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Icahn targets struggling miner Freeport-McMoran with 8.5% stake

By: Reuters     Updated 8 minutes ago Activist investor Carl Icahn disclosed an 8.5% stake in miner Freeport-McMoran, saying the company was undervalued and needed to address several corporate governance and capital issues. In a filing with the US Securities and Exchange Commission, the billionaire investor said he intends to speak... 

PDAC welcomes consultation draft to reform Canada’s fragmented capital markets

By: Henry Lazenby     Updated 11 minutes ago The Prospectors and Developers Association of Canada (PDAC) on Thursday applauded the release of a revised consultation draft of the Capital Markets Act (CMA) and initial regulations for consultation, labelling it a key milestone in the transition to a cooperative capital markets regulatory... 

Freeport-McMoRan again chops 2016 budget, to cut 10% of US jobs

By: Henry Lazenby     Updated 6 hours ago US-diversified miner Freeport-McMoRan (FCX) on Thursday again laid into its 2016 capital plans, advising that falling copper prices and lower US production levels would result in about 10% of its US jobs being terminated. The Phoenix, Arizona-based miner trimmed its mining budget by 25%, or... 

Goldcorp and Teck to combine Chilean projects into massive 50/50 JV

By: Henry Lazenby Gold major Goldcorp and Canadian diversified miner Teck Resources would combine their El Morro and Relincho projects, in Chile, to leverage increased financial returns and dramatically reduced capital expenditures. Teck and Goldcorp would contribute their separate project interests, located... 

Goldcorp and Teck to combine Chilean projects into massive 50/50 JV
Photo by Goldcorp/Teck Resources
Project Corridor, in Chile, aims to combine the El Morro and Relincho projects.

Moody's sees wider budget deficit for Botswana

By: Reuters Botswana's projected 2.6% budget deficit for the 2015/16 financial year could turn out to be much wider due to the downturn in the diamond market, credit rating agency, Moody's said on Thursday. Diamonds account for almost 40% of Botswana's budgetary revenue and around 85% of exports in dollar... 

Moody's sees wider budget deficit for Botswana

M&R holds line on resources-focused strategy despite commodity meltdown

By: Terence Creamer Engineering and construction group Murray & Roberts (M&R) says it has no intention of shifting its strategy away from the international natural resources market, notwithstanding the prevailing weak climate for commodities and a bleak immediate outlook. Speaking to investors on Thursday, CEO Henry... 

M&R holds line on resources-focused strategy despite commodity meltdown

Afrox retains R70m Amplats contract

By: Megan van Wyngaardt South African welding and gas company Afrox has again been contracted to supply mining giant Anglo American Platinum (Amplats) with its compressed gases requirements for the next five years. The contract was valued at R70-million, with gas suppllied to all Amplats operations in Rustenburg and... 

Pan African yet to determine impact of IFM SA business rescue

By: Megan van Wyngaardt JSE-listed Pan African Resources’ wholly-owned Phoenix Platinum Mining subsidiary will work closely with the business rescue practitioner for International Ferro Metals’ South African subsidiary to ensure that Phoenix’s interests are safeguarded. London-listed IFM on Wednesday announced that its... 

Metals companies mandated to undertake exploration in India

By: Ajoy K Das The Indian government has tasked three government-owned mineral and metal companies to act as specialised geological exploration agencies. Iron-ore miner NMDC, integrated steel producer Steel Authority of India Limited (SAIL) and iron-ore pelletisation company KIOCL would join the ranks of... 

Resources Watch

By: Creamer Media Reporter This week: Exxaro sets its sights on coal to revive its earnings. AngloGold harvesting its short-life mines. And, legislative changes to be supportive of offshore oil and gas drilling, says President Zuma. 

Resources Watch

S Africa mine industry job plan targets platinum as SARB reserve asset

By: Reuters South Africa's mining industry, unions and the government have committed to a broad plan to stem job losses, including boosting platinum by promoting the metal as a central bank reserve asset, according to a draft agreement seen by Reuters on Wednesday. The parties also said they would strive to... 

Evolution doubles profits

By: Esmarie Swanepoel Australian gold producer Evolution Mining has more than doubled its underlying net profit for the financial year ended June, as the company’s focus on cost reduction and improved efficiencies paid off. Underlying net profit for the year reached a record A$106.1-million, compared with the... 

Evolution doubles profits

Northern Star shines in 2015

By: Esmarie Swanepoel Gold miner Northern Star Resources has reported massive surges in revenue and profit for the financial year ended June, following the acquisition of a number of gold projects in Western Australia over the past year. Underlying net profit for the full year increased by 198% year-on-year to... 

Alkane adjusts Dubbo economics

By: Esmarie Swanepoel ASX-listed Alkane Resources has adjusted the economics of its Dubbo zirconia project, in New South Wales, following the completion of the front-end engineering design (FEED). The FEED has resulted in a capital expenditure adjustment, from the A$1-billion estimated in the 2013 definitive... 

Highfield secures finance for Muga development

By: Esmarie Swanepoel ASX-listed potash developer Highfield Resources has secured project finance facilities of up to €222-million to fund the development of its Muga potash mine, in Spain. The company on Thursday said it had agreed to a mandate with four major European commercial banks, under which the mandated lead... 

Echo gets a takeover offer

By: Esmarie Swanepoel The share price of ASX-listed junior Echo Resources increased by nearly 16.5% on Thursday, after the company announced that it had received an indicative, nonbinding takeover offer of 15c a share in cash. The company noted that the third-party proposal was conditional and subject to the... 

Glencore buys Vale coal mine

By: Esmarie Swanepoel Diversified miner Glencore has partnered with privately held Bloomfield Group to acquire the Integra coal complex, in New South Wales, from Brazilian major Vale for an undisclosed amount. Under the terms of the binding agreements already signed, Bloomfield would acquire the Integra opencut... 

Talga triples resources

By: Esmarie Swanepoel ASX-listed Talga Resources has tripled its total indicated and inferred resource inventory across Sweden with the announcement of a maiden Joint Ore Reserves Committee-compliant resource at the Jalkunen graphite project. A maiden inferred resource of 31.5-million tonnes, grading 14.9% graphitic... 

Lonmin sheds 1 400 jobs as cost-cutting programme gets under way

By: Natalie Greve After last month announcing a programme of shaft closures and workforce reduction aimed at cutting its cost base amid a depressed platinum pricing environment, Lonmin says 1 400 employees have left the business, with a Section 189 consultation process on the remainder of the significant... 

IchorCoal offer ‘inadequate’, says Universal

By: Esmarie Swanepoel South Africa-focused coal miner Universal Coal has brushed off an indicative takeover offer from shareholder IchorCoal, calling it inadequate and opportunistic. Earlier this month, IchorCoal announced its intentions to make an all-cash offer of A$80-million to acquire all the outstanding shares... 

IchorCoal offer ‘inadequate’, says Universal

Petrobras fuel tank explodes in Brazil, killing two

By: Reuters A heating unit at a Petrobras depot in Brazil used to treat fuel for ocean-going ships exploded on Wednesday, killing two workers, the state-run oil company said in a statement. The blast and resulting fire broke out about 13:00 GMT, while workers were doing planned maintenance on the heating... 

Fortune Minerals sells remaining Hemlo equipment for $415 000

By: Henry Lazenby Project developer Fortune Minerals has replenished its coffers through the sale of the remaining equipment it salvaged from the Golden Giant mine, at Hemlo, in Ontario. While the equipment was originally meant for use at the proposed Nico gold/cobalt/bismuth/copper development, in the Northwest... 

Titanium industry weakness to endure amid added supply, slow demand

By: Henry Lazenby Titanium dioxide producers would see their earnings under pressure at least into 2016, as the industry continued to weaken in the near term amid price pressures associated with increased supply and sluggish demand growth, ratings agency Moody’s Investors Service said on Wednesday. In it's report... 

Largo racks-up daily production record of 110% capacity

By: Henry Lazenby Vanadium producer Largo Resources has achieved two new production records over consecutive days this week at its Maracas Menchen mine, in Brazil, and expects continued growth. The Bahia-state project achieved a new daily production record on Monday of 27 t of vanadium pentoxide (V2O5), which... 

Molycorp to close Mountain Pass facility in October

By: Henry Lazenby North American rare earths producer Molycorp will close its Mountain Pass rare-earth facility, in California, on October 20. Molycorp, which operated Mountain Pass, the largest rare earths mine outside of China, and its processing facility, had on June 25, along with its subsidiaries in North... 

Molycorp to close Mountain Pass facility in October

Canada PM declines to comment on the value of Canadian dollar

By: Reuters Canadian Prime Minister Stephen Harper on Wednesday declined to comment on the value of the Canadian dollar, which has fallen to 11-year lows against the US dollar in recent sessions amid a drop in oil prices and global market volatility. "The Canadian prime minister doesn't make any comments on... 

M&R warns of ongoing earnings pressure amid ‘subdued’ market

By: Terence Creamer Construction group Murray & Roberts (M&R) reported a fall in earnings, revenues and orders during the year to June 30, 2015, and warned that earnings would remain under pressure during 2016, owing to a subdued global economy, weak demand for commodities and low fixed capital investment levels in... 

M&R warns of ongoing earnings pressure amid ‘subdued’ market
Photo by Duane Daws
Murray & Roberts CEO Henry Laas

Kebble a ‘breath of fresh air in a stale industry’

By: News24Wire Roger Kebble, 75, was a "fresh breath of air in a very stale gold mining industry", mining entrepreneur Bernard Swanepoel said of the late businessman on Wednesday. "I liked him and had a high regard for him," Swanepoel told News24. 

IFM subsidiary enters business rescue

By: Natasha Odendaal Deteriorating business conditions have pushed London-listed International Ferro Metals’ (IFM’s) South African subsidiary into business rescue proceedings. The financially distressed IFM SA, which operates the Lesedi underground mine and ferrochrome-smelting operations, had been battling a... 

IFM subsidiary enters business rescue

Zambia worried by slowdown in China, low copper price

By: Reuters Zambia is worried about the economic slowdown in China, a key consumer of its copper, and expects a further decline in revenue due to sharply lower prices for the commodity, a senior official said on Wednesday. "We are worried because China is one of the major consumers of our copper," Secretary... 

Kibo placing to be concluded by year-end

By: Megan van Wyngaardt JSE-listed Kibo Mining expected its £950 000 share placing through its former UK broker Hume Capital Securities to conclude between October and December, when £526 000, representing the consideration for 10.5-million shares, which were to be issued to third-party investors, would be released to... 

Assore earnings nose-dive amid weak iron, steel environment

By: Megan van Wyngaardt “Substantially” lower iron-ore and manganese prices and challenging operating conditions have contributed to JSE-listed Assore posting lower headline earnings and profit for the 2015 financial year. Headline earnings were down 53.3% to R2-billion, compared with R4.2-billion in the 2014 financial... 

Aquarius reports fatality at Mimosa

By: Creamer Media Reporter JSE-listed Aquarius Platinum on Wednesday reported that an employee had been killed in a fall-of-ground accident at its Zimbabwe-based Mimosa joint venture platinum operation on Monday. “The relevant regulatory authorities have been informed and a full investigation is under way,” the company said. 

BC Iron faces losses as iron-ore price falls

By: Esmarie Swanepoel The falling iron-ore price has resulted in junior miner BC Iron's revenues nearly halving for the financial year ended June, pushing the miner into a loss. BC Iron on Wednesday reported a net loss after tax of A$158.5-million, compared with a net profit of A$71.8-million in 2014, while revenues... 

CIL divestment hit by trade union opposition, market conditions

By: Ajoy K Das The Indian government’s plan to sell another 10% equity stake in Coal India Limited (CIL) has hit a roadblock owing to choppy market conditions and opposition from trade unions. All trade unions represented at CIL have claimed that the proposed sale of a further 10% equity stake would take total... 

Shale, tight gas could boost NT economy by A$22bn

By: Esmarie Swanepoel The development of shale and tight gas resources in the Northern Territory could add a combined A$22.4-billion to the state’s economy over 20 years and create an additional 6 300 jobs by 2040, a new report has revealed. The report, compiled by advisory firm Deloitte Access Economics and... 

Shale, tight gas could boost NT economy by A$22bn

St Barbara swings to profit

By: Esmarie Swanepoel Gold miner St Barbara has swung back into profit for the financial year ended June, as a turnaround strategy was implemented at the Simberi mine, in Papua New Guinea, and the Gold Ridge project was divested. The company reported a net profit after tax of A$39.6-million for the year, compared... 

APLNG connected to power grid

By: Esmarie Swanepoel The Australian Pacific liquefied natural gas (APLNG) project has been plugged into the Queensland power grid, with the final connection to provider Powerlink’s transmission network occurring this week. The new high-voltage electricity infrastructure was now powering three APLNG gas-processing... 

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