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

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

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, located about 65 km northwest of Stewart. The ministers had issued the certificate with 15 legally... 

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

Poland's KGHM fourth-quarter net profit down 18%

By: Reuters Europe's second-largest copper producer KGHM on Monday reported an 18% drop in fourth-quarter net profit to 666-million zlotys ($171-million) due to lower metal prices. Analysts polled by Reuters had expected fourth-quarter net of 667-million zlotys. 

UBS says was added to class action lawsuit related to silver price benchmark

By: Reuters UBS was added in January to a class action lawsuit in the New York federal court related to the silver price benchmark known as the silver fix, the Swiss bank said in its annual report on Friday. "In January 2015, UBS was added to an ongoing putative class action against other banks in federal... 

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

Sandstorm Gold expects steady output to 2018

By: Henry Lazenby Precious metals streaming firm Sandstorm Gold expects to maintain a relatively steady production profile of around 45 000 oz/y of gold until 2018. The TSX- and NYSE-listed gold-streaming project financier this week reported total attributable gold output of 44 821 oz of gold equivalent sold in 2014. 

First Majestic narrows Q4 loss on higher output, cost cuts

By: Henry Lazenby Mexico-focused miner First Majestic Silver has narrowed its fourth-quarter loss after lifting silver-equivalent output and managing to significantly reduce costs. The NYSE- and TSX-listed miner reported a net loss after taxes for the three months ended December 31 of $64.6-million, or $0.55 a... 

EY’s Canadian Mining Eye index falls 12% in Q4, lower oil prices provide some respite

By: Henry Lazenby Global professional services firm EY’s Canadian Mining Eye index fell 12% in the quarter ended December 31, compared with a 15% decline in the prior period. The index underperformed against the S&P/TSX Composite index, which fell 2% in the last quarter of 2014, while the London Metal Exchange... 

EY’s Canadian Mining Eye index falls 12% in Q4, lower oil prices provide some respite

Low commodity prices challenge diversified junior’s US operation

By: Dylan Stewart Low commodity prices are a significant challenge for diversified junior mining company Fortune Minerals’ only producing asset, the Revenue silver mine, in south-west Colorado, Mining Weekly learns from president and CEO Robin Goad and investor relations manager Troy Nazarewicz. 

Low commodity prices challenge diversified  junior’s US operation
ROBIN GOAD Fortune has now focused its mining activity on higher-grade areas of the Revenue mine to compensate for the lower commodity prices

Nevada project yields high-grade sampling results

Diversified mineral exploration and development company Sunrise Resources has attained further high-grade sampling results at its Bay State silver project, in the Eureka district of Nevada. 

Yamana Gold reports big loss on S American charges

By: Henry Lazenby South America-focused gold producer Yamana Gold has reported a significant net loss for the second consecutive quarter, as impairment charges for Brazilian mines and charges for newly enacted Chilean taxes have weighed on the bottom line.  For the three months ended December 31, Toronto-based... 

Samco Gold and Pan American Silver strike definitive option accord

By: Henry Lazenby TSX-V-listed Samco Gold's Argentinean subsidiary has executed a definitive option agreement with Pan American Silver (PAS), giving PAS the exclusive option to acquire a 60% interest in the El Dorado-Monserrat (EDM) project, in Santa Cruz, Argentina. A statement released on Monday explained that... 

Tahoe Resources to buy smaller rival Rio Alto for about C$1.3bn

By: Henry Lazenby Tahoe Resources and Rio Alto Mining have entered into a definitive agreement to combine their businesses in a C$1.3-billion cash-and-scrip deal that will see Tahoe gain footing in Peru while creating a new intermediate precious metals producer, the companies announced on Monday. The combined... 

Tahoe Resources to buy smaller rival Rio Alto for about C$1.3bn
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