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Barrick to keep operating Zambia copper mine, pending royalty change

By: Reuters Barrick Gold, the world's biggest gold producer by output, will continue operating its Lumwana copper mine, in Zambia, while awaiting changes to the country's mineral royalty tax, the company said on Friday. Barrick had said it would suspend operations after Zambia hiked mineral royalties for... 

Encanto Potash gets third-party interest to build 100 MW power plant for SK project

By: Henry Lazenby Project developer Encanto Potash has received an expression of interest through its strategic advisor Horgen Holdings, that private equity fund manager Fengate Capital Management wanted to undertake the development, construction and financing of a 100-MW power station for the proposed Muskowekwan... 

Fortune Minerals secures $4m from financing partner for Colorado silver mine

By: Henry Lazenby Canadian miner Fortune Minerals has closed a further $4-million financing from financing partner Lascaux Resource Capital Fund to provide working capital for the Revenue silver mine (RSM), located in south-west Colorado. Lascaux in October last year provided Fortune with $35-million finance the... 

First Nickel trims 2014 FY net loss

By: Henry Lazenby Ontario-based nickel producer First Nickel has reported a narrower net loss for full-year 2014, as higher nickel prices and improved sales volumes boosted the bottom line. The company, which operates the Lockerby mine, in the Sudbury Basin, on Thursday reported a net loss of $20.7-million for the... 

Silvercrest swings to Q4 adjusted loss on higher costs

By: Henry Lazenby Canadian precious metals producer SilverCrest Mines this week reported a higher headline loss for the three months ended December 31, as costs rose mainly as a result of added direct production costs after the company transitioned the Santa Elena mine from an openpit heap-leach operation to an... 

Golden Star Resources reports strong ROI for underground Ghanaian gold project

By: Henry Lazenby Ghana-focused gold miner Golden Star Resources has reported a strong return on investment (ROI) for its brownfields Wassa underground gold project at its currently operating Wassa openpit mine in the country, and expected the development to transform the company into a lower-cost gold producer.... 

Pretium’s Brucejack project gets BC’s environmental nod, bar 15 conditions

By: Henry Lazenby British Columbia’s Environment Minister Mary Polak and Energy and Mines Minister Bill Bennett have issued an environmental assessment certificate to Pretium Resources for the Brucejack gold mine, located about 65 km northwest of Stewart. The ministers had issued the certificate with 15 legally... 

Pretium’s Brucejack project gets BC’s environmental nod, bar 15 conditions
Photo by Pretium Resources
Pretium Resources' Brucejack mine, BC.

Miners' gold forward sales surged 103t last year, most since 1999 – report

By: Reuters The volume of gold sold forward by mining companies rose by 103 t last year, the biggest annual increase since 1999, an industry report showed on Friday. That far outstrips an estimate given late last year of 42 t to 52 t, after Mexican gold and silver miner Fresnillo said it was hedging 47... 

Israel Chemicals to acquire Allana Potash in C$137m deal

By: Megan van Wyngaardt Dual-listed agriculture, processed food and engineered materials manufacturer Israel Chemicals (ICL) will acquire all shares it does not already own in TSX-listed Allana Potash, which owns a potash mine in Ethiopia, for C$137-million. ICL already held a 16.36% stake in the potash company and... 

Bauba makes first chrome shipment in platinum exploration funding move

By: Martin Creamer The JSE-listed Bauba Platinum, which is mining and selling chrome ore to fund its platinum exploration, this week shipped the first run-of-mine output from its maiden chrome horizon blast at the Moeijelik operation. Bauba last year entered into a two-year chrome-ore supply agreement with ASA... 

Bauba makes first chrome shipment in platinum exploration funding move
Photo by Duane Daws
Syd Caddy

Endeavour appoints new CFO

By: Esmarie Swanepoel Dual listed gold miner Endeavour Mining has appointed Ota Hally as its new CFO, effective from April 1. Hally would replace Christian Milau, who has resigned to join True Gold Mining as CEO. 

Kinross settles shareholder lawsuit tied to Mauritania debacle

By: Reuters Kinross Gold Corp has agreed pay $33-million to settle a shareholder lawsuit that had accused the Canadian gold miner of defrauding investors through an ill-advised mine acquisition in Mauritania that has resulted in over $6-billion in writedowns. According to documents filed with the U.S.... 

Platinum Equity nears deal for Itochu's PrimeSource – sources

By: Reuters Private equity firm Platinum Equity is in advanced talks to buy PrimeSource Building Products, the largest distributor of screws and nails in the US, from Itochu Corp, according to people familiar with the matter. A deal will likely value PrimeSource at between $800-million and $900-million, the... 

Mirasol options 75% of Chile gold belt projects to Yamana

By: Henry Lazenby Latin America-focused project generator Mirasol Resources has optioned 75% of the Gorbea Belt projects, in Chile, to Canadian miner Yamana Gold. Under the joint venture agreement, the option would be exercisable in three stages over a seven-year period that would see Yamana act as a strategic... 

LME looking to restore bullion forward curve, eyes broad market restructuring

By: Reuters The London Metal Exchange (LME) has started talking to the main bullion trading banks about reinstating end-of-day gold and silver forward curves, which could be part of a bigger structural change in the precious metals market. A forward curve, which consists of a series of prices reflecting... 

Several miners appoint new senior executives

By: Henry Lazenby Thursday saw a slew of new senior executive appointments by several Canadian mining companies. West Africa-focused True Gold said it had appointed Christian Milau its new president and CEO, effective from April 27. The company, which was currently focused on developing the temporarily suspended... 

Electricity-slashing platinum game changer expected by December

By: Martin Creamer The target date is the end of this year for the decision to go ahead with the commercial implementation of a paradigm shift technology that will mine and refine platinum in an integrated on-site process and use only a tenth of the electricity normally consumed. Major detail design work has... 

Electricity-slashing platinum game changer expected by December
Photo by Duane Daws
Arne Frandsen

Glencore to shut NSW underground coal mine

By: Esmarie Swanepoel Mining major Glencore on Thursday announced that underground mining at its West Wallsend coal mine, in New South Wales, would be completed next year. The decision to cease underground mining was consistent with the life-of-mine planning for the West Wallsend operation, the miner said. 

Red Eagle secures $65m for construction of Colombian gold mine

By: Henry Lazenby TSX-V-listed project developer Red Eagle Mining has secured $65-million in financing from Orion Mine Finance to build its fully permitted San Ramon gold mine, in Colombia. The financing comprised a private placement of common shares and a $60-million credit facility. 

Iamgold trims board

By: Henry Lazenby Iamgold on Wednesday announced that three directors would be retiring and not stand for re-election at the company's annual general meeting (AGM) of shareholders scheduled for May 11. President and CEO Steve Letwin said in support of the company's focus on cost containment, the board had taken... 

Inca One declares commercial production at Chala One

By: Henry Lazenby Following an assessment of commercial production indicators, Canadian ore processing firm Inca One Gold has declared commercial production at its Chala One plant, in Peru, effective from February 1. The TSX-V-listed company on Wednesday said key parameters were met, including average production... 

Seabridge Gold reports maiden resource for KSM’s Iron Cap Lower Zone

By: Henry Lazenby British Columbia-focused explorer Seabridge Gold has completed the first resource estimate for the Iron Cap Lower Zone at its 100%-owned KSM project, in north-western British Columbia. The Iron Cap Lower Zone was, after Deep Kerr, the second core zone identified at the massive project, which was... 

Execution now critical as Goldsource aims to pour gold before year-end

By: Henry Lazenby Mine developer Goldsource Mines expects to pour its first gold before the end of the year, which would open the door to organically grow the low-cost operation in politically stable Guyana. TSX-V-listed Goldsource had started construction of its $5.9-million Eagle Mountain gold project earlier... 

Steadfast Wescoal reacts firmly to stave off negative reports

By: Martin Creamer A steadfast Wescoal on Wednesday reacted firmly to stave off negative news reports by restating that an offer made for the company had been taken off the table after conditions could not be met and simultaneously reconfirmed its oft-stated position of wanting to increase its black shareholding to... 

Steadfast Wescoal reacts firmly to stave off negative reports
Photo by Duane Daws
Wescoal chairperson Robinson Ramaite

Paladin raises another $50m

By: Esmarie Swanepoel Uranium miner Paladin Energy will issue a further $50-million in convertible bonds to China Investment Corporation (CIC), giving the miner additional flexibility to reduce its debt. In February, Paladin raised $100-million through convertible bonds, which were issued to institutional,... 

US SEC spent $2.75m on conflict mineral rules, White says

By: Reuters The US Securities and Exchange Commission (SEC) has spent about $2.75-million to write, implement and defend itself against legal challenges to its "conflict mineral rules," SEC chairperson Mary Jo White revealed this month. The cost estimates, laid out in a March 16 letter to top lawmakers on... 

Engineering firm completes umbilical winches for Nautilus Minerals' deep-sea fleet

By: Henry Lazenby Canadian marine mining project developer Nautilus Minerals on Tuesday said a British engineering firm had successfully completed factory acceptance testing of the umbilical winches for three seafloor production tools (SPTs). UK-based Soil Machine Dynamics designed and built the umbilical winches,... 

Sherritt International appoints ArcelorMittal Canada exec as COO

By: Henry Lazenby TSX-listed Sherritt International Corp has named ArcelorMittal Mining Canada president and CEO Steve Wood as its new COO effective from April 27. Wood would oversee all Sherritt's operations in Canada, Cuba and Madagascar, including the environmental, health and safety, sustainability,... 

British Columbia recognises health and safety achievements of local mines

By: Henry Lazenby The Canadian province of British Columbia (BC) this week recognised several local mining operations for their health and safety achievements at the fifty-third yearly Mine Safety Awards banquet, in the provincial capital Victoria. The awards were presented to mines and quarries within the... 

Oil price decline shakes up North American growth prospects

By: Henry Lazenby The continued slide in crude oil prices will weigh on Canadian economic growth over the next few years, despite being offset by ultralow interest rates, a weaker Canadian dollar, resilient growth in the key US export market and energy cost savings for consumers, economists at Toronto-Dominion... 

Oil price decline shakes up North American growth prospects

Seize opportunity to improve mining tax, pleads KPMG’s Saloojee

By: Martin Creamer South Africa should seize the current timely opportunity to amend its mining taxation in a manner that encourages foreign investment, stimulates prospecting, gets mining companies to start dealing with marginal mines and gives enough back to the fiscus for the benefit of this country's people,... 

Seize opportunity to improve mining tax, pleads KPMG’s Saloojee
Muhammad Saloojee
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