R/€ = 15.89 Change: -0.01
R/$ = 14.00 Change: 0.01
Au 1340.54 $/oz Change: -1.24
Pt 826.57 $/oz Change: 5.32

Latest News

Barrick advancing autonomous gold production – Bristow 

By: Martin Creamer     14th February 2019 Autonomous production systems and projects are being advanced across Barrick Gold as the group focuses on boosting mining efficiency, new Barrick president and CEO Dr Mark Bristow tells Mining Weekly Online. This is part of an all-out drive by Bristow to ensure that Barrick, into which Randgold... 

Flinders shareholders get a say

By: Esmarie Iannucci     14th February 2019 The share price of Flinders Mine increased by more than 33% on Thursday after the company said that it would seek shareholder approval to de-list from the ASX, to avoid orders from the Takeovers Panel. A number of Flinders shareholders turned to the Takeovers Panel, after Flinders applied to... 

Ramelius settles Marda buy

By: Esmarie Iannucci     14th February 2019 Gold miner Ramelius Resources has completed the acquisition of the Marda gold project, in Western Australia, from the creditors of Black Oak Minerals. Ramelius in September of last year announced plans to purchase the Marda gold project from the liquidators of Black Oak Minerals, for A$13-million. 

Carnarvon raises A$50m

By: Esmarie Iannucci     14th February 2019 ASX-listed Carnarvon Petroleum will raise A$50-million through a placement to institutional and sophisticated investors to fund appraisal and exploration activities in the North West Shelf. The company will issue some 151.6-million new shares, at an issue price of 33c a share to sophisticated... 

Newcrest profits soar in first half

By: Esmarie Iannucci     14th February 2019 Gold miner Newcrest Mining has reported a 142% surge in profits for the first half of 2019, while underlying profits increased by 104% on the previous corresponding period. Newcrest on Thursday reported a statutory profit of $237-million and an underlying profit of $237-million, while cash flow... 

Liontown raises cash for lithium plays

By: Esmarie Iannucci     14th February 2019 Lithium hopeful Liontown Resources was hoping to raise up to A$7.9-million through a share placement to fast-track exploration and development activities at its Austarlian lithium projects. The ASX-listed company on Thursday said that it would undertake a one-for-five non-renounceable pro-rata... 

Famed Cullinan mine banks on big diamonds to drive down debt

By: Reuters     14th February 2019 The owner of one of the world's most famous diamond mines could be about a decade away from clearing its multi-million-dollar debts, in a sign of the struggles facing an industry assailed by synthetic rivals and uncertain demand. Petra Diamonds bought Cullinan in 2008, aiming to breathe new life... 

Technology to change the face of Australia’s mining jobs

By: Esmarie Iannucci     14th February 2019 A new report by advisory firm Ernst & Young (EY) has revealed that technological advances will have a significant impact on the Australian resources sector, with some 77% of jobs in the Australian mining sector likely to be enhanced or re-designed due to technology, within the next five years. In... 

Nemaska needs C$375m more for Quebec mine, stock plunges

By: Mariaan Webb     14th February 2019 The share price of Quebec junior Nemaska Lithium plummeted on Wednesday as the TSX-listed company announced that it would need more money to complete the Whabouchi mine and Shawinigan electrochemical plant. Eight months into construction, the company performed a cost to completion assessment,... 

Australia targets 24 000 jobs with new resources policy framework

By: Esmarie Iannucci     14th February 2019 The Australian federal government on Thursday released a National Resources Statement, outlining plans to attract investment, develop new resources and markets and share the benefits of success with more regional communities. This is the first such statement for more than 20 years. 

Norway gives go-ahead to disputed Arctic copper mine

By: Reuters     14th February 2019 Norway's government approved on Thursday the building of a copper mine near Europe's northernmost point despite years of opposition from indigenous Sami herders and fishermen. "The mining project will strengthen the industrial base in the north," Industry Minister Torbjoern Roe Isaksen of the... 

Norway gives go-ahead to disputed Arctic copper mine

South32 hikes Illawarra guidance, posts 17% jump in H1 profit

By: Esmarie Iannucci     14th February 2019 Diversified miner South32 has reported a solid first half for the six months ending December, with increases in revenue, profit and underlying earnings before interest, tax, depreciation and amortisation (Ebitda). South32 on Thursday reported that revenue for the first half of 2018 was up 9% on... 

South32 hikes Illawarra guidance, posts 17% jump in H1 profit
South32 CEO Graham Kerr

Colombia coal output likely to hold steady in 2019, companies say

By: Reuters     13th February 2019 Colombia's coal production and exports are likely to remain steady this year, companies said on Wednesday, amid predictions international prices for the fuel will fall in 2019. The Andean nation is the world's fifth-largest exporter of coal. 

Brazil govt sets sights on Vale in 'reprivatisation' push

By: Bloomberg     13th February 2019 Brazil’s government intends to make the mining giant Vale "private again" by pushing out pension funds of State-controlled companies, a senior official said on Wednesday. Shares rose. "Vale is a State company. Pension funds controlled by the government control Vale," Privatisation Secretary... 

Peru agency rules out tailings spill at Southern Copper mine

By: Reuters     13th February 2019 Peru's environmental regulator OEFA has concluded that mining waste from Southern Copper Corp's Cuajone unit did not spill into the environment during heavy rains last week. OEFA said in a statement late Tuesday that it was still supervising operations at Cuajone but had ruled out any tailings... 

Lower grades, higher costs contribute to lower FY18 adjusted earnings for Barrick 

By: Marleny Arnoldi     13th February 2019 Since merging with Randgold Resources six weeks ago, Barrick Gold Corporation on Wednesday said it has made progress in achieving its short-term priority goals and its full-year objectives. Barrick expects to produce between 5.1-million and 5.6-million ounces of gold and between 375-million and... 

Lower grades, higher costs contribute to lower FY18 adjusted earnings for Barrick

Bristow snaps into fast action wearing Barrick crown 

By: Martin Creamer     13th February 2019 Dr Mark Bristow has snapped into fast action wearing the Barrick crown. His Randgold Resources, which now falls under the Barrick Gold umbrella, on Wednesday bowed out with panache when it declared a 35% dividend increase to $2.69 a share, buoyed by record production of 807 000 oz of gold at the... 

Bristow snaps into fast action wearing Barrick crown
Barrick CEO Mark Bristow in the field.

Palladium supply shortfall will worsen this year – Johnson Matthey

By: Reuters     13th February 2019 A deficit in the palladium market that has driven prices of the autocatalyst metal to record highs will widen dramatically this year, specialist materials company Johnson Matthey said in a report on Wednesday. The company, a leading autocatalyst manufacturer, said the shortfall in the roughly... 

Shifting R100bn in Eskom debt to government will have ‘dire’ economic consequences 

By: Terence Creamer     13th February 2019 Amid confirmation that Eskom is technically insolvent and will require a capital injection by April to remain a going concern, a leading economist is cautioning against the proposed transfer of R100-billion of the utility’s debt to government’s balance sheet. Instead, Standard Bank chief... 

Shifting R100bn in Eskom debt to government will have ‘dire’ economic consequences
Photo by Creamer Media
Standard Bank chief economist Goolam Ballim

Lemur completes review of power BFS for Imaloto project

By: Tasneem Bulbulia     13th February 2019 Bushveld Minerals subsidiary Lemur has completed the review of the bankable feasibility study (BFS) for the power aspect of its Imaloto integrated thermal coal mining and independent power producer (IPP) project, in Madagascar. It has also issued a request for proposals for legal advisory... 

Eskom grid upkeep increasingly problematic – DRDGold  

By: Martin Creamer     13th February 2019 The quality of maintenance of the Eskom distribution infrastructure is becoming increasingly problematic, DRDGold CEO Niël Pretorius said on Wednesday. At the company's presentation of power-hit interim results for the six months to December 31, Pretorius said that although DRDGold's own power... 

Eskom grid upkeep increasingly problematic – DRDGold
DRDGold CEO Niël Pretorius discusses poor electricity infrastructure risk with Mining Weekly Online’s Martin Creamer. Video and video editing: Creamer Media’s Darlene Creamer.

Sierra Metals wins EIA approval for Yauricocha

By: Mariaan Webb     13th February 2019 The National Environmental Certification Service of Peru has now granted Toronto-headquartered Sierra Metals environmental approval for its Youricocha tailings expansion project, reversing a previous rejection of the environmental impact assessment (EIA). With an approved EIA study in hand, the... 

Taseko posts FY loss, expects higher copper pricing in 2019

By: Mariaan Webb     13th February 2019 Canadian miner Taseko is expecting increased copper prices in 2019 and a rebound in gross revenues and margins, after the fluctuations of the copper price last year resulted in a “challenging” operating environment. The company reported weaker production at its Gibraltar mine, in British... 

Serabi off to a good start with January production of 3 671 oz

By: Marleny Arnoldi     13th February 2019 Aim- and TSX-listed Serabi Gold has set its 2019 production guidance at between 40 000 oz and 44 000 oz, with 3 671 oz already produced in January. CEO Mike Hodgson said in a statement on Wednesday that the step up from the production levels achieved in 2017 and 2018 will be driven by improved... 

Australia flooding to disrupt lead, zinc concentrate rail shipments

By: Reuters     13th February 2019 Floods in Australia's Queensland state are set to disrupt the rail delivery of zinc exports to the northern port of Townsville, with the line likely to be out of action for at least a month, analysts said on Wednesday. The 1 000 km (620 mile) rail line is used by miners including Glencore, MMG... 

Teck misses profit estimates on lower oil, metal prices

By: Reuters     13th February 2019 Canada's Teck Resources, the world's second-biggest exporter of steel-making coal, posted a lower-than-expected quarterly profit on Wednesday, hurt by weak prices for heavy crude and base metals. Transportation bottlenecks in the country have pushed prices of Canadian oil lower, hurting the... 

Teck misses profit estimates on lower oil, metal prices

Myanmar increases resource confidence at Bawdwin

By: Esmarie Iannucci     13th February 2019 ASX-listed Myanmar Metals has reported a 50% increase in the indicated resource estimate for its Bawdwin polymetallic mine, in Myanmar, which is now estimated to host the world’s largest primary lead resource. The indicated mineral resource has now been estimated at 37.2-million tonnes, at 4.3%... 

Federal govt flags funding for critical minerals

By: Esmarie Iannucci     13th February 2019 The resources sector has welcomed the federal government’s decision to prioritise Cooperative Research Center Project (CRC-P) grants for critical minerals such as lithium, cobalt and titanium. Industry, Science and Technology Minister Karen Andrews said on Wednesday that for the first time,... 

Pan African Resources expects up to 126% increase in H1 HEPS

By: Marleny Arnoldi     13th February 2019 Aim- and JSE-listed Pan African Resources expects its earnings per share (EPS) for the six months to December 31, 2018, to be between 116% and 126% higher year-on-year at between 6.98c and 7.30c . This compares with the EPS of 3.23c reported for the six months ended December 31, 2017.  

Prairie mulls international proceedings to resolve Poland dispute

By: Esmarie Iannucci     13th February 2019 The shares in junior coal developer Prairie Mining increased by nearly 24% on Wednesday, after the company confirmed potential international legal proceedings against the government of Poland. Prairie in December 2016, applied to the Ministry of Environment to amend the 50-year concession of its... 

Prairie mulls international proceedings to resolve Poland dispute

Bacanora sees busy six months ahead with Zinnwald study, Sonora financing

By: Mariaan Webb     13th February 2019 London-listed lithium exploration and development company Bacanora Lithium CEO Peter Secker said on Wednesday that the company is in for a busy six months, as it works to finalise the funding package for its Sonora project, in Mexico, and complete a feasibility study for the Zinnwald project, in... 

BHP approves $696m for Gulf of Mexico expansion

By: Esmarie Iannucci     13th February 2019 Mining major BHP on Wednesday approved $696-million in funding to develop the Atlantis Phase 3 project, in the Gulf of Mexico, after project partner BP in January approved a $1.3-billion expansion of the project. The Atlantis Phase 3 development will include the construction of a new subsea... 

BHP approves $696m for Gulf of Mexico expansion

Jemena wins licence for 40 TJ/d gas plant

By: Esmarie Iannucci     13th February 2019 The Queensland government has issued infrastructure provider Jemena a licence to start construction of a domestic-only gas processing plant. The plant is part of Jemena’s A$140-million Atlas gas pipeline project, which will create 150 jobs and connect Project Atlas to the Wallumbilla Gas Hub in... 

Alaska mine boosts Northern Star financials

By: Esmarie Iannucci     13th February 2019 Gold miner Northern Star has reported increased revenue and profit for the half-year ended December on the back of the acquisition of the Pogo gold mine, in Alaska. Revenue for the six months under review was reported at A$633.5-million, up 43% on the previous corresponding period, while... 

Beach more than doubles H1 revenues

By: Esmarie Iannucci     13th February 2019 Oil and gas producer Beach Energy has reported a 147% increase in sales revenue for the first half of 2019, and a 199% increase in underlying net profits after tax. The ASX-listed company on Wednesday announced that sales revenue for the six months to December had reached A$955-million as... 

Noncash items brings down Evolution H1 profit

By: Esmarie Iannucci     13th February 2019 Gold miner Evolution Mining is expecting a stronger financial result in the second half of the 2019 financial year, after reporting a 26% fall in after-tax net profit during the six months to December. Evolution on Wednesday reported a net profit of A$91.1-million, compared with the... 

Hochschild to suspend ops at Peru mine

By: Creamer Media Reporter      13th February 2019 London-listed Hochschild Mining said on Wednesday that it would suspend operations at its first mining operation, Arcata, and place the mine in care-and-maintenance in the second quarter. The company said that the low silver price had left it with no option, but to suspend operation. 

Livent's lithium woes in China cloud industry outlook

By: Reuters     13th February 2019 Livent on Tuesday forecast a drop in Chinese lithium sales for the year because of uncertainty about the country's electric vehicle subsidies, a worrisome sign for other producers of the key battery component. The Philadelphia-based company, among the first major global lithium producers to post... 

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