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Argentina scraps mining export taxes as part of free market push

By: Reuters     Updated 1 hour 12 minutes ago Argentina's new president has revoked the 5% tax that the previous administration collected on mining exports, state news agency Telam reported on Friday, as part of the country's two-month old push toward open markets. "Today end the taxes on mining exports," president Mauricio Macri,... 

Shunned for years, gold stages comeback as equities melt down

By: Reuters Gold's prospects for a sustained price rally are better than they have been for years as a weaker dollar, crashing oil prices and concerns about the global economy have revived its safe-haven status after years as the dog of global financial markets. The last time gold prices rose more than 10%... 

Mining stocks resemble ‘a big Walmart sale’ as low commodity prices persist

By: Henry Lazenby Sentiment remains negative about the mining and oil and gas industries as the supercycle nears a protracted potential bottom, resulting in dwindling market capitalisations for companies large and small and cruelly undervalued stock prices – creating a buyer’s market for the savvy investor. CEO... 

Mining stocks resemble ‘a big Walmart sale’ as low commodity prices persist

Mining stocks resemble ‘a big Walmart sale’ as low commodity prices persist

By: Henry Lazenby Sentiment remain negative about the mining and oil and gas industries as the super cycle nears a protracted potential bottom, resulting in dwindling market capitalisations for companies large and small and cruelly undervalued stock prices – creating a buyer’s market for the savvy investor. Chief... 

Mining stocks resemble ‘a big Walmart sale’ as low commodity prices persist

Agnico Eagle beats Q4 expectations

By: Henry Lazenby Agnico Eagle on Wednesday reported an adjusted profit of $3.9-million, or $0.02 a share for the fourth quarter of 2015, beating analyst expectations of nil a share. The Toronto-based miner reported a net loss of $21.3-million, or $0.10 a share, despite rising gold sales. 

Mining’s improving fortunes weighed down by debt

By: Simon Rees The mining sector was expected to climb out of the downturn’s trough by year-end 2016, Paradigm Capital partner and senior analyst David Davidson told an audience at a recent meeting of the Canadian Institute of Mining’s Management and Economics Society. However, debt levels were a notable... 

Mining’s improving fortunes weighed down by debt

Teck turns a profit in low commodity price environment

By: Henry Lazenby Canadian diversified miner Teck Resources surprised markets on Thursday with better than expected fourth-quarter earnings, beating analyst expectations by C$0.03 a share. However, the Vancouver-based miner reported a net loss of C$459-million in the fourth quarter, as it booked after-tax... 

Teck turns a profit in low commodity price environment

Glencore reports lower FY coal, copper output

By: Creamer Media Reporter Output across most of diversified major Glencore’s production categories fell in 2015, with coal output down 10% year-on-year, copper production 3% year-on-year and nickel 5% year-on-year. Coal production decreased to 131.5-million tonnes, owing to the curtailment of production in response to... 

Glencore reports lower FY coal, copper output

Rio Tinto CFO says well placed to chase acquisitions

By: Reuters Global miner Rio Tinto is well placed to chase acquisitions, CFO Christopher Lynch said on Thursday as the company released its 2015 results. CEO Sam Walsh earlier said that there were no assets on market that excited Rio Tinto right now, in a call to reporters following its results. 

Rio Tinto targets $2bn savings as it slumps to full-year loss

By: Esmarie Swanepoel Mining major Rio Tinto on Thursday announced that it would cut about $1-billion from its operating cost base in 2016, and an additional $1-billion in 2017, in an effort to fight dwindling commodity prices as it swung into a loss. “The continued deterioration in the macro environment has... 

Rio Tinto targets $2bn savings as it slumps to full-year loss
Photo by Bloombeg
Rio Tinto CEO Sam Walsh

Gold demand remained flat in 2015 – WGC

By: Anine Kilian Global gold demand of 4 212 t in 2015 was virtually flat compared with that of 2014, according to the World Gold Council’s (WGC’s) latest Gold Demand Trends report, released on Thursday. Despite a challenging start to the year, gold demand had rebounded in the second half of 2015 as a result of... 

Gold demand remained flat in 2015 – WGC

Franco-Nevada to buy Glencore precious metals stream for $500m

By: Reuters Toronto-based Franco-Nevada has agreed to acquire a precious metal stream in southern Peru from Glencore for $500-million and arranged a $550-million financing to fund the deal, it said on Wednesday. Franco-Nevada's president and CEO David Harquail said the acquisition would further strengthen... 

Engineers Without Borders working towards establishing local procurement reporting standard

By: Henry Lazenby The Mining Shared Value initiative of Engineers Without Borders Canada (EWB) has partnered with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) to work with international mining companies in establishing a measurement and reporting standard for local procurement by the... 

China has ‘very serious’ structural problem – Broadman

By: Martin Creamer A very serious structural problem is playing itself out in China and not merely a reorienting to a consumption-led economy, says Council on Global Enterprise and Emerging Markets director Dr Harry Broadman. Broadman, who delivered the second keynote address at the 2016 Investing in African Mining... 

China has ‘very serious’ structural problem – Broadman

Senior lenders back Glencore's loan refinancing

By: Reuters Global diversified natural resource company Glencore is expected to wrap up senior syndication of a one-year revolving credit that refinances existing debt by the end of next week after a strong market response, bankers said on Tuesday. Glencore is refinancing a $8.45-billion loan that supports... 

Anglo American sees no output impact from Los Bronces mine leak 

By: Reuters Anglo American said on Tuesday that a milling plant at its Los Bronces copper mine, in Chile, remained closed after a leak was detected over the weekend, but that it did not foresee any impact on production from the stoppage. The leak was found on farmland close to the capital Santiago during a... 

Colombian court bans mining, oil projects in fragile moorlands 

By: Reuters Colombia's constitutional court has banned mining and oil projects in the country's ecologically delicate moorlands, sources told Reuters on Tuesday. The decision, which came late on Monday, overturns a previous ruling that said mining companies with older titles to moorland areas could continue... 

Miners owe it to host countries to invest in downturns – Randgold

By: Martin Creamer Mining companies owed it to their host countries and their shareholders to invest in the troughs so that they could reap the benefits in the peaks, Randgold Resources CEO Dr Mark Bristow said on Tuesday. Speaking during a panel discussion at the 2016 Investing in African Mining Indaba, Bristow... 

Miners owe it to host countries to invest in downturns – Randgold
Photo by Duane Daws
Randgold CEO Mark Bristow

Mining companies tread carefully when considering exploration

By: Kim Cloete Mining companies are becoming more circumspect when they decide which countries to invest in when it comes to exploration, a panel at the 2016 Investing in African Mining Indaba in Cape Town has heard. They are also faced with increasing attention from nongovernmental organisations (NGOs) and... 

Austral expands land-holding in Chile

By: Esmarie Swanepoel Junior gold developer Austral Gold has struck a deal with TSX-listed Revelo Resources to secure 12 500 ha of mining concessions in Chile, to expand its Amancaya project. The mining concessions currently form part of Revelo’s San Guillermo project, which comprises more than 24 000 ha of... 

Chile copper production flat in 2015 – Cochilco

By: Reuters Copper production in Chile was largely flat in 2015 compared to the previous year, figures from state copper commission Cochilco showed on Monday, as production cuts in the face of falling market prices started to bite. Chile, the world's largest exporter of the base metal used in construction... 

Tahoe and Lake Shore announce business tie-up

By: Henry Lazenby Canadian precious metals producers Tahoe Resources and Lake Shore Gold have agreed to combine their businesses, paving the way for the establishment of one Americas-focused miner with a strong diversified production platform, anchored by growing low-cost operations in Peru and Ontario and the... 

Very positive long-term outlook for platinum – Hinkly

By: Martin Creamer The outlook for platinum demand in the next five years is very positive, Anglo American Platinum executive head marketing Andrew Hinkly said on Monday. Speaking at the 2016 Investing in African Mining Indaba, Hinkly said that the continued requirement for clean vehicle emissions would continue... 

Very positive long-term outlook for platinum – Hinkly
Amplats executive head of marketing Andrew Hinkly

Mining Indaba, McKinsey plot way forward for African mining

By: Martin Creamer All African mining companies can and should take steps to improve productivity and reallocate capital, while about half have the capacity to merge with or acquire companies. On day one of the Investing in African Mining Indaba here, a jointly developed report from McKinsey’s basic materials... 

Mining Indaba, McKinsey plot way forward for African mining

Triple digits forecast for silver as supply tightens

By: Henry Lazenby Currently bullish on silver, analysts are saying the possibility of triple-digit prices for the grey metal is not beyond the realm of possibility. A panel of experts in the silver industry recently came together in Vancouver to discuss the prospects for the precious metal, sketching a somewhat... 

Triple digits forecast for silver as supply tightens

Brazil state says losses from Samarco accident at 1.2bn reais

By: Reuters Brazil's Minas Gerais state said on Thursday the November dam burst in an installation operated by miner Samarco caused losses to municipalities estimated at 1.2-billion reais ($308-million), not considering the environmental problems. The state government released a detailed report containing an... 

Crusader joins the lithium hunt in Brazil

By: Esmarie Swanepoel Junior explorer Crusader Resources has signed a memorandum of understanding (MoU) with Lepidico to establish a joint venture (JV) to hunt for lithium projects in Brazil. The JV would operate on a 50/50 basis and would have exclusive rights in Brazil to Lepidico’s L-Max technology, which in... 

S&P cuts Glencore's credit rating, outlook stable

By: Reuters Standard & Poor's downgraded commodities trader and miner Glencore's credit rating on Thursday, citing a slump in commodities prices and uncertainty about metals demand. S&P cut Glencore's credit ratings to BBB-/A-3 from BBB/A-2, with a stable outlook. 

Modest Q3 expansion for global gold hedging book

By: Megan van Wyngaardt Gold mining companies increased their global producer hedge book by 0.50-million ounces during the third quarter of 2015 – a modest expansion according to Thomson Reuters GFMS and Societe Generale. The duo’s Global Gold Hedge Book Analysis Q3 2015 reports that the fresh hedging that brought about... 

Modest Q3 expansion for global gold hedging book

Oversupply, low prices crank up pressure on global coal industry

By: Kim Cloete The oversupply of coal and resultant “flailing prices” have cranked up the pressure in the global coal industry, with warnings of an “investment drought” in commodity projects. “Continuing flailing prices could be devastating for commodity exporters. World economies could face an investment... 

Copper supply cuts no consolation for price bulls

By: Reuters An expected axing of copper miners' loss-making output this year may put a floor under the price of the metal, but weaker prospects for demand growth in top consumer China should curb any gains. Producers hoping prices would pick up have for months resisted output cuts. Many that are losing... 

Financial distress to trigger divestments, spin-offs and hostile takeovers – EY

With the downturn in the commodity cycle, advisory firm Ernst & Young (EY) expected merger and acquisition (M&A) activity to pick up in 2016, but warned that getting the divestment process right would be paramount in achieving successful sales. In its latest report, EY noted that after the fifth... 

Thermal coal prices get winter support, but long-term outlook bleak

By: Reuters Coal prices bounced away from multi-year lows this week as the northern hemisphere's peak demand winter season underpinned the market, but the longer-term outlook remains bleak due to falling consumption in major markets and cheap oil. In January, physical thermal coal prices fell below levels... 

US lithium firm Albemarle plans to more than double Chile output

By: Reuters US lithium producer Albemarle has signed a deal with Chile to significantly increase its output of lithium at a time when interest in the mineral that powers electric car batteries is heating up. Albemarle Corp unit Rockwood will invest between $400-million and $600-million in the next four years... 

Anglo American risks eviction from FTSE 100 in March

By: Reuters Anglo American's shrinking market value could eject the global miner from London's blue-chip equity index at the next reshuffle in March, potentially triggering a broader sell-off. Plunging commodity prices last year shrank Anglo's market capitalisation to $5.6-billion (3.9-billion pounds) as its... 

Anglo American risks eviction from FTSE 100 in March

S&P drops BHP rating

By: Esmarie Swanepoel The ASX share price of mining major BHP Billiton stumbled on Tuesday, after rating agency Standard & Poor’s (S&P) lowered its credit ratings for the miner from an A+ to an A. The ratings on BHP’s senior secured notes were also lowered from an A+ to an A, while the subordinate notes were lowered... 

Global diamond output by value expected to shrink 10%

By: Henry Lazenby Despite efforts by diamond majors De Beers and Rio Tinto to curb global diamond supplies, lower output is forecast to be offset by stable Russian production, new mines, and production increases by Dominion Diamond Corp and Petra Diamonds, according to independent industry analyst and consultant... 

Global diamond output by value expected to shrink 10%

S&P downgrades Brazil's Vale to BBB-, outlook negative

By: Reuters Ratings agency Standard & Poor's downgraded on Friday Brazilian miner Vale SA to "BBB-", the final rating considered investment grade, citing persistently low commodity prices. S&P also put the world's largest producer of iron ore on a negative outlook, signaling the company could be downgraded... 

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