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Coal of Africa shares rise on update

By: Martin Creamer     Updated 3 hours ago The shares of triple-listed Coal of Africa Limited (CoAL) rose by more than 3% before noon on Friday following the company’s release of a quarterly update, which recorded a series of financial settlements, environmental go-aheads and project advances. CoAL also announced the issuing of... 

Pilot Gold frames Turkish exploration project as ideal for current capital markets

By: Henry Lazenby TSX-listed explorer Pilot Gold has completed a new preliminary economic assessment (PEA) for the Halilaga copper/gold porphyry project, in north-western Turkey, sketching metrics for a robust, low strip, technically simple and scalable openpit project, using conventional milling and flotation... 

Iron-ore prices at new 5-1/2 yr low as rout takes hold

By: Reuters Spot iron-ore prices hit a new 5-1/2 year low on Thursday as more signs emerged of slowing Chinese economic growth, although iron-ore and steel futures in China edged higher on interest from bargain hunters. A deepening iron-ore glut and worries over a sharper economic slowdown in top buyer... 

Global gold output rises, but demand remains muted

By: Natasha Odendaal Despite the lower gold price, global mine production continued to grow last year, increasing 2% to an all-time high of 3 109 t, the latest survey by GFMS showed. However, total physical demand fell 19% in 2014 as all areas, with the exception of official sector purchases, registered declines. 

Baobab to select Chinese partner to conduct Tete feasibility study

Mozambique-focused miner Baobab Resources was nearing the conclusion of the selection process of a Chinese partner to conclude a feasibility study at its Tete iron project, in Mozambique. The company has been in detailed discussions with steel industry specialists Sinosteel Equipment &... 

Lonmin’s refined platinum output plummets on smelter shutdowns

By: Martin Creamer Smelter shutdowns cut a big chunk of refined platinum out of Lonmin’s production in the three months to December 31, when the company's overall platinum group metal (PGM) output slumped by 31.1%. The world’s third-largest platinum producer managed, however, to record 9% higher sales to 146 890 oz... 

Lonmin’s refined platinum output plummets on smelter shutdowns
Photo by Duane Daws
Ben Magara

Mining M&A hits 10-year low, deal activity likely to remain subdued

By: Esmarie Swanepoel Transaction volumes in the mining and metals sector reached a 10-year low in 2014, with transactions driven by divestments and forced sales in the face of falling commodity prices and risk-averse capital markets. It was fourth consecutive year of declining merger and acquisition (M&A) activity... 

Mining M&A hits 10-year low, deal activity likely to remain subdued

Bellzone secures $30m loan from Chinese partner

By: Megan van Wyngaardt Aim-listed miner Bellzone on Wednesday reported that it was finalising its $30-million secured debt agreement with China Sonangol International to meet its liabilities. The company last year reported that it had been unable to secure long-term financing, with China Sonangol providing short-term... 

Glencore mulls closure of some South African coal operations 

By: Martin Creamer Diversified mining major Glencore is considering the closure of some of its coal-mining operations in South Africa, which would reduce its overall South African production by at least five-million saleable tons of coal a year and affect more than 1 000 employees. This announcement by the... 

Glencore mulls closure of some South African coal operations
Photo by Duane Daws
Ivan Glasenberg

Anglo may record noncash impairment charges in price plunge parry

By: Martin Creamer Given the sharply lower commodity price environment, particularly for bulk commodities, Anglo American said on Wednesday that it expected to record noncash impairment charges in its 2014 results. The London- and Johannesburg-listed diversified major, headed by CEO Mark Cutifani, added in a media... 

Anglo may record noncash impairment charges in price plunge parry
Mark Cutifani

$12m MoU to boost Paragon’s Lemphane project

By: Megan van Wyngaardt To fund Stage 1 of its Lemphane Kimberlite pipe project, Aim-listed Paragon Diamonds has signed a memorandum of understanding (MoU) for a $12-million equity and debt financing package with investment group International Triangle General Trading (ITGT). The project, which is located in Lesotho... 

$12m MoU to boost Paragon’s Lemphane project

Mining boosts world’s poorest regions – ICMM

By: Martin Creamer The global mining industry makes its biggest contribution in the world’s poorest regions, an International Council on Mining & Metals (ICMM) study has found. The study, which became available in published form on Tuesday, finds that mining spurs the growth and development of national economies... 

Mining boosts world’s poorest regions – ICMM
Photo by Duane Daws
Anthony Hodge

Mining companies suffer $70bn in impairment losses – report

A recent survey revealed that major global mining companies had suffered impairment losses of $70-billion in 2013/14, reflecting the impact of the current low commodity price cycle. The ‘Mining Financial Reporting Survey 2014’, compiled by financial services firm KPMG, further revealed that... 

Mining companies suffer $70bn in impairment losses – report

Ethiopia says no to alluvial mining near hydropower dam project area

By: Ilan Solomons Ethiopia’s Ministry of Mines has brought an end to London-listed Nyota Minerals’ plans to conduct alluvial mining along parts of the Abay river and its tributaries that would be flooded for the construction of the Grand Ethiopian Renaissance Dam (GERD). Nyota told shareholders in a statement on... 

Ethiopia says no to alluvial mining near hydropower dam project area

Exploration at Kibo's Haneti project to continue

By: Megan van Wyngaardt Dual-listed Kibo Mining would conduct further exploration at its Haneti nickel project, in central Tanzania, following a positive independent geochemical interpretation report. "With this new report [in] hand, the case for further exploration and development at Haneti is compelling. We are... 

Poland's KGHM plans dividends of up to one third of profits

By: Reuters Europe's No 2 copper producer KGHM plans to pay out dividends of up to one third of its 2014 annual profit, as it plans to spend 27-billion zlotys ($7.23-billion) to boost output over the next five years, the company said on Monday. The dividend policy of the state-controlled miner is in line... 

Iron-ore hits 5-/12 yr low as China mills cut output

By: Reuters Iron-ore prices hit their lowest in 5-1/2 years on Monday as some loss-making Chinese steel mills curbed output, ore supplies remained abundant and concerns persisted about the outlook for economic growth in China this year. Cooling Chinese steel demand forced some steel mills to bring forward... 

All eyes on Saudi Arabia as ups and downs of oil price plunge considered

By: Simon Rees The end months of 2014 were grim ones for major oil-producing states everywhere, especially those in the Middle East. As the region continued grappling with the aftershocks of the Arab Spring and the threat of the Islamic State, they also watched the price of oil swoon. All eyes have turned to... 

All eyes on Saudi Arabia as ups and downs of oil price plunge considered

Sable signs infrastructure development agreement with Liberia govt

By: Megan van Wyngaardt The signing of a 25-year infrastructure development agreement (IDA) between Aim-listed iron-ore explorer and developer Sable Mining Africa and the government of Liberia would allow the company to use, rehabilitate and expand the established rail line from Yekepa, in south-east Guinea, to the Port... 

Sable signs infrastructure development agreement with Liberia govt

Petra declares dividend, ups diamond production guidance

By: Martin Creamer London-listed South Africa-focused diamond-mining company Petra Diamonds, which on Monday declared its first dividend, has pushed up production guidance to 3.3-million carats for the year to June 30. Petra, which operates the Finsch, Cullinan, Koffiefontein and Kimberley Underground diamond mines... 

Petra declares dividend, ups diamond production guidance
Photo by Duane Daws
Johan Dippenaar

Centerra Gold’s Gatsuurt project gains 'strategic important' Mongolian status

By: Henry Lazenby Canadian gold producer Centerra Gold’s Gatsuurt project, 35 km from its operating Boroo mine, in Mongolia, has been designated as a 'mineral deposit of strategic importance' by the Mongolian Parliament. The project milestone paves the way for Centerra to move forward within the country’s Water... 

Oil up after Saudi king dies; policy pledges calm market

By: Reuters Brent crude oil rose on Friday after the death of Saudi Arabia's king added to uncertainty in oil markets, although the new ruler indicated immediately there would be no policy change. Brent crude rose to a high of $49.80/bbl, up $1.28/bbl, before easing to around $49.20/bbl by 15:15 GMT. US... 

Oil up after Saudi king dies; policy pledges calm market

Brazilian port licence in spotlight as Kazakh, Indian miners head to court

By: Reuters Brazil's public prosecutor is seeking an injunction on a port licence that could be central to a London court battle between two mining companies run by Kazakh and Indian tycoons. Documents seen by Reuters on Thursday showed that Brazil's Federal Prosecution Service and Office of the District... 

Alamos stock depressed on missing Q4 output target

By: Henry Lazenby Turkey focused miner Alamos Gold on Thursday lost nearly 10% in value on the TSX, after it reported fourth-quarter output of 42 500 oz of gold, bringing 2014 production to 140 500 oz, which missed the bottom-end of the company’s 150 000 oz guidance. President and CEO John McCluskey said 2014 was... 

Global base metals outlook turns negative – Moody’s

By: Henry Lazenby Global credit ratings advisory firm Moody’s Investors Service has changed its outlook on the global base metals industry to negative, citing weakening macroeconomic growth indicators and investor sentiment. In its report ‘Global Base Metals Industry: Economic Weakness and Copper Price Plunge Turn... 

Global base metals outlook turns negative – Moody’s

Rand, emerging market currencies lift on European Central Bank’s QE

By: Martin Creamer The South African rand along with the Russian rouble, the Brazilian real and the Turkish lira all strengthened against the euro after the European Central Bank (ECB) launched its landmark €60-billion a month bond buying programme, the Financial Times reported late Thursday. The quantitative... 

Rand, emerging market currencies lift on European Central Bank’s QE
Mario Draghi

Hannans buys greenfield project in Sweden

By: Esmarie Swanepoel ASX-listed Hannans Reward on Thursday announced that it had acquired a new greenfield exploration project in north-eastern Sweden, which could host nickel/copper/platinum-group elements and gold. “This is exactly the type of project every explorer wants to secure. We believe there is a large... 

Bisichi receives £6m loan from bank

A £6-million term loan facility has been completed between UK mining company Bisichi Mining and UK banking group Santander to further finance the miners projects. The Aim-listed company, which owns the Black Wattle colliery near Middelburg, in Mpumalanga, said the new loan replaced a previous... 

Low oil price expected to benefit diamond industry – De Beers

By: Martin Creamer The low oil price is expected to benefit the diamond business, De Beers CEO Philippe Mellier has told sightholders. At a reception in Botswana to mark the first 12 months of sightholder sales in Gaborone, Mellier outlined how the downwardly trending oil price could potentially turbocharge the... 

Low oil price expected to benefit diamond industry – De Beers
Philippe Mellier

S&P's cuts iron ore, copper price forecasts, reviews related companies

By: Reuters Credit rating agency Standard & Poor's (S&P's) downgraded its price forecasts for iron-ore and copper owing to slower global growth and said it expects changes to the ratings of related companies in the coming weeks. The agency revised down its iron-ore price forecast to $65/t for 2015 and 2016,... 

Kirkland adds to resource through continued drilling

Ongoing exploration continues to add to the resource and reserve base of dual-listed gold miner Kirkland Lake’s Mine Complex, in Ontorio, particularly its South Mine Complex (SMC), CEO George Ogilvie said on Tuesday. In a statement to shareholders, he noted that it supported the company’s initial... 

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