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R/€ = 14.90 Change: -0.06
R/$ = 12.17 Change: -0.04
Au 1331.72 $/oz Change: -4.73
Pt 1012.50 $/oz Change: -0.51
 

North America News

Mountain Province prices plunge on finer rough diamonds sold

By: Henry Lazenby     6th January 2018 The value per carat realised at the tenth tender sale of diamonds produced at Mountain Province Diamonds’ 49%-owned Gahcho Kué mine, in Canada’s Northwest Territories, has fallen to the lowest level since sales started 12 months ago. The TSX- and Nasdaq-listed company recorded sale proceeds of... 

Lily Mine approaches IDC for loan to help retrieve remains of three workers

By: Reuters     5th January 2018 Lily Gold Mine has approached the Independent Development Corporation (IDC) for a loan as part of efforts to raise funds to resume the mission to retrieve the remains of three workers who were trapped underground in Barberton ,in Mpumalanga, in February 2016, the company said on Thursday. The... 

Lily Mine approaches IDC for loan to help retrieve remains of three workers

China aims to supersize coal sector through mergers

By: Reuters     5th January 2018 China said on Friday it plans to create several "super-large" coal mining companies by the end of 2020 as the world's biggest producer of the fuel ramps up years of efforts to streamline the fragmented sector and slash outdated capacity. The country's National Development & Reform Commission... 

China aims to supersize coal sector through mergers

Commodities forge record-setting rally as BP to miners surge

By: Reuters     4th January 2018 Commodities are forging a record-setting run of gains that straddles the end of 2017 and the start of the new year as crude oil notches multiyear highs and investors bet that booming global manufacturing output will help to sustain rising demand for raw materials. The Bloomberg Commodity Index,... 

Commodities forge record-setting rally as BP to miners surge

Union at Chile Lomas Bayas mine far from deal with Glencore

By: Reuters     4th January 2018 Unionised workers at Glencore's Lomas Bayas copper mine, in Chile, rejected a final contract offer and began government-facilitated mediation on Thursday to avoid a strike, the union said, adding that they were still far from agreement. Union president Pedro Valdivia said workers agreed to lay... 

Union at Chile Lomas Bayas mine far from deal with Glencore

China's steel futures fall as snow to curtail construction demand

By: Reuters     4th January 2018 China's steel rebar futures fell on Thursday, breaking a three-day rising streak, on concerns of waning demand in the construction sector because of snow forecasts in the northern part of the country. Cold weather is expected to hit regions across China in the coming week, bringing snow and rain... 

China's steel futures fall as snow to curtail construction demand

Largo racks up new production records at Maracás Menchen as vanadium price rockets

By: Henry Lazenby     4th January 2018 Vanadium producer Largo Resources has set a new monthly production record at its flagship Maracás Menchen vanadium mine, in Brazil’s Bahia state, after the plant performing 12.9% above its nameplate capacity. Toronto-based Largo advised that the performance improvement is owing to the operating... 

Suncor, Teck up stakes in new Fort Hills oil sands project

By: Henry Lazenby     4th January 2018 The partners of the C$13.5-billion Fort Hills oil sands project, in Alberta, have resolved a commercial dispute, resulting in Suncor Energy increasing its ownership in the project to 53.06%, and Teck Resources upping its stake to 20.89%, from 50.8% and 20%, respectively. The companies reached... 

Suncor, Teck up stakes in new Fort Hills oil sands project

Lithium Chile shakes up corporate profile in alignment with lithium aspirations

By: Henry Lazenby     4th January 2018 Chile-focused lithium junior Lithium Chile has revamped itself to better align its corporate image with its aspiration of becoming a go-to lithium producer in the country – the world’s largest and lowest-cost producer of the energy metal. Based in Vancouver, Lithium Chile shareholders voted in... 

Lithium Chile shakes up corporate profile in alignment with lithium aspirations

Vale is negotiating BHP exit from Samarco venture – source‍​

By: Reuters     3rd January 2018 Vale is in talks with BHP Billiton over the future of their joint venture, Samarco Mineração, and one alternative is for the Brazilian miner to buy out its partner, a source with knowledge of the matter said on Wednesday. A price has not been yet established for any buyout, according to the... 

Fission hits among strongest mineralisation yet at PLS

By: Henry Lazenby     3rd January 2018 Explorer Fission Uranium has hit some of the strongest mineralisation to date at its flagship Patterson Lake South (PLS) project, in Northern Saskatchewan’s south-western Athabasca Basin. The Kelowna, British Columbia-based miner on Wednesday reported the assay results from the last three... 

Fission hits among strongest mineralisation yet at PLS

Gold ETF starts 2018 with record winning streak as dollar falls

By: Bloomberg     3rd January 2018 Call it a new golden age. The SPDR Gold Shares ETF (ticker GLD) kicked off 2018 with an advance of 1.2% on January 2, extending its streak of gains to 11, a record. It retreated slightly at the start of regular trading on January 3, but is still up for the year. 

Gold ETF starts 2018 with record winning streak as dollar falls

Roxgold bags permitting approval Bagassi South

By: Henry Lazenby     3rd January 2018 TSX-listed Roxgold has received the green light to construct the Bagassi South project, in Burkina Faso. The project is located on the Yaramoko concession, in the Houndé greenstone region of the country, and is set to add 40 000 oz/y to the company’s production profile over a 4.2-year mine life. 

Two miners die at Golden Star’s Prestea mine, Ghana

By: Henry Lazenby     3rd January 2018 The TSX-listed equity of Africa-focused miner Golden Star Resources shed as much as 10% on Tuesday, following a company announcement that two miners have died on December 29 at its Prestea Underground mine, in Ghana. The Toronto-headquartered company, which also has listings on the Ghana Stock... 

Vale to retain port terminal stake in rejigged Mosaic deal

By: Henry Lazenby     3rd January 2018 Brazilian diversified major Vale will retain a stake in the TIPLAM port terminal, in southeast Brazil, under terms of an adjusted $2.5-billion deal with The Mosaic Co to sell certain of its fertiliser assets. Vale advised on Tuesday that the sale of Vale Fertilizantes to Mosaic is now expected to... 

Nutrien gains on first trading day as Agrium, PotashCorp complete merger

By: Henry Lazenby     3rd January 2018 The TSX-listed equity of freshly minted fertiliser producer, distributor and retailer Nutrien gained nearly 6% on Tuesday – its first trading day following closure of the transaction on New Year’s day. The ‘merger of equals’ has created a new top-tiered fertiliser company with a total market... 

Nutrien gains on first trading day as Agrium, PotashCorp complete merger

Champion ramps up Bloom Lake activity, first train to roll by March

By: Henry Lazenby     30th December 2017 Activities are ramping up at the Bloom Lake mine, in near Fermont, Quebec, with preparations well under way towards the ultimate goal of sending off the first fully laden train of iron-ore by the end of February, or early March. “The highlights have been coming thick and fast this year,” Champion... 

Champion ramps up Bloom Lake activity, first train to roll by March
Photo by Henry Lazenby
Champon Iron Ore and QIO chairperson and CEO Michael O’Keeffe at Bloom Lake

Shippers benefit as China laps up Brazilian iron-ore

By: Reuters     29th December 2017 US dry bulk shippers are set to post strong revenue growth in the next two years thanks to soaring Chinese demand for high-grade iron-ore from Brazil and Australia. To combat severe winter smog, China has slashed iron-ore output, pushing steel mills in the world's second biggest economy to... 

Shippers benefit as China laps up Brazilian iron-ore

Gold's bulls and bears have plenty to chew over in New Year

By: Bloomberg     29th December 2017 It is not just politics that’s polarised right now. Gold investors are also split down the middle. A Bloomberg survey of 38 market professionals shows a $700 divide between the most optimistic and most pessimistic forecasts for prices next year. That leaves the median estimate of $1 290/oz at... 

Gold's bulls and bears have plenty to chew over in New Year

Year's best commodities fund is betting on 2018 mining M&A

By: Bloomberg     29th December 2017 This year’s best-performing commodity fund is betting on more mining companies turning to deal-making for growth in 2018. Commodity Capital Global Mining Fund racked up returns of 106% this year, the best performance among 409 commodity-focused funds tracked by Bloomberg, excluding... 

Year's best commodities fund is betting on 2018 mining M&A

Glencore completes sale of majority stake in oil storage assets

By: Reuters     29th December 2017 Diversified miner Glencore announced on Friday that it has completed the sale of a 51% interest in HG Storage International (HGSI) to HNA Innovation Finance Group, subject to certain regulatory approvals and closing conditions by US authorities. HGSI is a new vehicle which has consolidated... 

Glencore completes sale of majority stake in oil storage assets

Chile expects copper production to increase 13.9% by 2028 – Cochilco

By: Reuters     28th December 2017 Chile state copper commission Cochilco said on Thursday the country's production of the red metal would increase 13.9% over 2016 levels by 2028. Cochilco based its projection on the state of current and anticipated mining investments in the world's top copper producer, which it said would... 

Supply discipline and demand to prop up oil prices in 2018

By: Reuters     28th December 2017 The Organisation of the Petroleum Exporting Countries (Opec) and Russia's efforts to curb oil output, combined with forecasts for strong global demand growth, are expected to keep crude prices close to $60/bl in 2018, a Reuters poll of analysts showed on Thursday. The survey of 32 economists and... 

Supply discipline and demand to prop up oil prices in 2018

Congo Republic to cut 2018 spending by 9% as growth lags

By: Reuters     28th December 2017 Congo Republic's government said on Wednesday it planned to cut spending next year by 8.6% to 1.38-trillion CFA francs ($2.5-billion), following a 45% cut to the 2017 budget this month, as it seeks an International Monetary Fund bailout. The economy has been badly hit by low oil prices and poor... 

Congo Republic to cut 2018 spending by 9% as growth lags

China's Shanxi urges coke makers to halt curbs to boost gas output – official

By: Reuters     28th December 2017 Coke producers in China's Shanxi province have been urged by authorities to resume full output in an effort to produce more coke oven gas, a provincial government official told Reuters on Thursday. Coke oven gas is a by-product of coke production and oven gas can be treated and turned to... 

China's Shanxi urges coke makers to halt curbs to boost gas output – official

Copper climbs to near four-year high as China halts top producer

By: Reuters     28th December 2017 Copper in London surged to the highest in almost four years after China ordered its top producer to halt output to combat winter pollution, fuelling a rally this year driven by optimism about demand and supply disruptions at mines. Jiangxi Copper was told to cut production for at least a week... 

Copper climbs to near four-year high as China halts top producer

SSR Mining receives EIA approval for Chinchillas

By: Henry Lazenby     28th December 2017 Argentine regulatory authorities have approved the environmental impact assessment (EIA) for joint-venture (JV) subsidiary Puna Operations’s Chinchillas precious metals project. Owned 75% and operated by SSR Mining, Puna Operations was formed earlier this year as a JV vehicle with gold junior... 

Osisko Metals adds to Bathurst Mining Camp asset holdings

By: Henry Lazenby     28th December 2017 Base metals focused project developer Osisko Metals has signed an agreement to buy the Key Anacon claims and surrounding area, in the Bathurst Mining Camp (BMC) of New Brunswick, from Hunter Brook Holdings. Based in Montreal, Quebec, Osisko has in recent quarters been actively consolidating base... 

TSX, NYSE American to delist Banro equities

By: Henry Lazenby     28th December 2017 Embattled miner Banro has received notice from both the TSX and the NYSE American exchanges that its trade-suspended equities will be delisted in the New Year. The Toronto-based miner, which operates two gold mines in the Democratic Republic of Congo (DRC), on Friday filed for bankruptcy... 

TSX, NYSE American to delist Banro equities
Photo by Banro
Banro's Twangiza mine, DRC

Water shortfall shutters Centerra’s Mount Milligan mill

By: Henry Lazenby     27th December 2017 Drier-than-normal spring and summer weather conditions, combined with unexpectedly frigid temperatures during the current quarter, have contributed to a water shortage at Centerra Gold’s Mount Milligan mill, in British Columbia, forcing the company to temporarily shutter the plant. The... 

Water shortfall shutters Centerra’s Mount Milligan mill
Photo by Centerra Gold
Mount Milligan, BC

PotashCorp, Agrium merger gets final thumbs up; Nutrien to trade from Jan 2

By: Henry Lazenby     27th December 2017 Canadian plant nutrient companies Agrium Inc and Potash Corporation of Saskatchewan have received clearance from the US Federal Trade Commission and have now obtained all regulatory approvals required to close their proposed merger of equals transaction. The partners expect the merger, which will... 

PotashCorp, Agrium merger gets final thumbs up; Nutrien to trade from Jan 2

Kazatomprom records tidy profit on Westinghouse Electric Company stake sale

By: Henry Lazenby     27th December 2017 The National Atomic Company of the Republic of Kazakhstan (Kazatomprom) has recorded a profit of $85-million after it sold its 10% stake in US-based Westinghouse Electric Company, which filed for Chapter 11 bankruptcy protection in March. Kazatomprom has exercised its rights under a put option... 

European chipmakers tumble on iPhone demand scare; miners rally

By: Reuters     27th December 2017 European tech stocks tumbled on Wednesday as the region emerged from a two-day trading holiday and investors reacted to reports that demand for Apple's iPhone X may be weaker than expected. The pan-European STOXX 600 inched 0.1% higher, as the downturn in the high-performing tech sector was... 

European chipmakers tumble on iPhone demand scare; miners rally

Renova sells its stake in Russian gold miner Petropavlovsk

By: Reuters     27th December 2017 Russian billionaire Viktor Vekselberg's Renova Group has sold its stake in Russian gold producer Petropavlovsk, Renova spokesperson Andrey Shtorkh told Reuters on Wednesday. "The deal is closed, we are not disclosing the details," Shtorkh said. He declined to disclose the price of the deal and... 

Renova sells its stake in Russian gold miner Petropavlovsk

Even with Trump minerals order, US miners seen trailing China

By: Henry Lazenby     23rd December 2017 Even if Donald Trump’s initiative on 'critical minerals' strengthens the US mining industry, domestic companies would still struggle to compete with low-cost Chinese competitors, according to Bloomberg Intelligence. The president signed an executive order this week to identify new US sources of... 

Even with Trump minerals order, US miners seen trailing China

Outback's nascent gold rush hits speed bump on drill results

By: Henry Lazenby     23rd December 2017 The nascent gold rush in Western Australia’s remote outback hit a speed bump after a key player reported disappointing drilling results. Novo Resources, the Canadian explorer that kicked off the rush in July after finding nuggets in the northern Pilbara region, notched up its biggest drop in six... 

Outback's nascent gold rush hits speed bump on drill results

Retrenched Gupta mine employees fail to receive pay

By: Martin Creamer     22nd December 2017 Forty-four people retrenched from the Shiva Uranium Mine in North West belonging to the Gupta company Oakbay have failed to receive expected December pay that formed part of an agreed retrenchment package, Democratic Alliance (DA) councillor Maritha Coetzee told Mining Weekly Online on Friday.... 

Retrenched Gupta mine employees fail to receive pay

Teck and union reach deal on Chile´s Quebrada Blanca mine

By: Reuters     22nd December 2017 Canadian miner and the union representing 105 workers at its Quebrada Blanca copper mine, in Chile, said on Thursday they reached a new wage agreement, ending an eight-day strike. The union, which represents about one-quarter of the mine's workforce, agreed to a 24-month contract, the company... 

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