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Europe News

Eldorado cuts Turkish Kisladag mine guidance on gold recovery issues

By: Henry Lazenby     Updated 1 hour 5 minutes ago Gold recovery issues at the leach pad of Eldorado Gold's Kisladag mine – Turkey’s largest gold mine – has prompted the Canadian miner to lower the full-year production guidance for the mine. 

WDC president to resign by end of week

By: Creamer Media Reporter      Updated 1 hour 23 minutes ago The World Diamond Council (WDC) announced on Wednesday that president Andrey Polyakov will resign by the end of the week. VP Stephane Fischler will become acting president effective July 1, will serve in this capacity until the end of the term of the current board, at which time he will start his... 

Few resource-rich countries properly manage their natural resources – report

By: Reuters     Updated 7 hours ago More than 80% of the world's major mining, oil and gas-producing countries fail to adequately govern the way they extract and manage natural resources, according to an index that tracks accountability and corruption. Eritrea was the worst performer in the annual index released by the New... 

Court bid to halt new coal project fails

By: Martin Creamer     28th June 2017 An urgent Pretoria High Court bid to stop Atha-Africa Ventures from proceeding with the development of the Yzermyn coal mining project in Mpumalanga has failed, with the matter removed from the urgent roll and each party made to pay own costs. The court found that the allegations of the eight... 

Court bid to halt new coal project fails
Praveer Tripathi

AngloGold to restructure South African operations to ensure viability

By: Martin Creamer     28th June 2017 Gold mining company AngloGold Ashanti has begun consulting with employees on placing the 59-year-old Savuka mine and the 36-year-old Kopanang mine on care and maintenance, and evaluating the integration of the 60-year-old TauTona mine into the neighbouring Mponeng mine, which is being set up as a... 

AngloGold to restructure South African operations to ensure viability
Photo by Duane Daws
AngloGold Ashanti CEO Srinivasan Venkatakrishnan (Venkat)

Connemara keen to find new zinc partner with ‘deeper pockets’

By: Mariaan Webb     28th June 2017 Irish explorer Connemara Mining chairperson John Teeling is open to bringing in a new joint venture (JV) partner for the company's zinc exploration projects in Limerick and Meath, claiming on Wednesday that progress is too slow in a market where zinc prices are rising fast. Connemara has two JV... 

Connemara keen to find new zinc partner with ‘deeper pockets’
Mining entrepreneur John Teeling

Karelian granted claim reservation over area which may contain new kimberlite

By: Mariaan Webb     28th June 2017 Prospector Karelian Diamond has been granted a claim reservation in the Kaavi region of Finland, which the Aim- and ESM-listed company is hoping could lead to the discovery of a new kimberlite in the area. The 8.67 km2 claim reservation is for the area surrounding its Lahtojoki mining concession... 

Karelian granted claim reservation over area which may contain new kimberlite

As nasty quarter ends, iron's reprieve sees futures back in $60s

By: Bloomberg     28th June 2017 After what’s been a tough quarter, iron ore’s getting a small reprieve. Futures clawed their way back above $60 a metric ton and spot prices have rebounded from a one-year low as steel output holds up in China, buoying demand for the material even as its supply rises. The SGX AsiaClear contract... 

Gemfields advises shareholders to reconsider Pallinghurst deal

By: Megan van Wyngaardt     28th June 2017 Gemfields on Wednesday advised its independent shareholders to “seriously consider” whether to accept Pallinghurst’s all-share offer. Pallinghurst on Tuesday said it had received acceptances for the offer exceeding 75%. 

Petra still expecting record production, despite lowering FY guidance

By: Megan van Wyngaardt     28th June 2017 A slower-than-anticipated build-up of its expansion programmes has prompted Petra Diamonds to lower its full-year production guidance by 8% to 9% from the 4.4-million previously targeted. This, the LSE-listed diamond miner said, would have a coinciding 8% to 9% impact on its revenue, which will... 

More precious than gold? Copper's the better inflation hedge

By: Bloomberg     28th June 2017 For centuries, gold has been a go-to asset among investors worried about all sorts of financial risks. In the past decade, exchange-traded funds backed by the metal drew more money than any other commodity. Even the world’s biggest central banks hoard bullion as a reserve asset. But when it comes... 

More precious than gold? Copper's the better inflation hedge

ANZ suffered 'substantial losses' in nickel receipts scam

By: Bloomberg     28th June 2017 Australia & New Zealand Banking Group Ltd. told a US court that its commodities trading arm suffered “substantial losses” after it discovered that receipts for metal held in Glencore’s Access World warehouses are probably fake. When ANZ looked into selling the nickel, it discovered 83 out of 84... 

Miners to tighten their belts for the remainder of the year – BMI

By: Megan van Wyngaardt     27th June 2017 Despite the modest recovery in global commodity prices, miners will remain focused on capital and supply discipline in the year ahead, through debt reduction and efficiency enhancements, research firm BMI said on Tuesday. In its ‘Mining Mid-Year Update: Key Themes For 2017’ report, it noted that... 

Miners to tighten their belts for the remainder of the year – BMI

Iron-ore outlook cut back by Morgan Stanley over rest of year

By: Bloomberg     27th June 2017 Iron-ore forecasts at Morgan Stanley have been chopped back for the remainder of the year, with the bank flagging prospects for rising low-cost production and the likelihood that the worldwide surplus will increase every year through to 2021. The commodity will average $50 a ton in the third... 

Richland appoints sightholders for Australian sapphires

By: Megan van Wyngaardt     27th June 2017 Aim-listed gemstone producer Richland Resources’ Capricorn Sapphire subsidiary has entered into an exclusivity and supply agreement with jewellery manufacturer Royal Touch, which will buy all its heated green sapphires on an exclusive basis for the majority of the size fractions. The sapphires,... 

Pallinghurst secures 75% acceptances for Gemfields takeover

By: Megan van Wyngaardt     27th June 2017 JSE-listed Pallinghurst has now garnered acceptances for 75.18% of shares in takeover target, Aim-listed miner Gemfields. Pallinghurst CEO Arne Frandsen noted that the company was “delighted” to have received more than 75% support from Gemfields’ shareholders, including the majority of Gemfields’... 

Pallinghurst secures 75% acceptances for Gemfields takeover
Photo by Duane Daws
Pallinghurst CEO Arne Frandsen

European Metals gains short-term funding for Cinovec

By: Esmarie Swanepoel     27th June 2017 ASX-listed European Metals has reported a maiden ore reserve of 34.5-million tonnes, grading 0.65% lithium oxide for its Cinovec lithium-tin project, in the Czech Republic. MD Keith Coughlan told shareholders that the conversion of 34.5-million tonnes of mineral resource to ore reserve was... 

Glencore's long hunt for Rio Tinto's coal mines slips away

By: Bloomberg     27th June 2017 Glencore’s years-long pursuit for a bigger Australian coal business was delivered another setback on Monday after Rio Tinto Group passed on the company’s offer for a second time. Now the mining giant run by a former coal trader is running out of time to come back with a better offer or lose out... 

Gemfields continues resistance as Pallinghurst shareholders vote in favour of buyout

By: Anine Kilian     26th June 2017 Pallinghurst Resources has received 96% shareholder support for the buyout of the remaining stake in Gemfields, making its offer for Gemfields wholly unconditional. Brian Gilbertson’s Pallinghurst on May 19 announced its intention to buy out Gemfields’ minority shareholders in exchange for... 

Greenhouse tightening as govt imposes Paris agreement – Exxaro

By: Martin Creamer     26th June 2017 The legislative changes around emission of greenhouse gases is becoming more onerous as the South African government implements the Paris Agreement, diversified black-owned resources group Exxaro said on Monday, when the coal-mining major announced that “good progress” had been made finalising... 

Greenhouse tightening as govt imposes Paris agreement – Exxaro
Photo by Duane Daws
Exxaro CEO Mxolisi Mgojo

Gold plunges as 1.8Moz traded in a New York minute

By: Bloomberg     26th June 2017 Gold sank like a stone at 09:00 in London after a huge spike in volume in New York futures that traders said was probably the result of a "fat finger," or erroneous order. Trade shot up to 1.8-million ounces of gold in just a minute, a level not reached even with the surprise election of US... 

Yancoal said to add new incentives to offer for Rio coal assets

By: Bloomberg     26th June 2017 China-controlled Yancoal Australia added new incentives to its offer for Rio Tinto Group’s Australian coal assets to fend off a last-minute challenge by rival Glencore, according to a person with knowledge of the situation. Yancoal submitted a revised offer and will release details of the... 

Test work confirms Portugal project's ‘high-quality’ spodumene potential – Savannah

By: Mariaan Webb     26th June 2017 Metallurgical testwork on a sample from the Mina da Barroso lithium prospect has confirmed that the project, which Aim-listed Savannah Resources bought in May, has the potential to produce high-quality spodumene concentrate using conventional technologies. Testwork confirmed a high lithium oxide... 

Energia raises A$3m for Italy zinc project

By: Esmarie Swanepoel     26th June 2017 ASX-listed junior Energia Minerals is hoping to raise A$3.12-million through a non-renounceable rights issue to fund work at its Gorno zinc project, in Italy. Energia on Monday said that the two-for-five rights issue would be priced at 1c a share, which represented a discount of 37.5% to the... 

Energia raises A$3m for Italy zinc project

Zinc rally to slow in H2 as headwinds mount – BofAML

By: Henry Lazenby     24th June 2017 Headwinds to the current zinc price rally are expected to mount during the second half of the year as consumption slows, undermining the base metal’s strong fundamentals, new analysis by Bank of America Merrill Lynch (BofAML) has found. The banking group’s Global Commodities Research team said in... 

Cobalt 27 aims to tap electric car revolution with $150m IPO

By: Reuters     23rd June 2017 Minerals company Cobalt 27 Capital made its debut on Canada's Venture Exchange on Friday, raising C$200-million in a listing that offers investors exposure to cobalt, a key metal for batteries in electric cars. Cobalt 27's initial public offering highlights the burgeoning market for cobalt as the... 

Glencore increases offer for Rio Tinto’s C&A assets

By: Megan van Wyngaardt     23rd June 2017 In light of reports on Tuesday that diversified miner Rio Tinto urged its shareholders to vote in favour of the sale of its wholly-owned subsidiary Coal & Allied Industries (C&A) to Yancoal Australia, as opposed to electing the counter offer from Glencore, the latter has raised its offer to... 

Mining Charter violates shareholder rights – Hogan Lovells

By: Martin Creamer     23rd June 2017 Mining Charter Three’s arbitrary increase of empowerment shareholding to 30% violates the property rights of shareholders, and the new charter’s requirement to pay 1% of yearly turnover is not expected to survive challenges under the Companies Act and the Constitution. Property rights under the... 

Mining Charter violates shareholder rights – Hogan Lovells
Hogan Lovells partner Wessel Badenhorst

BMR Group raises funds to further fund Kabwe construction

By: Megan van Wyngaardt     23rd June 2017 BMR Group has, through the placement of 9.3-million new ordinary shares at 3.75p apiece, raised £350 000 before expenses. The Aim-listed company will use the proceeds to further its Kabwe lead and zinc mine, in Zambia, where civil construction works are under way. 

Glencore paid $4bn in taxes, royalties in 2016

By: Natasha Odendaal     23rd June 2017 Triple-listed Glencore on Friday reported it had paid some $4-billion in taxes and royalties to governments in 2016. Some $1.78-billion related to payments in respect of the extractive activities under the reporting requirements of the European Union (EU) directive, the mining giant’s yearly... 

Red Rock acquires 30% stake in Bosnia alloy producer

By: Megan van Wyngaardt     23rd June 2017 Red Rock Resources has entered into agreements to acquire a 30% interest in strategic alloy producer Steelmin and to fund the completion of refurbishment and recommissioning of Steelmin’s ferrosilicon smelter in Jajce, Bosnia. Red Rock has agreed to provide Steelmin with a €3.8-million... 

Poland thermal coal output to bounce back but EU emissions cap poses a risk

By: Mariaan Webb     23rd June 2017 Poland’s thermal coal sector is set for several years of growth, supported by a commitment to expand coal-fired power generation capacity. However, the outlook for coking coal is less rosy, owing to waning demand from the steel industry. BMI Research states in a research note that thermal coal,... 

Poland thermal coal output to bounce back but EU emissions cap poses a risk

Q3 ferrochrome price settles at 110c/lb – Merafe

By: Natasha Odendaal     23rd June 2017 JSE-listed Merafe Resources on Friday announced a decrease in the third quarter ferrochrome price. The European benchmark ferrochrome price decreased 28.6% from 154c/lb for the second quarter to 110c/lb for the third quarter. 

Electric car demand boosts companies engaged with lithium

By: Bloomberg     23rd June 2017 Lithium demand is surging, boosting shares of the companies linked to mining and manufacturing the light metal used in electric-car batteries. Global X Lithium & Battery Tech, an exchange-traded fund of the 27 biggest companies linked to the light metal, has increased 65% in the past 18 months,... 

Rio flags $180m hit to H1 underlying profit after bond buyback

By: Reuters     23rd June 2017 Rio Tinto said on Friday it has completed a planned bond buyback, reducing gross debt by $2.5-billion, with the early redemption costs likely to reduce first-half underlying profit by about $180-million. The global miner said that since the start of 2016 it has reduced the face value of... 

Peter Hambro ousted from his gold mining company Petropavlovsk

By: Reuters     22nd June 2017 Shareholders voted for four new board members at Russian-focused gold miner Petropavlovsk on Thursday, ousting Peter Hambro who has run the company since he founded it in 1994. Rebel shareholders, holding around 40% of the company, backed nominees to replace four out of six of the board at... 

Peter Hambro ousted from his gold mining company Petropavlovsk
Petropavlovsk founder Peter Hambro was ousted on Thursday.

First Cobalt on the rise as it consolidates cobalt exploration portfolio

By: Henry Lazenby     22nd June 2017 Toronto-based First Cobalt (FCC) has positioned itself to become the world’s largest cobalt exploration company under pending deals to merge with ASX-listed Cobalt One and acquire fellow TSX-V-listed CobalTech Mining. Based on FCC's C$30-million market cap, plus the market caps of Cobalt One... 

First Cobalt on the rise as it consolidates cobalt exploration portfolio
Photo by Bloomberg
A worker displays a handful of cobalt metal nuggets at the Nchanga copper mine, operated by Konkola Copper Mines, in Chingola, Zambia

Implats general meeting to vote on new share issue

By: Martin Creamer     22nd June 2017 Platinum mining and marketing company Impala Platinum (Implats) on Thursday announced details of an annual general meeting to approve the issuing of 175-million new shares. The Johannesburg Stock Exchange-listed company said shareholders would be convened on July 24 to vote on resolutions... 

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