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Pt 855.34 $/oz Change: 19.06

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Menar’s Canyon offers Eskom cheaper coal on open-book basis  

By: Martin Creamer     19th March 2019 Coal mining company Canyon Coal, a Menar group company, is prepared to offer coal to State-owned electricity utility Eskom at a cheaper price on an open-book basis from two new projects. The Menar group, which does not supply coal to Eskom at present, employs 3 500 people on a R7-billion asset... 

Menar MD and Canyon Coal executive chairperson Vuslat Bayoğlu talks to Mining Weekly Online’s Martin Creamer. Photos: Creamer Media’s Dylan Slater. Video: Nicholas Boyd

Rio Tinto must face SEC suit over Mozambique coal assets 

By: Bloomberg     19th March 2019 Rio Tinto Group must face a US Securities and Exchange Commission (SEC) lawsuit over the company’s valuation of coal assets in Mozambique, a federal judge ruled. US authorities in October 2017 filed fraud charges against London-based Rio Tinto, former CEO Tom Albanese and former CFO Guy... 

Rio Tinto must face SEC suit over Mozambique coal assets
Photo by Creamer Media
Rio Tinto former CEO Tom Albanese

Sumitomo says Ambatovy nickel plant shut for 2 weeks in February

By: Reuters     Updated 1 hour ago Japanese trading house Sumitomo Corp said on Wednesday its Ambatovy nickel plant in Madagascar was forced to shut for about two weeks in early February due to trouble at its hydrogen plant, and may miss its revised annual production target. Sumitomo owns a 47.7% stake in Ambatovy, while South... 

Palladium tops $1 600 as metal sets new highs on supply shortage  

By: Bloomberg     19th March 2019 Palladium topped $1 600/oz for the first time, and there’s little sign of the rally slowing as global supply tightens. The price of the metal – mainly used in autocatalysts in gasoline vehicles – has almost doubled from a recent low in August. Demand has remained robust as manufacturers scramble... 

AMCU reaches in-principle settlement with CCMA in wage dispute with Sibanye

By: Marleny Arnoldi     19th March 2019 The Association of Mineworkers and Construction Union (AMCU) has accepted, in principle, a proposed settlement agreement advanced by the Commission for Conciliation, Mediation and Arbitration (CCMA), in at attempt to resolve the wage dispute between the union and precious metals miner... 

Eskom to seek special procurement dispensation to help it address ‘crisis’ 

By: Terence Creamer     19th March 2019 Crisis-ridden power utility Eskom is approaching the Auditor-General and the National Treasury to seek approval for a special procurement dispensation that will allow it to accelerate the purchase of critical goods and services required to address ongoing breakdowns of its coal fleet. The... 

Eskom to seek special procurement dispensation to help it address ‘crisis’
Public Enterprises Minister Pravin Gordhan and Eskom chairperson Jabu Mabuza

NUM says Ramaphosa assured union no jobs would be lost in Eskom unbundling

By: Marleny Arnoldi     19th March 2019 The National Union of Mineworkers (NUM) on Tuesday confirmed that it had met with President Cyril Ramaphosa, Public Enterprises Minister Pravin Gordhan and Energy Minister Jeff Radebe this week. The union noted, however, that it still needed to consult with its members employed at Eskom, on the... 

Greenpeace opposes Eskom’s application to postpone air quality legislation compliance

By: Simone Liedtke     19th March 2019 Nonprofit organisation Greenpeace Africa on Tuesday reaffirmed its opposition to State-owned Eskom’s application for further postponements and/or suspensions from air quality legislation. The organisation explained that, in the interests of realising the Constitutional right to a healthy... 

Greenpeace opposes Eskom’s application to postpone air quality legislation compliance
Photo by Creamer Media's Dylan Slater
Greenpeace global air pollution unit lead analyst Lauri Myllyvirta

Mantashe gunning for illegal mining syndicate leaders

By: News24Wire      19th March 2019 Illegal mining operations and criminal syndicates steal, per annum, the equivalent of the total output of South Africa's legal gold mining operations in 2018. The Mineral Resources Minister Gwede Mantashe, however, has a plan to take down the criminal syndicates and zama zamas. 

First gold pour at Endeavour’s Ity completed ahead of schedule

By: Simone Liedtke     19th March 2019 The first gold pour at TSX-listed Endeavour Mining’s Ity carbon-in-leach (CIL) project, in Côte d'Ivoire, took place on March 18, four months ahead of schedule and under budget. The first pour yielded about 1 800 oz of gold. 

First gold pour at Endeavour’s Ity completed ahead of schedule

Federal Reserve to remain on hold for the rest of 2019 – World Gold Council

By: Marleny Arnoldi     19th March 2019 The World Gold Council (WGC) on Tuesday released its latest ‘Investment Update: The impact of monetary policy on gold’ publication, in which it outlines expectations that the upcoming Federal Reserve Open Markets Committee (FOMC) meeting on March 20 will confirm market expectations that the... 

Two killed in accident at Glencore's Zambian mine

By: Reuters     19th March 2019 Two workers died in an accident at Glencore's Zambian operation Mopani Copper Mines (MCM) on Tuesday, prompting it to suspend production pending investigations, the company said. "All operations at the South Ore Body (shaft) have been suspended until further notice," the company said in a... 

Emmerson’s Morocco potash project a step closer to production

By: Natasha Odendaal     19th March 2019 The completion of the environmental baseline study has brought the Khemisset potash project, in Morocco, closer to production, with the study identifying no areas of concern that could impact on the scale, location, cost or profitability of the project. LSE-listed potash development company... 

Winmar buy gets back-up

By: Esmarie Iannucci     19th March 2019 An independent valuation of the Luapula processing facility, in the Democratic Republic of Congo, has estimated an asset value of more than $33.3-million, on an as-is basis. Cobalt hopeful Winmar Resources last year struck a deal with African Holding Investment Company to acquire a 50% interest... 

Jupiter appoints its first female director

By: Tasneem Bulbulia     19th March 2019 Jupiter Mines has appointed Melissa North to the board of directors as FD, effective March 18. North, who is the first female to be appointed to the Jupiter board, joined Jupiter in 2012 as group financial controller and was subsequently appointed CFO and company secretary. 

Benchmark ferrochrome price settled at $1.20/lb

By: Tasneem Bulbulia     19th March 2019 The European benchmark ferrochrome price has been settled at $1.20/lb for the second quarter of 2019, JSE-listed Merafe Resources said in a statement on Tuesday. This is an increase of 7.1% from the benchmark price of $1.12 /lb in the first quarter of this year. 

Tanzania launches gold trading centre to fight smuggling

By: African News Agency      19th March 2019 Tanzania has followed South Africa and Botswana with the launch of an international gold trading centre in the gold-rich region of Geita as part of its efforts to fight the smuggling of minerals, according to a report on Tuesday. South Africa has a gold exchange hub while Botswana has a diamond... 

BHP adds to its board

By: Esmarie Iannucci     19th March 2019 Diversified miner BHP has appointed Ian Cockerill and Susan Kilsby as independent non-executive directors to the company’s board, effective from April 1. Cockerill has extensive mining experience and has held a number of management roles, including as CEO of Anglo Coal and Gold Fields, and has... 

BHP adds to its board
Photo by Creamer Media
Ian Cockerill

Vale dam fallout deepens with mine closure and blocked funds

By: Bloomberg     19th March 2019 Vale’s shares declined on Monday as the world’s biggest iron-ore producer faces continued backlash from Brazilian authorities after a deadly mining accident in January. Rio de Janeiro-based Vale was ordered on March 15 to shut its Timbopeba mine in Minas Gerais state, which produces 12.8-million... 

NT Parliament passes amended petroleum legislation

By: Esmarie Iannucci     Updated 23 minutes ago Amendments to the Northern Territory’s petroleum legislation has passed through Parliament, enacting the government’s commitment to implement the 135 recommendations from the Scientific Inquiry into Hydraulic Fracturing. “Our government is making sure that as the Territory’s onshore gas industry... 

NT Parliament passes amended petroleum legislation

Aeris makes a $575m offer for CSA

By: Esmarie Iannucci     Updated 37 minutes ago ASX-listed Aeris Resources on Wednesday told shareholders that it has made diversified miner Glencore a $575-million offer to acquire the CSA copper mine, in New South Wales. The offer comprised a cash component of some $525-million and Aeris shares valued at $50-million, as well as a royalty... 

Rio Tinto halts operations at north Australian bauxite mine as cyclone nears

By: Reuters     Updated 48 minutes ago Rio Tinto said on Wednesday it has suspended its Weipa bauxite mining operations at the northeastern tip of the country ahead of a cyclone. "Operations have been suspended at Weipa as Cyclone Trevor approaches the coast, as per standard procedures," a spokesman told Reuters by email. 

Paringa gets debt funding for Poplar Grove

By: Esmarie Iannucci     Updated 51 minutes ago Coal developer Paringa Resources has secured a $56-million debt facility to refinance its existing debt facility and accelerate the expansion of the Poplar Grove mine, in Kentucky. The debt financing from Tribeca Global Resources Credit will be subject to the completion of a due diligence, the... 

Poseidon launches Black Swan refurb

By: Esmarie Iannucci     Updated 52 minutes ago ASX-listed Poseidon Nickel has started the refurbishment of its Silver Swan decline, in Western Australia. The underground refurbishment of the Silver Swan decline will entail the upgrading of ground support, repair of the southern ventilation surface infrastructure, inspection of the northern... 

Koolan Island to ship in April

By: Esmarie Iannucci     Updated 53 minutes ago ASX-listed Mount Gibson would ship its first ore from the Koolan Island hematite project, in the Kimberley region of Western Australia, during the second half of April. CEO Peter Kerr on Wednesday told Mining Weekly Online on the sidelines of the Global Iron and Steel forecast, in Perth, that... 

Iron-ore tops the charts in WA

By: Esmarie Iannucci     Updated 55 minutes ago Iron-ore contributed A$61.7-billion in earnings to Western Australia during 2017-18, with the sector accounting for more than half of all mineral and petroleum sales. Resources Minister Bill Johnston on Wednesday told delegates at the Global Iron & Steel Forecast that a record 826-million tonnes... 

US hits Venezuela State miner with new sanctions

By: Reuters     19th March 2019 U.S. hits Venezuela with new sanctions on state-run mining company 

Orosur chair dies after illness

By: Creamer Media Reporter      19th March 2019 The chairperson of South American gold project developer Orosur Mining, John Walmsley, has died, following an illness, the TSX- and Aim-listed company reported this week Walmsley joined the board of directors as chairperson in 2013 and has served in that capacity since that time. 

Equinox hikes resource estimates for Aurizona, Mesquite

By: Marleny Arnoldi     19th March 2019 TSX-V-listed Equinox Gold has completed an updated mineral resource estimate for its Aurizona gold mine, in Brazil, and an updated mineral reserve and resource estimate, as well as a technical report, for its Mesquite gold mine, in the US. Aurizona’s measured and indicated resources increased... 

Ahead of election, Polish lawmakers propose to cut copper tax

By: Reuters     19th March 2019 Lawmakers from Poland's ruling Law and Justice (PiS) party proposed on Tuesday to cut mining tax payments so that major copper producer KGHM could spend more money on investment. The mining levy, introduced in 2012 and calculated using a formula based on local production volumes and prices,... 

Canadian miner blasts Armenia as third audit of Amulsar project gets under way

By: Mariaan Webb     19th March 2019 The Armenian government has started its third assessment of the Amulsar gold project’s environmental impact on water resources, geology, biodiversity and water quality, Canada-based Lydian International reported on Tuesday, questioning the need for another review of the gold-mining project. The... 

Canadian miner blasts Armenia as third audit of Amulsar project gets under way

Mining taxes and royalties added A$30.6bn to Australian coffers last year

By: Esmarie Iannucci     19th March 2019 A new report by advisory firm Deloitte Access Economics has shown that Australian mining companies paid some A$30.6-billion in company tax and royalties in 2017/18. The report, commissioned by the Minerals Council of Australia (MCA), noted that Australian miners paid A$18.6-billion in company... 

Mining taxes and royalties added A$30.6bn to Australian coffers last year

Hulamin reviews extrusions business, rolled products reaches record volumes 

By: Marleny Arnoldi     19th March 2019 JSE-listed aluminium supplier and exporter Hulamin’s rolled products division reported a “superb” manufacturing performance for the year ended December 31, 2018, increasing its sales by 6% to 228 000 t. This third consecutive year of record sales volumes from rolled products helped to offset... 

Hulamin reviews extrusions business, rolled products reaches record volumes

Antofagasta dividend better than expected, profit in line

By: Reuters     19th March 2019 Chilean copper miner Antofagasta announced a higher-than-expected dividend payout on Tuesday and reported a drop in annual core earnings that was in line with analysts' projections. The company lowered its final dividend by about 9% to 37c a share from last year, but topped the expectations of... 

Mt Marion divestment bolsters Neometals cash

By: Esmarie Iannucci     19th March 2019 ASX-listed Neometals on Tuesday resumed trading following the A$104-million divestment of its interest in the Mt Marion lithium operation, in Western Australia, pausing the need for a demerger of the company’s non-lithium assets. The company sold of its 13.8% interest in the project to its joint... 

AEM delivers more targets in northern Australia

By: Esmarie Iannucci     19th March 2019 The world’s largest airborne electromagnetic survey has revealed potential new mineral and groundwater resources in the Northern Territory and Queensland. Federal Resources Minister Matt Canavan noted that the survey indicated the potential for new mineral deposits including gold, copper,... 

Kalium Lakes secures debt funding for Beyondie

By: Esmarie Iannucci     19th March 2019 Potash developer Kalium Lakes has secured A$102-million in debt funding for its Beyondie sulphate of potash (SoP) project, in Western Australia. The company on Tuesday told shareholders that it has signed a non-binding term sheet with German bank KfW IPEX-Bank to provide the senior debt funding... 

Mincor strikes new deal with Nickel West

By: Esmarie Iannucci     19th March 2019 ASX-listed Mincor Resources has signed an offtake term sheet with the Nickel West division of mining major BHP. The term sheet will form the basis for a binding ore tolling and concentrate purchase agreement, which will replace the 20-year agreement that Mincor had with Nickel West, which... 

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