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Global gold output rises, but demand remains muted

By: Natasha Odendaal     Updated 1 hour 28 minutes ago Despite the lower gold price, global mine production continued to grow last year, increasing 2% to an all-time high of 3 109 t, the latest survey by GFMS showed. However, total physical demand fell 19% in 2014 as all areas, with the exception of official sector purchases, registered declines. 

Mining M&A hits 10-year low, deal activity likely to remain subdued

By: Esmarie Swanepoel     Updated 7 hours ago Transaction volumes in the mining and metals sector reached a 10-year low in 2014, with transactions driven by divestments and forced sales in the face of falling commodity prices and risk-averse capital markets. It was fourth consecutive year of declining merger and acquisition (M&A) activity... 

Mining M&A hits 10-year low, deal activity likely to remain subdued

Troy nearing completion at Andorinhas

By: Esmarie Swanepoel Dual-listed gold miner Troy Resources was bracing for a busy six months, as the company closed its Andorinhas mine in Brazil, and rapidly developed it Karouni mine, in Guyana. The underground mine at Andorinhas would start preparing for its closure in February, and Troy said on Thursday that the... 

Glencore mulls closure of some South African coal operations

By: Martin Creamer Diversified mining major Glencore is considering the closure of some of its coal-mining operations in South Africa, which would reduce its overall South African production by at least five-million saleable tons of coal a year and affect more than 1 000 employees. This announcement by the... 

Glencore mulls closure of some South African coal operations
Photo by Duane Daws
Ivan Glasenberg

Anglo may record noncash impairment charges in price plunge parry

By: Martin Creamer Given the sharply lower commodity price environment, particularly for bulk commodities, Anglo American said on Wednesday that it expected to record noncash impairment charges in its 2014 results. The London- and Johannesburg-listed diversified major, headed by CEO Mark Cutifani, added in a media... 

Anglo may record noncash impairment charges in price plunge parry
Mark Cutifani

Mining boosts world’s poorest regions – ICMM

By: Martin Creamer The global mining industry makes its biggest contribution in the world’s poorest regions, an International Council on Mining & Metals (ICMM) study has found. The study, which became available in published form on Tuesday, finds that mining spurs the growth and development of national economies... 

Mining boosts world’s poorest regions – ICMM
Photo by Duane Daws
Anthony Hodge

Mining companies suffer $70bn in impairment losses – report

A recent survey revealed that major global mining companies had suffered impairment losses of $70-billion in 2013/14, reflecting the impact of the current low commodity price cycle. The ‘Mining Financial Reporting Survey 2014’, compiled by financial services firm KPMG, further revealed that... 

Mining companies suffer $70bn in impairment losses – report

Poland's KGHM plans dividends of up to one third of profits

By: Reuters Europe's No 2 copper producer KGHM plans to pay out dividends of up to one third of its 2014 annual profit, as it plans to spend 27-billion zlotys ($7.23-billion) to boost output over the next five years, the company said on Monday. The dividend policy of the state-controlled miner is in line... 

Iron-ore hits 5-/12 yr low as China mills cut output

By: Reuters Iron-ore prices hit their lowest in 5-1/2 years on Monday as some loss-making Chinese steel mills curbed output, ore supplies remained abundant and concerns persisted about the outlook for economic growth in China this year. Cooling Chinese steel demand forced some steel mills to bring forward... 

All eyes on Saudi Arabia as ups and downs of oil price plunge considered

By: Simon Rees The end months of 2014 were grim ones for major oil-producing states everywhere, especially those in the Middle East. As the region continued grappling with the aftershocks of the Arab Spring and the threat of the Islamic State, they also watched the price of oil swoon. All eyes have turned to... 

All eyes on Saudi Arabia as ups and downs of oil price plunge considered

Assets managed by ETFs to double to $5-trillion by 2020 – PwC

By: Reuters Assets under management of exchange traded funds (ETFs) will double to at least $5-trillion by 2020, consultant PwC said on Monday, as investors increase exposure to such products given their lower costs than traditional mutual funds. "Institutional investors are widely expected to be the primary... 

Assets managed by ETFs to double to $5-trillion by 2020 – PwC

Peru grants environmental permit for $1.5bn Chinese-owned mine

By: Reuters The government has granted Chinese-owned Jinzhao Mining Peru the environmental permit for its proposed $1.5-billion Pampa de Pongo iron mine, estimated to produce 22.5-million tonnes per year. The energy and mines ministry said in a statement on Friday that it had also approved the company's... 

Retreating discovery rates and exploration budget cuts to impact industry from 2016

By: Henry Lazenby Retreating discovery rates and reduced exploration will impact global output from 2016 onward. Financial information firm SNL Financial director for the metals and mining database Glen Jones this week said in the low-price environment, discovery rates were exacerbated by budget cutbacks, socio-... 

Retreating discovery rates and exploration budget cuts to impact industry from 2016

Oil up after Saudi king dies; policy pledges calm market

By: Reuters Brent crude oil rose on Friday after the death of Saudi Arabia's king added to uncertainty in oil markets, although the new ruler indicated immediately there would be no policy change. Brent crude rose to a high of $49.80/bbl, up $1.28/bbl, before easing to around $49.20/bbl by 15:15 GMT. US... 

Oil up after Saudi king dies; policy pledges calm market

Antofagasta closes C$53m Duluth Metals acquisition

By: Henry Lazenby Chile-based copper-mining group Antofagasta this week completed the C$53-million takeover of Duluth Metals, giving it exclusive control of the Twin Metals Minnesota (TMM) copper/nickel/platinum group metals project, in the Duluth Complex, in north-eastern Minnesota. Antofagasta had obtained all... 

Brazilian port licence in spotlight as Kazakh, Indian miners head to court

By: Reuters Brazil's public prosecutor is seeking an injunction on a port licence that could be central to a London court battle between two mining companies run by Kazakh and Indian tycoons. Documents seen by Reuters on Thursday showed that Brazil's Federal Prosecution Service and Office of the District... 

Mozambique coal sector sees disruptions, deals and bankruptcy

By: Keith Campbell Railway traffic on Mozambique’s Sena line, used to convey coal (along with other cargo and passengers) mined in the Moatize basin in Tete province to the port city of Beira for export, was disrupted from the morning of January 7 to January 11, as a result of torrential rains. This was reported by... 

Global base metals outlook turns negative – Moody’s

By: Henry Lazenby Global credit ratings advisory firm Moody’s Investors Service has changed its outlook on the global base metals industry to negative, citing weakening macroeconomic growth indicators and investor sentiment. In its report ‘Global Base Metals Industry: Economic Weakness and Copper Price Plunge Turn... 

Global base metals outlook turns negative – Moody’s

Rand, emerging market currencies lift on European Central Bank’s QE

By: Martin Creamer The South African rand along with the Russian rouble, the Brazilian real and the Turkish lira all strengthened against the euro after the European Central Bank (ECB) launched its landmark €60-billion a month bond buying programme, the Financial Times reported late Thursday. The quantitative... 

Rand, emerging market currencies lift on European Central Bank’s QE
Mario Draghi

B2Gold upbeat about 2015 prospects 

By: Ilan Solomons Gold miner and exploration company B2Gold is projecting another “record year” of gold production, with output at its mines expected to rise to between 500 000 oz and 540 000 oz in 2015. This would equate to a 35% increase on the 384 003 oz produced in 2014. 

B2Gold upbeat about 2015 prospects

Continental Gold appoints new COO, confident in ability to advance Buriticá

By: Tracy Hancock TSX-listed advanced-stage exploration and development company Continental Gold has appointed Donald Gray COO of the company, effective February 23. The company said on Wednesday that its president and COO, Mark Moseley-Williams, would step down immediately as a senior officer for personal... 

Continental Gold appoints new COO, confident in ability to advance Buriticá
Continental Gold's Buriticá

Lundin Mining expects 2015 to be another ‘strong execution’ year

By: Tracy Hancock Diversified base metals mining company Lundin Mining expects another year of strong execution in 2015, following favourable 2014 production results, as the company focuses on cash generation and profit optimisation at each of its operations. President and CEO Paul Conibear said the company was... 

Lundin Mining expects 2015 to be another ‘strong execution’ year

Trevali’s Santander mine exceeds 2014 production guidance

By: Creamer Media Reporter In its first year of commercial production, Trevali Mining’s Santander mine, in Peru, delivered 50.4-million pounds of zinc, 23.3-million pounds of lead and 914 600 oz of silver, exceeding expected output. Production for the fourth quarter, ended December 31, was 11.2-million pounds of zinc,... 

Falling oil prices boon to Chile's economic recovery- Finance Minister

By: Reuters Tumbling oil prices will boost Chile's economic recovery this year, Finance Minister Alberto Arenas said on Wednesday, a counterbalance to a sharp drop in the price of copper, the country's top export. Chile imports the vast majority of fossil fuels it consumes, about $15-billion annually,... 

Low oil price expected to benefit diamond industry – De Beers

By: Martin Creamer The low oil price is expected to benefit the diamond business, De Beers CEO Philippe Mellier has told sightholders. At a reception in Botswana to mark the first 12 months of sightholder sales in Gaborone, Mellier outlined how the downwardly trending oil price could potentially turbocharge the... 

Low oil price expected to benefit diamond industry – De Beers
Philippe Mellier

Chile regulator says could cancel permit for Barrick's Pascua-Lama 

By: Reuters Chile's environmental regulator is re-evaluating penalties on Barrick Gold Corp's Pascua-Lama project, a process that could include cancelling the embattled mine's permit, the head of the government body told a local daily newspaper. "The new sanction can fall anywhere on the spectrum allowed by... 

Chile regulator says could cancel permit for Barrick's Pascua-Lama

Hochschild silver output rises, hedges below spot prices

By: Reuters Silver miner Hochschild Mining said 2014 production exceeded its expectations and that it had hedged six-million ounces of silver for this year. Shares in the company fell as much as 3.6% as the hedging was made at $17.75/oz, below the spot silver prices of about $18.20/oz. 

BHP maintains focus on costs, cuts US shale drilling rigs

By: Esmarie Swanepoel Despite reporting record production at eight of its operations, in five commodities, mining major BHP Billiton said on Wednesday that the company would maintain its focus on reducing costs. “Our operational performance over the last six months has been strong. We are reducing costs and improving... 

BHP maintains focus on costs, cuts US shale drilling rigs
Photo by Bloomberg
Andrew Mackenzie

S&P's cuts iron ore, copper price forecasts, reviews related companies

By: Reuters Credit rating agency Standard & Poor's (S&P's) downgraded its price forecasts for iron-ore and copper owing to slower global growth and said it expects changes to the ratings of related companies in the coming weeks. The agency revised down its iron-ore price forecast to $65/t for 2015 and 2016,... 

Back to basics key message in Deloitte trend forecast

By: Megan van Wyngaardt While the outlook of the global mining sector for the year ahead looks bleak, with mining companies having to contend with price volatility, geopolitical turmoil, rising costs, declining grades and a general lack of access to financing, advisory firm Deloitte believes all is not lost. In its... 

Back to basics key message in Deloitte trend forecast

Rio Tinto ramps up iron-ore output, copper falls

By: Esmarie Swanepoel Despite lower iron-ore prices, mining giant Rio Tinto has maintained its momentum during the December quarter, boosting its production by 12% year-on-year to 79.1-million tonnes. This brought full year output to 295.4-million tonnes. The Pilbara operations delivered 280.6-million tonnes of... 

Rio Tinto ramps up iron-ore output, copper falls
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