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Q2 mining and metals M&A deal value doubles quarter-on-quarter

By: Natasha Odendaal     Updated 2 hours 3 minutes ago Despite a 93% quarter-on-quarter uptick in mining and metals mergers and acquisitions (M&A) deal value in the second quarter, suggesting growing confidence in the sector, deal value is 51% down on the second quarter of last year, with deal activity predicted to remain rocky in the coming months.... 

Q2 mining and metals M&A deal value doubles quarter-on-quarter

Political turbulence overshadowing Egypt’s efforts to increase mining’s share of GDP

By: Ilan Solomons     Updated 4 hours ago Egypt, which seeks to grow its mining sector’s contribution to the country’s gross domestic product (GDP), has become Africa’s second-largest economy after Nigeria, pushing South Africa into third place on the continent. This is according to data released by multilateral organisation the... 

Political turbulence overshadowing Egypt’s efforts to increase mining’s share of GDP

SacOil says DRC drilling may start in 2017 after positive exploration results

By: Terence Creamer     Updated 3 hours ago South African oil and gas junior SacOil is optimistic that energy major Total could initiate a drilling campaign in 2017 on a resource in the Democratic Republic of Congo (DRC), following positive geophysical exploration results. The French group is the operating partner over the 3... 

 SacOil says DRC drilling may start in 2017 after positive exploration results
SacOil group executive of operations Bradley Cerff

Iluka plans all-cash offer for Sierra Rutile

By: Mariaan Webb     Updated 2 hours 24 minutes ago Australian mineral sands miner Iluka Resources has confirmed that it is considering an offer for Aim-listed Sierra Rutile, noting that discussions are at an advanced stage. Iluka revealed the potential deal in a request for a trading halt on the ASX on Friday, stating that confidentially had been... 

Iluka plans all-cash offer for Sierra Rutile
A floating plant at Sierra Rutile's operations.

CRG starts processing ore sourced through tolling JV

By: Creamer Media Reporter      Updated 17 minutes ago Dual-listed Central Rand Gold (CRG) has started processing the gold-bearing ore it has sourced from a third-party supplier. The gold-bearing ore was sourced under a joint venture (JV) tolling agreement and stockpiled at CRG’s metallurgical plant. 

Endeavour increases 2016 production guidance

By: Natasha Odendaal     Updated 18 minutes ago TSX-listed Endeavour Mining has increased its full-year production guidance for the 2016 financial year, following the company’s March acquisition of True Gold’s 90% interest in the Burkina Faso-based Karma mine, which is in its ramp-up phase. The group on Friday said that it expected higher... 

Teranga Gold sets new quarterly production record

By: Megan van Wyngaardt     Updated 24 minutes ago Dual-listed Teranga Gold has recorded its “best ever” production for a second quarter, producing 52 540 oz in the three months ended June. This brought the company’s half-year production to 123 267 oz, spurred by its mill throughput surpassing one-million tons for only a third time in the... 

Barrick taps Credit Suisse for sale said worth $1bn

By: Bloomberg     Updated 3 hours ago Barrick Gold Corp, the world’s largest gold miner, may fetch as much as $1-billion for its 50% stake in the Kalgoorlie Super Pit mine in Australia, according to people familiar with the matter. Barrick, which announced plans to sell the stake in its second-quarter earnings release, has hired... 

Gold miners keep chipping at costs, debt even as profits climb

By: Reuters     Updated 5 hours ago Gold bullion prices have increased 26% this year, but the world's biggest gold miners are paring costs and selling assets to lower debt despite the windfall rather than boosting spending. Some investors had expected mining companies to lift spending on exploration, expansion or dividends during a... 

Gold miners keep chipping at costs, debt even as profits climb
Newmont Mining's Cripple Creek & Victor mine, Colorado.

Anglo said to rebuff India billionaire Agarwal’s merger plan

By: Bloomberg     Updated 5 hours ago Anglo American, the London-based miner, rebuffed informal approaches in recent months from Indian billionaire Anil Agarwal, who oversees the country’s biggest mining company, according to people familiar with the matter. Agarwal, who has majority control of Hindustan Zinc through Vedanta,... 

Vale's Mozambique unit stops using Sena railway after attacks – State news agency

By: Reuters     Updated 3 hours ago Brazil's Vale has stopped transporting coal on the Sena railway line in Mozambique which carries coal from the interior to the Indian Ocean port of Beira after gunmen attacked a train, Mozambique's state news agency (AIM) said on Thursday. "The train was ambushed as it passed through Inhamitanga,... 

Firestone Diamonds again extends deadline for Botswana asset sale

By: Creamer Media Reporter      Updated 31 minutes ago Aim-listed Firestone Diamonds has again extended the date by which all conditions for the disposal of its Botswana operations to TSX-V-listed Tango Mining must be met to August 29. The previous deadline was July 29. 

Lundin affected by low price environment, reports second-quarter loss

By: Anine Kilian     Updated 1 hour 14 minutes ago Canadian base metals company Lundin Mining has reported a net loss attributable to shareholders of $791.2-million for the quarter ended June 30. The loss included a $772.1-million asset impairment on the company's 24% interest in the Democratic Republic of Congo-based Tenke Fungurume... 

Pangolin Diamonds kicks off new kimberlite exploration project in Botswana

By: African News Agency      Updated 3 hours ago Canadian gem miner Pangolin Diamonds Corporation has announced the commencement of a new drilling programme targeting five potential kimberlite mineralisation areas within the Motloutse Diamond Project in south-central Botswana. In a cautionary notice issued to shareholders on July 26, company... 

Pangolin Diamonds kicks off new kimberlite exploration project in Botswana

Supercomputers deliver $500m savings in BHP hunt for oil

By: Bloomberg     Updated 5 hours ago Supercomputers that create 3-D seismic maps of BHP Billiton’s oil and gas assets are accelerating work to bring new fields into production and have already notched savings of $500-million in development costs at a project in the Caribbean. The computers are among initiatives aimed at using... 

Supercomputers deliver $500m savings in BHP hunt for oil

Myanmar urged to follow shake-up of jade industry with more action on transparency

By: Reuters     Updated 3 hours ago Myanmar's decision to shake up its multi-billion dollar jade business is a ground-breaking opportunity to stop human rights abuses and increase transparency, but more needs to be done to create a more inclusive economy, activists said on Thursday. The government announced late on Wednesday it... 

Rocklands plant’s first native copper delivered to port

By: Creamer Media Reporter      Updated 18 minutes ago Queensland copper producer CuDeco has delivered the first truckload of native copper concentrate produced from its Rocklands operation’s new processing plant, near Cloncurry, to the Port of Townsville. The native copper concentrate will be stored at the North Queensland port prior to being... 

Doray meets production expectations

By: Megan van Wyngaardt     Updated 27 minutes ago High-grade gold producer Doray Minerals delivered 16 812 oz from its Andy Well mine, near Meekatharra in Western Australia, in the June quarter, bringing its full-year production to 84 135 oz. This was in line with, and at the top end of, the company’s full-year guidance of 78 000 oz to 85 000 oz. 

Pilgangoora DFS to be published soon

By: Creamer Media Reporter      Updated 30 minutes ago Emerging strategic metals company Pilbara Minerals is closing in on the feasibility study for its lithium project after delivering a major resource upgrade, the first binding off-take agreement and key downstream processing agreements during the June quarter. The company reported on Friday that... 

Suncor production adversely affected by wildfires

By: Megan van Wyngaardt     Updated 30 minutes ago Calgary-based energy company Suncor's total upstream production in the second quarter decreased to 330 700 barrels of oil equivalent per day (boe/d), compared with 559 900 boe/d in the first quarter of the year, mostly owing to the production shutdown at the company’s Oil Sands and Syncrude... 

Gindalbie confirms due diligence on a ‘small number’ of projects

By: Mariaan Webb     Updated 53 minutes ago Iron-ore junior Gindalbie Metals, a joint venture partner (JV) in the Karara iron-ore mine, in Western Australia, is advancing plans to enter other projects. The ASX-listed miner reported on Friday that it was undertaking due diligence studies on a “small number” of selected projects, as part of... 

Paringa raises cash for US coal project

By: Mariaan Webb     Updated 1 hour 5 minutes ago Australia-listed Paringa Resources has successfully completed a bookbuild for a placement of 38.20-million shares at A$0.17 a share to raise A$6.49-million. The proceeds of the placement will be used to complete the bankable feasibility study for the Buck Creek No 2 mine and provide funding to... 

Grange output falls, costs rise on maintenance shutdown

By: Mariaan Webb     Updated 1 hour 20 minutes ago Production at the Savage River mine, which ASX-listed Grange Resources owns and operates in Tasmania, fell in the June quarter, owing to a planned maintenance shutdown, which added to costs in the three-month period. Grange produced 520 525 t in the June quarter, compared with 639 517 t in the... 

Wildfire causes Athabasca to adjust FY guidance

By: Megan van Wyngaardt     Updated 2 hours 37 minutes ago Significantly impacted on by the wildfire in Fort McMurray, which started in May, Canadian energy company Athabasca Oil has revised its thermal oil division’s full-year production guidance to between 7 500 bbl/d and 8 500 bbl/d. However, the company’s budget remains unchanged at $11-million, with... 

Most resilient gold miner says price rally is headed for record

By: Bloomberg     Updated 2 hours 52 minutes ago The only big gold miner to grow profits through bullion’s price slump says a recovery this year is just getting started. For investors who missed gold’s climb to a two-year high in early July, it’s not too late to jump in, according to Agnico Eagle Mines Ltd. Chief Executive Officer Sean Boyd.... 

Potash supplier group will only sign China contracts for 2016

By: Bloomberg     Updated 3 hours ago Canpotex, the Canadian joint venture that represents potash export sales from Potash Corp, Mosaic and Agrium, will only sign contracts to supply China and India with the crop nutrient for the remainder of 2016 as it expects prices to rise next year. Canpotex is taking a cautious approach, Potash... 

Goldcorp puts Los Filos mine in Mexico on block, eyes other sales

By: Reuters     Updated 3 hours ago Goldcorp Inc has put its Los Filos gold and silver mine in Mexico on the block and is also looking at selling two other non-core mines, chief executive David Garofalo said on Thursday. Vancouver-based Goldcorp has started a formal sales process for the Los Filos mine, Garofalo said in an... 

OceanaGold reports fatality at New Zealand mine

By: Reuters     Updated 5 hours ago OceanaGold said on Friday it has suspended operations at its Waihi operation on New Zealand's North Island after an underground mining operator was fatally injured late on Thursday. "The accident is currently under investigation and the company is fully cooperating with Police authorities and... 

Creamer Media scores highly with readers for credibility, accuracy

     29th July 2016 Accurate reporting and a high credibility rating continue to be the hallmarks of Creamer Media’s publishing effort, according to a survey completed by nearly 2 000 readers of Engineering News, Mining Weekly, Polity and Research Channel Africa. During the reader survey conducted during May, June... 

Creamer Media scores highly with readers for credibility, accuracy
Photo by Duane Daws
Creamer Media publishing editor Martin Creamer

De Beers recovers from tough H2

By: Natasha Odendaal     28th July 2016 Diamond miner De Beers recovered during the first half of the year after hitting a rough patch in the last six months of 2015. The company posted a pleasing financial performance after the diamond market stabilised and growth in demand for rough diamonds emerged, said De Beers strategy and... 

Stellar enlists potential JV partner for Guinea, Liberia projects

By: Anine Kilian     28th July 2016 Aim-listed Stellar Diamonds has signed binding heads of terms with Dubai-based commodities trading group Citigate Commodities to establish joint ventures (JVs) over the Baoulé kimberlite project, in Guinea, and over new exploration licences recently awarded to Stellar in western Liberia. The... 

Cennergi wind farm enters commercial operation

By: Megan van Wyngaardt     28th July 2016 Local independent power producer Cennergi on Thursday celebrated achieving commercial operations at its 134 MW Amakhala Emoyeni wind farm, near Bedford, in the Eastern Cape. Cennergi, a 50:50 joint venture between miner Exxaro Resources and Tata Power, was selected as the preferred bidder for two... 

Caledonia lifts Blanket mine’s indicated resource

     28th July 2016 The indicated resource at Zimbabwe-focused gold miner Caledonia Mining’s 49%-owned Blanket mine has increased by 343 000 t. “The upgrade of approximately 343 000 t from inferred resource to indicated resource underscores the overall confidence level of Blanket's resources. The significant... 

Miner Goldcorp reports loss as output falls by a third

By: Reuters     28th July 2016 Goldcorp Inc on Wednesday posted a far bigger second-quarter net loss than expected as production fell by almost one-third and costs rose partly due to a maintenance shutdown and slow restart of its biggest mine. Goldcorp, the world's third-biggest gold producer by market value, also said it... 

Miner Goldcorp reports loss as output falls by a third

New positive wind blowing through South African mining – Sibanye

By: Martin Creamer     28th July 2016 A new positive wind is blowing through South African mining with government and industry engagement taking a turn for the better, Sibanye CEO Neal Froneman said on Thursday. Updating visiting mining analysts and journalists on strategy during the first of two investor days, Froneman remarked... 

New positive wind blowing through South African mining – Sibanye
Photo by Duane Daws
Sibanye CEO Neal Froneman

Eastplats appoints new CEO

By: Anine Kilian     28th July 2016 Dual-listed platinum explorer Eastern Platinum (Eastplats) has appointed Diana Hu as the company's full-time CEO. "We are thankful to Peter Clausi for his contributions as interim CEO over the last several weeks and look forward to his continued contribution to the company," noted Eastplats... 

Resources Watch  

     28th July 2016 Welcome to Creamer Media’s Resources Watch, a weekly video round-up of the events and people making and shaping the news in the mining industry. This week: De Beers partners with government to empower youth in diamond sector Local company outlines aspirations, challenges bigger players And,... 

Resources Watch

Teck Resources VP to resign

By: Anine Kilian     28th July 2016 TSX-listed diversified miner Teck Resources VP Greg Waller will retire in mid-2017, the company announced on Thursday. Waller is the 2016 recipient of the Belle Mulligan Award for leadership in investor relations from the Canadian Investor Relations Institute, in recognition of his leadership and... 

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