R/€ = 15.82 Change: -0.01
R/$ = 13.24 Change: 0.00
Au 1296.71 $/oz Change: 3.42
Pt 933.00 $/oz Change: -4.50

South America News

Opec says winning battle to curb oil glut

By: Reuters     22nd September 2017 Output cuts by Opec and other oil producers are clearing a supply glut that has weighed on crude prices for three years, ministers said at a meeting on Friday to review the pact that expires in March 2018. The Organization of the Petroleum Exporting Countries, Russia and several other producers... 

Hernic Ferrochrome in business rescue – Mitsubishi

By: Martin Creamer     22nd September 2017 Ferrochrome producer Hernic has been placed in business rescue, Mitsubishi Corporation said on Friday. The businessrescue of the Japanese subsidiary, Mitsubishi Corporation said in a release to Creamer Media’s Mining Weekly Online, is taking place under the Companies Act, following a... 

Fire disrupts Vale Fertilizantes plant in Brazil

By: Reuters     22nd September 2017 A fire disrupted operations at a Vale Fertilizantes plant in Brazil's southeastern state of Minas Gerais on Thursday, the company said. The fire occurred at a water cooling tower for a plant producing sulphuric acid in its Uberaba facility around noon and was under control within an hour, a... 

Primero’s fall from grace accelerates on San Dimas ramp-up delay

By: Henry Lazenby     22nd September 2017 Precious metals producer Primero Mining’s proverbial fall from grace is near complete with the company once more trading in penny stock territory since early September – a level last seen in 2009 and a far cry from its peak at C$8.89 a share in July 2014. The Toronto-based company’s NYSE- and... 

Brazil miner Votorantim Metais files for New York, Toronto IPO

By: Reuters     21st September 2017 Brazil-based mining company Votorantim Metais Holding filed on Thursday for an initial public offering in New York and Toronto, according to a securities filing, which did not signal the pricing or total fundraising expected. Proceeds from the offering would go entirely to the controlling... 

Johnson Matthey to invest £200m in battery material technology

By: Reuters     21st September 2017 Johnson Matthey said it will invest an initial £200-million in expanding its battery material technology business from 2018, aiming to capitalise on growth in the electric vehicle market. The specialty chemicals company said the overall market "could be (worth) more than $30-billion (in) sales... 

Further investment in Anglo by majority shareholder of Vedanta

By: Martin Creamer     21st September 2017 Vedanta head Anil Agarwal has once again hit the headlines by announcing an intended further personal investment in Anglo American through Volcan Investments, which is the majority shareholder of Vedanta Resources. Volcan announced on Wednesday that it intended investing £1.25-billion to... 

Further investment in Anglo by majority shareholder of Vedanta
Photo by Bloomberg
Vedanta head Anil Agarwal

Miner Hochschild on hunt for acquisitions – executive

By: Reuters     21st September 2017 London-based precious metals miner Hochschild Mining is looking for opportunities to grow through acquisitions of early-stage projects, the chief executive said on Wednesday. Speaking during a presentation at the mining convention Perumin, in southern Peru, Ignacio Bustamante added that the... 

Angkor, Renaissance get Cambodian approval to proceed with Koan Nheak exploration

By: Henry Lazenby     20th September 2017 TSX-V-listed Angkor Gold has, together with its joint venture partner Renaissance Minerals, received approval from the Cambodian Ministry of Mines and Energy to proceed with their joint exploration plans of Koan Nheak under a definitive earn-in agreement signed in July. Renaissance is a Cambodian... 

H1 2017 shows world refined copper deficit of 75 000 t

By: Henry Lazenby     20th September 2017 The world’s refined copper balance for the first half of 2017 indicates a deficit of around 75 000 t, including revisions to data previously presented, the Lisbon-based International Copper Study Group revealed on Wednesday. This is mainly owing to stagnant growth in the world refined copper... 

H1 2017 shows world refined copper deficit of 75 000 t

Iron-ore sinks as 'peak steel' call, supply angst rattle market

By: Bloomberg     20th September 2017 Iron-ore has been dragged back into the $60s after getting hit by a barrage of bad news, with persistent concern about rising global supply, fresh questions about the outlook for demand in China, and a warning from Australia’s central bank that the top buyer may be nearing peak steel. The... 

BHP says it paid $4.7bn in global taxes

By: Esmarie Swanepoel     20th September 2017 Mining major BHP paid some $4.7-billion in global taxes and royalties in the 2017 financial year, with a further $1.2-billion payable to the Australian government in corporate tax income payments before the end of the calendar year. Australian taxes, royalties and other payments accounted for... 

BHP says it paid $4.7bn in global taxes

Buenaventura eyes $2bn copper project in Peru – chairperson

By: Reuters     20th September 2017 Buenaventura is considering making a bid on a $2-billion copper project in Peru as the precious metal miner's gold production dwindles and copper prices rally, the company's chairperson told Reuters on Tuesday. Speaking at the Perumin industry convention in Arequipa, Peru, Roque Benavides said... 

GoldMining makes first Peruvian foray

By: Henry Lazenby     20th September 2017 Americas-focused project developer GoldMining Inc is making its first foray into Peru with the 100% acquisition of Crucero gold project, located in south-eastern Peru, from Lupaka Gold. The TSX-V-listed companies have signed a sale agreement providing for total payment of 3.5-million GoldMining... 

Leagold ‘turning a corner’ at Los Filos as Bermejal upside beckons 

By: Henry Lazenby     19th September 2017 Gold miner Leagold Mining is making good progress with transforming the 200 000 oz/y-plus Los Filos mine into a strong, long-lived growth platform with which it can pursue other growth opportunities in Latin America. Speaking to Mining Weekly Online in Vancouver (see attached video), president... 

Leagold ‘turning a corner’ at Los Filos as Bermejal upside beckons
Leagold Mining president and CEO Neil Woodyer discusses the company’s progress at the flagship Los Filos mine, in Mexico, as it aims to create a growth platform for expansion into the Americas. Video: Henry Lazenby; Editing: Lionel da Silva 

Rally in zinc price raises spectre of substitution

By: Reuters     19th September 2017 A sharp rally in zinc prices is posing the threat that industrial users will find ways to substitute the metal with cheaper alternatives or use less, curbing overall consumption. High prices may also dampen a nascent move by Chinese automakers to use more zinc for galvanising, while the Western... 

Brazil mining reform is raising costs for industry – Vale exec

By: Reuters     19th September 2017 Mining reforms in Brazil are raising the cost of operating without generating increased interest in investing in the sector, an executive for world's largest iron-ore producer Vale said on Monday. Brazil President Michel Temer issued decrees in July to boost mining royalties, create a new... 

Brazil's Vale to meet debt target before implementing new growth plans – exec

By: Reuters     19th September 2017 The new growth strategy being evaluated by Brazil's Vale would only be implemented once the company meets its debt reduction targets, an executive director for the world's largest iron ore producer said on Monday. The company is also interested in investing in the electricity sector itself or... 

MAC adds two new factors to TSM initiative to combat child labour

By: Henry Lazenby     19th September 2017 The Mining Association of Canada (MAC) has added two new components to its Towards Sustainable Mining (TSM) initiative to help curb child and forced labour in the mining supply chain, and to provide the information needed for companies to demonstrate their responsible sourcing of minerals and... 

Deterrence, prevention critical for miners in fight against fraud

By: Henry Lazenby     18th September 2017 Fraud is a significant burden on the mining industry and is likely to cost companies an average of 5.85% of turnover every year. Therefore, catching it before it happens is often the best weapon to combat this scourge. This figure is based on 20 years of data across more than 40 sectors,... 

Deterrence, prevention critical for miners in fight against fraud

Avanco revises Jaguar deal

By: Esmarie Swanepoel     18th September 2017 ASX-listed junior Avanco Copper has revised its agreement with TSX-listed Jaguar Mining over the CentroGold project, in Brazil. The two companies in 2016 entered into an A$8.45-million earn-in agreement under which Avanco could take full ownership of the project through various instalments. 

AngloGold announces potential disposal of lossmaking Kopanang

By: Martin Creamer     15th September 2017 A memorandum of understanding (MoU) has been signed with a selected party which could result in a sale agreement involving the disposal of the 36-year-old, lossmaking Kopanang gold mine. AngloGold Ashanti said in a media release to Creamer Media’s Mining Weekly Online on Friday that unsolicited... 

AngloGold announces potential disposal of lossmaking Kopanang
Photo by Duane Daws
AngloGold Anshanti CEO Srinivasan Venkatakrishnan

Gold miners seek safety as political risks rise

By: Reuters     15th September 2017 Canadian miner Eldorado Gold's threat this week to freeze investments in Greece after years of frustrating and costly permit delays highlighted the risks the industry faces when it strays away from mining-friendly countries. After moving into higher-risk countries in recent years to mine new... 

Gold miners seek safety as political risks rise

Professionals at Codelco's Radomiro Tomic mine ink wage deal

By: Reuters     14th September 2017 Chile's state-run copper company Codelco has signed a new collective contract with the professionals' union at its Radomiro Tomic mine, the company said on Thursday. The agreement, which will last 35 months, includes no salary adjustment, but does give workers a one-time bonus of 6.35-million... 

Shifting relationship dynamics, higher earnings see more women buying their own diamond jewellery

By: Creamer Media Reporter      14th September 2017 More women are buying diamond jewellery for themselves, resulting in new growth opportunities for the diamond industry. De Beers' latest ‘Diamond Insight Report’, published on Thursday shows that more than a quarter of women’s diamond jewellery bought in 2016 in each of the four main consumer... 

Lossmaking operations will not be supported – Implats 

By: Martin Creamer     14th September 2017 South Africa’s second-biggest platinum mining company Impala Platinum (Implats) said on Thursday that it would no longer be supportive of lossmaking operations and was taking strong steps to bring about a cash neutral position at its major productivity-hit Impala Rustenburg platinum mine and... 

Lossmaking operations will not be supported – Implats
Photo by Duane Daws
Implats CEO Nico Muller

Sizeable limonite find exposes Horizonte to burgeoning EV market

By: Samantha Herbst     14th September 2017 Brazil-focused nickel development company Horizonte Minerals on Thursday reported sizeable limonite mineral resources at its Araguaia nickel project, which exposes the Aim- and TSX-listed company to the fast-growing nickel/cobalt electric vehicle (EV) battery market. Limonite is treated to... 

Sizeable limonite find exposes Horizonte to burgeoning EV market
Limonite is a type of iron-ore treated to produce nickel and cobalt hydroxides, suitable for supplying the EV battery market

Anglo Pacific acquires royalty interest in Brazil-based nickel/cobalt project

By: Samantha Herbst     14th September 2017 Dual-listed royalty company Anglo Pacific has entered into an agreement with UK-based Brazil Nickel to acquire a gross revenue royalty (GRR) interest for the development of the Piauí nickel/cobalt project, in north-eastern Brazil. This is in line with Anglo Pacific’s strategy to invest in... 

Metminco gets go-ahead for underground ops

By: Esmarie Swanepoel     14th September 2017 Dual-listed Metminco has received approval from the Colombian environmental agency in the Department of Risaralda, to conduct underground development at its Miraflores gold project. The development approval will allow the company to expose the previously defined ore zones on multiple levels, up... 

Ballard surges on design that reduces platinum in fuel cells

By: Bloomberg     14th September 2017 Ballard Power Systems, a supplier of fuel-cell power systems, surged to a three-year high after announcing a technology breakthrough that replaces most of the high-cost platinum used in earlier design. Ballard gained 24% to $4.59 at 3:08 pm, in New York, the most intraday in more than a year and... 

Improved fundamentals prompt Moody’s to adjust higher several commodity price sensitivity ranges

By: Henry Lazenby     14th September 2017 Improved fundamentals amid global economic growth are expected to sustain a higher pricing environment for the global base metals industry, prompting credit ratings firm Moody’s Investors Service to adjust higher the price sensitivity ranges for copper, iron-ore, and metallurgical and thermal... 

Improved fundamentals prompt Moody’s to adjust higher several commodity price sensitivity ranges

Orvana lifts 2018 guidance 25%

By: Henry Lazenby     14th September 2017 Gold and copper miner Orvana Minerals has issued its new production guidance for 2018, aiming 25% higher than that of the current year. The TSX-listed miner, which owns mines in Spain and Bolivia, advised on Wednesday that fiscal 2018 gold output is estimated between 110 000 oz to 120 000 oz, at... 

Inca One more than doubles y/y output for July and August

By: Henry Lazenby     13th September 2017 Small-scale Peru-focused gold processor Inca One Gold has reported a 124% year-on-year increase in gold output for the months of July and August combined, it announced on Wednesday. "July and August was another productive period for Chala One and our operations team is to be commended for solid... 

Chamber agrees to Minister's written undertaking

By: Martin Creamer     13th September 2017 The Chamber of Mines advises that, following an approach by legal counsel representing Mineral Resources Minister Mosebenzi Zwane, it has reached an agreement with him through his legal counsel in respect of the chamber’s urgent interdict to prevent the implementation of Mining Charter Three, as... 

Chamber agrees to Minister's written undertaking
Chamber of Mines CEO Roger Baxter

Tahoe’s Escobal mine licence reinstated

By: Henry Lazenby     12th September 2017 Precious metals miner Tahoe Resources has been given the go-ahead to restart its Escobal silver mine, in Guatemala. The announcement sent the company's battered TSX-listed stock soaring by a third on Monday, despite still being down nearly 40% since the start of the year on Tuesday. 

Master Drilling posts resilient interim results, continues technological innovation focus

By: Mia Breytenbach     12th September 2017 Two additional machines and the impact of favourable foreign-exchange movements have contributed to a 12.5% increase in JSE-listed drilling services provider Master Drilling’s revenue to $60.5-million for the six months ended June 30. The group added two raise-bore machines during the period... 

Master Drilling posts resilient interim results, continues technological innovation focus

Demand for quality metals amplifying – ARM 

By: Martin Creamer     11th September 2017 Global climate change mitigation is amplifying the demand for good quality, low-impurity metals, which are being rewarded with high price premiums. There is a huge drive in China towards better quality, which will eventually use less energy and cause less pollution. (Also watch attached Creamer... 

Demand for quality metals amplifying – ARM
African Rainbow Minerals CEO Mike Schmidt discusses of price premiums being paid for quality with Mining Weekly Online’s Martin Creamer. Video and Video Editing: Darlene Creamer

China's fossil-fuel phase-out fails to alarm big oil investors

By: Bloomberg     11th September 2017 In the first day of trading after China said it’s working on a deadline to end sales of fossil-fuel-powered vehicles, shares are holding ground in the oil companies that stand to lose out. The listed units of China’s big three oil companies – PetroChina, Cnooc and China Petroleum & Chemical –... 

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