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Latest News

Indian oil firms shift focus to Israel from Iran amid changing geopolitics

By: Ajoy K Das     20th November 2017 Changing geopolitical alignments and receding investment prospects in Iran are prompting a consortium of Indian oil companies to push for domestic energy security through wider exploration and production projects in Israel and Latin American countries. With the $5-billion investment offer to... 

Bushveld’s Vametco subsidiary achieves solid Q3 performance

By: Mia Breytenbach     20th November 2017 Aim-listed Bushveld Minerals’ Bushveld Vametco subsidiary put in a solid performance for the third quarter ended September 30, which was supported by a rising vanadium price that traded at an average of $39.40/kg. Bushveld Minerals and Yellow Dragon Holdings in April jointly acquired Bushveld... 

Gold Road locks in portion of Gruyere’s production

By: Creamer Media Reporter      20th November 2017 Gold development and exploration company Gold Road, which is building the Gruyere gold mine in a joint venture with South Africa’s Gold Fields, has entered into forward sales with two major banks for up to 200 000 oz of Australian dollar denominated forward sales. To date, the company has locked... 

Savannah completes construction of Mutamba pilot plant, commissioning under way

By: Mia Breytenbach     20th November 2017 Aim-listed resource development company Savannah Resources has completed construction of the pilot plant for its bulk metallurgical test work programme at the Mutamba mineral sands project, in Mozambique. The Mutamba project, located in the Gaza and Inhambane provinces, is being developed in a... 

Savannah completes construction of Mutamba pilot plant, commissioning under way
The Mutamba mineral sands project, in Mozambique

Hernic’s improved performance in October sets pace for Q4

By: Megan van Wyngaardt     20th November 2017 The performance of dual-listed Jubilee Platinum’s Hernic operations improved significantly in October, with 45 596 t of material processed to produce 1 427 oz of platinum-group metals (PGMs) – a 22% month-on-month increase. Jubilee noted that this was in line with the company’s current focus on... 

Crusader appoints former Stratex MD, plans London listing

By: Mariaan Webb     20th November 2017 ASX-listed gold play Crusader Resources on Monday announced the appointment of Marcus Engelbrecht as MD and said a planned secondary listing on the Aim to capture the benefits of the thwarted merger with Stratex International. Engelbrecht left the employment of Aim-listed Stratex earlier this... 

Crusader appoints former Stratex MD, plans London listing

Wet commissioning of Yanfolila CIL circuit under way

By: Creamer Media Reporter      20th November 2017 Wet commissioning of the carbon-in-leach (CIL) circuit at Aim-listed Hummingbird Resources’ Yanfolila mine, in Mali, has started ahead of the planned first gold pour by year-end. The precommissioning of the installed ball mill, as well as the commissioning of the raw water supply for the... 

Employee dies in fall-of-ground-related incident at Harmony's Masimong mine

     20th November 2017 An employee at Harmony Gold's Masimong mine, in the Free State, was killed in a fall-of-ground-related incident on Saturday. An investigation into the accident is under way. 

Operations at Santacruz’s Veta Grande Mill temporarily suspended

By: Samantha Herbst     20th November 2017 The Mexican Environmental Protection Agency (Profepa) has issued a notice temporarily suspending operations at TSX-V-listed Santacruz Silver Mining’s Veta Grande Mill until appropriate documentation has been filed with regulatory bodies confirming that Santacruz’s Mexican operating subsidiary,... 

Crater Gold secures funding for PNG works programme

By: Megan van Wyngaardt     20th November 2017 ASX-listed Crater Gold Mining has secured a $4-million unsecured loan facility with major shareholder Freefire Technology that will enable it to continue to advance its flagship Crater Mountain gold project, in Papua New Guinea. The loan will be used to restart exploration activities at the mine,... 

MRC enters into JV to explore for graphite in WA

By: Creamer Media Reporter      20th November 2017 ASX-listed Mineral Commodities (MRC) has entered the battery materials market, announcing on Monday that it had executed a farm-in and joint venture (JV) agreement to explore for graphite in Western Australia. The Munglinup JV with Gold Terrace provides for exploration and development of a... 

Lucapa sells 4 126 ct parcel for A$9.6m

By: Megan van Wyngaardt     20th November 2017 ASX-listed Lucapa Diamond Company sold 4 126 ct of diamonds, achieving proceeds of A$9.6-million at its eighth alluvial diamond sale for the year. Sold in conjunction with its partners, Empresa Nacional de Diamantes and Rosas & Petalas, the diamonds from the Lulo project in Angola averaged A$2... 

Lucapa sells 4 126 ct parcel for A$9.6m
Photo by Lucapa
The latest sale parcel from the Lulo mine

Copper Mountain to acquire Altona in A$93m deal

By: Megan van Wyngaardt     20th November 2017 TSX-listed Copper Mountain Mining Corporation (CMMC) on Monday announced that it would buy ASX-listed Altona Mining for A$93-million, giving the company access to the undeveloped Cloncurry copper project, in Queensland. The project holds a measured and indicated mineral resource containing more... 

Copper Mountain to acquire Altona in A$93m deal

Queensland’s Capricorn copper mine reopens

By: Creamer Media Reporter      20th November 2017 he Capricorn copper mine, in near Mount Isa, in Queensland, has produced its first copper concentrate and has officially been declared open. The mine, jointly owned by private equity fund EMR Capital and mining group Lighthouse Minerals, will produce about 30 000 t/y of copper in concentrate over... 

Mali expects industrial gold mining to beat 2017 forecasts

By: Reuters     20th November 2017 Industrial gold production in Mali, Africa's third biggest producer, is on track to exceed earlier forecasts for this year, a government official said on Friday. Mali's industrial miners produced 46.9 t of gold last year, but the government said in May that production in 2017 would slip to about... 

Duterte spokesman says ban on openpit mining remains

By: Reuters     20th November 2017 Philippine President Rodrigo Duterte has not lifted a ban on open pit mining, his spokesman said on Monday, amid plans by a government panel to seek the removal of the policy. "I assure you that this is one of the instances when I personally asked the President if there's been a change in... 

23c-a-share offer for Finders opens

By: Mariaan Webb     20th November 2017 The offer period for ASX-listed Finders Resources is open, after the special purpose vehicle (SPV) for a group of Indonesian investors, Eastern Field Developments, on Monday displaced its bidder’s statement. The offer of A$0.23 a share will close on December 20, unless it is extended of withdrawn. 

Mt Peake business case improved in updated feasibility study

By: Mariaan Webb     20th November 2017 An updated feasibility study and financial model for the Mount Peake vanadium/titanium/iron project in the Northern Territory have lowered capital costs and improved financial parameters, setting the stage for strategic metals company TNG to move ahead and secure project funding. The updated... 

Brazil's Vale denies postponing sale of New Caledonia mine stake

By: Reuters     20th November 2017 Brazil's Vale SA in a securities exchange filing on Monday denied that it had decided to postpone the sale of a stake in the New Caledonia nickel mine, saying it is continuing to look for a partner. Reuters reported on Friday, citing sources, that the mining major would postpone the sale for up... 

Tesla truck supercharges hopes for boom in battery metals demand

By: Bloomberg     19th November 2017 Tesla’s plans to roll out an all-electric big rig have given a fresh jolt to the outlook for battery metals that will go into powering the truck founder Elon Musk is calling “The Beast.” Banks including Goldman Sachs Group, UBS Group and Bank of America are already forecasting a surge in demand... 

BHP-Vale deal distances Brazil mine from $53bn in lawsuits

By: Bloomberg     19th November 2017 It came down to the wire, but BHP Billiton, Vale SA and their Samarco joint venture managed to close a deal with prosecutors that distances the companies from 175-billion reais ($53-billion) in lawsuits. Their lawyers filed documents late Thursday requesting that the presiding judge suspend two... 

BHP-Vale deal distances Brazil mine from $53bn in lawsuits

NUM postpones planned coal sector strike

By: Creamer Media Reporter      17th November 2017 The National Union of Mineworkers (NUM) will postpone its planned strike in the coal sector, as some coal companies have decided to table new offers to NUM members. The union on Friday said the coal companies would present the new wage offers on Monday, after which the union would decide to... 

Alrosa Q3 net profit halves on losses from flooded mine

By: Reuters     17th November 2017 Alrosa, the world's largest producer of rough diamonds, said third-quarter net profit has halved to 12.95-billion roubles from the year-ago period, caused by losses related to a flooded underground mine. The company said it incurred losses worth 7.38-billion roubles from the flooded mine Mir. 

Brazil's Samarco mine sees need to cut staff by 600

By: Reuters     17th November 2017 Brazilian iron-ore miner Samarco has told unions it needs to cut 600 workers by December, the joint venture between Brazil's Vale and Anglo-Australian miner BHP Billiton said in a statement on Friday. Samarco said it would resume talks with unions Metabase Mariana and Sindimental on Friday... 

Sampling confirms lithium in Namibia – Montero

By: Martin Creamer     17th November 2017 Exploration and development company Montero, which is putting mineralisation to the test in Namibia in search of a lithium resource, on Friday confirmed the presence of the soft silver-white metal in central Namibia. “Montero’s first channel sampling programme has confirmed lithium,” Montero CEO... 

Sampling confirms lithium in Namibia – Montero
Montero CEO Dr Tony Harwood

Corsa sees sales volume growth for sixth consecutive quarter

By: Anine Kilian     17th November 2017 Even though the global supply chain for metallurgical coal remains challenged and prone to disruption, strong steel pricing and production levels have helped to sustain a high level of demand for raw materials, which include metallurgical coal, according to Corsa Coal CEO George Dethlefsen. In a... 

Botswana Diamonds positive about potential at South African project

By: Anine Kilian     17th November 2017 A detailed ground geophysical survey undertaken on eight Group 1 kimberlites at Aim-listed Botswana Diamonds’ Free State exploration project, which is located between Bloemfontein and Kimberley, in South Africa, has indicated that the sizes of these kimberlites range from 0.3 ha to 1.15 ha. The... 

Eskom tariff hike a threat to mining jobs – CoM

By: Natasha Odendaal     17th November 2017 The Chamber of Mines (CoM) on Friday opposed State-owned power utility Eskom’s proposed 19.9% tariff increase application, stating that the increase would send South Africa into a vicious downward spiral of higher electricity prices, lower growth and lower electricity consumption. Presenting at... 

Sasol shareholders approve new R21bn BEE structure

By: Megan van Wyngaardt     17th November 2017 Sasol Khanyisa, a R21-billion broad-based black economic empowerment (BBBEE) ownership structure, has been granted formal approval by Sasol shareholders. “We are delighted with this outcome as it marks a significant milestone in Sasol’s transformation journey. Sasol Khanyisa will be implemented... 

Galantas highlights need to secure sufficient funding

By: Megan van Wyngaardt     17th November 2017 Following disappointing results for the third quarter ended September 30, dual-listed miner Galantas Gold Corporation on Friday said its future viability depended on the consolidated results of its wholly-owned subsidiary Cavanacaw Corporation, which holds 100% in Galantas’ Omagh Minerals and... 

Ferrexpo secures $195m loan

By: Megan van Wyngaardt     17th November 2017 Swiss headquartered iron-ore company Ferrexpo has signed a new secured three-year revolving credit facility of $195-million, arranged by BNP Paribas. The facility includes a syndicate of six international lenders and will amortise over eight quarters, with the final repayment due on December 31,... 

Arafak Q3 impacted by seasonal factors

By: Natasha Odendaal     17th November 2017 After delivering positive and robust first and second quarters, Nasdaq- and LSE-listed Afarak Group’s third quarter was hit by seasonal fluctuations. The group on Friday posted strong revenue growth on the back of higher ferrochrome prices and strong market fundamentals; however, profitability... 

Lemur appoints owner’s engineer, technical advisers for Imaloto BFS

By: Mia Breytenbach     17th November 2017 Aim-listed Bushveld Minerals’ Lemur Resources subsidiary, which is developing an integrated thermal coal mining and independent power producer asset in Madagascar, has appointed an owner’s engineer and technical advisers for  the bankable feasibility study (BFS) for the Imaloto power project.... 

Eskom’s business model is ‘no longer fit for purpose’

By: Terence Creamer     17th November 2017 Organised business made an impassioned plea this week for government to urgently review Eskom’s business model, which it said was “no longer fit for purpose”. In a presentation to the National Energy Regulator of South Africa, business also warned that, in the absence of a holistic view within... 

Eskom’s business model is ‘no longer fit for purpose’
Photo by Duane Daws
Busa VP Martin Kingston

Avesoro starts drilling programme at New Liberty

By: Megan van Wyngaardt     17th November 2017 Four diamond drill rigs have been mobilised to dual-listed Avesoro Resources’ wholly owned New Liberty mine, in Liberia, where a 14 000 m diamond core drilling campaign has started. The campaign is targeting an area of the New Liberty resource model containing an inferred mineral resource of some... 

Venturex raises A$4m from investors

By: Esmarie Swanepoel     17th November 2017 Metals explorer Venturex Resources will raise some A$4-million through an institutional placement to advance its Sulphur Springs copper/zinc project, in Western Australia. The company on Friday said that it would place some 222-million shares, at 1.8c each to institutional and sophisticated... 

Bauxite Resources: Mercantile’s statements misleading

By: Esmarie Swanepoel     17th November 2017 Takeover target Bauxite Resources has defended its position in the wake of a proposed takeover offer from ASX-listed Mercantile Investment Company. Mercantile on November 8 announced its plans to make a proportional off-market takeover bid for Bauxite Resources, offering 9c a share for one of... 

Wescoal expecting earnings drop for H1

By: Megan van Wyngaardt     17th November 2017 JSE-listed Wescoal expects to report a 29% year-on-year drop in headline earnings a share to around 20.5c apiece, when it reports its results for the six months ended September 30. Alongside this, the miner’s earnings a share were expected to fall by between 16.7% and 20.3% year-on-year to 23c... 

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