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South America News

Summer doldrums could see lower lows for gold as upside headwinds mount

By: Henry Lazenby     26th May 2018 Gold bug Mickey Fulp does not expect the gold price to break out this year, bar any substantial geopolitical event that upsets the state of the global economy. During a recent mining conference held in Vancouver, the ‘Mercenary Geologist’ told Mining Weekly Online that he expects gold to test... 

Chile's Pinera taps businessman Benavides as Codelco chair

By: Reuters     25th May 2018 Chilean President Sebastian Pinera named Juan Benavides, a former CEO of Chile retail leader Falabella, as chairperson of the board of directors at Codelco, the world's top copper producer, the government said on Friday. Benavides was currently serving as chairman at Chilean private pension fund... 

D1 Mint buys 1 500 investment-grade diamonds for new diamond-backed crypto coin

By: Henry Lazenby     25th May 2018 The emergence of blockchain technology is helping to turn diamonds into a new investment asset class that in turn, could drive future demand for natural diamonds, the creator of a new diamond backed crypto coin said on Friday. Singapore-based D1 Mint Limited, the creator of the diamond-backed D1... 

D1 Mint buys 1 500 investment-grade diamonds for new diamond-backed crypto coin

Chile's Codelco posts first quarter pre-tax profit of $537m

By: Reuters     25th May 2018 Chilean state copper company Codelco reported on Friday first quarter pre-tax profits of $537-million, a slight increase over the previous year, even as ore grades continued to decline at the miner's aging deposits. The world´s top copper miner produced 446 300 t of copper in the first quarter,... 

In lithium hot spot, ghost towns recall another boom gone bust

By: Bloomberg     25th May 2018 Chile knows what it is to be expendable. Ghost towns that pepper the nation’s north are a painful reminder of a time when it was replaced almost overnight as the world’s top fertiliser producer. These days, the decaying buildings and rusty plants serve as a harbinger for miners embarking on a... 

Lack of financing to constrain lithium supply

By: Mariaan Webb     25th May 2018 Difficulty in finding financing for many of the lithium projects that mining companies are prepared to launch is seen as one of the main constraints to a 25% electric vehicle (EV) adoption rate by 2025. UK-based mining investment firm Cadence Minerals, estimates that lithium compound demand is... 

Lack of financing to constrain lithium supply

Electric vehicles seen driving cobalt crunch by mid-2020s

By: Reuters     25th May 2018 The increasing popularity of electric vehicles may create a crunch for supplies of cobalt in the early-to-mid 2020s, miners and analysts say, adding that small operators trying to start up mines outside Africa could play a bigger role over time in satisfying demand for the metal used in... 

Vale sees key mine topping iron-ore output forecasts in 2018 – source

By: Reuters     25th May 2018 Brazilian miner Vale expects iron-ore output at its premier S11D mine to reach 58-million tonnes this year, above an official forecast of 50-million to 55-million tonnes, a person familiar with the matter said. The expected increase is due mainly to selling more "canga," or iron-ore with a... 

Only one-third of the 15 largest copper producers reported positive production trends – S&P Global

By: Henry Lazenby     25th May 2018 Only about one-third of the 15 largest copper producers with output of more than 40 000 t of copper per quarter reported positive production trends during the first quarter of this year, driving quarter-on-quarter output 4.8% or 136 548 t lower, a new report by S&P Global has found. However, on... 

Only one-third of the 15 largest copper producers reported positive production trends – S&P Global

PanTerra pursues $25m damages claim against Dominican govt

By: Esmarie Swanepoel     24th May 2018 ASX-listed PanTerra Gold on Thursday told shareholders that it would pursue up to $25-million in damages from the Dominican government, over allegations that the government failed to meet its contractual obligations at the Las Lagunas tailings dam project. The Las Lagunas project involves the... 

Oz extends Avanco takeover

By: Esmarie Swanepoel     24th May 2018 Copper/gold miner Oz Minerals has extended its takeover offer period for fellow-listed Avanco Resources until June 14. Oz Minerals is offering Avanco shareholders 8.5c in cash and 0.009 of its own shares for every Avanco share held, valuing the company at A$418-million. 

Chile high court declines to weigh in on lithium spat at Maricunga

By: Reuters     24th May 2018 Chile's constitutional court said it would not get involved in a dispute between a foreign-backed miner and state-run copper miner Codelco over adjoining lithium deposits in the Maricunga salt flat, according to a court document seen by Reuters on Wednesday. Salar Blanco, 50%-owned by... 

Global copper surplus falls 12.8% to 110 000 t

By: Henry Lazenby     24th May 2018 The global refined copper balance for the first two months of this year indicates a surplus of about 110 000 t, a 12.8% drop year-on-year, the International Copper Study Group has found. The Lisbon, Portugal-based think tank said apparent refined demand increased 3.9% year-on-year to 3.77-million... 

Optimistic diamond price outlook could underpin a return to profit, dividends – Zimnisky

By: Henry Lazenby     24th May 2018 Absent any significant global economic disturbances disrupting consumer diamond demand, incremental year-on-year diamond production declines are forecast to drive real diamond prices up by about 10% cumulatively from 2018 through 2021, or 17% in nominal terms, a new report by independent analyst... 

Optimistic diamond price outlook could underpin a return to profit, dividends – Zimnisky

Advantage Lithium reports six-fold resource upgrade at Cauchari

By: Henry Lazenby     24th May 2018 The TSX-listed equity of explorer Advantage Lithium rose more than 7% on Wednesday after it reported a six-fold resource increase at the Cauchari joint venture (JV), in Argentina. The Vancouver-based company reported a three-million-tonne inferred resource that comprise the northwest and... 

Advantage Lithium reports six-fold resource upgrade at Cauchari
Photo by Advantage Lithium
Cauchari, Argentina

Cobalt streaming may presage bigger deals as Vale weighs options

By: Bloomberg     23rd May 2018 A streaming deal for cobalt and nickel from a mine in Papua New Guinea may foreshadow other similar arrangements as producers look to capitalise on the battery-commodity boom to raise cash for investments. On Tuesday, Cobalt 27 Capital – a Toronto-listed vehicle designed to invest in the metal –... 

Nordgold reports lower Q1 production, Gross mine construction on track

By: Marleny Arnoldi     23rd May 2018 Aim-listed gold miner Nordgold produced 225 100 gold-equivalent ounces in the first quarter of this year – a 6% year-on-year and 10% quarter-on-quarter decrease.  

Nordgold reports lower Q1 production, Gross mine construction on track
Norgold operates mines in Russia, Kazakhstan and Africa. Pictured here is the Neryungri mine, in Russia.

Forevermark appeals to Millennials with new flagship store in China

By: Marleny Arnoldi     23rd May 2018 De Beers Groups’ Forevermark brand has launched Libert’aime by Forevermark – a new flagship store in Shanghai, China.  

Forevermark appeals to Millennials with new flagship store in China

Avanco warns of cuts at Antas

By: Esmarie Swanepoel     23rd May 2018 Copper miner Avanco has warned shareholders that it might scale back operations at its Antas openpit mine, in Brazil, due to a nation-wide truck driver strike. The miner said on Wednesday that a prolonged strike could adversely impact the supply of consumables for mining and processing... 

Kazatomprom delivers uranium to Brazil

By: Creamer Media Reporter      23rd May 2018 The National Atomic Company of Kazakhstan (Kazatomprom) has expanded the sales geography in the world nuclear fuel market, with a contract to sell uranium to Brazil. Kazatomprom said on Wednesday that it had won the bid for the supply of natural uranium concentrates to State-owned nuclear fuel... 

Kazatomprom delivers uranium to Brazil

Goldcorp says Peru and Nevada would make portfolio perfect

By: Bloomberg     22nd May 2018 Goldcorp CEO David Garofalo says he’s happy with his company’s portfolio of assets, but that doesn’t mean he doesn’t have a wish list. In an ideal world, the company would have an asset in Nevada’s Carlin Trend. “If you’re an Americas-based gold company, you should be there. Barrick and Newmont... 

Titan raises A$11m for Mirador acquisition

By: Esmarie Swanepoel     22nd May 2018 Peru-focused explorer Titan Minerals has raised A$11-million through a share placement to fund the acquisition of the Mirador copper and gold plant, and to fund exploration and development at its Torrecillas and San Santiago gold projects. The share placement, which was priced at 3c a share,... 

Kropz clinches offtake from phosphates project

By: Martin Creamer     21st May 2018 Plant nutrient minerals development company Kropz, which is developing the Elandfontein phosphates mining and processing project in the Western Cape, has secured several offtake agreements ahead of production. The cornerstone offtake agreement, for about a third of its production at market prices... 

Kropz clinches offtake from phosphates project
Photo by Creamer Media
Kropz CEO Ian Harebottle

Threat of cobalt supply shock is top risk for electric vehicles

By: Bloomberg     21st May 2018 A burgeoning risk of a supply crunch in cobalt – a key battery metal that’s more than tripled in price in two years – poses one of the biggest threats to forecasts for rising electric vehicle adoption. Major investment in mines is required to avoid price spikes that could see cost reductions for... 

Threat of cobalt supply shock is top risk for electric vehicles

Search on for 2018’s most inspirational women in mining

By: Creamer Media Reporter      21st May 2018 Nominations for this year’s inspirational women in mining have opened. Women in Mining UK’s third edition of ‘Top 100 Global Inspirational Women in Mining’ will showcase the contribution of women in the global mining industry and will seek to debunk a misconception that there is not a pipeline... 

Vale boss prefers giving away windfall to avoid sins of the past

By: Bloomberg     21st May 2018 Vale, once the most generous dividend payer among major mining companies, may be poised to regain that status with its chief executive officer nearing debt targets and unwilling to hoard cash or rush into deals. Like others in the industry, the biggest producer of iron ore and nickel cut... 

Gensource project development secured as formal offtake accord is signed

By: Henry Lazenby     19th May 2018 The development of Gensource Potash’s first 250 000 t/y production module at its Vanguard project, in Saskatchewan, is another step closer to realisation after the company announced on Friday that it has signed a definitive offtake agreement with a major North American agriculture industry... 

Gensource project development secured as formal offtake accord is signed

Yamana pours first gold at Cerro Moro

By: Henry Lazenby     18th May 2018 Canadian gold producer Yamana Gold announced this week that it has poured the first gold and silver doré at its Cerro Moro project, in Argentina. The operation started feeding ore to the 1 000 t/d processing plant in April, and is expected to ramp up to commercial production over the second... 

Young, bridal jewellery consumers to drive platinum demand

By: Nadine James     18th May 2018 Young, bridal and self-purchasing jewellery consumers are emerging to contribute to platinum demand growth this year, the Platinum Guild International (PGI) reports. In its ‘2017 Platinum Jewellery Business Review’, the PGI found strong consumer retail sales growth in the US, Japan and India for... 

WA signs co-op agreement with Argentina

By: Esmarie Swanepoel     18th May 2018 The Western Australian government has signed an agreement with the government of Argentina to build a stronger mining and resource relationship between the two regions. Mines and Petroleum Minister Bill Johnston said the Memorandum of Understanding (MoU) will help develop a mutually rewarding... 

Vale confirms reduced Moz production forecast for 2018 as bad weather takes toll

By: Rebecca Campbell     18th May 2018 Vale Mozambique, the predominantly (but not wholly) owned subsidiary of Brazilian mining group Vale, still has to consolidate its coal producing process at its Moatize mine in Mozambique’s Tete province, to be able to achieve its full export capacity. This was stated by Vale Mozambique CEO Mário... 

Centerra sells royalty portfolio, Kemess silver stream for $200m

By: Henry Lazenby     17th May 2018 Canadian gold miner Centerra Gold has agreed to sell its royalty portfolio and silver stream on the Kemess project, in British Columbia, to Triple Flag Mining Finance Bermuda for $200-million. The royalty sale comprises the sale of subsidiary AuRico Metals’ (AMI’s) royalty portfolio, together... 

Tianqi Lithium picks up minority SQM stake for $4.07bn

By: Henry Lazenby     17th May 2018 Lithium producer Tianqi Lithium has secured a 24% stake in Sociedad Quimica y Minera de Chile (SQM) from crop nutrient producer and distributor Nutrien, for $4.07-billion. Nutrien's sale of its SQM holdings was required by the Competition Commission of India and Ministry of Commerce in China... 

Tianqi Lithium picks up minority SQM stake for $4.07bn

Anglo looks to sell Peru copper stake to Japanese firms – sources

By: Reuters     17th May 2018 Anglo American is likely to sell up to 30% of its multi-billion dollar Peruvian copper project Quellaveco to Japanese entities, including Mitsubishi, which already own part of it, three sources familiar with the matter said. The London-listed miner said in its 2017 financial results it is... 

Join the conversation about the future of Latin American Mining at Mining Cumbre

17th May 2018 Latin America is an exciting, growing destination for mining investment, development and exploration projects. With an attractive mining environment and geology rich with natural resources, the region is one of the world’s largest producers of iron ore, copper and gold. The LatAm Mining Cumbre is... 

Gold to maintain its significance for decades to come – WGC

By: Nadine James     17th May 2018 Having compiled and published the ‘Gold 2048: The next 30 years for Gold’ report, the World Gold Council (WGC) has concluded that gold will “continue to be recognised, appreciated and valued in the years ahead” The report, released on Thursday, looks at the next 30 years and considers ways in... 

Gold to maintain its significance for decades to come – WGC

Desert Lion sets price for flotation plant development in Namibia

By: Simone Liedtke     17th May 2018 The Phase 1 flotation plant at TSX-listed Desert Lion Energy’s Namibian lithium operations is estimated to cost about C$7-million. The plant, with a processing capacity of between 350 000 t/y and 400 000 t/y, will be used to process the fines from the historic run-of-mines stockpiles at Desert... 

Canadian Zinc seeks to raise C$195m in debt for Prairie Creek

By: Mariaan Webb     17th May 2018 Negotiations are under way and proposal are being evaluated for potential debt financing for the Prairie Creek zinc/lead/silver project that TSX-listed Canadian Zinc is advancing in the Northwest Territories. The company, which this week named former KGHM International executive Don MacDonald... 

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