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North America News

Glencore bond tanks and scuppers Anglo's return

By: Reuters     25th March 2017 Anglo-Swiss miner Glencore sold its first US dollar bond in two years on Tuesday, but the deal tumbled after pricing as a global sell-off added to a backlash against the deal's tight spread. The $1-billion ten-year trade is the company's first since April 2015, and follows a recovery in... 

Escondida outcome seen as disaster for BHP as workers return

By: Reuters     25th March 2017 The end of a historic strike at Chile's Escondida copper mine, the world's biggest, has left its owner, BHP Billiton, nursing an estimated $1-billion loss and probably in a weaker position for negotiations in a year or so, company and industry insiders said. On Thursday, the 2 500-member union... 

Brazil's Vale says US court annuls most of class action over dam disaster

By: Reuters     25th March 2017 Brazilian miner Vale said on Friday the US District Court for the Southern District of New York annulled the majority of a class action lawsuit against the company and executives over the collapse of a tailings dam in Brazil in 2015. The only parts of the case that remain ongoing are linked to... 

Klondex to lift FY2017 output 36%

By: Henry Lazenby     25th March 2017 Gold and silver producer Klondex Mines has forecast a 36% year-on-year increase in output on the back of producing a record 151 007 gold equivalent ounces (GEOs) from its Nevada operations last year, exceeding the high end of management's guidance range. "We expect to produce between 210 000 and... 

Lucapa announces maiden Mothae resource estimate

By: Henry Lazenby     25th March 2017 Precious gem miner Lucapa Diamonds has published a maiden Joint Ore Reserves Committee-compliant resource estimate for the Mothae kimberlite pipe, in Lesotho. Mothae is located approximately 5 km from Gem Diamonds’ Letšeng mine. 

Rockwell in a bind as court issues interim liquidation order on 3 subsidiaries

By: Henry Lazenby     25th March 2017 A judge in Kimberley South Africa has on Thursday issued an interim liquidation order against three subsidiaries of TSX- and JSE-listed Rockwell Diamonds. The interim court order does not affect Rockwell Diamonds, the parent entity. 

Rockwell in a bind as court issues interim liquidation order on 3 subsidiaries
Photo by Rockwell Diamonds
Niewejaarskraal diamond mine, South Africa

Trump wastes no time to approve TransCanada’s Keystone XL pipeline

By: Henry Lazenby     24th March 2017 US President Donald Trump has issued a Presidential Permit approving the construction of TransCanada’s long-delayed $8-billion Keystone XL (KXL) pipeline on Friday. “TransCanada will finally be allowed to complete this long overdue project with efficiency and with speed. We're working out the... 

Trump wastes no time to approve TransCanada’s Keystone XL pipeline

Water scarcity rewiring mining companies’ approach to shared water use

By: Megan van Wyngaardt     24th March 2017 The threat of ongoing water scarcity represents a significant opportunity to the mining and metals sector, as companies seek solutions to improve water security and sanitation, a new report from the International Council of Mining and Metals (ICMM) and the International Finance Corporation (IFC),... 

Miners regain mojo to spark $18bn in exploration hunt

By: Bloomberg     24th March 2017 A rebound in exploration by global miners could see spending hit $18-billion by 2025 with China the front runner in the search for a new generation of giant discoveries. Exploration budgets are rising after they plunged to an 11-year low of about $10-billion last year as mining companies slashed... 

Proponents see glistening future in seabed mining, but environmentalists fret

By: Megan van Wyngaardt     24th March 2017 With the current known mineral deposits on land increasingly being depleted globally, necessitating greater exploration, interest in deep-sea minerals is growing as mining companies look for future sources to exploit. “The ocean is where future resources exist,” India Council of Scientific and... 

Proponents see glistening future in seabed mining, but environmentalists fret

Sandstorm acquires 22 NSR royalties in Q1

By: Henry Lazenby     24th March 2017 Canadian gold streaming and royalty company Sandstorm Gold has acquired 22 net smelter return (NSR) royalties during the first quarter of 2017 for $1.9-million in cash. The assets include royalties on development-stage, advance exploration-stage and other exploration-stage projects located in... 

Freeport-McMoRan sees no material impact on output from Peru strike

By: Reuters     24th March 2017 Freeport-McMoRan said Thursday that a nearly two-week strike has not materially impacted production levels at its Cerro Verde copper mine in Peru, the country's biggest, though the union said output has been cut in half. The union is preparing to skirt an order by the labour ministry to return... 

Excellon reports Q4 loss despite lifting output while fighting water ingress

By: Henry Lazenby     23rd March 2017 Mexico’s highest-grade silver miner Excellon Resources has narrowed its loss for the three months ended December 31, while lifting silver-equivalent output 20%. The Toronto-headquartered company recorded a net loss of $55 000, compared with a net loss of $1.7-million in the comparable period of... 

Excellon reports Q4 loss despite lifting output while fighting water ingress
Photo by Excellon Resources
Platosa ore, Mexico

Nevsun finds more mineralisation at Eritrea-based Bisha, satellite deposits

By: Henry Lazenby     23rd March 2017 Canadian base metals producer Nevsun Resources has found more mineralisation at its flagship Bisha mine and satellite deposits in Eritrea, on the Horn of Africa. Drilling undertaken in 2016 has increased the inferred resource at the Harena deposit by nearly 130% to 25-million tonnes grading 0.93%... 

Nevsun finds more mineralisation at Eritrea-based Bisha, satellite deposits
Photo by Nevsun Resources
Bisha, Eritrea

Paladin launches arbitration against Langer Heinrich JV partner

By: Megan van Wyngaardt     23rd March 2017 Dual-listed Paladin Energy on Thursday launched arbitration proceedings against joint venture (JV) partner China National Nuclear Corporation’s (CNNC’s) Overseas Uranium Holdings subsidiary to seek orders and declarations regarding the sale of the Langer Heinrich mine (LHM), in Namibia’s Erongo... 

Diamond group De Beers buys out retail partner LVMH

By: Reuters     23rd March 2017 Anglo American's diamond specialist De Beers has bought the 50% stake held by French luxury goods group LVMH in De Beers Diamond Jewellers for an undisclosed sum, taking full ownership of the retail operation. Analysts said the joint venture no longer fitted LVMH's strategy, while Anglo American,... 

Minerals railway in Peru to take 2-3 wks to resume – govt

By: Reuters     23rd March 2017 A railway used by copper, zinc and silver mines to transport their concentrates from Peru's central Andes to port will not likely be operative for at least two to three weeks following "important" damages from floods and mudslides, the transportation minister said on Wednesday. Martin Vizcarra... 

Canadian royalties, streaming firm Franco-Nevada reports rising revenues as it looks to diversify

By: Henry Lazenby     23rd March 2017 Canadian gold royalties and streaming firm Franco-Nevada Corp has recorded a 37.6% increase in revenue for 2016, boosted by record ounces delivered and soaring sales. The company, which derives income from 107 producing royalties and streams, achieved a 30.9% increase in gold-equivalent ounces... 

Canadian royalties, streaming firm Franco-Nevada reports rising revenues as it looks to diversify

Côte d'Ivoire govt agrees to sell 25% Ity stake to owner-operator Endeavour

By: Henry Lazenby     23rd March 2017 Côte d'Ivoire State-owned mining company Sodemi has agreed to sell its 25% stake in the Ity gold mine back to Canadian gold miner Endeavour Mining. President Alassane Ouattara approved the State miner’s sale of ownership in the mine in a Cabinet meeting on Wednesday morning. Following the... 

No talks planned to end 5-1/2-week Quebec zinc plant strike – union

By: Reuters     22nd March 2017 No meetings are planned between management and striking workers at Noranda Income Fund's zinc refinery in Quebec, the second biggest in North America, a union official said on Wednesday, as the work stoppage dragged through a sixth week. The two sides last met, along with a mediator, on March 3... 

Russia's Alrosa expects 6% fall in first-quarter diamond sales

By: Reuters     22nd March 2017 Russian diamond miner Alrosa expects its first-quarter sales to be down 6% at $1.25-billion compared with a year ago, the state-controlled company said in a presentation for its investor day on Wednesday. Alrosa, the world's largest producer of rough diamonds, plans to increase diamond output to... 

RNC, private equity firm Waterton Global form nickel-focused partnership

By: Henry Lazenby     22nd March 2017 Canadian miner Royal Nickel Corp (RNC) has joined forces with private equity firm Waterton Global Resource Management (WGRM) to buy, develop and operate nickel assets. The companies on Wednesday announced that they had inked a joint venture (JV) accord that will result in Waterton buying a 50%... 

RNC, private equity firm Waterton Global form nickel-focused partnership

BHP buys back $2.5bn in bonds

By: Esmarie Swanepoel     22nd March 2017 Mining major BHP Billiton has repurchased $2.5-billion worth of bonds, allowing the miner to extend its average debt maturity profile and enhancing its capital structure. BHP this week announced the expiration of its tender offers for its $1.25-billion, 3.25% senior notes due in 2021, its... 

BHP buys back $2.5bn in bonds

Silver Wheaton board recommends name change as it rakes in record precious metals revenues

By: Henry Lazenby     22nd March 2017 The pioneer of the metals streaming mine financing model Silver Wheaton has proposed a name change to Wheaton Precious Metals, to better reflect the fact that an increasing proportion of its revenue is derived from gold. The Vancouver-based company on Tuesday said that, since 2013, it had seen a... 

Silver Wheaton board recommends name change as it rakes in record precious metals revenues

Africa’s biggest copper find keeps giving as Ivanhoe hits mineralisation 3.8 km west of Kakula

By: Henry Lazenby     22nd March 2017 The TSX-listed stock of Africa-focused explorer Ivanhoe Mining on Tuesday rose 12% after it announced that it had encountered more shallow, high-grade mineralisation at Africa’s largest copper deposit ever – the Kamoa-Kakula copper discovery, in the Democratic Republic of Congo (DRC). A new hole... 

Endeavour, Acacia end merger talks

By: Henry Lazenby     22nd March 2017 Canadian gold miner Endeavour Mining has halted discussions with London-listed Acacia Mining regarding a potential merger. Endeavour, which operates a portfolio of gold mines in West Africa, has held talks with Acacia – which is majority owned by Canada's Barrick Gold – since mid-January. 

Endeavour, Acacia end merger talks
Photo by Bloomberg
Acacia CEO Brad Gordon

Dominion Diamond should open books to potential suitors – top shareholder

By: Reuters     22nd March 2017 Dominion Diamond, target of a $1.1-billion unsolicited bid, should run a formal sales process for the company and open its books to what could be several interested parties, Dominion's biggest shareholder told Reuters on Tuesday. The board of Dominion, the world's third-largest diamond producer... 

Dominion Diamond should open books to potential suitors – top shareholder
Photo by Dominion Diamonds
Dominion Diamonds' Ekati mine, Northwest Territories

Jaguar gets a lift as cash flow, gold outlook rise

By: Henry Lazenby     22nd March 2017 The TSX-listed stock of Jaguar Mining on Tuesday rose as much as 8% after the company reported a 56% increase in operating cash flow to $37.8-million for the 2016 financial year, resulting in free cash flow turning positive year-on-year to $11.3-million. "2016 was a successful and... 

Anglo American readies bond market return

By: Reuters     21st March 2017 Anglo American is poised to sell its first public bond since it was stripped of its investment-grade status last year following the shock capitulation of global commodity prices. The mining company, rated Ba1/BB+, is expected to sell a US dollar and/or euro-denominated bond on Wednesday, after... 

Big banks talking to Rio Tinto's specialist new Ventures arm

By: Reuters     21st March 2017 London bankers are vying for contracts after Rio Tinto said it had set up a new unit, Rio Tinto Ventures, to develop more specialised mining prospects as it seeks to reduce its reliance on bulk commodities, three banking sources said. The big miners have traditionally relied on producing... 

Northern Dynasty, EPA file joint motion to extend stay of proceedings

By: Henry Lazenby     21st March 2017 Canadian project developer Northern Dynasty Minerals on Tuesday said its Alaska-based subsidiary Pebble Limited Partnership (PLP) and the US Environmental Protection Agency (EPA) have filed a joint motion in federal court to extend a stay of proceedings in ongoing litigation under the Federal... 

Chevron calls end of LNG mega project after $88Bn spree

By: Bloomberg     21st March 2017 Chevron Corp. has signaled the end of major new liquefied natural gas (LNG) projects in Western Australia and is unlikely to sanction an expansion of its Gorgon and Wheatstone export developments as it focuses on boosting returns from $88-billion of investment. The climate for developing large... 

Striking union at BHP's Escondida says it is open to further conversations

By: Reuters     21st March 2017 The union for striking workers at BHP Billiton's Escondida in Chile, the world's largest copper mine, said after meeting with the company on Monday that it was open to further conversations that could lead to reopening negotiations. "At this time, both parties are doing their own evaluation.... 

$60m 'Pink Star' diamond goes back on sale next month

By: Reuters     21st March 2017 A 59.60-ct diamond known as "The Pink Star" is returning to auction next month and could fetch a record $60-million, three years since it was sold for even more - only for the buyer to pull out of the deal. The diamond was presented by Sotheby's in London ahead of the auction in Hong Kong on... 

Peru mine output stranded after rains disrupt rail shipments

By: Reuters     21st March 2017 Heavy rains in Peru have disrupted train transport of minerals from the country's central region to the Pacific Coast, and the train line could take at least 15 days to fix, VP and Transport Minister Martin Vizcarra said on Monday. The government is coordinating with mining companies to find... 

Striking union, BHP Billiton's Escondida mine to meet Monday

By: Reuters     21st March 2017 Striking workers at BHP Billiton's Escondida copper mine in Chile, the world's largest, said they will hold negotiations with the company on Monday, but the union imposed a condition that it will only discuss workers' three main demands. Union members have also given union leaders authority to... 

Elliott demands review of Arconic's voting deal with Oak Hill

By: Reuters     21st March 2017 Hedge fund Elliott Management, which is in the throes of a proxy battle with Arconic Inc, demanded on Monday an independent review of the company's voting agreement with private equity firm Oak Hill Capital Partners. Last week, Arconic disclosed that in August 2016 the company had reached a... 

TransCanada to push ahead with C$1.4bn North Montney gas pipeline earlier than expected

By: Henry Lazenby     21st March 2017 Pipeline operator TransCanada has filed a variance application with the National Energy Board to proceed with construction of the North Montney Mainline Project (NMMP) ahead of schedule. The Calgary, Alberta-based oil and gas transporter has already been granted the required federal and... 

TransCanada to push ahead with C$1.4bn North Montney gas pipeline earlier than expected
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