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Export earnings to decline in 2014/15, but outlook still positive – BREE

By: Esmarie Swanepoel     Updated 50 minutes ago Softer commodity prices would result in a 1.4% decrease to Australia’s mineral and export commodity earnings during 2015, the Bureau of Resources and Energy Economics (BREE) reported on Friday. During 2014/15, mineral and energy commodity export earnings would fall to A$192-billion, compared... 

Mirabela says Q3 production solid

By: Esmarie Swanepoel     Updated 59 minutes ago Embattled nickel miner Mirabela Nickel has reported a solid quarter, despite being in administration. Production during the three months to the end of September reached 2 628 t of nickel in concentrate. This compares with 2 767 t produced during the previous quarter. 

Red River raises cash to further Kagara assets

By: Esmarie Swanepoel     Updated 1 hour 22 minutes ago ASX-listed junior Red River Resources has raised A$3.6-million through a share placement to fund project development activities and the restart of exploration at its Southern Region assets, in Queensland. The company said on Friday that some 20-million shares would be placed, at a price of 18c... 

PanTerra investigates other gold opportunities

By: Esmarie Swanepoel     Updated 1 hour 32 minutes ago Gold miner PanTerra Gold on Friday told shareholders that it was reviewing a number of acquisition or merger opportunities, and was currently contemplating five specific mine developments, as its Las Lagunas mine continued to deliver below expectations. An earlier review process had revealed... 

IFC backs Peak's rare earths project

By: Esmarie Swanepoel     Updated 1 hour 45 minutes ago The International Finance Corporation (IFC) has signed on to ASX-listed Peak Resources’ Ngualla rare earths project, in Tanzania, by joining a consortium with Appian Natural Resources Fund. In September, Peak announced that Jersey-based private equity investor Appian had agreed to a total... 

Mining companies Down Under being forced to call in administrators, shed jobs as commodity prices decline

By: Esmarie Swanepoel     Updated 1 hour 53 minutes ago While largely living up to its popular nickname the ‘Lucky Country’ by remaining relatively untouched by the global financial crisis, Australia – and more specifically its resources sector – has not been immune to falling commodity prices. The declining prices of coal and iron-ore, in particular,... 

Mining companies Down Under being forced to call in administrators, shed jobs as commodity prices decline

TNG raises cash for Mt Peake studies

By: Esmarie Swanepoel     Updated 1 hour 57 minutes ago Vanadium developer TNG would raise some A$5-million under a capital raising to institutional and sophisticated investors. The ASX-listed company would issue some 50-million shares, at a price of 10c each, to raise the capital, which would be used to complete the feasibility study on the Mount... 

BHP sets sights on another $3.5bn in yearly productivity gains

By: Esmarie Swanepoel     Updated 2 hours ago Mining giant BHP Billiton said on Friday that it was targeting further productivity gains, with the company operating more like an advanced manufacturer than a traditional resource company. “By the end of the 2017 financial year, we are targeting at least $3.5-billion of additional annualised... 

BHP sets sights on another $3.5bn in yearly productivity gains

Alcoa agrees to sell majority interest in S Carolina aluminium smelter

By: Henry Lazenby Alcoa has agreed to sell its 50.3% stake in the Mt Holly aluminium smelter, in Goose Creek, South Carolina, to  its 49.7%-partner Century Aluminium, further trimming its primary aluminium production capacity as part of efforts to establish a low-cost portfolio of smelters. The US-based integrated... 

Massive gold nugget goes on sale for $400 000 in San Francisco

By: Reuters A huge gold nugget dug up in Northern California earlier this year that is believed to be the largest privately held piece of its kind from the state was offered for $400 000 on Thursday, said the president of the company behind the sale. The chunk of gold, which is larger than a human palm and... 

BC tables amendment to Mine Act allowing more time to investigate, charge offenders

By: Henry Lazenby The British Columbia government on Thursday tabled proposals to amend the provincial Mines Act to give investigators and Crown Counsel more time to investigate violations under the Act and bring charges if necessary. Energy and Mines Minister and Minister Responsible for Core Review Bill Bennett... 

Vale lifts Q3 iron-ore output to historic highs

By: Henry Lazenby Diversified Brazil-based miner Vale on Thursday reported record iron-ore output for the third quarter ended September 30, boosted by quarter-on-quarter gains in all its business segments. Vale said iron-ore output was 85.7-million tonnes in the period, underpinned by the ramp-ups of Plant 2 at... 

Vale lifts Q3 iron-ore output to historic highs

Chile Congress gives green light to Codelco capitalisation

By: Reuters Chile's Congress approved late Wednesday the government's capitalisation plan for Codelco, which will see the state copper firm receive $4-billion over the next five years to help fund an ambitious investment programme. The Chilean government announced in August that it planned to give Codelco,... 

Hochschild’s Q3 output down, working to overcome construction delays at Peru project

By: Henry Lazenby Latin America-focused precious metals producer Hochschild Mining on Thursday said attributable output for the three months ended September 30 fell 24% to 4.8-million silver-equivalent ounces, mainly owing to no contribution from the depleted Ares mine, in Peru. Despite output being lower than the... 

PotashCorp reports lower Q3 income on higher taxes, disappointing offshore investments

By: Henry Lazenby The world’ largest fertiliser company Potash Corp of Saskatchewan on Thursday reported lower third-quarter earnings for the three months ended September 30, as increased taxes and a disappointing performance from its offshore investments weighed on results. The Saskatoon, Saskatchewan-based miner... 

PotashCorp reports lower Q3 income on higher taxes, disappointing offshore investments

Foster Wheeler completes acquisition of MDM Engineering

By: Leandi Kolver Global engineering and construction company Foster Wheeler on Thursday announced that an indirect wholly owned subsidiary of the company had completed its acquisition of metallurgical engineering company MDM Engineering. MDM would now become part of Foster Wheeler’s minerals and metals group. 

ABG Q3 production up 16%, AISC continues decline

By: Leandi Kolver Tanzania-focused gold producer African Barrick Gold (ABG) increased its production for the three months ended September 30, by 16% year-on-year, while all-in sustaining costs (AISC) declined for the eight successive quarter. ABG CEO Brad Gordon said the company’s production amounted to 190 986 oz... 

AMCU members down tools at Lace mine

By: Natasha Odendaal Workers at DiamondCorp’s Lace mine, in the Free State, downed tools on Thursday in an Association of Mineworkers and Construction Union- (AMCU-) led protest against the Aim-listed company’s refusal to employ two full-time salaried shop stewards. DiamondCorp said in an update to shareholders that... 

AMCU members down tools at Lace mine
Lace mine

Rise in Q2 hedging volumes not indicator of trend

By: Natasha Odendaal The significant jump in the volume of hedging activities during the second quarter of the year was not an indication of a secular shift in producer sentiment to hedge gold production, Societe Generale and Thomson Reuters GFMS said this week. The duo’s second-quarter Global Gold Hedge Book... 

Zuma says govt seriously mulling Operation Phakisa for mining sector

By: Leandi Kolver President Jacob Zuma on Thursday reiterated that government was seriously considering a mining-focused Operation Phakisa phase. Minister in the Presidency Jeff Radebe earlier this year, at the Mining Lekgotla, noted that an Operation Phakisa for the mining sector was on its way, with... 

Zuma says govt seriously mulling Operation Phakisa for mining sector
Photo by Duane Daws
President Jacob Zuma

Northam Platinum’s funded R6.6bn BEE deal

By: Creamer Media Reporter Creamer Media's Shannon de Ryhove speaks to Mining Weekly editor Martin Creamer about Northam Platinum’s fully funded R6.6-billion black economic-empowerment deal. 

Northam Platinum’s funded R6.6bn BEE deal

Less Eskom coal, fewer S African diamonds, less refined platinum, lower iron-ore sales – Anglo

By: Martin Creamer Diversified mining company Anglo American on Thursday reported 12% lower coal production for South Africa’s State electricity utility Eskom, 31% less refined platinum production, 4% lower iron-ore exports and fewer diamond carats from South African diamond mines, in the three months to September... 

Less Eskom coal, fewer S African diamonds, less refined platinum, lower iron-ore sales – Anglo
Photo by Duane Daws
Anglo CEO Mark Cutifani

South Africa's main coal terminal stops releasing export data

By: Reuters South Africa's Richards Bay Coal Terminal (RBCT), the largest in the world, has stopped publishing monthly operational updates detailing shipments of coal because it is "competitive information", its chief executive said on Thursday. "This information is commercial, it's a competitive... 

South Africa's main coal terminal stops releasing export data
Photo by Leandi Kolver
Richard Bay Coal Terminal

Kumba Q3 output up 37% y/y

By: Creamer Media Reporter Kumba Iron Ore lifted its output by 37% year-on-year and 13% quarter-on-quarter to 13-million tonnes in the quarter ended September 30. The Sishen mine produced 9.3-million tonnes of iron-ore in the quarter – up 44% on that produced in the third quarter of 2013 and 11% higher than that produced... 

With five projects in its fold, Northern Star output surges

By: Esmarie Swanepoel Gold miner Northern Star Resources has continued the trend of record quarterly production, as production surged following the incorporation of its five projects. During the three months to September, Northern Star recovered 147 884 oz of gold, compared with the 114 780 oz recovered in the... 

Elemental halves Congo capex in refigured project plan

By: Esmarie Swanepoel Potash developer Elemental Minerals on Thursday announced a new capital estimate of $908-million for the development of its Sintoukola sylvinite (Kola) project, in the Republic of Congo. This compares with an initial capital estimate of $1.85-billion in the 2012 prefeasiblity study (PFS), which... 

Govt-ordered Ranger mine spill report published

By: Esmarie Swanepoel The federal and Northern Territory governments have released the findings of an independent expert report into the leach tank failure at uranium miner Energy Resources of Australia (ERA’s) Ranger mine, in the Northern Territory. The government-ordered independent report, released this week, has... 

Atlas Iron responds to changing market with accelerated cost-savings plan

By: Esmarie Swanepoel Iron-ore miner Atlas Iron on Thursday said its expected its cost savings for 2015 to be higher than previously thought, as the company’s cash-cost initiatives surged during the three months to September. Atlas on Thursday told shareholders that all-in costs for the September quarter had reached... 

Atlas Iron responds to changing market with accelerated cost-savings plan

Maules Creek to rail ahead of schedule

By: Esmarie Swanepoel First coal from the Maules Creek operation, in New South Wales, was expected to be railed in January next year, more than two months ahead of schedule, owner Whitehaven Coal reported on Thursday. The ASX-listed miner said that the acceleration of the first coal railing was owing to the strong... 

Cape Lambert granted mining licence at Marampa

By: Esmarie Swanepoel ASX-listed Cape Lambert on Thursday announced that it had been granted a mining licence for its own Marampa iron-ore project, in Sierra Leone. “I am delighted that the Ministry of Mineral Resources has finally approved the grant of Marampa’s mining licence so that we can get on with the process... 

Newcrest advances Cadia East

By: Esmarie Swanepoel Gold miner Newcrest Mining would now shift its development focus at the Cadia East operation to the propagation of Panel Cave 2, following the safe propagation of Panel Cave 1 this week. “Newcrest has developed world-class expertise in bulk underground mining techniques gained from the... 

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