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Latest News

Sibanye declares US resource under Proudly South African code

By: Martin Creamer     14th November 2017 Precious-metals mining company Sibanye-Stillwater has completed a Competent Person’s Report on its platinum group metals (PGM) mineral assets, in Montana, in the United States. The report has been compiled under the South African Code for the Reporting of Exploration Results, Mineral Resources... 

De Beers reports uptick in demand ahead of Christmas

By: Creamer Media Reporter      14th November 2017 An uptick in demand for diamonds ahead of Christmas has contributed to De Beers reporting sales of $455-million for its ninth sales cycle of the year, compared with sales of $376-million in the eighth sales cycle. This was, however, lower than the sales of $476-million achieved in the ninth sales... 

Newcrest hunting for investments, including acquisitions

By: Esmarie Swanepoel     14th November 2017 Gold miner Newcrest Mining MD Sandeep Biswas said on Tuesday that the company was hunting for new investment opportunities, but stressed that it would remain “very disciplined” in its evaluation and execution of any new opportunities. In a copy of a speech delivered at the company’s annual... 

Newcrest hunting for investments, including acquisitions

Consolidated Zinc rethinks strategy for Mexican project

By: Esmarie Swanepoel     14th November 2017 ASX-listed Consolidated Zinc has revealed plans to more than double planned production at its Plomosas zinc mine, in Mexico, following increasingly positive exploration results. Rather than starting small-scale mining as an initial step in 2018, Consolidated Zinc said on Tuesday that it was... 

Bluejay advances Dundas to final permitting stages

By: Creamer Media Reporter      14th November 2017 The Dundas ilmenite project, in Greenland, is entering the final permitting phases ahead of submitting an application for exploitation early next year. Bluejay Mining, which is listed on the Aim and FSE, reported on Tuesday that it had finalised the terms of reference for the environmental impact... 

Tharisa expects higher earnings

By: Martin Creamer     14th November 2017 Platinum group metals (PGM) and chrome coproducer Tharisa on Tuesday informed the market of higher upcoming 2017 financial year earnings. The company, headed by CEO Phoevos Pouroulis, foresees substantially higher earnings per share and headline earnings per share in US cents of 21c to 23c,... 

Tharisa expects higher earnings
Tharisa CEO Phoevos Pouroulis

Kusasalethu employees return to work

By: Creamer Media Reporter      14th November 2017 Employees at Harmony Gold's Kusasalethu mine have returned to work after two days of unprotected industrial action. Employees reported for work on the night shift on Monday. 

Ghana opens talks with Exxon on deepwater drilling contract

By: Reuters     14th November 2017 Ghana has opened talks with Exxon Mobil Corp to allow the US oil firm to undertake deepwater exploration off its coast, a deputy energy minister said on Monday. "The negotiations are ongoing according to our current laws ... so far so good," Mohamed Amin Adam told Reuters on the sidelines of an... 

Eskom says has 'healthy' coal stockpiles ahead of strike

By: Reuters     14th November 2017 South Africa's State-run power utility Eskom said on Monday it had healthy stockpiles across its coal-fired power stations and was building them further ahead of a potential coal wage strike by the National Union of Mineworkers. "To mitigate the impact from this impending strike, the utility is... 

Scoping study confirms West Musgrave potential – Oz Minerals

By: Esmarie Swanepoel     14th November 2017 ASX-listed Oz Minerals has committed A$19-million to proceed to the next stage of earn-in at the West Musgrave nickel/copper project, in Western Australia. To earn a 51% interest from fellow-listed Cassini Resources, Oz Minerals will proceed to a prefeasibility study (PFS) following a positive... 

Former Xstrata chief Davis eyed for Rio Tinto chairperson's job – FT

By: Reuters     14th November 2017 Rio Tinto investors gave a mixed reaction to a report that former senior mining executive Mick Davis, now chief executive of Britain's ruling Conservative Party, was well-placed to become the Anglo-Australian miner's next chairperson. The Financial Times newspaper reported late on Monday that... 

Anova starts development at Second Fortune

By: Esmarie Swanepoel     14th November 2017 Junior gold developer Anova Metals has reported the start of mine development at the Second Fortune operation, in Western Australia. Anova, which in June this year merged with fellow-listed Exterra Resources, on Tuesday told shareholders that mining contractor GBF had been mobilised to site and... 

Waitsia reserves increased by 78%

By: Esmarie Swanepoel     14th November 2017 An independent review of the Waitsia gas field, in Western Australia, has increased the 2P reserves by some 78%, ASX-listed AWE reported on Tuesday. The review by Perth-based RISC Operations estimated a gross 2P reserve of 811 PJ, with AWE telling shareholders that the increase reflected the... 

Iron Road finds more takers for infrastructure

By: Esmarie Swanepoel     14th November 2017 Iron-ore developer Iron Road has inked a memorandum of understanding (MoU) with grain growers in South Australia to develop a grain terminal and export facility. The MoU was signed with a recently formed farmers cooperative EPCBH and would see Iron Road work collaboratively to establish a grains... 

Kalamazoo increases resource at Mixy

By: Esmarie Swanepoel     14th November 2017 Junior Kalamzoo Resources has reported 63% increase in the contained metal estimate at its flagship Mixy project, in Western Australia. The explorer told shareholders that an updated mineral resource has seen an 85% increase in grades and a 13% increase in tonnage at Mixy, with the project now... 

Endeavour expands mineralised zones at key Burkina Faso mines

By: Henry Lazenby     14th November 2017 West Africa-focused gold producer Endeavour Mining has expanded the mineralised trends at both its Houndé and Karma gold mines, in Burkina Faso, the company announced on Monday. At its flagship Houndé operation, which declared commercial production ahead of schedule and below budget on November... 

Global gold flows stable in Oct, gold ETFs add 3.3 t

By: Reuters     14th November 2017 Gold-backed exchange traded funds (ETFs) have added 3.3 t of gold to their global holdings during October, as outflows from North America mostly offset inflows in Europe, the latest data from the World Gold Council (WGC) shows. Global ETF gold holdings now total 2 347.6 t. 

Global gold flows stable in Oct, gold ETFs add 3.3 t

Leagold reports maiden profit

By: Henry Lazenby     14th November 2017 Gold producer Leagold Mining has reported its first ever net profit since it took control of the Los Filos mine, in Mexico, in April. The Vancouver-headquartered company reported net earnings of $317 000, or nil per share, compared with the $7.63-million net loss, $0.06 a share, it suffered in... 

Mountain Province reports Q3 net income of C$27.7m

By: Henry Lazenby     14th November 2017 Mountain Province Diamonds has reported a third-quarter net profit of C$27.7-million, or C$0.17 a share, representing a profit during the first full operating quarter of its 49%-owned Gahcho Kué (GK) mine, in Canada’s Northwest Territories, since declaring commercial production on March 1.... 

Argentina seeks to overtake Chile in South America lithium race

By: Reuters     14th November 2017 The giant pools of turquoise water in the mountainous deserts of northwest Argentina shimmer in the sunlight like oases and for lithium miners like Australia's Orocobre, that is exactly what they are. The mid-cap miner is one of several lithium producers stepping up investment in Argentina amid... 

Argentina seeks to overtake Chile in South America lithium race
Photo by Bloomberg
South America's salt flats provide ideal conditions to produce lithium products

Eskom admits liquidity is ‘not at desired levels’

By: Terence Creamer     13th November 2017 State-owned electricity producer Eskom acknowledged on Monday that its liquidity levels were “not at the desired levels” and indicated that securing the balance of its funding requirement for the current financial year would depend on addressing pressing governance and leadership issues.... 

Eskom admits liquidity is ‘not at desired levels’
Photo by Duane Daws
Eskom interim CEO Sean Maritz

Banro committee seeks debt restructure

By: Anine Kilian     13th November 2017 A special committee comprising independent directors of NYSE-and-TSX-listed Banro Corporation are in discussion with the company’s major stakeholders regarding the possible restructuring of the company’s non-Democratic Republic of the Congo (DRC) debt obligations, as well as the provision of... 

Avesoro has positive outlook for year-end

By: Megan van Wyngaardt     13th November 2017 TSX- and Aim-listed West African gold producer Avesoro Resources, which operates the New Liberty mine, in Liberia, produced 19 885 oz of gold in the third quarter ended September 30. This was 26% higher quarter-on-quarter and 38% higher year-on-year, with the company on track to reach its guided... 

Avesoro has positive outlook for year-end

Sula COO resigns

By: Anine Kilian     13th November 2017 Nick Warrell has resigned as COO of Aim-listed Sula Iron & Gold. He will remain a director and CEO of Sula subsidiary Blue Horizon until November 30. 

Lucapa recovers eighth diamond larger than 100 ct from Angola

By: Anine Kilian     13th November 2017 ASX-listed Lucapa Diamond Company and its partners Empresa Nacional de Diamantes, better know as Endiama, and Rosas & Petalas have recovered a high-value 129.58 ct diamond from the Lulo project, in Angola.   The diamond was recovered from alluvial mining block six along with another large... 

Caledonia’s Q3 production rises 7% y/y

By: Anine Kilian     13th November 2017 NYSE-, Aim- and TSX-listed Caledonia mining produced 14 396 oz of gold in the third quarter ended September 30, a 7% year-on-year increase. The higher production was primarily the result of higher grades and contributed to higher revenues and a substantial increase in profit.  

Chaarat announces new board appointments

By: Creamer Media Reporter      13th November 2017 Kyrgyzstan-focused Chaarat Gold has added two nonexecutive directors with “significant mining experience” to its board with the appointment of Gordon Wylie and Dorian (Dusty) Nicol. Wylie, a former senior management team member of gold major AngloGold Ashanti, is the nonexecutive chairperson of... 

Harmony Gold's Kusasalethu mine hit by wildcat strike

By: Reuters     13th November 2017 Harmony Gold's Kusasalethu mine west of Johannesburg has been hit by a wildcat strike triggered by the sacking of six leaders of the AMCU union for their role in a violent stoppage earlier this year, a spokesperson said on Monday. Spokesperson Marian van der Walt said the strike began on Friday... 

Scotgold raises £2.65m in rights issue, details future funding plans

By: Mariaan Webb     13th November 2017 Aim-listed Scotgold on Monday announced it would raise £2.65-million in a rights issue to start development work at its Cononish gold and silver project, near the Loch Lomond and Trossachs National Park in Scotland. Chairperson Nat le Roux has fully underwritten a nonrenounceable rights offer of... 

Initial reserve estimate confirms Nezhda viability – Polymetal

By: Mariaan Webb     13th November 2017 LSE-listed gold and silver miner Polymetal on Monday published an initial ore reserve estimate for the Nezhdaninskoye (Nezhda) gold deposit, in Yakutia, reaffirming the project’s economic viability. Nezhda, which is the fourth largest gold deposit in Russia, is estimated to have an openpit ore... 

Initial reserve estimate confirms Nezhda viability – Polymetal
Polymetal CEO Vitaly Nesis

Tullow Oil raises FY production guidance on Ghana fields

By: Reuters     13th November 2017 Tullow Oil raised its production guidance on Wednesday, aided by higher output from its TEN and Jubilee fields in Ghana. The company now expects full-year West Africa net oil production, including production-equivalent insurance payments, to come in at 85 000 bbl/d to 89 000 bbl/d, compared with... 

Richland sees signs of sapphire pricing recovery

By: Mariaan Webb     13th November 2017 Aim-listed Richland Resources’ strategy shift to larger-scale sales events appears to be yielding results, with CEO Bernard Olivier reporting on Monday that the company had started to see signs of prices recovering. Richland, which owns the Capricorn mine in Queensland, achieved total sales... 

Pallinghurst's Gemfields earns record $55m in latest ruby auction

By: Anine Kilian     13th November 2017 JSE-listed Pallinghurst Resources’ Gemfields subsidiary has generated $55-million in revenue from an auction of rough rubies. The auction, which was held in Singapore from November 6 to 10, generated the highest revenues ever attained at a Gemfields auction. 

Fortescue Metals ends power supply agreement with TransAlta Corp

By: Reuters     13th November 2017 Iron-ore miner Fortescue Metals Group Ltd said on Monday it has terminated a power supply agreement with TransAlta Corp for its Port Hedland operations in Western Australia. The miner said in a statement it was not satisfied that TransAlta's obligations under the South Hedland Power Purchase... 

India’s Mines Ministry bets big on fresh mineral auctions despite moderation in valuations

By: Ajoy K Das     13th November 2017 Hoping to beat the downturn in valuations through tweaks in rules, India’s Mines Ministry will complete the auction of 12 mineral blocks by the end of March 2018, and will put on the block another 60 mineral assets in the next financial year. The government expects $8-billion from the auction of... 

Australian Bauxite to produce aluminium fluoride

By: Esmarie Swanepoel     13th November 2017 ASX-listed junior Australian Bauxite has inked a heads of agreement (HoA) with technology provider Refined Ore Industries (ROIL) to produce aluminium fluoride from bauxite. Under the terms of the HoA, Australian Bauxite will have exclusive global rights to produce aluminium fluoride from the... 

Altura says time is right for lithium expansion

By: Esmarie Swanepoel     13th November 2017 A scoping study into the expansion of the Altura lithium project, in Western Australia, has confirmed that duplicating the size of the current production plant to double output, will be the best expansion option for the project. The Stage 1 operation will have a nameplate output of 220 000 t/y... 

Aurizon confirms talks to buy Wicet coal terminal

By: Esmarie Swanepoel     13th November 2017 Australian freight rail operator Aurizon on Monday confirmed that it was in preliminary discussions to acquire the Wiggins Island coal export terminal (Wicet), in Queensland. Wicet is currently owned by a consortium of Australian and international resource companies, including Glencore and New... 

Aurizon confirms talks to buy Wicet coal terminal
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