recently acquired from a private seller. 

Sibanye, Lonmin merger hearing postponed to November 

By: Creamer Media Reporter      17th October 2018 The Competition Tribunal's hearing into the proposed merger between precious metals miner Sibanye-Stillwater and platinum miner Lonmin has been postponed to November, the tribunal reported on Wednesday. The hearing was meant to start on October 18 but has been "postponed in agreement with all... 

Sibanye, Lonmin merger hearing postponed to November

Polish govt promises tax relief to help copper region

By: Reuters     16th October 2018 The Polish government is working on amending tax laws, which could lead to tax deductions of up to 5% on certain minerals, it said on Tuesday. Poland currently taxes copper and silver exploration, but the only company paying the levy is KGHM, one of the world's biggest copper and silver producers. 

Vast targeting initial Baita Plai production in H1

By: Creamer Media Reporter      16th October 2018 Aim-listed Vast Resources is moving to deploy a team of people at the Baita Plai mine to start the implementation of the restart programme, following the granting of an association licence. The Romanian government has formally approved the association licence to Vast subsidiary African... 

Polyus confident of meeting FY target

By: Creamer Media Reporter      16th October 2018 Russian gold miner Polyus is confident that it will achieve its production guidance for the year, following a “robust” operational performance in the third quarter. The company, which trades on the Moscow and London stock exchanges, produced 691 200 oz of gold, a 15% improvement on the 602 000... 

Kenmare to declare maiden dividend for H1 2019; reports strong Q3 ilmenite, zircon production  

By: Marleny Arnoldi     16th October 2018 LSE-listed mineral sands producer Kenmare Resources on Tuesday announced its dividend policy, a watershed moment for the company, with dividends to be based on a minimum of 20% of profits after tax. Kenmare will start with an interim dividend for the first half of 2019, which will be paid in the... 

Kenmare to declare maiden dividend for H1 2019; reports strong Q3 ilmenite, zircon production
Kenmare MD Michael Carvill

Geological, sampling programmes start at ABM’s Côte d’Ivoire project

By: Marleny Arnoldi     16th October 2018 Aim-listed African Battery Metals (ABM) has started geological work on its recently acquired 380 square kilometre Lizetta II nickel/cobalt/chrome exploration project, in Côte d’Ivoire. ABM commissioned a site visit by a technical team to prepare for a structured field exploration programme, the... 

De Beers reports steady demand for its rough diamonds 

By: Marleny Arnoldi     16th October 2018 Diamond miner De Beers Group on Tuesday announced that it had sold $475-million worth of rough diamonds during the eighth sales cycle of this year. This is lower than the $503-million worth of diamonds sold in the seventh cycle of the year, but higher than the $376-million worth of diamonds sold... 

De Beers reports steady demand for its rough diamonds
De Beers CEO Bruce Cleaver

Rio Tinto copper output jumps; iron-ore, aluminium production slip

By: Esmarie Iannucci     16th October 2018 Diversified major Rio Tinto has reported lower production across nearly all its commodities, besides copper, in the three months to September. “We have delivered consistent operational performance in the third quarter, highlighted by strong production from the group’s copper assets,” Rio CEO... 

Rio Tinto copper output jumps; iron-ore, aluminium production slip

Global steel body hikes demand forecasts, but says risks remain

By: Reuters     16th October 2018 The World Steel Association on Tuesday doubled its 2018 and 2019 forecasts for growth in global demand for the material used in everything from cars to construction, but said that trade tensions were clouding the outlook for the sector. The caution over trade from a body that represents 85% of... 

Global steel body hikes demand forecasts, but says risks remain

Anglo Asian's Azerbaijan gold output rises 47% in Q3

By: Reuters     16th October 2018 Anglo Asian Mining's gold output rose 47% in the third quarter, the London-listed company said on Monday, adding that full-year production would be at the top end of its current guidance. Azerbaijan's leading gold mining firm said it produced 21 318 oz of the metal in the last quarter, against... 

James Cameron joins Petropavlovsk board

By: Creamer Media Reporter      15th October 2018 US lawyer James Cameron and UrAmerica chairperson Damien Hackett have joined the board of Russian gold miner Petropavlovsk as independent nonexecutive directors with immediate effect. Cameron is well known in business circles in California as a successful entrepreneur and investor and has had... 

Polymetal to outperform 2018 production and cost guidance

By: Mariaan Webb     15th October 2018 Russian miner Polymetal expects to exceed its 2018 production guidance of 1.55-million ounces of gold equivalent by up to 50 000 oz, on the back of the successful ramp-up of the Kyzyl mine. The company produced 1.07-million ounces of gold equivalent in the first nine months of the year, 447 000... 

Galileo hits high zinc mineralisation in Phase 2 drilling programme

By: Marleny Arnoldi     15th October 2018 Aim-listed Galileo Resources has completed its Phase 2 diamond drilling programme and reported positive assay results so far for the first eight holes analysed, at its 80.75%-owned Star Zinc project, in Zambia. Phase 2 comprised 24 holes totalling about 1 000 m to depths, from surface, of... 

Polymetal obtains controlling stake in noncore Veduga

By: Creamer Media Reporter      15th October 2018 Gold miner Polymetal International has obtained a controlling interest in the Veduga deposit in Russia’s Northern Yenisey belt, opening the door for “multiple strategic options” for the noncore asset. The miner has agreed to increase its stake in the Veduga deposit to 74.3% through the... 

Consultants confirm at least 1Moz potential at Cora Gold’s Mali prospect

By: Marleny Arnoldi     15th October 2018 A report compiled by SRK Consulting has confirmed that gold explorer Cora Gold’s Sanankoro project, in Mali, has the potential to delineate between one-million and two-million ounces of gold to a depth of 100 m, also indicating the potential for significant further upside at depth. SRK derived an... 

Cradle Arc’s Thakadu mining licence extended to May 2020

By: Marleny Arnoldi     15th October 2018 Aim-listed copper and gold miner Cradle Arc has been granted an extension on its mining licence by the Botswana Ministry of Mineral Resources, Green Technology and Energy Security. The licence is now valid until May 31, 2020, and covers 28.5 km2, which includes the Thakadu openpit and adjacent... 

Premier to initiate legal action should RHA restructure not finalise by end-October

By: Marleny Arnoldi     15th October 2018 Aim-listed Premier African Minerals CEO George Roach confirmed on Monday that the company would consider other legal processes to secure the remaining equity in the RHA tungsten mine, in which the company holds a 49% interest, should the equity restructuring process not be complete by the end of... 

Berkeley to reduce costs citing uncertainty over key licence

By: Mariaan Webb     15th October 2018 Despite reporting “strong and growing support” for the Salamanca uranium project in Spain, Australian mining firm Berkeley Energia on Monday reported that it was unlikely to imminently receive a key permit that would allow for construction to start. As a result, the triple-listed uranium project... 

Berkeley to reduce costs citing uncertainty over key licence

Kazatomprom may sell 25% stake in London/Astana float

By: Reuters     15th October 2018 Kazakhstan's Kazatomprom, the world's biggest uranium producer, said it plans to float up to a 25% stake in an initial public offering (IPO) in London and Astana, but did not confirm whether the listing was still on track for this year. The global market for IPOs has been hit by recent turmoil... 

Kazatomprom may sell 25% stake in London/Astana float
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