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Silver Wheaton lifts revolving credit facility to $2bn

By: Henry Lazenby The world’s largest streaming firm Silver Wheaton has amended and restated its revolving credit facility on Friday, increasing the available credit from $1-billion to $2-billion and extending the term by two-years to February 27, 2020. Silver Wheaton said it used proceeds drawn from this amended... 

US Mint American Eagle gold coin sales tumble in February

By: Reuters US Mint American Eagle gold coin sales in February were the weakest for the second month of the year since 2007, and down 77% from January, according to data on Friday, as investors eyed the soaring stock markets. The US Mint sold 18 500 oz of gold bullion coins this month, down from 31 000... 

Endeavour Mining reports wider Q4 loss on impairment charges

By: Henry Lazenby Canadian gold producer Endeavour Mining has reported a significantly wider net loss for the three months ended December, as notable impairment charges on its Tabakoto mine, in Mali, weighed on financials. The ASX- and TSX-listed company on Thursday reported a net loss attributable to shareholders... 

Batteries at the centre of Apple’s EV master plan

By: Henry Lazenby Consumer electronics giant Apple is being sued by lithium-ion battery producer A123 Systems for "systematically" poaching employees to establish a new battery division, expected to power the company’s foray into the electric vehicle (EV) sector. The venture, reportedly named ‘Project Titan,’ has... 

Juniors struggle in sea of red tape, fees and demographic losses – Benjamin Cox

By: Simon Rees As the industry prepares for the 2015 Prospectors and Developers Association of Canada’s conference, many have written off the past year as another annus horribilis – a horrible year filled with more impairments, fire sales, debt headaches and muted prices. The junior sector has struggled most,... 

Juniors struggle in sea of red tape, fees and demographic losses – Benjamin Cox

Nevsun hikes FY14 earnings

By: Natasha Odendaal TSX- and NYSE-listed Nevsun Resources posted earnings a share of $0.47 for the 2014 financial year, a rise on the $0.06 reported in the prior period. As the Vancouver-based mining company reported a substantial rise in revenue from $155-million in the 2013 financial year to $555-million in the... 

First tungsten from new Zimbabwe mine June – Premier

By: Martin Creamer he first major commercial production of tungsten from a new mine under construction in Zimbabwe is expected in June. The plant for the mine, which is being built in Johannesburg by Appropriate Process Technology, is due for shipment to Zimbabwe on May 11. The RHA project has so far absorbed an... 

First tungsten from new Zimbabwe mine June – Premier
Photo by Duane Daws
George Roach and Martin Creamer

Diamcor earnings drop 36% y/y

By: Megan van Wyngaardt TSX-listed Diamcor Mining sold 3 579 ct of rough diamonds in the third quarter ended December 31, generating gross revenue of C$886 843, averaging $221.96/ct. This was a 36% decrease on the 2013 comparative period in 2013, when the company reported selling 3 955 ct and gross revenue of... 

Troy's higher gold output results in more revenue

By: Esmarie Swanepoel ASX- and TSX-listed gold miner Troy Resources has reported a 22% increase in revenues for the half-year ended December, on the back of a higher gold output. The miner on Friday reported that gold equivalent production during the interim period reached 65 014 oz, compared with the 60 334 oz... 

Rio Tinto simplifies business to further lower costs

By: Esmarie Swanepoel Diversified giant Rio Tinto on Friday announced that it would streamline its business, condensing its assets into four product groups namely; aluminium, copper and coal, diamonds and minerals, and iron-ore. The miner said that the new copper and coal product group would bring Rio’s coal... 

Rio Tinto simplifies business to further lower costs
Photo by Bloomberg
Rio Tinto CEO Sam Walsh

Australian iron-ore juniors hurting, some majors reviewing expenditure plans as prices slump

By: Esmarie Swanepoel The recent free fall in the iron-ore price to its lowest level in six years has struck a deathblow to a number of Australian juniors operating in the sector, while the majors have been forced to cut back costs. Commodity analyst Wood Mackenzie (WoodMac) blamed the lagging commodity price on a... 

Australian iron-ore juniors hurting, some majors reviewing expenditure plans as prices slump

Colombian mining tax regime counterproductive to investment, profit

By: Henry Lazenby The Colombian mining tax regime has imposed a significantly high tax burden on marginal investments in mining, discriminated across minerals and was counterproductive to project profitability, pointing to a need to improve the country's mining tax regime. This was according to a report released... 

Aus explorer exercises option to acquire two US projects

By: Henry Lazenby Australian explorer Carnavale Resources has exercised an option to acquire private firm Tojo Minerals, which has the rights to the Red Hills project, in Nevada, and the Little Butte project, in Arizona. Perth, Australia-based Carnavale said in a statement that it would move to immediately ramp-up... 

Endeavour Mining raises stake in West Africa-focused Legend Gold

By: Henry Lazenby West Africa-focused gold producer Endeavour Mining has filed an ‘early warning report’, as required by National Instrument 62-103, after increasing its holdings in Mali-focused explorer Legend Gold to about 18.75%. Vancouver-based Endeavour had received a further 2.5-million Legend common shares,... 

Obama vetoes Keystone XL pipeline, leaving it in limbo

By: Reuters President Barack Obama on Tuesday, as promised, swiftly vetoed a Republican bill approving the Keystone XL oil pipeline, leaving the long-debated project in limbo for another indefinite period. The US Senate Majority Leader Mitch McConnell, after receiving Obama's veto message, immediately... 

Montero declines participation in Ethiopian graphite project

By: Henry Lazenby TSX-V-listed Montero Mining & Exploration has declined participation in the Moyale graphite project, in Ethiopia, the company reported on Thursday. Montero had in August entered into a binding agreement with Ethiopia-based Hulager General Import & Export to acquire up to an 80% interest in its... 

True North Gems updates Greenland precious-gem project PFS

By: Henry Lazenby An updated prefeasibility study (PFS) on Canadian project developer True North Gems' Aappaluttoq ruby and pink sapphire project, in Southwest Greenland, has presented positive results, revealing that the project has an after-tax net present value at an 8% discount rate of $171-million. The mine,... 

Vale shares down after Q4 loss, missing analyst forecasts

By: Henry Lazenby The NYSE-listed stock of the world’s largest iron-ore producer, Brazil’s Vale, on Thursday trended lower after the diversified miner reported a significant fourth-quarter net loss, as the collapse of the steelmaking commodity’s price weighed on its bottom line.  Despite narrowing the net loss for... 

Vale shares down after Q4 loss, missing analyst forecasts

Implats moves to power platinum refinery with platinum fuel cells

By: Martin Creamer Platinum major Impala Platinum (Implats) is studying the feasibility of taking its entire platinum refinery off the national electricity grid and powering it with platinum fuel cells. The refinery already has a supply of available hydrogen to fuel the cells and would need some 20 MW of fuel-cell... 

Implats moves to power platinum refinery with platinum fuel cells
Photo by Creamer Media
Terence Goodlace and Martin Creamer

PanTerra to earn into British Columbia gold project

By: Esmarie Swanepoel Gold miner PanTerra Gold has inked a predevelopment and earn-in agreement with Vancouver-based Canarc Resource Corporation, which was expected to lead to the development of the New Polaris gold mine, in British Columbia. PanTerra reported on Thursday that the company would progressively spend... 

PanTerra to earn into British Columbia gold project

Atrum inches closer to offtake agreements

By: Esmarie Swanepoel Coal developer Atrum has inched closer to a takeoff deal at its Groundhog project, in Canada, signing a memorandum of understanding (MoU) to negotiate binding sales agreements. The MoUs were inked with Japanese firms, including some of the country’s largest corporate conglomerates. 

North American Palladium lifts Lac des Iles reserves and resources

By: Henry Lazenby Canadian palladium producer North American Palladium (NAP) rose almost 19% on Wednesday on the TSX after it reported sizeable increases to both the compliant reserves and resources at its flagship Lac des Iles property, in north-western Ontario. The Toronto-headquartered company reported reserves... 

Specialised refractory materials for Orbite Aluminae plant arrive in Montreal

By: Henry Lazenby TSX-listed Orbite Aluminae, which is currently converting its high-purity alumina (HPA) production plant, at Cap-Chat, in Quebec, into a full-scale, 1 t/d facility, has confirmed that the Europe-sourced components of the new castable material for the plant’s refractory system have arrived in the... 

Lupaka Gold on track to start mining at Invicta by mid-year

By: Henry Lazenby Peru-focused explorer and project developer Lupaka Gold has received its certificate of mining (COM) permit at the Invicta gold project, moving the company a step closer to start production by mid-year. The COM, granted by the Direccion General de Mineria of the Ministry of Energy and Mines... 

Anglo's zinc loss now Vedanta's sweet gain

By: Martin Creamer London-listed diversified mining company Vedanta Resources has found itself in a sweet spot as the owner of the zinc assets that Anglo American saw fit to sell off four years ago, when China seemed in perpetual over supply mode and small operations abounded. But China is no longer supplying as it... 

Anglo's zinc loss now Vedanta's sweet gain
Photo by Duane Daws
Deshnee Naidoo

Rio Tinto CEO sees no chance of a Glencore merger

By: Reuters Global miner Rio Tinto will not be taken over by rival Glencore because there is no value in it for shareholders and regulators will never let it happen, Rio Tinto chief executive Sam Walsh said. Rio rebuffed a takeover approach from Glencore last August to create a $160-billion mining and... 

Rio Tinto CEO sees no chance of a Glencore merger
Photo by Bloomberg
Rio Tinto CEO Sam Walsh

Coalspur receives $15m offer from KCE

By: Esmarie Swanepoel Dual-listed coal developer Coalspur has become a takeover target, with the Canada-focused company announcing on Wednesday that it had entered into a definitive agreement with coal producer KC Euroholdings. KCE, which is the parent company of Kameron Collieries – the owner of the Donkin coal... 

Paringa increases measured resource in US

By: Esmarie Swanepoel Coal junior Paringa Resources has increased the measured and indicated resource at its Buck Creek mining complex, in the US, by 54%, to 211-million tonnes. The company pointed out on Wednesday that the measured and indicated resource now represented 98% f the total 216.5-million tonnes at the... 

Turquoise Hill Resources to sell remaining SouthGobi stake to Chinese firm 

By: Henry Lazenby Rio Tinto subsidiary Turquoise Hill Resources has reached a deal with Chinese holding firm Novel Sunrise Investments to buy its remaining stake in Mongolia-focused coal miner SouthGobi Resources. Turquoise Hill, which has a 66% interest in the massive Oyu Tolgoi copper/gold mine, in the same... 

Semafo’s Mana mine SAG mill upgrade completed

By: Henry Lazenby TSX-listed Semafo has completed the replacement of the shell of the semi-autogenous grinding mill at the Mana mine, in Burkina Faso. Despite the shutdown between January 19 and February 23, the miner reported on Tuesday that it still produced 22 220 oz of gold, supported by the secondary ball... 

Largo Resources defers debt amortisation, extends maturities

By: Henry Lazenby Vanadium producer Largo Resources has received a nonbinding indicative term sheet from its consortium of lenders to defer its debt amortisation schedule and extend the maturities for its construction debt facility and its export credit facilities for its Maracas Menchen mine, in Brazil. The... 

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