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ABG Q3 production up 16%, AISC continues decline

By: Leandi Kolver     Updated 2 hours 11 minutes ago Tanzania-focused gold producer African Barrick Gold (ABG) increased its production for the three months ended September 30, by 16% year-on-year, while all-in sustaining costs (AISC) declined for the eight successive quarter. ABG CEO Brad Gordon said the company’s production amounted to 190 986 oz... 

Less Eskom coal, fewer S African diamonds, less refined platinum, lower iron-ore sales – Anglo

By: Martin Creamer     Updated 6 hours ago Diversified mining company Anglo American on Thursday reported 12% lower coal production for South Africa’s State electricity utility Eskom, 31% less refined platinum production, 4% lower iron-ore exports and fewer diamond carats from South African diamond mines, in the three months to September... 

Less Eskom coal, fewer S African diamonds, less refined platinum, lower iron-ore sales – Anglo
Photo by Duane Daws
Anglo CEO Mark Cutifani

Beadell looks at contract mining for Tucano

By: Esmarie Swanepoel ASX-listed gold miner Beadell Resources has signed a letter of intent (LOI) with fellow listed mining contracter Maca over the management of mining operations at the Tucano gold mine, in Brazil. Beadell’s existing mobile fleet and equipment would progressively be transferred to Maca under a... 

MBAC stock surges on loan maturity extensions, liquidity update

By: Henry Lazenby The TSX-listed stock of Brazil-focused fertiliser producer MBAC Fertilizer on Wednesday jumped by as much as 157%, or C$0.11, after the struggling company reported that it had signed final agreements with its senior lenders to extend the maturity of its loans and defer related interest and... 

Fortress Minerals to buy stalled Ecuador project for $240m from Kinross

By: Henry Lazenby TSX-V-listed Fortress Minerals has agreed to buy the stalled Fruta del Norte (FDN) gold/silver project, in Ecuador, for $240-million in cash and scrip from TSX- and NYSE-listed Kinross Gold. Kinross last year booked a $720-million charge related to the discontinued FDN. Kinross shelved the... 

Fortress Minerals to buy stalled Ecuador project for $240m from Kinross

Capital-raise puts novel underpin on Northam Platinum’s funded R6.6bn BEE deal

By: Martin Creamer Platinum mining company Northam on Wednesday concluded a fully funded ten-year R6.6-billion black economic-empowerment (BEE) equity transaction underpinned by a R4.6-billion capital raising, which has the potential to position the JSE-listed company as a fully integrated, fully empowered South... 

Capital-raise puts novel underpin on Northam Platinum’s funded R6.6bn BEE deal
Photo by Duane Daws
Northam Platinum CEO Paul Dunne

BHP reports record production, says no major projects under way

By: Esmarie Swanepoel Mining giant BHP Billiton has reported record production across four commodities and eight operations during the quarter ended September, including from its Pilbara iron-ore operations. Iron-ore production for the three months under review increased by 1% on the previous quarter, and 17% on the... 

BHP reports record production, says no major projects under way
Photo by Bloomberg
BHP CEO Andrew Mackenzie

Global REE supply threatened after reports that 40% of Chinese supply is illegal

By: Henry Lazenby China, the world's most prolific producer of rare earth elements (REE),  has revealed that 40% of its supply is from illegally mined sources in the country, market-focused research house Benchmark Mineral Intelligence analyst Simon Moores reported on Tuesday. Industrial Minerals Company of... 

Global REE supply threatened after reports that 40% of Chinese supply is illegal

De Beers plans to keep South African diamond exploration spend at R30m a year

By: Martin Creamer Diamond company De Beers plans to maintain its diamond exploration spend in South Africa at R30-million to R35-million a year. De Beers Consolidation Mines (DBCM) CEO Phillip Barton, who spoke to Mining Weekly Online in a video interview (see attached) on the sidelines of the Diamond Route... 

De Beers plans to keep South African diamond exploration spend at R30m a year
Photo by Creamer Media
Phillip Barton (right) and Martin Creamer

Buenaventura scales back plans for Chucapaca gold project

By: Reuters Peruvian miner Buenaventura has scaled back plans for its Chucapaca gold project since taking full control of the deposit from Gold Fields earlier this year, the company told Reuters on Monday. Buenaventura will now invest $700-million in the project instead of an earlier estimate of $2-billion,... 

Miners need sustainable solutions to productivity problem – EY

By: Esmarie Swanepoel A report by advisory firm Ernst & Young (EY) has indicated that cost cutting would only lead to short-term productivity gains for mining companies with complex operations and that sustainable long-term solutions were needed. In its new report, ‘Productivity in mining: now comes the hard part’,... 

Miners need sustainable solutions to productivity problem – EY

China metals demand seen up in 2015, copper at least 6%

By: Reuters China's consumption of refined copper is expected to rise at least 6% in 2015, roughly in line with this year, supported by new investment in power networks and demand from rail projects, analysts and industry executives said. An expected slowdown in new residential and commercial building... 

Chile cuts copper production forecast for 2014

By: Reuters Chile reduced its forecast for production of copper in 2014 to 5.83-million tonnes, down from a previous prediction for 5.95-million tonnes. State copper commission Cochilco said on Friday that the country, the world's top copper producer, would likely produce a record 6.23-million tonnes in 2015. 

Riddle of inventory levels keeps platinum investors shy

By: Reuters Investors are unlikely to rush back into platinum any time soon after a minimal price reaction to its biggest-ever supply shock highlighted a major problem: no-one knows how much metal exists above ground or more importantly who holds it. Analysts predicted a surging market as a record five-month... 

Vale to divest 20% of Indonesian unit within five years – CEO

By: Reuters Nickel miner Vale Indonesia will divest a further 20% stake of the company to Indonesian parties within five years, the firm's chief executive said on Friday, after signing an amended mining contract with the government of Indonesia. Vale has already divested a 20% stake via its public listing... 

Iron-ore boss at trader Glencore quits – source

By: Reuters The head of iron ore trading at commodities miner and trader Glencore, Christian Wolfensberger, has quit, according to a source with direct knowledge of the matter. Wolfensberger, a Swiss-born Glencore veteran with more than two decades of experience, was appointed to run the iron ore division... 

Peru rules out tax breaks or subsidies to counter slowdown

By: Reuters Peru's government has ruled out cutting taxes or introducing subsidies to encourage investment and cushion export sectors from the worst economic slowdown in five years, the minister responsible for industry said on Thursday. The government said earlier this year that it was considering... 

Concerns about possible deflationary spiral as commodity prices continue to slide

By: Henry Lazenby In a global economy witnessing passive consumer inflation, sluggish wage growth and falling commodity prices, some market observers have voiced their concern about the potential for deflation in developed markets. Last month, gold dipped below $1 200/oz, before recovering marginally, as inflation... 

Concerns about possible deflationary spiral as commodity prices continue to slide

Concerns about possible deflationary spiral as commodity prices continue to slide

By: Henry Lazenby In a global economy witnessing passive consumer inflation, sluggish wage growth and falling commodity prices, some market observers have shown concern about the potential for deflation in developed markets. Last month, gold dipped below $1 200/oz, before recovering marginally, as inflation... 

Concerns about possible deflationary spiral  as commodity prices continue to slide

Novelis plans to shut Brazilian smelter by year-end

By: Reuters Novelis said on Thursday it will close its Ouro Preto aluminium smelter in Brazil, the latest casualty of high energy costs and low metal prices as the world's top rolled products maker focuses on downstream higher-value products. The plant, which makes 18 000 t/y of extrusion billet, will shut... 

Precious metals markets influenced by monetary conditions, industrial metal prices remain detached – report

By: Leandi Kolver While precious metal markets were influenced by monetary conditions, industrial metals have managed to remain somewhat detached from generic economic conditions, with prices being determined by fundamentals of supply and demand that were, in many cases, specific to each metal, French corporate... 

Precious metals markets influenced by monetary conditions, industrial metal prices remain detached – report

LME takes charge of London platinum, palladium 'fixes', eyes on gold

By: Reuters The London Metal Exchange, owned by Hong Kong Exchanges and Clearing, will take charge of London's platinum and palladium pricing, also known as "fixes", from December 1, replacing a teleconference with an electronic platform. The unexpected move marks a stunning comeback for the LME, which... 

R50m virtual reality centre set to revolutionise mine design

By: Martin Creamer The University of Pretoria’s new virtual reality mine design centre, which is on track to go into test mode in April, is set to revolutionise both surface and underground mine design. A total of R50-million is being invested in the centre, which will be put into a three-month test phase ahead of... 

R50m virtual reality centre set to revolutionise mine design
Photo by Creamer Media
Prof Ronny Webber-Youngman (right) and Martin Creamer

BHP confirms London listing plans for new venture

By: Esmarie Swanepoel Mining giant BHP Billiton on Thursday confirmed plans to list the new company containing some of its major assets on the London Stock Exchange. This listing would be in addition to a primary listing on the ASX, and a secondary inward listing on the JSE. 

BHP confirms London listing plans for new venture
BHP Billiton CEO Andrew Mackenzie

Prophecy Coal to buy high-grade Bolivian silver producer

By: Henry Lazenby Vancouver-based Prophecy Coal on Wednesday announced that it had agreed to buy two of TSX-V-listed Apogee Silver’s subsidiaries in order to acquire the Pulacayo-Paca silver/lead/zinc mine, in Bolivia. Prophecy Coal has a diverse portfolio of projects including coal mining and thermal power... 

Prophecy Coal to buy high-grade Bolivian silver producer
Photo by Prophecy Coal
Pulacayo-Paca, Bolivia

Canadian diamond output could more than double in 4 years

By: Henry Lazenby Canada’s diamond output could more than double in the next four years, underpinned by De Beers Canada and Mountain Province Diamonds’ Gahcho Kué project, in Canada’s Northwest Territories, and Stornoway Diamond Corp’s Renard project, in Quebec – with both projects now in the construction phase –... 

Canadian diamond output could more than double in 4 years

Mick Davis X2 now sitting on nigh-$5bn war chest

By: Martin Creamer Old Xstrata recollections were reignited on Tuesday as former Xstrata CEO Mick Davis announced that his new X2 Resources had garnered in another $1-billion to take the incipient mining company towards financial reserves of close on $5-billion. A number of new investors have taken the X2 total up... 

Mick Davis X2 now sitting on nigh-$5bn war chest
Photo by Duane Daws
Flashback Mick Davis picture

Turquoise Hill cuts Oyu Tolgoi 2014 gold, copper output forecast

By: Reuters Turquoise Hill Resources on Tuesday reduced its 2014 forecasts for gold and copper production at the massive Oyu Tolgoi copper-gold mine in Mongolia due to delays in advancing mine development in the third quarter. The miner, which owns some 66% of Oyu Tolgoi, said it expects the mine to produce... 

Pilbara expansions push Rio Tinto iron-ore output to record

By: Esmarie Swanepoel Diversified giant Rio Tinto’s Pilbara expansions have delivered another record quarter of production, with the miner reporting a 5% quarter-on-quarter increase in iron-ore production during the three months ended September. Third-quarter iron-ore production increased to 76.8-million tonnes,... 

Pilbara expansions push Rio Tinto iron-ore output to record

Mexican miner Fresnillo looks to hedge some gold output

By: Reuters Mexican miner Fresnillo reported a small drop in quarterly silver production and said it could hedge a part of its gold output to protect its recent investment in the Herradura corridor in northern Mexico. Shares in the miner fell as much as 3.4% on Wednesday morning, making the stock one of the... 

Global copper market to swing to surplus in 2015 for first time in 5 years

By: Henry Lazenby A global copper industry think tank on Tuesday said the copper market, which had been in a supply deficit for the past five years, would swing to a surplus. The International Copper Study Group (ICSG) met in Lisbon, Portugal, on Monday and Tuesday, after which it published its copper market... 

Global copper market to swing to surplus in 2015 for first time in 5 years
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