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Waterberg rail supply disappoints Exxaro

By: Martin Creamer     28th June 2016 Rail supply in the Waterberg region since the beginning of the year has been disappointing, Exxaro Resources said on Tuesday. The JSE-listed company reported receiving only 3.5 trains a week from Transnet Freight Rail instead of the required five, a situation likely to persist until the... 

Waterberg rail supply disappoints Exxaro
Photo by Duane Daws
Exxaro CEO Mxolisi Mgojo

Coal price forecast to rise on production fall

By: Martin Creamer     28th June 2016 A greater-than-expected decline in global mine production, predominately in China, has prompted Fitch group company BMI Research to forecast higher coal prices. The research group now calculates that Newcastle coal will average $53/t this year, up on its previous forecast of $51/t. 

De Beers sells $560m of diamonds in latest cycle

     28th June 2016 In line with expectations, De Beers on Tuesday reported somewhat lower sales of $560-million in the fifth cycle of the current year, compared with sales of $636-million recorded in the fourth cycle. De Beers CEO Philippe Mellier noted that the lower sales reflected typical seasonal demand patterns. 

Despite volume slump, Omnia sees growth opportunities in mining sector

By: Mia Breytenbach     28th June 2016 JOHANNESBURG (miningweekly.com) – Despite the downturn in global mining revenues and volumes, JSE-listed Omnia’s Mining division has been “remarkably resilient” and continues “to forge ahead in maintaining its position as a leading player” in the opencast mining industry on the African continent,... 

Gold veteran says Brexit may mark start of ‘major bull market’

By: Bloomberg     28th June 2016 Gold may stand at the start of a major bull market should the UK’s Brexit vote prove to be a forerunner of greater political and financial instability around the world, according to Evolution Mining’s Jake Klein, a veteran of more than 20 years in the industry. With the rise in uncertainty,... 

Gold veteran says Brexit may mark start of ‘major bull market’
Evolution Mining executive chairperson Jake Klein

Richland secures $500 000 loan

By: Creamer Media Reporter      28th June 2016 Aim-listed gemstone producer Richland Resources has entered into a $500 000 unsecured loan facility with two of the company’s directors and a long-term shareholder to satisfy ongoing working capital requirements. The loan facility would provide the company with additional working capital and... 

Morgan Stanley raises iron-ore outlook after surprise rally

By: Bloomberg     28th June 2016 Morgan Stanley raised its iron-ore outlook for this year and 2017 after prices rallied in the first six months, saying that the top suppliers in Australia are managing the addition of new supply and steel demand in China will remain supported. The 2016 forecast was increased 17% to $46 a metric... 

Morgan Stanley raises iron-ore outlook after surprise rally

Keras targets 30 000 oz/y output from mid-2017

By: Anine Kilian     28th June 2016 Aim-listed Keras Resources is targeting the production of 30 000 oz/y of gold from mid-2017. The company, which has gold mining operations in Australia, officially became a cash-generative mining company in March. 

Sentula Coal to merge with Close-Up Mining

By: Anine Kilian     28th June 2016 Diversified mining company Sentula Mining will sell its 50.5% shareholding in Sentula Coal to mining services provider Close-Up Mining. Under the terms of the deal, Sentula would dispose of its claims against Sentula Coal in the amount of R50-million to Close-Up, which will, in turn, issue 2 667,... 

Kyrgyz environment agency approves Centerra’s 2016 Kumtor mine plan

By: Henry Lazenby     27th June 2016 Officials of a Kyrgyz environmental protection agency have averted the shutdown of Canadian miner Centerra Gold’s Kumtor mine on July 1 by approving the operation’s mine plan for the remainder of 2016, the company reported Monday. The Kyrgyz Republic State Agency for Environmental Protection and... 

Coal companies spent $95m on lobbying before bankruptcies

By: Bloomberg     28th June 2016 Five coal-mining companies spent $95-million to lobby US lawmakers and more than half a billion dollars on salaries for top executives in the decade before they filed for bankruptcy, according to a report by an environmental group. At the same time, the companies – Walter Energy, Patriot Coal,... 

Coal companies spent $95m on lobbying before bankruptcies

North River gets financial backing from Greenstone

By: Anine Kilian     28th June 2016 Aim-listed North River announced on Tuesday that it has raised $5.6-million through the issue of new secured, conditionally convertible loan notes to financier Greenstone Resources. The funds raised would be used, in conjunction with the company's existing cash resources, to repay the 2015... 

Creamer Media publishes Real Economy Insight 2016: Coal report

     27th June 2016 This eight-page brief is a synopsis of key developments in the coal industry over the past 12 months. It provides an overview of the global and South African coal markets and the role of coal in South Africa’s economy, with a particular focus on the role of coal in the generation of electricity. 

Creamer Media publishes Real Economy Insight 2016: Coal report

TSX bounces from Brexit slide, scoring largest gain in 7 weeks

By: Reuters     Updated 6 hours ago Canada's main stock index scored its largest gain in seven weeks on Tuesday, paring some of the losses inflicted in the prior two sessions after Britain's shock vote to leave the European Union as oil rallied and investors sought out bargains. 

BMI lifts thermal coal price outlook; says nickel has bottomed

By: Henry Lazenby     Updated 6 hours ago Fitch group research firm BMI has raised its thermal coal price forecasts on the back of a more aggressive contraction in global mine output than initially anticipated, mainly in China. The firm now forecast Newcastle coal to average $53/t in 2016, up from $51/t and at $57/t in 2017, previously... 

Exploration success at New Gold’s New Afton C-Zone could boost mine life beyond current plan

By: Henry Lazenby     Updated 6 hours ago TSX- and NYSE MKT-listed gold producer New Gold late on Monday reported that exploration results from its British Columbia-based New Afton mine’s C-Zone could potentially add a further five years to the mine’s life at current throughput rates. The company announced that results from the C-Zone... 

More than 10% of Canadian mining & metals companies delist in 2014/15

By: Henry Lazenby     28th June 2016 A new study by professional services firm EY has highlighted the fact that more than 10% of the mining and metals companies listed on the TSX and TSX-V had delisted during 2014 and 2015. The main reasons for delisting were owing to mergers and acquisitions (M&A) activity (41%); on a voluntary... 

More than 10% of Canadian mining & metals companies delist in 2014/15

India likely to tweak model revenue sharing contracts before next oil, gas auctions

By: Ajoy K Das     28th June 2016 The Indian government is ready to tweak the model revenue sharing contract between it and oil and gas exploration (E&P) companies, before putting up more blocks for auction under the newly unveiled Hydrocarbon Exploration Licensing Policy (HELP) next year. According to an official in the... 

Identified improvements to enhance efficiency at Arafura’s Nolans rare earths project

By: Samantha Herbst     28th June 2016 Comprehensive work programmes aimed at commercialising ASX-listed rare earths company Arafura Resources’ 100%-owned Nolans rare earths project, in Australia’s Northern Territory, have identified several improvements to the existing project structure that will deliver a more competitive and... 

Amec welcomes govt decision to extend interim relief of port charges

By: Samantha Herbst     28th June 2016 The Association of Mining & Exploration Companies (Amec) has welcomed the decision to extend the $2.50/t interim relief package at the Utah Point Bulk Handling Facility in Port Hedland for at least another 12 months. Western Australian State Development Minister Bill Marmion, together with... 

Pilbara and Lithium Australia team up on processing technology study

By: Creamer Media Reporter      28th June 2016 ASX-listed lithium and tantalum developer Pilbara Minerals has reached agreement with fellow-listed Lithium Australia to jointly evaluate the commercial potential of a new low-cost processing technology for the production of lithium carbonate. Pilbara has been investigating opportunities to... 

Gemco, land council ink agreements to benefit traditional owners

By: Samantha Herbst     28th June 2016 After three years of negotiations, traditional owners represented by the Anindilyakwa Land Council (ALC) and managers at the Gemco manganese mine have settled on a range of landmark agreements to substantially expand the Gemco mine, located on Australia’s Groote Eylandt, which will generate new... 

Caravel to advance WA copper project to prefeasibility study stage

By: Mariaan Webb     28th June 2016 ASX-listed junior Caravel Minerals is studying a new copper project in the Wheatbelt district of Western Australia, in which Canada-based First Quantum could earn a stake. Caravel on Tuesday published the Calingiri scoping study results, which confirmed that the project could be a low-cost,... 

First ore mined in development at Independence’s Nova project

By: Creamer Media Reporter      28th June 2016 Base metals miner Independence Group has mined the first development ore at the Nova project, in Western Australia. The company reported on Tuesday that the mining of the first ore was an important milestone as work progressed to complete construction and development of the nickel/copper/cobalt... 

Flanagan resigns as Atlas Iron MD

By: Mariaan Webb     28th June 2016 David Flanagan has resigned as MD of Western Australian iron-ore producer Atlas Iron, the company announced on Tuesday. Flanagan would continue in the role until a replacement was appointed or serve his six-month notice period, whichever came first. 

Evolution doubles dividend payout, provides three-year production guidance

By: Mariaan Webb     28th June 2016 Australia’s second-largest gold producer, Evolution Mining, on Tuesday announced that it would double its dividend payout on a strong long-term outlook. From the end of the 2016 financial year, the payout rate would double to 4% of revenue, which the company said compared well with midtier... 

Evolution doubles dividend payout, provides three-year production guidance
Evolution Mining’s gold operations in Mungari, west of Kalgoorlie in Western Australia.

Gold declines after two-day Brexit rally as oil, copper rebound

By: Bloomberg     28th June 2016 Gold dropped after posting the biggest two-day gain in more than seven years following the UK’s vote to exit from the European Union. Bullion for immediate delivery lost as much as 0.8% to $1 313.62 an ounce and traded at $1 318.10 at 2:22 p.m. in Singapore, according to Bloomberg generic... 

Eric Sprott takes position in Golden Predator

By: Henry Lazenby     28th June 2016 TSX-V-listed Golden Predator Mining has announced a private placement in the company by Eric Sprott for gross proceeds of $7.3-million, through the issuance of ten-million non-flow through units at C$0.73 each. The company also received further financing of up to 6.5-million flow-through units at... 

Guyana Goldfields lifts bought deal financing to C$130m, raises guidance

By: Henry Lazenby     28th June 2016 Midtier gold producer Guyana Goldfields has increased its previously announced bought deal financing to C$130-million from C$110-million, citing “strong demand”. The Toronto-headquartered company had signed an agreement with a syndicate of underwriters led by BMO Capital Markets, Scotiabank and... 

San José de Gracia production halts on unconfirmed report of two fatalities

By: Henry Lazenby     27th June 2016 TSX-listed Mexico-focused Goldgroup Mining on Monday advised that it had read a news article dated June 26, published by the Sinaloa-based Noroeste newspaper, regarding a reported mandatory shutdown of its 50%-owned San José de Gracia (SJG) mining project by the State government. Goldgroup said... 

Diamcor lifts Q1 sales volume, revenue

By: Henry Lazenby     27th June 2016 South Africa-focused diamond producer Diamcor Mining has raised $1.9-million from three rough diamond tenders held during the fiscal first quarter ending June 30, the company reported Monday. The Vancouver-headquartered company, which mines the Krone-Endora at Venetia mine, sold a total of 13... 

Bauba mulls underground chrome mine at Moeijelijk, secures 20yr mine right

By: Creamer Media Reporter      27th June 2016 The Department of Mineral Resources has granted JSE-listed Bauba Platinum a 20-year mine right for chrome on Farm Moeijelijk 412 KS. “I am very pleased to announce the fulfilment of the legislative conditions for the continuation of mining operations, beyond that permitted under the small-scale... 

TransCanada formally seeks Nafta damages in Keystone XL rejection

By: Reuters     27th June 2016 TORONTO – TransCanada is formally requesting arbitration over US President Barack Obama's rejection of the Keystone XL pipeline, seeking $15-billion in damages, the company said in legal papers dated Friday. TransCanada submitted a notice for an arbitration claim in January and had then tried... 

Pricing freedom for India-based mining entities run by the provinces

By: Ajoy K Das     27th June 2016 As part of its aim to usher in commercial coal mining in India, the government has empowered provincial governments with pricing freedom for coal produced by provincial government-controlled mining entities. The provinces would also have the freedom to enter into joint ventures and appoint mine... 

Manas acquires Tanzania gold project for $4m

By: Samantha Herbst     27th June 2016 As part of its aim to diversify its gold project portfolio, ASX-listed junior developer Manas Resources has signed a binding heads of agreement (HOA) to acquire the Tanzania-based Victoria gold project from mining entrepreneur Nick Clarke’s Cienega Sarl for $4-million. The HOA comprised a $200... 

Keaton reports R297m FY loss

By: David Oliveira     27th June 2016 South African coal miner Keaton Energy incurred a net loss of R297.3-million for the year ended March 31, compared with a net loss of R71.9-million the year before. The coal miner reported a headline loss a share of 26.9c, compared with headline earnings a share of 0.4c the year before. 

Alumina files counterclaim against Alcoa

By: Mariaan Webb     27th June 2016 Australian company Alumina has filed a counterclaim against US group Alcoa, which last month turned to a Delaware court to prevent its partner in Alcoa Worldwide Alumina and Chemicals (AWAC) from blocking a demerger plan. Alumina said on Monday that its counterclaim sought court declarations to... 

Todd extends Flinders takeover offer period to July

By: Mariaan Webb     27th June 2016 New Zealand’s Todd Corporation has again extended the offer period under the takeover bid for ASX-listed Flinders Mines, with the offer now set to close on July 18. Todd previously extended the offer period to June 27. 

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