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Europe News

Investment interest in Eldorado rises on back of effective Q1 ops

By: Henry Lazenby     28th April 2017 Canadian miner Eldorado Gold has swung back into the black after reporting strong results for the three months ended March, logging profit attributable to shareholders of $3.8-million, or $0.01 per share, compared with a loss of $2.5-million, or nil per share in the comparable period of 2016.... 

Platinum's process leap given Parliamentary pep

By: Martin Creamer     28th April 2017 A significantly improved platinum group metals (PGMs) processing method has been developed with the assistance of South Africa's State-owned Industrial Development Corporation (IDC), Economic Development Minister Ebrahim Patel has informed Parliament. In response to questions posed by Shadow... 

Platinum's process leap given Parliamentary pep
Photo by Duane Daws
Economic Development Minister Ebrahim Patel

Analysts paint sparkling picture of coloured gemstone market

By: Ilan Solomons     28th April 2017 The shift from small-scale artisanal mining to larger mechanised mining, owing to the increasing involvement of larger mining companies and greater formalisation of the sector, is expected to increase the distribution channel of the coloured gemstone industry, which will continue to consolidate... 

Analysts paint sparkling picture of coloured gemstone market

Upbeat Q1 earnings prove Agnico fires on all cylinders

By: Henry Lazenby     28th April 2017 Canadian gold major Agnico Eagle Mines has reported buoyant first-quarter earnings on Thursday, nearly tripling profit on the back of increased output and higher precious metal prices. Excluding special items for the three months ended March 31, Toronto-based Agnico reported adjusted profit of... 

Upbeat Q1 earnings prove Agnico fires on all cylinders
Photo by Agnico Eagle Mining
Agnico Eagle CEO Sean Boyd

Oil discoveries and new projects fall to historic low in 2016 – report

By: Henry Lazenby     27th April 2017 New analysis by the International Energy Agency (IEA) has found that worldwide oil discoveries fell to a record low in 2016 as companies continued to cut spending and conventional oil projects sanctioned were at the lowest level in more than 70 years, trends that could continue this year. The... 

Oil discoveries and new projects fall to historic low in 2016 – report

Kaz Minerals first quarter copper output more than doubles

By: Reuters     27th April 2017 Copper miner Kaz Minerals said its first-quarter copper production more than doubled from a year earlier, helped by output from its new Bozshakol and Aktogay mines, in Kazakhastan. The company's stock rose as much as 4.9% to £5.025 on the London Stock Exchange, making it the top FTSE midcap gainer. 

Vale stocks trade lower as slower sales offset improved iron pricing

By: Henry Lazenby     27th April 2017 The world’s most prolific producer of iron-ore, Vale, on Thursday reported first-quarter earnings that disappointed investors, sending its NYSE-listed stock falling as much as 5.4% in early trading. The Rio de Janeiro, Brazil-based diversified miner reported net income totalling $2.49-billion... 

Vale stocks trade lower as slower sales offset improved iron pricing
Photo by Vale
Physical progress on the doubling of the S11D project railway reached 66% in the first quarter

PotashCorp Q1 earnings rise as it lifts outlook on improving crop nutrient fundamentals

By: Henry Lazenby     27th April 2017 The world’s largest crop nutrient company Potash Corporation of Saskatchewan surprised investors with a bigger-than-expected first-quarter profit Thursday and increased its full-year earnings guidance, underpinned by increased sales and lower costs. PotashCorp Potash reported earnings of... 

PotashCorp Q1 earnings rise as it lifts outlook on improving crop nutrient fundamentals
Photo by Reuters
Increased output from PotashCorp’s lower-cost mines – including Rocanville – resulted in average manufactured cost of goods sold for the quarter of $90/t, down from $128/t in the same period last year

South Deep output 43% down, costs 56% up – Gold Fields

By: Martin Creamer     26th April 2017 Quarter-on-quarter gold production at the South Deep gold mine fell 43% in the first three months of 2017, when costs soared 56%, Gold Fields reported on Wednesday. All-in costs (AIC) at the mechanised mine, located 45 km southwest of Johannesburg, rose to a high level of $1 821/oz in the first... 

South Deep output 43% down, costs 56% up – Gold Fields
Photo by Duane Daws
Gold Fields CEO Nick Holland

Job losses loom at troubled Marula – Implats

By: Martin Creamer     26th April 2017 Despite ongoing engagement between all stakeholders to restore operational continuity and secure the financial sustainability of the Marula platinum operation, continued community protest action and persistently low metal prices have now necessitated a fundamental restructuring of the business to... 

Job losses loom at troubled Marula – Implats
Photo by Duane Daws
Acting Implats CEO Gerhard Potgieter

Mining giants race to fill board leadership gaps

By: Reuters     26th April 2017 Three of the world's biggest miners are hunting for new leaders for their boards at a time when the industry faces questions from investors about its conventional diversified business operations and strategies for growth. BHP Billiton, Rio Tinto and Anglo American, whose chairpersons have all... 

Now US shareholders give nod to Sibanye deal

By: Martin Creamer     26th April 2017 The requisite majority of Stillwater shareholders in the US have approved the acquisition by Sibanye of the entire issued share capital of Stillwater Mining Company. The voting took place a day after Sibanye shareholders gave their overwhelming approval to the transaction that is expected to... 

Now US shareholders give nod to Sibanye deal
Photo by Duane Daws
Sibanye CEO Neal Froneman

Russian mining tycoons eyeing return to London's stock market

By: Bloomberg     26th April 2017 For three years, Russian companies retreated from the London stock market. Now, a pair of oil and mining-billionaires is hoping to break the drought. En+ Group, owned by aluminium magnate Oleg Deripaska, and Polyus PJSC, a gold producer controlled by the family of Suleiman Kerimov, are planning... 

Randgold replaces 2016 Loulo-Gounkoto complex gold output, updates Morila reclamation plan

By: Henry Lazenby     26th April 2017 Africa-focused gold producer Randgold Resources said Tuesday it had replaced 100% of the 707 116 oz gold it produced in 2016 at the Mali-based Loulo-Gounkoto complex through ongoing exploration, placing the operation on track to meet 2017 production guidance of 690 000 oz gold, despite some... 

Randgold replaces 2016 Loulo-Gounkoto complex gold output, updates Morila reclamation plan
Randgold CEO Mark Bristow

Newmont’s Q1 results surprise to the upside as output, prices rise

By: Henry Lazenby     26th April 2017 US gold major Newmont Mining has surprised investors by beating average consensus estimates during the first quarter ended March, as the miner reported improved output and prices, which were slightly offset by higher costs. The Denver, Colorado-based miner reported net income from continuing... 

Sibanye’s Stillwater buy wins strong shareholder support

By: Martin Creamer     25th April 2017 Shareholders have voted overwhelmingly in favour of Sibanye acquiring Stillwater, the US platinum group metals (PGMs) company. The number of shares that voted in favour of the proposed deal made up 83% of Sibanye’s total issued share capital. 

Sibanye’s Stillwater buy wins strong shareholder support
Photo by Duane Daws
Sibanye CEO Neal Froneman

Anglo commits to innovative mining that’ll keep people out of harm’s way

By: Martin Creamer     25th April 2017 Keeping people out of harm’s way, extracting more precious ore and less waste rock, recycling all the required water and producing only dry tailings are among the innovative steps diversified mining company Anglo American is firmly committed to taking.  “The real future of mining lies in turning... 

Anglo commits to innovative mining that’ll keep people out of harm’s way
Anglo American Chairperson Sir John Parker

Six new prospecting licences awarded to Botswana Diamonds

By: Martin Creamer     25th April 2017 London Aim-listed Botswana Diamonds on Tuesday announced that its joint venture (JV) with the large Russian diamond company, Alrosa, had been awarded of six new prospecting licences in Botswana.   Four are in the Central Kalahari Game Reserve (CKGR) and two are in the Orapa kimberlite province... 

Six new prospecting licences awarded to Botswana Diamonds
Botswana Diamonds chairperson John Teeling

Oil and mining giants detail road map to reduce carbon by half

By: Bloomberg     25th April 2017 A group of companies and nonprofit agencies that includes energy giants Royal Dutch Shell and BHP Billiton said global greenhouse gas emissions could be cut in half by 2040 without impeding economic development, in part by converting grids to use mostly renewable power. The declining costs of... 

Gold and bullion miners tumble as French vote cuts haven demand

By: Bloomberg     24th April 2017 Gold dropped to a two-week low and bullion mining stocks sank the most in more than a year as investors favoured riskier assets on expectation that Emmanuel Macron will become France’s next president. The metal slipped as much as 1.5% and South African gold miners plunged as much as 8.7% after... 

Gold and bullion miners tumble as French vote cuts haven demand

Anglo American achieves strong Q1 operational performance

By: Megan van Wyngaardt     24th April 2017 Diversified major Anglo American, led by CEO Mark Cutifani, posted a strong operational performance in the quarter ended March 31, with higher output achieved for most of its products, except copper and nickel. South African coal production increased 9% to five-million tonnes in the first quarter... 

Anglo American achieves strong Q1 operational performance
CEO Mark Cutifani

Chamberlain chosen as LME chief with mandate to reform

By: Reuters     22nd April 2017 Matt Chamberlain was named London Metal Exchange (LME) chief executive on Friday, with a mandate from its owner the Hong Kong bourse to reform the world's largest and oldest metals market. Chamberlain, 35, had been acting CEO since January, when a combination of falling trading volumes and a... 

Conflict-free cobalt to remain industry question, opportunity as DRC dominates supply

By: Henry Lazenby     22nd April 2017 Sourcing conflict-free cobalt for application in new technologies, such as lithium-ion batteries, will remain both a concern and an opportunity for manufacturers for years to come, as production is dominated by the politically unstable Democratic Republic of Congo (DRC). The Central African... 

Strengthening fundamentals continue to bolster ‘new age’ metals outlook

By: Henry Lazenby     22nd April 2017 ‘Big money’ investors are increasingly looking to invest in the relatively small ‘new-age metals’ space, comprising metals such as lithium, graphite and cobalt, as strengthening fundamentals for these minerals and an unprecedented high-impact investment opportunity draw the potential for bonanza... 

Strengthening fundamentals continue to bolster ‘new age’ metals outlook

Vedanta's Black Mountain Mining sets up 7-year Esop

By: Megan van Wyngaardt     21st April 2017 Black Mountain Mining (BMM), a subsidiary of LSE-listed Vedanta’s Zinc International business, has established a seven-year employee share ownership plan (Esop), with 6% of BMM’s shares issued to an employee-held trust on April 1. The Esop was established following talks with the National Union... 

Bluejay focuses on starting Pituffik operations next year

By: Megan van Wyngaardt     21st April 2017 Aim-listed Bluejay Mining has established Dundas Titanium, a Greenlandic domiciled subsidiary, to operate its Pituffik titanium project, in Greenland. “The subsidiary was created to facilitate the permitting process, which will culminate in the lodging of the exploitation application later in... 

Tin industry to begin reporting on supply chain standards – ITRI

By: Reuters     21st April 2017 Major tin producers have agreed to begin reporting on compliance with a new code of conduct starting from third-quarter 2017, an industry body said, seeking to boost supply chain credentials ahead of new European rules on responsible sourcing of ore. Ten producers have signed up to the code,... 

Strongbow’s South Crofty to revive age-old tin mining tradition in Cornwall 

By: Henry Lazenby     21st April 2017 Bolstered by strengthening tin prices and improving fundamental support in the long term, Canadian mineral exploration firm Strongbow Exploration is set to revive a mining tradition in England’s county of Cornwall, that reaches back thousands of years to the early Bronze Age. The company’s... 

Strongbow’s South Crofty to revive age-old tin mining tradition in Cornwall
Strongbow president and CEO Richard Williams discusses the prospect of reviving a Bronze Age mining tradition in Cornwall. Video: Henry Lazenby; Editing: Lionel da Silva.

Despite adverse weather, Vale reports Q1 iron-ore record

By: Henry Lazenby     21st April 2017 The world’s largest iron-ore producer Vale has lifted production of the steel-making ingredient to a new record high in the first quarter ended March, touching 86.2-million tonnes despite inclement weather. The diversified miner boosted iron-ore output by 11.2% over the comparable quarter of... 

Despite adverse weather, Vale reports Q1 iron-ore record

Supply disruption hits Vedanta's aluminium plant in eastern India

By: Reuters     20th April 2017 Diversified miner Vedanta said on Thursday its 500 000 t aluminium smelter in the eastern state of Odisha was hit by a power outage this week that damaged over one-third of its processing capacity. The company said 228 out of a total of 608 pots that process molten aluminium were damaged by the... 

Tanzania export ban weighs on Acacia’s Q1 cash flow

By: Megan van Wyngaardt     20th April 2017 The Tanzania Ministry of Energy and Minerals’ decision to introduce a general ban on the export of metallic mineral concentrates has had a $33-million negative impact on Acacia Mining’s cash flow for the first quarter, ended March 31. The Ministry announced the ban on March 3, following a... 

Tanzania export ban weighs on Acacia’s Q1 cash flow
Acacia CEO Brad Gordon

Kibo Mining signs supply MoU with Mbeya Cement

By: Megan van Wyngaardt     20th April 2017 Dual-listed Kibo Mining has signed a strategic memorandum of understanding (MoU) with Lafarge Tanzania subsidiary Mbeya Cement, to develop regional collaboration and to allow for reciprocal supply of materials. The MoU includes discussions with regional development partners to allow socioeconomic... 

Application filed for winding-up of Eastern Platinum

By: Martin Creamer     19th April 2017 British Virgin Islands company AlphaGlobal Capital has applied in the Gauteng Division of the High Court in Pretoria for the winding-up of Eastern Platinum (Eastplats), a platinum group metals (PGM) company listed in Toronto and Johannesburg, which is said in filed court papers to be unable to... 

Stratex making strides at Senegal, Turkey gold projects

By: Megan van Wyngaardt     19th April 2017 Aim-listed Stratex International on Wednesday reported that it was nearing the completion of a review of its 85%-owned Dalafin gold exploration project, in Senegal. The company and its Senegalese partner, Energy and Mining Corporation, have concluded a significant in-country cost reduction... 

ASA Resources says $4.3m unaccounted for, but operations continue

By: Megan van Wyngaardt     19th April 2017 Following its decision to remove its CEO and FD over alleged financial irregularities, Aim-listed ASA Resources on Wednesday revealed that $4.3-million has been unaccounted for. The miner on Tuesday said it had removed its CEO Yat Hoi Ning and FD Yim Kwan after an investigation initiated by the... 

Cinovec could be lowest-cost producer

By: Esmarie Swanepoel     19th April 2017 A preliminary feasibility study (PFS) has confirmed that the Cinovec project, in the Czech Republic, can be developed into a low-cost lithium carbonate producer, ASX- and Aim-listed European Metals reported on Wednesday. At a capital cost of A$393-million, the project could deliver some 20 800... 

Gold's top forecaster says prices may hit $1 350 by year-end

By: Bloomberg     19th April 2017 Gold will end the year higher, spurred by faster inflation and political tensions in Russia, Syria and North Korea, according to Intesa Sanpaolo, the best forecaster for the metal last quarter. Prices could take a V-shaped path this year, with a swoon coming mid-year as the Federal Reserve raises... 

Mining majors' shares pull back as iron, copper prices retreat

By: Henry Lazenby     18th April 2017 Major miners saw their respective stocks pull back on Tuesday on the back of weaker iron-ore and base metals prices, despite the latest Chinese economic data showing better-than-expected growth in the first quarter of 2017. Major miners traded in the red on Tuesday, including the world’s largest... 

Mining majors' shares pull back as iron, copper prices retreat
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