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Miners report first-quarter output ahead of financials

By: Henry Lazenby Several miner this week reported production results ahead of publishing financial results for the three months ended March 31. NYSE- and TSX-listed McEwen Mining reported gold output increased 23% to 24 696 oz and silver production decreased 10% to 655 339 oz in the period when compared with the... 

Tahoe Resources to appeal employee detention

By: Henry Lazenby Vancouver-based Tahoe Resources this week said Guatemala subsidiary Minera San Rafael (MSR) would appeal the court-ordered confinement of an employee pending the investigation of a 2012 environmental claim. The TSX- and NYSE-listed miner said the employee was in charge of regulatory issues,... 

First Majestic Silver precious metals output lower as grades sag

By: Henry Lazenby Mexico-focused precious metals miner First Majestic Silver has reported 4% lower first-quarter silver output as grades at all five of its active mines decreased by 13%. The Vancouver-based miner reported total silver output for the three months ended March 31 of 2.78-million ounces of silver,... 

Arguments start on whether BC Supreme Court has say in Guatemalan violence suit

By: Henry Lazenby Vancouver-based Tahoe Resources on Wednesday argued in the British Columbia Supreme Court to dismiss a civil suit launched last year by seven Guatemalan protesters who were shot during a peaceful protest outside the Escobal silver/lead/zinc mine, in south-eastern Guatemala. The seven men were... 

Arguments start on whether BC Supreme Court has say in Guatemalan violence suit
Photo by Tahoe Resources
The Escobal silver/lead/zinc mine, in south-eastern Guatemala.

First Majestic Silver launches C$30m offering

By: Henry Lazenby Precious metals producer First Majestic Silver on Monday announced that it had entered into an agreement with BMO Capital Markets, under which BMO had agreed to buy 4.62-million shares of the company, at C$6.50 apiece for gross proceeds of C$30.03-million. First Majestic explained that it... 

SilverCrest replaces reserves and renews 8yr mine life with updated Santa Elena prefeas

By: Henry Lazenby An updated prefeasibility study (PFS) for Mexico-focused silver junior SilverCrest Mines’s Santa Elena mine has succeeded in replacing the mined reserves and to extend the mine's life by another eight years. TSX- and NYSE MKT-listed SilverCrest this week filed a National Instrument... 

First Majestic Silver reserve update sees higher grades despite fewer tonnes

By: Henry Lazenby Canadian miner First Majestic Silver has published its 2014 mineral reserve and resource estimates for its Mexican assets as at December 31, which saw fewer tonnes but increased grades. The Vancouver-based company reported that the total silver metal content in the proven and probable reserve... 

Aquila Resources closes $20.75m financing

By: Henry Lazenby TSX- and Frankfurt-listed Aquila Resources has closed a private placement and a silver purchase agreement for total funding of $20.75-million with Orion Mine Finance. The development-stage company, which was focused on developing the 100%-owned Back Forty gold/zinc project, in Michigan's Upper... 

First Majestic completes new technical report for La Guitarra, Mexico

By: Henry Lazenby Mexico-focused miner First Majestic Silver has completed a new Canadian National Instrument 43-101-compliant technical report on its La Guitarra silver mine, in Mexico, which validated the reason the company bought the property from Silvermex Resources in 2012. President and CEO Keith Neumeyer... 

Peru's Buenaventura says shareholders approve $500m debt plan

By: Reuters Shareholders of Peruvian precious metals miner Buenaventura on Monday approved the issuance of $500million in bonds or to seek a loan for the same amount, company's CFO Carlos Galvez told Reuters. Buenaventura, which produced 845 515 oz of gold and 19.7-million ounces of silver last year, has... 

Fortune Minerals secures $4m from financing partner for Colorado silver mine

By: Henry Lazenby Canadian miner Fortune Minerals has secured a further $4-million from financing partner Lascaux Resource Capital Fund to provide working capital for the Revenue silver mine (RSM), in south-west Colorado. Lascaux in October last year provided Fortune with $35-million to finance the acquisition of... 

SilverCrest swings to Q4 adjusted loss on higher costs

By: Henry Lazenby Canadian precious metals producer SilverCrest Mines this week reported a higher headline loss for the three months ended December 31, as costs rose mainly as a result of added direct production costs after the company transitioned the Santa Elena mine from an openpit heap-leach operation to an... 

Pretium’s Brucejack project gets BC’s environmental nod, bar 15 conditions

By: Henry Lazenby British Columbia’s Environment Minister Mary Polak and Energy and Mines Minister Bill Bennett have issued an environmental assessment certificate to Pretium Resources for the Brucejack gold mine, about 65 km north-west of Stewart district municipality. The ministers had issued the certificate... 

Pretium’s Brucejack project gets BC’s environmental nod, bar 15 conditions
Photo by Pretium Resources
Pretium Resources' Brucejack mine, BC.

LME looking to restore bullion forward curve, eyes broad market restructuring

By: Reuters The London Metal Exchange (LME) has started talking to the main bullion trading banks about reinstating end-of-day gold and silver forward curves, which could be part of a bigger structural change in the precious metals market. A forward curve, which consists of a series of prices reflecting... 

Sumatra raises funds for Tembang development

By: Esmarie Swanepoel Gold developer Sumatra Copper & Gold would raise A$5.1-million through the placement of CHESS depository interests (CDIs) to professional and sophisticated investors. Under the terms of the placement, Sumatra would issue more than 88.52-million CDIs, representing some 13% of the total CDIs on... 

Noront Resources consolidates position in Ontario’s Ring of Fire for a bargain 

By: Henry Lazenby Northern Ontario’s emerging minerals-rich Ring of Fire (RoF) mining camp has a new champion after US-focused iron-ore producer Cliffs Natural Resources agreed to bow out of the prospective region by selling its claims to explorer Noront Resources for $20-million. Noront, which was currently in... 

Noront Resources consolidates position in Ontario’s Ring of Fire for a bargain

Primero’s reserves slide 9% after high-grading active operations

By: Henry Lazenby Canadian silver producer Primero Mining’s mineral reserves have been negatively impacted after it increased the minimum cut-off grades at its two active mines in Canada and Mexico. TSX- and NYSE-listed Primero's 2014 year-end gold reserves declined by 9% from 2013 to 1.9-million ounces of gold.... 

Despite strong growth outlook, exploration underinvestment might dent Silver Wheaton portfolio growth prospects

By: Henry Lazenby Despite its strong growth outlook, a critical shortage and chronic underinvestment in new base metals and other exploration projects in the medium term, could dent the world’s largest precious metals streaming firm Silver Wheaton’s ability to strike new streaming deals in the future. The silver-... 

Despite strong growth outlook, exploration underinvestment might dent Silver Wheaton portfolio growth prospects
Photo by Bloomberg
Silver Wheaton president and CEO Randy Smallwood.

Sandstorm Gold reports positive year-end results

By: Henry Lazenby Precious metals streaming firm Sandstorm Gold on Wednesday reported that fourth-quarter and year-end earnings were back in the black as reduced administrative costs and no significant special items boosted the bottom line. For the three months ended December 31, net income was $2.6-million,... 

Low metals prices contribute to Silver Wheaton’s 45% Q4 earnings drop

By: Henry Lazenby Canada’s Silver Wheaton Corp has reported a 45% drop in net earnings for the three months ended December 31, as higher silver-equivalent output was offset by sliding realised prices. The Vancouver-based firm reported after market close on Wednesday that net income for the period sank to... 

Black Oak pours first dore at Manuka

By: Esmarie Swanepoel ASX-listed junior Black Oak Minerals has poured its first silver dore from the Manuka silver project, in New South Wales. The project was acquired in September 2014, and Black Oak started mining operations in January this year. 

Endeavour Silver starts El Cubo mine expansion, lifts guidance

By: Henry Lazenby Midtier precious metals producer Endeavour Silver has started a significant expansion of its El Cubo mine, in Guanajuato state, Mexico, that will see the mine and plant ramp up output from the current 1 500 t/d to about 2 200 t/d. The triple-listed Canadian company planned to add about 650 t/d of... 

Coal-rich South32 keen to help Eskom solve power issues – Kerr

By: Martin Creamer The BHP Billiton spin-off company South32, with large South African energy coal resources, would be keen to help State power utility Eskom solve some of its primary energy issues, South32 CEO-elect Graham Kerr said on Tuesday. Kerr was speaking to the media in a London teleconference call in... 

Coal-rich South32 keen to help Eskom solve power issues – Kerr
Photo by Bloomberg
Graham Kerr

Tahoe reports strong results in first full year of Guatemala operations

By: Henry Lazenby Silver miner Tahoe Resources has reported strong results for its first full year of operations at the Escobal silver/lead/zinc mine, in south-eastern Guatemala, having produced 20.3-million ounces of silver in concentrate. Vancouver-based Tahoe on Wednesday noted that net earnings attributable... 

Allied Nevada files for bankruptcy

By: Henry Lazenby US miner Allied Nevada Gold has filed for Chapter 11 bankruptcy protection after protracted weak precious metals prices and a heavy debt load had forced it to restructure its debt. On Tuesday, Reno, Nevada-based Allied Nevada, which currently operated the Hycroft gold/silver mine in the state,... 

Allied Nevada files for bankruptcy

Five years on, Quebec’s Plan Nord 2.0 aims for coherence in low-price environment

By: Henry Lazenby When the Quebec government’s Plan Nord to develop the parts of the province located north of the 49th parallel was launched under Jean Charest’s Quebec Liberal Party in May 2011, it was heralded as a timely and necessary act in the mining industry’s favourable economic context at the time. But a... 

Five years on, Quebec’s Plan Nord 2.0 aims for coherence in low-price environment
Photo by Reuters
Former Quebec Premier Jean Charest unveiled the Plan Nord on May 9, 2011.

Silver Wheaton lifts Salobo mine gold stream

By: Henry Lazenby Precious metals streaming firm Silver Wheaton has acquired another 25% stake in the gold output from Vale’s Salobo mine, in Brazil. The deal immediately increased Silver Wheaton's output and cash flow profile by enhancing its expected average gold output by 70 000 oz/y for the first ten years and... 

Silver to move sideways, while new palladium uses temper platinum outlook

By: Henry Lazenby The strength of the US dollar had been undermining prices for silver, platinum and palladium in recent months, but despite new industrial applications and speculative investment interest, the three precious metals had different market circumstances and divergent outlooks. London-based Thompson... 

Canadian fed and Ontario govts unveil supports for mining industry

By: Henry Lazenby Several federal departments of the Canadian government, as well as the Ontario provincial government, unveiled new measures and investments on Sunday to increase support and drive growth in the country's besieged mining industry. In a speech to the Prospectors & Developers Association of Canada,... 

Canadian fed and Ontario govts unveil supports for mining industry
Photo by Reuters
Canadian Finance Minister Joe Oliver

Silver Wheaton lifts revolving credit facility to $2bn

By: Henry Lazenby The world’s largest precious metals streaming firm Silver Wheaton has amended and restated its revolving credit facility on Friday, increasing the available credit from $1-billion to $2-billion and extending the term by two years to February 27, 2020. Silver Wheaton advised that it used proceeds... 

Anglo's zinc loss now Vedanta's sweet gain

By: Martin Creamer London-listed diversified mining company Vedanta Resources has found itself in a sweet spot as the owner of the zinc assets that Anglo American saw fit to sell off four years ago, when China seemed in perpetual over supply mode and small operations abounded. But China is no longer supplying as it... 

Anglo's zinc loss now Vedanta's sweet gain
Photo by Duane Daws
Deshnee Naidoo
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