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Europe News

Rio’s CEO wants to buy diamonds, but finding them won’t be easy

By: Bloomberg     Updated 1 hour 53 minutes ago Even for the deepest pockets in the mining industry, diamonds are hard to find. Rio Tinto Group CEO Jean-Sebastien Jacques said this week he’s on the hunt for new diamond mines, but with more than half of the industry controlled by just two companies and new discoveries rare, it’s going to be a... 

Dalradian development stope produces 35% more gold than foresaw in resource model

By: Henry Lazenby     Updated 2 hours 50 minutes ago TSX- and Aim-listed Dalradian Resources has produced 35% more gold from the third test stope at its Curraghinalt gold project in Northern Ireland, than predicted in the June resource estimate. Toronto-based Dalradian explained that third stope is located on the V-75 vein, complementing two... 

Caterpillar will consider retaining jobs in US under Trump

By: Bloomberg     8th December 2016 Under a Donald Trump government, Caterpillar will consider keeping jobs in the US that may have otherwise been shifted abroad, CEO Doug Oberhelman said. Tax changes and other policies proposed by president-elect Trump would help generate more jobs and it’s “reasonable” to think the economy can... 

Glencore shares rise as Rosneft deal wins analyst thumbs-up

By: Martin Creamer     8th December 2016 The share price of diversified mining and marketing company Glencore rose in Johannesburg on the news that the company is in final-stage negotiations to buy 19.5% of Russia’s privatised oil company Rosneft for $11-billion together with the Qatar Investment Authority, which is Glencore’s largest... 

Glencore shares rise as Rosneft deal wins analyst thumbs-up
Photo by Reuters
Russia's president Vladimir Putin with Rosneft CEO Igor Sechin

Armadale declares maiden resource estimate at Tanzania graphite project

By: Megan van Wyngaardt     8th December 2016 Aim-listed Armadale has declared a maiden Joint Ore Reserves Committee-compliant inferred mineral resource estimate of 40.9-million tonnes – graded at 9.41% total graphitic content (TGC) – for its 100%-owned Mahenge Liandu graphite project, in Tanzania. At least 32-million tonnes of this resource... 

Sula historic drill core offers encouraging results for Sierra Leone project

By: Megan van Wyngaardt     8th December 2016 Additional samples taken from an historic drill core at Aim-listed Sula’s Ferensola gold project, in Sierra Leone, have yielded further positive results, with one oxide sample returning an assay of 28.9 g/t gold. In early November 2016, samples were collected from an historic drill core remaining... 

Anglo confronts messy divorce in miner’s South Africa birthplace

By: Bloomberg     8th December 2016 In 1917, Ernest Oppenheimer met with South African general and soon-to-be Prime Minister Jan Smuts to seek his blessing for a new mining company called Anglo American. Smuts wanted one assurance, the company was there for the long haul. Anglo, along with its sister company De Beers, made... 

Anglo confronts messy divorce in miner’s South Africa birthplace

Platinum fuel cell passes competitive muster at Implats 

By: Martin Creamer     7th December 2016 Impala Platinum Refinery and its partners are in the last phase of financial close for the introduction of 8 MW of off-grid electricity from a platinum-catalysed fuel-cell system that will make use of natural gas from the Sasol grid. “We expect to get close and first flow of funds by March, with... 

Platinum fuel cell passes competitive muster at Implats
Impala Platinum Refining Services Fuel Cell Coordinator Fahmida Smith

Millennials could boost global diamond sales

By: Megan van Wyngaardt     7th December 2016 While the global diamond industry may be poised for a modest rally in 2017, several key headwinds persist, including the need for secure access to financing within the midstream sector, slowing consumption in China and the ongoing threat of synthetics and counterfeit diamonds, according to a... 

Millennials could boost global diamond sales

The ‘weird’ commodity that’s hurting bears as prices double

By: Bloomberg     7th December 2016 Iron-ore’s probably heading for a retreat in 2017 as new mine supply comes online and a surplus builds, according to UBS Group, which acknowledged that the commodity’s recent surge was unexpected and had torpedoed an earlier forecast for a slump this quarter. “It’s just surprised me,” Wayne... 

The ‘weird’ commodity that’s hurting bears as prices double

Alacer adjusts 2016 output expectations

By: Esmarie Swanepoel     7th December 2016 Dual-listed gold miner Alacer Gold has downgraded its production expectations for 2016, following delays in accessing higher-grade ore at the Marble pit of its Çöpler gold mine in Turkey. Alacer now expects to produce between 115 000 oz and 125 000 oz of gold this year, rather than a previous... 

Alacer adjusts 2016 output expectations

Companies need to work harder to gain societies' trust – Rio chairman

By: Reuters     7th December 2016 Multinational companies need to do more to gain the trust of wider society, including better explaining why top executives are so highly rewarded in comparison to workers, the chairman of global miner Rio Tinto told British lawmakers. "Big companies are going to have to work harder and harder to... 

Burkina Faso says dispute with Timis shouldn’t go to court

By: Bloomberg     7th December 2016 Burkina Faso said Timis Mining shouldn’t go to court until it has exhausted local mediation over a dispute about one of the world’s largest manganese deposits that the company says stems from the government’s deliberate blocking of the project. “The problem can’t go to the courts before we’ve... 

Rio CEO wants to expand in diamond mines rather than divest

By: Bloomberg     7th December 2016 When Rio Tinto Group chief Jean-Sebastien Jacques took the reins of the world’s second-biggest mining company in July, there was speculation he’d sell a host of less desirable mines and smelters. The firm’s diamond business, underpinned by two underground mines, was considered by some analysts as... 

Rio CEO wants to expand in diamond mines rather than divest

Aveng wins Gamsberg zinc mining contract

By: Martin Creamer     6th December 2016 A contract to establish and mine the Gamsberg opencast zinc operation has been awarded to Aveng Moolmans by Black Mountain Mining, a Vedanta Zinc International operation. Vedanta acquired zinc assets including Gamsberg from Anglo American in 2010 for $1 338-million. 

Aveng wins Gamsberg zinc mining contract
Photo by Duane Daws
Vedanta Zinc International CEO Deshnee Naidoo

Berkeley pushes ahead with Salamanca build

By: Esmarie Swanepoel     6th December 2016 Uranium developer Berkeley Energia has completed key land acquisitions that will allow the company to accelerate the development of its Salamanca project, in Spain. Following a $30-million equity raising, Berkeley acquired and leased over 500 ha of land, which will allow for the completion of... 

Peak picks UK for refinery

By: Esmarie Swanepoel     6th December 2016 ASX-listed Peak Resources has selected a site for its proposed rare earth refinery, at Tees Valley, in the UK. Peak told shareholders that the UK site was selected to better position the company to establish a rare earth refinery at a location with access to global shipping, cheap and reliable... 

Glencore producing zinc at minus cost 

By: Martin Creamer     5th December 2016 Diversified mining and marketing company Glencore is producing zinc at negative cost. Towards the end of this year it has been doing so at -3c/lb and next year it expects to do so at an even better -14c/lb, supported by healthy lead by-product credits. 

Glencore producing zinc at minus cost
Photo by Duane Daws
Glencore CEO Ivan Glasenberg

Indaba invaluable, time-efficient industry barometer – previous delegates

By: Nadine James     5th December 2016 Considered the preferred deal-making platform for mining in Africa, the Investing in African Mining Indaba – scheduled to run from February 6 to 9, in Cape Town – offers invaluable networking opportunities and informative discussions and presentations, contributing to the success of African... 

Indaba invaluable, time-efficient industry barometer – previous delegates
TIME IS MONEY The Mining Indaba is the most time-efficient way of gaining insight into African mining

Armadale, KMP to proceed with DRC gold project JV

By: Megan van Wyngaardt     5th December 2016 Kisenge Mining (KMP) has completed due diligence and exercised its option to form a joint venture (JV) over Aim-listed Armadale Capital’s Mpokoto gold project, in the Democratic Republic of Congo. Mpokoto has a total mineral resource of 678 000 oz gold from 14.58-million tonnes, at 1.45 g/t. 

Glencore sees nickel shortage as electric vehicle demand burgeons

By: Martin Creamer     2nd December 2016 Diversified mining and marketing company Glencore sees a shortage in nickel arising as a result of burgeoning demand from electric vehicle (EV) production. Batteries used in EVs are consuming about 100 000 t of nickel demand and if 10% of the world’s vehicle fleet transitions to electric power,... 

Glencore sees nickel shortage as electric vehicle demand burgeons
Glencore's Koniambo nickel project in New Caledonia, a French territory.

Nickel price forecast rises as market tightens into 2020

By: Henry Lazenby     2nd December 2016 The price of nickel is expected to continue its upward momentum over the next four years to 2020 as mine closures are expected to slow market growth, while ambitious US spending plans will potentially boost demand. Analysis by Fitch Group research arm BMI calls for a more bullish nickel price... 

Nickel price forecast rises as market tightens into 2020

Shareholders in Polish coal producer JSW agree to wind down troubled mine

By: Reuters     1st December 2016 Shareholders in Polish State-run coking coal producer JSW agreed on Thursday to transfer its most troubled mine Krupinski to the State mining restructuring company SRK, which will eventually wind it down, the State-run news agency Polska Agencja Prasowa (PAP) said. The decision is key to JSW's... 

Diligent Glencore delivers on debt promise, restarts dividend

By: Martin Creamer     1st December 2016 Diversified mining and marketing company Glencore has delivered on last year’s commitment to cut debt and structurally increase the strength of its balance sheet – and it has done so in a way that has preserved the group’s long-term earnings capability.  JP Morgan Cazenove analysts described the... 

Diligent Glencore delivers on debt promise, restarts dividend
Photo by Duane Daws
Ivan Glasenberg at last year's hand over by Glencore of a R75-million school in South Africa's coalfields to Basic Education Minister Angie Motshekga.

James Campbell joins Botswana Diamonds as MD

By: Megan van Wyngaardt     1st December 2016 Aim-listed Botswana Diamonds has appointed James Campbell MD with immediate effect. He will be based predominately in Johannesburg and will work closely with rough diamond miner Alrosa on the parties’ joint venture (JV) Orapa and Gope licences. 

Eight miners dead after tremor hits Polish copper mine

By: Reuters     1st December 2016 The final death toll of an earth tremor causing rockfalls deep underground in Europe's largest copper mine in southwestern Poland rose to eight miners, the mine's operator KGHM said on Wednesday. The tremor hit the Rudna copper mine at 20:09 GMT on Tuesday, KGHM said, causing extensive damage,... 

Anglo American to sell stake in Exxaro

By: Henry Lazenby     1st December 2016 Global diversified miner Anglo American announced Wednesday that it would sell its 9.7% stake in South African miner Exxaro, using the proceeds to reduce debt. Exxaro’s controlling black economic empowerment shareholder, Main Street 333, will also sell its Exxaro stake, Anglo American stated. 

Four miners dead, four missing after tremor hits Polish copper mine

By: Reuters     30th November 2016 Rescuers were searching for four missing miners in southwestern Poland on Wednesday after an earth tremor caused rockfalls deep underground in a copper mine, killing four, the mine's operator KGHM said. The tremor hit the Rudna copper mine at 2009 GMT on Tuesday, KGHM said, causing extensive damage. 

Britain, Mongolia pledge to do more mining together

By: Reuters     30th November 2016 Britain and Mongolia signed their first memorandum of understanding in the mining sector on Tuesday, pledging an exchange of technology and expertise, and deepening ties based on Rio Tinto's huge copper mine in the South Gobi desert. The agreement, signed on the sidelines of a mining conference... 

Platinum supply under extreme pressure – Dunne 

By: Martin Creamer     29th November 2016 The platinum mining industry is not mining anywhere near the forecast demand of nine-million ounces by 2025, the nominal global demand quantum based on a modest compound annual growth rate of only 1.5%. Reiterating this to journalists on Tuesday, Northam Platinum CEO Paul Dunne pointed out that... 

Platinum supply under extreme pressure – Dunne
Photo by Duane Daws
Northam Platinum CEO Paul Dunne

Glencore pivots from disposals to dividends as stock rallies

By: Bloomberg     29th November 2016 What a difference a year makes. Glencore fended off questions in 2015 about its survival as commodity prices hit new lows, and now there’s talk that the company’s turnaround plan has gone so well that it could be months away from paying dividends again. Surging coal and zinc prices, a rebounding... 

Prairie starts scoping work in Poland

By: Esmarie Swanepoel     29th November 2016 Coal developer Prairie Mining has launched a scoping study for its recently acquired Debiensko hard coking coal project, in Poland. The study, due for completion in early to mid-2017, will explore options for the near-term development of the project, with an eye on minimising upfront capital cost. 

Tailings dam concerns may scupper Sierra Rutile takeover – Iluka

By: Esmarie Swanepoel     29th November 2016 Mineral sands miner Iluka’s £215-million acquisition of Sierra Rutile is at risk of failing, owing to geotechnical risks at two tailings dams that form part of the takeover target’s operations in Sierra Leone. Iluka has issued Sierra Rutile a notice of nonfulfillment of the material adverse... 

Tailings dam concerns may scupper Sierra Rutile takeover – Iluka

Capital expenditure to continue downward trend

By: Henry Lazenby     29th November 2016 Despite a modestly more buoyant outlook for key metal prices, mining capital expenditures (capex) are expected to continue on a downward slide over the next three years as miners seek further cost cuts and to improve operational margins, according to analysis by Fitch Group research arm BMI.... 

Capital expenditure to continue downward trend

Meridian takes up TSX-V listing as it prepares for two-pronged BMC exploration approach

By: Henry Lazenby     29th November 2016 Amsterdam, Netherlands-based Meridian Mining has completed its acquisition of Canadian junior Cancana Resources, the companies announced Monday – a deal that is expected to streamline the ownership structure of Cancana and Meridian's joint venture (JV) exploration and development project Brazil... 

Meridian takes up TSX-V listing as it prepares for two-pronged BMC exploration approach
Photo by Cancana Resources
Meridian Mining's BMC operation, Rondônia, Brazil

Berkeley doubles uranium sales in Spain

By: Esmarie Swanepoel     28th November 2016 Uranium developer Berkeley Energia has signed an offtake agreement with commodity trader Interalloys trading for the sale of first production from the Salamanca mine, in Spain. The offtake agreement followed a letter of intent (LoI), which was signed in September. 

Berkeley doubles uranium sales in Spain

Coal price surge sets miners against activists by English seaside

By: Reuters     28th November 2016 In northeastern England, a battle is raging between grass roots campaigners and a company intent on digging a new open cast mine as world coal prices soar. A year after Britain closed its last deep coal mine and pledged to phase out coal-fired power generation, the economics of mining have been... 

Zinc explodes with lead in surge to highest level in nine years

By: Bloomberg     28th November 2016 Zinc headed for its highest close in more than nine years, while lead was set for its strongest finish since 2011 as bullish sentiment spurs a surge in metals. A momentum indicator eyed by traders signals that the markets are overbought. Industrial metals have climbed about 30% this year after... 

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