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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... 

London Metal Exchange aims to boost liquidity, electronic trading

By: Reuters The London Metal Exchange (LME) took more steps on Tuesday to boost liquidity by making it easier for new members, including US speculators, to have direct access to its electronic trading system. The LME's owner, Hong Kong Exchanges and Clearing, has been striving to increase LME volumes and... 

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

Big deals expected when Chinese premier visits South America 

By: Reuters Chinese Premier Li Keqiang will visit South America next week on a four-nation tour, the Foreign Ministry said on Monday, a part of the world where China has deep business ties but traditionally only limited political influence. Li will travel to Brazil, Colombia, Peru and Chile on the May 18 to... 

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... 

Hudbay narrows Q1 loss, declares commercial production at Constancia

By: Henry Lazenby Canadian base metals miner Hudbay Minerals has reported a narrower first-quarter loss on the back of improved output and sales, despite reporting a significant inventory build-up. The Toronto-based company, with assets in Canada, the US and Peru, reported a net loss of $23.7-million, or $0.10 a... 

Deloitte WA Index closes April higher on stronger commodity prices

Stronger commodity prices boosted advisory firm Deloitte’s Western Australian Index during April, with the market capitalisation of the state’s listed resource companies increasing by 1.7% at the end of the month, to A$131-billion. Deloitte stated on Friday that the majority of commodities... 

South32 set to hit ground running after 98% BHP 'yes' vote 

By: Martin Creamer The demerging South32 mining company, which is set to hit the ground running after receiving an overwhelming 98.05% yes vote from BHP Billiton shareholders on Wednesday, is at an advanced stage of planning a global shared service centre in South Africa, which will create 200 new quality jobs.... 

South32 set to hit ground running after 98% BHP 'yes' vote
Photo by Bloomberg
Andrew Mackenzie

No relief for Canada's BC as PwC expects challenges to continue into 2015

By: Henry Lazenby British Columbia's (BC's) mining sector was not showing any early signs of improvement in 2015; however, investment in the mining industry needed continue despite today's challenging conditions, advised PwC's BC mining practice partner and leader, Mark Platt. "Miners need to keep exploring if... 

Exploration and mine development up to 2.5 times more costly in Canada’s North

By: Henry Lazenby A new study has found that the cost to explore and build new mines is as much as 2.5 times higher in northern Canada, mainly as a result of a lack of critical infrastructure. The study, titled ‘Levelling the Playing Field’, found that the cost of mineral exploration and building and operating... 

Exploration and mine development up to 2.5 times more costly in Canada’s North

Production up at Glencore’s South African coal mines

By: Martin Creamer Production from Glencore’s South African thermal coal mines was 10% higher in the three months to end March. The London-, Hong Kong- and Johannesburg-listed diversified mining and marketing company, headed by CEO Ivan Glasenberg, said on Tuesday that the ramp up of its newly commissioned... 

Production up at Glencore’s South African coal mines
Photo by Duane Daws
Ivan Glasenberg

Workers down tools at HudBay's Manitoba ops

By: Henry Lazenby Members of the International Association of Machinists and Aerospace Workers (IAM) have downed tools at base metals miner HudBay Minerals’ Manitoba operations. The TSX- and NYSE-listed miner reported that 180 members of union Local No 1848 began a strike at noon on Saturday. The striking workers... 

Workers down tools at HudBay's Manitoba ops
HudBay's Reed mine, Manitoba.

First Quantum shares up despite swinging to Q1 loss

By: Henry Lazenby Base metals miner First Quantum Minerals has swung to a net loss for the first three months of the year of $82-million, or $0.14 a diluted share, as lower copper and nickel sales and prices impacted the bottom line. Excluding special items, the firm’s comparative loss was $12-million, or $0.10 a... 

First Quantum shares up despite swinging to Q1 loss
Photo by First Quantum Minerals
Kansanshi, Zambia.

South32 weakness hidden – Investec

By: Martin Creamer Good overall third-quarter production performance by BHP Billiton hid the weaker performance of most of the assets that make up South32, Investec Securities mining analyst Hunter Hillcoat says. BHP Billiton intends simplifying its portfolio by demerging the South32 metals and mining company,... 

South32 weakness hidden – Investec
Photo by Duane Daws
Graham Kerr

PEA reports healthy operating margins at Rathdowney Resources’ Polish project

By: Henry Lazenby TSX-V-listed Rathdowney Resources has completed a preliminary economic assessment (PEA) of its 100%-owned Olza zinc/lead project, located in south-western Poland, which indicated healthy operating margins, a high internal rate of return (IRR) and a short payback period. The PEA calculated the... 

Nevsun makes progress with Eritrean zinc expansion 

By: Henry Lazenby Canadian miner Nevsun Resources is on track to start commissioning the new zinc plant currently under construction at its flagship Bisha operation, in Eritrea, by mid-2016. The Vancouver-based firm on Wednesday reported that overall construction progress stood at 60%, with foundations and civil... 

Canada’s mining industry welcomes federal budget 

By: Henry Lazenby Canada's national mining association has welcomed the Conservative government’s balanced federal budget 2015, citing its pleasure with renewed funding for critical areas such as environmental assessments, the Major Projects Management Office, Aboriginal education and training, and geoscience.... 

Canada’s mining industry welcomes federal budget
Photo by Reuters
Canada's Finance Minister Joe Oliver on Tuesday tabled a C$990.3-billion balanced budget.
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