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Codelco says El Teniente expansion two to three yrs behind schedule

By: Reuters The expansion of Chilean copper company Codelco's El Teniente underground mine has fallen around two to three years behind schedule, CEO Nelson Pizarro said on Friday. Pizarro, who took the helm at the world's No 1 copper producer earlier this year, added that the El Teniente expansion will... 

Colombia fixes moorland boundaries affecting gold miners

By: Reuters Colombia's Environment Ministry announced it had fixed the boundaries of an ecologically delicate moorland in the country's northeast, a decision that would affect two of three miners with a licence to explore or develop mining there. Environment Minister Gabriel Vallejo said 100 000 ha of land... 

Benchmark ferrochrome price settled 6% lower – Merafe

By: Martin Creamer The European benchmark price of ferrochrome has been settled 6% lower for the first quarter of next year, the JSE-listed Merafe Resources said on Friday. The price of $1.08/lb for the first quarter of 2015 is seven cents a pound lower than the current $1.15/lb price of the fourth quarter of 2014. 

Benchmark ferrochrome price settled 6% lower – Merafe
Photo by Duane Daws
Ferrochrome production at Glencore-Merafe's Lion smelter

Peru OKs environmental study for Southern Copper mine expansion

By: Reuters Peru approved the environmental study for Southern Copper's $1.2-billion expansion of its Toquepala mine, a project expected to raise copper output by 100 000 t/y, the government said on Thursday. Construction on the expansion, which will add a new concentrator at the mine and boost its tailings... 

Cashless home loans for migrant mineworkers on way – Teba

By: Martin Creamer A system of providing incremental cashless home loans to migrant mineworkers living in distant areas is being implemented. Teba CEO Dr Graham Herbert, who spoke to Mining Weekly Online in the attached video interview on potential improvements to the much-criticised migrant labour system, says... 

Cashless home loans for migrant mineworkers on way – Teba
Photo by Duane Daws
Graham Herbert

Judge refuses Vale request to dismiss Rio Tinto lawsuit in US

By: Reuters A US federal judge on Wednesday refused to dismiss mining giant Rio Tinto's lawsuit against rival Vale, alleging it conspired with Israeli billionaire Beny Steinmetz and BSG Resources to steal the company's valuable mining rights in Guinea. US District Judge Richard Berman of Manhattan rejected... 

Venezuela restarts nickel output at asset taken over from Anglo

By: Reuters Venezuela has restarted production from the Loma de Niquel ferronickel asset it took from mining giant Anglo American in 2012 after cancelling its licences, data from an industry body showed this week. Information on Venezuela is patchy but the International Nickel Study Group (INSG) numbers... 

Kinross completes Aurelian Resources and Fruta del Norte divestment

By: Henry Lazenby TSX- and NYSE-listed Kinross Gold on Wednesday said it had completed the divestment of all of its interest in Aurelian Resources and the Fruta del Norte project, in Ecuador, to Fortress Minerals, a member of the Lundin Group of Companies, for $240-million. Payment consisted of $150-million in... 

Despite gold hedge book contracting in Q3, full-year growth expected

By: Henry Lazenby A new report released on Tuesday by Societe Generale and Thompson Reuters GFMS had found that net gold hedging had declined by a net 200 000 oz in the third quarter. This was the result of a slowdown in the volume of hedging, which meant that the delivery into and the maturity of pre-existing... 

Despite gold hedge book contracting in Q3, full-year growth expected

Gold miners report new discoveries

By: Henry Lazenby Gold producers Aurico Gold and Yamana Gold on Monday reported that 2014 exploration programmes had resulted in new discoveries at Aurico’s Kemess East project, in north-central British Columbia, and Yamana’s El Penon gold/silver mine, in Chile, and Chapada, in Brazil. TSX- and NYSE-listed Aurico... 

Kazakh ENRC sues Zamin to repay $65 mln over Brazil mine

By: Reuters Kazakh mining firm ENRC on Monday sued Indian billionaire Pramod Agarwal's mining firm Zamin for the repayment of a $65-million loan, the latest chapter in a legal battle between Indian and Kazakh tycoons over a Brazilian iron-ore project. The latest filing in a British court comes after a Zamin... 

After conquering iron ore, BHP and Rio move to dominate in copper

By: Reuters Rio Tinto and BHP Billiton are amassing vast copper holdings in a push to capture a greater chunk of the $140-billion world market, apparently aiming to squeeze out high-cost producers just as they did in the global iron ore business. Separately and in joint ventures, Rio and BHP intend to mine... 

Samco Gold to acquire Peruvian base metals project

By: Henry Lazenby Argentina-focused Samco Gold on Friday announced that it had signed an agreement to buy two Peruvian subsidiaries of Mantaro Resources for about $3.4-million in cash and scrip, which would give it control over exploration and mining concessions over the Dino polymetallic property. Samco would... 

Has China reached peak graphite? – Benchmark Mineral Intelligence

By: Creamer Media Reporter According to a report released this week by London-based Benchmark Mineral Intelligence, China’s share of global natural graphite output will fall by 15% this year to levels not seen since the mid-1990s, when the country began exporting to international markets. This year alone the country’s... 

Impala Platinum selling shares to workers in R1.1bn deal

By: Martin Creamer South Africa’s second-largest platinum mining company is selling shares in the company’s primary operational subsidiary to employees in a R1.1-billion deal. The JSE-listed Inplats said on Thursday that it had concluded a vendor-financed equity transaction with Impala Platinum Limited, which owns... 

Impala Platinum selling shares to workers in R1.1bn deal
Photo by Duane Daws
Terence Goodlace

Tighter coal market in sight – Glencore

By: Martin Creamer A natural tightening of the coal market as a result of demand catching up with supply will happen in the near future, says Glencore Coal CEO Peter Freyberg. Freyberg, who was addressing Glencore’s investor day, made the point that coal is not in the same over-supply situation as iron-ore and that... 

Tighter coal market in sight – Glencore
Photo by Bloomberg
Peter Freyberg

Largo commissions study to examine Maracas Menchen’s platinum potential

By: Henry Lazenby Vanadium producer Largo Resources on Wednesday announced that it had commissioned a prefeasibility study to examine the potential to produce saleable platinum concentrates at its Maracas Menchen mine, in Bahia, Brazil. As part of the current vanadium production process, run-of-mine platinum... 

Fiscally committed oil exporters most exposed to low oil prices – Moody’s

By: Henry Lazenby Oil-exporting countries heavily reliant on oil revenues and committed to large spending programmes were most likely to have difficulty accommodating low oil prices, Moody's Investors Service said on Wednesday. In its report ‘Global oil price volatility: Oil-exporting sovereigns with limited... 

Fiscally committed oil exporters most exposed to low oil prices – Moody’s

Strike affecting some ops at Peru top copper mine - union

By: Reuters A strike at Peru's biggest copper and zinc mine Antamina is affecting "some" operations at the project, a union director said on Wednesday, although a mine spokesperson said operations were "normal". The workers began a fresh strike at the mine, which produces around 30 000 t/m, on Wednesday in... 

Yamana Gold to spin out, sell some noncore Brazilian assets

By: Henry Lazenby Canadian gold producer Yamana Gold will spin out some of its noncore Brazilian assets into a new subsidiary next year, but would continue to consider strategic alternatives for these assets, including their possible outright sale. The Toronto-based miner on Wednesday said it had already made... 

Yamana Gold to spin out, sell some noncore Brazilian assets

Capital misallocation lowering commodity prices – Glencore

By: Martin Creamer Capital misallocation, not a lack of demand, remained the key factor in the current low level of several commodity prices, Glencore CEO Ivan Glasenberg said on Wednesday. Highlighting the need to differentiate by commodity in allocating capital, Glasenberg said at the company’s investor day in... 

Capital misallocation lowering commodity prices – Glencore
Photo by Duane Daws
Ivan Glasenberg

Strong diamond growth forecast, but funding access could pose threat

By: Sashnee Moodley The diamond industry can expect a strong demand outlook in future; however, access to diamond financing – especially for traders, cutters, polishers and jewellery manufacturers – could hinder future market growth. 

Mining on cusp of business transformation – Dassault Systèmes

By: Martin Creamer The mining industry is on the cusp of business transformation similar to what manufacturing experienced decades ago, says Dassault Systèmes VP natural resources Marni Rabassó. During the time that mining was able to ride the commodity price curve without feeling too much pressure to change, the... 

Mining on cusp of business transformation – Dassault Systèmes
Marni Rabassó

Workers at Peru's top copper mine to start new strike Wednesday – union

By: Reuters Workers at Peru's biggest copper and zinc mine, Antamina, will start a new indefinite strike on Wednesday to continue pushing for a bonus and other benefits, union leader Jorge Juarez said. The union ended a 19-day strike on November 30 after Peru's work authority declared it illegal. The mine... 

Vale sells stake in Mozambique coal mine to Mitsui for $763m

By: Reuters Brazil's Vale SA said on Tuesday it sold a stake in its Mozambique coal mine to Japanese trader Mitsui & Co Ltd for $763-million, as it looks to shore up its balance sheet during a period of lower commodity prices. Reuters reported the deal last week, citing sources. Mitsui also confirmed the... 

Vale sells stake in Mozambique coal mine to Mitsui for $763m

Anglo striving to end SA coal productivity lag, eyeing 40% iron-ore HQ cut

By: Martin Creamer Hugely lagging productivity in Anglo American’s South African thermal coal operations is coming under intense scrutiny and head office roles at Kumba Iron Ore may be cut by 40%. In response to Mining Weekly Online query on the accuracy of the claim that productivity on Anglo’s coal-mines in South... 

Anglo striving to end SA coal productivity lag, eyeing 40% iron-ore HQ cut
Photo by Duane Daws
Mark Cutifani

BHP unveils name of spin-off company

By: Esmarie Swanepoel Diversified major BHP Billiton on Monday revealed that its demerged company would be named South32 to reflect its Southern Hemisphere roots. BHP is spinning off some of its aluminium, coal, manganese, nickel and silver assets, worth an estimated $16-billion, into a newly listed company.  

BHP unveils name of spin-off company
South32 CEO-elect Graham Kerr

Vale may seek to settle Rio Tinto lawsuit over Guinea iron-ore

By: Reuters Rio Tinto declined to comment on Monday on whether it would be willing to settle a lawsuit it brought against Brazil's Vale SA over valuable iron-ore concessions in Guinea. Vale's general counsel said last Friday the company may consider seeking a settlement with Rio Tinto, depending on a... 

Vale says may close Corumba mine system in Western Brazil

By: Reuters Brazil's Vale is considering the closure of its two-million-tonne-per-year iron-ore Corumba system in Western Brazil as the price of the steelmaking ingredient lingers at five-year lows, its head of iron-ore said on Friday. "There's always a doubt on Corumba which is our small system in the west... 

Anglo American withdraws from Peru copper project

By: Henry Lazenby Multinational miner Anglo American on Friday said it would withdraw from the Michiquillay copper project, in Peru, citing the current economic environment as a key driver to prioritise its capital to drive greater returns. The LSE-listed company said it had given notice to the government of Peru... 

Brazil's Vale, investor discuss Mozambique coal asset sale

By: Reuters Brazil's Vale SA said Friday it was in negotiations with an investor over the sale of a stake in its Mozambique coal assets, responding to reports it is selling the stake to Japanese trader Mitsui & Co. On Thursday, Reuters cited two sources as saying that Vale was poised to sell a 15% stake in... 

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