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Agnico Eagle posts Q3 loss, lifts 2015 guidance

By: Henry Lazenby Canadian miner Agnico Eagle experienced a third-quarter net loss of $15.1-million, or $0.07 a share, impacted by a non-cash foreign currency translation loss on deferred tax liabilities of $11.3-million and other special items. Excluding special items, the Toronto-based miner on Wednesday... 

Barrick Gold reports narrower Q3 profit on lower sales, prices

By: Henry Lazenby The world’s largest gold producer by output, Barrick Gold, experienced narrower net earnings for the quarter ended September 30, as lower gold and copper sales, as well as lower realised prices impacted on its performance. The Toronto-based miner, with operations in North and South America,... 

Barrick Gold reports narrower Q3 profit on lower sales, prices

300 a year doing mechanised mining courses at Wits centre

By: Martin Creamer Three hundred people a year are doing courses in mechanised mining offered by the University of the Witwatersrand Centre for Mechanised Mining Systems (CMMS). CMMS director Dr Declan Vogt, who was interviewed by Mining Weekly Online at the university, sees one of the centre’s main roles as... 

300 a year doing mechanised mining courses at Wits centre
Photo by Duane Daws
CMMS director Declan Vogt

Strike-hit Impala’s platinum output down 25%, unit costs up 62%

By: Martin Creamer Strike-hit mining company Impala Platinum (Implats) has produced 25.5% fewer platinum ounces in the three months to September 30 than in the corresponding period last year. In line with reduced platinum production, group unit costs rose 62% to R26 698/oz of platinum, compared with R16 488/oz in... 

Strike-hit Impala’s platinum output down 25%, unit costs up 62%
Photo by Duane Daws
Implats CEO Terence Goodlace

Trans Hex takes over Namaqua diamond mines from De Beers

By: Martin Creamer The long-awaited acquisition by Trans Hex of the Namaqualand diamond mines from De Beers has become effective. The JSE-listed Trans Hex expects to receive cash flows of R653-million over the life of Namaqualand Mines, which have a resource of between 1.6-million carats and 1.9-million carats that... 

Trans Hex takes over Namaqua diamond mines from De Beers
Photo by Duane Daws
Trans Hex CEO Llewellyn Delport

Northern Iron moves to battle lower prices

By: Esmarie Swanepoel Record quarterly concentrate sales have assisted ASX-listed Northern Iron in offsetting the declining iron-ore price. Concentrate production during the quarter reached 600 000 t, down from the 626 000 t produced in the previous three months. However, mine production reached 4.4-million tonnes,... 

New London gold benchmark to go live in early Q1 2015 – LBMA 

By: Reuters A new electronic gold price mechanism is expected to be in operation early in the first quarter of 2015, replacing the century-old gold benchmark, the London Bullion Market Association (LBMA) said on Monday. The gold industry group said it has launched a survey to request further feedback from... 

Alacer’s Q3 headline earnings cut in half on lower grades, higher costs

By: Henry Lazenby Turkey-focused gold producer Alacer Gold on Monday reported a 50% drop in headline earnings, citing lower gold sales and prices, while per-ounce unit costs rose. The TSX- and ASX-listed mid-tier miner reported adjusted earnings of $13.14-million, or $0.05 a share, compared with $26.32-million, or... 

Alacer’s Q3 headline earnings cut in half on lower grades, higher costs
Photo by Alacer Gold
Çöpler gold mine, Turkey

Underground coal gasification roadmap on the way – FFF

By: Martin Creamer A roadmap for underground coal gasification (UCG) is on the way with its own association and charter, Fossil Fuel Foundation (FFF) stalwart Professor Lionel Falcon said at the weekend. Speaking at the FFF’s 20th anniversary awards banquet, Falcon said the UCG initiative followed the finalisation... 

Underground coal gasification roadmap on the way – FFF
Photo by Duane Daws
Fossil Fuel Foundations' Lionel Falcon

Latest WGC report demonstrates how responsible gold mining distributes value

By: Henry Lazenby The World Gold Council (WGC) has released the second edition of its ‘Responsible gold mining and value distribution’ report, covering 2013 data, highlighting the continuing contribution responsible gold mining makes in supporting economic development in host countries. The report was published on... 

Latest WGC report demonstrates how responsible gold mining distributes value

BHP sets sights on another $3.5bn in yearly productivity gains

By: Esmarie Swanepoel Mining giant BHP Billiton said on Friday that it was targeting further productivity gains, with the company operating more like an advanced manufacturer than a traditional resource company. “By the end of the 2017 financial year, we are targeting at least $3.5-billion of additional annualised... 

BHP sets sights on another $3.5bn in yearly productivity gains

PotashCorp reports lower Q3 income on higher taxes, disappointing offshore investments

By: Henry Lazenby The world’s largest fertiliser company PotashCorp of Saskatchewan on Thursday reported lower third-quarter earnings for the three months ended September 30, as increased taxes and a disappointing performance from its offshore investments weighed on results. The Saskatoon, Saskatchewan-based... 

PotashCorp reports lower Q3 income on higher taxes, disappointing offshore investments

Less Eskom coal, fewer S African diamonds, less refined platinum, lower iron-ore sales – Anglo

By: Martin Creamer Diversified mining company Anglo American on Thursday reported 12% lower coal production for South Africa’s State electricity utility Eskom, 31% less refined platinum production, 4% lower iron-ore exports and fewer diamond carats from South African diamond mines, in the three months to September... 

Less Eskom coal, fewer S African diamonds, less refined platinum, lower iron-ore sales – Anglo
Photo by Duane Daws
Anglo CEO Mark Cutifani

Capital-raise puts novel underpin on Northam Platinum’s funded R6.6bn BEE deal

By: Martin Creamer Platinum mining company Northam on Wednesday concluded a fully funded ten-year R6.6-billion black economic-empowerment (BEE) equity transaction underpinned by a R4.6-billion capital raising, which has the potential to position the JSE-listed company as a fully integrated, fully empowered South... 

Capital-raise puts novel underpin on Northam Platinum’s funded R6.6bn BEE deal
Photo by Duane Daws
Northam Platinum CEO Paul Dunne

Global REE supply threatened after reports that 40% of Chinese supply is illegal

By: Henry Lazenby China, the world's most prolific producer of rare earth elements (REE),  has revealed that 40% of its supply is from illegally mined sources in the country, market-focused research house Benchmark Mineral Intelligence analyst Simon Moores reported on Tuesday. Industrial Minerals Company of... 

Global REE supply threatened after reports that 40% of Chinese supply is illegal

De Beers plans to keep South African diamond exploration spend at R30m a year

By: Martin Creamer Diamond company De Beers plans to maintain its diamond exploration spend in South Africa at R30-million to R35-million a year. De Beers Consolidation Mines (DBCM) CEO Phillip Barton, who spoke to Mining Weekly Online in a video interview (see attached) on the sidelines of the Diamond Route... 

De Beers plans to keep South African diamond exploration spend at R30m a year
Photo by Creamer Media
Phillip Barton (right) and Martin Creamer

Balamara consolidates Mariola ownership in A$13m deal

By: Esmarie Swanepoel ASX-listed junior Balamara Resources on Tuesday announced a A$13-million all-scrip deal to consolidate the ownership of the Mariola thermal coal project, in Poland. Under the terms of the transaction, Balamara would issue 200-million of its own shares, or similar, to acquire the remaining 85% of... 

Norilsk sheds African assets in $337m deal 

By: Natasha Odendaal Norilsk Nickel is set to sell its African assets to Botswana-based mining company BCL for $337-million, as the Russian miner’s newly adopted strategy to shed all international assets moves forward. The parties on Monday announced the conclusion of definitive transaction agreements that would see... 

Norilsk sheds African assets in $337m deal

Miners need sustainable solutions to productivity problem – EY

By: Esmarie Swanepoel A report by advisory firm Ernst & Young (EY) has indicated that cost cutting would only lead to short-term productivity gains for mining companies with complex operations and that sustainable long-term solutions were needed. In its new report, ‘Productivity in mining: now comes the hard part’,... 

Miners need sustainable solutions to productivity problem – EY

China metals demand seen up in 2015, copper at least 6%

By: Reuters China's consumption of refined copper is expected to rise at least 6% in 2015, roughly in line with this year, supported by new investment in power networks and demand from rail projects, analysts and industry executives said. An expected slowdown in new residential and commercial building... 

Five companies in the running to reset gold fix

By: Reuters Five companies have been short-listed to replace the century-old London gold benchmark with a new electronic system, which is expected to be in place within the next few months, the London Bullion Market Association (LBMA) said. Broker Autilla Ltd (Sapient), the Chicago Mercantile Exchange... 

Riddle of inventory levels keeps platinum investors shy

By: Reuters Investors are unlikely to rush back into platinum any time soon after a minimal price reaction to its biggest-ever supply shock highlighted a major problem: no-one knows how much metal exists above ground or more importantly who holds it. Analysts predicted a surging market as a record five-month... 

Iron-ore boss at trader Glencore quits – source

By: Reuters The head of iron ore trading at commodities miner and trader Glencore, Christian Wolfensberger, has quit, according to a source with direct knowledge of the matter. Wolfensberger, a Swiss-born Glencore veteran with more than two decades of experience, was appointed to run the iron ore division... 

Concerns about possible deflationary spiral as commodity prices continue to slide

By: Henry Lazenby In a global economy witnessing passive consumer inflation, sluggish wage growth and falling commodity prices, some market observers have voiced their concern about the potential for deflation in developed markets. Last month, gold dipped below $1 200/oz, before recovering marginally, as inflation... 

Concerns about possible deflationary spiral as commodity prices continue to slide

Concerns about possible deflationary spiral as commodity prices continue to slide

By: Henry Lazenby In a global economy witnessing passive consumer inflation, sluggish wage growth and falling commodity prices, some market observers have shown concern about the potential for deflation in developed markets. Last month, gold dipped below $1 200/oz, before recovering marginally, as inflation... 

Concerns about possible deflationary spiral  as commodity prices continue to slide

LBMA names Morgan Stanley as gold, silver market maker

By: Reuters The London Bullion Market Association (LBMA) said on Thursday it appointed Morgan Stanley as a market maker, underscoring the ambitions of some banks to expand into precious metals trading while others exit due to stringent regulations. LBMA said it named Morgan Stanley & Co International, a... 

LBMA names Morgan Stanley as gold, silver market maker

Precious metals markets influenced by monetary conditions, industrial metal prices remain detached – report

By: Leandi Kolver While precious metal markets were influenced by monetary conditions, industrial metals have managed to remain somewhat detached from generic economic conditions, with prices being determined by fundamentals of supply and demand that were, in many cases, specific to each metal, French corporate... 

Precious metals markets influenced by monetary conditions, industrial metal prices remain detached – report

LME takes charge of London platinum, palladium 'fixes', eyes on gold

By: Reuters The London Metal Exchange, owned by Hong Kong Exchanges and Clearing, will take charge of London's platinum and palladium pricing, also known as "fixes", from December 1, replacing a teleconference with an electronic platform. The unexpected move marks a stunning comeback for the LME, which... 

R50m virtual reality centre set to revolutionise mine design

By: Martin Creamer The University of Pretoria’s new virtual reality mine design centre, which is on track to go into test mode in April, is set to revolutionise both surface and underground mine design. A total of R50-million is being invested in the centre, which will be put into a three-month test phase ahead of... 

R50m virtual reality centre set to revolutionise mine design
Photo by Creamer Media
Prof Ronny Webber-Youngman (right) and Martin Creamer

BHP confirms London listing plans for new venture

By: Esmarie Swanepoel Mining giant BHP Billiton on Thursday confirmed plans to list the new company containing some of its major assets on the London Stock Exchange. This listing would be in addition to a primary listing on the ASX, and a secondary inward listing on the JSE. 

BHP confirms London listing plans for new venture
BHP Billiton CEO Andrew Mackenzie

With Glencore lurking, Rio Tinto stake gives Chinalco global clout

By: Reuters A seat on the board, a bigger role in the world's largest mining company, a copper project in Peru or full control of an iron-ore project in Guinea. Those are the sort of prizes Chinese aluminium firm Chinalco, the top shareholder in Rio Tinto, is likely to be looking for as trading giant... 

With Glencore lurking, Rio Tinto stake gives Chinalco global clout
The headquarters of Aluminum Corp. of China (Chinalco) in Beijing, China. Glencore has reportedly opened talks with Chinalco - Rio Tinto's top shareholder - to gauge interest in a tie-up with the diversified major.
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