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Productivity improvements, higher prices lift Anglo American’s FY18 Ebitda to $9.2bn 

By: Marleny Arnoldi     21st February 2019 Continued productivity improvements in underlying operations and better-than-expected prices have contributed to global diversified miner Anglo American’s 4% year-on-year increase in earnings before interest, taxes, depreciation and amortisation (Ebitda) to $9.2-billion for 2018. CE Mark... 

Productivity improvements, higher prices lift Anglo American’s FY18 Ebitda to $9.2bn
Anglo American CE Mark Cutifani

Barrick said to have studied bid for $19bn miner Newmont

By: Bloomberg     Updated 44 minutes ago Barrick Gold, the world’s second-largest gold producer, has studied a bid for Newmont Mining as the Canadian mining giant looks for ways to boost production, people familiar with the matter said. Barrick has looked on and off at the feasibility of an offer for Newmont for some time, including in... 

Is Anglo finally getting ready to join mining's buyback club?

By: Bloomberg     21st February 2019 Anglo American remains the only giant miner not buying back shares, but that doesn’t mean it’s not thinking about it. The world’s biggest producers, shunning growth and reluctant to launch a major new deal spree, have been handing record amounts of money back to shareholders in the recent years.... 

De Beers FY18 revenue up 4% y/y

By: Marleny Arnoldi     21st February 2019 Anglo American subsidiary De Beers achieved a 4% year-on-year increase in revenue to $6.1-billion in 2018, compared with $5.8-billion in 2017, which was supported by improved high-end jewellery sales at De Beers Jewellers. Its earnings before interest, taxes, depreciation and amortisation,... 

De Beers FY18 revenue up 4% y/y

Higher output boosts Kaz Minerals' FY profit

By: Creamer Media Reporter      21st February 2019 Kazakhstan- and London-listed Kaz Minerals has reported an 11% jump in underlying profit to $530-million in 2018, as its revenue grew to $2.16-billion on the back of increased copper production and higher copper prices. The miner produced 14% more copper at 294 700 t and increased its sales by... 

Glencore will 'vigorously contest' $680m tax demand

By: Reuters     20th February 2019 Glencore on Wednesday said it would "vigorously contest" a $680-million tax demand from the British authorities linked to transfer pricing. The Swiss-based mining and trading company has offices in London and is London-listed. 

African cobalt to continue dominating EV battery space – consultant

By: Tasneem Bulbulia     21st February 2019 Africa will continue to play a dominant role in the supply of cobalt for use in electric vehicle batteries, says Core Consulting MD Lara Smith. Speaking at a South African Institute of Mining and Metallurgy (SAIMM) breakfast seminar, in Johannesburg, on Thursday, she indicated that, from an... 

Precious metals developer Orosur appoints CFO

By: Creamer Media Reporter      21st February 2019 Dual-listed Orosur Mining has appointed Victor Hugo its CFO, replacing Ryan Cohen who served as interim CFO since November. Hugo is working with Marrelli Support Services, which provides CFO, accounting, regulatory, compliance and management advisory services to numerous issuers on the TSX,... 

De Beers says laboratory-grown diamond wholesale prices fall by up to 60%

By: Reuters     Updated 12 minutes ago Wholesale prices for laboratory-grown diamonds have fallen by up to 60% since De Beers began selling synthetic stones for jewellery in September, CEO Bruce Cleaver said on Thursday, adding margins for the sector would continue to fall. De Beers, part of mining group Anglo American, shocked the... 

Australia nailing its colours to coal mast, despite call to halt its use for power generation by 2050

By: Esmarie Iannucci     Updated 57 minutes ago Amid rising electricity costs and flailing power supplies across the East Coast of Australia, the country’s government is standing firm on its decision to keep coal as one of its main sources of electricity generation. Australia’s East Coast is facing a plethora of electricity issues, with... 

Australia nailing its colours to coal mast, despite call to halt its use for power generation by 2050

First Cobalt hires former Idaho governor to serve on board

By: Creamer Media Reporter      21st February 2019 Pure-play cobalt company First Cobalt has appointed the longest consecutively-serving government in the US – Butch Otter – to serve on its board of directors. Otter retired as Idaho governor in January, having served for 12 years. 

Gemfields’ latest Lusaka emerald auction generates $10.8m in revenue

By: Tasneem Bulbulia     21st February 2019 Gemfields’ latest auction of predominantly commercial-quality rough emeralds, held in Lusaka, Zambia from February 18 to 20, saw 24 companies placing bids and generated revenue of $10.8-million with an overall average value of $4.39/ct. 

Endeavour Mining appoints Mark Morcombe COO

By: Tasneem Bulbulia     21st February 2019 Gold producer Endeavour Mining has appointed Mark Morcombe COO, with effect from May 6. He will succeed Jeremy Langford, who will be leaving Endeavour on February 28. 

UG2 outperforms as Sibanye positions for new world ­  

By: Martin Creamer     21st February 2019 The soaring prices of rhodium and palladium have put new focus on the upper group two (UG2) reef, for long the poor cousin of Merensky reef in the hierarchy of platinum group metals (PGMs) mining. Merensky's predominant platinum content has made it the preferred reef for decades but UG2 is... 

Mining Weekly Online's Martin Creamer at Sibanye-Stillwater's results presentation. Photographs: Dylan Slater. Video: Darlene Creamer

Resources Watch  

21st February 2019 DRDGold says Eskom grid upkeep increasingly problematic; Harmony is exploring Target North and Kalgold; and, Harmony cuts energy consumption, ushering in solar, mulling biofuels 

Resources Watch

Brazil regulator suspends operations at two Vale mine complexes

By: Reuters     21st February 2019 Brazil's mining regulator has ordered Vale SA to suspend activity at its Fabrica and Vargem Grande complexes, the iron ore miner said late on Wednesday, as authorities crack down after last month's fatal dam break. In a statement, Vale said the ANM mining regulator ordered the suspension in... 

Inclusion of strategic partner in grid company ‘not privatisation’ 

By: Terence Creamer     21st February 2019 Finance Minister Tito Mboweni insists that the inclusion of a strategic equity partner in the national grid company to be formed in mid-2019 as a result of the unbundling of Eskom into three separate State-owned entities does not amount to privatisation. The proposal is, nevertheless, likely to... 

Inclusion of strategic partner in grid company ‘not privatisation’

Newmont posts Q4 adjusted profit

By: Mariaan Webb     21st February 2019 US gold miner Newmont Mining on Thursday reported stronger fourth-quarter results, aided by lower costs and production growth, which managed to offset lower metal prices. The company, which will soon merge with Canadian miner Goldcorp to become the world’s largest gold miner, reported adjusted... 

Newmont posts Q4 adjusted profit
Newmont CEO Gary Goldberg

AMCU to extend Sibanye gold strike to other South African miners from Feb 28

By: Reuters     21st February 2019 Workers led by South Africa's Association of Mineworkers and Construction Union (AMCU) plan to down tools at gold and platinum mines next week in support of colleagues at Sibanye-Stillwater who are striking over wages and job cuts. AngloGold Ashanti, Harmony Gold, Anglo American Platinum, Lonmin,... 

Chile squeezing water rights for copper, lithium miners in north

By: Bloomberg     21st February 2019 In a belated response to falling fresh-water levels in desert areas, Chile is moving to protect a natural resource that has been depleted after decades of mining activity. With complaints from local communities rising and the effects of climate change worsening, the world’s largest copper... 

Chile squeezing water rights for copper, lithium miners in north

Nigeria hits oil majors with billions in back taxes

By: Reuters     21st February 2019 Nigeria has ordered foreign oil and gas companies to pay nearly $20-billion in taxes it says are owed to local states, industry and government sources said, in a move that could deter investment in Africa's largest economy. In a letter sent to the companies earlier this year via a debt-collection... 

Linhleko Projects, FLSmidth partner to boost Waterval chrome production by 20%

By: Nadine James     21st February 2019 Black-owned fabrication and mining installations company Linhleko Projects this week officially launched its cooperation agreement with FLSmidth – a 50/50 profit sharing agreement in which Linhleko uses FLSmidth’s REFLUX Classifier (RC) technology to enhance chrome recovery from... 

Broadway Gold Mining anticipates investment to return to precious, base metals

By: Marleny Arnoldi     21st February 2019 Amid a rising US dollar, precious and base metals have suffered, owing to investment focusing elsewhere; however, this will not last, says TSX Venture-listed Broadway Gold Mining CEO Thomas Smeenk, whose junior mining company explores for silver, gold and copper in south-western Montana. He... 

Broadway Gold Mining anticipates investment to return to precious, base metals
Broadway Mining president and CEO Thomas Smeenk

Anglo American suspends operations at Australian coal mine after fatality

By: Reuters     21st February 2019 Anglo American said on Thursday it has suspended operations at its Moranbah North coking coal mine in Australia after one worker died and several were injured on Wednesday. The London-listed miner said an investigation was underway into the underground accident between a personnel carrier and a... 

India's Adani could win Carmichael mine approval within 2 years - Queensland resources official

By: Reuters     21st February 2019 India's Adani Enterprises could theoretically win environmental approval for construction of the Carmichael coal mine in Australia in the next two years, a Queensland state resources official said, despite opposition from activists concerned about its impact on the Great Barrier Reef. The firm,... 

Renascor considers spherical options at Siviour

By: Esmarie Iannucci     21st February 2019 A prefeasibility study (PFS) into the spherical graphite potential of the Siviour project, in South Australia, has confirmed project economics. ASX-listed Renascor Resources said on Thursday that the spherical PFS estimated a capital cost of A$89.9-million to develop a spherical operation, with... 

Origin reports profit in H1

By: Esmarie Iannucci     21st February 2019 End-to-end energy provider Origin Energy has reported a statutory profit of A$796-million for the six months to December, compared with a loss of A$136-million in the previous corresponding period. The previous financial result included an after-tax impairment of A$360-million. 

Mineral sands producer Iluka swings back to the black

By: Esmarie Iannucci     21st February 2019 Mineral sands miner Iluka Resources has reported a 22% increase in revenue for the full year ended December, with the company swinging back into the black with a net profit after tax of A$304-million. Revenues for the 12 months under review increased to $1.2-billion, with underlying earnings... 

Santos eyes continued growth as it returns to profit

By: Esmarie Iannucci     21st February 2019 Oil and gas major Santos has more than doubled its 2018 underlying profit after tax, while free cash flows reaching a record $1-billion. Underlying profit for the 12 months to December was up by 129% on the previous financial year, from $318-million to $727-million, while net profit after tax... 

Santos eyes continued growth as it returns to profit

Strike-hit but upbeat Sibanye confident of value uplift as precious metals shine 

By: Martin Creamer     21st February 2019 Precious metals company Sibanye-Stillwater expressed confidence on Thursday that the global precious metals surge would enable it to deliver value despite the prolonged strike challenge that the company is contending with. The company reported 8%-lower earnings before interest, taxes,... 

Strike-hit but upbeat Sibanye confident of value uplift as precious metals shine
Photo by Creamer Media
Sibanye-Stillwater CEO Neal Froneman

Rio Tinto launches tailings dam review

By: Esmarie Iannucci     21st February 2019 Diversified miner Rio Tinto has launched a review of the global standards of its tailings dams following the failure of a Vale tailings dam in Brazil, which killed about 300 people. “I would like to acknowledge the recent tragedy at Minas Gerais in Brazil, and our thoughts are with all those... 

De Grey looks at doubling Pilbara size

By: Esmarie Iannucci     21st February 2019 ASX-listed junior De Grey Mining is looking to double the scale of its Pilbara gold project, in Western Australia, on the back of an increase in the resource estimate. The company on Thursday told shareholders that the scale of the development study would be increased to a... 

Iamgold adjusted FY earnings rise

By: Mariaan Webb     21st February 2019 Canadian gold miner Iamgold has posted an increase in adjusted net earnings of $29.8-million, or $0.06 a share, up $0.5-million from 2017, the company reported after the market closed on Wednesday. Revenue increased by $16.1-million in the year to $1.11-billion and gross profit increased to... 

Northern Dynasty shares up as Pebble inches forward

By: Mariaan Webb     21st February 2019 The contentious Pebble project inched forward on Wednesday, as the US Army Corp of Engineers posted a draft environmental impact statement (DEIS) for the Alaska gold/copper project, sending developer Northern Dynasty’s TSX-listed stock up nearly 20%. Northern Dynasty subsidiary Pebble Limited... 

Northern Dynasty shares up as Pebble inches forward

Albemarle bullish on lithium outlook after Q4 profit

By: Reuters     20th February 2019 Albemarle Corp, the world's largest lithium producer, posted a higher-than-expected quarterly profit on Wednesday and gave a bullish 2019 outlook, saying it sees nothing that could slow demand for the white metal used to make electric car batteries. The forecast for sales growth of up to 14%... 

Guyana Goldfields resumes underground exploration decline construction

By: Creamer Media Reporter      20th February 2019 TSX-listed Guyana Goldfields has resumed construction and development work on an underground exploration decline at its Aurora gold mine, following environmental authorisation from the Guyanese Environmental Protection Agency (EPA). The mine, which has been in commercial operation as an openpit... 

Idaho cobalt project development stalled by weak near-term price outlook

By: Mariaan Webb     20th February 2019 TSX-listed eCobalt Solutions has announced cost control measures to preserve its treasury, until the cobalt market recovers sufficiently to raise the necessary funding required for the advanced-stage Idaho cobalt project (ICP) in the US. The company will be reducing its overhead costs so that... 

Black Iron in talks with Glencore to finance Ukraine iron project

By: Creamer Media Reporter      20th February 2019 Canadian junior Black Iron on Wednesday announced that it had signed a nonbinding memorandum of understanding with a subsidiary of Glencore, pursuant to which the parties agreed to engage in formal negotiations to finance the construction of the Shymanivske iron-ore project, in Ukraine. The... 

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