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Brazil’s ambassador to Canada calls for greater trade between two natural resource giants

By: Simon Rees     Updated 7 hours ago Brazil seeks to boost the level of bilateral trade with Canada, particularly in the sphere of mining, the country’s ambassador to Canada Pedro Fernando Brêtas Bastos told audience members at the Brazil-Canada Chamber of Commerce mining breakfast on Monday. The level of bilateral trade between... 

Glencore transitioning into deficit in most commodities – Glasenberg

By: Martin Creamer     Updated 7 hours ago Diversified major Glencore was transitioning into deficit in most of the commodities it produced, CEO Ivan Glasenberg said on Tuesday. Glasenberg, who has presided over returning $9.3-billion to shareholders in dividends and buybacks since 2011, told analysts and media in teleconferences in which... 

Glencore transitioning into deficit in most commodities – Glasenberg
Photo by Duane Daws
Ivan Glasenberg

Merafe in good position to meet increased ferrochrome demand – Matlala

By: Tracy Hancock JSE-listed Merafe Resources “remains excited” about the industry as its mix of energy efficient technology and the recent addition of Lion II allows the ferrochrome producer to capitalise on projected growth in ferrochrome demand. CEO Zanele Matlala advised in a conference call on Tuesday that... 

Merafe in good position to meet increased ferrochrome demand – Matlala
Photo by Duane Daws
Merafe CEO Zanele Matlala

Marketing hoists Glencore over low commodity price hurdle

By: Martin Creamer Diversified major Glencore has managed to scale the low commodity price hurdle with significant help from its marketing arm. The London- Hong Kong- and Johannesburg-listed company, which produces and markets 93 commodities, went against the grain with its surging agricultural business yielding... 

Marketing hoists Glencore over low commodity price hurdle
Ivan Glasenberg

Rio launches mass data centre in India

By: Esmarie Swanepoel Mining major Rio Tinto has expanded its Mine of the Future programme with the introduction of the world-first Analytics Excellence Centre, in Pune, India. The miner said this week that the centre would assess massive volumes of data captured by an array of sensors attached to the company’s fixed... 

Silver Wheaton lifts Salobo mine gold stream

By: Henry Lazenby Precious metals streaming firm Silver Wheaton has acquired another 25% stake in the gold output from Vale’s Salobo mine, in Brazil. The deal immediately increased Silver Wheaton's output and cash flow profile by enhancing its expected average gold output by 70 000 oz/y for the first ten years and... 

New tech competitive this year – AngloGold

By: Martin Creamer The new raise-boring technology, which produced 100 kg of gold for AngloGold Ashanti in 2014, is targeted to be competitive with conventional mining this year. Last year the company used the raise-bore technology to drill 83 holes in shaft pillars that are unsafe to mine conventionally. 

New tech competitive this year – AngloGold
Photo by Creamer Media
Mike O'Hare

Turbines boosting mine power – AngloGold

By: Martin Creamer Gold major AngloGold Ashanti is installing turbines in underground mines to boost energy regeneration, as part of a strategy of recovering electricity without spending significant amounts of capital. “What we’ve done is put in energy regeneration and capture plants in the form of turbines at two... 

Turbines boosting mine power – AngloGold
Photo by Creamer Media
Mike O'Hare

Metallum raises cash to fund Chile operations

unior copper developer Metallum on Monday announced a A$560 000 capital raising to fund its activities in Chile. The company reported that it had received firm commitments to subscribe for 56-million ordinary shares at A$0.01 a share.  

First tungsten from new Zimbabwe mine June – Premier

By: Martin Creamer The first major commercial production of tungsten from a new mine under construction in Zimbabwe is expected in June. The plant for the mine, which is being built in Johannesburg by Appropriate Process Technology, is due for shipment to Zimbabwe on May 11. The RHA project has so far absorbed an... 

First tungsten from new Zimbabwe mine June – Premier
Photo by Duane Daws
George Roach (right) with Martin Creamer

Troy's higher gold output results in more revenue

By: Esmarie Swanepoel ASX- and TSX-listed gold miner Troy Resources has reported a 22% increase in revenues for the half-year ended December, on the back of a higher gold output. The miner on Friday reported that gold equivalent production during the interim period reached 65 014 oz, compared with the 60 334 oz... 

Beadell signs off on tough year

By: Esmarie Swanepoel Gold miner Beadell Resources on Friday reported a $100-million drop in net profit after tax for the financial year ended December, with higher costs of production, a foreign exchange rate loss and tax liabilities negatively impacting on the company’s financial performance. Net profit after tax... 

Rio Tinto simplifies business to further lower costs

By: Esmarie Swanepoel Diversified giant Rio Tinto on Friday announced that it would streamline its business, condensing its assets into four product groups namely; aluminium, copper and coal, diamonds and minerals, and iron-ore. The miner said that the new copper and coal product group would bring Rio’s coal... 

Rio Tinto simplifies business to further lower costs
Photo by Bloomberg
Rio Tinto CEO Sam Walsh

Australian iron-ore juniors hurting, some majors reviewing expenditure plans as prices slump

By: Esmarie Swanepoel The recent free fall in the iron-ore price to its lowest level in six years has struck a deathblow to a number of Australian juniors operating in the sector, while the majors have been forced to cut back costs. Commodity analyst Wood Mackenzie (WoodMac) blamed the lagging commodity price on a... 

Australian iron-ore juniors hurting, some majors reviewing expenditure plans as prices slump

Colombian mining tax regime counterproductive to investment, profit

By: Henry Lazenby The Colombian mining tax regime has imposed a significantly high tax burden on marginal investments in mining, discriminated across minerals and was counterproductive to project profitability, pointing to a need to improve the country's mining tax regime. This was according to a report released... 

Vale reports increased production in Mozambique while Tata Steel decides to leave

By: Keith Campbell Brazilian mining major Vale has reported its Moatize coal mine in Mozambique set a new production record last year. This was revealed in the group’s recently published 2014 and 4Q14 Production Report. It also set a new record for quarterly production during the fourth quarter (4Q). It further... 

Vale shares down after Q4 loss, missing analyst forecasts

By: Henry Lazenby The NYSE-listed stock of the world’s largest iron-ore producer, Brazil’s Vale, on Thursday trended lower after the diversified miner reported a significant fourth-quarter net loss, as the collapse of the steelmaking commodity’s price weighed on its bottom line.  Despite narrowing the net loss for... 

Vale shares down after Q4 loss, missing analyst forecasts

Implats moves to power platinum refinery with platinum fuel cells

By: Martin Creamer Platinum major Impala Platinum (Implats) is studying the feasibility of taking its entire platinum refinery off the national electricity grid and powering it with platinum fuel cells. The refinery already has a supply of available hydrogen to fuel the cells and would need some 20 MW of fuel-cell... 

Implats moves to power platinum refinery with platinum fuel cells
Photo by Creamer Media
Terence Goodlace and Martin Creamer

Lupaka Gold on track to start mining at Invicta by mid-year

By: Henry Lazenby Peru-focused explorer and project developer Lupaka Gold has received its certificate of mining (COM) permit at the Invicta gold project, moving the company a step closer to start production by mid-year. The COM, granted by the Direccion General de Mineria of the Ministry of Energy and Mines... 

Drought in Chile curbs copper production, to trim global surplus

By: Reuters A drought in Chile is hampering copper production, a water-intensive business, in the world's biggest producer of the metal, one more factor that could trim an expected surplus this year. Both Anglo American and BHP Billiton have said the extremely dry conditions have hit production due to... 

Anglo's zinc loss now Vedanta's sweet gain

By: Martin Creamer London-listed diversified mining company Vedanta Resources has found itself in a sweet spot as the owner of the zinc assets that Anglo American saw fit to sell off four years ago, when China seemed in perpetual over supply mode and small operations abounded. But China is no longer supplying as it... 

Anglo's zinc loss now Vedanta's sweet gain
Photo by Duane Daws
Deshnee Naidoo

Rio Tinto CEO sees no chance of a Glencore merger

By: Reuters Global miner Rio Tinto will not be taken over by rival Glencore because there is no value in it for shareholders and regulators will never let it happen, Rio Tinto chief executive Sam Walsh said. Rio rebuffed a takeover approach from Glencore last August to create a $160-billion mining and... 

Rio Tinto CEO sees no chance of a Glencore merger
Photo by Bloomberg
Rio Tinto CEO Sam Walsh

Centaurus raises cash for DSO projects

By: Esmarie Swanepoel Metals developer Centaurus Metals has raised A$1.1-million through a share placement to professional and sophisticated investors, with the miner also announcing plans to raise a further A$3.5-million through a non-renounceable rights issue. Centaurus placed some 44-million shares, priced at 2.5c... 

Colombia govt forecasts 10% increase in 2015 coal output

By: Reuters Colombia, the world's fourth-biggest coal exporter, expects to produce 97.8-million tonnes of the fossil fuel this year, up 10% from 88.6-million tonnes in 2014, the government's UPME energy planning department said on Tuesday. Coal output last year fell only slightly short of the government's... 

Largo Resources defers debt amortisation, extends maturities

By: Henry Lazenby Vanadium producer Largo Resources has received a nonbinding indicative term sheet from its consortium of lenders to defer its debt amortisation schedule and extend the maturities for its construction debt facility and its export credit facilities for its Maracas Menchen mine, in Brazil. The... 

South32 catalyst for next wave of productivity gains – BHP Billiton

By: Martin Creamer Mining giant BHP Billiton, which pulled a free cash flow rabbit out of the thrashed commodity price hat in the six months to December 31, intends the spinoff of South32 to be the catalyst for the new wave of productivity gains in the period ahead “because if you keep doing the same thing, you... 

South32 catalyst for next wave of productivity gains – BHP Billiton
Photo by Duane Daws
Peter Beaven

AusQuest announces Peru farm-in agreements

By: Esmarie Swanepoel ASX-listed explorer AusQuest on Tuesday announced that it had secured three separate copper/gold joint venture (JV) agreements in Peru worth A$34-million. The company said it had inked two JV agreements covering three of its porphyry copper/gold targets in southern Peru, while also finalising... 

BHP posts big drop in half-year profit, cuts back on spending

By: Esmarie Swanepoel Mining giant BHP Billiton on Tuesday said that its interim profit had nearly halved, as the prices of the group’s main commodities slumped in the past six months. BHP posted a 47.4% year-on-year decline in group profit for the half-year ended December 31, to $4.27-billion, from $8.12-billion a... 

BHP posts big drop in half-year profit, cuts back on spending

Copper miner Antofagasta cuts cost forecast on lower peso, oil

By: Reuters Chilean copper producers Antofagasta cut its production cost forecast for 2015 by 6.6% on Monday due to lower oil prices and a weaker Chilean peso against the US dollar. The mining company said it expects its net cash cost for 2015 to be $1.40/lb of copper, about 10 cents per pound lower than it... 

Self-generation does not pass economic muster – AngloGold

By: Martin Creamer Gold major AngloGold Ashanti said on Monday that the idea of the company building its own power stations to provide electricity to its South African gold mines did not pass economic muster and was thus not at the top of its current priority list. At a media roundtable ahead of the presentation of... 

Self-generation does not pass economic muster – AngloGold
Photo by Creamer Media
Venkat (right) and Martin Creamer

AngloGold in mass meetings with workers ahead of wage talks

By: Martin Creamer Gold major AngloGold Ashanti on Monday outlined how it had conducted eight days of mass meetings with unlimited question-and-answer sessions with all of its mineworkers, ahead of the crucial gold industry wage talks. With support of organised labour, the company had conducted the mass meetings... 

AngloGold in mass meetings with workers ahead of wage talks
Photo by Creamer Media
Venkat (right) with Martin Creamer
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