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Brazil's Vale says receives $1.08bn for MBR stake sale

By: Reuters Brazilian mining firm Vale said on Tuesday that it has received $1.08-billion from the sale of a 36.4% stake in its Minerações Brasileiras Reunidas subsidiary, which was announced in July. 

Ivernia to shift focus to lead mining through $30m Geo Zone deal

By: Henry Lazenby Canadian miner Ivernia hopes to position itself as a base metal mining, exploration and development company with a focus on lead metal through a $30-million deal to buy Geo Zone Exploration. Ivernia said on Tueday that it would acquire all the Geo Zone's outstanding shares by issuing about... 

Obama pushes for more US ice-breaking might in Arctic

By: Reuters President Barack Obama on Tuesday proposed a faster timetable for buying a new heavy icebreaker for the US Arctic, where quickly melting sea ice has spurred more maritime traffic, and the US has fallen far behind Russian resources. The move, part of a push to convince Americans to support... 

Cash-flush DRDGold mulling share buy-back

By: Martin Creamer Surface gold mining company DRDGold, which has R324-million cash on hand after paying a five-times-higher dividend, is considering a buy back of shares in support of its long-term shareholders. DRDGold CEO Niël Pretorius, who has led a technical and financial turnaround of the gold-from-dumps... 

Cash-flush DRDGold mulling share buy-back
Photo by Duane Daws
Niël Pretorius and Martin Creamer

Iberian advances Cehegin project as iron-ore continues to face strong headwinds

By: Simon Rees TSX-V-listed Iberian Minerals has illustrated its ability to move forward despite the strong headwinds currently being faced by iron-ore producers. The Alberta-based iron-ore development company owns the Cehegin project, in Murcia, south-eastern Spain, which has garnered the attention of... 

Iberian advances Cehegin project as iron-ore continues to face strong headwinds

Boss Resources to buy S Australia uranium mine

By: Esmarie Swanepoel Junior explorer Boss Resources has entered into an agreement with Canada-based Uranium One to acquire the Honeymoon uranium project, in South Australia. Under the terms of the transaction, Boss would pay a A$200 000 site access fee, giving it exclusive access to the Honeymoon project to conduct... 

Boss Resources to buy S Australia uranium mine

DRDGold dividend soars

By: Martin Creamer Gold dump mining company DRDGold on Tuesday lifted its dividend payout fivefold. In declaring a final dividend of 10 c a share in the year ended June 30, the Johannesburg and New York-listed surface miner dished out its eighth consecutive final dividend on results that CEO Niël Pretorius... 

DRDGold dividend soars
Photo by Duane Daws
Niël Pretorius

US Mint American Eagle gold, silver coin sales drop in August

By: Reuters US Mint sales of American Eagle gold coins fell 40% in August from July's highest level in more than two years, as concern about a slowing Chinese economy lifted bullion prices above a five-and-a-half year low, government data showed on Monday. American Eagle gold coin sales fell to 101 500... 

Alamos lifts AuRico stake to more than 10%

By: Henry Lazenby Canadian gold producer AuRico Metals on Monday said that compatriot Alamos Gold had lifted its ownership of the company to more than 10%. TSX-listed Alamos would buy eight-million AuRico Metals shares at C$0.70 apiece for C$5.6-million. Together with the 5.77-million shares Alamos already owned... 

Goldgroup issues shares for Cerro Prieto acquisition, negotiating promissory note demand

By: Henry Lazenby Project developer Goldgroup Mining has issued 16.5-million common shares to Oroco Resource Corp regarding it 2013 acquisition of the Cerro Prieto project, in Mexico. As part of the purchase agreement, Goldgroup committed to issue the shares or, at its option, pay $4.13-million to Oroco by August... 

Waihi gold mine acquisition to lift OceanaGold FY output 22%

By: Henry Lazenby Triple-listed OceanaGold says it could boost its overall output by up to 22% a year to between 380 000 oz and 410 000 oz of gold, should it succeed in its $106-million bid to buy the Waihi gold mine, in New Zealand, from US gold miner Newmont Mining. The Waihi gold mine was about 150 km... 

Tesla awards first offtake agreement for lithium-ion battery Gigafactory

By: Henry Lazenby Electric vehicle maker and energy storage solutions provider Tesla Motors has selected the northern Mexico-located Sonora lithium project to supply lithium hydroxide for its Gigafactory, in Nevada. Partners TSX-V-listed Bacanora Minerals and LSE-listed Rare Earth Minerals (REM) had finalised a... 

Tesla awards first offtake agreement for lithium-ion battery Gigafactory

Union mulls action after 700 workers fired at Freeport mine in Chile

By: Reuters A Chilean union that represents copper mine workers on Monday rejected a move to drastically cut staff at the El Abra mine owned by Freeport-McMoRan and was considering action after 700 workers had their jobs terminated at the weekend. Last week, Arizona-based Freeport, which owns a 51% stake in... 

Cause of global warming remains unknown – energy professor

By: Martin Creamer The cause of global warming remains unknown and the information being used to determine its effects is too recent to form a good basis for conclusions. Outlining this at an event organised by the Fossil Fuel Foundation, Cape Peninsular University of Technology energy professor Philip Lloyd said... 

Cause of global warming remains unknown – energy professor

Barrick closes $298m Porgera JV deal with Zijin

By: Henry Lazenby The world’s largest gold producer by output Barrick Gold on Monday announced that it had closed a deal forming a strategic partnership with Zijin Mining Group. The Chinese firm initially acquired a 50% interest in Barrick Niugini (BNL) for $298-million in cash. 

Higher revenues contribute to Perseus' record FY profit

By: Esmarie Swanepoel Dual-listed gold miner Perseus Mining has reported record profits for the 2015 financial year, on the back of higher revenues and a foreign exchange gain of some A$52.4-million. Net profit after tax increased to a record A$92.2-million for the year under review, a A$124.2-million, or 288%,... 

S&P's cuts metals price forecasts, to review miners' ratings

By: Reuters Standard & Poor's (S&P's) warned on Monday it was likely to revise the credit ratings for some miners over the next week after cutting its price forecasts for aluminium, copper, zinc, nickel and gold and said it expected prices to remain volatile. The rating agency slashed its nickel forecasts... 

TSX ends higher as energy, mining shares jump

By: Reuters Canada's main stock index climbed on Friday, driven by a surge in shares of energy and mining companies rebounding from the brutal sell-off earlier in the week. The benchmark index gained for a fourth straight session and ended the week nearly 3% higher. 

Paladin bides time as uranium market turnaround gets under way

By: Henry Lazenby Dual-listed Paladin Energy has narrowed its 2015 after-tax net loss attributable to shareholders, saying it was optimistic about a long-awaited uranium market turnaround getting under way. For the 2015 financial year ended June 30, the Perth, Western Australia-based uranium producer reported a... 

Paladin bides time as uranium market turnaround gets under way

Cerro Grande pares Q3 loss

By: Henry Lazenby Chile-focused miner Cerro Grande Mining has slightly narrowed its third-quarter loss despite lower sales and prices being offset somewhat by lower costs. The Canadian firm reported a net loss before income taxes for the period ended June 30 of $1.42-million, compared with a loss of $1.59-million... 

Eldorado, miners take legal action over Greek project

By: Reuters Canada's Eldorado Gold and workers at its disputed gold mine project in northern Greece filed a new legal complaint on Friday to overturn a government decision which led to its activities being halted, court officials said. Eldorado's complaint at one of Greece's top courts came after Prime... 

Buffalo Coal appoints new board members

By: Megan van Wyngaardt Dual-listed coal miner Buffalo Coal has appointed Eddie Scholtz and John Wallington to its board, effective September 1, following the resignation of John Dreyer and Michael Price. The board thanked Dreyer and Price for their valued contributions to the company over the past three years, and for... 

New US law a boost for space exploration aspirations 

By: Henry Lazenby The US House of Representatives took a firm stance on commercial space exploration when it passed the Space Resources Exploration and Utilisation Act of 2015 (SPACE Act) in May, providing an opportunity for companies to get off the ground and embrace a new era of space pioneering. “I think that... 

New US law a boost for space exploration aspirations

Energizer’s graphite qualifies for next phase of supply chain testing

By: Henry Lazenby Two independent third parties have successfully manufactured spherical graphite from project developer Energizer Resources’ Molo flake graphite concentrate, with initial test results indicating that it has met all specifications and quality requirements for battery anode material production.... 

Icahn targets struggling miner Freeport-McMoran with 8.5% stake

By: Reuters Activist investor Carl Icahn disclosed an 8.5% stake in miner Freeport-McMoran, saying the company was undervalued and needed to address several corporate governance and capital issues. In a filing with the US Securities and Exchange Commission, the billionaire investor said he intends to speak... 

PDAC welcomes consultation draft to reform Canada’s fragmented capital markets

By: Henry Lazenby The Prospectors and Developers Association of Canada (PDAC) has applauded the release of a revised consultation draft of the Capital Markets Act (CMA) and initial regulations for consultation, labelling it a key milestone in the transition to a cooperative capital markets regulatory system.... 

Freeport-McMoRan again chops 2016 budget, to cut 10% of US jobs

By: Henry Lazenby US-diversified miner Freeport-McMoRan (FCX) on Thursday again laid into its 2016 capital plans, advising that falling copper prices and lower US production levels would result in about 10% of its US jobs being terminated. The Phoenix, Arizona-based miner trimmed its mining budget by 25%, or... 

Goldcorp, Teck to combine Chile projects into massive 50/50 JV

By: Henry Lazenby Gold major Goldcorp and Canadian diversified miner Teck Resources will combine their El Morro and Relincho projects, in Chile, to leverage increased financial returns and dramatically reduce capital expenditure. The miners announced on Thursday that both companies would contribute their separate... 

Goldcorp, Teck to combine Chile projects into massive 50/50 JV
Photo by Goldcorp/Teck Resources
Project Corridor, in Chile, aims to combine the El Morro and Relincho projects.

Fortune Minerals sells remaining Hemlo equipment for $415 000

By: Henry Lazenby Project developer Fortune Minerals has replenished its coffers through the sale of the remaining equipment it salvaged from the Golden Giant mine, at Hemlo, in Ontario. While the equipment was originally meant for use at the proposed Nico gold/cobalt/bismuth/copper development, in the Northwest... 

Titanium industry weakness to endure amid added supply, slow demand

By: Henry Lazenby Titanium dioxide producers would see their earnings under pressure at least into 2016, as the industry continued to weaken in the near term amid price pressures associated with increased supply and sluggish demand growth, ratings agency Moody’s Investors Service said on Wednesday. In it's report... 

Largo racks-up daily production record of 110% capacity

By: Henry Lazenby Vanadium producer Largo Resources has achieved two new production records over consecutive days this week at its Maracas Menchen mine, in Brazil, and expects continued growth. The Bahia-state project achieved a new daily production record on Monday of 27 t of vanadium pentoxide (V2O5), which... 

Molycorp to close Mountain Pass facility in October 

By: Henry Lazenby North American rare earths producer Molycorp will close its Mountain Pass rare-earth facility, in California, on October 20. Molycorp, which operated Mountain Pass, the largest rare earths mine outside of China, and its processing facility, had on June 25, along with its subsidiaries in North... 

Molycorp to close Mountain Pass facility in October

Canada PM declines to comment on the value of Canadian dollar

By: Reuters Canadian Prime Minister Stephen Harper on Wednesday declined to comment on the value of the Canadian dollar, which has fallen to 11-year lows against the US dollar in recent sessions amid a drop in oil prices and global market volatility. "The Canadian prime minister doesn't make any comments on... 

Peninsula signs another offtake agreement in the US

By: Esmarie Swanepoel Uranium developer Peninsula Energy has inked two new uranium concentrate sales and purchase agreements with major US power utilities. Under the terms of the agreements, up to 1.93-million pounds of uranium would be delivered to the utilities by Peninsula, from 2016. 

DuSolo launches strategic review following weaker-than-expected fertiliser sales

By: Henry Lazenby Brazil-focused DuSolo Fertilizers will implement several sales and production strategies in an attempt to increase revenues from its Bomfim mine after demand for its product failed to meet the company's expectations. "In light of the current market conditions in Brazil and the effect it has had... 

CFTC to meet with Alcoa on LME warehouse reform

By: Reuters The chairperson of the US commodities regulator and an executive from aluminium producer Alcoa will meet this week to discuss metals warehousing reform, a spokesperson for the agency said on Tuesday. The meeting between US Commodity Futures Trading Commission (CFTC) chairperson Timothy Massad and... 

Century Aluminum will curtail Kentucky smelter due to weak prices

By: Reuters Century Aluminum, which is owned by Glencore, said on Tuesday it will curtail its Hawesville smelter, in Kentucky, on October 24, blaming weak metal prices on a flood of low-priced exports from China. "Chinese overcapacity and the improper export of heavily subsidised Chinese aluminium products... 

DNI Metals becomes fully integrated with Toronto-based laboratory, patents acquisition

By: Henry Lazenby Project developer DNI Metals has signed a nonbinding agreement with a private firm, which could vertically integrate its developing graphite business. While the company was developing the Vohitsara large-flake graphite project, in Madagascar, for which it had been granted a full commercial mining... 

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