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Vale reports coal prices down, although costs also fell, in the second quarter

By: Keith Campbell Brazilian mining major Vale is of the opinion that the global metallurgical (or coking) coal market “may remain oversupplied throughout the year despite some slight production decrease from US producers in 2015”. In its report Vale’s Performance in 2Q15, the miner surveyed the state of the... 

Goldcorp, Teck to combine Chile projects into massive 50/50 JV

By: Henry Lazenby Gold major Goldcorp and Canadian diversified miner Teck Resources will combine their El Morro and Relincho projects, in Chile, to leverage increased financial returns and dramatically reduce capital expenditure. The miners announced on Thursday that both companies would contribute their separate... 

Goldcorp, Teck to combine Chile projects into massive 50/50 JV
Photo by Goldcorp/Teck Resources
Project Corridor, in Chile, aims to combine the El Morro and Relincho projects.

Glencore buys Vale coal mine

By: Esmarie Swanepoel Diversified miner Glencore has partnered with privately held Bloomfield Group to acquire the Integra coal complex, in New South Wales, from Brazilian major Vale for an undisclosed amount. Under the terms of the binding agreements already signed, Bloomfield would acquire the Integra opencut... 

Petrobras fuel tank explodes in Brazil, killing two

By: Reuters A heating unit at a Petrobras depot in Brazil used to treat fuel for ocean-going ships exploded on Wednesday, killing two workers, the state-run oil company said in a statement. The blast and resulting fire broke out about 13:00 GMT, while workers were doing planned maintenance on the heating... 

Largo racks-up daily production record of 110% capacity

By: Henry Lazenby Vanadium producer Largo Resources has achieved two new production records over consecutive days this week at its Maracas Menchen mine, in Brazil, and expects continued growth. The Bahia-state project achieved a new daily production record on Monday of 27 t of vanadium pentoxide (V2O5), which... 

Aguia raises A$9.5m for Brazilian project

By: Esmarie Swanepoel Brazil-focused fertiliser developer Aguia Resources has completed a A$9.5-million capital-raise to fund environmental baseline studies and a bankable feasibility study at its Tres Estradas project. Some 55.8-million shares were placed to institutional and sophisticated investors, at a price of... 

DuSolo launches strategic review following weaker-than-expected fertiliser sales

By: Henry Lazenby Brazil-focused DuSolo Fertilizers will implement several sales and production strategies in an attempt to increase revenues from its Bomfim mine after demand for its product failed to meet the company's expectations. "In light of the current market conditions in Brazil and the effect it has had... 

Antofagasta’s H1 profit falls 49% as copper slump weighs

By: Henry Lazenby Chile-focused copper miner Antofagasta’s LSE-listed stock closed up nearly 10% on Tuesday despite the miner booking a 49% drop in profit for the first half of the year (H1). Earnings before interest, taxes, depreciation and amortisation were $561.6-million, a 48.6% decline, reflecting a dramatic... 

Antofagasta’s H1 profit falls 49% as copper slump weighs

BHP Billiton still bullish on China

By: Martin Creamer China will continue to grow at 7% this year, BHP Billiton CEO Andrew Mackenzie said on Tuesday, when the mining giant posted a solid set of dividend-paying results. Mackenzie, who rejected the notion that China was “impossible to read”, expected the second half of this calendar year to be... 

BHP Billiton still bullish on China
Photo by Reuters
BHP Billiton CEO Andrew Mackenzie

BHP focused on further cost cuts after tough year 

By: Esmarie Swanepoel Mining giant BHP Billiton on Tuesday announced that it would further cut back on spending as it downwardly adjusted its estimations for peak Chinese steel demand. In a conference call, CEO Andrew Mackenzie said BHP had delivered productivity gains of $4.1-billion in the year ended June 30, some... 

BHP focused on further cost cuts after tough year
Photo by Bloombeg
BHP Billiton CEO Andrew Mackenzie

Minera IRL removes interim CEO after allegations of impropriety

By: Henry Lazenby The board of Latin America-focused gold junior Minera IRL had unanimously voted to remove interim CEO Diego Benavides, the company reported on Monday. The gold junior, which was developing the Ollachea gold project, in Peru, had run into a road block as the local community had suspended its... 

De Beers cuts diamond prices by up to 9% – Bloomberg

By: Reuters De Beers, the world's largest producer of rough diamonds by value, reduced prices for its diamonds by as much as 9%, Bloomberg reported, citing people familiar with the matter. De Beers, a unit of London-listed mining company Anglo American Plc, lowered prices after cuts to production failed to... 

Survey finds Latin American mines least satisfied with cost of maintaining EOM equipment

By: Henry Lazenby Online data, analysis and advisory services firm Timetric has found that mines throughout Latin America are dissatisfied with their original-equipment manufacturers (OEMs) over cost-related factors, in particular maintenance and servicing costs. In the survey ‘Winning and Retaining Business in... 

South32 sees opportunity to work with Eskom on further coal supply

By: Martin Creamer New diversified mining company South32, which on Monday reported 56%-higher underlying earnings of $1-billion, sees an opportunity to work with Eskom on additional coal supply.   The demerged BHP Billiton entity, which is fast-tracking the implementation of its regional operating model in South... 

South32 sees opportunity to work with Eskom on further coal supply
Photo by Duane Daws
Graham Kerr

South32 to cut a further $350m a year in costs

By: Esmarie Swanepoel Triple-listed diversified miner South32 has flagged a $350-million-a-year cost reduction over the next three years, as the spin-off battles falling commodity prices. The miner said on Monday that these cost efficiencies were in addition to the $282-million productivity-led savings embedded at... 

Anglo to sell two Chile copper mines for up to $500m

By: Megan van Wyngaardt Diversified miner Anglo American will sell its Anglo American Norte copper asset to an investor consortium led by Audley Capital Advisors for up to $500-million. Norte owned the Mantoverde and Mantos Blancos copper mines in northern Chile. The total consideration payable to Anglo American... 

Lupaka starts shipping Invicta ore for toll mill testing

By: Henry Lazenby TSX-V- and BVL-listed Lupaka Gold has started shipping a 900 t ore sample from its Invicta gold mine site for an initial toll mill test campaign at a toll mill near La Oroya, in central Peru. The processing campaign would test and demonstrate grinding and recovery kinetics, chemical consumption,... 

Chilean strike, extreme weather interrupt Cerro Grande’s Pimenton mine

By: Henry Lazenby Canadian miner Cerro Grande Mining expects its earnings in its fourth fiscal quarter ended September 30 to be adversely affected by the obstruction of the road serving its Pimenton mine, in Chile.  Striking subcontract workers at Chilean mining major Codelco’s Andina copper/gold mine and a... 

Hochschild pins high hopes on Peruvian Inmaculada mine

By: Henry Lazenby With production from the newly commissioned Inmaculada mine, in Peru, ramping up, silver miner Hochschild Mining is on track to meet its full year production target of 24-million attributable silver equivalent ounces (SEOs). Production for the second half of 2015 was expected to improve owing to... 

Important that Optimum Coal issue is resolved – Glencore

By: Martin Creamer It was important that the Optimum Coal issue was resolved well so that the coal-mining company could become operational once more, Glencore CEO Ivan Glasenberg said on Wednesday. Responding to media questions after the mining and marketing company’s presentation of half-year (H1) results,... 

Important that Optimum Coal issue is resolved – Glencore
Photo by Creamer Media
Ivan Glasenberg greeting pupils at the R75-million school Glencore built in the Mpumalanga coalfields

Glencore maintains dividend on 29% lower earnings

By: Martin Creamer Diversified marketing and mining major Glencore on Wednesday reported 29% lower first-half (H1) earnings of $4.6-billion on weaker commodity prices. The board of the London-, Hong Kong- and Johannesburg-listed company declared an interim dividend of $0.6 a share, consistent with the 2014 interim... 

Glencore maintains dividend on 29% lower earnings
Photo by Duane Daws
Ivan Glasenberg still seeing window of opportunity

Coal prices fall to 12-year lows as China, India join demand slowdown 

By: Reuters Coal futures have fallen to 12-year lows, hit by soaring production and a slowdown in global buying, including from India and China which until recently have been pillars of strong demand. Benchmark API2 2016 coal futures TRAPI2Yc1 last settled at $52.85 a tonne, a level not seen since November... 

Aguia’s Brazil phosphate project shows promise

By: Esmarie Swanepoel A preliminary economic assessment (PEA) of ASX-listed Aguia Resources’ Tres Estradas phosphate project, in Brazil, has indicated that the project could deliver a net present value of $273-million and an internal rate of return of 25%. A re-estimation of the capital cost and yearly production... 

AngloGold harvesting short-life mines

By: Martin Creamer AngloGold Ashanti is harvesting short-life gold mines for cash and will do so with more mines if the gold price falls below $1 000/oz, CEO Srinivasan (Venkat) Venkatakrishnan said on Monday. “As an industry, we’re going through pretty rough times but the rougher it gets, the more our... 

AngloGold harvesting short-life mines
Photo by Duane Daws
Srinivasan (Venkat) Venkatakrishnan (right) and Martin Creamer

AngloGold pumps free cash, beats operating guidance

By: Martin Creamer Gold mining major AngloGold Ashanti generated $71-million of free cash flow in the second quarter (Q2) with production and costs beating guidance on strong performance from its international mines and a recovery in its South African operations. The company, headed by CEO Srinivasan (Venkat)... 

AngloGold pumps free cash, beats operating guidance
Photo by Duane Daws
AngloGold CEO Srinivasan Venkatakrishnan

Peru economy grows 3.87% in June, above expectations

By: Reuters Peru's economy grew by a faster-than-expected 3.87% in June from a year earlier, a strong uptick from May and one of the fastest monthly expansions of the past year, state statistics agency Inei said on Friday. A Reuters poll had forecast a 3% year-on-year expansion in June. The central bank had... 

Brazil court orders Vale to halt Amazon nickel-mine operation

By: Reuters A Brazilian federal court on Friday ordered Vale to halt activity at its Onça Puma nickel mine, in Brazil's Amazon state of Pará, until it can demonstrate what actions it has taken to compensate indigenous communities in the region. Vale's operations in Pará face regular legal and protest action... 

World Gold Council optimistic on H2 gold demand

By: Martin Creamer The World Gold Council is optimistic that there will be an increase in demand for physical gold in the second half (H2) of this year, when it expects a seasonal demand increase in India and gold’s lower price to feed through into stronger consumer demand. Against the background of second quarter... 

World Gold Council optimistic on H2 gold demand
Photo by Bloomberg
Gold bars

China's yuan devaluation to pressure commodities – Goldman

By: Reuters China's yuan devaluation signals that global economic conditions have taken a turn for the worse, creating more downward pressure to come for commodity markets, Goldman Sachs said. "The CNY (yuan) devaluation has been important for commodity markets and we believe it signals that global macro... 

Vale says leak at Copper Cliff smelter in Canada contained

By: Reuters Brazilian miner Vale said on Thursday that a nitrogen dioxide leak at its Copper Cliff smelter in Sudbury, Ontario had been contained and that the leak did not result in any injuries. A spokesperson for Vale said the incident would not have an impact production as the leak occurred just as Vale... 

Chile's Collahuasi copper mine output to fall in 2015, rebound next year – CEO

By: Reuters Collahuasi, one of the world's largest copper mines, will see its production fall slightly this year compared to 2014, but it is expected to recover next year, the mine's chief executive said on Thursday. The Collahuasi mine, located in northern Chile, produced around 470 000 t of copper last... 

Mozambique stacker accident will not delay coal exports, Vale assures

By: Keith Campbell Vale Mozambique, the local subsidiary of major Brazilian mining group has given the assurance that the recent collapse of a coal stacker at the port of Nacala-à-Velha (Nacala) will not interfere with its coal exports from that harbour. The miner has also assured that the collapse of the coal... 

Optimum rescue chance reasonable if Eskom deal renegotiated – Glencore

By: Martin Creamer The directors of Optimum are of the view that there is a reasonable prospect of rescuing Optimum Coal if the supply agreement with Eskom can be renegotiated, Glencore said on Thursday. Optimum Coal announced on August 4 that it had begun business rescue proceedings because of its continued and... 

Optimum rescue chance reasonable if Eskom deal renegotiated – Glencore
Coal renegotiation sought

Q2 gold demand lowest in six years – World Gold Council

By: Martin Creamer Gold demand fell 12% to its lowest level in six years in the second quarter of this year, with the decline most visible in India and China, which together account for almost half the fall. The World Gold Council’s second-quarter (Q2) Gold Demand Trends reported total demand of 915 t compared with... 

Q2 gold demand lowest in six years – World Gold Council
Alistair Hewitt

U3O8 Corp well positioned to take advantage of approaching uranium upside

By: Simon Rees The restart of reactor No 1 at the Sendai nuclear plant, in Japan, this week was potentially a harbinger of a rising tide for the uranium industry, underpinned by China’s rapidly expanding fleet of nuclear reactors and other countries seeking to expand their nuclear capabilities as their... 

U3O8 Corp well positioned to take advantage of approaching uranium upside

Contract workers at Chile's Codelco agree to suspend strike – union sources

By: Reuters Striking contract workers at the world's biggest copper producer, Chile's state-owned Codelco, have agreed to suspend a three-week strike and pursue negotiations with the company, union sources said on Wednesday. Contract workers affiliated with the Confederation of Copper Workers, or CTC, are... 

Black-owned Exxaro commits to fresh BEE in rejigged coal deal

By: Martin Creamer Black-owned mining company Exxaro, which has succeeded in negotiating a $210-million cut in the purchase price of Total Coal South Africa, continues to be statutorily obliged to find a black economic-empowerment (BEE) partner as a government condition for the transfer of ownership to it. While it... 

Black-owned Exxaro commits to fresh BEE in rejigged coal deal
Photo by Duane Daws
Sipho Nkosi

Platinum market to remain in deficit in 2016/17 amid lower capex

By: Megan van Wyngaardt The reduction in capital expenditure (capex) by South Africa’s platinum producers will limit output of the precious metal by as much as 16% in 2016 and 2017, compared with 2015 levels, a World Platinum Investment Council- (WPIC-) commissioned report, compiled by Venmyn Deloitte, projects. The... 

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