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Iron-ore futures fall below $40/t as new Australian supply arises

By: Martin Creamer     Updated 6 hours ago The iron-ore price on Singapore's most active iron-ore futures market was below $40/t for the first time, Investec noted on Monday, when it reported that additional iron-ore supply was about to be shipped from Gina Rinehart’s new Roy Hill iron-ore mine, in Australia. Quoting Bloomberg, Investec... 

BHP says Brazil plans $5bn legal suit over Samarco disaster

By: Esmarie Swanepoel Mining giant BHP Billiton said on Monday that it had not yet received any formal notice of legal action from Brazil, after the country’s federal and certain state governments announced on Friday that a $5.2-billion legal claim would be instituted against the company, its joint venture (JV)... 

Brazil regulator to apply additional fines against Samarco

By: Reuters Brazil's environmental regulator is planning additional fines against iron ore miner Samarco on top of the 20-billion reais in damages and clean-up charges the government is seeking, the country's attorney general, Luis Adams, said on Friday. The regulator, known as Ibama, has already fined... 

Brazil to sue BHP, Vale for $5bn in damages for dam burst

By: Reuters Brazil's federal and state governments plan to sue the owners of the Samarco iron ore miner for 20-billion reais ($5.24-billion)in damages caused by the burst of a tailings dam, Environment Minister Izabella Teixeira told reporters on Friday. Samarco is a joint venture between BHP Billiton and... 

Codelco profits tank, nine-month copper production up slightly

By: Reuters Chilean State-run copper producer Codelco said on Friday pretax profit for the period from January to September fell 47% to $1.2-billion, dragged down by a falling copper price. The world no.1 copper producer produced 1.26-million tonnes of copper during those months, a 2% rise from a year ago,... 

Brazil dam disaster shows flaws in decrepit mining regulator

By: Reuters With leaking windows, moldy walls and piles of paper where you might expect computers, the office of Brazil's National Department of Mineral Production speaks volumes about the regulation of the country's mining industry. The office, in the capital city of the mine-rich state of Minas Gerais, is... 

Gold dips to near 6-year low, set for sixth straight weekly drop

By: Reuters Gold dipped to its lowest level in nearly six years on Friday and was heading for a sixth straight weekly decline under pressure from a firm dollar and prospects of a US interest rate rise next month. Spot gold hit $1 055.99 /oz, its lowest since February 2010, and was down 1.5% at $1 057.27 by... 

Gold dips to near 6-year low, set for sixth straight weekly drop

Nickel's hiatus may be brief without output cuts, stronger demand

By: Reuters Nickel's spectacular fall since the middle of last year may have come to a halt, but without significant, enduring output cuts and stronger demand from China's stainless steel mills the reprieve could be brief. Benchmark nickel on the London Metal Exchange fell to $8 145 /t earlier this week,... 

Colombia makes mining progress as Peru struggles with social issues

By: Simon Rees Columbia remains a jurisdiction with excellent potential for mining companies and investors, but risks remain, while permitting delays persist. Peru, too, remained a leading jurisdiction for mining, but higher levels of social unrest were worrisome, delegates at On the Ground Group’s recent Mine... 

Colombia makes mining progress as Peru struggles with social issues

Millrock buys Mexico copper project

By: Natasha Odendaal TSX-listed Millrock Resources has acquired Minera Teck’s Batamote copper project, in Mexico, for an undisclosed sum. The 5 796 ha property, which was straddled by two Grupo Mexico-owned porphyry copper-molybdenum mines, was near Millrock's Rio Sonora and Los Cuarentas copper projects. 

Arsenic and mercury found in river days after Brazil dam burst

By: Reuters Illegal levels of arsenic and mercury polluted the Rio Doce river in the days after a dam burst at an iron ore mine in early November in Brazil's worst-ever environmental disaster, according to tests by a state water agency. The Institute for Water Management in Minas Gerais (IGAM), found arsenic... 

New Australia PM begs to differ with those calling for coal mine ban, citing economic and job implications

By: Esmarie Swanepoel Australias newest Prime Minister Malcolm Turnbull has taken a practical stance on Australias coal future, despite mounting turmoil in the sector as new mines face severe environmental resistance and producers are cutting output in an effort to fight rising costs and decreased prices.   

New Australia PM begs to differ with those calling for coal mine ban, citing economic and job implications

Rio Tinto set to decide on expansion of Mongolia copper mine

By: Reuters Rio Tinto is lining up project financing for a $4-billion expansion of its long-delayed Oyu Tolgoi copper mine in Mongolia and will make a final investment decision early next year, a senior executive said on Thursday. The mine, which started producing from an open pit over two years ago, is the... 

Rio Tinto set to decide on expansion of Mongolia copper mine

Rough diamond prices need to fall – Rapaport

By: Reuters Rough diamond prices need to decrease by up to 50% to boost profitability in the trade of the stones, Martin Rapaport, whose Rapaport Group is the primary source of diamond price information, said. Manufacturers who cut and polish diamonds have in recent years found themselves caught between... 

Strong interest in making London gold market more transparent - LBMA

By: Reuters Exchanges, brokers and data vendors are interested in providing clearing or reporting services to make the gold market more liquid and transparent, the London Bullion Market Association (LBMA) said on Wednesday. Financial market transparency has been a major focus for regulators after evidence of... 

Gold Fields to build 3D model of huge South Deep mine

By: Martin Creamer A three-dimensional (3D) visualisation model of the large South Deep gold mine is poised to be the high point of a series of modernisation steps taken by the Gold Fields operation, which last week helped the share price of the Johannesburg- and New York-listed gold mining company to take its... 

Gold Fields to build 3D model of huge South Deep mine
South Deep gold mine

Gold extends gains on geopolitical tensions but US rate view drags

By: Reuters Gold added to overnight gains on Wednesday on a softer dollar and heightened tensions after Turkey shot down a Russian warplane, but the rally was capped on expectations of a US rate hike next month. Turkey shot down the Russian jet near the Syrian border on Tuesday, saying the plane had violated... 

Continental secures EIA prioritisation for Buriticá

By: Natasha Odendaal The final legal process to facilitate the filing of an updated environmental application amendment for TSX-listed Continental Gold’s flagship Buriticá project, in Colombia, has been completed. The Colombia government last week published Decree 2220, which would allow the national environment... 

Noront to raise $2.4m to continue Ring of Fire exploration

By: Ilan Solomons TSX-V-listed exploration company Noront Resources plans to raise $2.4-million in a private placement of 4.8-million flow-through common shares at a price of $0.50 apiece. The proceeds would be used to continue exploration efforts in Ontario’s “highly prospective” Ring of Fire (RoF) mining... 

Noront to raise $2.4m to continue Ring of Fire exploration
Ontario’s Ring of Fire

Carbon limits to put $2tn of coal, oil, gas projects at risk – report 

By: Reuters Up to $2-trillion in petroleum and coal projects will not be needed if the world takes action to limit warming of the planet to 2 degrees Celsius, according to a report released this week ahead of a global climate summit in Paris. The report adds to a string of studies warning investors that... 

Carbon limits to put $2tn of coal, oil, gas projects at risk – report

Goldcorp, Teck complete combination of Chile projects

By: Creamer Media Reporter Gold major Goldcorp and diversified miner Teck Resources have completed the combination of their respective El Morro and Relincho projects, in Chile, into a 50:50 joint venture (JV), paving the way for a prefeasibility study (PFS) to start next year. Goldcorp said in a statement on Tuesday that... 

Antofagasta may cut costs more if copper price stays low – CEO

By: Reuters Chilean mining company Antofagasta will likely have to further cut costs if the price of copper does not recover within the next month, CEO Diego Hernandez said on Tuesday. Some cuts had already been made, said Hernandez, speaking on the sidelines of a mining forum in Santiago. 

No reprieve: iron-ore glut defies Samarco dam disaster

By: Reuters Premiums for iron-ore pellets - the highest-quality steelmaking raw material - have sunk this month despite the loss of a fifth of global supplies after a Brazil mine disaster, underscoring the industry's deep glut. Even a permanent closure at the flood-hit Samarco mine would be unlikely to boost... 

Imported LNG set to kickstart gas-to-power vision – Sasol

By: Martin Creamer Imported liquefied natural gas (LNG) is expected to initiate the greater use of gas in South Africa’s currently coal-dominated electricity generation. Anticipated is the establishment of infrastructure at South African ports, such as Saldanha Bay, Coega or Richards Bay, to facilitate the... 

Imported LNG set to kickstart gas-to-power vision – Sasol
Photo by Duane Daws
Maurice Radebe

China zinc smelter cuts fail to tip the supply-demand balance

By: Reuters Output cuts announced by Chinese zinc smelters last week will do little to tighten next year's global supply-demand balance in refined metal because already known mining cutbacks would have forced smelters to reduce production anyway. On top of that, hard-hit prices will fail to get much of a... 

Platinum market deficit set to evaporate in 2016 – WPIC

By: Reuters The platinum market deficit will shrink this year, before moving into a small surplus in 2016 as supply from mining and recycling rises and investment falls, the World Platinum Investment Council said in a report on Tuesday. While the WPIC does not forecast prices, a move back to near-balance... 

Platinum market deficit set to evaporate in 2016 – WPIC

Yamana to reduce Brio Gold stake to 21% through private placement

By: Henry Lazenby Canadian miner Yamana Gold will reduce its stake in subsidiary Brio Gold to about 21%, as the parent moves to further divest from the Brazil-focused spin-out. TSX- and NYSE-listed Yamana and Brio have started a private placement of Brio shares. It would comprise a primary offering by Brio and a... 

Samarco tailings breach underscores need for industrywide best practise

By: Simon Rees On November 5, there was a large, destructive breach of tailings dams at an iron-ore mine run by Samarco Mineração, in the Brazilian state of Minas Gerais. It was reported that about ten people had lost their lives, while hundreds more had to be evacuated. Much of Bento Rodrigues village was... 

'Mine to plan’ sparked soaring quarter – Gold Fields

By: Martin Creamer South Deep gold mine’s 42% production increase, which last week helped spark Gold Fields’ 29% share price increase, was the result of the company getting better at its “plan the mine, mine the plan” approach – and in particular the execution of long-hole stoping. The Johannesburg- and New... 

'Mine to plan’ sparked soaring quarter – Gold Fields
Photo by Duane Daws
Nick Holland

Global coal market declines for first time in 21 years – EIA

By: Henry Lazenby The global coal industry has contracted for the first time in 21 years, as slowing growth in certain significant markets weighed on the industry’s outlook, the US Energy Information Administration (EIA) has found. According to an EIA report, global trade of coal grew dramatically from 2008 to... 

China's zinc output cut to provide brief respite for prices

By: Reuters China's major zinc smelters said on Friday they will slash output by 500 000 t next year, almost one-fifth of their output as the industry tries to boost prices languishing at six-year lows. A joint statement by ten of the world's top zinc producers on the Shanghai-based consultancy SMM's website... 

Glencore building R17m clinic in Mpumalanga coalfields

By: Martin Creamer Diversified mining and marketing major Glencore is building a R17-million clinic in the Mpumalanga coalfields as part of its social and labour plan (SLP) commitment to South Africa’s Department of Mineral Resources. Earlier this year, the London-, Hong-Kong- and Johannesburg-listed company also... 

Glencore building R17m clinic in Mpumalanga coalfields
Glencore Coal COO Murray Houston, third from left, with district health director Cheryl Nelson, Steve Tshwete mayor Mike Masina and district health manager Joshua Mothlamme

Mining industry may see M&A rush on weak share prices – McKinsey

By: African News Agency The fall in the share prices of mining companies could offer potentially valuable merger and acquisition opportunities for those in the industry who want to expand, global consulting group McKinsey & Company said on Friday, adding that recent M&A activity indicated some of those in the business... 

Fed hike could knock gold price down to $1 000/oz – Gold Fields 

By: Martin Creamer A raising of US interest rates in December could knock gold back to a level of $1 000/oz, Gold Fields CEO Nick Holland said on Thursday, when the company saw its share price soar 29% to R39.98 a share, the most in a single day since September 1999. This followed the company's South Deep mine... 

Fed hike could knock gold price down to $1 000/oz – Gold Fields
Photo by Duane Daws
Nick Holland (right) and Paul Schmidt

Gold Fields’ share soars as South Deep raises game, Damang tested

By: Martin Creamer Gold mining major Gold Fields saw its share price soar on Thursday owing to its South Deep mine raising its game and net earnings and cash flow lifting in the three months to September 30, which were also fatality-free. The Johannesburg- and New York-listed company’s only South African gold mine... 

Gold Fields’ share soars as South Deep raises game, Damang tested
Gold Fields' South Deep mine

BHP will only invest in ‘right opportunities, at right time’

By: Esmarie Swanepoel Diversified miner BHP Billiton has identified a number of growth initiatives to pursue while maintaining its focus on capital discipline. CEO Andrew Mackenzie told shareholders at the company’s annual general meeting, in Perth, that capital discipline and foresight were critical components of... 

BHP will only invest in ‘right opportunities, at right time’
Photo by Bloomberg
BHP CEO Andrew Mackenzie

Thermal coal prices rise as winter appears in northern hemisphere

By: Reuters Thermal coal prices for export from key shippers such as Australia and South Africa edged up this week as demand in the northern hemisphere started to rise with the onslaught of winter weather, just as available supplies dipped. That helped prevent prices for Australian coal cargoes dropping... 

Red Eagle completes equipment orders, awards construction contracts

By: Henry Lazenby Project developer Red Eagle Mining has placed all process and infrastructure equipment orders necessary to complete the construction of its San Ramon gold mine, in Colombia.  The TSX-V-listed company said deliveries would start in January and continue through March 2016. 

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