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Mubadala, Trafigura create base metals investment JV

By: Creamer Media Reporter Abu Dhabi-based investment firm Mubadala Development and global commodities company Trafigura Beheer will establish a 50:50 joint venture to invest in the base metals mining sector. Under the terms of the deal, Mubadala would also acquire a 50% stake in Trafigura’s Minas de Aguas Teñidas (Matsa),... 

South32 secures ICMM membership

By: Natasha Odendaal BHP Billiton spin-off South32 has successfully joined the International Council on Mining and Metals (ICMM), a move that is expected to deliver long-term benefits for the new globally diversified metals and mining company and its stakeholders. An independent expert review panel had recommended... 

Urgent govt, business cooperation needed to end South Africa’s crisis – Turok

By: Martin Creamer The time had come for government and business to find ways and means of working together to end South Africa’s current economic stagflation crisis, United Nations Commission for Africa (UNCA) mineral value chain lead consultant, anti-apartheid struggle veteran and former African National Congress... 

Urgent govt, business cooperation needed to end South Africa’s crisis – Turok
ANC MP Ben Turok

Major Mungana shareholders do not intend to accept Auctus offer

By: Mariaan Webb ASX-listed Mungana Goldmines on Friday again recommended that its shareholders do not accept a 13.5c-a-share takeover offer from Auctus Chillagoe, pointing out that its two major shareholders have already indicated that they do not intend to accept the bid. Kagara Limited and Mungana Pty Ltd,... 

Mungana starts drilling at Queensland zinc project

By: Creamer Media Reporter ASX-listed Mungana Goldmines has started a sampling programme to assist in the development of its King Vol zinc project, in north Queensland. The company reported on Thursday that the diamond core drilling, which contractor DDH1 Drilling would undertake, was designed to increase the knowledge and... 

Hampton Hill earns 10% stake in Millennium zinc project

By: Creamer Media Reporter ASX-listed Hampton Hill Mining will provide a further A$500 000 in exploration funding for the Millennium zinc project, in Western Australia, as part of the second earn-in phase of an earlier agreement with Encounter Resources. The companies in April agreed that Hampton could acquire up to a 25%... 

Venturex's Pilbara sale falls through

By: Esmarie Swanepoel ASX-listed Venturex Resources’ A$14-million transaction to divest of its Pilbara copper/zinc mine has been cancelled. Under an agreement reached in May, Venturex would have sold its three wholly-owned subsidiaries that hold the Pilbara mine to Orion Mine Finance Group. 

Aquila Resources confirms intent to apply for Michigan project permits

By: Henry Lazenby The proponent of the Back Forty project in Michigan expects to apply for regulatory permitting before year-end. To this end, TSX-listed Aquila Resources confirmed on Friday that it had filed a letter of intent with the Michigan Department of Environmental Quality (MDEQ). 

Nautilus Minerals agrees to stretch PNG State JV-partner options

By: Henry Lazenby The Independent State of Papua New Guinea (PNG) would have another six months to exercise stock options that Canadian marine mining leader Nautilus Minerals had granted to its joint venture (JV) partner in the Solwara 1 offshore project. Under terms of a December 11 JV accord, the country’s... 

North American Nickel gains strong foothold in Greenland nickel camp

By: Henry Lazenby Greenland-focused explorer North American Nickel (NAN) is in negotiations with a subsidiary of Swedish Iron producer LKAB Minerals to acquire the strategically important Seqi port, on the south-west coast of Greenland, that would give it a strategic geographic advantage in the emerging mining... 

North American Nickel gains strong foothold in Greenland nickel camp
Photo by North American Nickel
Maniitsoq, Greenland.

Energia hopes for more Italian zinc

By: Esmarie Swanepoel Minerals developer Energia Minerals on Wednesday announced that the company had applied for two permits over historic zinc/lead mines in Italy in an effort to expand its foothold in that country. If granted, the permits were expected to significantly diversify Energia’s portfolio and offer... 

Mungana has high hopes for Queensland zinc project

By: Esmarie Swanepoel Metals developer Mungana Goldmines said it was hoping to bring its King Vol zinc project, in Queensland, into production by 2016, but cautioned shareholders that this would be dependent on positive project studies and the availability of adequate funding. Based on the current resource model of... 

South Africa’s geoscience ‘desperately’ underfunded – Nedbank Capital 

By: Martin Creamer Government geoscientists are desperately underfunded, which is depriving South Africa of the geological potential that is essential for minerals exploration. There is an absence of investment in large, regional geological exercises and masters students are not being trained in the... 

South Africa’s geoscience ‘desperately’ underfunded – Nedbank Capital
Photo by Duane Daws
Paul Miller

Nevada Zinc drills best hole yet

By: Henry Lazenby Nevada Zinc has drilled its best hole yet at its flagship Lone Mountain property, proving that zinc mineralisation at the Discovery zone continued both down-dip and near-surface. The zinc explorer advised this week that drill hole LM-15-27, part of the first results released from its current... 

PLD sells Admiral Bay smelter royalty

By: Esmarie Swanepoel ASX-listed PLD Corporation has executed a definitive net smelter royalty sale agreement with Resource Capital Funds (RCF) for a 1% net smelter royalty over the Admiral Bay zinc project, in Western Australia. The transaction was worth $5-million, PLD said on Tuesday. 

Marine mining could possibly reduce social and environmental impacts of terrestrial operations

By: Henry Lazenby An independent report on Nautilus Minerals’ Solwara 1 project, offshore Papua New Guinea, has found that the project has the potential to significantly reduce social and environmental impacts commonly associated with large surface terrestrial copper mines. Toronto-based Nautilus had commissioned... 

Base metals on ‘negative’ watch as low prices, slowing growth stales outlook – Moody’s

By: Henry Lazenby Advisory firm Moody’s Investors Service does not expect base metal prices to materially improve over the next 12 to 18 months, saying the basket of metals including copper, zinc and nickel faced downside risks amid an uncertain global economic recovery. In its latest ‘Outlook Update: Global Base... 

Banks fall over themselves to grant Glencore $15.25-billion in revolving credit

By: Martin Creamer A horde of banks has seemingly rushed in eagerly to grant an eventual $15.25-billion worth of revolving credit facilities to diversified mining and marketing major Glencore, as part of a refinancing exercise. Initially launched at $14-billion, the credit facilities of the London-, Hong Kong- and... 

Banks fall over themselves to grant Glencore $15.25-billion in revolving credit
Photo by Bloomberg
Iavn Glasenberg

Wolfden Resources terminates Murray Brook acquisition, opts for Manitoba claim

By: Henry Lazenby Base metals explorer Wolfden Minerals has cancelled its exclusivity agreement to buy a 65% interest in the Murray Brook project, the fifth-largest massive sulphide deposit in the Bathurst Mining Camp (BMC) of New Brunswick, from Votorantim Metals Canada, settling instead for a Manitoba... 

World Bank member invests C$4.5m in Peru-focused explorer

By: Henry Lazenby Peru-focused explorer Tinka Resources will receive a C$4.5-million investment from World Bank Group member the International Finance Corporation (IFC). IFC said on Thursday that its motivation was to help the company develop Peru's mining sector in a way that promoted job creation and local... 

Canadian Mining Eye Index slows decline – EY

By: Henry Lazenby Professional services firm EY’s Canadian Mining Eye Index had slowed its decline in the three months ended March 31, falling only 1% compared with a 12% decline in the fourth quarter last year. The index, which tracked the Canadian mining sector performance of 100 TSX- and TSX-V-listed midtier... 

Definition study enhances Unicorn business case, slashes capex – Dart

By: Mariaan Webb A project definition study of the Unicorn molybdenum, copper, silver and zinc project, in Victoria, has significantly improved the project definition and business case, ASX-listed Dart Mining reported on Wednesday. The company started a 15-month study of the project in March last year, following... 

Greenland Minerals & Energy reports compelling Kvanefjeld feasibility metrics

By: Henry Lazenby A feasibility study on Australian explorer Greenland Minerals & Energy’s (GMEL’s) Kvanefjeld multi-element project has revealed compelling metrics, delivering a similar net present value (NPV) to a previous study despite increased capital costs. The ASX- and Frankfurt-listed explorer on Monday... 

Greenland Minerals & Energy reports compelling Kvanefjeld feasibility metrics
Photo by Greenland Minerals and Energy
Kvanefjeld, Greenland.

Trevali lifts equity financing by $10.6m

By: Henry Lazenby Base metals-focused Trevali Mining has increased a bought-deal financing to $30.6-million. The zinc producer had initially engaged Dundee Securities to lead a syndicate of underwriters to buy 19.61-million shares in the company to raise $20-million, but on Thursday announced that it had... 

Great Panther Silver eager to start work on Coricancha

By: Henry Lazenby Mexico-focused Great Panther intends to start, as soon as possible, surface drilling at the Coricancha mine complex, through which it has gained a foothold in Peru, the second largest silver producing country in Latin America. The surface drilling will focus on defining and expanding zones of... 

South32 in superb second-day share surge

By: Martin Creamer The share price of the new South32 mining company soared superlatively on day two. The demerged entity shot up 14% on the Australian Stock Exchange (ASX), rose 6.23% on top of Monday’s 3% rise in early morning trade on the Johannesburg Stock Exchange (JSE), and even closed higher at £1.08 a share... 

South32 in superb second-day share surge
Photo by Duane Daws
Mike Fraser at South32 listing in Johannesburg.

Nyrstar agrees sale option for Peruvian mine

By: Reuters Belgium's Nyrstar, the world's largest zinc producer, has sold an option to buy its mothballed Peruvian mine in Coricancha to Canada's Great Panther Silver. Great Panther will pay $1.5-million for its option, with the possibility of extending it for another year for the same amount, Nyrstar said... 

South32 shares rise on JSE debut, BHP Billiton shares fall

By: Martin Creamer Value generation from the assets of South32 in the months ahead of its debut on the Johannesburg Stock Exchange (JSE) is indicative the upside potential of the triple-listed BHP Billiton spin-off company, which saw its shares end up well in the money at the JSE's close on Monday and those of BHP... 

South32 shares rise on JSE debut, BHP Billiton shares fall
Photo by Duane Daws
Mike Fraser (left) with Martin Creamer at South32 listing.

$782m zinc project investment approved

Diversified mining company Vedanta Resources, in November last year approved $782-million in investment over a three year period, to fund the conversion of the Skorpion Zinc refinery in Namibia, and to develop an openpit zinc mine in Gamsberg, South Africa. 

Creamer Media publishes African Mining Roundup for May 2015 research report

This month’s report includes details of iron-ore company Tawana’s agreement to formalise the legal and commercial conditions of the Mofe Creek project, in Liberia; Canadian miner Nevsun Resources’ Bisha operation, in Eritrea, which is on track to start commissioning at its new zinc plant by... 

Creamer Media publishes African Mining Roundup for May 2015 research report

Zinc market rally bodes well for exploration companies

By: Henry Lazenby The strong rally base metals had experienced in the past week was extending to zinc, with explorer Nevada Zinc Corp saying it was seeing renewed buying interest, not only in the commodity, but in the major zinc producers too. President and CEO Bruce Durham said in a note to shareholders this week... 

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