R/€ = 15.99 Change: -0.02
R/$ = 14.15 Change: -0.03
Au 1332.76 $/oz Change: 9.71
Pt 812.76 $/oz Change: 7.66

Latest News

Trilogy, South32 up exploration budget for Alaska projects

By: Creamer Media Reporter      7th February 2019 Vancouver-based explorer Trilogy Metals has increased the exploration budget for its Upper Kobuk Mineral Projects (UKMP), after its partner South32 agreed to equally fund an exploration programme along the Ambler volcanogenic massive sulphide (VMS) belt in north-west Alaska. The partners have... 

VGSA encourages SSC to conclude business rescue process for Lily, Barbrook mines

By: Simone Liedtke     7th February 2019 Vantage Goldfields South Africa (VGSA) says it is keen to complete the sales agreement with Flaming Silver and Siyakhula Sonke Empowerment Corporation (SSC) “as a matter of urgency in order to provide clarity and finality for all affected parties, but particularly former employees, creditors and... 

Maduro sold 40% of Venezuela's gold last year amid cash crunch

By: Reuters     7th February 2019 President Nicolas Maduro blew through more than 40% of Venezuela’s gold reserves last year in a desperate bid to fund government programs and pay millions to bondholders. The government sold a total of 73 t of gold to two firms in the United Arab Emirates and another in Turkey, opposition... 

Bolivia picks Chinese partner for $2.3bn lithium projects

By: Reuters     7th February 2019 Bolivia has chosen a Chinese consortium to be its strategic partner on new $2.3-billion lithium projects, the government said on Wednesday, giving China a potential foothold in the country's huge untapped reserves of the prized electric battery metal. China's Xinjiang TBEA Group will hold a 49%... 

Arafura releases Nolans DFS; targets construction next year

By: Esmarie Iannucci     7th February 2019 A definitive feasibility study (DFS) into the Nolans neodymium-praseodymium (NdPr) project, in the Northern Territory, has confirmed the project’s economics, with ASX-listed Arafura Resources planning to start project commissioning by mid-2022. At a capital cost of just over A$1-billion, the... 

Arafura releases Nolans DFS; targets construction next year

Norsk Hydro's Q4 hit by restricted Brazil output, lowers dividend

By: Reuters     7th February 2019 Norwegian metals producer Norsk Hydro warned it will miss its 2019 savings targets after falling well short of fourth-quarter earnings expectations hit by restricted output in Brazil and higher costs. Underlying operating profit fell 85% to 534-million Norwegian crowns ($62.48-million) versus... 

Namibia Critical Metals signs deal for Kunene small-scale mining initiative

By: Natasha Odendaal     7th February 2019 TSX-V-listed Namibia Critical Metals has signed a deal with a private, undisclosed Namibia-based group for the development of a small-scale manganese mine at its wholly-owned subsidiary Kunene Resources Namibia’s operations. The agreement allows the local Namibian group to produce manganese... 

Altura raises cash for WA lithium ramp-up

By: Esmarie Iannucci     7th February 2019 Lithium producer Altura Mining is hoping to raise A$28-million through a share placement and share purchase plan (SPP) to underpin the production ramp-up at its Altura lithium project, in Western Australia. Some 184-million shares will be placed to institutional and sophisticated investors,... 

Northam achieves record H1 operating profit, R5bn in revenue

By: Nadine James     7th February 2019 Northam, in an operational update released on Thursday, announced that it expects to report a record operating profit of R1-billion for the six months ended December 31, 2018. Its operating profit ballooned by 204.3% from the R338.8-million operating profit achieved in the six months to December... 

Intermin gains back Menzies and Goongarrie

By: Esmarie Iannucci     7th February 2019 ASX-listed Intermin Resources has struck a settlement agreement with the administrators of Eastern Goldfields over the Menzies and Goongarrie farm-in joint venture projects in Western Australia. The settlement would see both the Menzies and Goongarrie projects return to the full ownership of... 

Miners rally to support flood victims

By: Esmarie Iannucci     7th February 2019 Diversified miners Glencore and South32 have both pledged A$1-million each for flood relief in Queensland. Several parts of Queensland have been declared disaster zones, with thousands evacuated on the back of a 1-in-100-year flood, with Townsville at the center of the catastrophe. 

Barminco wins zinc mining contract in India

By: Esmarie Iannucci     7th February 2019 Underground mining services provider Barminco has been awarded a A$100-mllion contract from Hindustan Zinc at its Rampura Agucha mine, in India. Barminco has operated at Rampura Agucha since late 2016. 

Vale loses licence at dam that caused iron-ore force majeure

By: Bloomberg     7th February 2019 Vale’s licence to operate a dam key to production at one of its largest mines was revoked by a Brazilian state regulator on February 5, adding another hurdle to efforts by the iron ore king to return to normal operations. Shares declined. The world’s largest miner of the steelmaking ingredient... 

Bluebird eyes start to South Korean mines

By: Esmarie Iannucci     7th February 2019 LSE-listed Bluebird Merchant Ventures was still targeting its first gold pour in South Korea before the end of 2019, joint venture (JV) partner Southern Gold reported. The JV is hoping to bring the Gubong and Kochang mines back to operation, with Bluebird expecting cash flow from the operations... 

Zimbabwe lithium project wins the Mining Indaba’s Investment Battlefield competition 

By: Kim Cloete     7th February 2019 Junior mining company, Prospect Resources, has won the 2019 Mining Indaba Investment Battlefield for its lithium project located in Zimbabwe. Prospect Resources executive director Harry Greaves scooped the first prize at the Investing in African Mining Indaba, in Cape Town, after pitching the... 

AMSA reports first profit since 2010 on back of higher steel prices  

By: Terence Creamer     7th February 2019 Following years of sustained losses, steel producer ArcelorMittal South Africa (AMSA) reported a full-year profit in 2018, on the back of a 12% rise in average realised prices and a 5% increase in sales volumes, supported by a 21% rise in export sales. The company last reported a full-year profit... 

AMSA reports first profit since 2010 on back of higher steel prices
New AMSA CFO Desmond Maharaj on the contribution made by the sale of Macsteel International Holdings to AMSA's net borrowings. Camera Work & Editing: Darlene Creamer. Recorded: 7.2.2019

Lesedi to assist Mozal in its aluminium expansion project

By: Kim Cloete     7th February 2019 South African engineering, procurement and construction (EPC) company Lesedi has recently been awarded a contract to assist South32’s Mozal aluminum plant in its expansion project. The $38-million AP3XLE energy efficiency project was approved in the third quarter of 2017 and started the rollout... 

Precious metal refiners face new LBMA environmental standard  

By: Martin Creamer     7th February 2019 The London Bullion Market Association (LBMA) has launched a new standard that addresses environmental as well as sustainability issues in gold and silver markets. To do that in a credible way, LBMA has been actively engaging with mining companies and producer nations. 

Precious metal refiners face new LBMA environmental standard
LBMA CE Ruth Crowell tells Mining Weekly's Martin Creamer about the association's efforts to improve environmental and sustainability within the gold and silver mining and refining sectors. Video and editing: Nicholas Boyd.

Death toll rises to six at South Africa coal mine gas explosion

By: News24Wire      7th February 2019 The number of people killed by a gas explosion in an unused coal mine in South Africa's eastern province of Mpumalanga has risen to six, and several others remain trapped, an official at the mine said on Thursday. The representative of the creditor protection team at the mine, Michael Elliot,... 

Drills turn at Hannan’s Kilmurry project

By: Creamer Media Reporter      6th February 2019 TSX-V-listed Hannan Metals has received final drill permissions for a diamond drilling programme to get under way at the Kilmurry project, near the Kilbricken zinc/lead/silver resource in county Clare, Ireland. The company stated that several geological factors made the fault zone a prospective... 

North America boosts global gold-backed ETF inflows to 72 t in January

By: Marleny Arnoldi     6th February 2019 Holdings in global gold-backed exchange traded funds (ETFs) and similar products rose by 72 t in January to 2 513 t, which is equivalent to $3.1-billion in inflows. This marked the fourth consecutive month of net inflows, said a monthly report by Gold Hub, which is an initiative of the World... 

Gold Fields anticipates lower FY18 HEPS

By: Tasneem Bulbulia     6th February 2019 Dual-listed Gold Fields expects its headline earnings per share (HEPS) for the 12 months ended December 31, 2018 to be 65% to 81% lower year-on-year at between $0.05 to $0.09. In a trading update published on Wednesday, the gold producer said its basic loss a share would widen to between $0.40 to... 

Transnet promises to ramp up efficiency 

By: Kim Cloete     6th February 2019 Transnet has promised to deal with corruption and step up efficiency around its operations, which have taken a heavy knock over the past few years. “Over the past ten years, we have injected capital of R42-billion into the network side. Yet the scale of the network is worse today than it was ten... 

Transnet promises to ramp up efficiency
Photo by Creamer Media
Transnet acting CEO Tau Morwe

Junior mining fund under discussion – Minerals Council 

By: Martin Creamer     6th February 2019 A government-initiated fund for prospectors and developers is under discussion with the Public Investment Corporation and the Industrial Development Corporation, Minerals Council South Africa emerging mining head Grant Mitchell said on Wednesday. Speaking at a media conference at the Investment... 

Junior mining fund under discussion – Minerals Council
Photo by Creamer Media
Minerals Council executive Tebello Chabana

Vale moves to reduce reliance on tailings dams

By: Mariaan Webb     6th February 2019 Disaster-hit Vale has announced a R$1.5-billion (about $390-million) investment in the implementation of dry stacking technology, as the company moves to reduce its reliance on tailings dams. By 2023, Vale will rely on dry processing for 70% of its production, compared with 40% in 2014 and 60%... 

Vale moves to reduce reliance on tailings dams
Vale CEO Fabio Schvartsman flies over Brumadinho after the dam wall collapse.

Ethiopia finalising mining industry reforms – minister

By: Reuters     6th February 2019 Ethiopia will finalise reforms for its underdeveloped mining and oil sectors within the next two months as it seeks to encourage more foreign investors, its mines and petroleum minister said on Tuesday. The country has already cut taxes for mining companies in recent years but the government... 

Bushveld Minerals hopes to list in Johannesburg by Q3

By: Reuters     6th February 2019 London-listed Bushveld Minerals , which has vanadium mines in South Africa, said on Tuesday it planned a to list on the Johannesburg Stock Exchange by the third quarter of this year. Bushveld Minerals, which has vanadium operations in South African and coal operations in Madagascar, said the... 

Congo 2018 copper output up 12.9% to 1.2Mt – Chamber of Commerce

By: Reuters     6th February 2019 Copper production in Democratic Republic of Congo, Africa's top producer, rose 12.9% in 2018 to 1.2-million tonnes, the Chamber of Commerce said in a presentation on Wednesday. Output of cobalt, a key component of electric car batteries, rose 43.8% to 106 439 t, while gold production increased by... 

Angola's Endiama sees diamond output rising to 13.8 Mct by 2022

By: Reuters     6th February 2019 Angola's State-owned diamond firm Endiama sees production rising to 13.8-million carats in 2022 compared with 9.5-million carats forecast for this year, a senior official said on Wednesday. Production in 2018 was 9.4-million carats, Endiama's director of geology, Kapingana Mandavela, told an... 

Minerals Council’s national platinum strategy targets real potential 

By: Martin Creamer     6th February 2019 Minerals Council South Africa on Wednesday launched a national platinum strategy, which aims at sustaining a million jobs and contributing R8.2-trillion to South Africa’s economy by 2050. Speaking at a media conference at Investing in African Mining Indaba on Wednesday, Minerals Council CEO Roger... 

Minerals Council’s national platinum strategy targets real potential
Photo by Dylan Slater
Minerals Council CEO Roger Baxter

Ascendant secures OPIC loan for Honduras expansion

By: Creamer Media Reporter      6th February 2019 Toronto-based miner Ascendant Resources has secured financing from a US government agency that helps businesses invest in emerging markets to expand its El Mochito zinc/lead/silver mine in Honduras. The nonbinding term sheet with Overseas Private Investment Corporation (OPIC) is for a... 

Institute forecasts better year for silver

By: Mariaan Webb     6th February 2019 Following a challenging year for silver, reflected in the muted price performance of 2018, the Silver Institute expects 2019 to be a better year for the metal and that prices will regain some shine. The Washington-based nonprofit industry association says it expects sentiment for the silver... 

Institute forecasts better year for silver

Working together can deliver mining’s massive benefits – Friedland 

By: Martin Creamer     6th February 2019 Mining can and will deliver massive benefits if all stakeholders work together, Ivanhoe Mines executive co-chairperson and founder Robert Friedland said on Wednesday Speaking on the third day of the Investing in African Mining Indaba, he outlined the huge potential of collaborative government,... 

Working together can deliver mining’s massive benefits – Friedland
Ivanhoe Mines executive co-chairperson and founder Robert Friedland speaks about the winds of change blowing in South Africa and the DRC and the benefits mining companies, African governments and communities can reap if all parties work together. Video and editing: Nicholas Boyd.

India’s Mines Ministry mulls bundled approvals ahead of new mine auctions

By: Ajoy K Das     6th February 2019 India’s Mines Ministry is working on a proposal to bundle mandatory approvals, like forest, environment and pollution, for bidders of 288 mining leases slated to expire in March next year. According to a government official, putting together mandatory approvals prior to holding auctions would... 

Gold remains an important strategic asset – WGC

By: Tasneem Bulbulia     6th February 2019 Gold is bought as a luxury good as much as an investment, and, as such, can play four fundamental roles in an investment portfolio, an analysis published by the World Gold Council (WGC) shows. Firstly, gold is a source of long-term returns. 

Gold remains an important strategic asset – WGC

Minerals Council welcomes President’s statements at Mining Indaba

By: Tasneem Bulbulia     6th February 2019 The Minerals Council South Africa has welcomed the statements made by President Cyril Ramaphosa during his address at the Investing in African Mining Indaba, in Cape Town, on Tuesday. The Minerals Council said the President had, throughout his address, echoed the sentiments expressed by Mineral... 

Investec lifts Sibanye shareholding to about 5.19%

By: Marleny Arnoldi     6th February 2019 Financial services company Investec has acquired a further interest in the ordinary shares of Sibanye-Stillwater, taking its overall shareholding to about 5.19% of the company’s issued shares. It previously held 4.91% of Sibanye’s shares.  

Tharisa starts trading on A2X

By: Marleny Arnoldi     6th February 2019 JSE- and LSE-listed platinum-group metals (PGMs) and chrome producer Tharisa on Wednesday started trading on A2X Markets. This is the company’s secondary listing in South Africa, with its primary listing on the JSE. Its LSE listing also remains.  

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