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Codelco says Chuquicamata copper mine operational again

By: Reuters     Updated 19 minutes ago Codelco's Chuquicamata copper mine returned to normal operations on Tuesday afternoon after a contract workers' strike caused a halt earlier in the day, the company said in a statement. All projects except the small Salvador mine were operational, although there had been "various difficulties"... 

Peabody shares rally despite missing earnings forecast, suspending dividend

By: Henry Lazenby     Updated 24 minutes ago Extended low-cycle conditions had prompted American coal producer Peabody Energy on Tuesday to suspend the quarterly dividend on its common stock, curtail metallurgical coal output and cut jobs as it turned to aggressive cost-cutting measures in order to survive market headwinds. Peabody was... 

Peabody shares rally despite missing earnings forecast, suspending dividend

Consol Energy halts steelmaking coal IPO as low coal, oil prices dent Q2 earnings

By: Henry Lazenby     Updated 1 hour 11 minutes ago US oil, gas and coal producer Consol Energy on Tuesday announced that it would put the planned initial public offering (IPO) of its metallurgical coal business on hold, citing the continued degradation of metallurgical coal prices. The MetCo IPO of up to 20% of the subsidiary's equity was... 

China's gold imports to plunge as financing deals unwind – Valcambi

By: Reuters China's gold imports could fall as much as 40% this year as demand for bullion used to back domestic financing deals decreases, the world's biggest refiner Valcambi said. A lot of the gold China imported in the last three years was used to secure cheaper loans due to a liquidity crunch, but that... 

Cardero announces restructuring plan, to buy Arizona copper oxide project

By: Henry Lazenby Industrial metals and minerals firm Cardero Resource on Monday revealed a comprehensive restructuring plan, which included the acquisition of the Zonia copper oxide project, in Arizona, in the hope that switching to a focus on copper would allow it to, once more, create shareholder value. Under... 

Vista Gold receives $4.3m Australian R&D tax refund

By: Henry Lazenby TSX- and NYSE MKT-listed Vista Gold has received a further $4.3-million research and development (R&D) tax incentive refund, net of costs to prepare and file, from the Australian government related to costs incurred during the 2013 fiscal year. The refund was paid under the Australian... 

British Columbia issues Canadian Mining quarry permit

By: Henry Lazenby The British Columbia Ministry of Energy and Mines has issued TSX-V-listed Canadian Mining with a new five-year 50 000 t/y quarry permit for its Bromley Creek zeolite mine lease, near Princeton. President and CEO Ray Paquette reported that the company had increased the reclamation security and... 

Speculators show global commodities rout still not over

By: Reuters Speculators have confirmed what everyone else has been thinking: expect more falls in commodities, as worries about China and higher interest rates combine with waning sentiment to suggest markets are heading further south. But while more losses are certain, their scope could be limited because... 

First Majestic Silver announces friendly acquisition of SilverCrest Mines

By: Henry Lazenby Mexico-focused precious metals miner First Majestic Silver has agreed to acquire all of the issued and outstanding common shares of SilverCrest Mines in a cash-and-scrip deal. The company advised on Monday that the transaction would enhance First Majestic's position in Mexico, one of the world's... 

First Majestic Silver announces friendly acquisition of SilverCrest Mines

Atrum launches entitlement offer to raise cash

By: Esmarie Swanepoel Coal developer Atrum Coal plans to raise some A$5-million to enhance the value of its Groundhog project, in British Columbia. The company on Monday said it would undertake a one-for-17 nonrenounceable, pro rata entitlement offer, priced at 50c each to raise the cash. The offer would include one... 

Carlisle makes progress at Lynn Lake despite tough gold market rout

By: Simon Rees The spot price for gold came under notable pressure during the past week, sinking below the psychological barrier of $1 100/oz and reaching five-year lows. On Friday, the London afternoon fix stood at $1 080.80/oz of gold,  compared with $1 132.80/oz the week beforehand. The slide was unwelcome... 

Carlisle makes progress at Lynn Lake despite tough gold market rout

With metals slumping, investors seek miners that can weather storm

By: Reuters A slump in metals prices this week and worries over China's growth prospects have heightened investor scrutiny of whether mining companies have the ability to weather the storm ahead. China accounts for almost half of global copper demand, 70% of iron-ore consumption and vies with India to be... 

De Beers has weak first half, looks forward to H2

By: Megan van Wyngaardt Diamond mining giant De Beers on Friday said that, despite a challenging first half, it still achieved a solid operating performance. However, its underlying earnings before interest and taxes (Ebit) decreased by 25% to $576-million for the six months ended June, compared with $765-million in the... 

Evolution completes Cowal buy

By: Esmarie Swanepoel Gold miner Evolution Mining has completed the acquisition of the Cowal gold mine, in New South Wales. The miner announced on Friday that all the conditions precedent to the $550-million buy-out has now been satisfied or waived by vendor Barrick Gold. 

IMX to delist from TSX

By: Esmarie Swanepoel Minerals developer IMX Resources plans to de-list from the TSX, owing to lacklustre trading on the Canadian bourse. The company, which is also listed on the ASX, has submitted its application to delist from the bourse, which it expected would occur on August 10. 

Alcoa to split downstream business segments as its value-add portfolio expands

By: Henry Lazenby Lightweight and high-performance metals producer Alcoa on Thursday said that it would split its downstream portfolio into two segments, with one maintaining a core focus on aerospace and the other centred on the construction and commercial wheels markets. NYSE-listed Alcoa also on Thursday... 

Barrick Gold’s board thins as independent director resigns

By: Henry Lazenby Ned Goodman has, after a 15-month stint, resigned as independent director of Barrick Gold to focus on a new business venture in resources and other hard assets. He joined the Barrick board in April last year, at a time when the company moved to bring new experience to the table and increase the... 

Freeport-McMoRan reports Q2 net loss, shares fall

By: Henry Lazenby US-based diversified miner Freeport-McMoRan (FCX) on Thursday reported a net loss of $1.85-billion for the second quarter of the year, compared with the net income of $482-million achieved in the second quarter of the previous year. FCX’s net loss for the second quarter included net charges of... 

Teck lifts Q2 profit despite falling commodity prices

By: Henry Lazenby Canada’s largest diversified miner Teck Resources has improved its adjusted profit for the three months ended June 30, by 10%, despite falling commodity prices that put downward pressure on margins and profits. For the second quarter, the Vancouver-headquartered miner reported net income,... 

Teck lifts Q2 profit despite falling commodity prices

Platinum bridal jewellery demand up in China, fuel cells powering blocks of flats

By: Martin Creamer Platinum marketing money previously devoted largely to discounts and commissions is now being used to boost platinum jewellery, investment and fuel cell promotion, says Anglo American Platinum (Amplats) CEO Chris Griffith. Bridal platinum jewellery demand is growing in China, platinum demand... 

Platinum bridal jewellery demand up in China, fuel cells powering blocks of flats
Photo by Bloomberg
Platinum investment bars

Bullion dealers trade blame in hunt for 'bear raid' leader

By: Reuters As the global bullion market continues to reel from a dramatic plunge in gold prices on Monday, traders from Hong Kong to New York are pointing the finger at others for being behind the move while struggling to unmask the mystery sellers. In early Asian trading hours on Monday, investors dumped... 

Tech savvy O’Neill streaks up Anglo ladder

By: Martin Creamer Technical fundi Tony O’Neill, who put his imprimatur on game-changing technology during his short spell in South Africa, has been appointed with immediate effect to the board of Anglo American as an executive director, less than two years after taking over the company’s technology, business... 

Tech savvy O’Neill streaks up Anglo ladder
Photo by Duane Daws
Tony O'Neill

MinQuest makes an offer for Canadian zinc mine

By: Esmarie Swanepoel ASX-listed junior MinQuest is making a play for the Wolverine zinc mine, in Canada, which is owned by Yukon Zinc Corporation. MinQuest said it was examining the possibility of using the existing processing and tailings management facilities at Wolverine to fast-track the development of its own... 

Gold miner Newmont earnings in line, raises output forecast

By: Reuters Newmont Mining reported higher second-quarter adjusted earnings on Wednesday, in line with analyst expectations, as lower oil prices and favourable exchange rates offset the impact of weaker metal prices. Based on this performance, Newmont, the world's No 2 gold producer, raised its gold... 

DNI Metals receives mining licence for Madagascar graphite project

By: Henry Lazenby Project developer DNI Metals has been granted a full commercial mining licence over its Vohitsara graphite project, in Madagascar. Originally classified as an artisanal mining permit when DNI acquired the property in June, the Madagascar Minister for Mines, through the national mining cadastre... 

Value-creation analysis finds long-term divergence between copper, gold producers

By: Henry Lazenby Following the recent announcement by the Chinese central bank of a seemingly underwhelming 57% increase in gold reserves, the gold price plunged to below the psychologically important $1 100/oz level, during a broader commodities sell-off. A new report by commercial intelligence firm Wood... 

Value-creation analysis finds long-term divergence between copper, gold producers

Molycorp secures court approval for final $130m DIP financing

By: Henry Lazenby Bankrupt US rare earths producer Molycorp on Wednesday proceeded with its Chapter 11 reorganisation process and received court approval for an improved debtor-in-possession (DIP) financing package provided by Oaktree Capital Management. NYSE-listed Molycorp, which billed itself as the only global... 

Ontario fines Goldcorp subsidiary C$100 000 for 2013 worker injury

By: Henry Lazenby The Canadian subsidiary of gold major Goldcorp has been fined C$100 000 following the injury of a mineworker in a 2013 incident. According to an Ontario Court of Justice bulletin, the incident occured while workers were performing tasks at the 800 level of the Campbell complex mine, near... 

PTM’s Waterberg JV adds to project resources

By: Henry Lazenby Canadian project developer Platinum Group Metals (PTM) has increased the resource estimate for platinum, palladium and gold (3E) at its 58.62%-owned Waterberg Joint Venture (JV) project, expanding the inferred resource and improving the confidence in previous results. The Vancouver-based company... 

All commodity price indices to decline in 2015 – World Bank

By: Terence Creamer A new World Bank report forecasts that all main commodity price indices will decline in 2015, owing to “abundant supplies and, in the case of industrial commodities, weak demand”. The July Commodity Markets Outlook is particularly pessimistic in the outlook for metals prices, which are now... 

All commodity price indices to decline in 2015 – World Bank

South Africa’s new JSE-backed oil, gas code globally aligned

By: Martin Creamer The recently published South African Code for the Reporting of Oil and Gas (Samog) is fully aligned to the oil and gas reporting standards used globally. South African Oil and Gas Committee chairperson Andy Clay and Johannesburg Stock Exchange (JSE) GM corporate finance Annalie de Bruyn, who... 

South Africa’s new JSE-backed oil, gas code globally aligned
Photo by Creamer Media
Andy Clay, Annalie de Bruyn and Martin Creamer
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