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S&P's cuts metals price forecasts, to review miners' ratings

By: Reuters Standard & Poor's (S&P's) warned on Monday it was likely to revise the credit ratings for some miners over the next week after cutting its price forecasts for aluminium, copper, zinc, nickel and gold and said it expected prices to remain volatile. The rating agency slashed its nickel forecasts... 

Australian officials threaten to close giant Glencore zinc mine

By: Reuters Glencore Plc's McArthur River zinc mine in Australia could be ordered to close unless it improves its environmental record and increases a financial bond covering rehabilitation of the site, according to government officials. Residents near the zinc mine, one of the world's biggest, have... 

EY’s Mining Eye index climbs for first time in a year

By: Henry Lazenby Professional services firm EY’s Canadian Mining Eye index has gained 4% during the three months ended June, recording a gain for the first time since the second quarter of 2014, compared with a 1% decline in the first quarter. The index outperformed the S&P/TSX Composite index, which slipped 2%... 

EY’s Mining Eye index climbs for first time in a year

Diamond producer Alrosa to supply Norilsk with X-ray slurry analysers

By: Henry Lazenby A subsidiary of Russian diamond major Alrosa has won a tender to supply nickel miner Norilsk with five X-ray slurry analysers. The X-ray AR-31-NM analysers would be installed at the Talnah concentration mill, in Russia, to determine nickel, copper and iron concentrations in concentrates and... 

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,... 

Funding dearth stalls junior Santa Fe from drilling likely BC discovery

By: Henry Lazenby A lack of investor interest to finance the junior mining industry has seen many an exploration project stall, preventing their owners from getting out in the field to drill resources and develop what would be the world’s next new mines. One such frustrated company was Santa Fe Metals with its... 

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

Yukon Zinc creditors to decide on Wolverine future

By: Esmarie Swanepoel The creditors of Canadian firm Yukon Zinc Corporation have been told by the British Columbia Supreme Court to consider a restructuring proposal of the company at a meeting on September 2. The implementation of the restructuring proposal would be subject to 51% of the creditors, holding 66.7% of... 

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

Atherton not fending off another bid – yet

By: Esmarie Swanepoel ASX-listed Atherton Resources, previously Mungana Goldmines, has moved to quell speculation that the company is considering a new takeover offer from Auctus Chillagoe. Following a surge in its share price, Atherton confirmed that the company had not received any takeover offer from Auctus since... 

MinQuest raises funds for Wolverine buy

By: Esmarie Swanepoel Junior miner MinQuest has raised some A$2.29-million through a share issue and convertible loan facility to progress the acquisition of the Wolverine zinc project, in Canada. The convertible notes would be issued to US investment firm Magna and would yield some A$1.35-million, while the issue of... 

Latin American credit markets slip in risk-off mode

By: Reuters Latin American credit markets were widening on Tuesday after China's devaluation of the yuan and another drop in oil prices added to the woes of a region reliant on commodity exports. The risk-averse tone put particular pressure on regional currencies, driving them lower on worries that the... 

North River to raise funds for Namibia lead/zinc project

By: Megan van Wyngaardt Aim-listed North River Resources (NRR) will, as part of a two-stage fundraising programme, seek to raise $4-million to progress its flagship lead/zinc Namib project, in Namibia, to a construction decision. The funding would be carried out through an initial placing of $1.2-million of unsecured... 

Assay results find significant zinc concentration

ASX-listed metal producer Mungana Goldmines last month announced high-grade zinc results from previously unassayed diamond drill holes, within its Red Cap project area, 4 km from Mungana’s partially completed base metals concentrator at Chillagoe, in north Queensland. The drilling was done by... 

Rio Tinto CEO rejects fears over China growth, demand

By: Reuters Demand for commodities is healthy on the ground in top consumer China despite worries about an economic slowdown that has weighed on prices, the head of mining group Rio Tinto said on Thursday. It was unclear, however, when China will cut back excess output in aluminium that has led to heavy... 

Nautilus Mining awards vessel dewatering plant design contract

By: Henry Lazenby Prospective seafloor miner Nautilus Minerals has awarded a contract for the detailed design of the Solwara 1 dewatering plant to be used on the company’s production support vessel to the Brisbane office of global consulting engineering firm DRA Group. The scope of work awarded to DRA involved the... 

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

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... 

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