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US Mint gold coin sales weakest for January since 2008

By: Reuters US Mint American Eagle gold coin sales in January rose from December but were the lowest for that month since 2008, as a rally in prices discouraged collector buying in what is typically a period of peak demand, data showed on Friday. The US Mint sold 81 000 oz of gold bullion coins this month,... 

Mining companies suffer $70bn in impairment losses – report

A recent survey revealed that major global mining companies had suffered impairment losses of $70-billion in 2013/14, reflecting the impact of the current low commodity price cycle. The ‘Mining Financial Reporting Survey 2014’, compiled by financial services firm KPMG, further revealed that... 

Mining companies suffer $70bn in impairment losses – report

Poland's KGHM plans dividends of up to one third of profits

By: Reuters Europe's No 2 copper producer KGHM plans to pay out dividends of up to one third of its 2014 annual profit, as it plans to spend 27-billion zlotys ($7.23-billion) to boost output over the next five years, the company said on Monday. The dividend policy of the state-controlled miner is in line... 

Goldman Sachs slashes base metal price forecasts, ups gold

By: Reuters Goldman Sachs Group on Friday slashed its 2015 price forecasts for several base metals including copper and aluminium while raising its estimate for gold by $62/oz. "The primary reason for the changes to our forecasts is cost deflation - driven by a combination of actual and anticipated US... 

Goldman Sachs slashes base metal price forecasts, ups gold

Patriot demands arbitration to resolve Northern Vertex option agreement

By: Henry Lazenby Emerging gold producer Patriot Gold has issued an arbitration demand to joint venture (JV) partner and optionee Northern Vertex Mining, citing unhappiness regarding the required scope and technical details of the bankable feasibility study (BFS) for the Moss gold/silver project, in Northwest... 

Miami precious metals refiner gains quality management system accreditation

By: Henry Lazenby Miami, Florida-based precious metals refiner Republic Metals has received the International Organisation for Standardisation’s (ISO) coveted ISO 9001:2008 registration for quality assurance and control, effective from Tuesday. Republic on Thursday reported that the third-party accreditation team... 

Nevsun expects lower copper output in 2015

The Bisha Mining Share Company (BMSC), which is 60% owned by TSX-listed miner Nevsun, is expected to produce between 160-million and 175-million pounds of copper in concentrate this year. This was lower than the 196-million pounds of copper in concentrate the company produced in 2014 against... 

Trevali’s Santander mine exceeds 2014 production guidance

By: Creamer Media Reporter In its first year of commercial production, Trevali Mining’s Santander mine, in Peru, delivered 50.4-million pounds of zinc, 23.3-million pounds of lead and 914 600 oz of silver, exceeding expected output. Production for the fourth quarter, ended December 31, was 11.2-million pounds of zinc,... 

Mawson West places Dikulushi mine on care and maintenance

By: Tracy Hancock TSX-listed Mawson West has concluded a review of its Dikulushi and Kapulo operations in the Democratic Republic of Congo (DRC) and, as a result, has decided to place the Dikulushi mine on care and maintenance. This follows the successful completion of the initial components of its $33.4-million... 

Hochschild silver output rises, hedges below spot prices

By: Reuters Silver miner Hochschild Mining said 2014 production exceeded its expectations and that it had hedged six-million ounces of silver for this year. Shares in the company fell as much as 3.6% as the hedging was made at $17.75/oz, below the spot silver prices of about $18.20/oz. 

Investors to blame for supporting dithering juniors

By: Henry Lazenby In the aftermath of several key mining-related indexes having dropped significantly since 2011, the mining industry as a whole, and particularly the junior explorers and project generators, have had to “reset” and undergo a paradigm shift from being project promoters to true value creators. This... 

Precious-metals demand continues to buzz, biggest price move yet to come

By: Henry Lazenby Despite the fact that it often seemed as if the fundamental and the technical aspects of the precious metals market were at war with each other, silver bull David Morgan believed both methodologies could be used to great benefit. “These are not dead markets and based on research and experience,... 

Precious-metals demand continues to buzz, biggest price move yet to come

Ministerial talk of a South African mining champion pleases analyst 

By: Martin Creamer Talk of restoring the lost iconic status of the South African mining industry has gladdened the London-based Investec Global Research Team. “We’re glad to see growing political pressure in South Africa to restore the premier status of the mining industry,” the analyst team said in a note on Friday. 

Ministerial talk of a South African mining champion pleases analyst
Photo by Duane Daws
Minerals Minister Ngoako Ramatlhodi

Black Oak starts mining at Manuka

By: Esmarie Swanepoel ASX-listed junior Black Oak Minerals has started mining at its recently-acquired Manuka silver project, in New South Wales. Black Oak, previously known as Southern Cross Goldfields, acquired the Manuka project, then known as the Wonawinta silver project, from the now defunct Cobar Consolidated... 

First Majestic provides buoyant 2015 outlook

By: Henry Lazenby Mexico-focused miner First Majestic Silver on Tuesday reported a new record for full-year output from its five active mines, lifting precious metals production by 19% year-on-year. The Vancouver-based firm reported 15.26-million silver equivalent ounces, consisting of 11.75-million ounces of... 

Coeur Mining to buy Wharf mine from Goldcorp

By: Henry Lazenby The US’s largest primary silver producer Coeur Mining has agreed to buy Goldcorp’s Wharf gold mine, a producing gold mine located near Lead, South Dakota, for $105-million in cash. Coeur said on Monday that the mine was expected to produce 85 000 zo to 90 000 oz of gold this year at an all-in... 

Record Q4 output bumps up Endeavour Silver’s stock

By: Henry Lazenby The TSX-listed shares of Mexico-centric precious metals producer Endeavour Silver on Monday rose nearly 10% after the company reported record silver output of two-million ounces. The Vancouver-based company said fourth-quarter output was up 4% over the corresponding quarter a year earlier,... 

Mexican Penoles' mine may not produce for up to 6 months – union

By: Reuters Mexican miner Penoles' flooded Naica lead, silver and zinc deposit might not be operational for up to six months, a union mine official said on Friday, although the company had no estimate on when production would resume. The mine in the northern state of Chihuahua was flooded on January 1 and... 

With no major catalysts on the cards, gold seen trending at $1 200/oz in 2015

By: Henry Lazenby The gold price is expected to trend at $1 200/oz in 2015, with no significant catalysts expected to move the gold price higher. Financial services firm Desjardins Capital Markets on Wednesday published its 2015 precious metals outlook, saying that near-term headwinds for the gold price, such as... 

With no major catalysts on the cards, gold seen trending at $1 200/oz in 2015

Project delay and lower grades prompt Silver Wheaton to adapt streaming contracts

By: Henry Lazenby Delays in completing the massive Pascua-Lama copper/gold project, straddling the Argentina/Chile border, have prompted the world’s largest precious metals streaming firm Silver Wheaton to amend the silver streaming agreement with project promoter Barrick Gold to extend both the completion test... 

Project delay and lower grades prompt Silver Wheaton to adapt streaming contracts

Coeur Mining solidifies Palmajero future with Paramount Gold and Silver acquisition

By: Henry Lazenby The US’s largest primary silver producer Coeur Mining on Wednesday announced that it had agreed to buy Paramount Gold and Silver for $146-million in scrip, giving Coeur control over Paramount’s San Miguel project that covers about 121 000 ha surrounding Coeur’s Palmarejo mine, in Chihuahua,... 

Coeur Mining solidifies Palmajero future with Paramount Gold and Silver acquisition

Osisko Gold Royalties agrees to provide C$10m loan to Highland Copper

By: Henry Lazenby Gold-focused royalty and stream company Osisko Gold Royalties on Tuesday said it had agreed to give Canadian explorer Highland Copper Company a C$10-million secured loan in exchange for, among other things, a 3% sliding-scale net smelter return (NSR) royalty on all metals produced from the White... 

Gold miners report new discoveries

By: Henry Lazenby Gold producers Aurico Gold and Yamana Gold on Monday reported that 2014 exploration programmes had resulted in new discoveries at Aurico’s Kemess East project, in north-central British Columbia, and Yamana’s El Penon gold/silver mine, in Chile, and Chapada, in Brazil. TSX- and NYSE-listed Aurico... 

Samco Gold to acquire Peruvian base metals project

By: Henry Lazenby Argentina-focused Samco Gold on Friday announced that it had signed an agreement to buy two Peruvian subsidiaries of Mantaro Resources for about $3.4-million in cash and scrip, which would give it control over exploration and mining concessions over the Dino polymetallic property. Samco would... 

Hochschild downgrades chairperson’s role, announces board pay cuts

By: Henry Lazenby Latin America-focused precious metals producer Hochschild Mining has downgraded the role of its chairperson and also announced cuts to its board’s pay packages. Hochschild on Wednesday announced the changes as part of its ongoing review of the board structure and its cost-cutting programme. 

Allied Nevada stock falters on lowered guidance, worsening financial condition

By: Henry Lazenby The TSX-listed stock of Reno, Nevada-based gold miner Allied Nevada Gold on Friday fell by as much as 34% after the company announced that it would this year not produce as much precious metals as previously expected. The dual-listed miner reported that it expected full-year metal sales to be... 

Mineworker numbers set to fall 8% a year – Teba

By: Martin Creamer The number of mineworkers employed in gold mining and platinum mining in South Africa is expected to decline by about 8% a year in the next two years, says Teba Limited CEO Graham Herbert. Herbert, who spoke to Mining Weekly Online in the attached video interview, says his company – which is... 

Mineworker numbers set to fall 8% a year – Teba
Photo by Duane Daws
Graham Herbert (right) and Martin Creamer

Excellon moves to buy ‘undervalued’ common shares

By: Natalie Greve The TSX has approved Toronto-listed Excellon Resources’ notice of its intention to make a normal course issuer bid (NCIB), the silver miner said on Friday. Mexico's highest-grade silver producer filed the NCIB programme to allow for the market purchases of its common shares and, pursuant to the... 

Lower capex outlay to shrink Hochschild’s FY2015 output

By: Natalie Greve As part of its ongoing cash flow optimisation programme, Hochschild Mining has targeted further cost efficiencies to reduce operating expenditure and ensure that the company’s mines can deliver profitable ounces in 2015. The group outlined on Friday that it had “optimised” the mine plans of the... 

Lower capex outlay to shrink Hochschild’s FY2015 output

Rambler Metals’ Q1 output in line with guidance

By: Mariaan Webb Dual-listed Rambler Metals and Mining said on Thursday that its first-quarter production results were in line with its guidance for the 2015 financial year, despite a weaker quarter-on-quarter production performance. During the three-month period to the end of October, the TSX-V- and Aim-listed... 

Namib DFS shows low risk and robust economics

By: Leandi Kolver The definitive feasibility study (DFS) for Aim-listed North River Resources’ Namib lead/zinc/silver mine, in Namibia, has confirmed that the project is technically low risk and economically robust, the company said on Wednesday. It added that a strong after-tax internal rate of return of more... 

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