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Latest News

Former Alderon chief executive rejoins board

By: Henry Lazenby     Updated 15 minutes ago The former president and CEO of Canadian project developer Alderon Iron Ore Tayfun Eldem has rejoined the company’s board with immediate effect, replacing John Baker, who had been with Alderon since 2010. The TSX-listed company stated Tuesday that Eldem, which was Alderon's president and until... 

Centerra hedges more than half of Mount Milligan’s 2017 copper output

By: Henry Lazenby     Updated 1 hour 39 minutes ago To secure its cash flow security for 2017, Canadian miner Centerra Gold announced Tuesday that it will hedge up to 51% of copper output from its Mount Milligan mine, in British Columbia. The TSX-listed company Centerra entered fixed price forward sales contracts for 24.9-million pounds of Mount... 

Alcoa stocks climb as Q4 revenue beat analyst forecasts

By: Henry Lazenby     Updated 2 hours 3 minutes ago The NYSE-listed stock of base metals producer Alcoa gained nearly 6% on Tuesday after the company reported higher-than-expected fourth-quarter revenue. In its first quarterly report since spinning-out its upstream and downstream business segments in November, New York-based Alcoa reported... 

Workers at Chile's Escondida reject wage offer, strike looms

By: Reuters     Updated 2 hours 45 minutes ago Unionised workers at BHP Billiton-owned Escondida, the world's biggest copper mine, said on Tuesday that they rejected the company's latest wage offer and asked its workers to vote for a strike and prepare themselves for an extended conflict. The Escondida workers' union, which represents about... 

Trump clears way for Dakota Access, Keystone XL pipelines

By: Henry Lazenby     Updated 2 hours 52 minutes ago Recently installed US President Donald Trump has cleared the way for the contentious Dakota Access and Keystone XL oil pipelines to be built in the US, after signing-off on executive orders Tuesday that overturned the Obama administration’s efforts to block these development projects. Trump also... 

Trump clears way for Dakota Access, Keystone XL pipelines

Lynne Brown throws weight behind Eskom’s coal procurement policy

By: African News Agency      24th January 2017 Eskom will continue to “radically but fairly” transform coal procurement because this is a non-negotiable national imperative, Public Enterprise Minister Lynne Brown said on Tuesday. Eskom is currently embroiled in a bitter disagreement with one of its suppliers, Exxaro, over the diversified... 

Brown says Ministers to meet in mid-Feb to seek ‘answer’ to Eskom-IPP deadlock

By: Terence Creamer     24th January 2017 Public Enterprises Minister Lynne Brown says a meeting, involving herself, the Ministers of Energy and Finance, as well as Eskom, should take place by mid-February to seek an “answer” to the current standoff over the signing, by Eskom, of 37 outstanding power purchase agreements (PPAs) with... 

Brown says Ministers to meet in mid-Feb to seek ‘answer’ to Eskom-IPP deadlock
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Tough operating climate brings greater transparency emphasis for miners 

By: Ilan Solomons     24th January 2017 The mining industry has continued to face significant uncertainty, volatility and pressure to contain costs over the past three years. This unpredictable business environment has given rise to a number of reporting trends geared towards providing stakeholders and users of mining companies’... 

Tough operating climate brings greater transparency emphasis for miners
KPMG global mining leader Jacques Erasmus discusses the company’s 2016 Mining Reporting Survey and his prediction for the global mining industry in 2017

AngloGold, NUM continue talks to limit retrenchments

By: Anine Kilian     24th January 2017 The National Union of Mineworkers (NUM) has said an agreement has been reached with AngloGold Ashanti to not retrench some 849 workers, but AngloGold spokesperson Chris Nthite on Tuesday said engagement with the union was ongoing and that no concrete decisions had been made. “Yesterday we met... 

Arbitration against Avesoro Resources dismissed

By: Anine Kilian     24th January 2017 An arbitration claim by Seychelles-based International Construction & Engineering (ICE) against West African gold producer Avesoro Resources, formerly Aureus Mining, over the termination of a civil works contract in 2014, has been dismissed. Avesoro in December said ICE had been contracted to... 

Indian oil companies look towards national Budget for incentives

By: Ajoy K Das     24th January 2017 India’s oil and gas industry is banking on the forthcoming national Budget to offer a series of tax incentives to ensure that the domestic industry is able to capture the benefits of global developments. The domestic oil and gas industry and representative associations have placed their Budget... 

Rio Tinto to sell Coal & Allied to Yancoal for up to $2.45bn

By: Natasha Odendaal     24th January 2017 Mining major Rio Tinto has agreed to sell its Coal & Allied subsidiary to Yancoal Australia for up to $2.45-billion. The binding agreement allows for an initial $1.95-billion cash payment upon the completion of the transaction in the second half of 2017, followed by $500-million in deferred cash... 

Rio Tinto to sell Coal & Allied to Yancoal for up to $2.45bn
Photo by Rio Tinto
Coal & Allied holds a 67.6% interest in the Hunter Valley Operations mine

De Beers rakes in sparkling $720m in year’s first sales cycle

By: Martin Creamer     24th January 2017 Diversified mining company Anglo American on Tuesday announced $720-million as the value of rough diamond sales at De Beers’ first sales cycle of 2017, compared with $470-million and $494-million in the last two sales cycles of 2016, helped by a longer period between the final sight of 2016 and... 

De Beers rakes in sparkling $720m in year’s first sales cycle
De Beers CEO Bruce Cleaver

China steel mills resist Rio's demand for 'ridiculous' iron-ore premium

By: Reuters     24th January 2017 Chinese steel mills have balked at global miner Rio Tinto's plan to charge a premium in long-term contracts for its highest grade of iron-ore, rekindling the conflicts that caused the collapse of an annual pricing system seven years ago. The world's second-biggest iron-ore miner is seeking a... 

Asa Resources says High Court claim on indigenisation has no merit

By: Megan van Wyngaardt     24th January 2017 A claim against Asa Resources, brought by Zindico Consortium, which seeks to compel the mine and its partners to indigenise its Freda Rebecca gold mine, in Zimbabwe, has no merit, the company said on Tuesday. Earlier this month, the company and its Mwana Africa, Freda Rebecca Holdings, National... 

Eastplats defends HZT civil claim

By: Natasha Odendaal     24th January 2017 Dual-listed Eastern Platinum (Eastplats) is seeking to have a notice of civil claim filed against it by China-based precious metals mining services provider Hebei Zhongheng Tianda Platinum (HZT) dismissed with costs. The group said in an update to shareholders on Tuesday that its response for... 

Lynas exceeds production guidance

By: Megan van Wyngaardt     24th January 2017 Rare earths miner Lynas Corporation on Tuesday reported exceeding its production guidance of neodymium-praseodymium (NdPr) during the three months ended December 31, delivering 1 331 t. This was also an increase from the 1 176 t it produced in the previous quarter, with total rare-earth oxides... 

Southern Gold receives second profit share from Cannon

By: Megan van Wyngaardt     24th January 2017 ASX-listed Southern Gold has received its second profit share distribution from the Cannon gold mine, near Kalgoorlie in Western Australia, following the mine’s operations committee’s resolution to pay $1.5-million to each of Westgold Resources and Southern Gold. Westgold is managing operations... 

Miner Rio Tinto hiring commodity market analysts in Singapore

By: Reuters     24th January 2017 Global miner Rio Tinto is looking to hire eight Singapore-based experts to improve its supply and demand analysis in commodity markets. One of the world's biggest mining companies, Rio has a market capitalisation of nearly $80-billion and is focused on resources such as iron-ore, copper,... 

Ivanhoe moves to fast-track new Kakula resource estimate, PEA

By: Natasha Odendaal     24th January 2017 TSX-listed Ivanhoe Mines is fast-tracking a new resource estimate and an expanded preliminary economic assessment (PEA) at its Kamoa-Kakula copper project, in the Democratic Republic of Congo (DRC), to examine expanded development options. This followed the latest assay results from another 25... 

Iron to ‘correct down sharply’ as supply rises, Citigroup says

By: Bloomberg     24th January 2017 Iron-ore is headed for a sharp decline as higher-grade supplies from Brazil and Australia are set to increase, according to Citigroup, which combined its forecast for a second-half tumble with upgrades to the bank’s outlook in the opening quarters of the year. Recent gains have been supported by... 

Volt appoints service provider for graphite samples

By: Megan van Wyngaardt     24th January 2017 Graphite producer Volt Resources has entered into an agreement with an unnamed Southern Africa-based mining services company to expedite the production of graphite samples from its Namangale deposit, in Tanzania, under strict commercial conditions. ASX-listed Volt explained on Tuesday that it was... 

Volt appoints service provider for graphite samples

Tyranna declares maiden resources at Jumbuck project

By: Megan van Wyngaardt     24th January 2017 ASX-listed Tyranna Resources on Tuesday declared a Joint Ore Reserves Committee-compliant maiden resource of 219 000 oz at its Jumbuck gold project, in South Australia. This forms part of ongoing resource drilling and project development at the project, which has an exploration target of 500 000 oz. 

‘TPP minus one’ still has much to offer, says Australia’s MCA as Trump nixes trade deal

By: Mariaan Webb     24th January 2017 The absence of the US in the Trans Pacific Partnership (TPP) does not have to mean the end of the planned trade deal, the CEO of the Minerals Council of Australia, Brendan Pearson, said on Tuesday. Commenting on US President Donald Trump’s formal withdrawal from the trade pact, which was the... 

‘TPP minus one’ still has much to offer, says Australia’s MCA as Trump nixes trade deal
US President Donald Trump has officially withdrawn from the planned Trade Pacific Partnership (TPP), but Australia still sees value in a 'TPP minus one' approach.

Western Areas reviewing impact of Indonesia’s export ban reversal

By: Mariaan Webb     24th January 2017 Nickel miner Western Areas said on Tuesday that it was reviewing the impact of Indonesia’s decision to relax its export ban on unprocessed minerals. The lifting of the ban will end the South East Asian country’s prohibition on the export of nickel ore and bauxite and will extend a temporary deal... 

Northern Dynasty says it has Trump backing, seeking new partner

By: Bloomberg     24th January 2017 Northern Dynasty Minerals expects to resolve a dispute with the US environmental regulator by April to enable it to move ahead with permitting one of the world’s largest undeveloped copper and gold deposits. US President Donald Trump’s administration has “a desire to permit Pebble,” the company’s... 

Cimic continues on acquisition trail with Macmahon bid

By: Mariaan Webb     24th January 2017 Contracting group Cimic on Tuesday unveiled a planned takeover of Perth-based project house Macmahon, only months after it made a bid for engineering firm UGL. Cimic advised Macmahon shareholders that it intended to offer A$0.145 a share for all the shares that it did not already own in the... 

Exploration by proxy to feed Goldcorp’s project pipeline

By: Henry Lazenby     24th January 2017 The reserves of the world’s top-producing gold miners have decreased by about one-third over the last five years, a situation that has to be reversed if the industry is to maintain its attractiveness to investors, Goldcorp president and CEO David Garofalo said Monday. Delivering a keynote address... 

Exploration by proxy to feed Goldcorp’s project pipeline
Photo by Bloomberg
Goldcorp president and CEO David Garofalo

‘Volatility is the new normal’ – Teck CEO's plan to create certainty

By: Henry Lazenby     24th January 2017 Commodity price volatility is the new normal as the mining industry is cautiously optimistic of the start of a new progressive price cycle. “The fact that volatility is the new normal is unfortunate, but real, and we have to deal with that to create certainty. We are seeing higher highs and lower... 

Atlas Iron in ‘stronger position’ – Lawrenson

By: Mariaan Webb     24th January 2017 Western Australian iron-ore miner Atlas Iron is in a “significantly stronger position” and on track to be in a net cash position by mid-2017, new MD and CEO Cliff Lawrenson said on Tuesday, reporting on the company’s December quarter performance. Atlas, which earlier this month repaid... 

Sandfire eyes growth as it clears debt ahead of schedule

By: Mariaan Webb     24th January 2017 Copper and gold miner Sandfire Resources has elected to repay its debt nearly 12 months ahead of schedule, freeing up significant cash flow to pursue growth opportunities in Australia and North America. A strong cash position of A$10.7-million and rising copper prices have enabled Sandfire to... 

Sandfire eyes growth as it clears debt ahead of schedule
Sandfire CEO Karl Simich

Teck seeking infrastructure synergies with Anglo American in Chile

By: Henry Lazenby     24th January 2017 Canada’s largest diversified miner Teck Resources has entered into negotiations with fellow diversified miner Anglo American about the potential of building a shared port, in Chile, where both miners are considering expansions at neighbouring copper mines. Teck is currently mulling an expansion... 

Teck seeking infrastructure synergies with Anglo American in Chile
Photo by Reuters
Teck Resources CEO Don Lindsay

PTM launches $25m bought-deal financing

By: Henry Lazenby     24th January 2017 South Africa-focused precious metals miner Platinum Group Metals (PTM) has reached an agreement with a syndicate of underwriters, led by BMO Capital Markets, to raise $25-million. The Vancouver-based company recently advised that, for it to achieve positive cash flow and to maintain its working... 

Randgold’s Kibali ends challenging year with strong finish

By: Henry Lazenby     24th January 2017 Despite dealing with certain critical issues in the Democratic Republic of Congo (DRC), gold producer Randgold Resources has kept capital projects at its 45%-owned Kibali mine on track, the company announced Monday. The mine dealt with a tough first half of 2016 with the Kibali plant’s transition... 

Randgold’s Kibali ends challenging year with strong finish
Photo by Duane Daws
Randgold Resources CEO Mark Bristow

London Metal Exchange CEO resigns after a difficult year

By: Reuters     23rd January 2017 Lower trading volumes and a lack of strategy created a crisis that led to the resignation of London Metal Exchange (LME) CEO Garry Jones after three years at the helm of the world's largest and oldest metals market, metal industry sources say. Parent company Hong Kong Exchanges and Clearing... 

Chile sees copper output rising 4.3% this year

By: Reuters     23rd January 2017 World top copper exporter Chile is seen producing 5.79-million tonnes in 2017, a 4.3% increase versus a year earlier, due to increased output at BHP Billiton's massive Escondida mine, state copper commission Cochilco said on Monday. Copper production in Chile is forecast to grow by an additional... 

‘Very tough’ mining year ahead as ‘lawfare’ breaks out – Nedbank

By: Martin Creamer     23rd January 2017 South African mining has a “very tough” year ahead, with "lawfare" breaking out. While existing large, powerful mining companies will persist, growth through new entrants and foreign investment is highly unlikely this year, resulting in escalating opportunity loss. 

‘Very tough’ mining year ahead as ‘lawfare’ breaks out – Nedbank
Nedbank mining finance principal Paul Miller

Giyani moves to delist from AltX

By: Natasha Odendaal     23rd January 2017 Dual-listed Giyani Gold is preparing to delist its secondary listing on the JSE’s AltX. The listing will be removed on February 13, with trade suspension planned for February 10. 

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