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Goldcorp reports work stoppage at Argentina mine

By: Henry Lazenby The world’s largest gold producer by market capitalisation, Goldcorp, has reported a work stoppage led by a local labour union at its newest gold mine Cerro Negro, in Argentina. The TSX- and NYSE-listed miner advised that the work stoppage by miners represented by the Asociacion Obrera Minera... 

Global commodity price slump sends ripples around the world

By: Reuters In the boom times when the price of gold was soaring, Ebenezer Sam-Onuawonto had a dream job and a dollar salary many times the national average in this mining town in southwestern Ghana. When the price fell, he lost his job as human resources chief at a mining company that closed its local... 

Global commodity price slump sends ripples around the world

Black-controlled Fraser Alexander wins Glencore coal discard contracts

By: Martin Creamer Black-controlled mining services company Fraser Alexander has won the Glencore group discard and handling services contracts for Tweefontein Boschmans, Impunzi Atcom, Impunzi ATC and Koornfontein coal mines. The Royal Bafokeng Holdings-owned Fraser Alexander said in a release that the size of the... 

Black-controlled Fraser Alexander wins Glencore coal discard contracts
Discard hauler ejecting coal discard material.

Water not contaminated after cyanide spill at Barrick's Veladero – UN

By: Reuters A cyanide solution spill at Barrick Gold's Veladero mine, in western Argentina, did not contaminate local water supplies, preliminary tests by UN investigators showed. The September 13 leak was caused by a defective valve and prompted a court order that forced Barrick to temporarily halt pumping... 

Glencore resumes slide despite investor meeting, John Mack share purchase

By: Reuters Glencore's share price eased again on Thursday despite the company's assurances to investors that its debt-cutting plans remain on track and a decision by board member and legendary banker John Mack to buy $600,000 worth of stock. Battered by a collapse in global commodity prices over the past... 

Destruction of diamond beneficiation almost complete – Lorimer 

By: Martin Creamer The destruction of 95% of South Africa’s once-buoyant diamond cutting and polishing industry showed once again that governments could not micromanage businesses and should not try to do so, Democratic Alliance (DA) Shadow Mineral Resources Minister James Lorimer said on Thursday. The Opposition... 

Destruction of diamond beneficiation almost complete – Lorimer
James Lorimer MP

Prevost drops coal bombshell 

By: Martin Creamer South Africa’s Mr Coal on Wednesday called on the country to begin reversing out of low-priced coal export markets and turn inwards towards the domestic market through a grouping of inland terminals that could provide economic logistics to the high-grade South African coal that the global market... 

Prevost drops coal bombshell
Photo by Duane Daws
Xavier Prevost

Thermal coal prices near record lows; Indonesian output cuts check losses

By: Reuters Physical coal prices were mired near record lows this week as slower economic growth in top consumer China dented the outlook for demand, although some production cutbacks by the world's biggest thermal coal exporter Indonesia helped check losses. Thermal coal benchmarks hit record lows earlier... 

As China sparkle fades, De Beers sees glint in bridal, gift diamonds

By: Reuters Famed diamond supplier De Beers expects the value of its sales of the polished jewel in China may rise this year by just over a tenth of 2011's surge, as the economy that has long bolstered global luxury goods heads for its weakest growth in 25 years. The world's largest diamond producer by value... 

Glencore seen reluctant to step up asset sales to include top mines

By: Reuters Debt-laden Glencore may unload all its agricultural assets instead of just a stake, analysts said, but the commodity group is unlikely to expand its divestment programme to include top mines. Selling assets is one prong of a wider strategy by the Swiss-based trader and miner to cut about a third... 

U3O8 Corp board, senior management waive fees and salaries owing

By: Henry Lazenby No further fees to be paid to the directors of Canadian uranium explorer U3O8 Corp until market conditions have improved, as its board has waived director fees and agreed to a recommendation from management to waive a portion of salaries deferred in 2014 and the first half of 2015. The company's... 

Megafactory trend sparks ‘arms race’ in battery sector 

By: Simon Rees Tesla Motors’ so-called ‘gigafactory’ has sparked an “arms race” in the battery sector, Benchmark Mineral Intelligence MD Simon Moores told an audience attending the Toronto leg of the company’s World Tour 2015, in which Mining Weekly Online participated. The gigafactory, now being built in... 

Chile's Collahuasi copper mine to cut output, union eyes protest

By: Reuters Chile's second-biggest copper mine Collahuasi, owned by Anglo American and Glencore, is planning to cut output by 30 000 t, and with dozens of jobs on the line the mine's union said it is mulling how it will protest the move. "In line with the stabilization of its operations that has been... 

Glencore fightback over debt fears lifts shares

By: Reuters Glencore said on Tuesday it was strong enough to ride out current volatility in commodity markets, helping to lift the mining group's shares by a fifth. Glencore's stock rebounded after a fall of 30% to a record low on Monday in response to uncertainty over its ability to cope with a prolonged... 

Glencore fightback over debt fears lifts shares
Photo by Bloomberg
Glencore CEO Ivan Glasenberg.

Investor body in talks with Glencore on $2.5bn placing – Sky News

By: Reuters Mining and trading group Glencore Plc has been holding talks with investor trade body Investment Association related to the company's recent $2.5-billion equity placing, Sky News reported. Sky News reported that a meeting took place between the company's secretary John Burton and Investment... 

Mining’s bottoming presents opportunity to write new script – KPMG

By: Martin Creamer The bottoming of the resources market is presenting South Africa with a valuable opportunity to write a new exploration script that encourages investment ahead of all other mining jurisdictions. “Catch this wave now so that when the market turns, we can be in a space that tells investors they... 

Mining’s bottoming presents opportunity to write new script – KPMG
Photo by Duane Daws
Muhammad Saloojee

BHP Billiton upbeat on future outlook despite climate change

By: Megan van Wyngaardt Diversified major BHP Billiton has invested in the development of low-emissions technologies and supporting market mechanisms that provide financial incentives for emissions reductions and sustainable development to support moves to limit global temperature increases to 2 °C. “We believe that a... 

Glencore says remains 'operationally and financially robust'

By: Reuters Mining and trading company Glencore said on Tuesday its business remained "operationally and financially robust" and it was confident of the medium and long-term fundamentals of its commodities. "Glencore has no debt covenants and continues to retain strong lines of credit and secure access to... 

Platinum extends rout, falls below $900 on Volkswagen scandal

By: Reuters Platinum fell below $900/oz on Tuesday for the first time since January 2009 on fears that the Volkswagen emissions scandal would reduce demand from the auto sector. Spot platinum slid to $899.80/oz, before paring some losses to trade at $902.99 by 0651 GMT. 

Platinum extends rout, falls below $900 on Volkswagen scandal

Crusader declares resource in Brazil

By: Esmarie Swanepoel Brazil-focused Crusader Resources has reported a maiden Joint Ore Reserves Committee-compliant resource at several prospects within its Juruena project. The maiden resource estimates for the Querosene, Dona Maria and Crentes propsects exceeded 230 000 oz of gold, grading 5.6 g/t, with both the... 

Commodities in crisis as shares tumble, shipper files for bankruptcy

By: Reuters Shares in commodity trading firms were hit hard and a Japanese shipper filed for bankruptcy on Tuesday, in the latest signs that tumbling energy and raw material prices are triggering a sector-wide crisis. Mining and trading giant Glencore saw its London-listed shares fall 30% on Monday to record... 

More rough diamond price cutting needed – WFDB 

By: Martin Creamer A further reduction in the price of rough diamonds is needed, according to the World Federation of Diamond Bourses (WFDB). Last month Anglo American-controlled De Beers cut the prices of its rough by up to 10% and this month State-controlled Alrosa of Russia followed suit, against the background... 

More rough diamond price cutting needed – WFDB
Photo by duane daws
Ernie Blom

Swiss watchdog says opens precious metal manipulation probe

By: Reuters The Swiss competition regulator said on Monday it had opened an investigation into possible manipulation of the precious metals market by several major banks. Switzerland's WEKO watchdog said its investigation, the result of a preliminary probe, was looking at possible collusion of bid/ask... 

Horizonte acquires Glencore's Brazil nickel project for $8m

By: Reuters Horizonte Minerals said on Monday that it had bought Glencore's Araguaia nickel project in Brazil for $8-million. "This is a game-changing transaction for Horizonte. We have been able to negotiate a unique transaction leveraging the current depressed commodity markets," Horizonte CEO Jeremy... 

VW debacle puts favourable spotlight on zero-emission platinum fuel cell 

By: Martin Creamer The attack on diesel vehicles and the Volkswagen emissions debacle are putting a favourable new spotlight on the zero-emission value of fuel cell electric vehicles that use considerable volumes of platinum. This year has seen several global car manufacturers steadfastly advancing the... 

VW debacle puts favourable spotlight on zero-emission platinum fuel cell
Photo by Reuters
Briquette of platinum shavings

Hudbay wants to invest in exploration projects in Peru and Chile

By: Reuters Canadian mining company Hudbay Minerals wants to invest in greenfield projects in Peru or Chile now that its Constancia mine is up and running, said the CEO. Commercial production at Constancia in the Peruvian region of Cusco kicked off in late April and has been about 10% to 15% above capacity,... 

Mirabela goes into administration

By: Esmarie Swanepoel ASX-listed Mirabela Nickel on Friday announced the appointment of administrators as tough market conditions persisted. Mirabela told shareholders that the administrators would seek to progress discussions with financiers to put in place funding arrangements or restructuring options to alleviate... 

Argentine judge lifts order against Barrick Gold's Veladero mine

By: Reuters An Argentine judge on Thursday lifted his order forbidding Barrick Gold from pumping cyanide solution for the leaching process in its Veladero mine, saying a leak had not contaminated water in the surrounding area. Barrick had said that the September 13 leak, due to a faulty valve, was detected... 

Peruvian miner Milpo sees zinc output rising to nearly 300 000 t

By: Reuters Polymetallic miner Milpo, controlled by Brazilian group Votarantim, is on track to become Peru's top zinc producer with output rising between 280 000 t and 290 000 t this year, the company's GM said on Thursday. Victor Gobitz added that he expects the government to approve Milpo's proposed plan... 

Caterpillar restructuring to see more than 10 000 retrenchments by 2016

By: Henry Lazenby US-based heavy machinery and mining equipment manufacturer Caterpillar will retrench more than 10 000 employees by the end of 2016 as part of a significant restructuring and cost reduction plan, designed to lower operating costs by about $1.5-billion a year, once fully implemented. Starting later... 

Caterpillar restructuring to see more than 10 000 retrenchments by 2016

Chile copper production growth seen flat in 2016 – industry group

By: Reuters Copper production in Chile, the world's No 1 exporter, will likely not grow next year against a backdrop of low prices and high costs, a local industry body said on Thursday. Chile is expected to produce some 5.85-million tonnes of copper in 2016 with an export value of around $35-billion, said... 

Chile laments World Court decision to hear Bolivia sea dispute

By: Reuters Bolivia won the first round of its battle against Chile to gain unfettered access to the Pacific Ocean, as an International Court of Justice decision went in its favour, disappointing Chileans who had hoped the case would end on Thursday. The ICJ, also known as the World Court, said on Thursday... 

Gold miners cut back global hedge book in second quarter

By: Reuters Gold mining companies trimmed their outstanding global hedge book by 17 t in the second quarter, an industry report showed on Thursday, as two of last year's biggest hedgers, Fresnillo and Polyus Gold, closed out positions. In their quarterly Global Hedge Book Analysis, Societe Generale and GFMS... 

Centaurus moves ahead with diversification plans

By: Esmarie Swanepoel ASX-listed Centaurus Metals has moved on diversifying its portfolio, announcing on Thursday that it had signed a strategic alliance with Brazilian explorer Terrativa Minerais SA. Under the proposed alliance, Centaurus would enter into a new joint venture agreement to earn an 80% stake in the... 

Peru miner Volcan rolls out 'austerity' plan to offset price slump

By: Reuters Peruvian silver and zinc miner Volcan said it is implementing "austerity" measures to offset slumping metal prices - its fourth cost-cutting plan in the past 18 months, the company's president said on Wednesday. But the company expects to be able to maintain current production levels in coming... 

MMG's Las Bambas on track to start copper output in May or June

By: Reuters MMG's $7.4-billion Las Bambas project, in Peru, is on track to start commercial production in May or June of 2016, and will ramp up to 400 000 t of copper in 2017, the mine's management said on Wednesday. Copper production will likely total about 200 000 t in all of 2016, said Luis Rivera, VP of... 

Barrick Gold says Veladero output not impacted by suspension ruling 

By: Reuters Production at Barrick Gold's Veladero mine, in Argentina, has not been impacted by a court-order suspending the pumping of cyanide solution for the gold leaching process, the company said on Wednesday. A judge in the western San Juan province, where the openpit mine is located, on Tuesday... 

Opec focuses on rival mega projects, lives with shale swing output

By: Reuters After almost a year of painfully low oil prices, Opec members are beginning to believe they are winning against upstart US shale producers in a short-term market share contest. Yet insiders and experts say Opec is looking for a longer-lasting impact on other high-cost production oil field plans,... 

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