R/€ = 14.55 Change: -0.10
R/$ = 13.56 Change: 0.00
Au 1215.08 $/oz Change: 11.46
Pt 978.00 $/oz Change: 3.50

Europe News

London Metal Exchange CEO resigns after a difficult year

By: Reuters     Updated 1 hour 4 minutes ago Lower trading volumes and a lack of strategy created a crisis that led to the resignation of London Metal Exchange (LME) CEO Garry Jones after three years at the helm of the world's largest and oldest metals market, metal industry sources say. Parent company Hong Kong Exchanges and Clearing... 

‘Very tough’ mining year ahead as ‘lawfare’ breaks out – Nedbank

By: Martin Creamer     Updated 3 hours ago South African mining has a “very tough” year ahead, with "lawfare" breaking out. While existing large, powerful mining companies will persist, growth through new entrants and foreign investment is highly unlikely this year, resulting in escalating opportunity loss. 

‘Very tough’ mining year ahead as ‘lawfare’ breaks out – Nedbank
Nedbank mining finance principal Paul Miller

Prairie says Poland mine’s maiden resource declaration imminent

By: Megan van Wyngaardt     Updated 4 hours ago Dual-listed Prairie Mining expects to declare a maiden Joint Ore Reserves Committee-compliant resource estimate at its Debiensko hard coking coal project, in Poland, in the coming weeks, after it received the results of preliminary coal quality analysis from a borehole drilled at the project. The... 

Czech industry minister to propose buying OKD mines for symbolic price

By: Reuters     Updated 4 hours ago Czech Industry Minister Jan Mladek said on Monday he would propose state miner Diamo buy hard coal mining group OKD, the insolvent unit of New World Resources (NWR), for the symbolic price of 1 crown ($0.0397). Mladek added he would still prefer a private buyer take over the OKD mines, a major... 

Anglo sees incremental gains as trading unit hits cruising speed

By: Reuters     Updated 5 hours ago Anglo American, which broke with tradition when it set up a focused commercial unit, sees modest improvements ahead after an early boost to profits, as it gets closer to clients, even offering shelter from volatile markets with fixed-price contracts. Anglo, like many miners, shied away from... 

DiamondCorp raises £1m through share placing

By: Megan van Wyngaardt     23rd January 2017 Dual-listed Southern African diamond mining company DiamondCorp has raised proceeds of about £1-million through the placing of 25.4-million new ordinary shares at 4p apiece. The company is also issuing about 3.14-million new ordinary shares with 3.14-million attached warrants as settlement for... 

Petra Diamonds on track to reach full-year production target

By: Megan van Wyngaardt     23rd January 2017 Production at FTSE 250 miner Petra Diamonds’ operations increased 24% to 2.01-million carats in the first half of the year, ended December 31, owing to a higher contribution from undiluted run-of-mine (RoM) ore leading to improved grades, and additional tailings production from its Kimberley... 

Petra Diamonds on track to reach full-year production target
Petra Diamonds CEO Johan Dippenaar

Egypt risks no interest in gold tender as Centamin won’t bid

By: Bloomberg     23rd January 2017 Egypt is at risk of getting no participation in its first exploration tender in gold since 2009 after Centamin, which operates the nation’s only active gold mine, Sukari, and two other companies in the country said they won’t bid. Terms being offered “result in an effective tax rate that is by... 

Egypt risks no interest in gold tender as Centamin won’t bid

PEA places Mariana’s Hot Maden in world-class league

By: Henry Lazenby     21st January 2017 Aim- and TSX-quoted exploration and development company Mariana Resources this week announced the positive results of a preliminary economic assessment (PEA) for its flagship Hot Maden project in Turkey, touting a net present value, at a 10% discount, of about $1.4-billion. "The potential value... 

Antofagasta swaps 40% Alto Maipo stake for cheaper electricity

By: Henry Lazenby     20th January 2017 London-based Antofagasta announced Friday that its subsidiary Minera Los Pelambres had agreed to transfer its 40% stake in the Alto Maipo hydroelectric project to controlling shareholder Gener in return for cheaper electricity. Los Pelambres has been in partnership with Gener in the Alto Maipo... 

Platinum price upturn needed to sustain industry – Lonmin  

By: Martin Creamer     20th January 2017 An upturn in the platinum price is needed for the sustainability of the platinum industry as a whole, Lonmin CEO Ben Magara said on Friday. The head of the large London- and Johannesburg-listed platinum mining company said that although there had been a slight price recovery since November and... 

Platinum price upturn needed to sustain industry – Lonmin
Lonmin CEO Ben Magara points out the unsustainability of the current low platinum price at a media conference covered by Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video: Nicholas Boyd. Video Editing: Lionel da Silva.

BMR can recover vanadium from tailings with no modifications to plant

By: Megan van Wyngaardt     20th January 2017 Metallurgical testwork currently being carried out at BMR Group’s Kabwe project, in Zambia, is providing encouraging results with regard to the metal’s potential recovery and production from its tailings. This, the company said on Friday, further bolstered BMR’s asset base. 

Rambler reports positive test results as it transforms Ming mine

By: Henry Lazenby     20th January 2017 LSE- and TSX-V-listed maritime-focused copper and gold producer Rambler Metals and Mining has reported successful results of metallurgical testing to establish the use of dense media separation (DMS) technology as a preconcentration step before milling at its Ming mine, in Newfoundland and... 

Finland's Terrafame nickel mine makes quarterly profit

By: Reuters     19th January 2017 Finland's State-owned nickel and zinc mine Terrafame, which is looking for buyers, reported on Thursday it had returned to profit in the fourth quarter on the back of growing production volumes and rising metal prices. The government took over the northern mine last year and founded Terrafame to... 

Hummingbird on track for Yanfolila’s first gold pour by year-end

By: Megan van Wyngaardt     19th January 2017 Aim-listed Hummingbird Resources has awarded the structural, mechanical, plate work and piping (SMPP) contract for its Yanfolila gold project, in Mali, where mine construction is currently under way, to construction company Imagri-SARL. The company on Thursday noted that plant construction was on... 

Shanta Gold achieves record production, costs at New Luika

By: Megan van Wyngaardt     19th January 2017 East Africa-focused gold producer Shanta Gold on Thursday reported that it had beaten full year guidance on both cost and volume at its New Luika gold mine (NLGM), in southwest Tanzania. This follows record gold production of 87 713 oz for the year ended December 31, at an all-in sustaining cost... 

Acacia celebrates another productive year at its Tanzania operations

By: Megan van Wyngaardt     19th January 2017 Marking its fourth consecutive year of production growth, Aim-listed gold miner Acacia reported strong fourth-quarter production of 212 954 oz for the three months ended December 31. Production for the quarter was 6% higher than that of the fourth quarter of 2015 and 4% higher than third-quarter... 

Canada's Strongbow, UK partner to explore for lithium in Cornwall

By: Reuters     19th January 2017 British mining company Cornish lithium said on Thursday it had entered a definitive mineral rights agreement with Canada's Strongbow Exploration to explore for lithium in Cornwall, southwest England, stoking hopes for a British mining revival. Cornwall historically was a mining hub and the... 

Sibanye’s Stillwater platinum deal edges forward

By: Martin Creamer     19th January 2017 Precious metals mining company Sibanye’s proposed acquisition, Stillwater Mining of the United States of America, edged forward on Thursday with the notification that both companies had received early termination of the waiting period under the US’s Hart-Scott-Rodino legislation, which means that... 

Sibanye’s Stillwater platinum deal edges forward
Photo by Duane Daws
Sibanye CEO Neal Froneman

Davos boosts platinum fuel cell outlook with hydrogen council launch

By: Martin Creamer     18th January 2017 Hydrogen-powered fuel cell electric vehicles (FCEVs) offer the most natural solution for emission-free vehicles, discharging only water and requiring negligible change to current driving and refuelling habits, which is why 13 leading energy, transport and industry companies this week chose Davos... 

Davos boosts platinum fuel cell outlook with hydrogen council launch
Photo by Duane Daws
Anglo American CEO Mark Cutifani

Diamond lobby said to seek ten-fold jump in budget to spur demand

By: Bloomberg     18th January 2017 The diamond industry is looking to up the ante on its effort to win over younger consumers more interested in gadgets and gastronomy. The Diamond Producers Association lobby will ask its backers including top miners De Beers and Alrosa PJSC to raise its budget to as much as $60-million a year... 

Rio ends quest for China mine riches with biggest shareholder

By: Bloomberg     18th January 2017 Rio Tinto Group and its largest shareholder Aluminum Corporation of China have terminated their joint venture (JV) established to find copper deposits, as global mining companies tighten exploration budgets. Chinalco Rio Tinto Exploration, a JV between Rio and Aluminum Corpporation, also known... 

Gold miner Goldcorp details growth plan, shares rise

By: Reuters     17th January 2017 The world's biggest gold miners should partner to share the financial and other risks of developing large gold deposits, the chief executive of Goldcorp, the world's third biggest gold miner by market value, said on Tuesday. The gold mining industry "risks irrelevance" if it is not able to find... 

Gold miner Goldcorp details growth plan, shares rise
Photo by Bloomberg
Goldcorp CEO David Garofalo

Ongoing exploration to further boost Atalaya copper output

By: Megan van Wyngaardt     17th January 2017 Dual-listed Atalaya Mining produced 26 179 t of copper in 2016, in line with its guidance, boosted by average copper recoveries of 83.29% at its 100%-owned Proyecto Riotinto mine in Andalucía, Spain. The miner on Tuesday reported that it had produced 8 938 t of copper in the last quarter of the... 

Brexit plus Trump have sent gold on a January winning streak

By: Bloomberg     17th January 2017 If you think the new year is a time of optimism and hope for the future, then you haven’t been watching gold. Bullion has risen every day except one in 2017, evidence that investors are pricing in a rocky year ahead. UK Prime Minister Theresa May confirmed Tuesday that she’ll leave the European... 

Rio Tinto hits 2016 production target, keeps 2017 guidance

By: Esmarie Swanepoel     17th January 2017 Mining giant Rio Tinto has delivered a strong production quarter in the three months to December, helping the group to achieve its targeted iron-ore shipments for 2016. Australia’s largest iron-ore miner produced 85.5-million tonnes in the fourth quarter, taking 2016’s production to 329.5-million... 

Rio Tinto hits 2016 production target, keeps 2017 guidance
Rio Tinto CEO Jean-Sebastien Jacques

Vale loads first iron-ore shipment from giant new S11D mine

By: Henry Lazenby     16th January 2017 The world’s biggest iron-ore miner, Vale, has loaded the first ore from its largest-ever mine, the S11D project, in Canaã dos Carajás, south-east of Pará, at the Ponta de Madeira docks. On Friday, Vale loaded its first 26 500 t of commercial ore produced at the $14.4-billion mine in Brazil,... 

Vale loads first iron-ore shipment from giant new S11D mine
Photo by Vale
Ponta da Madeira loads first ships including cargo produced in S11D mine

Iron-ore opens 2017 with a bang after flaying skeptics last year

By: Reuters     16th January 2017 Iron-ore has carried last year’s bullish momentum into the start of 2017, with prices rallying to a two-year high amid speculation that China’s demand for overseas ore will hold up even as the world’s largest miners bring on new capacity. Ore with 62% content in Qingdao in China climbed 3.9% to... 

Plant shutdowns impact Vedanta's Q3 output

By: Megan van Wyngaardt     16th January 2017 Despite lower output at its zinc operations in the third quarter of the current financial year, diversified miner Vedanta Resources says it is still on track to achieve its stated guidance of higher mined metal production for the full year. Its total production across operations for the quarter... 

Plant shutdowns impact Vedanta's Q3 output

Kenmare lifts FY17 production guidance as market looks positive

By: Megan van Wyngaardt     16th January 2017 LSE-listed Kenmare Resources on Monday adjusted its production guidance for this year to between 950 000 t and 1.05-million tonnes of ilmenite, 5% to 16% higher than production for 2016, owing to increased utilisation and recovery rates at its Moma titanium minerals mine, in Mozambique. The miner... 

Ferrum, BVI in talks over delayed Moonlight BFS

By: Megan van Wyngaardt     16th January 2017 A farm-in and joint venture agreement between triple-listed metals project developer Ferrum Crescent and Business Venture Investments (BVI) has stalled, after the latter failed to complete the first phase of a bankable feasibility study (BFS) at Ferrum’s Moonlight iron-ore project, in Limpopo. In... 

Sweden's Atlas Copco proposes splitting group, appoints new CEO

By: Reuters     16th January 2017 Swedish mining gear and compressor maker Atlas Copco plans to split the group into two listed companies in 2018 and distribute the equity in the new company to shareholders. The news, which was not expected, is another piece in a wider European trend where a wave of spin-offs through initial... 

Gold rises on Trump uncertainty, Brexit concerns

By: Reuters     16th January 2017 Gold rose on Monday, buoyed by safe-haven demand due to uncertainty over US policy ahead of President-elect Donald Trump's inauguration and amid concerns over Britain's exit from the European Union. Spot gold had risen 0.5% to $1 203.15/oz by 0548 GMT. 

Acacia confirms merger talks with Endeavour Mining

By: Reuters     14th January 2017 old miner Acacia Mining said on Friday it was in early talks about a possible merger with Canadian gold miner Endeavour Mining. Acacia, which operates mines and exploration projects in Tanzania, Kenya, Burkina Faso and Mali, was responding to media reports. 

Acacia confirms merger talks with Endeavour Mining

As Kazakh market discipline points to price trough, uranium developers focus on lower costs

By: Henry Lazenby     13th January 2017 News this week that Kazakhstan will curtail its uranium output by about 10% this year has sent spot prices to the highest levels since September, provoking cautious optimism among market observers that the trough has been traversed. “I think that this move signals a fundamental change in... 

As Kazakh market discipline points to price trough, uranium developers focus on lower costs
Photo by Fission Uranium
Fission Uranium chairperson and CEO Dev Randhawa

Geopolitical tensions, other factors to boost gold demand this year

By: Megan van Wyngaardt     13th January 2017 Heightened political and geopolitical risks, currency depreciation, expectations of rising inflation, inflated stock market valuations, long-term Asian growth and the opening of new markets are all expected to positively influence demand for gold and gold’s performance this year, says the World... 

Geopolitical tensions, other factors to boost gold demand this year

Egypt’s revival in gold mining to boost exports, generate foreign reserves

By: Megan van Wyngaardt     13th January 2017 London-based research firm BMI Research has earmarked Egypt as a mining country to watch, given that its gold mining sector is expected to record strong growth of about 6% a year between 2017 and 2021. The firm noted that the country, which could see output of 740 000 oz/y by 2021, was inviting... 

Ariana Resources raises funds to advance Turkey gold projects

By: Megan van Wyngaardt     13th January 2017 Aim-listed Ariana Resources has raised £900 000 through an oversubscribed placing of 56.2-million new ordinary shares at 1.6p apiece. The proceeds will be used to advance the company's projects outside of Kiziltepe, in Turkey, which includes the 475 000 gold equivalent ounce Red Rabbit project,... 

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