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Eldorado to sell Chinese mine

By: Henry Lazenby     Updated 31 minutes ago Having previously Eldorado stated that it was mulling the sale of its Chinese assets, dual-listed Eldorado Gold this week announced that it would sell its 82% interest in the Jinfeng mine to China National Gold Group, for $300-million in cash. China National Gold had been the company’s minority... 

Agnico Eagle soars on strong Q1 financials

By: Henry Lazenby     Updated 46 minutes ago Canadian gold producer Agnico Eagle Mines has recorded a 9.21% bump in its NYSE-listed stock price on Friday, testing new 12-month highs of $47.33 a share after reporting strong first-quarter earnings. For the three months ended March 31, the Toronto-headquartered miner had reported adjusted net... 

Hudbay stock on the move as sales, cash flows rise

By: Henry Lazenby     Updated 2 hours 12 minutes ago The TSX-listed stock of base metals producer Hudbay Minerals jumped as much as 17% on Friday to C$6.22 a share, following the company reporting strong sales growth despite lower metals prices during the March quarter. The Toronto-based miner, with operations in Peru and Canada’s Manitoba... 

‘Quiet’ quarter prompts more cautious outlook for Cameco

By: Henry Lazenby     Updated 3 hours ago Canadian uranium producer Cameco has reported a “very quiet” first quarter during which it swung to an adjusted loss of C$7-million, or C$0.02 a share, compared with earnings of C$69-million, or C$0.18 a share a year earlier. For the three months ended March 31, revenues fell 28% year-over-year... 

‘Quiet’ quarter prompts more cautious outlook for Cameco

OceanaGold reports solid quarter as Didipio breaks production record

By: Esmarie Swanepoel Record production from the Didipio gold mine, in the Philippines, has resulted in dual listed OceanaGold increasing its gold production during the three months to March. The ASX- and TSX-listed miner reported on Friday that gold production for the first quarter ended March had increased to 122... 

MetSkill

By: Creamer Media Reporter Process industry training provider MetSkill is actively involved with the development of the new occupational qualifications for the Quality Council for Trades and Occupations under the Mining Qualifications Authority (MQA). Benoni, Gauteng-based MetSkill, 100% owned by MD Rebecca Sands, has... 

First Quantum swings to Q1 profit as production rises

By: Henry Lazenby Canadian base metals producer First Quantum Minerals has swung to a first-quarter profit as strong production at all its continuing operations underpinned rising revenues. Net earnings from continuing operations attributable to TSX- and LSE-listed First Quantum shareholders was $49-million in the... 

Southern Copper's net profit dropped 34.5% in first quarter

By: Reuters Southern Copper's net profit dropped 34.5% to $185.1-million, or $0.24 a share, in the first quarter on slumping metal prices, the company said Thursday. The result was better than the mean market estimate of $139.76-million, according to Thomson Reuters I/B/E/S. 

Mexican miner Penoles' profit falls on financial costs

By: Reuters Mexican miner Penoles on Thursday reported a 65% drop in first-quarter net profit compared to the same period a year earlier, hit by higher financial costs on options it owned. The miner and metals processor which runs the world's largest primary silver producer, Fresnillo, posted a profit... 

Freeport's Chile-based El Abra mine, union seal wage agreement

By: Reuters Unionised workers at Chilean copper mine El Abra, controlled by Freeport-McMoran, accepted a wage contract offered by the company, union president Juana Mejias said on Thursday. Tensions between the union and Arizona-based Freeport, the world's biggest listed copper producer, have been high since... 

Cliffs rallies as strong Q1 performance sees it back in the black

By: Henry Lazenby The largest US iron-ore producer Cliffs Natural Resources rallied as much as 35% to $5.38 a share on the NYSE on Thursday, after swinging to a first-quarter profit amid sustained market improvement. For the three months ended March 31, Cliffs recorded net income attributable to Cliffs' common... 

Cliffs rallies as strong Q1 performance sees it back in the black

Centerra’s Bishkek office raided by Kyrgyz general prosecutor

By: Henry Lazenby Canadian miner Centerra Gold on Thursday reported a raid of its Kyrgyz subsidiary Kumtor Gold Company’s (KGC’s) Bishkek office on Thursday afternoon by the country’s general prosecutor. The General Prosecutor’s Office (GPO) had issued a press release stating that the purpose of the search was to... 

Centerra’s Bishkek office raided by Kyrgyz general prosecutor
Photo by Reuters
Kumtor gold mine, Kyrgyztan

Despite Otjikoto slope failure, B2Gold gold output on course for another record year

By: Henry Lazenby Canadian gold producer B2Gold has exceeded its first-quarter production guidance by 8 966 oz of gold, for company-wide output of 127 844 oz of the yellow metal, an increase of 10% over the same period in 2015. Despite a slope failure on the pit access ramp at the Otjikoto mine, in Namibia, on... 

Coeur trading at 12-month highs on narrower Q1 loss

By: Henry Lazenby On the back of stronger precious metals prices so far this year, as well as improved first-quarter financials, the NYSE-listed stock of Coeur Mining has risen to a new 12-month high at $7.68 apiece. In the period ended March 31, the miner reported fourth-quarter headline earnings – excluding... 

Karouni lifts Troy production

By: Esmarie Swanepoel The Karouni gold project, in Guyana, was delivering ahead of expectations, owner Troy Resources said on Thursday, with the product to date producing some 35% more ounces than predicted by the ore reserve model. The Karouni project, which poured its first gold in November last year, produced 20... 

Gold miner Goldcorp beats market forecasts, swings back to profit

By: Reuters Canadian gold producer Goldcorp Inc on Wednesday reported better-than-expected earnings, returning to a profit in the first quarter on the back of higher production and lower costs. Goldcorp, the world's third-biggest gold producer by market value, left its 2016 production and cost forecast... 

Gold miner Goldcorp beats market forecasts, swings back to profit

New Gold reports strong Q1 output

By: Henry Lazenby Canadian copper and gold producer New Gold saw strong production results during the first quarter ended March 31, lifting gold output to 90 811 oz, which is in line with 2015 production, as slightly higher output from the company's New Afton, Mesquite and Peak mines partially offset planned lower... 

Covenant violation risk diminishes for Capstone

By: Henry Lazenby Copper producer Capstone Mining has reported a narrower first-quarter adjusted loss of $1.5-million, or nil per share, year-on-year, despite rising costs at its Minto mine, in the Yukon Territory of Canada. For the period ended March 31, Capstone reported operating cash flow before changes in... 

Orbite to close another financing with Quebec govt

By: Henry Lazenby TSX-listed Orbite Technologies has entered into a letter of intent with Investissement Québec to provide the company with total financing of C$15-million. Orbite advised Wednesday that the financing was expected to comprise the purchase of 10% convertible non-secured debentures in the principal... 

Sherritt widens headline loss as low oil, metals prices hurt Q1 financials

By: Henry Lazenby Diversified miner Sherritt International has reported a 79% wider adjusted loss year-on-year in the first quarter, as nickel, cobalt and oil prices have plunged during the period. Excluding special items of about C$79.1-million, Toronto-based Sherritt recorded an adjusted loss of... 

Iron-ore, steel lead China commodities retreat as curbs bite

By: Reuters A major Chinese commodities exchange took further steps to calm volatile markets on Wednesday, hiking transaction fees and widening trade limits in a move that could make exiting futures contracts more orderly. Iron-ore and steel futures fell again in reaction to higher trading costs, brought in... 

Iron-ore, steel lead China commodities retreat as curbs bite

Indonesia estimates value of Freeport unit two-thirds below offer

By: Reuters Indonesia has proposed a value for a 10.64% stake in Freeport-McMoran's local unit that is about two-thirds below the figure the company proposed in January. Copper miner Freeport's unit is valued at about $630-million and the US-based parent has been asked to revise its offer, an Indonesian... 

Q1 gold rally too rapid for support, as lower Asian demand weighs on price outlook

By: Henry Lazenby A 17% rally in the price of gold during the first quarter of the year to around $1 270/oz happened too rapidly according to market analysts at Thomson Reuters GFMS, as poor demand from Asia would probably see the gold price fall below $1 200/oz over the next few months. However, this price level... 

Q1 gold rally too rapid for support, as lower Asian demand weighs on price outlook

Teck reports surprise profit as steelmaking coal, zinc prices turn north

By: Henry Lazenby Canada’s largest diversified miner Teck Resources has reported a surprise profit for the three months ended March 31, reporting headline earnings attributable to shareholders of $18-million, or $0.03 a share, compared with a forecast loss of $0.03 a share. Vancouver-based Teck, the largest... 

Consol swings to Q1 loss owing to lower prices, revenues

By: Henry Lazenby US fossil fuels producer Consol Energy has swung to a first-quarter loss as lower realised prices for its natural gas and coal products drove down revenues. For the first quarter ended March 31, NYSE-listed Consol reported a net lost $97.6-million, or $0.43 a share, compared with a profit of... 

Freeport loss doubles as low prices bite

By: Henry Lazenby US diversified miner Freeport McMoRan has booked a $3.8-billion write-down of the carrying value of its oil and gas properties, on the back of lower West Texas Intermediate prices. The company reported a net loss attributable to common stock totalling $4.2-billion, or $3.35 a share, for... 

Barrick surprises on the upside despite Q1 production loss

By: Henry Lazenby Chief gold producer Barrick Gold has delivered a strong financial performance during the first quarter, doubling headline earnings and beating stock market forecasts; all the while making good progress on strategic objectives despite a 7.9% decline in output. The Toronto-based company, whose... 

Barrick surprises on the upside despite Q1 production loss

Encouraging progress overshadowed by loss of life – Implats

By: Martin Creamer Continuing mourning over the loss of the lives of six employees had completely overshadowed the encouraging progress being made to build a stronger and more robust business, Impala Platinum (Implats) CEO Terence Goodlace said on Tuesday. In the three months to March 31, four employees lost their... 

Encouraging progress overshadowed by loss of life – Implats
Photo by Duane Daws
Terence Goodlace

Peninsula secures $15m for US uranium project expansion

By: Esmarie Swanepoel Uranium junior Peninsula Energy has secured $15-million in funding through convertible loan agreements with shareholders Resources Capital Fund VI (RCF VI) and Pala Investments to fund the expansion of its Lance project, in the US. The company said on Tuesday that the $15-million funding was the... 

Rockwell sales slide as it reforms corporate structure

By: Henry Lazenby South Africa-focused diamond producer Rockwell Diamonds has seen a 45% year-on-year decline in the sales value of its precious gems to $7.13-million during the fourth quarter ended February 29, the company reported on Monday. During the period, carats sold declined by 42% year-on-year to 4 025 ct... 

Rockwell sales slide as it reforms corporate structure

Arizona Mining closes C$15.6m financing with Osisko Gold Royalties

By: Henry Lazenby Canadian mineral exploration and development company Arizona Mining has closed a C$15.6-million financing with Osisko Gold Royalties, enabling Arizona to undertake an aggressive drill campaign at its flagship Taylor deposit, and for general working capital uses. TSX-listed Arizona has sold a 1%... 

Oppenheimer Blue diamond may fetch $45m at auction, says Christie's

By: Reuters The largest fancy vivid blue diamond ever to be offered at auction will form part of a dazzling jewellery sale in Geneva next month where it could possibly fetch around $45-million, according to Christie's. The rectangular-cut Oppenheimer Blue, which is measured at 14.62 ct, will take its place... 

With permits in hand, Mexus starts mine construction

By: Henry Lazenby US exploration firm Mexus Gold US has received all environmental and mining permits required to start work on the area that will become Mexus’ openpit heap leach mine on the Julio/Santa Elena property, located 54 km northwest of Caborca, Mexico. The company advised on Monday that it would clear... 

Another proxy advisory firm rubbishes RRC claims

By: Henry Lazenby Canadian base metals miner Taseko Mines on Monday reported that a second independent proxy advisory firm has recommended that shareholders vote against all proposals made by dissident shareholder Raging River Capital (RRC) during the special meeting scheduled for May 10. Institutional Shareholder... 

Market slowdown sinks Precision Drilling’s Q1 performance

By: Henry Lazenby A marked decline in business activity during the quarter ended March 31 has pushed North American oil and gas industry services provider Precision Drilling’s earnings into negative territory, forcing it to suspend its dividend. The Calgary, Alberta-based company on Monday reported that activity... 

Randgold to start geophysical survey over Loncor's Ngayu project

By: Henry Lazenby Africa-focused gold miner Randgold Resources will start a geophysical survey over joint-venture (JV) partner, TSX-listed Loncor Resources' Ngayu project, in the Democratic Republic of Congo (DRC). LSE- and Nasdaq-listed Randgold will make use of high-resolution, helicopter-deployed,... 

Bushveld moves to acquire Evraz stake in vanadium mine, plant

By: Martin Creamer Diversified mineral development company Bushveld Minerals has agreed exclusivity to complete a confirmatory due diligence for the acquisition of financially troubled Evraz’s controlling interest in Vametco’s 473-employee vanadium mine and plant, located near Bushveld’s recently acquired vanadium... 

Bushveld moves to acquire Evraz stake in vanadium mine, plant
Photo by Duane Daws
Fortune Mojapelo

Sandvik parries mining doldrums as profit slides less than forecast

By: Reuters Swedish engineering group Sandvik reported a smaller than expected fall in first quarter core operating earnings on Monday as cost cuts helped partly offset a deep slump in its mining business which showed little sign of letting up. Years of soft commodity prices have depressed demand for mining... 

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