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Latest News

Taseko eyes restart of molybdenum circuit as prices rise

By: Natasha Odendaal     Updated 13 minutes ago With molybdenum prices starting to recover, dual-listed Taseko Mines is considering its options to restart the molybdenum circuit at the Gibraltar mine, in British Columbia. The recent edging up of the price of molybdenum to $6.50/lb prompted the Canada-headquartered firm to consider the... 

'Crunch time' for zinc as China-owned miner seeks supply in Peru

By: Bloomberg     Updated 25 minutes ago Chinese-owned MMG is seeking new zinc deposits in Peru, which has the world’s third-largest reserves, after a dearth of global exploration in past decades led to a supply crunch. “We’re looking at places like Peru where there’s a lot of zinc,” and the company’s Las Bambas copper mine there gives... 

MMG shifts from zinc to copper as Las Bambas hits commercial production

By: Mariaan Webb     Updated 34 minutes ago China-owned MMG’s production has shifted from zinc to copper, as mining and processing ended at the Century mine, in North Queensland, and the new major Las Bambas mine, in Peru, starts operating commercially. Following successful construction, commissioning and ramp up, Las Bambas produced 87... 

MMG shifts from zinc to copper as Las Bambas hits commercial production
The Century zinc mine ceased operations in 2015.

Nearly 170 Australian mining insolvencies so far this year

By: Mariaan Webb     Updated 1 hour 16 minutes ago Nearly 170 companies have gone bust in the Australian metals, mining and steel industries in the first five months of the year, as demand for their products continue to decline. Citing data by the Australian Securities Investment Commission (Asic), credit insurance provider Atradius MD Mark... 

Royalties in Congo mining heartland down 35% in H1

By: Reuters     Updated 2 hours 2 minutes ago Royalties paid by mining companies in Democratic Republic of Congo's copper-rich southeast dropped by 35% in the first half of this year compared to the same period in 2015, a report by the local division of mines said. The government of Africa's largest copper producer cut its 2016 budget by 22%... 

Royalties in Congo mining heartland down 35% in H1

Innovation critical for sustainable Australian mining sector

By: Megan van Wyngaardt     Updated 2 hours 18 minutes ago To remain globally competitive, Australian miners have to go beyond the basics and incorporate a structured approach to innovation across their operations, as the local mining sector is running out of ways to cut costs and improve efficiency, a new study by Deloitte has warned. Titled ‘Innovation... 

BHP Billiton, Vale make up to $2.5bn provision for Samarco costs

By: Mariaan Webb     Updated 4 hours ago Diversified mining groups BHP Billiton and Vale, which jointly own the Samarco operation in Brazil, will make provisions of up to $2.5-billion to cover for the costs of the joint venture's fatal dam disaster. The charge reflects the “ongoing uncertainty surrounding the nature and timing of a... 

BHP Billiton, Vale make up to $2.5bn provision for Samarco costs
The Samarco slimes dam failure of November 2015 is Brazil's worst environmental disaster.

Barrick presses on with asset sales in the face of gold’s rally

By: Bloomberg     Updated 5 hours ago Barrick Gold plans to forge ahead with efforts to divest peripheral assets – starting with its stake in the Kalgoorlie Super Pit in Australia – even as surging gold prices spur the highest profit in three years. In its second-quarter earnings statement Wednesday, the world’s largest gold... 

Barrick presses on with asset sales in the face of gold’s rally
Kalgoorlie Super Pit in Western Australia.

Draft Mining Charter Three not an effective tool to achieve mining industry transformation – law firm

By: Mia Breytenbach     27th July 2016 The draft reviewed Mining Charter Three is not an effective tool to achieve the transformation of the mining industry, says law firm Cliffe Dekker Hofmeyr crossborder mergers and acquisitions Africa and Asia head Deepa Vallabh. Speaking at a ‘State of the South African mining industry’ seminar,... 

Mining companies relying more on renewable energy

By: Megan van Wyngaardt     27th July 2016 Mining companies are increasingly looking to renewable energy to meet their power needs, as the subdued mineral price environment is incentivising firms to reduce reliance on more expensive diesel or distant, unreliable electricity grid systems, states research firm BMI Research. In its outlook... 

Mining companies relying more on renewable energy

Sibanye expects triple-digit surge in H1 earnings

By: Creamer Media Reporter      27th July 2016 Dual-listed Sibanye Gold expects a surge in earnings for the first half of 2016 on the back of a 31% higher average rand gold price. The company on Wednesday said in a trading update that headline earnings per share (HEPS) for the six months ended June 30 were likely to be between 484% and 611%... 

WPIC, BullionVault team up for online platinum marketplace

By: Natasha Odendaal     27th July 2016 The World Platinum Investment Council (WPIC) and BullionVault have partnered to deliver a secure, low-cost way for private individuals to invest in physical platinum, along with existing gold and silver offerings, in an online marketplace. The parties on Wednesday announced a new agreement that... 

Freeport-McMoRan reports narrowed loss in Q2, half-year results

By: Anine Kilian     27th July 2016 US-based multicommodity producer Freeport-McMoRan reported a net loss of $479-million, or $0.38 a share, for the second quarter of 2016, and a net loss of $4.7-billion, or $3.70 a share, for the first six months of 2016. This reflects a narrowed loss, year on year, when compared with the net loss... 

Freeport-McMoRan reports narrowed loss in Q2, half-year results
Freeport McMoRan's Grasberg mine, Indonesia

$125m capital loan to strengthen Botswana diamond cutting and polishing industry

By: African News Agency      27th July 2016 The US government has guaranteed a $125-million loan that will be used to strengthen Botswana’s localised diamond cutting and polishing industries in order to create more jobs and contribute to economic growth. In a statement released on Tuesday, US overseas development financier Overseas Private... 

Centerra revises 2016 forecast amid half-year gold production, sales decreases

By: Samantha Herbst     27th July 2016 Canadian gold miner Centerra Gold has seen a 36% decrease in gold ounces sold in the first half of 2016, with recorded net earnings of $21.1-million, or $0.09 a common share, for the period under review, against $62.6-million, or $0.26 a share, recorded in the first half of 2015. Gold production... 

Centerra revises 2016 forecast amid half-year gold production, sales decreases
Kumtor gold mine, Kyrgyzstan

Physical gold shortage ahead 

     27th July 2016 There seems to be a lack of confidence in the world order and the ability of governments to manipulate the value of flat currency, as is confidence in governments as credible sources of capital. Mining Weekly editor Martin Creamer discusses this trend with senior deputy editor Tracy Hancock. 

Physical gold shortage ahead
Physical gold shortage ahead

Continental Gold gets environmental nod for power lines

By: Megan van Wyngaardt     27th July 2016 TSX-listed Continental Gold has been granted an environmental licence approving the construction of a transmission line to provide electrical power for its proposed large-scale underground mine at the Buriticá project, in Antioquia, Colombia. Corpouraba, a regional autonomous environmental... 

Independence to raise up to A$280m to strengthen balance sheet

By: Creamer Media Reporter      27th July 2016 ASX-listed Independence Group (IGO) plans to raise up to A$280-million to strengthen its balance sheet and fund the remaining capital expenditure (capex) for its Nova base metals project, in Western Australia. The equity raising comprises a A$250-million fully underwritten placement and an up to... 

Independence to raise up to A$280m to strengthen balance sheet
The Tropicana mine is a joint venture between Independence Group and AngloGold Ashanti.

Barrick Gold weighs sale of $1.9bn Acacia stake – sources

By: Reuters     27th July 2016 Barrick Gold Corp, the world's largest gold producer, is weighing a sale of its majority stake in African unit Acacia Mining and has approached several South African miners, according to sources familiar with the situation. The potential sale would be part of Barrick's broader strategy of selling... 

Barrick Gold weighs sale of $1.9bn Acacia stake – sources
Acacia Mining's Bulyanhulu mine

Possible loophole in new Indian child labour Bill, mica mining under scrutiny

By: Ajoy K Das     27th July 2016 The Indian government has promulgated the Child Labour (Prohibition and Regulation) Amendment Bill 2016 amid charges of diluting penal provisions, complicity in promoting child labour and its ineffectiveness in curbing the use of child labour in the mica mining industry across the country. The... 

Gold miner Saracen triples exploration budget to A$42m

By: Creamer Media Reporter      27th July 2016 Western Australian gold miner Saracen Mineral Holdings has tripled its exploration budget to A$42-million for the current financial year as part of a strategy to grow the inventory and production at its existing mines. The commitment reflects Saracen’s high level of confidence in the organic... 

Southern Copper reports 24.7% fall in Q2 profit vs year earlier

By: Reuters     27th July 2016 Southern Copper Corp said on Monday that its net profit fell 24.7% to $221.9-million, or $0.29 a share, in the second quarter from the same period a year earlier as copper prices continued to slump. The Arizona-based miner, which operates in Peru and Mexico, said its copper output rose 26.1% in... 

Australian mining group denies iron-ore being dumped in China

By: Reuters     27th July 2016 A leading mining group in Australia on Wednesday denied allegations by Chinese iron-ore miners that Australian counterparts were dumping ore at cheap prices to push them out. "Australian iron-ore producers do not engage in dumping of their product," the Minerals Council of Australia said in... 

Kidman and Poseidon sign lithium processing MoU

By: Creamer Media Reporter      27th July 2016 Diversified miner Kidman Resources has taken a key step towards accelerating the development of its Mt Holland project in Western Australia, announcing on Wednesday that it may use Poseidon Nickel’s Lake Johnston plant to process lithium ore into concentrate. The 1.5-milion-tonne-ayear Lake... 

Coal miner Alpha emerges from bankruptcy amid doubts on outlook

By: Reuters     27th July 2016 Coal producer Alpha Natural Resources emerged from Chapter 11 bankruptcy on Tuesday with doubts about its long-term prospects and ability to carry out a recent environmental clean-up deal with regulators. Alpha said in a statement it emerged from bankruptcy as a slimmed down, privately held... 

Coal miner Alpha emerges from bankruptcy amid doubts on outlook

Antofagasta sees full-year copper production at lower end of forecasts

By: Reuters     27th July 2016 Chilean copper miner Antofagasta said full-year copper production would be at the lower end of the 710 000 t to 740 000 t it predicted in January, as a global market surplus shows little sign of easing. In common with other mining companies, Antofagasta has this year staged a recovery from the... 

Antofagasta sees full-year copper production at lower end of forecasts

GBM raises A$2.6m to advance Qld gold project

     27th July 2016 ASX-listed GBM Resources has completed a A$2.6-million capital raising to advance its Mt Coolon gold project, in Queensland, and for working capital purposes. The funds were raised through the placement of 160.5-million shares at 1.6c apiece to professional and sophisticated investors. 

Fortescue production costs to fall even further in FY17

By: Mariaan Webb     27th July 2016 Australia’s third-largest iron-ore producer, Fortescue Metals, has lowered its cash production costs (C1) for the tenth consecutive quarter to $14.31/wmt in the three-months ended June 30, while hitting another shipping record. Fortescue shipped 43.4-million tonnes in the final quarter of the... 

Fortescue production costs to fall even further in FY17
A train load of ore from Fortescue Metals heading for the port.

Atlas Iron ‘on sound footing’, hits FY16 shipping target

By: Mariaan Webb     27th July 2016 Iron-ore miner Atlas Iron is on a sound footing for the future after having completed a debt restructuring plan and reporting “excellent” performance in the June quarter, said outgoing MD David Flanagan on Wednesday. Atlas Iron shipped 3.7-million wet metric tonnes (wmt) in the three months ended... 

Atlas Iron ‘on sound footing’, hits FY16 shipping target
Atlas Iron outgoing MD David Flanagan

Mustang recovers first rubies at Mozambique project

By: Creamer Media Reporter      27th July 2016 ASX-listed Mustang Resources has recovered ten rubies, totalling 2.61 ct, from initial trenching activities at its flagship Montepuez ruby project, in Mozambique. The trenching programme is being used to delineate targets for a bulk sampling programme and to assist in mapping gravel layers... 

Philippines will not allow Tampakan mine to operate as openpit – Minister

By: Reuters     27th July 2016 The Philippine minister in charge of mining said she will not allow the $5.9-billion Tampakan gold and copper mine in southern Mindanao island to operate as an open-pit site and vowed to shut more operations causing environmental destruction. The Tampakan project is the biggest stalled mining... 

Keystone’s death means record oil revival for Canadian railways

By: Bloomberg     27th July 2016 Keystone was the great hope for opening US markets further to Canadian crude. Now that it’s dead, the railways are going to make not just a comeback, but transport more oil than ever before. The Keystone XL pipeline was set to carry heavy Canadian crude south from Hardisty, Alberta’s oil hub,... 

Fortescue sees Vale ore blending plan completed in near future

By: Bloomberg     27th July 2016 Fortescue Metals Group Ltd. is optimistic its iron ore blending project with Brazil’s Vale SA, the world’s top iron ore exporter, may be completed soon as better demand in China supports a price rally this year. “We’ve completed a lot of laboratory test work and that has been very positive and we... 

Fortescue sees Vale ore blending plan completed in near future
Fortescue CEO Nev Power

Clean-up at tragic Brazil mine fails to speed return of iron-ore

By: Bloomberg     27th July 2016 Just four months after a deadly November mudslide destroyed an entire mining community in southwestern Brazil, the companies responsible were working toward a resumption of iron-ore production by year end. As recently as March, hundreds of people left homeless by the disaster were sleeping in new... 

Clean-up at tragic Brazil mine fails to speed return of iron-ore

DiamondCorp gets DMR nod for Lace mining resumption

By: Natasha Odendaal     26th July 2016 JSE-listed DiamondCorp has resumed mining operations at its Lace diamond mine after receiving the go-ahead from the Department of Mineral Resources (DMR). The diamond mining, development and exploration company halted operations just over a week ago to have miners’ assistants undertake refresher... 

Buffalo Coal’s CEO, CFO resign

By: Anine Kilian     26th July 2016 Dual-listed Buffalo Coal CEO Malcolm Campbell and CFO and corporate secretary Sarah Williams have resigned. They will continue in their current roles for three months to facilitate the implementation of an orderly succession plan. 

Supply, demand fundamentals remain challenging – Kumba Iron Ore 

By: Martin Creamer     26th July 2016 While iron-ore prices seem to have stabilised, supply and demand fundamentals remain challenging, outgoing Kumba Iron Ore CEO Norman Mbazima said on Tuesday. Speaking at the Anglo American group company's presentation of interim results for the six months to June 30, Mbazima said that the global... 

Supply, demand fundamentals remain challenging – Kumba Iron Ore
Outgoing Kumba Iron Ore CEO Norman Mbazima outlines the current state of the company to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Nicholas Boyd.

Kefi to raise £3.8m

By: Natasha Odendaal     26th July 2016 Aim-listed gold hopeful Kefi Minerals has raised about £3.8-million to resettle the Tulu Kapi community in its vital next development step at the Tulu Kapi gold project, in Ethiopia. The £3.56-million net proceeds, combined with the company’s current £2.2-million working capital, will resettle... 

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