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R/€ = 14.55 Change: -0.01
R/$ = 13.78 Change: -0.09
Au 1164.16 $/oz Change: -7.34
Pt 931.00 $/oz Change: -12.50
 

South America News

Implats selling chrome interest

     Updated 5 hours ago Platinum mining company Impala Platinum (Implats) is disposing of its 65% interest in Impala Chrome, a chrome beneficiation operation that produces 200 000 t of chrome concentrate a year by processing four-million tonnes of tailings a year. As announced in a newspaper advertisement, Implats’... 

Sibanye to acquire US platinum miner for R30bn

By: Martin Creamer     Updated 6 hours ago Precious metals mining company Sibanye Gold has entered into a definitive agreement to acquire all of the outstanding common stock of Stillwater Mining Company of the US for R30-billion ($2.2-billion). The $18-a-share offer represents a premium of 23% to Stillwater’s prior day closing share... 

Sibanye to acquire US platinum miner for R30bn
Photo by Duane Daws
Sibanye CEO Neal Froneman

Rio’s CEO wants to buy diamonds, but finding them won’t be easy

By: Bloomberg     9th December 2016 Even for the deepest pockets in the mining industry, diamonds are hard to find. Rio Tinto Group CEO Jean-Sebastien Jacques said this week he’s on the hunt for new diamond mines, but with more than half of the industry controlled by just two companies and new discoveries rare, it’s going to be a... 

Rio’s CEO wants to buy diamonds, but finding them won’t be easy

Mozambique projects in sights of tax and regulatory authorities at home and abroad

By: Keith Campbell     9th December 2016 Mozambique’s Tax Authority is monitoring the natural resources sector to ensure it collects the capital gains taxes due to it. This was affirmed by Tax Authority President Amélia Nakhare late last month. She was addressing a promotion ceremony for tax officials, at Boane in Maputo province.  

Caterpillar will consider retaining jobs in US under Trump

By: Bloomberg     8th December 2016 Under a Donald Trump government, Caterpillar will consider keeping jobs in the US that may have otherwise been shifted abroad, CEO Doug Oberhelman said. Tax changes and other policies proposed by president-elect Trump would help generate more jobs and it’s “reasonable” to think the economy can... 

Glencore shares rise as Rosneft deal wins analyst thumbs-up

By: Martin Creamer     8th December 2016 The share price of diversified mining and marketing company Glencore rose in Johannesburg on the news that the company is in final-stage negotiations to buy 19.5% of Russia’s privatised oil company Rosneft for $11-billion together with the Qatar Investment Authority, which is Glencore’s largest... 

Glencore shares rise as Rosneft deal wins analyst thumbs-up
Photo by Reuters
Russia's president Vladimir Putin with Rosneft CEO Igor Sechin

Anglo confronts messy divorce in miner’s South Africa birthplace

By: Bloomberg     8th December 2016 In 1917, Ernest Oppenheimer met with South African general and soon-to-be Prime Minister Jan Smuts to seek his blessing for a new mining company called Anglo American. Smuts wanted one assurance, the company was there for the long haul. Anglo, along with its sister company De Beers, made... 

Anglo confronts messy divorce in miner’s South Africa birthplace

BHP's Escondida copper mine union sees wage talks start by mid-Dec

By: Reuters     7th December 2016 Workers at BHP Billiton-owned Escondida, the world's largest copper mine, expect to present the company with their proposal for a new collective contract and begin wage talks later this month, a union leader for the Chilean mine said on Wednesday. "We expect by mid December to officially present... 

Platinum fuel cell passes competitive muster at Implats 

By: Martin Creamer     7th December 2016 Impala Platinum Refinery and its partners are in the last phase of financial close for the introduction of 8 MW of off-grid electricity from a platinum-catalysed fuel-cell system that will make use of natural gas from the Sasol grid. “We expect to get close and first flow of funds by March, with... 

Platinum fuel cell passes competitive muster at Implats
Impala Platinum Refining Services Fuel Cell Coordinator Fahmida Smith

Millennials could boost global diamond sales

By: Megan van Wyngaardt     7th December 2016 While the global diamond industry may be poised for a modest rally in 2017, several key headwinds persist, including the need for secure access to financing within the midstream sector, slowing consumption in China and the ongoing threat of synthetics and counterfeit diamonds, according to a... 

Millennials could boost global diamond sales

The ‘weird’ commodity that’s hurting bears as prices double

By: Bloomberg     7th December 2016 Iron-ore’s probably heading for a retreat in 2017 as new mine supply comes online and a surplus builds, according to UBS Group, which acknowledged that the commodity’s recent surge was unexpected and had torpedoed an earlier forecast for a slump this quarter. “It’s just surprised me,” Wayne... 

The ‘weird’ commodity that’s hurting bears as prices double

Barrick appoints new member to the board

By: Anine Kilian     7th December 2016 TSX-listed Barrick Gold has appointed Argentinian Pablo Marcet to the company's board of directors. In a statement released on Wednesday, the company said his appointment reflected the increasingly important role the South American region will play in Barrick's long-term growth strategy. 

Codelco optimistic about Chuquicamata copper mine wage talks

By: Reuters     7th December 2016 Codelco is optimistic it can strike a deal with union leaders at its century-old Chuquicamata copper mine in northern Chile, it said this week as it embarked on complex contract negotiations. The wage talks at Chuquicamata, one of the Chilean state-owned company's largest operations, are seen as... 

Aveng wins Gamsberg zinc mining contract

By: Martin Creamer     6th December 2016 A contract to establish and mine the Gamsberg opencast zinc operation has been awarded to Aveng Moolmans by Black Mountain Mining, a Vedanta Zinc International operation. Vedanta acquired zinc assets including Gamsberg from Anglo American in 2010 for $1 338-million. 

Aveng wins Gamsberg zinc mining contract
Photo by Duane Daws
Vedanta Zinc International CEO Deshnee Naidoo

ICMM commits to new tailings dam measures

By: Esmarie Swanepoel     6th December 2016 The International Council on Mining and Metals (ICMM) has adopted a range of new measures to manage tailing dams, following the Samarco disaster in 2015, which claimed the lives of 19 people in Brazil. The ICMM in December last year launched a review of the global tailings management of its... 

ICMM commits to new tailings dam measures

BHP wins Mexican bid

By: Esmarie Swanepoel     6th December 2016 Mining major BHP Billiton has won a bid to acquire a 60% participating interest in the Trion blocks, offshore Mexico. The remaining 40% interest in the asset will be held by Pemex Exploration and Production Mexico. 

Colombia's Fenoco coal railway, unions extend salary talks

By: Reuters     6th December 2016 Colombia's principal coal railway Fenoco and two unions representing its workers have extended salary negotiations until December 13 after a first round of talks came to an end without an agreement, the company and unions said on Monday. If a deal is not reached by December 13, workers would meet... 

Vale sells four ships to Polaris for $140m

By: Reuters     6th December 2016 Brazil's mining company Vale said on Monday it concluded negotiations with Polaris Shipping for the sale of four capesize ships for a total $140-million. Vale said the transaction is consistent with its strategy of selling noncore assets to strengthen its financial position. 

Glencore producing zinc at minus cost 

By: Martin Creamer     5th December 2016 Diversified mining and marketing company Glencore is producing zinc at negative cost. Towards the end of this year it has been doing so at -3c/lb and next year it expects to do so at an even better -14c/lb, supported by healthy lead by-product credits. 

Glencore producing zinc at minus cost
Photo by Duane Daws
Glencore CEO Ivan Glasenberg

Indaba invaluable, time-efficient industry barometer – previous delegates

By: Nadine James     5th December 2016 Considered the preferred deal-making platform for mining in Africa, the Investing in African Mining Indaba – scheduled to run from February 6 to 9, in Cape Town – offers invaluable networking opportunities and informative discussions and presentations, contributing to the success of African... 

Indaba invaluable, time-efficient industry barometer – previous delegates
TIME IS MONEY The Mining Indaba is the most time-efficient way of gaining insight into African mining

Chile's Codelco plans investments of $3.8bn in 2017 – CEO

By: Reuters     5th December 2016 Chile's State-owned Codelco, the world's largest copper producer, plans investments of about $3.8-billion in 2017 and more cost cutting, CEO Nelson Pizarro said in an interview published on Sunday. "Of that, $3.143-billion is in projects, and $651-million is in mine development, which compares to... 

Chile's Codelco plans investments of $3.8bn in 2017 – CEO
Codelco CEO Nelson Pizarro

Glencore sees nickel shortage as electric vehicle demand burgeons

By: Martin Creamer     2nd December 2016 Diversified mining and marketing company Glencore sees a shortage in nickel arising as a result of burgeoning demand from electric vehicle (EV) production. Batteries used in EVs are consuming about 100 000 t of nickel demand and if 10% of the world’s vehicle fleet transitions to electric power,... 

Glencore sees nickel shortage as electric vehicle demand burgeons
Glencore's Koniambo nickel project in New Caledonia, a French territory.

Nickel price forecast rises as market tightens into 2020

By: Henry Lazenby     2nd December 2016 The price of nickel is expected to continue its upward momentum over the next four years to 2020 as mine closures are expected to slow market growth, while ambitious US spending plans will potentially boost demand. Analysis by Fitch Group research arm BMI calls for a more bullish nickel price... 

Nickel price forecast rises as market tightens into 2020

Chile to capitalise copper producer Codelco with $975m

By: Reuters     1st December 2016 Chile's government will give state-owned copper miner Codelco $975-million in capitalisation so the cash-strapped firm can finance its ambitious investment plans, Finance Minister Rodrigo Valdes said on Thursday. World No1 copper producer Codelco returns all its profits to the state and is... 

Vale says expects judge to approve Samarco settlement soon

By: Reuters     1st December 2016 Vale, the world's top iron-ore producer, said a judge was soon to ratify a settlement with the Brazilian government regarding its Samarco iron-ore joint venture with BHP Billiton. General Counsel Clovis Torres told investors and analysts at a presentation in London that it "should not take long"... 

Diligent Glencore delivers on debt promise, restarts dividend

By: Martin Creamer     1st December 2016 Diversified mining and marketing company Glencore has delivered on last year’s commitment to cut debt and structurally increase the strength of its balance sheet – and it has done so in a way that has preserved the group’s long-term earnings capability.  JP Morgan Cazenove analysts described the... 

Diligent Glencore delivers on debt promise, restarts dividend
Photo by Duane Daws
Ivan Glasenberg at last year's hand over by Glencore of a R75-million school in South Africa's coalfields to Basic Education Minister Angie Motshekga.

Vale to refinance $2bn of debt next year: CFO

By: Reuters     30th November 2016 Brazilian miner Vale plans to refinance around $2-billion of debt next year, CFO Luciano Siani said on the sidelines of the company's investor day in New York on Tuesday. Vale, rated Ba3/BBB-/BBB, will focus on debt coming due in 2018, though not all of that would be refinanced with the sale of... 

Ore rally, cost cuts giving Vale breathe to rethink asset sales

By: Reuters     29th November 2016 Vale, the world's No 1 iron-ore producer, is taking advantage of recent gains in mineral and metal prices and successful cost-cutting steps to rethink the pace of an asset sale plan to bring down debt, executives said on Tuesday. Higher ore recovery and price realisation may help Vale generate... 

Platinum supply under extreme pressure – Dunne 

By: Martin Creamer     29th November 2016 The platinum mining industry is not mining anywhere near the forecast demand of nine-million ounces by 2025, the nominal global demand quantum based on a modest compound annual growth rate of only 1.5%. Reiterating this to journalists on Tuesday, Northam Platinum CEO Paul Dunne pointed out that... 

Platinum supply under extreme pressure – Dunne
Photo by Duane Daws
Northam Platinum CEO Paul Dunne

Glencore pivots from disposals to dividends as stock rallies

By: Bloomberg     29th November 2016 What a difference a year makes. Glencore fended off questions in 2015 about its survival as commodity prices hit new lows, and now there’s talk that the company’s turnaround plan has gone so well that it could be months away from paying dividends again. Surging coal and zinc prices, a rebounding... 

Capital expenditure to continue downward trend

By: Henry Lazenby     29th November 2016 Despite a modestly more buoyant outlook for key metal prices, mining capital expenditures (capex) are expected to continue on a downward slide over the next three years as miners seek further cost cuts and to improve operational margins, according to analysis by Fitch Group research arm BMI.... 

Capital expenditure to continue downward trend

Hudbay announces $1bn senior notes offering

By: Henry Lazenby     29th November 2016 Canadian base metals producer Hudbay Minerals will offer $1-billion total principal amount in two series of senior notes offerings, including senior notes due in 2023 and a series of senior notes due in 2025. The total principal amount, interest rate and other terms of each series of the new... 

Meridian takes up TSX-V listing as it prepares for two-pronged BMC exploration approach

By: Henry Lazenby     29th November 2016 Amsterdam, Netherlands-based Meridian Mining has completed its acquisition of Canadian junior Cancana Resources, the companies announced Monday – a deal that is expected to streamline the ownership structure of Cancana and Meridian's joint venture (JV) exploration and development project Brazil... 

Meridian takes up TSX-V listing as it prepares for two-pronged BMC exploration approach
Photo by Cancana Resources
Meridian Mining's BMC operation, Rondônia, Brazil

Zinc explodes with lead in surge to highest level in nine years

By: Bloomberg     28th November 2016 Zinc headed for its highest close in more than nine years, while lead was set for its strongest finish since 2011 as bullish sentiment spurs a surge in metals. A momentum indicator eyed by traders signals that the markets are overbought. Industrial metals have climbed about 30% this year after... 

Copper’s scorching rally may hit roadblock as imports drop

By: Bloomberg     28th November 2016 Copper’s searing rally in November could hit a roadblock as China’s imports of the metal shrink. The world’s biggest consumer is making more copper domestically than ever before, using supplies of foreign ore concentrate, which is curbing demand for the refined metal. Overseas purchases of... 

Copper’s scorching rally may hit roadblock as imports drop

Antofagasta sells Michilla legacy mine for $52m

By: Henry Lazenby     26th November 2016 London-listed copper miner Antofagasta announced Friday the sale of its mothballed Michilla copper mine, in Chile, for $52-million to Haldeman Mining. Antofagasta acquired Michilla in 1992, giving rise to what today is the company’s mining division. However, Antofagasta shuttered the mine on... 

SNC-Lavalin wins Argentina nuclear consulting contract

By: Henry Lazenby     26th November 2016 TSX-listed engineering and construction group SNC-Lavalin has won a pre-project contract from Argentina's Nucleoeléctrica Argentina (NA-SA) for the CANDU nuclear new build project at the Atucha site in the district of Zàrate. The six-month contract will allow SNC-Lavalin to engage with suppliers... 

Codelco narrows Q3 profit as copper prices fall

By: Henry Lazenby     26th November 2016 Chile State-owned miner Corporación Nacional del Cobre de Chile (Codelco) has narrowed its third-quarter profit to $79-million for the three months ended September, as a 17% drop in copper prices and higher costs weighed on the bottom line. This compared with a profit of $342-million in the... 

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