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SocGen says miners' output costs have dropped more than expected

By: Reuters Miners' output costs have dropped more than industry consensus due to lower energy prices and weak emerging market currencies, a report by Societe Generale showed, suggesting metals prices have further to fall before miners are forced out of business. The prices of many metals are still around... 

Mozambique’s new coal export route will start operations soon

By: Keith Campbell The new coal export terminal at the port of Nacala-a-Velha in Mozambique’s Nampula province should load its first ship in August. That was reported last week by Corredor Logístico de Nacala (CLN – Nacala Logistics Corridor) director José Otoni. This represents a delay of eight months in... 

Barrick sells 50% of Zaldívar copper mine, forming partnership with Antofagasta

By: Henry Lazenby The world’s largest gold miner by output Barrick Gold has agreed to sell half of its interest in the Zaldívar copper mine, in Chile, to Antofagasta for $1-billion in cash, forming a partnership with one of the world’s largest copper producers. Barrick was in the process of reducing its... 

Goldcorp slashes dividend 60% despite strong Q2 performance

By: Henry Lazenby The world’s largest gold miner by market capitalisation Goldcorp on Thursday said it would cut its monthly dividend a share by 60% to $0.02, effective from August 1, despite more than doubling its second-quarter profit. The TSX- and NYSE-listed miner, which produced gold, silver, copper, lead and... 

As gold price falls, miners pick derivatives to protect income

By: Reuters Gold mining companies are turning increasingly to derivatives to lock in future revenues, as an industry still smarting from losing out on a 12-year bull run gets creative over protecting its income during the metal's current downturn. While miners overall remain wary of hedging -- the... 

India's jewellery exports can quintuple to $40bn if controls tightened

By: Reuters India's gold jewellery exports could jump five times to $40-billion per year by 2020 if quality controls are tightened, the World Gold Council (WGC) said, adding the country is punching below its weight due to questions over the purity of its products. Mom-and-pop shops employing generational... 

Drilling at Harmony’s Kili Teke confirms ‘fantastic copper-gold find’

By: Megan van Wyngaardt In a world where new discoveries are rare, Harmony Gold is encouraged by the prospect that Kili Teke could well develop into another major copper-gold discovery, commented CEO Graham Briggs. Additional drilling at the JSE-listed miner’s Kili Teke prospect in the Hela province, in Papua New Guinea... 

Brazil's Vale resumes Amazon rail expansion after suspension

By: Reuters Brazilian miner Vale said on Wednesday it had resumed work on the expansion of a rail line which is part of its giant Carajas iron-ore project in the Amazon after a court suspension was lifted. Work had been partially stopped since July 9, due to the potential impact on a nearby indigenous... 

Capstone Mining’s Q2 profit sags on lower sales, prices

By: Henry Lazenby Canadian miner Capstone Mining has reported a 92% slide in second-quarter earnings, as lower sales, lower realised prices and increased costs impacted the company’s quarterly performance. Vancouver-based Capstone, which had operations in the US, Mexico, Canada, Chile and Australia, reported net... 

New ISO standard clarifies diamond labelling

By: Natasha Odendaal The new International Organisation for Standardisation (ISO) standard setting out the classification and providing clarity on the terms when buying and selling diamonds, treated diamonds and synthetic diamonds has been welcomed by industry bodies. ISO International Standard 18323: 2015 Jewellery... 

Canadian miner Sherritt posts wider loss as nickel prices drop

By: Reuters Canadian miner Sherritt International Corp reported a bigger loss for the second quarter, hurt by lower nickel prices. The Toronto-based company said on Tuesday its adjusted net loss from continuing operations widened to C$75.2-million ($58.2-million), or C$0.25 a share, in the three months ended... 

Codelco says Chuquicamata copper mine operational again

By: Reuters Codelco's Chuquicamata copper mine returned to normal operations on Tuesday afternoon after a contract workers' strike caused a halt earlier in the day, the company said in a statement. All projects except the small Salvador mine were operational, although there had been "various difficulties"... 

China's gold imports to plunge as financing deals unwind – Valcambi

By: Reuters China's gold imports could fall as much as 40% this year as demand for bullion used to back domestic financing deals decreases, the world's biggest refiner Valcambi said. A lot of the gold China imported in the last three years was used to secure cheaper loans due to a liquidity crunch, but that... 

Mining study shows Peru copper project's potential

By: Esmarie Swanepoel A mining study on the Los Calatos copper project, in Peru, has estimated that the project could produce up to 45 000 t/y of concentrate over a 17-year mine life. ASX-listed Metminco this week said the six-million-tonne-a-year underground mining operation would require a capital investment of... 

Codelco says workers seize control of small Salvador mine in Chile

By: Reuters Contract workers demanding better working conditions in Chile have taken control of Codelco's small Salvador mine, the state-owned copper miner said, raising the stakes in a strike now in its sixth day. The labor dispute had already forced the suspension of operations at Salvador, which last year... 

Striking Chilean copper miner shot dead during protest

By: Reuters A Chilean mining contract worker was shot dead on Friday as a labour strike against state-owned copper company Codelco stretched into its fourth day, the union representing the workers said. The Confederation of Copper Workers, or CTC, posted a statement on its website saying that contractor... 

De Beers has weak first half, looks forward to H2

By: Megan van Wyngaardt Diamond mining giant De Beers on Friday said that, despite a challenging first half, it still achieved a solid operating performance. However, its underlying earnings before interest and taxes (Ebit) decreased by 25% to $576-million for the six months ended June, compared with $765-million in the... 

Brazil's Vale hits second-quarter iron-ore record

By: Reuters Brazilian mining company Vale said on Thursday it produced 85.3-million tonnes of its own iron-ore in the second quarter, a record for the quarter and second highest ever for the firm. The total was 7.4% higher than the same period last year as the world's largest iron-ore producer continues to... 

Freeport-McMoRan reports Q2 net loss, shares fall

By: Henry Lazenby US-based diversified miner Freeport-McMoRan (FCX) on Thursday reported a net loss of $1.85-billion for the second quarter of the year, compared with the net income of $482-million achieved in the second quarter of the previous year. FCX’s net loss for the second quarter included net charges of... 

Platinum bridal jewellery demand up in China, fuel cells powering blocks of flats

By: Martin Creamer Platinum marketing money previously devoted largely to discounts and commissions is now being used to boost platinum jewellery, investment and fuel cell promotion, says Anglo American Platinum (Amplats) CEO Chris Griffith. Bridal platinum jewellery demand is growing in China, platinum demand... 

Platinum bridal jewellery demand up in China, fuel cells powering blocks of flats
Photo by Bloomberg
Platinum investment bars

Bullion dealers trade blame in hunt for 'bear raid' leader

By: Reuters As the global bullion market continues to reel from a dramatic plunge in gold prices on Monday, traders from Hong Kong to New York are pointing the finger at others for being behind the move while struggling to unmask the mystery sellers. In early Asian trading hours on Monday, investors dumped... 

Tech savvy O’Neill streaks up Anglo ladder

By: Martin Creamer Technical fundi Tony O’Neill, who put his imprimatur on game-changing technology during his short spell in South Africa, has been appointed with immediate effect to the board of Anglo American as an executive director, less than two years after taking over the company’s technology, business... 

Tech savvy O’Neill streaks up Anglo ladder
Photo by Duane Daws
Tony O'Neill

Gold miner Newmont earnings in line, raises output forecast

By: Reuters Newmont Mining reported higher second-quarter adjusted earnings on Wednesday, in line with analyst expectations, as lower oil prices and favourable exchange rates offset the impact of weaker metal prices. Based on this performance, Newmont, the world's No 2 gold producer, raised its gold... 

Codelco says Salvador copper mine suspended as strike continues

By: Reuters Top copper miner Codelco said on Wednesday that one of its projects had been suspended but most of its operations were unaffected as striking contract workers blocked access to mines for the second straight day. Contract workers affiliated with the Confederation of Copper Workers, or CTC, went... 

South Africa’s new JSE-backed oil, gas code globally aligned

By: Martin Creamer The recently published South African Code for the Reporting of Oil and Gas (Samog) is fully aligned to the oil and gas reporting standards used globally. South African Oil and Gas Committee chairperson Andy Clay and Johannesburg Stock Exchange (JSE) GM corporate finance Annalie de Bruyn, who... 

South Africa’s new JSE-backed oil, gas code globally aligned
Photo by Creamer Media
Andy Clay, Annalie de Bruyn and Martin Creamer

Iron-ore, coal drive BHP FY output up 9% y/y

By: Esmarie Swanepoel Mining heavyweight BHP Billiton has reported a 9% increase in group production for the full-year ended June, driven by higher iron-ore, petroleum and metallurgical coal output. “Our business performed well over the 2015 financial year. We have improved the performance of our equipment, reduced... 

Iron-ore, coal drive BHP FY output up 9% y/y

Women targeted for retrenchment at Optimum a baseless claim – Glencore

By: Martin Creamer Allegations that female employees were being targeted for retrenchment at Optimum colliery were baseless, Glencore said on Wednesday. Female employees make up 15% of the total affected employees. 

Service workers strike at Chile copper miner Codelco

By: Reuters Workers employed by service contractors at Chile's state-owned Codelco, the world's top copper miner, went on strike on Tuesday to demand the right to negotiate collectively a benefits package similar to that offered to the company's direct employees. Codelco said in a statement that five of its... 

After China dumps gold, don't count on India to come to the rescue

By: Reuters Blame poor rains or a lack of weddings, but Indians, for whom gold is the investment of choice, aren't rushing to buy bullion after this week's sharp sell-off. India and China are the world's top gold buyers and, after massive selling on the Shanghai Gold Exchange on Monday helped drive down... 

Low iron-ore price killing jobs at Kumba

By: Martin Creamer South African iron-ore major Kumba Iron Ore has taken the knife to 1 772 jobs as low iron-ore prices cut a swathe through the industry. Out of a previous complement of 572, only 221 permanent and fixed-term employees remained at head office, with the 351 head office jobs cut by the Anglo American... 

Low iron-ore price killing jobs at Kumba
Photo by Duane Daws
Norman Mbazima

Copper miners to keep churning out metal despite price slide

By: Reuters Copper's production costs have fallen in the wake of lower oil prices and weaker local currencies, which means most miners will continue to pump out metal despite a recent slide in prices. Benchmark copper on the London Metal Exchange tumbled nearly a fifth between early May and earlier this... 

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