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North America News

Kootenay to proceed with 3 000 m drilling programme at La Cigarra

By: Samantha Herbst     22nd July 2016 With drill permits now in place, preparations for the 3 000 m drilling programme at Canadian explorer Kootenay’s 100%-owned La Cigarra silver project, in Chihuahua State, Mexico, are well under way, with expectations that drilling will commence on or by August 1. The TSX-V-listed company noted on... 

Dynasty workers resume activity at Zaruma

By: Megan van Wyngaardt     22nd July 2016 Workers at TSX-listed Dynasty Metals & Mining subsidiary Elipe’s Zaruma mine will return to work and continue mining activities, following an agreement reached this week. In April, an unexpected walkout by workers at the gold mine in Ecuador resulted in the temporary suspension of all activities... 

Anglo Pacific’s H1 sales beat previously guided range by about 20%

By: Samantha Herbst     22nd July 2016 Half-year sales from dual-listed royalty company Anglo Pacific Group’s private royalty lands are expected to be in the range of 35% to 40%, the group announced earlier this week, after receiving notification from British-Australian multinational Rio Tinto of the invoiced payable tons for the... 

Centerra closes C$195-million bought deal offering

By: Creamer Media Reporter      22nd July 2016 Canadian gold miner Centerra Gold has closed its previously announced C$195-million bought deal offering of subscription receipts, the net proceeds of which will be used to partially fund the redemption of the secured and unsecured notes of the Thompson Creek Metals Company, in connection with... 

‘New class of gold investor’ may emerge amid global uncertainties

By: Dylan Slater     22nd July 2016 The World Gold Council (WGC) believes that an “entirely new class of gold investor” could emerge because of the significant global increase in the interest in gold stocks, following the Brexit vote – the British exit from the European Union (EU). “As a high-quality, liquid asset, we believe gold... 

‘New class of gold investor’ may emerge amid global uncertainties

Soaring DRDGold adds R14bn a year to economy as it turns waste to gold  

By: Martin Creamer     21st July 2016 By taking material that has been dumped as waste and turning it into gold, DRDGold is adding R14-billion worth of value a year to the South African economy and unlocking scarce real estate for gainful development, a visiting media contingent heard on Thursday. “[That is] R14-billion rands worth... 

Soaring DRDGold adds R14bn a year to economy as it turns waste to gold
DRDGold CEO Niël Pretorius spells out Ergo’s multi-billion-rand economic contribution to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Darlene Creamer. 21.7.2016

Asanko delivers strong second quarter in first production phase

By: Samantha Herbst     21st July 2016 TSX-listed midtier gold miner Asanko Gold’s eponymous mine, in Ghana, West Africa, delivered a strong second quarter in the three months to June 30, achieving commercial production a quarter ahead of schedule and gold production of 36 337 oz, in line with the company’s guidance of between 35 000... 

Asanko delivers strong second quarter in first production phase
Asanko gold mine, Ghana

Development activities under way at Lithium X’s Salta de los Angeles project

By: Samantha Herbst     21st July 2016 Several development activities are under way at TSX-listed Lithium X’s Sal de los Angeles lithium brine project, in Argentina’s Salta province, following the appointment of Eduardo Morales as COO and Andres Barrientos as project GM. The lithium development company has initiated several pump... 

Fresnillo adjusts full year guidance following strong Q2

By: Megan van Wyngaardt     21st July 2016 Mexico-focused precious metals miner Fresnillo is raising its gold production guidance for the full year to 870 000 oz, following a 19.6% quarter-on-quarter increase in gold production to 218 000 oz for the three months ended June. The company on Wednesday reported a 23% year-on-year increase to... 

Lithium Power International to develop Chile-based project

By: Megan van Wyngaardt     21st July 2016 Pure-play lithium explorer Lithium Power International has entered into a binding and exclusive agreement with Chile-based mineral exploration company Minera Salar Blanco (MSB) to undertake due diligence on the exploration and development of the high-grade Maricunga lithium brine project, in... 

Goldcorp closes Kaminak acquisition

By: Megan van Wyngaardt     21st July 2016 TSX-listed Goldcorp has closed the acquisition of Kaminak Gold Corporation through a court-approved plan of arrangement, receiving all issued and outstanding shares of 0.10896 common shares of Goldcorp for each outstanding Kaminak share. "The acquisition of Kaminak and its Coffee project in the... 

BC govt amending Taseko’s environmental assessment certificate

By: Megan van Wyngaardt     21st July 2016 The British Columbia Environmental Assessment Office is proceeding with TSX-listed Taseko Mines’ request for it to amend the environmental assessment certificate of its New Prosperity gold/copper project in central British Columbia. In February, Taseko sued the federal government in the Supreme... 

Omnia urges Nordex shareholders to accept its buyout offer

By: Creamer Media Reporter      21st July 2016 JSE-listed Omnia Holdings believes its C$0.20 a share all-cash offer to acquire Canadian firm Nordex Explosives still provides the highest value to Nordex shareholders. This comes after Nordex on July 18 announced that another bidder, Société Anonyme d'Explosifs et de Produits Chimiques (EPC),... 

Gold miner Newmont cuts cost forecast, beats market

By: Reuters     21st July 2016 Newmont Mining's adjusted net income in the second quarter blew past market expectations on Wednesday and the world's second-biggest gold miner by value also cut its gold cost forecast, sending its shares higher after hours. Greenwood Village, Colorado-based Newmont kicked off the reporting... 

Gold miner Newmont cuts cost forecast, beats market

Japan’s Komatsu to buy US Joy Global for $2.89bn

By: Bloomberg     21st July 2016 Komatsu, the world’s second-biggest mining and construction equipment maker, agreed to buy Joy Global for $2.89-billion, in a deal signaling the Japanese company is optimistic that a recent rebound in commodities prices will endure. Tokyo-based Komatsu will pay $28.30 a share in cash for the... 

Anglo ups South African export coal output as diamond, iron-ore volumes fall

By: Martin Creamer     20th July 2016 Diversified mining company Anglo American upped South African export coal production in the three months to June 30, which saw local diamond and iron-ore output fall appreciably. While Eskom-related production remained broadly unchanged in the second quarter, export coal production rose 8% to... 

Anglo ups South African export coal output as diamond, iron-ore volumes fall
Photo by Duane Daws
Anglo American CE Mark Cutifani

Gold is not all that glisters – diamonds act as hedge for the rich

By: Reuters     20th July 2016 In a packed Christie's auction room in Geneva, one could hear a pin drop as two anonymous bidders slugged it out in their quest to own the world's most exquisite blue diamond. The room in the Four Seasons Hotel des Bergues was filled with multi-millionaire collectors and diamond dealers,... 

Contractor selected for Oyu Tolgoi underground decline

By: Mariaan Webb     20th July 2016 Australia-headquartered Cimic Group’s mining services contractor Thiess has secured the first underground decline project at the Rio Tinto-operated Oyu Tolgoi copper and gold project, in Mongolia, in a joint venture with local contractor Khishig Arvin. The Thiess-led contract will include the... 

Contractor selected for Oyu Tolgoi underground decline

Gryphon raises A$4.4m from Teranga for Burkina Faso project

By: Mariaan Webb     20th July 2016 ASX-listed Gryphon has completed a placement with ASX- and TSX-listed Teranga Gold, raising A$4.4-million for the development of the Banfora gold project, in Burkina Faso. Gryphon, which is subject to a takeover from Teranga set to close in October, will use the funds of the placement to... 

Lundin granted extension to decide on Tenke Fungurume buyout

By: Creamer Media Reporter      20th July 2016 Canadian base metals company Lundin Mining has been granted an extension to September 15 to decide if it wants to make an offer to buy Freeport McMoRan’s stake in TF Holdings, which owns 80% of the Tenke Fungurume copper mine in the Democratic Republic of Congo. Freeport holds a 70% stake in TF... 

BHP aims to grow copper, iron-ore, coal volumes in FY17

By: Mariaan Webb     20th July 2016 Diversified mining group BHP Billiton, which narrowly missed its iron-ore production guidance for the 2016 financial year, aims to grow its copper, iron-ore and metallurgical coal production in the next financial year by focusing on improving its productivity. Reporting on the group’s 2016... 

BHP aims to grow copper, iron-ore, coal volumes in FY17
BHP Billiton CEO Andrew Mackenzie

Kibali on track to meet FY guidance despite sequencing headaches

By: Henry Lazenby     19th July 2016 Africa-focused miner Randgold Resources remains on track to meet the 600 000-oz-plus guidance for its Kibali mine, in the Democratic Republic of Congo (DRC), despite experiencing some sequencing difficulties at the mill. According to CEO Mark Bristow, the company had resolved certain expected... 

LME extends ring trading at emergency venue until Friday

By: Reuters     19th July 2016 The London Metal Exchange (LME) has extended open outcry trading to its disaster recovery site in Chelmsford, east of London, until Friday after structural problems forced the shutdown of its offices, the exchange said on Tuesday. The LME said on Sunday it was moving ring trading to its... 

US expands its WTO challenge to China export limits to chromium, other metals

By: Reuters     19th July 2016 The US has expanded its challenge at the World Trade Organisation to China's export restraints on raw materials to include export duties on chromium, as well as its export quotas on antimony, indium, magnesia, talc and tin, the US Trade Representative said on Tuesday. Those raw materials "are... 

Stocks dip on earnings and growth worries; dollar rises

By: Reuters     19th July 2016 The recent rally in global equity prices faltered on Tuesday as investors pondered some disappointing earnings reports and signs that Britain's decision to leave the EU could hurt other economies, while the US dollar climbed to a four-month high. Prices for US Treasury debt, considered a... 

Gold miners set to relax death grip on spending as caution eases

By: Bloomberg     19th July 2016 With gold prices posting the best first half in almost four decades, the coming round of earnings reports may provide signs miners are preparing to ease their collective death grip on spending. Big producers had focused on deferring projects, curtailing operations and otherwise slashing costs and... 

Gold miners set to relax death grip on spending as caution eases

Colombian Mines soars on $4m Nevada gold property buy

By: Henry Lazenby     19th July 2016 The TSX-V-listed stock of prospect generator Colombian Mines jumped more than 57.14% on Tuesday, after it struck a purchase option accord with a private equity party for the high-grade Pamlico gold project in Mineral County, Nevada, for $4-million. Colombian Mines said visible gold dominated the... 

Judgment shows courts won’t easily endorse Mining Charter III's blunt arithmetical quotas – Leon

By: Martin Creamer     19th July 2016 Mineral Resources Minister Mosebenzi Zwane would do well to ponder last Friday’s landmark Constitutional Court judgment as he and his department mull public comments on the draft reviewed Mining Charter that he sprung on the South African mining industry in a surprise April gazetting. This is... 

Judgment shows courts won’t easily endorse Mining Charter III's blunt arithmetical quotas – Leon
Photo by Duane Daws
Herbert Smith Freehills’ Peter Leon,

Caeneus to expand Nevada lithium portfolio

By: Megan van Wyngaardt     19th July 2016 Australian base metals miner Caeneus Minerals is set to expand its US-based lithium portfolio through the acquisition of 100% interest in Perth-based ATC Resources’ Sarcobatus Flats and Columbus Marsh exploration projects, in Nevada, in the US. Caeneus reported on Tuesday that it would issue... 

Zinc climbs to highest in more than a year on shortage worries

By: Bloomberg     19th July 2016 Zinc extended its advance to the highest level in more than a year on concerns over a looming supply deficit. The metal used to galvanize steel rose as much as 1.3% to $2 246 a metric ton on the London Metal Exchange, the highest since May last year, and traded at $2 241 by 3:03 p.m. Shanghai... 

Galane stock rockets on Galaxy restart decision

By: Henry Lazenby     18th July 2016 The board of Southern Africa-focused gold producer Galane Gold has made a development decision for the first-phase restart of production at the Galaxy gold mine, in South Africa, up to a target of 60 000 oz/y, the company advised on Monday. The TSX-V-listed miner, which operates the Mupane mine,... 

Two Canadian diamond projects to see first production this quarter

By: Henry Lazenby     18th July 2016 Canada has two diamond projects that are expected to start first production during the current quarter, with De Beers Canada’s Gahcho Kué project, in the Northwest Territories, making commissioning progress and Stornoway Diamond Corp starting with ore processing at the Renard project, in Quebec.... 

Alabama inks nondisclosure accords with US Department of Defence equipment makers

By: Henry Lazenby     18th July 2016 Project developer Alabama Graphite (AGC) on Monday revealed that it had signed six nondisclosure agreements (NDAs) with manufacturers of equipment for the US Department of Defence (DoD). The agreements were meant to spur discussions and the due diligence evaluation of samples of AGC’s US-sourced... 

Paladin hits cash-flow positive FY 2016 despite marred market

By: Henry Lazenby     18th July 2016 TSX- and ASX-listed uranium producer Paladin Energy has achieved its full-year fiscal 2016 objective of being cash-flow positive on an 'all in' basis, excluding one-off restructuring costs and capital management, it said Monday. The Perth, Western Australia-based company reported fourth-quarter... 

Largo makes vanadium-redox flow battery mark with nonbinding offtake MoU

By: Henry Lazenby     18th July 2016 Canadian vanadium producer Largo Resources has entered into a nonbinding memorandum of understanding (MoU) for an offtake agreement with Massachusetts-based energy technology firm Vionx Energy. The announcement lifted Largo’s TSX-V-listed stock by more than 4% to C$0.47 apiece on Monday. 

Largo makes vanadium-redox flow battery mark with nonbinding offtake MoU
Photo by Largo Resources
Largo Resources' Maracás Menchen mine, Brazil

Turkish gold miners operate unhindered during attempted coup

By: Henry Lazenby     18th July 2016 Turkey-focused miner Alacer Gold reported Sunday that the Çöpler mine was operating as normal and that there were no local disruptions in the wake of a military coup d'état attempt on the government of Turkish President Recep Tayyip Erdoğan. The TSX- and ASX-listed company reported that after it... 

Turkish gold miners operate unhindered during attempted coup

Aguia advances Três Estradas phosphate project

By: Samantha Herbst     18th July 2016 Based on a positive resource update reaffirming the potential value of its flagship Três Estradas phosphate deposit, in southern Brazil, ASX-listed fertiliser developer Aguia Resources has confirmed its intention to commence with a bankable feasibility study (BFS) once additional project... 

Tax Bill throws up royalty surprises as Davis Tax Committee mulls broader mining reforms 

By: Martin Creamer     18th July 2016 The Taxation Laws Amendment Bill released on July 8 contains two surprise amendments to mineral royalty taxation on the eve of the Davis Tax Committee’s next mining tax report, which is expected to provide the royalty regime with much needed certainty. The two amendments proposed in the Bill,... 

Tax Bill throws up royalty surprises as Davis Tax Committee mulls broader mining reforms
KPMG tax head Muhammad Saloojee talks to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Nicholas Boyd.
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