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South American miner Troy reports lower output

By: Esmarie Swanepoel     Updated 5 hours ago Despite reporting a slight decline in production during the three months to September, ASX- and TSX-listed gold miner Troy Resources has maintained its production expectations for the financial year to the end of June 2015. During the quarter under review, group gold production dropped to 20 624... 

Teranga revises full-year output

By: Esmarie Swanepoel     Updated 5 hours ago Senegal-focused gold miner Teranga Gold has downgraded its full-year production expectations by 8 000 oz, after deferring the mining of high-grad ounces and after failing to meet production expectations in the three months to September. The ASX- and TSX-listed miner on Friday reported that gold... 

Didipio set to exceed expectations - OceanaGold

By: Esmarie Swanepoel     Updated 5 hours ago Dual-listed gold miner OceanaGold on Friday reported that its Didipio project, in the Philippines, was on track to beat full-year expectations, after a stellar third quarter. During the three months to September, the company produced 67 352 oz of gold and 7 978 t of copper, compared with the 60... 

Low kimberlite discovery rate seen sparking diamond production crisis by turn of decade

By: Jade Davenport     Updated 5 hours ago The stability of the diamond sector has always been a slave to the fine balance between supply and demand. Over the last century, the industry has had to contend with various crises of oversupply, largely spurred by conflict, global economic instability and the vagaries of consumer demand. As a... 

Low kimberlite discovery rate seen sparking diamond production crisis by turn of decade

Mining ops continue unfettered despite Burkina Faso civil unrest

By: Henry Lazenby Canadian gold miners with operations in Burkina Faso on Thursday said despite the declared state of emergency, their operations were continuing uninterrupted. Burkina Faso President Blaise Compaore had declared a state of emergency following violent protests in the capital that saw demonstrators... 

Mining ops continue unfettered despite Burkina Faso civil unrest

Canada's First Quantum's earnings hurt by lower copper output

By: Reuters Canadian base metal miner First Quantum Minerals reported a bigger-than-expected drop in third-quarter earnings on Thursday, due in part to lower copper and nickel production. The company, which primarily mines copper but also produces nickel and gold, said earnings fell to $121.2-million, or... 

Newmont earnings fall on lower prices, beats Street

By: Henry Lazenby Gold producer Newmont Mining has reported lower earnings for the three months ended September 30, as lower sales and metals prices weighed on its balance sheet. However, the Denver, Colorado-based company’s financial results beat analyst forecasts, helped, in part, by lower costs. 

Newmont earnings fall on lower prices, beats Street

Met coal price recovery unlikely until 2016 – Moody’s

By: Henry Lazenby A recovery in metallurgical (met) coal prices to between $135 and $145 a metric tonne is unlikely before the second half of 2016, says Moody’s Investors Service. In its sector commentary ‘Slow China demand, few curtailments push out met coal recovery’, published on Thursday, the firm noted that... 

Walter Energy shares fall despite beating expectations

By: Henry Lazenby The NYSE-listed stock of coal miner Walter Energy in early trading on Thursday morning fell by as much as 13%, despite the company reporting better-than-expected results for the quarter ended September 30. Birmingham, Alabama-based Walter reported a net loss of $98.9-million, or $1.48 a share,... 

Mosaic sees record 2015 global phosphate, potash sales; profit jumps

By: Reuters Mosaic Co on Thursday forecast record-high global phosphate and potash shipments in 2015 despite concerns that weak crop prices would reduce farmers' fertiliser purchases. The Plymouth, Minnesota-based company's quarterly profit jumped 63% as it sold more phosphate at higher prices, but the... 

Alpha Natural Resources narrows Q3 loss

By: Henry Lazenby US coal producer Alpha Natural Resources has narrowed its net loss for the third-quarter to $185-million, or $0.84 a share, compared with a net loss of $458-million, or $2.07 a share, in the comparable quarter of 2013, when it booked a $253-million goodwill impairment charge. Excluding special... 

Goldcorp stock falls on Q3 earnings miss

By: Henry Lazenby The NYSE-listed stock of miner Goldcorp on Thursday fell 10% after the world’s largest gold producer by market capitalisation swung to a net loss for the three months ended September 30. Vancouver-based Goldcorp had a loss for the third quarter of $44-million, or $0.05 a share, compared with net... 

Goldcorp stock falls on Q3 earnings miss

Accelerated underground development to save OceanaGold A$215m

By: Esmarie Swanepoel Dual-listed gold miner OceanaGold on Thursday estimated cost savings of about A$215-million between 2018 and 2020 from its Didipio project, in the Philippines, by bringing forward underground production. In September, ASX- and TSX-listed OceanaGold announced that the underground development of... 

Yamana Gold posts big loss on charges for Brazil mines, tax

By: Reuters Yamana Gold reported a hefty third-quarter net loss on Wednesday as large impairment charges for three Brazilian mines and charges for newly enacted Chilean taxes more than offset higher production and lower costs. The Canadian-based gold miner recorded a $668-million impairment charge for its... 

Centerra Gold loss widens as prices, sales drop

By: Reuters Centerra Gold reported a deeper third-quarter loss on Wednesday, reflecting lower gold prices and the sale of fewer ounces of gold, the company said. The Toronto-based gold miner's net loss widened to $3.2-million, or $0.01 a share, from $1.8-million, or $0.01, in the year-ago period. 

Agnico Eagle posts Q3 loss, lifts 2015 guidance

By: Henry Lazenby Canadian miner Agnico Eagle experienced a third-quarter net loss of $15.1-million, or $0.07 a share, impacted by a non-cash foreign currency translation loss on deferred tax liabilities of $11.3-million and other special items. Excluding special items, the Toronto-based miner on Wednesday... 

Augusta acquisition adds to Hudbay’s Q3 profit

By: Henry Lazenby Canadian base metals producer Hudbay Minerals has generated a profit of $49.2-million, or $0.22 a share, for the three months ended September 30, up from $3-million for the same period in 2013, boosted by gains related to the C$555-million acquisition of Augusta Resource Corp in July. Hudbay... 

Sherritt International posts Q3 loss, cuts into workforce

By: Henry Lazenby TSX-listed nickel and cobalt producer Sherritt International will cut its salaried workforce by 10%, excluding employees at its Ambatovy nickel and cobalt mine, in Madagascar, as part of its company-wide restructuring process. Sherritt, which had started a process to sell its Toronto head-office... 

Barrick Gold reports narrower Q3 profit on lower sales, prices

By: Henry Lazenby The world’s largest gold producer by output, Barrick Gold, experienced narrower net earnings for the quarter ended September 30, as lower gold and copper sales, as well as lower realised prices impacted on its performance. The Toronto-based miner, with operations in North and South America,... 

Barrick Gold reports narrower Q3 profit on lower sales, prices

Report highlights economic impact of gold mining in Ontario

By: Henry Lazenby A recent independent report has highlighted the significant economic impact of Ontario’s mineral sector and found that all stakeholders – including miners, Aboriginal and other local communities, governments and supplier industries – benefitted from the sector’s activity. The University of... 

Cameco stock slides on production woes, expects possible 5% revenue dip

By: Henry Lazenby TORONTO (miningweekly.com) – Canadian uranium producer Cameco on Wednesday reported weaker-than-expected third-quarter results to shareholders, as labour and operational issues at two of its significant mines impacted on output and prompted the company's TSX-listed stock to trend lower. The... 

Cameco stock slides on production woes, expects possible 5% revenue dip

300 a year doing mechanised mining courses at Wits centre

By: Martin Creamer Three hundred people a year are doing courses in mechanised mining offered by the University of the Witwatersrand Centre for Mechanised Mining Systems (CMMS). CMMS director Dr Declan Vogt, who was interviewed by Mining Weekly Online at the university, sees one of the centre’s main roles as... 

300 a year doing mechanised mining courses at Wits centre
Photo by Duane Daws
CMMS director Declan Vogt

Strike-hit Impala’s platinum output down 25%, unit costs up 62%

By: Martin Creamer Strike-hit mining company Impala Platinum (Implats) has produced 25.5% fewer platinum ounces in the three months to September 30 than in the corresponding period last year. In line with reduced platinum production, group unit costs rose 62% to R26 698/oz of platinum, compared with R16 488/oz in... 

Strike-hit Impala’s platinum output down 25%, unit costs up 62%
Photo by Duane Daws
Implats CEO Terence Goodlace

Trans Hex takes over Namaqua diamond mines from De Beers

By: Martin Creamer The long-awaited acquisition by Trans Hex of the Namaqualand diamond mines from De Beers has become effective. The JSE-listed Trans Hex expects to receive cash flows of R653-million over the life of Namaqualand Mines, which have a resource of between 1.6-million carats and 1.9-million carats that... 

Trans Hex takes over Namaqua diamond mines from De Beers
Photo by Duane Daws
Trans Hex CEO Llewellyn Delport

West African secures funding for Burkina Faso FS

By: Esmarie Swanepoel Dual listed West African Resources has secured a two-year $5-million convertible loan facility from Macquarie Bank to complete its feasibility study of the Mankarga 5 heap leach gold project, in Burkina Faso. The facility would be drawn-down fully by way of a single cash advance, and would be... 

Anadarko raises output target, says Q3 profit up on asset sales

By: Henry Lazenby US independent oil and gas company Anadarko Petroleum Corp on Tuesday reported a sharply higher profit for the quarter ended September 30, owing to higher output at its Wattenberg field in Colorado and asset sale proceeds. Oil and gas companies, including Anadarko, have been selling assets with... 

Southern Copper's net profit falls 5.8% in third quarter

By: Reuters Southern Copper's net income fell 5.8% in the third quarter from the same period a year earlier on higher sales costs and a new mining tax in Mexico, the global miner said on Tuesday.The company's reported third-quarter net income of $324.3-million, or $0.039 a share, came in slightly below... 

Freeport-McMoRan’s Q3 profit drops amid depressed prices

By: Henry Lazenby Diversified miner Freeport-McMoRan's profit fell nearly a third year-on-year for the three months ended September 30, as depressed copper and gold prices cancelled expected gains from improved sales. NYSE-listed Freeport reported net income attributable to shareholders of $552-million, or $0.53 a... 

Freeport-McMoRan’s Q3 profit drops amid depressed prices

Arch Coal stock rallies as higher prices lift revenue

By: Henry Lazenby US miner Arch Coal on Tuesday reported a bigger-than-expected loss, but also higher-than-expected revenue, for the third quarter, as higher coal prices buoyed results. The St Louis, Missouri-based miner, which produces both electricity-generating thermal coal and steelmaking metallurgical coal... 

Consol to create MLP for thermal coal assets

By: Henry Lazenby US-based coal and natural gas producer Consol Energy on Tuesday announced plans to create a master limited partnership (MLP) for its thermal coal assets by year-end. The Pittsburgh-based company said in a telephone call with analysts that it hoped to announce an MLP by the end of the year, saying... 

Bloom Lake Phase 2 to proceed only if Cliffs can secure three equity partners

By: Henry Lazenby US miner Cliffs Natural Resources on Tuesday said there was no future for its Bloom Lake iron-ore mine, in Quebec, if the Phase 2 expansion was not undertaken. Speaking on his first quarterly results analyst telephone call as chairperson, president and CEO of the company, Laurenco Goncalves said... 

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