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North America News

Norsk Hydro sees limited effect from US aluminium tariffs

By: Reuters     23rd March 2018 Norwegian aluminum-maker Norsk Hydro on Friday said the new US toll barriers on aluminium would have a very limited direct effect on the firm. "From a Norwegian perspective, this will have a very limited effect on us", said Hydro spokesman Halvor Molland, adding that Hydro had "some exports" to... 

Atrum granted exploration permit in Canada

By: Esmarie Swanepoel     23rd March 2018 Coal miner Atrum Coal has been granted an exploration permit for the Elan South project, in Canada, from the Alberta Energy Regulator. Atrum in August last year entered into a share sale deed to acquire Canada’s Elan Coal’s properties in Alberta. As consideration for Elan, the vendors would... 

Chalice shuffles board and management teams

By: Esmarie Swanepoel     23rd March 2018 Dual listed gold company Chalice Gold Mines has announced a board shuffle aimed at unlocking the value of its gold and base metals projects. Chalice MD Tim Goyder has now been appointed as executive chairperson, with corporate development manager Alex Dorsch appointed as CEO. The company’s... 

Lithium miner eyes even greater riches in piles of battery waste

By: Bloomberg     23rd March 2018 Recycling lithium material from used electric vehicle batteries promises to be even more profitable than mining the increasingly valuable metal, according to an Australian producer building a test facility in Canada. Perth-based Neometals is working to recover raw materials including lithium,... 

Trump temporarily excludes EU, six other allies from steel tariffs

By: Reuters     23rd March 2018 US President Donald Trump has temporarily excluded six countries, including Canada and Mexico, and European Union states from higher US import duties on steel and aluminum meant to come into effect on Friday. In a Presidential proclamation published late on Thursday, Trump said he would suspend... 

Orinoco raises cash for Cascavel

By: Esmarie Swanepoel     23rd March 2018 Gold miner Orinoco Gold has raised A$12.1-million in a share placement to ramp-up production at its Cascavel operation, in Brazil, and to unlock value from its exploration assets. Orinoco will place more than 115.8-million fully paid ordinary shares, along with one free attaching option on a... 

Women at Glencore oil trading unit earn 28% less than men

By: Bloomberg     23rd March 2018 Women working in oil trading at Glencore earn 28% less pay on average than men and receive bonuses that were 57% lower. The income disparity, disclosed by the second-biggest independent oil trader under UK government-mandated pay gap reporting, underscores the lack of women in senior roles at... 

Eldorado falls to new 52-week low as Q4 results, technical studies fail to impress

By: Henry Lazenby     23rd March 2018 Canadian gold producer Eldorado Gold has slipped to a fresh 52-week low on both the TSX and NYSE on Thursday after it reported disappointing fourth-quarter financial results and a 10% fall in overall gold reserves. Vancouver-based Eldorado reported a net loss of $20.7-million, or $0.03 a share,... 

Barrick bags another confidence boost as S&P upgrades rating to ‘BBB’, stable

By: Henry Lazenby     23rd March 2018 The world’s largest gold producer Barrick Gold’s intensive corporate strategy to reduce debt and company-wide costs over the last several quarters has been paying off, with a second major credit ratings agency upgrading the miner's long-term corporate credit rating this month. S&P Global Ratings... 

Codelco reaches agreement with professionals at Ministro Hales mine

By: Reuters     23rd March 2018 Chile's state copper miner Codelco said on Thursday it had reached an agreement with the professionals' union at its Ministro Hales mine, in northern Chile, following early talks on a new collective labour contract. The 36-month contract, which includes a signing bonus of 7.1-million pesos ($11... 

Excellon swings back into black on dry mining conditions

By: Henry Lazenby     23rd March 2018 Mexico’s highest-grade silver producer, Excellon Resources, has reported its first quarterly headline profit since the second quarter of 2016, thanks to optimisation efforts to effectively dewater the flagship Platosa mine. The Platosa deposit comprises several high-grade massive sulphide mantos... 

Excellon swings back into black on dry mining conditions

RNC seeks alternatives for Beta Hunt as it prioritises Dumont development

By: Henry Lazenby     23rd March 2018 The TSX-quoted equity of diversified miner RNC Minerals jumped 11.5% on Thursday following the company announcing that it will prioritise development of the Dumont nickel/cobalt project, in the Abitibi region of Quebec, and seek alternatives for its Beta Hunt gold and nickel mine, in Western... 

BC govt unveils tax incentives to induce Kitimat LNG development

By: Henry Lazenby     22nd March 2018 The British Columbia minority government on Thursday unveiled several measures to entice natural gas development in Kitimat, where LNG Canada is working towards a development decision on a new C$40-billion terminal that will process and ship liquefied natural gas (LNG) to Asian markets.... 

BC govt unveils tax incentives to induce Kitimat LNG development

Goldman Sachs no longer one of top three commodities banks

By: Reuters     22nd March 2018 Goldman Sachs lost its place among the top three earners of commodities-related revenue in 2017, falling below rivals JPMorgan, Morgan Stanley and Citibank for the first time, data from analytics firm Coalition showed. US-based investment bank Goldman has been among the top three since Coalition... 

US LNG firms lament bad timing of steel tariffs and China trade spat

By: Reuters     22nd March 2018 The Trump administration's planned steel tariffs and a potential trade battle with China could hurt US liquefied natural gas companies just as a new wave of developments in the fast-growing market is gaining steam, company executives say. China is the fastest growing major buyer of LNG, making... 

US LNG firms lament bad timing of steel tariffs and China trade spat

De Beers expands Forevermark brand in Europe

By: Mariaan Webb     22nd March 2018 Global diamond miner De Beers is expanding its Forevermark in key European countries, with the brand entering the German market and potentially also France and Italy. The Anglo American subsidiary is aiming to bolster the diamond brand’s visibility in key European countries, which attract a... 

New Lucara management to focus on Karowe, digital sales platform

By: Schalk Burger     22nd March 2018 JOHANNESBURG (miningweekly.com) – TSX-listed diamond miner Lucara has announced that incoming Lucara CFO and corporate secretary Zara Boldt will join the management team as the company focuses on increasing the value of its core diamond mining business at Karowe, Botswana, and on supporting the... 

BHP sees limited impact on steel market from US new tariffs

By: Reuters     22nd March 2018 Global miner BHP anticipates planned new US steel import tariffs will have a limited impact on both the steel market and the firm, and doesn't foresee a chain reaction from other countries, a senior official said on Thursday. "I think direct impact on steel is quite marginal because the United... 

Australis raises cash for US drilling

By: Esmarie Swanepoel     22nd March 2018 ASX-listed Australis Oil & gas will raise A$39-million through a share placement to start drilling at its Tuscaloosa Marine Shale (TMS) project, in the US. The company on Thursday said that it had received commitments from institutional and sophisticated investors for the placement of... 

Wheaton Precious Metals beats 2017 guidance, lifts dividend 29%

By: Henry Lazenby     22nd March 2018 The world’s largest precious metals streaming firm Wheaton Precious Metals has declared a quarterly dividend of $0.09 a share – up 29% year-on-year as record production lifted the bottom line. The Vancouver-headquartered company reported full-year silver output of 28.6-million ounces, which was... 

Caledonia Mining hits new production record at Blanket mine; to increase mine stake

By: Henry Lazenby     22nd March 2018 Aim- and TSX-listed gold producer Caledonia Mining has achieved a new production record at its flagship Blanket mine, in Zimbabwe, reporting an 11.5% year-on-year improvement in output to 56 133 oz for 2017. The London-based company, which owns a 49% stake in the Blanket gold mine said all-in... 

Rising synthetic diamond output lifts discount to natural stones

By: Henry Lazenby     22nd March 2018 An analysis from independent New York-based diamond analyst Paul Zimnisky has shown that prices for synthetic laboratory-created diamonds are falling at an accelerating pace. Lab-created diamonds have enjoyed a 71% year-on-year improvement of its discount to natural equivalents over the past 12... 

Rising synthetic diamond output lifts discount to natural stones

B2Gold sets record straight as Mali mulls mining code amendments

By: Henry Lazenby     22nd March 2018 Canadian miner B2Gold has issued a statement confirming that the full details of any proposed new Mali mining code and the timing for its implementation are not known at this time. The miner responded to recent media reports attributing statements to a government minister at a joint news... 

Global copper deficit widens 21% in 2017 as refined supplies stagnate

By: Henry Lazenby     21st March 2018 The latest data from the Lisbon, Portugal-based International Copper Study Group (ICSG) points to a 21% year-on-year widening in the global deficit of refined copper, as refined supplies remain stagnant. During 2017, the global refined copper balance slid to a deficit of 163 000 t of red metal,... 

Global copper deficit widens 21% in 2017 as refined supplies stagnate

Oyu Tolgoi completes sinking Shaft 5

By: Henry Lazenby     21st March 2018 Mongolia’s massive Oyu Tolgoi copper/gold mine has achieved its latest important milestone after sinking of the new Shaft 5 has been completed. The shaft has a final depth of 1 178 m. 

Emgold outlines nearly 300 000 oz of gold, plans 2-phased approach to develop Golden Arrow

By: Henry Lazenby     21st March 2018 A technical report on the Golden Arrow deposit, in Nevada, has outlined compliant indicated and measured resources of nearly 300 000 oz of gold, showing the project is deserving of further work to determine its financial viability, a news release by junior explorer Emgold Mining advised this... 

First Cobalt undertakes study to assess mine waste rock; success could impact overall strategy

By: Henry Lazenby     21st March 2018 ASX- and TSX-V-listed First Cobalt has launched a metallurgical study on the high-grade inventory of refinery residue and crushed waste rock material located near the company’s mill facility, located in the Canadian Cobalt Camp, in Ontario. First Cobalt has partnered with Dundee Sustainable... 

Canada's PM optimistic on NAFTA as deal on autos appears closer

By: Reuters     21st March 2018 Prime Minister Justin Trudeau said on Wednesday he remained optimistic Canada would get a good deal at the NAFTA modernisation talks amid signs negotiators could be closer to settling one of the trade pact's most contentious issues. Officials are due to meet next month for the eighth round of... 

The lithium sector surge is poised to ignite a deals bonanza

By: Bloomberg     21st March 2018 The tripling in lithium prices over three years is poised to fuel a multi-billion dollar rush of deals as major players jostle for dominance to supply the metal needed for the electric vehicle battery revolution. China’s expected to lead a mergers and acquisition bonanza as companies seek to... 

The lithium sector surge is poised to ignite a deals bonanza

First Quantum steadies as CEO hopeful of escaping giant tax bill 

By: Bloomberg     21st March 2018 First Quantum Minerals recovered from what was shaping up to be its worst two-day drop in two years as its chief executive officer said he’s hoping to talk his way out of a $7.9-billion tax bill in Zambia - which includes $5.7-billion in interest. First Quantum received a letter from the Zambia... 

Atrum raises cash to fund Elan buy

By: Esmarie Swanepoel     21st March 2018 Coal miner Atrum Coal will raise some A12.6-million through a share placement and entitlement offer to complete the acquisition of the Elan coking coal project, in Canada, and to start an aggressive exploration programme at Elan South. The miner on Wednesday reported that an initial A$8-million... 

Rio makes plans to further reduce debt

By: Esmarie Swanepoel     21st March 2018 Mining major Rio Tinto has launched a $2.25-billion debt reduction programme. Under the plan, Rio has issued redemption notices for some $1.4-billion of four series of its US-dollar denominated notes, maturing in 2021 and 2022, and has started invitations to holders outside of the US to sell up... 

G20 agrees to 'monitor' cryptocurrencies but no action yet

By: Reuters     21st March 2018 Financial policymakers from the world's top 20 economies agreed to keep a watchful eye on cryptocurrencies on Tuesday and opened the door to regulating the booming industry at a later stage. Wild swings in the price of Bitcoin, the best known of a myriad of digital currencies issued by private... 

G20 sees need for 'dialogue,' fails to diffuse trade war threat

By: Reuters     21st March 2018 The world's financial leaders rejected protectionism on Tuesday and urged "further dialogue" on trade, but failed to diffuse the threat of a trade war days before US metals tariffs take effect and Washington is to announce measures against China. Finance ministers and central bankers of the... 

G20 sees need for 'dialogue,' fails to diffuse trade war threat
Photo by Reuters
Canada's Finance Minister Bill Morneau

Workers at Chile's Los Pelambres mine extend contract talks - industry group

By: Reuters     20th March 2018 Workers at Antofagasta's Los Pelambres copper mine, in Chile, have opted to extend a period of government mediation in an effort to reach agreement on a new labour contract, an industry group said on Tuesday. Workers in the mine's largest union last week rejected an offer for a new labor... 

Eco Oro pursues $764m suit against Colombia as Angostura project postures to perish

By: Henry Lazenby     20th March 2018 Junior project developer Eco Oro Minerals is pursuing a $764-million judgement against Colombia after a court ruling has cancelled exploration over half its concession as part of national efforts to preserve high-altitude wetlands, known as the Páramos. The Vancouver-headquartered company has... 

Eco Oro pursues $764m suit against Colombia as Angostura project postures to perish
Photo by Eco Oro Minerals
Angostura project, Colombia

Capstone reports Cozamin fatality

By: Henry Lazenby     20th March 2018 Operations at Canadian base metals miner Capstone Mining’s Mexico-based Cozamin mine were temporarily suspended on Sunday, after an electrician lost his life while working on an underground voltage regulator. The worker was immediately transported to a hospital in Zacatecas state, where he later... 

Rio Tinto fears impact of trade war concerns despite tariff exemptions

By: Reuters     20th March 2018 Global miner Rio Tinto sees fears of a trade war between the US and China weighing on its shares, even after the company won an exemption from US tariffs for its Canadian aluminium exports. Nearly a third of all aluminium consumed by the US is supplied by Rio Tinto from Canada. 

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