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Tightening supply should bode well for commodity prices – Glencore

By: Martin Creamer     Updated 4 hours ago Diversified mining and marketing company Glencore, now with a significantly reduced debt profile, is producing its key commodities at exceptionally low operational cost, exemplified by the unit cost of the zinc it produced in the six months to June 30 coming in at the negative unit cost figure of... 

Tightening supply should bode well for commodity prices – Glencore
Photo by Bloomberg
Glencore CEO Ivan Glasenberg

Gold price could appreciate once growth in Asia recovers – investment firm

By: Samantha Herbst     Updated 6 hours ago Asia’s seemingly imminent economic recovery could spark an increase in gold prices, according to investment management firm Allan Gray portfolio manager Sandy McGregor, who connects the gold price decline, which started in 2012, with Asia’s economic woes and its reputation as the world’s biggest... 

Gold price could appreciate once growth in Asia recovers – investment firm

Harmony Gold turns predator on deal hunt to fill output gap

By: Bloomberg     24th August 2016 Harmony Gold Mining is willing to use debt and equity to buy a profitable mine that will offset falling production in South Africa and help fund a major new project in Papua New Guinea, CEO Peter Steenkamp said. With the company likely to lose about 40% of its current production over the next six... 

Harmony Gold turns predator on deal hunt to fill output gap
Harmony Gold CEO Peter Steenkamp

Nersa committee recommends that RCA judgment be appealed

By: Terence Creamer     24th August 2016 The National Energy Regulator of South Africa’s (Nersa’s) electricity subcommittee will recommend that the Energy Regulator, which meets on Thursday, appeal the recent High Court judgment setting arise its Regulatory Clearing Account (RCA) determination, which enabled Eskom to increase its tariff... 

Nersa committee recommends that RCA judgment be appealed
Photo by Duane Daws
Nersa’s Thembani Bukula

Section 52 of MPRDA a ticking time bomb in terms of labour, say lawyers

By: Megan van Wyngaardt     Updated 4 hours ago Section 52 of the Mineral and Petroleum Resources Development Act (MPRDA), which states that the holder of a mining right is required to give notice to the Mineral Resources Minister “in the prescribed manner” in terms of downscaling of operations, is a ticking time bomb. Speaking during a... 

Exxaro’s sale of Inyanda given green light

By: Natasha Odendaal     Updated 4 hours ago The Competition Commission on Wednesday gave an unconditional green light for the buyout of diversified miner Exxaro Coal’s Inyanda colliery business, in Mpumalanga, by joint venture (JV) partners Lurco Group and Burgh Group. The JV, Inyanda Mining Holdings, also titled Main Street, will take... 

Lucara to invest $30m on more XRT diamond recovery units

By: Creamer Media Reporter      24th August 2016 Vancouver-based Lucara Diamond Corp will install four more X-ray transmission (XRT) diamond recovery units at its Karowe mine, in Botswana, to process finer-size fractions. The new units, along with associated conveying and screening infrastructure, will target the recovery of diamonds in the 4... 

Lucara to invest $30m on more XRT diamond recovery units

Diamcor launches C$5m financing

By: Henry Lazenby     23rd August 2016 South Africa-focused diamond project developer Diamcor has launched a C$5-million brokered private placement. Proceeds from the offering will be used for the acquisition of additional operational equipment and materials to support the continued advancement of the company's Krone-Endora at Venetia... 

Kenmare sees H1 revenue decrease

By: Anine Kilian     Updated 5 hours ago LSE-listed Kenmare Resources’ half-year revenue fell 24% to $56.2-million for the six months ended June 30. In a statement released on Wednesday, the company attributed its revenue decrease to lower average heavy minerals prices, owing to pricing and subsequent contracts occurring at the bottom... 

Liquidation order against Platfields set aside

     Updated 5 hours ago The High Court of South Africa has set aside a provisional liquidation order against JSE-listed Platfields. The company on Wednesday said it, however, remained in settlement negotiations with the company that had implemented the liquidation proceedings against it. 

Edenville appoints new chair

By: Creamer Media Reporter      24th August 2016 Aim-listed Edenville Energy, which is developing the Rukwa coal-to-power project, in Tanzania, has appointed Dr Jeff Malaihollo nonexecutive chairperson, effective September 1. He succeeds former chairperson Sally Schofield who resigned in April, citing personal reasons. 

Think zinc: miners bet big on revival in key base metal market

By: Reuters     24th August 2016 Resource companies are racing to dig zinc mines, betting that markets for the metal used to rust-proof steel and protect noses from sunburn have finally turned after a decade in the doldrums. A supply glut is evaporating as big zinc mines run dry, commodity analysts say, helping drive up prices... 

Copper poised to be only metal loser this year as stocks pile up

By: Bloomberg     24th August 2016 Copper’s on the verge of becoming the only major metal to post a loss this year as the highest stockpiles in almost seven months suggest the market is amply supplied. Inventories of copper, used in everything from wiring to automobiles to iPhones, rose 4.7% to 240 075 metric tons, according to... 

Debt holders tender 23% of outstanding notes in Iamgold's early tender offer

By: Henry Lazenby     23rd August 2016 Iamgold on Monday announced the early tender results of its cash tender offer for up to $150-million in principal amount of the company’s outstanding 6.75% senior notes due 2020, advising that $145.7-million in principal, or about 23% of notes outstanding, had been tendered and not withdrawn by... 

Evolution to pay A$880m for stake in Glencore’s Ernest Henry

By: Mariaan Webb     24th August 2016 In line with its strategy to build a globally relevant, mid-tier Australian gold producer, Evolution Mining has moved to buy an economic stake in a large-scale, long-life copper/gold mine near Cloncurry, Queensland, for A$880-million. Evolution will buy a 30% economic stake in diversified miner... 

Evolution to pay A$880m for stake in Glencore’s Ernest Henry
Evolution Mining executive chairperson Jake Klein

Capital raising helps Sheffield maintain momentum at Thunderbird

By: Creamer Media Reporter      24th August 2016 ineral sands developer Sheffield Resources has received commitments to raise up to $17.1-million through a placement of 23.9-million shares at 52c a share to complete a bankable feasibility study (BFS) at its Thunderbird project, in Western Australia. The funds raised will also be used for... 

Australian silver outlook strong as global supply falls – Investigator Resources

     24th August 2016 The outlook for Australian silver development and production has risen to its best in years with the owner of one of the country’s highest grade discoveries pointing to a 35% price increase in the commodity in just the past 12 months. Addressing a mining forum in Brisbane on Wednesday,... 

Panoramic hikes Savannah North resource

By: Mariaan Webb     24th August 2016 ASX-listed base metals company Panoramic Resources has upgraded the Savannah North resource to 175 100 t of nickel, 74 400 t of copper and 15 300 t of cobalt, representing a 60% increase in the contained nickel on the maiden resource estimate. The combined resource at the Savannah project, in... 

Buxton and Independence Group form Fraser Range JV

By: Mariaan Webb     24th August 2016 ASX-listed junior Buxton Resources has granted fellow listed Independence Group (IGO) the sole and exclusive right to acquire a 90% interest the Zanthus and Widowmaker tenements, in the Fraser Range, Western Australia, for $1.5-million in cash. Under a joint venture (JV) announced on Wednesday,... 

Moody’s upgrades Fortescue’s credit ratings

     24th August 2016 Perth-based Fortescue Metals’ efforts to reduce its debt have won it an improved credit rating from ratings agency Moody’s, which this week upgraded the iron-ore miner’s corporate family rating to Ba2 from Ba3, while the senior unsecured and senior secured ratings were upgraded to B1 and Ba1 from... 

Trudeau faces split Aboriginal groups in Kinder Morgan ruling

By: Bloomberg     24th August 2016 In the rolling country of central British Columbia, Michael LeBourdais’s Whispering Pines Indian Band is looking forward to a cash injection from a new pipeline proposed by Kinder Morgan Energy Partners LP. He’ll be seeking compensation for his band if it doesn’t go through. Meanwhile, 400 km... 

Authorities close illegal chrome mine in Limpopo

By: African News Agency      24th August 2016 Police and mining resources authorities have closed down a lucrative illegal chrome mine near Burgersfort in Limpopo on Tuesday. Authorities claimed that a group of miners who claimed to be mining on the shoulder of Anglo Platinum’s Bokoni mine ran from the plant when police and Mineral Resources... 

Timmins Gold extends San Francisco mine life to 2023

By: Henry Lazenby     24th August 2016 Mexico-focused gold miner Timmins Gold has completed a new Canadian National Instrument 43-101-compliant technical report on its San Francisco gold mine, extending the mine life out to 2023. The Vancouver-based company on Monday announced a new mine plan for the asset that is expected to generate... 

Codelco to raise up to $390m via local bond issue

By: Reuters     24th August 2016 Codelco, Chile's State-run copper producer, is looking to raise up to $390-million from a local bond market issue, it said on Tuesday, for refinancing and investment purposes. Codelco, the world's biggest copper miner, said it would issue the ten-year debt on Thursday. 

Redstar’s stock spikes as Eric Sprott takes 12.1% stake

By: Henry Lazenby     24th August 2016 The TSX-V-listed stock of North America-focused exploration firm Redstar Gold spiked by as much as 30% on Tuesday, after precious-metals heavyweight investor Eric Sprott agreed to take a 12.1% stake in the company. Sprott (71), a renowned and respected leader in the investment community, is one... 

Venezuela ordered to pay $2.17bn to Russian junior for 2011 project expropriation

By: Henry Lazenby     23rd August 2016 The government of the Bolivarian Republic of Venezuela has been ordered to pay a Russian-owned junior mining company nearly $2.2-billion in compensation and interest for illegally expropriating the company’s assets without compensation in 2011. Following the news, Rusoro Mining’s TSX-V-listed... 

Venezuela ordered to pay $2.17bn to Russian junior for 2011 project expropriation

Brazil's Vale says iron-ore railway down for over 12 hours on Monday

By: Reuters     23rd August 2016 Brazilian mining company Vale said on Tuesday that its most important railway, used to transport iron-ore from its Carajas mine in the Amazon, stopped operating for over 12 hours on Monday due to a land protest on the line. Operations were interrupted between 6:30 am and 6:50 pm local time, the... 

Executives believe they can survive lower metals outlook – KPMG

By: Megan van Wyngaardt     23rd August 2016 Fewer than half of senior metals executives responding to KPMG International’s 2016 Global Metals & Mining Outlook survey voiced any level of confidence in the prospects for the global economy over the next two years. This was particularly concerning given the tight relationship between the... 

IFM completes sale of local assets to Samancor Chrome

By: Megan van Wyngaardt     23rd August 2016 As part of its ongoing business rescue process, Aim-listed International Ferro Metals (IFM) has completed the R300-million sale of its local subsidiary to Samancor Chrome. The balance of R10-million is payable upon transfer of the immovable properties, with proceeds distributed to creditors of... 

Entrepreneurs pursuing gold dump projects, ‘pennyweight’ opportunities at depth 

By: Martin Creamer     23rd August 2016 Fresh from developing seven superb gold projects in Africa, mining project company DRA is excited about new gold project opportunities opening up in South Africa, where its sees much potential in gold tailings retreatment and also in underground gold deposits that are still rated in the... 

DRA global executive process Glenn Bezuidenhout outlines gold project potential to Mining Weekly’s Martin Creamer. Photographs: Duane Daws. Video: Nicholas Boyd.

India to assess if Bunder diamond mine viable after Rio’s exit

By: Bloomberg     23rd August 2016 A day after Rio Tinto announced plans to shut the Bunder diamond mine in central India, the Mines Ministry said it will analyse if mining at the site is viable because of environmental concerns. The deposit is located in an ecologically sensitive zone and it’s not clear if the mine can be... 

DMR denies using MHSA for its own gains

By: Anine Kilian     23rd August 2016 The Department of Mineral Resources (DMR) on Tuesday criticised certain mining companies for suggesting that its use of Section 54 of the Mine Health and Safety Act (MHSA), which compels producers to stop operations so that investigations can take place, furthers its own purposes. Mining majors... 

India creates ecosystem to support its new mineral exploration policy

By: Ajoy K Das     23rd August 2016 In a bid to create a suitable ecosystem around the newly unveiled National Mineral Exploration Policy (NMEP), the Indian government has decided to create a National Geoscience Data Repository (NGDR) under Geological Survey of India (GSI) and a National Center for Mineral Targeting (MCMT), the... 

Glencore, Anglo rally loses steam as miners deliver on debt cuts

By: Bloomberg     23rd August 2016 Rescue plans unveiled by embattled mining companies Glencore Plc and Anglo American Plc in the past year have won over investors. Yet a rally in the stocks is stalling this month. Glencore is barely changed in August and Anglo is up less than 4% after they more than doubled in the year through... 

Sandfire buys Ventnor out at Green Dragon project

By: Megan van Wyngaardt     23rd August 2016 ASX-listed Sandfire Resources is purchasing the remaining 65% of joint venture (JV) partner Ventnor Resources’ Thaduna/Green Dragon copper project for $3-million. Sandfire will pay Ventnor $2-million in shares, a further $1-million if it decides to mine the project and a 2% net smelter return... 

Junior miners ‘vindicated’ by ACCC position on Utah Point privatisation

By: Mariaan Webb     23rd August 2016 The Association of Mining and Exploration Companies (Amec) CEO Simon Bennison says junior miners feel vindicated by Australia’s statutory body on competition matters’ position on the privatisation of the Utah Point bulk handling facility. Australian Competition and Consumer Commission (ACCC)... 

Junior miners ‘vindicated’ by ACCC position on Utah Point privatisation

CuDeco celebrates shipping milestone from Queensland copper mine

By: Megan van Wyngaardt     23rd August 2016 Queensland copper producer CuDeco on Tuesday reported that its first delivery of sulphide copper concentrates had been sent from its flagship Rocklands operations, near Cloncurry, to the Port of Townsville, ahead of the start of bulk shipments. The shipment complements the second shipment of 300... 

GBM targets gold from small heap-leach operation by next year

By: Megan van Wyngaardt     23rd August 2016 Australian miner GBM Resources expects to start gold production from a small-scale heap leach operation on the Eugenia deposit at Mt Coolan in the fourth quarter of 2017, following the completion of a scoping study. The study, carried out by Mining One, demonstrates that a 16-month operation at... 

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