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Petra plans $300m notes issue to fund R1.65bn overhaul of 58-yr-old Cullinan plant

By: Natalie Greve Jersey-headquartered Petra Diamonds plans to launch a $300-million notes issue and increase its senior lender debt facilities to fund the construction of a R1.65-billion processing plant at the Cullinan mine, in South Africa, by the end of 2017. The group outlined on Friday that it intended to... 

Petra plans $300m notes issue to fund R1.65bn overhaul of 58-yr-old Cullinan plant
Cullinan mine

Weak commodity outlook puts revenue diversification at top of Gama’s Transnet agenda

By: Terence Creamer Acting Transnet CEO Siyabonga Gama, who was appointed to the position following the surprise secondment of Brian Molefe to Eskom, has placed revenue diversification at the top of his list of immediate priorities, with the weak commodity outlook seen as having the potential to undermine the... 

 Weak commodity outlook puts revenue diversification at top of Gama’s Transnet agenda
Photo by Duane Daws
Acting Transnet CEO Siyabonga Gama

Paladin loses 10% production in March quarter

By: Esmarie Swanepoel Uranium miner Paladin Energy has reported a 10% decline in production during the March quarter from its Langer Heinrich mine, in Namibia. The company said on Friday that while mining production volumes remained on target, production at the Langer Heinrich plant was affected by a failure of the... 

Energy adviser slams Eskom

By: Kim Cloete South African mining and energy adviser Ted Blom has raised a litany of concerns about the state of power utility Eskom and has warned of runaway costs and shortfalls in coal and water, as well as rail capacity. Blom was surprised by the recent buoyancy shown by Eskom acting CEO Brian Molefe, who... 

Energy adviser slams Eskom

China plans new commodity superhighway, altering energy trade flow

By: Ilan Solomons China’s Go West strategy of encouraging coastal to inland flow of capital and people will result in the formation of a new commodity superhighway, says advisory firm Wood Mackenzie (Woodmac). This new superhighway will impact the energy trade flows within China and externally, through the new... 

China plans new commodity superhighway, altering energy trade flow
SUPERHIGHWAY The new superhighway will impact the energy trade flows within China and externally through the new Silk Road routes

Listing preferred option for Anglo's South Africa platinum mines – CEO

By: Reuters Anglo American favours a listing of some South African platinum mines as the most likely route to divesting those assets, the mining group's CE said on Friday. Platinum has been a problem for London and Johannesburg-listed Anglo American for some time, due to recurrent strikes and stubbornly weak... 

SA mines not resting on their laurels despite 2014 fatality figure being the lowest ever

By: Ilan Solomons The South African mining industry has made significant strides in the past 50 years to improve health and safety standards, with 2014 culminating in the lowest fatality figure ever recorded. Nonetheless, the 281 dependants of the 84 miners who were fatally injured last year remained without a... 

SA mines not resting on their laurels despite 2014 fatality figure being the lowest ever

NUM plans to demand gold wage hikes of 75% – sources

By: Reuters South Africa's National Union of Mineworkers (NUM) is planning to submit demands to the gold sector next week calling for a 75-percent hike in the basic pay for entry-level workers, according to union sources familiar with the matter. "For the basic wage at the entry level, we are planning to... 

NUM plans to demand gold wage hikes of 75% – sources

Zambia's 2015 fiscal deficit to exceed 4.6% of GDP – official

By: Reuters Zambia's fiscal deficit will exceed the targeted 4.6% of gross domestic product in 2015 due to weaker copper prices and changes to the mining tax regime, a senior Treasury official said on Friday. Mike Masiye, the director of budget in the ministry of finance, said copper prices had collapsed to... 

Barrick will not suspend copper mine as Zambia backs down on royalties

By: Reuters Barrick Gold Corp, the world's biggest gold producer, said on Thursday it will not suspend operations at its Lumwana open-pit copper mine in Zambia now that the country's government has reduced mining royalties. Zambia's cabinet set the royalty tax rate for open-pit and underground mining at 9%... 

Firestone signs debt facility with RCF

By: Megan van Wyngaardt Aim-listed Firestone Diamonds has signed a $15-million standby debt facility with mining-focused private equity firm Resource Capital Fund (RCF) to satisfy one of the remaining conditions to the drawdown of its Absa debt facility, it told shareholders on Thursday. The purpose of the standby debt... 

Canada's Sherritt says strike at Madagascar plant resolved

By: Reuters Diversified Canadian miner Sherritt International Corp said the strike at its Ambatovy plant near Toamasina, Madagascar, had been resolved and normal operations had resumed. Last week, some of Sherritt said employees went on strike at the processing plant, but did not specify a particular reason... 

Drilling kicks off at Burkina Faso gold project

By: Natasha Odendaal Canadian exploration company Savary Gold has started a 15 000 m drill programme at its Karankasso project, in Burkina Faso. The project was a joint venture between Savary and West Africa-focused gold explorer Sarama Resources. 

Newmont Mining posts profit well ahead of estimate

By: Reuters Newmont Mining, the world's number two gold miner, reported an adjusted quarterly profit that was double the analysts' average estimate, helped by lower costs. All-in sustaining costs to produce one ounce of gold fell nearly 18% to $849 in the first-quarter ended March 31. This cost metric,... 

PEA reports healthy operating margins at Rathdowney Resources’ Polish project

By: Henry Lazenby TSX-V-listed Rathdowney Resources has completed a preliminary economic assessment (PEA) of its 100%-owned Olza zinc/lead project, located in south-western Poland, which indicated healthy operating margins, a high internal rate of return (IRR) and a short payback period. The PEA calculated the... 

Mining firms replenish coffers

By: Henry Lazenby Several miners this week successfully completed private placements to shore up their balance sheets in anticipation of pursuing their strategic corporate objectives. Africa-focused project developer Ivanhoe Mines and China-based Zijin Mining Group on Monday closed an $85-million private... 

Despite sliding mining sales, Caterpillar lifts Q1 profit

By: Henry Lazenby American mining equipment manufacturer and financier Caterpillar has reported a sharp increase in first-quarter profits despite lower sales, as restructuring effort over the past 12 months gained traction. For the three months ended March 31, the NYSE-listed firm improved profits by 20% to... 

Despite sliding mining sales, Caterpillar lifts Q1 profit

Commerce Resources successfully completes rare earth pilot plant trials

By: Henry Lazenby The first phase in a series of flowsheet pilot plant tests on material from Commerce Resources 100%-owned Ashram project has been completed, the Quebec-focused rare earths project developer reported this week. The TSX-V-listed firm said the pilot plant had produced enough bulk quantities of... 

Indonesian tin smelter slashes output; doubts raised on industry quota

By: Reuters Major Indonesian tin smelter PT Refined Bangka Tin (RBT) said it will slash output in April and May following a slump in prices of the solder material, although a key export group raised doubts about an industry wide effort to curb exports. Privately owned RBT will produce 200 t or less in May... 

U3O8 Corp forms local partnership on concessions next to Argentina project

By: Henry Lazenby Canadian uranium explorer U3O8 Corp has signed an exploration agreement with the provincial petroleum and mining company of Chubut province, Argentina, which would allow it to explore properties located next to its own Laguna Salada uranium deposit. Should it succeed to define resources on the... 

Southern Copper reports lower Q1 profit as river spill clean-up costs mount

By: Henry Lazenby Mexican mining giant Grupo Mexico subsidiary Southern Copper has reported a 12.7% slide in profit for the three months ended March 31, as expenses related to the Sonora river spill last year impacted the bottom line. The NYSE- and BVL-listed miner reported net income of $282.4-million, which was... 

Southern Copper reports lower Q1 profit as river spill clean-up costs mount

Peru says it could ask for changes to Southern Copper project amid protests

By: Reuters Peru's energy and mines minister said on Friday the government could ask Southern Copper to make further changes to its $1.4-billion Tia Maria project if needed after protests by farmers turned deadly this week. Rosa Maria Ortiz said the government was focused on restarting talks with opponents... 

Metgasco wins battle against NSW as court overturns drilling suspension

By: Esmarie Swanepoel The share price of ASX-listed Metgasco surged by about 46% on Friday as the New South Wales Supreme Court found in favour of the company in its battle against the state government’s cancellation of its Rosella exploration well. Metgasco turned to the Supreme Court last year after the New South... 

Mount Gibson reaffirms sales target, focuses on protecting cash flow

By: Esmarie Swanepoel Iron-ore junior Mount Gibson said on Friday that it would achieve its full-year sales target of between 4.8-million tonnes and 5.2-million tonnes, and reported that cash flows would be protected by further cost-cutting initiatives. “Mount Gibson continued to focus on capital preservation and... 

Goldman Sachs bullish on SA

By: Creamer Media Reporter Creamer Media's Shannon de Ryhove speaks to Mining Weekly editor Martin Creamer about Goldman Sachs' bullishness on investment in South Africa. 

Goldman Sachs bullish on SA

Lynas shares up on significant cost reduction progress

By: Esmarie Swanepoel The share price of rare earths miner Lynas increased by more than 18% on Friday as the company revealed that its cost saving initiatives had resulted in greater-than-expected benefits. CEO Amanda Lacaze told shareholders this week that cost reduction initiatives had initially been forecast to... 

Lynas shares up on significant cost reduction progress

Arch Coal announces board of directors succession plan

By: Henry Lazenby NYSE-listed Arch Coal on Thursday announced several changes to its board, in keeping with its planned succession process. President and CEO John Eaves had been elected chairperson and CEO effective immediately, succeeding Wesley Taylor, who would remain on the Arch board. 

Peabody's weak forecast eclipses cost-cutting plan

By: Reuters Coal miner Peabody Energy's forecast of a bigger-than-expected loss for the current quarter overshadowed the company's latest plan to cut costs, sending its shares to a near 13-year low. The company, which also reported a bigger-than-expected first-quarter loss, said on Thursday it plans to sell... 

Evolution buys NZ gold project

By: Esmarie Swanepoel Just days after acquiring private miner La Mancha’s Australian assets, gold miner Evolution Mining has inked another transaction to acquire the Puhipuhi project, in New Zealand. ASX-listed De Grey Mining reported this week that it would receive some A$370 000 in exchange for the Puhipuhi project. 

Iron Mountain takes ownership of JVs

By: Esmarie Swanepoel ASX-listed junior Iron Mountain Mining has taken full ownership of the Miaree and Blythe joint ventures (JV), paying JV partner Red River Resources a ‘nominal’ fee. Iron Mountain said on Friday that as a result of the acquisition, both JVs would be terminated, and would allow Iron Mountain the... 

Tomingley suffers from water shortage

By: Esmarie Swanepoel Dry weather conditions has resulted in gold miner Alkane Resources reporting a dip in gold production during the three months to March. The miner told shareholders on Friday that extremely dry weather at its Tomingley operation, in New South Wales, meant that both mining and processing... 

Devon trial mining set to start - GME

By: Esmarie Swanepoel Junior developer GME Resources was expected to start trial mining operations at its Devon gold mine in Western Australia, by the first week of May. The ASX-listed company said on Friday that trial mining was expected to deliver between 15 000 t and 18 000 t of high-grade oxide material and... 

Freeport-McMoRan books significant Q1 loss on sliding commodity prices

By: Henry Lazenby US-based diversified miner Freeport-McMoRan swung to an eye-popping first-quarter net loss of $2.5-billion, or $2.38 a share, on the back of writing down the carrying value of its oil and gas properties and a related tax charge to establish a deferred tax valuation allowance. The net loss... 

Freeport-McMoRan books significant Q1 loss on sliding commodity prices

DRDGold records higher Q3 profit, production and sales

By: Ilan Solomons JSE- and NYSE-listed surface gold miner DRDGold’s operating profit increased by 16% quarter-on-quarter to R97.6-million for the quarter ended March 31, reflecting higher gold production and sales, as well as a stronger average rand gold price. Gold production for the third quarter of the 2015... 

DRDGold records higher Q3 profit, production and sales

Resgen continues finance talks for coal mine

By: Megan van Wyngaardt JSE-listed coal miner Resource Generation (Resgen) on Thursday said it was continuing conversations with a club of potential financiers to provide project finance for the construction of its Boikarabelo mine, in the Waterberg region. The club included two local senior lending banks, two... 

Acacia Mining's core profit falls on low gold prices

By: Reuters Gold miner Acacia Mining said its first-quarter core profit fell 18% as falling gold prices offset an increase in ounces sold. Gold prices are expected to average $1 209/oz in 2015, according to a poll of 38 analysts and traders conducted by Reuters in April. 

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