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Argentina scraps mining export taxes as part of free market push

By: Reuters Argentina's new president has revoked the 5% tax that the previous administration collected on mining exports, state news agency Telam reported on Friday, as part of the country's two-month old push toward open markets. "Today end the taxes on mining exports," president Mauricio Macri,... 

Rock-shifting technology brings new hope to Lily Mine rescue efforts

By: News24Wire New technology is being used to loosen a huge rock weighing between 20 t and 30 t that is hampering the rescue operation of three miners in Mpumalanga. Today marks a week since the three – Pretty Nkambule, Solomon Nyarende and Yvonne Mnisi – got trapped during a collapse at the Lily Mine in... 

Rock-shifting technology brings new hope to Lily Mine rescue efforts

Australia's miners go for more gold as bullion prices brighten

By: Reuters Australia's gold producers are set to report a round of higher half-year profits next week, but the results could pale against future gains as global economic woes light up bullion prices and miners dig more metal. Gold output in the world's second-biggest producer after China is set to rise... 

Shunned for years, gold stages comeback as equities melt down

By: Reuters Gold's prospects for a sustained price rally are better than they have been for years as a weaker dollar, crashing oil prices and concerns about the global economy have revived its safe-haven status after years as the dog of global financial markets. The last time gold prices rose more than 10%... 

Positive PEA proves Gold Reach could develop BC project

By: Henry Lazenby TSX-V-listed Gold Reach Resources this week announced the results of a preliminary economic assessment (PEA) on its 100%-owned Ootsa copper/gold/molybdenum project, located in west-central British Columbia, pointing to a profitable operation despite the depressed gold-price environment. Gold... 

Burkina Faso gold project set to start in H2

By: Ilan Solomons Construction of LSE-listed gold miner Nordgold’s Bouly gold project, about 90 km north of Ouagadougou, in Burkina Faso, continues on schedule and within budget with production expected to start in the second half of 2016, Nordgold development projects director Igor Klimanov tells Mining Weekly.... 

Burkina Faso gold project set to start in H2
BOULY PROJECT Planned construction capital expenditure at Bouly is about $85-million for the full year of 2015 and about $70-million for 2016

Canadian cobalt project development advancing

By: Malusi Mkhize More than C$115-million has, so far, been spent on the development, including test mining and a pilot plant processing, at the Nico cobalt/gold/bismuth/copper project, in Canada’s Northwest Territories and Saskatchewan. Once operational, Nico, discovered by North American development stage mining... 

Canadian cobalt project  development advancing
STRATEGIC POSITIONING As Nico will be a vertically integrated project, Fortune Minerals will control the mining of the cobalt and the processing of concentrates into higher value products

Gold explorer to start third round of drilling

Vancouver-based gold explorer Pilot Gold expects to resume drilling in March at its Goldstrike property in Southwestern Utah, in the US, to focus on extending and defining mineralisation along the main gold trend. The company released the results of the second phase of its inaugural drill... 

Gold explorer to start third round of drilling
The Goldstrike property comprises a past-producing gold mine within an 8-km-long corridor of gold mineralisation that is largely untested and ready to be drilled

Major Canadian gold producer to release 2016 guidance

Canadian gold producer Goldcorp, which could seek to expand its footprint beyond the Americas, expects to release its 2016 guidance after the markets close on February 25. In January, Reuters reported that the company would have to look for large scale assets outside the Americas as these become... 

Major Canadian gold producer  to release 2016 guidance
DAVID GAROFALO Assets in European and African countries could possibly meet Goldcorp’s criteria, which includes low political risk and the existence of a mining code

Membrane filtration system removes heavy metals from contaminated water

By: David Oliveira Switzerland-based university ETH Zurich announced last month that its researchers had developed a new water filtration system that efficiently removes a number of toxic heavy metal ions and radioactive substances from water; it can also be used in gold recovery. The new hybrid filter membrane,... 

Mining stocks resemble ‘a big Walmart sale’ as low commodity prices persist

By: Henry Lazenby Sentiment remain negative about the mining and oil and gas industries as the super cycle nears a protracted potential bottom, resulting in dwindling market capitalisations for companies large and small and cruelly undervalued stock prices – creating a buyer’s market for the savvy investor. Chief... 

Mining stocks resemble ‘a big Walmart sale’ as low commodity prices persist

Reliable electricity supply central to sustainability

By: Dylan Slater Dependable electricity supply is critical to the operation of a mine within safe parameters, and negligence thereof can leave a mining company vulnerable to costly litigation and rising insurance premiums.  

Reliable electricity supply central to sustainability
SECURE SUPPLY Any loss of power, however short, is an expensive risk and unacceptable at a mine site

Agnico Eagle beats Q4 expectations

By: Henry Lazenby Agnico Eagle on Wednesday reported an adjusted profit of $3.9-million, or $0.02 a share for the fourth quarter of 2015, beating analyst expectations of nil a share. The Toronto-based miner reported a net loss of $21.3-million, or $0.10 a share, despite rising gold sales. 

Mining’s improving fortunes weighed down by debt

By: Simon Rees The mining sector was expected to climb out of the downturn’s trough by year-end 2016, Paradigm Capital partner and senior analyst David Davidson told an audience at a recent meeting of the Canadian Institute of Mining’s Management and Economics Society. However, debt levels were a notable... 

Mining’s improving fortunes weighed down by debt

Construction at True Gold’s Karma almost complete 

By: Anine Kilian Construction at Toronto-listed gold producer True Gold’s Karma gold mine is 94% complete, with on-site commissioning currently under way, the company reported on Thursday. In the six months ended December 31, 2015, management forecast that the remaining project spend to completion would be... 

Ebola, insurgents and riots: the perils of West African mining

By: Reuters From Ebola to Islamist insurgents to social unrest triggered by the global commodity downturn, mining firms operating in West Africa face mounting security challenges, analysts and executives say. Safety is on all radar screens in the region after an Islamist attack on a restaurant and hotel left... 

Ebola, insurgents and riots: the perils of West African mining

Congo's copper output falls on low prices, gold rises

By: Reuters Copper production in Democratic Republic of Congo dropped for the first time in six years in 2015 and this year could be another tough one as low commodity prices bite, the Central African country's chamber of mines said on Wednesday. Output dropped 3.3% in Africa's top copper producer to 995 805... 

Gold demand remained flat in 2015 – WGC

By: Anine Kilian Global gold demand of 4 212 t in 2015 was virtually flat compared with that of 2014, according to the World Gold Council’s (WGC’s) latest Gold Demand Trends report, released on Thursday. Despite a challenging start to the year, gold demand had rebounded in the second half of 2015 as a result of... 

Gold demand remained flat in 2015 – WGC

Gold miner Kinross forecasts brighter 2016 production, costs

By: Reuters Kinross Gold, squeezed by slumping prices and production declines, expects to shake off a money-losing 2015 with record output and lower costs this year, the world's fifth-largest producer by output said on Wednesday. CEO Paul Rollinson said the Toronto-based miner is "running a tight ship" that... 

Franco-Nevada to buy Glencore precious metals stream for $500m

By: Reuters Toronto-based Franco-Nevada has agreed to acquire a precious metal stream in southern Peru from Glencore for $500-million and arranged a $550-million financing to fund the deal, it said on Wednesday. Franco-Nevada's president and CEO David Harquail said the acquisition would further strengthen... 

Anaconda options two more Newfoundland and Labrador properties

By: Henry Lazenby Junior gold producer Anaconda Mining has struck two option accords with explorer Spruce Ridge Resources to acquire a 100% interest in the Viking property and the next-door Kramer property, in the company’s first step out from its Point Rousse stronghold, located on the nearby Ming's Bight... 

Centerra lifts total reserves 9%

By: Henry Lazenby Canadian miner Centerra Gold has increased its total reserve base by 9% to 8.4-million ounces of contained gold as at the end of December, up from 7.7-million ounces a year earlier. At the end of 2015, Centerra’s estimated proven and probable gold reserves increased by 666 000 contained ounces,... 

Caledonia heads into revised investment plan

By: Anine Kilian Southern Africa-focused exploration and development company Caledonia Mining Corporation has entered into a six-month cap and collar hedge with a financial counterparty over 15 000 oz of production, using a collar value of $1 050/oz and a cap value of $1 080/oz. The hedge would provide Caledonia... 

AngloGold says Ghana manager killed in riot over illegal mining

By: Reuters AngloGold Ashanti said on Wednesday its head of corporate affairs in Ghana was killed on Saturday during a riot among illegal miners at its Obuasi mine, which is currently idle as the company waits for a partner for the operation. "We can confirm that John Owusu was killed on Saturday," AngloGold... 

Mining’s stressed state moving govts, investors closer – Bristow

By: Martin Creamer The current stressed state of the mining sector was prompting governments and investors to work together to sustain the industry and make it deliver real value for all stakeholders, Randgold Resources CEO Dr Mark Bristow said on Wednesday. Speaking at the 2016 Investing in African Mining Indaba,... 

Mining’s stressed state moving govts, investors closer – Bristow
Photo by Bloomberg
Randgold Resources CEO Dr Mark Bristow

Oz Minerals’ 2015 profit surges on record output

By: Esmarie Swanepoel Copper/gold miner Oz Minerals reported a 168% increase in its after-tax net profit for the year ended December 31, on the back of record copper production of 130 305 t. After-tax net profit surged to A$130.2-million during the 2015 financial year, compared with A$30.3-million reported in the... 

Newcrest makes contact with trapped miner

By: Esmarie Swanepoel Contact has been established with the miner trapped underground at the Gosowong operation, in Indonesia, gold miner Newcrest Mining reported on Wednesday. Newcrest MD and CEO Sandeep Biswas said that contact with the miner was established through a small diameter hole drilled through 54 m of... 

Unity revenue declines as takeover close draws near

By: Esmarie Swanepoel Takeover target Unity Mining has reported a 42% decline in revenue for the six month ending December, compared with the previous corresponding period, as mining ceased at the Henty mine, in Tasmania. Unity also reported a net loss after tax of A$9.6-million, which was on par with the net loss of... 

Iamgold reports maiden resource at second West Africa greenfield discovery in 3 yrs

By: Henry Lazenby Canadian gold miner Iamgold has reported a National Instrument 43-101-compliant maiden resource for the Diakha deposit, located on the Siribaya joint-venture (JV) project, in western Mali, West Africa. The Siribaya exploration project is operated by Iamgold under a 50/50 JV with Merrex Gold. 

Richmont announces exploration success

By: Henry Lazenby Gold producer Richmont Mines has increased the compliant proven and probable reserves at its two largest operations by 187%, lifting the reserves at its flagship Island Gold mine near Wawa, Ontario, by 206% (net of depletion) and increasing reserve grade by 29%. As of December 31, the TSX- and... 

Miners owe it to host countries to invest in downturns – Randgold

By: Martin Creamer Mining companies owed it to their host countries and their shareholders to invest in the troughs so that they could reap the benefits in the peaks, Randgold Resources CEO Dr Mark Bristow said on Tuesday. Speaking during a panel discussion at the 2016 Investing in African Mining Indaba, Bristow... 

Miners owe it to host countries to invest in downturns – Randgold
Photo by Duane Daws
Randgold CEO Mark Bristow

Rescue teams 12 m away from trapped miners

By: News24Wire With rescue teams only 12 m away from where the Lily Mine workers in Mpumalanga are trapped, it's now only a matter of drilling through rocks to reach the three. The mine's operations director, Mike Begg, said all efforts on Tuesday would be aimed at breaking through to the lamp room. 

Sarama reports higher mineral resource at Burkina Faso project

By: Megan van Wyngaardt An independent mineral resource estimate has led to a 40% improvement in the inferred mineral resource at Sarama Resources' South Houndé project, in Burkina Faso, to 2.1-million ounces The oxide component of the inferred mineral resource increased 87% to 500 000 oz. 

Worker trapped underground at Newcrest’s Gosowong

By: Esmarie Swanepoel An employee is trapped about 300 m underground at gold miner Newcrest Mining’s Gosowong mine, in Indonesia, after a geotechnical event at the mine on Monday. The company said on Tuesday that at this time, the priority was to contact and rescue the trapped employee, and provide the support... 

Worker trapped underground at Newcrest’s Gosowong

Ramelius forecasts surge in profits

By: Esmarie Swanepoel Gold miner Ramelius Resources on Tuesday flagged an expected half-year pretax profit of A$28.7-million for the interim period ended December 31. This compared with a pretax net profit of A$5.7-million for the previous corresponding period. 

Southern Gold completes Cambodian divestment

By: Esmarie Swanepoel ASX-listed Southern Gold has completed the divestment of its Cambodian subsidiary Southern Gold Asia, allowing the company to focus its efforts on its Cannon gold mine, in Western Australia. In June of last year, Southern Gold entered into a restructuring agreement with its unlisted joint... 

Millennium to be debt free by March

By: Esmarie Swanepoel Gold junior Millennium Minerals has worked to further reduce its debt, with the company aiming o be debt free by the end of March. The ASX-listed Millennium said on Tuesday that it had reduced its outstanding debt by another A$1.25-million in January this year, bringing its total debt to... 

In Congo's stormy heart, Randgold uses radar to prevent mine blackouts

By: Reuters Mining in Democratic Republic of Congo has many challenges and as Randgold Resources developed its Kibali gold mine in the north-east of the central African nation, it came across an unexpected one: the weather. "The electrical storms there are hectic," CE Mark Bristow told Reuters after the... 

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