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Barrick Gold misses Q1 earnings forecast, to sell Chile copper mine

By: Henry Lazenby     Updated 2 hours 49 minutes ago The world’s largest gold producer by output Barrick Gold has missed Wall Street analyst’s average first-quarter earnings forecast, as lower metals prices and lower sales impacted the bottom line. For the three months ended March 31, TSX- and NYSE-listed Barrick reported net earnings of... 

Eastmain 'pleased as punch' on 2nd highest project grade in N America

By: Henry Lazenby     Updated 3 hours ago An updated mineral resources statement for TSX-listed Eastmain Resources’ Eau Claire gold deposit, part of the Clearwater project, located within the James Bay region of Quebec, had increased the compliant measured resources by 53% and confirmed the project as the second highest-grade exploration... 

Eastmain 'pleased as punch' on 2nd highest project grade in N America
Photo by Eastmain Resources
Visible gold at Eau Claire, Quebec.

Greek court gives boost to Eldorado gold mine development plans

By: Reuters     Updated 5 hours ago Greece's top administrative court on Monday rejected a 2013 decision by local authorities in northern Greece which had blocked Eldorado Gold's plans to build a processing plant in the area, court officials said. Canadian miner Eldorado has spent about $400-million at a gold mine in Skouries in... 

Rusal to start aluminium output at Russian project by June – CEO

By: Reuters Top aluminium producer United Company Rusal will start producing metal at its Boguchansk project, in Russia, by June and will ramp up output over the following year depending on demand, the company's chief executive said on Monday. Weak aluminium prices are forcing many producers to curtail... 

Rusal to start aluminium output at Russian project by June – CEO

UAE's Dubal Holding looks into buying stakes in energy projects

By: Reuters Dubal Holding, the holding company for Dubai's stake in Emirates Global Aluminium and other assets, is considering possible acquisitions in local and international energy projects, it said on Monday. The firm was looking for equity interests related to coal, solar, gas, and other alternative... 

UAE's Dubal Holding looks into buying stakes in energy projects

Vale taps Barclays to advise on Australian asset sale – sources

By: Reuters Brazil's Vale has chosen Barclays to advise it on the sale of some or all of its Australian coal assets, two people close to the situation said on Monday, as the company looks to raise money to ride out the commodities rout. 

Mongolia signals it will not pay $100m to Canadian miner

By: Reuters Mongolia signalled on Monday it will not abide by an international tribunal's order to pay more than $100-million to Canadian uranium explorer Khan Resources. A decision not to pay the sum, awarded to Khan in a incensing dispute, could set back efforts by the government of the landlocked Asian... 

Mongolia signals it will not pay $100m to Canadian miner

U3O8 Corp forms local partnership on concessions next to Argentina project

By: Henry Lazenby Canadian uranium explorer U3O8 Corp has signed an exploration agreement with the provincial petroleum and mining company of Chubut province, Argentina, which would allow it to explore properties located next to its own Laguna Salada uranium deposit. Should it succeed to define resources on the... 

Southern Copper reports lower Q1 profit as river spill clean-up costs mount

By: Henry Lazenby Mexican mining giant Grupo Mexico subsidiary Southern Copper has reported a 12.7% slide in profit for the three months ended March 31, as expenses related to the Sonora river spill last year impacted the bottom line. The NYSE- and BVL-listed miner reported net income of $282.4-million, which was... 

Southern Copper reports lower Q1 profit as river spill clean-up costs mount

Peru says it could ask for changes to Southern Copper project amid protests

By: Reuters Peru's energy and mines minister said on Friday the government could ask Southern Copper to make further changes to its $1.4-billion Tia Maria project if needed after protests by farmers turned deadly this week. Rosa Maria Ortiz said the government was focused on restarting talks with opponents... 

Energy adviser slams Eskom

By: Kim Cloete South African mining and energy adviser Ted Blom has raised a litany of concerns about the state of power utility Eskom and has warned of runaway costs and shortfalls in coal and water, as well as rail capacity. Blom was surprised by the recent buoyancy shown by Eskom acting CEO Brian Molefe, who... 

Energy adviser slams Eskom

Drilling kicks off at Burkina Faso gold project

By: Natasha Odendaal Canadian exploration company Savary Gold has started a 15 000 m drill programme at its Karankasso project, in Burkina Faso. The project was a joint venture between Savary and West Africa-focused gold explorer Sarama Resources. 

Zambia's 2015 fiscal deficit to exceed 4.6% of GDP – official

By: Reuters Zambia's fiscal deficit will exceed the targeted 4.6% of gross domestic product in 2015 due to weaker copper prices and changes to the mining tax regime, a senior Treasury official said on Friday. Mike Masiye, the director of budget in the ministry of finance, said copper prices had collapsed to... 

China plans new commodity superhighway, altering energy trade flow

By: Ilan Solomons China’s Go West strategy of encouraging coastal to inland flow of capital and people will result in the formation of a new commodity superhighway, says advisory firm Wood Mackenzie (Woodmac). This new superhighway will impact the energy trade flows within China and externally, through the new... 

China plans new commodity superhighway, altering energy trade flow
SUPERHIGHWAY The new superhighway will impact the energy trade flows within China and externally through the new Silk Road routes

Weak commodity outlook puts revenue diversification at top of Gama’s Transnet agenda

By: Terence Creamer Acting Transnet CEO Siyabonga Gama, who was appointed to the position following the surprise secondment of Brian Molefe to Eskom, has placed revenue diversification at the top of his list of immediate priorities, with the weak commodity outlook seen as having the potential to undermine the... 

 Weak commodity outlook puts revenue diversification at top of Gama’s Transnet agenda
Photo by Duane Daws
Acting Transnet CEO Siyabonga Gama

Firestone signs debt facility with RCF

By: Megan van Wyngaardt Aim-listed Firestone Diamonds has signed a $15-million standby debt facility with mining-focused private equity firm Resource Capital Fund (RCF) to satisfy one of the remaining conditions to the drawdown of its Absa debt facility, it told shareholders on Thursday. The purpose of the standby debt... 

Indonesian tin smelter slashes output; doubts raised on industry quota

By: Reuters Major Indonesian tin smelter PT Refined Bangka Tin (RBT) said it will slash output in April and May following a slump in prices of the solder material, although a key export group raised doubts about an industry wide effort to curb exports. Privately owned RBT will produce 200 t or less in May... 

Metgasco wins battle against NSW as court overturns drilling suspension

By: Esmarie Swanepoel The share price of ASX-listed Metgasco surged by about 46% on Friday as the New South Wales Supreme Court found in favour of the company in its battle against the state government’s cancellation of its Rosella exploration well. Metgasco turned to the Supreme Court last year after the New South... 

Mount Gibson reaffirms sales target, focuses on protecting cash flow

By: Esmarie Swanepoel Iron-ore junior Mount Gibson said on Friday that it would achieve its full-year sales target of between 4.8-million tonnes and 5.2-million tonnes, and reported that cash flows would be protected by further cost-cutting initiatives. “Mount Gibson continued to focus on capital preservation and... 

Petra plans $300m notes issue to fund R1.65bn overhaul of 58-yr-old Cullinan plant

By: Natalie Greve Jersey-headquartered Petra Diamonds plans to launch a $300-million notes issue and increase its senior lender debt facilities to fund the construction of a R1.65-billion processing plant at the Cullinan mine, in South Africa, by the end of 2017. The group outlined on Friday that it intended to... 

Petra plans $300m notes issue to fund R1.65bn overhaul of 58-yr-old Cullinan plant
Cullinan mine

Goldman Sachs bullish on SA

By: Creamer Media Reporter Creamer Media's Shannon de Ryhove speaks to Mining Weekly editor Martin Creamer about Goldman Sachs' bullishness on investment in South Africa. 

Goldman Sachs bullish on SA

Lynas shares up on significant cost reduction progress

By: Esmarie Swanepoel The share price of rare earths miner Lynas increased by more than 18% on Friday as the company revealed that its cost saving initiatives had resulted in greater-than-expected benefits. CEO Amanda Lacaze told shareholders this week that cost reduction initiatives had initially been forecast to... 

Lynas shares up on significant cost reduction progress

NUM plans to demand gold wage hikes of 75% – sources

By: Reuters South Africa's National Union of Mineworkers (NUM) is planning to submit demands to the gold sector next week calling for a 75-percent hike in the basic pay for entry-level workers, according to union sources familiar with the matter. "For the basic wage at the entry level, we are planning to... 

NUM plans to demand gold wage hikes of 75% – sources

Arch Coal announces board of directors succession plan

By: Henry Lazenby NYSE-listed Arch Coal on Thursday announced several changes to its board, in keeping with its planned succession process. President and CEO John Eaves had been elected chairperson and CEO effective immediately, succeeding Wesley Taylor, who would remain on the Arch board. 

Peabody's weak forecast eclipses cost-cutting plan

By: Reuters Coal miner Peabody Energy's forecast of a bigger-than-expected loss for the current quarter overshadowed the company's latest plan to cut costs, sending its shares to a near 13-year low. The company, which also reported a bigger-than-expected first-quarter loss, said on Thursday it plans to sell... 

Listing preferred option for Anglo's South Africa platinum mines – CEO

By: Reuters Anglo American favours a listing of some South African platinum mines as the most likely route to divesting those assets, the mining group's CE said on Friday. Platinum has been a problem for London and Johannesburg-listed Anglo American for some time, due to recurrent strikes and stubbornly weak... 

Newmont Mining posts profit well ahead of estimate

By: Reuters Newmont Mining, the world's number two gold miner, reported an adjusted quarterly profit that was double the analysts' average estimate, helped by lower costs. All-in sustaining costs to produce one ounce of gold fell nearly 18% to $849 in the first-quarter ended March 31. This cost metric,... 

Canada's Sherritt says strike at Madagascar plant resolved

By: Reuters Diversified Canadian miner Sherritt International Corp said the strike at its Ambatovy plant near Toamasina, Madagascar, had been resolved and normal operations had resumed. Last week, some of Sherritt said employees went on strike at the processing plant, but did not specify a particular reason... 

SA mines not resting on their laurels despite 2014 fatality figure being the lowest ever

By: Ilan Solomons The South African mining industry has made significant strides in the past 50 years to improve health and safety standards, with 2014 culminating in the lowest fatality figure ever recorded. Nonetheless, the 281 dependants of the 84 miners who were fatally injured last year remained without a... 

SA mines not resting on their laurels despite 2014 fatality figure being the lowest ever

Evolution buys NZ gold project

By: Esmarie Swanepoel Just days after acquiring private miner La Mancha’s Australian assets, gold miner Evolution Mining has inked another transaction to acquire the Puhipuhi project, in New Zealand. ASX-listed De Grey Mining reported this week that it would receive some A$370 000 in exchange for the Puhipuhi project. 

Iron Mountain takes ownership of JVs

By: Esmarie Swanepoel ASX-listed junior Iron Mountain Mining has taken full ownership of the Miaree and Blythe joint ventures (JV), paying JV partner Red River Resources a ‘nominal’ fee. Iron Mountain said on Friday that as a result of the acquisition, both JVs would be terminated, and would allow Iron Mountain the... 

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