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Mungana granted mining lease for King Vol

By: Esmarie Swanepoel ASX-listed Mungana Goldmines has been granted a mining lease for its King Vol project, in Queensland, paving the way for production to start in 2017. MD Tony James told shareholders on Tuesday that the granting of the mining lease was a significant milestone towards the development of the... 

First blast at Vedanta’s new $630m Gamsberg zinc mine

By: Martin Creamer It is not an easy time to be starting a mine but fortunately zinc is now in fashion because it has been unloved for so long, Vedanta CEO Tom Albanese said on Monday at the first blast of the $630-million Gamsberg zinc project in the Northern Cape. Groundbreaking at Gamsberg signals the start of... 

First blast at Vedanta’s new $630m Gamsberg zinc mine

With metals slumping, investors seek miners that can weather storm

By: Reuters A slump in metals prices this week and worries over China's growth prospects have heightened investor scrutiny of whether mining companies have the ability to weather the storm ahead. China accounts for almost half of global copper demand, 70% of iron-ore consumption and vies with India to be... 

Teck lifts Q2 profit despite falling commodity prices

By: Henry Lazenby Canada’s largest diversified miner Teck Resources has improved its adjusted profit for the three months ended June 30, by 10%, despite falling commodity prices that put downward pressure on margins and profits. For the second quarter, the Vancouver-headquartered miner reported net income,... 

Teck lifts Q2 profit despite falling commodity prices

MinQuest makes an offer for Canadian zinc mine

By: Esmarie Swanepoel ASX-listed junior MinQuest is making a play for the Wolverine zinc mine, in Canada, which is owned by Yukon Zinc Corporation. MinQuest said it was examining the possibility of using the existing processing and tailings management facilities at Wolverine to fast-track the development of its own... 

Nyrstar announces A$52m Tasmania smelter spend, appoints CEO

By: Esmarie Swanepoel Base metals major Nyrstar has agreed to invest about A$52-million into four growth projects at its zinc smelter in Hobart, inking a funding and support package with the Tasmanian government. Two of the growth projects are aimed at significantly increasing the smelter's capacity to treat more... 

Nyrstar announces A$52m Tasmania smelter spend, appoints CEO

BC OKs restricted restart of Mt Polley mine amid environmental protests

By: Henry Lazenby The British Columbia provincial government has given base metals miner Imperial Metals the green light to restart partial operations at the ill-fated Mount Polley mine, after a breach of the tailings dam in August last year caused environmental havoc and a province-wide regulatory safety review.... 

Fortune Minerals defaults on Colorado-based Revenue silver mine debt

By: Henry Lazenby Canadian miner Fortune Minerals has defaulted on a metals prepay agreement with its major financing partner, triggering all amounts and deliveries owing under the contract to become immediately due and payable. Fortune and its subsidiary Fortune Revenue Silver Mines (FRSMI), which owned the... 

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.
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