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Buenaventura scales back plans for Chucapaca gold project

By: Reuters     Updated 7 hours ago 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

DuSolo permitted to start production from Brazil flagship

By: Henry Lazenby Brazil-focused DuSolo Fertilizers on Tuesday announced that it had received the final mining permit required to start mining and processing high-grade phosphate, discovered at the Santiago target of its Bomfim project, into direct application natural fertiliser (DANF). The company explained that... 

DuSolo permitted to start production from Brazil flagship

Codelco offers unchanged copper premiums at $112/t for Europe – sources

By: Reuters The world's top copper producer Codelco has offered 2015 copper term premiums at $112/t  for customers in Europe, flat from this year, two sources with direct knowledge of the offer said on Monday. The flat premium raised expectations that Codelco could offer flat or a slight fall in term premium... 

South African stocks rise, iron-ore producers recover

By: Reuters South African stocks gained on Monday led by mining companies such as Assore and Kumba Iron Ore after data showed Chinese imported more iron ore than expected in September. The benchmark Top-40 index added 0.64 to 42,181 while the All-share index climbed 0.59% to 47,368. 

Futures drop close to 7-year lows as demand stalls, output keeps rising

By: Reuters European thermal coal futures dropped close to seven year lows on Monday as weakening energy demand continued to clash with rising output. API2 coal futures contracts for delivery in 2015 were trading at $72.05 a tonne on Monday afternoon, almost half their value in spring 2011, when coal markets... 

Newmont to pursue support for Peru gold project despite election

By: Reuters Newmont Mining's Peruvian unit said on Friday that it will keep pushing for local support for its stalled gold mine in the highland region of Cajamarca after a jailed opponent of the project was easily re-elected to lead the region. Newmont shelved the $5-billion proposed Conga mine in 2011... 

Newmont to pursue support for Peru gold project despite election

Glencore considered Australia listing, no decision taken – source

By: Reuters Commodities trader and miner Glencore has considered a secondary listing in Australia over the last year, eyeing the potential to tap a market with mining experience and captive funds, a source with direct knowledge of the matter said. "It is an option," the source said, adding it was not likely... 

Glencore considered Australia listing, no decision taken – source

Constructive winds blowing in South African mining – Goldman Sachs

By: Martin Creamer There are signs of very constructive winds blowing in the South African mining sector despite many being overwhelmed by the negative headlines, says Goldman Sachs International MD Colin Coleman. Coleman, who took part in a panel discussion on the first day of the Joburg Indaba, predicts a... 

Constructive winds blowing in South African mining – Goldman Sachs
Photo by Duane Daws
Goldman Sachs' Colin Coleman

Centamin Sukari mine lifts Q3 output 15%

By: Leandi Kolver Gold output at dual-listed Centamin’s Sukari mine, in Egypt, increased 15% quarter-on-quarter and 10% year-on-year to 93 624 oz for the three months ended September 30. Centamin stated that the mine’s expanded processing plant had achieved nameplate capacity of ten-million tons a year during the... 

Centamin Sukari mine lifts Q3 output 15%

Modernise South African mining or bust – Valli Moosa

By: Martin Creamer The South African mining industry needed to undergo a fundamental phase in modernisation in every way, Anglo American Platinum (Amplats) independent chairperson Valli Moosa said on Wednesday. The former South African Cabinet Minister and apartheid struggle veteran told a key Joburg Indaba... 

Modernise South African mining or bust – Valli Moosa
Photo by Duane Daws
Amplats chairperson Valli Moosa
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