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Eldorado, miners take legal action over Greek project

By: Reuters Canada's Eldorado Gold and workers at its disputed gold mine project in northern Greece filed a new legal complaint on Friday to overturn a government decision which led to its activities being halted, court officials said. Eldorado's complaint at one of Greece's top courts came after Prime... 

Highfield secures finance for Muga development

By: Esmarie Swanepoel ASX-listed potash developer Highfield Resources has secured project finance facilities of up to €222-million to fund the development of its Muga potash mine, in Spain. The company on Thursday said it had agreed to a mandate with four major European commercial banks, under which the mandated lead... 

Talga triples resources

By: Esmarie Swanepoel ASX-listed Talga Resources has tripled its total indicated and inferred resource inventory across Sweden with the announcement of a maiden Joint Ore Reserves Committee-compliant resource at the Jalkunen graphite project. A maiden inferred resource of 31.5-million tonnes, grading 14.9% graphitic... 

CFTC to meet with Alcoa on LME warehouse reform

By: Reuters The chairperson of the US commodities regulator and an executive from aluminium producer Alcoa will meet this week to discuss metals warehousing reform, a spokesperson for the agency said on Tuesday. The meeting between US Commodity Futures Trading Commission (CFTC) chairperson Timothy Massad and... 

Antofagasta’s H1 profit falls 49% as copper slump weighs

By: Henry Lazenby Chile-focused copper miner Antofagasta’s LSE-listed stock closed up nearly 10% on Tuesday despite the miner booking a 49% drop in profit for the first half of the year (H1). Earnings before interest, taxes, depreciation and amortisation were $561.6-million, a 48.6% decline, reflecting a dramatic... 

Antofagasta’s H1 profit falls 49% as copper slump weighs

BHP Billiton still bullish on China

By: Martin Creamer China will continue to grow at 7% this year, BHP Billiton CEO Andrew Mackenzie said on Tuesday, when the mining giant posted a solid set of dividend-paying results. Mackenzie, who rejected the notion that China was “impossible to read”, expected the second half of this calendar year to be... 

BHP Billiton still bullish on China
Photo by Reuters
BHP Billiton CEO Andrew Mackenzie

BHP focused on further cost cuts after tough year 

By: Esmarie Swanepoel Mining giant BHP Billiton on Tuesday announced that it would further cut back on spending as it downwardly adjusted its estimations for peak Chinese steel demand. In a conference call, CEO Andrew Mackenzie said BHP had delivered productivity gains of $4.1-billion in the year ended June 30, some... 

BHP focused on further cost cuts after tough year
Photo by Bloombeg
BHP Billiton CEO Andrew Mackenzie

De Beers cuts diamond prices by up to 9% – Bloomberg

By: Reuters De Beers, the world's largest producer of rough diamonds by value, reduced prices for its diamonds by as much as 9%, Bloomberg reported, citing people familiar with the matter. De Beers, a unit of London-listed mining company Anglo American Plc, lowered prices after cuts to production failed to... 

South32 sees opportunity to work with Eskom on further coal supply

By: Martin Creamer New diversified mining company South32, which on Monday reported 56%-higher underlying earnings of $1-billion, sees an opportunity to work with Eskom on additional coal supply.   The demerged BHP Billiton entity, which is fast-tracking the implementation of its regional operating model in South... 

South32 sees opportunity to work with Eskom on further coal supply
Photo by Duane Daws
Graham Kerr

Diamond producer Alrosa to supply Norilsk with X-ray slurry analysers

By: Henry Lazenby A subsidiary of Russian diamond major Alrosa has won a tender to supply nickel miner Norilsk with five X-ray slurry analysers. The X-ray AR-31-NM analysers would be installed at the Talnah concentration mill, in Russia, to determine nickel, copper and iron concentrations in concentrates and... 

Australian Prairie sees coal price recovery ahead of Polish mine debut

By: Reuters Australian coal company Prairie Mining expects coal prices to rebound by the time it ramps up a new mine in south-east Poland, the company's CEO Benjamin Stoikovich told Reuters. Prairie Mining plans to build a $684-million coal mine in Lublin at a time when slumping price and high production... 

Perplexed Eldorado threatens legal action against Greek permit suspension

By: Henry Lazenby Multinational miner Eldorado Gold has threatened legal action against the Greek government’s suspension of its Skouries and Olympias gold project development permits, in Halkidiki, northern Greece. "We are most disappointed and perplexed by this entirely inappropriate decision of the Ministry,... 

Hochschild pins high hopes on Peruvian Inmaculada mine

By: Henry Lazenby With production from the newly commissioned Inmaculada mine, in Peru, ramping up, silver miner Hochschild Mining is on track to meet its full year production target of 24-million attributable silver equivalent ounces (SEOs). Production for the second half of 2015 was expected to improve owing to... 

Greece halts activity at Canadian-run gold mine

By: Reuters Greece has suspended the mining operations of Canada's Eldorado Gold, in northern Greece, saying the company violated contract terms, in a setback to one of the top foreign investment projects in the country. The $1-billion project is considered a test case for Greece's ability to attract... 

Greece halts activity at Canadian-run gold mine

Important that Optimum Coal issue is resolved – Glencore

By: Martin Creamer It was important that the Optimum Coal issue was resolved well so that the coal-mining company could become operational once more, Glencore CEO Ivan Glasenberg said on Wednesday. Responding to media questions after the mining and marketing company’s presentation of half-year (H1) results,... 

Important that Optimum Coal issue is resolved – Glencore
Photo by Creamer Media
Ivan Glasenberg greeting pupils at the R75-million school Glencore built in the Mpumalanga coalfields

Glencore maintains dividend on 29% lower earnings

By: Martin Creamer Diversified marketing and mining major Glencore on Wednesday reported 29% lower first-half (H1) earnings of $4.6-billion on weaker commodity prices. The board of the London-, Hong Kong- and Johannesburg-listed company declared an interim dividend of $0.6 a share, consistent with the 2014 interim... 

Glencore maintains dividend on 29% lower earnings
Photo by Duane Daws
Ivan Glasenberg still seeing window of opportunity

Coal prices fall to 12-year lows as China, India join demand slowdown 

By: Reuters Coal futures have fallen to 12-year lows, hit by soaring production and a slowdown in global buying, including from India and China which until recently have been pillars of strong demand. Benchmark API2 2016 coal futures TRAPI2Yc1 last settled at $52.85 a tonne, a level not seen since November... 

Flinders taps Chinese expertise in graphite purification

By: Henry Lazenby Graphite producer Flinders Resources has struck an agreement with a strategic Chinese partner to assist the company to transition to high-purity graphite production, putting it in a position to take advantage if the rapidly expanding and "game-changing" lithium-ion battery energy-storage industry... 

Potash West, partner sell German project

By: Esmarie Swanepoel ASX-listed Potash West has reached an agreement with a subsidiary of fellow-listed Arunta Resources to divest of East Exploration, which holds the South Harz potash project, in Germany. East Exploration is 50% held by Potash West, with the balance held by a private owner. 

AngloGold harvesting short-life mines

By: Martin Creamer AngloGold Ashanti is harvesting short-life gold mines for cash and will do so with more mines if the gold price falls below $1 000/oz, CEO Srinivasan (Venkat) Venkatakrishnan said on Monday. “As an industry, we’re going through pretty rough times but the rougher it gets, the more our... 

AngloGold harvesting short-life mines
Photo by Duane Daws
Srinivasan (Venkat) Venkatakrishnan (right) and Martin Creamer

AngloGold pumps free cash, beats operating guidance

By: Martin Creamer Gold mining major AngloGold Ashanti generated $71-million of free cash flow in the second quarter (Q2) with production and costs beating guidance on strong performance from its international mines and a recovery in its South African operations. The company, headed by CEO Srinivasan (Venkat)... 

AngloGold pumps free cash, beats operating guidance
Photo by Duane Daws
AngloGold CEO Srinivasan Venkatakrishnan

Armadale raises more funds for DRC gold project

By: Megan van Wyngaardt Aim-listed Armadale Capital has raised £700 000 through the placement of 20-million new ordinary shares of 0.1p each in the capital of the company at a price of 3.5p apiece with institutional and other investors. The funds would allow the miner to continue the development of its Mpokoto gold... 

Production starts at Vast’s Romanian polymetallic mine

By: Natalie Greve Aim-listed Vast Resources has conducted the first blast at the 1.8-million-ton openpit Manaila polymetallic mine, in northern Romania, and has started the first production of concentrate at its subsidiary Sinarom Mining Group’s processing facility, in nearby Iacobeni. Vast acquired a 50.1%... 

World Gold Council optimistic on H2 gold demand

By: Martin Creamer The World Gold Council is optimistic that there will be an increase in demand for physical gold in the second half (H2) of this year, when it expects a seasonal demand increase in India and gold’s lower price to feed through into stronger consumer demand. Against the background of second quarter... 

World Gold Council optimistic on H2 gold demand
Photo by Bloomberg
Gold bars

China's yuan devaluation to pressure commodities – Goldman

By: Reuters China's yuan devaluation signals that global economic conditions have taken a turn for the worse, creating more downward pressure to come for commodity markets, Goldman Sachs said. "The CNY (yuan) devaluation has been important for commodity markets and we believe it signals that global macro... 

Greek court decisions allow Eldorado to accelerate Skouries construction

By: Henry Lazenby Multinational miner Eldorado Gold has received two favourable court decisions in Greece, allowing it to accelerate construction activities at the Skouries gold/copper project, in Halkidiki, in northern Greece. Construction of the project came to a halt in March, when the then newly elected Greek... 

Greek court decisions allow Eldorado to accelerate Skouries construction
Photo by Eldorado Gold
Skouries, Greece.

Optimum rescue chance reasonable if Eskom deal renegotiated – Glencore

By: Martin Creamer The directors of Optimum are of the view that there is a reasonable prospect of rescuing Optimum Coal if the supply agreement with Eskom can be renegotiated, Glencore said on Thursday. Optimum Coal announced on August 4 that it had begun business rescue proceedings because of its continued and... 

Optimum rescue chance reasonable if Eskom deal renegotiated – Glencore
Coal renegotiation sought

Q2 gold demand lowest in six years – World Gold Council

By: Martin Creamer Gold demand fell 12% to its lowest level in six years in the second quarter of this year, with the decline most visible in India and China, which together account for almost half the fall. The World Gold Council’s second-quarter (Q2) Gold Demand Trends reported total demand of 915 t compared with... 

Q2 gold demand lowest in six years – World Gold Council
Alistair Hewitt

Black-owned Exxaro commits to fresh BEE in rejigged coal deal

By: Martin Creamer Black-owned mining company Exxaro, which has succeeded in negotiating a $210-million cut in the purchase price of Total Coal South Africa, continues to be statutorily obliged to find a black economic-empowerment (BEE) partner as a government condition for the transfer of ownership to it. While it... 

Black-owned Exxaro commits to fresh BEE in rejigged coal deal
Photo by Duane Daws
Sipho Nkosi

Platinum market to remain in deficit in 2016/17 amid lower capex

By: Megan van Wyngaardt The reduction in capital expenditure (capex) by South Africa’s platinum producers will limit output of the precious metal by as much as 16% in 2016 and 2017, compared with 2015 levels, a World Platinum Investment Council- (WPIC-) commissioned report, compiled by Venmyn Deloitte, projects. The... 

Mining, metals deal activity to rise in H2 – EY

By: Esmarie Swanepoel Deal activity in the global mining and metals sector was expected to trend upward in the second half of 2015, albeit at a slow and steady pace, advisory firm EY reported on Wednesday. In its latest quarterly analysis ‘Mergers, Acquisitions and Capital Raising in Mining and Metals’, EY noted that... 

Mining, metals deal activity to rise in H2 – EY

Sliding Chinese yuan sends coal to near decade lows

By: Reuters Coal futures fell to their lowest level in almost a decade this week as China's devaluation of its currency triggered economic concerns over the economy of the world's biggest coal consumer. Benchmark European API2 2016 coal futures last settled at $54.35 per tonne, their lowest level since... 

Sliding Chinese yuan sends coal to near decade lows

As second project ramps up, Serabi Gold on prowl for M&A growth

By: Henry Lazenby Bolstered by a second project delivering ore to its mill, dual-listed miner Serabi Gold has plans to use its first-mover status in the Tapajos region of Para state, Northern Brazil, to look for suitable acquisitions as low metal prices and a muddled financing market have taken their toll on... 

As second project ramps up, Serabi Gold on prowl for M&A growth
Photo by Serabi Gold
Serabi Gold's Palito primary crusher, Northern Brazil.

North River to raise funds for Namibia lead/zinc project

By: Megan van Wyngaardt Aim-listed North River Resources (NRR) will, as part of a two-stage fundraising programme, seek to raise $4-million to progress its flagship lead/zinc Namib project, in Namibia, to a construction decision. The funding would be carried out through an initial placing of $1.2-million of unsecured... 

Looming cobalt market deficit to spur investment interest 

By: Henry Lazenby Cobalt has undergone somewhat of a transformation over the past five years, in step with the new emerging applications in the booming battery business that have driven a three-fold demand increase. Despite being a smaller industry than its battery raw material counterparts – roughly half the size... 

Looming cobalt market deficit to spur investment interest
Photo by Bloomberg
Balls of metal ore sit in a collection drum before loading into a furnace during processing at Katanga Mining's copper and cobalt mine in Kolwezi, Katanga province, Democratic Republic of Congo.

Circum DFS shows good prospects for Danakil potash project

By: Megan van Wyngaardt Potash project developer Circum Minerals has completed a definitive feasibility study on its Danakil project in Ethiopia, which confirmed that the mine had a measured and indicated resource of 2.8-billion tonnes of potash salts at depths of less than 100 m to 500 m. The inferred resource hosted... 

Optimum Coal suspension lifted 

By: Martin Creamer Diversified mining major Glencore on Friday confirmed that South Africa’s Department of Mineral Resources (DMR) had lifted the suspension on Optimum Coal Mine’s right to mine. The DMR imposed the suspension on the Glencore subsidiary on Monday under Section 93(b) of the Mineral and Petroleum... 

Optimum Coal suspension lifted
Photo by Duane Daws
Mineral Resources Minister Ngoako Ramatlhodi

Rio Tinto CEO rejects fears over China growth, demand

By: Reuters Demand for commodities is healthy on the ground in top consumer China despite worries about an economic slowdown that has weighed on prices, the head of mining group Rio Tinto said on Thursday. It was unclear, however, when China will cut back excess output in aluminium that has led to heavy... 

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