R/€ = 16.70 Change: 0.08
R/$ = 14.40 Change: 0.12
Au 1231.41 $/oz Change: 13.10
Pt 849.00 $/oz Change: 9.28

Latest News

Copper Mountain production in line with expectations

By: Creamer Media Reporter      12th October 2018 The Copper Mountain mine, in southern British Columbia, performed in line with expectations in the quarter ended September 30, producing 18.3-million pounds of copper 7 500 oz of gold and 64 900 oz of silver. The company has guided that the third-quarter copper production would be 10% lower than... 

TomaGold creates executive chair position

By: Creamer Media Reporter      12th October 2018 Canadian explorer TomaGold, which is in joint ventures with Iamgold and Goldcorp, has created a new role of executive chairperson and appointed Robert Rosner to the position. Rosner will be primarily responsible for overseeing, promoting and facilitating the company’s strategic plans and... 

Golden Arrow branches out into Chile

By: Creamer Media Reporter      12th October 2018 TSX-V-listed Golden Arrow is expanding into Chile with the acquisition of the 3 450 ha advanced Atlantida copper/gold project. Atlantida combines mineral rights from two separate owners and includes an extensively drilled copper/gold deposit with an historic resource estimate. By consolidating... 

Fortuna Silver lifts Q3 output, reports San Jose contingency pond overflow

By: Mariaan Webb     12th October 2018 Latin American miner Fortuna Silver has reported improved third-quarter silver and gold output and is on schedule to meet its production guidance for the year, the NYSE- and TSX-listed company reported on Thursday. Compared with the third quarter of 2017, Fortuna’s silver production increased by... 

Rio Tinto to take hit on legacy alumina contracts

By: Esmarie Iannucci     12th October 2018 Diversified miner Rio Tinto has warned of a $178-million impact on its financials during the first half of 2018, due to its legacy alumina contracts. The miner supplies some 2.2-million tonnes of alumina under legacy contracts, which are priced at a percentage of the benchmark aluminium price. 

Rio Tinto to take hit on legacy alumina contracts

TerraCom looks at increased output at BNU

By: Esmarie Iannucci     12th October 2018 oal junior TerraCom on Friday revealed the potential to expand production at its Baruun Noyon Uul (BNU) coking coal mine, in Mongolia, to three-million tonnes a year. TerraCom told shareholders that following an extensive exploration programme, the company has compiled a detailed execution plan... 

Troy production slumps in Sept quarter

By: Esmarie Iannucci     12th October 2018 Gold miner Troy Resources has reported a slight drop in gold production during the three months to September, compared with the previous quarter. During the three months under review, Troy produced 18 991 oz of gold from its Karouni operation, in Guyana, compared with the 19 510 oz produced in... 

Canyon to take full ownership of Cameroon project

By: Esmarie Iannucci     12th October 2018 ASX-listed Canyon Resources has inked a letter of intent with its joint venture partner Altus Strategies to gain full ownership of the Birsok bauxite project, in Cameroon. Under the agreement, Canyon would issue Altus 15-million ordinary shares, and a further 100-million some 12 months after the... 

Fire still burning at Peabody’s North Goonyella

By: Esmarie Iannucci     12th October 2018 US coal producer Peabody has issued force majeure notices to coal customers and certain of its vendors at the North Goonyella mine, in Queensland, as the company continues to work to extinguish a fire. The US miner at the start of last week started implementing a multi-tiered plan to extinguish... 

Malaysian minister offers to step down from review of Lynas rare earth plant

By: Reuters     12th October 2018 The Malaysian minister in charge of a committee reviewing Australian rare earth miner Lynas Corp's plant has offered to step down following company criticism that she would not be impartial. Malaysian Deputy Minister to the Prime Minister's Office Fuziah Salleh said in a statement on Friday that... 

Gold comes alive in biggest jump since 2016 after equities roiled

By: Bloomberg     12th October 2018 Gold may have finally snapped out of its inertia. On Thursday, prices posted the biggest gain since June 2016, when the UK voted to exit the European Union, after a slump in global equity markets stoked demand for the metal as a store of value. Bullion received another shot in the arm after data... 

Lithium leaders tout bright EV future after tough trading debut

By: Bloomberg     12th October 2018 The market for lithium will remain tight through 2025 as producers struggle to lift output fast enough to meet demand for the material that’s essential in making batteries for electric vehicles (EVs), according to the sector’s newest public company, Livent. “We think demand is going to grow... 

Congo miners seek concessions in new code as arbitration on hold

By: Bloomberg     12th October 2018 Miners in the Democratic Republic of Congo are seeking concessions under the nation’s new industry code and holding off challenging it through arbitration, in the hope they can still wring out a compromise in the world’s main source of cobalt and Africa’s biggest copper producer. Producers... 

Congo miners seek concessions in new code as arbitration on hold
Kibali gold mine

Eskom optimistic plan to boost coal stocks will prevent power outages

By: Paige Müller     12th October 2018 The continuing coal supply shortage at State-owned power utility Eskom Holdings is considered a crisis by industry commentators. Although conceding that it “is not an ideal situation”, Eskom has assured Parliament that it is implementing a recovery plan to prevent any unplanned capacity loss.... 

Eskom optimistic plan to boost coal stocks will prevent power outages

Mining Weekly iPhone and Android Apps available for free download 

12th October 2018 Creamer Media’s readers continue to be part of the mobile revolution.  Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers a app for iPhone and Android users.  These apps offer... 

Mining Weekly iPhone and Android Apps available for free download

Water shortage an emerging challenge for mines

By: Natasha Odendaal     12th October 2018 With water a critical resource across all mining and quarrying developments and operations, water scarcity is adding an extra layer to the challenges faced by South African miners. Water management is steadily emerging as the pre-eminent sustainability issue within the global energy and mining... 

Minto idled as Pembridge struggles to close acquisition

By: Mariaan Webb     11th October 2018 LSE-listed Pembridge said on Thursday that it would renegotiate the acquisition terms for the Minto openpit mine and that Capstone Mining would implement a phased care-and-maintenance programme at the Canada-based mine until the acquisition can be closed. Pembridge stated that market conditions... 

Minto idled as Pembridge struggles to close acquisition
The Minto mine.

Endeavour Silver to miss 2018 guidance

By: Mariaan Webb     11th October 2018 Mexico-focused miner Endeavour Silver warned on Thursday that it would fall short of its 2018 production guidance and that its costs would also be affected, citing delayed commercial production at its El Compas mine, lower grades at Bolañitos and lower mine output at Guanaceví. In the third... 

Caledonia lowers 2018 production guidance, but remains on track with 2021 production target

By: Marleny Arnoldi     11th October 2018 NYSE-, Aim- and TSX-listed Caledonia Mining produced 13 978 oz gold from its Blanket mine, in Zimbabwe, during the quarter ended September 30. This is 10% above the output achieved in the second quarter but 3% below that of the third quarter of 2017.  

Transnet tests world’s longest manganese production train

By: Marleny Arnoldi     11th October 2018 Transnet Freight Rail (TFR) has successfully run a 375-wagon manganese train over a distance of 861 km from Sishen to Saldanha Bay. This formed part of the testing of the 4-km-long train, which will, once in operation, be a production train with the highest number of wagons in the world, and the... 

Mining Indaba intensely focused on driving capital into African mining 

By: Martin Creamer     11th October 2018 An investment pavilion will be introduced at the upcoming Investing in African Mining Indaba to drive capital into African mining with even greater intensity, MD Alex Grose said on Thursday. Speaking to Mining Weekly Online during a media roundtable, Grose also revealed that more time would be... 

Mining Indaba intensely focused on driving capital into African mining
Investing in African Mining Indaba MD Alex Grose spoke to Mining Weekly Online’s Martin Creamer about the upcoming event. Video, Video Editing and Photographs: Darlene Creamer

Altus to transfer Cameroon licences to Canyon

By: Marleny Arnoldi     11th October 2018 Aim- and TSX-V-listed Altus Strategies has signed a letter of intent with ASX-listed Canyon Resources to terminate its existing bauxite joint venture agreement with Canyon and to transfer 100% of Altus’ interest in the Birsok and Mandoum licences to Canyon. In return, Altus will receive up to... 

Vast granted licence for Baita Plai mine

By: Mariaan Webb     11th October 2018 Romania has granted Aim-listed miner Vast Resources a licence to operate the Baita Plai mine, paving the way for the company to reopen the polymetallic mine that was placed on care-and-maintenance in 2013. Vast, which this week announced that The National Agency for Mineral Resources had approved... 

Evicted Kenyans demand compensation after mining firm exits

By: Reuters     11th October 2018 Nathaniel Tumo was astounded when an excavator arrived at his farm in western Kenya four years ago and started digging for minerals, almost bringing down his house. "They started blasting a few metres away and the stones fell on my house," said Tumo, 62, his breath laboured from living alongside... 

Acacia Mining says employee in Tanzania charged with corruption

By: Reuters     11th October 2018 London-listed Acacia Mining said on Thursday an employee at its North Mara mine in Tanzania was charged with corruption but plead not guilty and has been granted bail. The employee was "responsible for signing cheques for approved payments made by NMGML at the time, including a cheque regarding... 

Erris appoints investment banker as CEO

By: Creamer Media Reporter      11th October 2018 Europe-focused explorer Erris Resources has appointed investment banker Anton du Plessis as CEO, succeeding Merlin Marr-Johnson, who on Thursday resigned as director and elected to step down. Erris, which has a portfolio of zinc and base metals projects in Ireland and gold projects in Sweden,... 

Anglo Asian sees FY output at upper-end of guidance

By: Mariaan Webb     11th October 2018 An “excellent” third quarter has positioned Anglo Asian to not only meet its 2018 production guidance, but to achieve the upper-end of its target range of 78 000 oz to 84 000 oz of gold equivalent. The London-listed miner, which operates the Gedabek mine in Azerbaijan, on Thursday reported... 

Anglo Asian sees FY output at upper-end of guidance
Anglo Asian's Gedabek mine

China swoops in on Canadian oil that's $50 below US crude

By: Bloomberg     11th October 2018 Chinese oil buyers are making a beeline for a bargain across the Pacific. With Canadian oil over 60% cheaper than US benchmark West Texas Intermediate and global marker Brent, China’s refiners are being lured to the heavy, sludgy crude. That’s because – apart from being a source of fuel – it’s... 

Opec sees weaker demand for its crude next year as rivals surge

By: Bloomberg     11th October 2018 Opec is under intense pressure right now from consumers to ease prices by pumping more crude, but for 2019 it sees a more doubtful picture. The cartel cut its estimate for global demand for its crude next year due to weakening economic growth and higher output from rivals, notably US shale... 

Ramaphosa treads 'softly-softly' in South Africa power play 

By: Bloomberg     11th October 2018 President Cyril Ramaphosa is caught in an intricate game of political chess as he seeks to stamp his authority on the government while maintaining a semblance of party unity before elections next year. While his finance minister and political ally, Nhlanhla Nene, resigned Tuesday after lying... 

Ramaphosa treads 'softly-softly' in South Africa power play
Cyril Ramaphosa and Tito Mboweni

Gold gets ignored as global equity rout fails to fire up havens

By: Bloomberg     11th October 2018 Equities are plummeting, President Donald Trump says the Federal Reserve’s gone ‘loco’ and the trade war’s heating up, yet traditional havens in times of trouble such as gold are not getting any love. The biggest selloff in equities since February rolled through Asia and into Europe on Thursday,... 

Drought forces two-month closure of Leagold Brazil mine

By: Mariaan Webb     11th October 2018 Latin America-focused Leagold on Wednesday announced a two-month shutdown of its RDM mine, in Brazil, citing continued regional drought conditions. In 2017, the RDM mine was closed on August 11 and restarted, on an intermittent basis, in early November with the onset of the region's rainy season. 

Tribe opposes Midas’ proposed Stibnite project

By: Mariaan Webb     11th October 2018 The Nez Perce Tribe has formally adopted a resolution opposing the Stibnite gold project, that TSX-listed Midas Gold is advancing in the Valley county, Idaho, over concerns relating to the potential impact of mining on natural resources. Midas CEO Stephen Quin has expressed the company’s... 

Chile studying possible lithium trade on LME

By: Reuters     11th October 2018 Chile has called for lithium to be traded on the London Metals Exchange to provide greater "clarity" about its value, Mining Minister Baldo Prokurica said on Wednesday. At present, lithium producers negotiate contracts with buyers but the terms of the deals are not made public. Critics say this... 

Chile studying possible lithium trade on LME

SQM controlling shareholder moves to block stake sale to China's Tianqi

By: Reuters     11th October 2018 The controlling shareholder in Chilean lithium producer SQM on Wednesday filed suit with Chile's Constitutional Court to block a deal allowing the sale of nearly one-fourth of the miner to China's Tianqi Lithium. The lawsuit alleges that Chile's antitrust court last week failed to follow due... 

Chile's Supreme Court signals death knell for Kinross gold mine

By: Reuters     11th October 2018 Chile's Supreme Court upheld an environmental order for a gold mine owned by Canada's Kinross Gold Corp to close its water pumping wells, the environmental regulator said on Wednesday, bringing the curtain down on a long-running dispute that sparked the Toronto-based miner's retreat from Chile.... 

A$60m Mt Carlton underground mine wins board approval

By: Esmarie Iannucci     11th October 2018 The board of gold miner Evolution Mining has approved the A$60-million development of the Mt Carlton underground mine, in Queensland. The miner on Thursday told shareholders that the start of the underground development would require regulatory approvals, and submissions to the Department of... 

A$60m Mt Carlton underground mine wins board approval
Photo by Bloomberg
Evolution chairperson Jake Klein

Court-ordered Escobal consultation to begin

By: Mariaan Webb     11th October 2018 The court-ordered ILO 169 consultation process with the Xinka communities over the Escobal mine is set to begin, precious metals miner Tahoe Resources reported on Wednesday, adding that Stage 1 of the consultation process could be concluded in one month. On Tuesday, the Guatemala Constitutional... 

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