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Hudbay stock on the move as sales, cash flows rise

By: Henry Lazenby The TSX-listed stock of base metals producer Hudbay Minerals jumped as much as 17% on Friday to C$6.22 a share, following the company reporting strong sales growth despite lower metals prices during the March quarter. The Toronto-based miner, with operations in Peru and Canada’s Manitoba... 

Chile data paints mixed picture for economy

By: Henry Lazenby Economic data published on Friday painted a mixed picture for Chile's economy, the world's No 1 copper producer, as factory output and copper production jumped while retail sales remained soft and the national jobless rate rose. "This is data that reflects the complexities faced by the economy... 

MetSkill

By: Creamer Media Reporter Process industry training provider MetSkill is actively involved with the development of the new occupational qualifications for the Quality Council for Trades and Occupations under the Mining Qualifications Authority (MQA). Benoni, Gauteng-based MetSkill, 100% owned by MD Rebecca Sands, has... 

Brazil's Vale seeing improved iron-ore demand in China

By: Reuters The global iron-ore market is in better condition than expected, with Chinese demand improving, the CEO of Brazil's Vale said on Thursday. Murilo Ferreira told investors on a conference call that he had been positively surprised by the health of the Chinese market during a visit to the world's... 

Southern Copper's net profit dropped 34.5% in first quarter

By: Reuters Southern Copper's net profit dropped 34.5% to $185.1-million, or $0.24 a share, in the first quarter on slumping metal prices, the company said Thursday. The result was better than the mean market estimate of $139.76-million, according to Thomson Reuters I/B/E/S. 

Freeport's Chile-based El Abra mine, union seal wage agreement

By: Reuters Unionised workers at Chilean copper mine El Abra, controlled by Freeport-McMoran, accepted a wage contract offered by the company, union president Juana Mejias said on Thursday. Tensions between the union and Arizona-based Freeport, the world's biggest listed copper producer, have been high since... 

Cliffs rallies as strong Q1 performance sees it back in the black

By: Henry Lazenby The largest US iron-ore producer Cliffs Natural Resources rallied as much as 35% to $5.38 a share on the NYSE on Thursday, after swinging to a first-quarter profit amid sustained market improvement. For the three months ended March 31, Cliffs recorded net income attributable to Cliffs' common... 

Cliffs rallies as strong Q1 performance sees it back in the black

Despite Otjikoto slope failure, B2Gold gold output on course for another record year

By: Henry Lazenby Canadian gold producer B2Gold has exceeded its first-quarter production guidance by 8 966 oz of gold, for company-wide output of 127 844 oz of the yellow metal, an increase of 10% over the same period in 2015. Despite a slope failure on the pit access ramp at the Otjikoto mine, in Namibia, on... 

Coeur trading at 12-month highs on narrower Q1 loss

By: Henry Lazenby On the back of stronger precious metals prices so far this year, as well as improved first-quarter financials, the NYSE-listed stock of Coeur Mining has risen to a new 12-month high at $7.68 apiece. In the period ended March 31, the miner reported fourth-quarter headline earnings – excluding... 

Anglo offloads niobium, phosphates assets to Chinese firm in $1.5bn deal

By: Natasha Odendaal Dual-listed Anglo American has sold its Brazil-based niobium and phosphates assets to Hong Kong- and Shanghai-listed China Molybdenum for $1.5-billion. The deal was expected to close in the second half of this year and would result in the transfer of Anglo’s phosphates business, in São Paulo,... 

Anglo offloads niobium, phosphates assets to Chinese firm in $1.5bn deal
Photo by Duane Daws
Anglo CEO Mark Cutifani

Sherritt widens headline loss as low oil, metals prices hurt Q1 financials

By: Henry Lazenby Diversified miner Sherritt International has reported a 79% wider adjusted loss year-on-year in the first quarter, as nickel, cobalt and oil prices have plunged during the period. Excluding special items of about C$79.1-million, Toronto-based Sherritt recorded an adjusted loss of... 

Iron-ore, steel lead China commodities retreat as curbs bite

By: Reuters A major Chinese commodities exchange took further steps to calm volatile markets on Wednesday, hiking transaction fees and widening trade limits in a move that could make exiting futures contracts more orderly. Iron-ore and steel futures fell again in reaction to higher trading costs, brought in... 

Iron-ore, steel lead China commodities retreat as curbs bite

Chile seen producing 5.77m tonnes copper in 2016 – Cochilco

By: Reuters World No 1 copper exporter Chile is expected to produce 5.77-million tonnes of the metal in 2016 and prices for the industrial metal are seen averaging $2.15/lb for the year, state copper commission Cochilco said on Wednesday. Copper prices are expected to average $2.20/lb for 2017, it added. 

Q1 gold rally too rapid for support, as lower Asian demand weighs on price outlook

By: Henry Lazenby A 17% rally in the price of gold during the first quarter of the year to around $1 270/oz happened too rapidly according to market analysts at Thomson Reuters GFMS, as poor demand from Asia would probably see the gold price fall below $1 200/oz over the next few months. However, this price level... 

Q1 gold rally too rapid for support, as lower Asian demand weighs on price outlook

Freeport loss doubles as low prices bite

By: Henry Lazenby US diversified miner Freeport McMoRan has booked a $3.8-billion write-down of the carrying value of its oil and gas properties, on the back of lower West Texas Intermediate prices. The company reported a net loss attributable to common stock totalling $4.2-billion, or $3.35 a share, for... 

Barrick surprises on the upside despite Q1 production loss

By: Henry Lazenby Chief gold producer Barrick Gold has delivered a strong financial performance during the first quarter, doubling headline earnings and beating stock market forecasts; all the while making good progress on strategic objectives despite a 7.9% decline in output. The Toronto-based company, whose... 

Barrick surprises on the upside despite Q1 production loss

Encouraging progress overshadowed by loss of life – Implats

By: Martin Creamer Continuing mourning over the loss of the lives of six employees had completely overshadowed the encouraging progress being made to build a stronger and more robust business, Impala Platinum (Implats) CEO Terence Goodlace said on Tuesday. In the three months to March 31, four employees lost their... 

Encouraging progress overshadowed by loss of life – Implats
Photo by Duane Daws
Terence Goodlace

With permits in hand, Mexus starts mine construction

By: Henry Lazenby US exploration firm Mexus Gold US has received all environmental and mining permits required to start work on the area that will become Mexus’ openpit heap leach mine on the Julio/Santa Elena property, located 54 km northwest of Caborca, Mexico. The company advised on Monday that it would clear... 

Bushveld moves to acquire Evraz stake in vanadium mine, plant

By: Martin Creamer Diversified mineral development company Bushveld Minerals has agreed exclusivity to complete a confirmatory due diligence for the acquisition of financially troubled Evraz’s controlling interest in Vametco’s 473-employee vanadium mine and plant, located near Bushveld’s recently acquired vanadium... 

Bushveld moves to acquire Evraz stake in vanadium mine, plant
Photo by Duane Daws
Fortune Mojapelo

Sandvik parries mining doldrums as profit slides less than forecast

By: Reuters Swedish engineering group Sandvik reported a smaller than expected fall in first quarter core operating earnings on Monday as cost cuts helped partly offset a deep slump in its mining business which showed little sign of letting up. Years of soft commodity prices have depressed demand for mining... 

Empty mining pipeline expected to be hot Junior Indaba topic

By: Martin Creamer Mining’s problematic empty pipeline, which should be a major worry to both the mining industry and governments, is expected to be a hotly debated topic at the upcoming Junior Indaba in Johannesburg. Chairperson Bernard Swanepoel said on Monday that the Junior Indaba’s recently launched programme... 

Empty mining pipeline expected to be hot Junior Indaba topic
Photo by Duane Daws
Bernard Swanepoel

Codelco expects to recover lost copper production from El Teniente

By: Reuters Chile's state-owned Codelco said on Friday it expects to recover its El Teniente copper mine's lost production during a five-day stoppage by the end of the year through different mitigation measures at its mines. "As such, this situation will not provoke a material or significant impact on... 

Despite some commodity price spillover, Caterpillar lowers 2016 midpoint outlook

By: Henry Lazenby US earthmoving machinery manufacturer Caterpillar on Friday lowered the midpoint of the outlook for 2016 sales and revenues by about 2% on Friday, despite reporting some signs of improvement. The profit outlook at the midpoint of the sales and revenues range was now $3 a share, or $3.70 a share... 

Despite some commodity price spillover, Caterpillar lowers 2016 midpoint outlook

Anglo bettering North American safety benchmark

By: Martin Creamer Safety improvement at Anglo American mines has put the diversified mining company ahead of the North American mining industry, the leading point of reference. While in full production mode, the London- and Johannesburg-listed business achieved a fatality-free fourth quarter (Q4), which on top of... 

Anglo bettering North American safety benchmark
Photo by Duane Daws
Mark Cutifani

Rio moves to repurchase notes

By: Esmarie Swanepoel Mining major Rio Tinto on Friday launched cash tender offers for some $1.5-billion of its 2017 and 2018 notes. The miner told shareholders that it was using its strong liquidity position to reduce gross debt through the early repayment of some near-marturing debt. 

Anglo shareholders show unease at CEO pay deal

By: Reuters Anglo American will launch a fresh review of executive pay after a significant number of shareholders voted against CE Mark Cutifani's £3.4-million ($4.9-million) pay deal for 2015, partial voting results showed on Thursday. Results from shareholders who had submitted votes ahead of the annual... 

Codelco Andina mine still at 65% after tailings duct ruptures

By: Reuters World No 1 copper producer Codelco said on Thursday its Andina mine in central Chile was still operating at 65% capacity after a tailings duct had ruptured and caused a temporary leak after storms over the weekend. A mudslide caused by torrential downpours had ruptured the duct, the company said... 

Anglo diamond, copper, coal, manganese alloy, niobium outputs fall

By: Martin Creamer Diversified mining company Anglo American has produced less diamond, copper, coal, manganese alloy and niobium in the three months to March 31. Diamond production fell by 10%, copper production by 19%, export thermal coal by 13%, export metallurgical coal by 9%, Eskom coal by 8% and niobium by 13%. 

Anglo diamond, copper, coal, manganese alloy, niobium outputs fall
Mark Cutifani

Kumba Iron Ore sales down

By: Martin Creamer Output from Kumba Iron Ore has tumbled considerably, along with exports. First-quarter production has taken both a quarter-on-quarter and a year-on-year plunge, owing to the Sishen iron-ore mine transitioning to a lower-cost pit configuration. 

Kumba Iron Ore sales down
Photo by Duane Daws
Norman Mbazima

South32’s 2016 guidance on track following strong Q3

By: Esmarie Swanepoel Diversified miner South32 said on Thursday that the company was on track to achieve its 2016 production guidance for all its operations, following a strong third quarter ended March. The BHP Billiton spin-off produced 1.3-million tonnes of alumina during the three months under review, which was... 

South32’s 2016 guidance on track following strong Q3
South32 CEO Graham Kerr

Easy on the soap: mining firms pinch pennies as downturn bites

By: Reuters From trimming menus in staff canteens to cutting back on soap and washing detergent at worker camps, the global mining industry that once lavished perks on employees is scrimping like never before as a brutal downturn engulfs minerals markets. After frantically cutting costs by slashing jobs,... 

Vale reports record output in Q1 as iron-ore price rallies

By: Henry Lazenby Brazilian diversified miner Vale has reported record iron-ore production at 77.5-million tonnes in the first quarter of 2016, marking the highest first-quarter production rate ever, despite output lowering 12% from the December quarter. Carajás, the world’s largest iron-ore mine, locate in... 

Newmont beats expectations on solid quarter

By: Henry Lazenby Despite reporting a drop in headline earnings, gold major Newmont Mining has beaten analyst forecasts by $0.14 a share with its first-quarter results. For the three months ended March 31, the Denver, Colorado-based miner reported a 20% drop in adjusted net income of $182-million, or $0.34 a... 

Newmont beats expectations on solid quarter
Photo by Bloomberg
The Cripple Creek & Victor expansion has reached first production

BHP Billiton weighs getting out of Indonesian coal

By: Reuters BHP Billiton is considering quitting its coal assets in Indonesia, where it recently started shipping steel-making coal from a small mine, amid uncertainty over Indonesian regulations and a weak outlook for coal. BHP owns a 75% stake in the IndoMet Coal project, having sold the rest to... 

BHP Billiton weighs getting out of Indonesian coal

Key aspect of Chilean labour bill faces court battle – lawyers

By: Reuters A landmark labour reform bill in Chile is facing last minute roadblocks, and key parts will likely be gutted in court despite passing through both houses of Congress, lawyers say. The law, containing new rules intended to give unions more power, was passed by Chile's Senate in March after a... 

Anglo American's finance chief Medori to retire in 2017

By: Reuters Global mining company Anglo American Plc said Finance Director René Médori would retire in 2017 when he reaches the age of 60. Anglo American, which has been struggling with a slump in the price of commodities, said it was beginning a process to appoint a successor, and that Médori would continue... 

BHP Billiton lowers iron-ore guidance by 10Mt

By: Esmarie Swanepoel Diversified mining group BHP Billiton on Wednesday cut its iron-ore production expectations for the 2016 financial year by ten-million tonnes, on the back of adverse weather conditions in the Pilbara and the initiation of an accelerated rail network maintenance programme. The mining company... 

BHP Billiton lowers iron-ore guidance by 10Mt
Photo by Bloomberg
BHP CEO Andrew Mackenzie

On back of strong Q1, McEwen acquires existing NSR royalty on El Gallo mine

By: Henry Lazenby Gold producer McEwen Mining has acquired the existing tiered net smelter return (NSR) royalty on the El Gallo mine, in Mexico, currently paying 3.5% of gross revenue less allowable deductions. The miner advised on Tuesday that it had bought the NSR in return for a $5.25-million payment on closing... 

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