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Anglo may record noncash impairment charges in price plunge parry

By: Martin Creamer Given the sharply lower commodity price environment, particularly for bulk commodities, Anglo American said on Wednesday that it expected to record noncash impairment charges in its 2014 results. The London- and Johannesburg-listed diversified major, headed by CEO Mark Cutifani, added in a media... 

On back of strong 2014, First Quantum disappoints with 2015 outlook

By: Henry Lazenby Base metals miner First Quantum Minerals late on Monday reported record copper output during 2014, noting that the current year would see its Zambia operations benefit from increased synergies as its new smelter was being commissioned and its new Sentinel mine started first production during the... 

Mining companies suffer $70bn in impairment losses – report

A recent survey revealed that major global mining companies had suffered impairment losses of $70-billion in 2013/14, reflecting the impact of the current low commodity price cycle. The ‘Mining Financial Reporting Survey 2014’, compiled by financial services firm KPMG, further revealed that... 

Mining companies suffer $70bn in impairment losses – report

Sirius saves A$30m at Nova, mining gets under way

By: Esmarie Swanepoel Nickel miner Sirius Resources has reduced the capital cost at its Nova project, in Western Australia, by A$30-million, to A$443-million, as a result of cost saving on construction contracts and tenders. The miner told shareholders on Tuesday that the savings identified to date did not compromise... 

Exploration at Kibo's Haneti project to continue

By: Megan van Wyngaardt Dual-listed Kibo Mining would conduct further exploration at its Haneti nickel project, in central Tanzania, following a positive independent geochemical interpretation report. "With this new report [in] hand, the case for further exploration and development at Haneti is compelling. We are... 

Creamer Media publishes Base Metals 2014: A review of Africa's base metal's sector research report

In light of these developments, Creamer Media’s Base Metals 2014 Report examines the global base metals market, with a particular focus on supply and demand, and on the production of copper, zinc, nickel and lead, as well as selected base metals operations and projects in Africa. 

Creamer Media publishes Base Metals 2014: A review of Africa's base metal's sector research report

Goldman Sachs slashes base metal price forecasts, ups gold

By: Reuters Goldman Sachs Group on Friday slashed its 2015 price forecasts for several base metals including copper and aluminium while raising its estimate for gold by $62/oz. "The primary reason for the changes to our forecasts is cost deflation - driven by a combination of actual and anticipated US... 

Goldman Sachs slashes base metal price forecasts, ups gold

Antofagasta closes C$53m Duluth Metals acquisition

By: Henry Lazenby Chile-based copper-mining group Antofagasta this week completed the C$53-million takeover of Duluth Metals, giving it exclusive control of the Twin Metals Minnesota (TMM) copper/nickel/platinum group metals project, in the Duluth Complex, in north-eastern Minnesota. Antofagasta had obtained all... 

Global base metals outlook turns negative – Moody’s

By: Henry Lazenby Global credit ratings advisory firm Moody’s Investors Service has changed its outlook on the global base metals industry to negative, citing weakening macroeconomic growth indicators and investor sentiment. In its report ‘Global Base Metals Industry: Economic Weakness and Copper Price Plunge Turn... 

Global base metals outlook turns negative – Moody’s

Lundin Mining expects 2015 to be another ‘strong execution’ year

By: Tracy Hancock Diversified base metals mining company Lundin Mining expects another year of strong execution in 2015, following favourable 2014 production results, as the company focuses on cash generation and profit optimisation at each of its operations. President and CEO Paul Conibear said the company was... 

Lundin Mining expects 2015 to be another ‘strong execution’ year

Mincor ramps up exploration budget by 40%

By: Esmarie Swanepoel Going against the grain, ASX-listed nickel miner Mincor Resources this week announced that it would increase its 2015 exploration budget by about 40%. Despite the weaker commodity price environment, Mincor said it would push its exploration spend to A$14-million in 2015, owing to the high level... 

Western Areas’ unit costs fall to lowest level in 3 years

By: Esmarie Swanepoel Cost management has resulted in nickel miner Western Areas reporting its lowest quarterly unit costs of production since December 2011. The Western Australia-focused miner on Wednesday reported that unit costs for the quarter reached A$2.23/lb, resulting in a 20% decrease in the half-year unit... 

Mintek bioleach propriety installed in Finland

By: Creamer Media Reporter Amsterdam-headquartered talc producer Mondo Minerals and South Africa’s State-owned Council for Mineral Technology (Mintek) are currently constructing a Mintek-developed nickel sulphide bioleach plant at Mondo’s Vuonos talc processing site, in Finland. This followed the conclusion of a licence... 

Back to basics key message in Deloitte trend forecast

By: Megan van Wyngaardt While the outlook of the global mining sector for the year ahead looks bleak, with mining companies having to contend with price volatility, geopolitical turmoil, rising costs, declining grades and a general lack of access to financing, advisory firm Deloitte believes all is not lost. In its... 

Back to basics key message in Deloitte trend forecast

Investors to blame for supporting dithering juniors

By: Henry Lazenby In the aftermath of several key mining-related indexes having dropped significantly since 2011, the mining industry as a whole, and particularly the junior explorers and project generators, have had to “reset” and undergo a paradigm shift from being project promoters to true value creators. This... 

Vale's nickel unit a good target for X2 but higher price needed

By: Reuters Vale's nickel business is a good target for former Xstrata CEO Mick Davis, but his reported offer price is probably too low, considering the Brazilian miner's stated interest in only selling a minority stake, analysts and banking sources said on Wednesday. On Tuesday, Bloomberg reported that... 

Former Xstrata CEO considering bid for Vale's nickel assets - Bloomberg

By: Reuters Former Xstrata CEO Mick Davis is considering a bid for Vale's nickel business, Bloomberg reported. Davis's investment vehicle X2 Resources values Vale's nickel business at $5-billion to $7-billion, Bloomberg said, citing two people, who asked not to be identified because the negotiations are... 

Bank flags metal price weakness as key risk to Africa’s 2015 outlook

By: Terence Creamer A further decline in the already depressed price of metals – particularly iron-ore, gold and copper – would severely affect a large number of countries in sub-Saharan Africa, the World Bank’s latest Global Economic Prospects (GEP) report warns. The authors still expect the global economy to grow... 

Bank flags metal price weakness as key risk to Africa’s 2015 outlook

First Nickel to cut about 110 jobs at Sudbury mine

By: Henry Lazenby Ontario-focused miner First Nickel (FNI) plans to cut about 110 jobs at its flagship Lockerby nickel/copper mine, in the Sudbury basin, as part of a restructuring exercise aimed at reducing costs, increasing exploration and extending the mine life. The TSX-listed miner said on Monday that it... 

Metallica reaps first reward from Dingo Dam deal

By: Esmarie Swanepoel ASX-listed Metallica Minerals has received the first A$250 000 royalty payment over its Dingo Dam mining lease, in Queensland. The miner had entered into a royalty agreement with a privately owned company to allow for mining and nickel laterite extraction from the Dingo Dam area, which forms... 

Panoramic maintains optimistic outlook

By: Esmarie Swanepoel Nickel producer Panoramic Resources has told shareholders that it was on track to meet its full 2015 production guidance of between 20 000 t and 21 000 t of contained nickel in concentrate. The assurance comes despite the fact that Panoramic reported a 7% quarter-on-quarter production decline in... 

TVI Pacific makes two DSO shipments, inks high-grade ore offtake accord for Agata

By: Henry Lazenby The Philippine affiliate of TSX-listed resource company TVI Pacific, TVI Resource Development (TVIRD), has completed two shipments of limonite high-iron/low-nickel direct shipping ore (DSO) for gross proceeds of $1.34-million during December from the Agata project, in northern Mindanao, in the... 

Ambatovy marches towards commercial production

By: Henry Lazenby Canadian diversified resource company Sherritt International on Thursday reported that full-year 2014 finished nickel output from its Ambatovy nickel and cobalt mine, in Madagascar, rose 47% over the previous year, as well as by the same percentage in the December quarter, compared with the... 

Koniambo nickel plant suspends output after spill-Glencore

By: Reuters Production from the Koniambo nickel plant in the South Pacific French territory of New Caledonia has been suspended after a metal spill last week, part owner Glencore said on Tuesday. Output was put on hold after the spillage from a furnace was detected on December 26, with an investigation... 

Poseidon advances Black Swan buy

By: Esmarie Swanepoel Nickel miner Poseidon Nickel on Thursday extended the expected completion date of the Black Swan operation, from the end of this calendar year until March next year. However, MD and CEO David Singleton said that the extension to the completion deadline would not change Poseidon’s overall... 

Sirius secures cash to fund Nova development

By: Esmarie Swanepoel Nickel developer Sirius Resources has secured a syndicated facility agreement worth A$440-million to fund the development of its Nova nickel project, in Western Australia. Sirius told shareholders that it had agreed to the facility, with Australia and New Zealand Banking Group, BNP Paribas, The... 

Poseidon puts price tag on Lake Johnston restart

By: Esmarie Swanepoel ASX-listed nickel miner Poseidon Nickel on Tuesday announced that its Lake Johnston project, in Western Australia, would require a capital injection of some A$8.3-million to restart operations. Poseidon acquired the Lake Johnston project from Norilsk Nickel in a A$1-million deal in September... 

IMX signs new JV deal over Ntaka Hill

By: Esmarie Swanepoel Junior explorer IMX Resources has agreed to a joint venture (JV) with Mauritius-based Fig Tree Resources Fund II, to divest of more than 70% of its Ntaka Hill nickel project, in Tanzania, in a deal valued at $5.88-million. IMX has been on the hunt for an investor into the Ntaka Hill project... 

Panoramic to launch share buy-back

By: Esmarie Swanepoel Nickel miner Panoramic Resources on Monday announced an on-market share buy-back as part of its efforts to increase share value. The ASX-listed company told shareholders that it would buy-back some 15.96-million shares, and would cancel these shares once acquired. 

Waning investor confidence, weak commodity prices among factors limiting growth of African mining sector 

By: Jade Davenport Along with the Arctic, sub-Saharan Africa remains the most underexplored and highly prospective mineralised region on earth. However, despite its ‘open for business’ approach and myriad investment opportunities – in terms of greenfield and brownfield projects across the commodity spectrum –... 

Waning investor confidence, weak commodity prices  among factors limiting growth of African mining sector

Glencore hunts for buyer to take on WA nickel mine

By: Esmarie Swanepoel Diversified miner Glencore this week confirmed its intentions to divest of the Cosmos nickel mine, in Western Australia. The project was placed on care and maintenance in 2012, while still under the ownership of Xstrata, before being incorporated into the Glencore stable during the takeover of... 

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