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PEA demonstrates ‘extremely compelling’ economics for Timok Upper Zone

By: Henry Lazenby     27th October 2017 Canadian base metals producer Nevsun Resources has reported strong economics for its proposed Timok Upper Zone project, in Serbia. The results of a preliminary economic assessment (PEA), completed by Vancouver-based SRK, has outlined a $630-million project that will produce 2.1-billion pounds of... 

Golden value-addition for Zambian copper miner

By: Ilan Solomons     6th October 2017 Copper mining can produce lucrative by-products, with the most common one in Zambia being cobalt. It sells for five times more than copper on world markets. However, Zambia Chamber of Mines initiative Mining for Zambia (MFZ) points out that the ultimate by-product for any copper mine is gold and... 

Central Asia Metals to buy Lynx Resources for $402.5m

By: Anine Kilian     22nd September 2017 Aim-listed base metals miner Central Asia Metals will buy Bermuda-based Lynx Resources for $402.5-million. Lynx, which is owned by Bermuda-based fund Orion Co-Investments III and Swiss private equity firm Fusion Capital, owns the SASA zinc/lead mine in Macedonia. 

Nevsun delays Timok schedule, provides more capital for flagship Bisha ops

By: Henry Lazenby     11th August 2017 Canadian base metals producer Nevsun Resources this week announced a strategic update on its capital allocation plans, allotting extra capital to its Eritrea-based Bisha zinc/copper/gold operation and delaying the timetable for delivery of the Serbia-based Timok prefeasibility study (PFS) to the... 

Nedbank debt-financing African mining projects to the tune of $7bn

By: Ilan Solomons     11th August 2017 Investment banking services provider Nedbank Corporate and Investment Banking (CIB) is providing the African mining industry with about $7-billion in debt financing products and says it remains open for business opportunities across the continent. Nedbank CIB mining finance principal Paul Miller... 

Depressed nickel price prompts care and maintenance for First Quantum’s Ravensthorpe mine

By: Henry Lazenby     10th August 2017 Starting in September, base metals producer First Quantum Minerals will mothball its nickel-producing Ravensthorpe mine, in Western Australia, on the back of the persistently low nickel price, the company announced on Wednesday. The Toronto-headquartered company expects that full care and... 

Conflicting Perceptions

By: Ilan Solomons     4th August 2017 There exists a clear sense of optimism in Zambia’s government circles about the future of the mining industry, particularly regarding the stability of the regulatory and fiscal regime, a stronger copper price and increased production, which the government projects will reach 850 000 in 2017 from... 

Zambian copper mines urged to ‘grasp the opportunity’ as price enjoys strongest, most sustained rally

By: Ilan Solomons     4th August 2017 With the copper price hovering at around $6 000/t, the red metal is enjoying its strongest and most sustained price rally since the depths of the global commodity slump in January 2015, when it was languishing at around $4 300/t owing to slower Chinese demand, notes the Zambia Chamber of Mines... 

Antofagasta runs tight ship as Q2 costs fall, output rises

By: Henry Lazenby     26th July 2017 London-listed base metals producer Antofagasta managed to tighten the noose on costs during the second quarter ended June 30, with net cash costs at $1.20/lb of copper, a 5.5% decrease compared with the previous quarter. Companywide copper output during the period was 174 400 t, 1.5% higher than... 

Explorer seeking partners to support its efforts to tap Mauritania’s mineral wealth

By: Ilan Solomons     7th July 2017 Mauritania has many mining investment opportunities, with economic, social and political conditions conducive to the pursuit of developing a sector considered strategic by the country’s government, says Oil, Energy and Mines Minister Dr Mohamed Abdel Vetah. He points out that the Mauritania... 

Explorer seeking partners to support its efforts to tap Mauritania’s mineral wealth

By: Ilan Solomons     7th July 2017 Mauritania has many mining investment opportunities, with economic, social and political conditions conducive to the pursuit of developing a sector considered strategic by the Mauritanian government, says Mauritania Oil, Energy and Mines Minister Dr Mohamed Abdel Vetah. He points out that... 

Trevali strikes more zinc at New Brunswick mining camp

By: Henry Lazenby     16th June 2017 Canadian base metals producer Trevali Mining has hit more high-grade zinc intercepts during its 2016/17 exploration campaign on the Halfmile deposit, located in the Bathurst Mining Camp of north-eastern New Brunswick. Designed to validate historic data as well as to expand and improve upon the... 

First Quantum executive director Rowley resigns

By: Henry Lazenby     18th May 2017 One of the co-founders of Canadian base metals producer First Quantum Minerals Martin Rowley will retire on June 30. He co-founded the company with Philip Pascall and Clive Newall in 1996, and served as CFO and director until 2007, when he assumed the role of executive director for business... 

Trevali Q1 earnings rise on higher sales, price support

By: Henry Lazenby     15th May 2017 Canadian base metals producer Trevali Mining has reported higher first-quarter earnings, as revenues were boosted by significantly higher sales volumes on the back of the Caribou mine declaring commercial production in the third quarter last year, and higher prices. Vancouver-based Trevali, which... 

India's Vedanta swings to profit after metal rally, zinc payout

By: Bloomberg     15th May 2017 Vedanta reported a fourth-quarter profit as India’s biggest base metals producer benefited from a rally in prices and a special dividend announced by its zinc arm. Net income attributable to owners was 14.1-billion rupees in the three months through March and revenues were Rs246.1-billion, the... 

Nevsun taps UK-based Aggreko to provide 29.5 MW solar-diesel hybrid power to Bisha

By: Henry Lazenby     4th May 2017 Canadian base metals producer Nevsun Resources has signed a ten-year deal with Glasgow-based Aggreko to provide solar-diesel hybrid power to Nevsun’s flagship Bisha mine, in Eritrea. Aggreko will supply 22 MW of diesel and 7.5 MW of solar-generated power for the company’s copper and zinc... 

Taseko output rises somewhat while molybdenum prices gain traction

By: Henry Lazenby     13th April 2017 British Columbia-based base metals producer Taseko Mines has produced 41.3-million pounds of copper and 900 000 lb of molybdenum during the first quarter ended March, which was marginally higher than the fourth quarter, but benefitted from continued relative copper price strength and a molybdenum... 

Nevsun finds more mineralisation at Eritrea-based Bisha, satellite deposits

By: Henry Lazenby     23rd March 2017 Canadian base metals producer Nevsun Resources has found more mineralisation at its flagship Bisha mine and satellite deposits in Eritrea, on the Horn of Africa. Drilling undertaken in 2016 has increased the inferred resource at the Harena deposit by nearly 130% to 25-million tonnes grading 0.93%... 

Trevali expands geographic footprint to Africa as zinc tide rises

By: Henry Lazenby     14th March 2017 Canadian base metals producer Trevali Mining is expanding its geographic footprint into Africa with the $400-million acquisition of diversified mining and marketing company Glencore’s 80% interest in the Rosh Pinah mine, in Namibia, and 90% interest in the Perkoa mine, in Burkina Faso. HSBC... 

Hudbay narrows loss as metals prices rise

By: Henry Lazenby     23rd February 2017 Canadian base metals producer Hudbay Minerals has reported a loss of $47.3-million, or $0.20 a share, for the three months to December 31, compared with a loss of $255.5-million for the comparable period a year earlier. For the full 2016, its loss narrowed to $35.2-million, $0.15 a share,... 

KGHM to book $1.4bn impairment on international assets

By: Henry Lazenby     15th February 2017 Polish base metals producer KGHM expects to book a noncash writedown of $1.4-billion on its international assets for the 2016 financial year. This followed the completion of major impairment tests on its foreign assets. The total impairment in the consolidated financial statements, after taking... 

Alcoa stocks climb as Q4 revenue beats analyst forecasts

By: Henry Lazenby     25th January 2017 The NYSE-listed stock of base metals producer Alcoa gained nearly 6% on Tuesday after the company reported higher-than-expected fourth-quarter revenue. In its first quarterly report since spinning out its upstream and downstream business segments in November, New York-based Alcoa reported... 

Report says Zambia needs more friendly tax regime to attract mining investors

By: Ilan Solomons     16th December 2016 Zambia needs a more competitive mining tax regime to entice new and existing investors to invest billions of dollars into the mining industry and boost flagging production, says Zambia Chamber of Mines (ZCM) president Nathan Chishimba. “Zambia Finance Minister Felix Mutati’s Budget Speech, last... 

Report says Zambia needs more friendly tax regime to attract mining investors

By: Ilan Solomons     15th December 2016 Zambia needs a more competitive mining tax regime to entice new and existing investors to invest billions of dollars in the mining industry and boost flagging production, says Zambia Chamber of Mines (ZCM) president Nathan Chishimba. “Zambia Finance Minister Felix Mutati’s Budget Speech, last... 

Hudbay prices $1bn senior notes offering

By: Henry Lazenby     2nd December 2016 Canadian base metals producer HudBay Minerals has priced its offering of $1-billion of senior notes, which will be issued in two series, the company said on Thursday. These will comprise a series of 7.25% senior notes due in 2023 for $400-million and a series of 7.625% senior notes due in 2025... 

Hudbay announces $1bn senior notes offering

By: Henry Lazenby     29th November 2016 Canadian base metals producer Hudbay Minerals will offer $1-billion total principal amount in two series of senior notes offerings, including senior notes due in 2023 and a series of senior notes due in 2025. The total principal amount, interest rate and other terms of each series of the new... 

Trevali posts positive Q3 results as Caribou zinc mine continues ramp-up

By: Henry Lazenby     15th November 2016 Canadian base metals producer Trevali Mining has posted an operational profit for the third quarter ended September, which it billed as transformative for the company after declaring commercial production at its Caribou mine and mill, in New Brunswick. The Vancouver-based company posted a net... 

Hudbay calls temporary halt to Constancia ops

By: Henry Lazenby     9th November 2016 Canadian base metals producer HudBay Minerals on Tuesday announced it has temporarily suspended operations at its Constancia mine, in Peru, as a result of trespassers in the openpit area. The TSX- and NYSE-listed miner said the decision was needed to maintain employee safety, as well as that of... 

Trevali expands high-grade Santander deposits, makes new hanging wall discovery

By: Henry Lazenby     21st September 2016 The TSX-listed stock of base metals producer Trevali Mining has risen to a new 52-week high after the company reported positive exploration results from its Santander mine, in Peru. Vancouver-based Trevali reported results from twelve new drill holes of the ongoing 2016 underground exploration... 

Vedanta wins Cairn nod for BHP-style resources conglomerate

By: Bloomberg     13th September 2016 Vedanta’s plan to create an Indian resources heavyweight to compete with the likes of BHP Billiton got a boost Monday after shareholders in its oil unit, Cairn India, agreed to a proposal to combine the two companies. Cairn India’s shareholders “will benefit from exposure to Vedanta’s... 

Nevsun sells, ships first zinc concentrate from Bisha

By: Henry Lazenby     9th September 2016 Canadian base metals producer Nevsun Resources has sold and shipped the first 10 000 t of zinc concentrate from its flagship Bisha mine, in Eritrea. The shipment was loaded at the Port of Massawa and sailed on September 7, after being sold on the spot market, attracting multiple offers and highly... 

Sentinel at forefront of global mining technology

     9th September 2016 Canadian base metals producer First Quantum Minerals’ (FQM’s) $2.1-billion Sentinel mine, in Zambia’s North-Western province, is described by the Zambian Chamber of Mines (CoM) as the country’s mining industry’s “most ambitious venture ever” and the single-largest upfront infrastructure... 

Optimism surrounds mining town independence

     9th September 2016 The town of Kalumbila, where Canadian base metals producer First Quantum Minerals’ (FQM’s) Sentinel mine is based, is perhaps the first mining town designed to not depend on the mine that it currently hosts, says the Zambian Chamber of Mines. About $200-million was invested in the development of... 

First Quantum sets new quarterly records for production, sales

By: David Oliveira     12th August 2016 Canadian base metals producer First Quantum Minerals (FQM) set a new quarterly record for copper production and sales of 131 349 t and 132 030 t, respectively, in the three months to June 30, surpassing previous records set in the first quarter of this year. The company’s Sentinel copper mine, in... 

Taseko adds 2 500 ha to Gibraltar landholdings

By: Henry Lazenby     9th August 2016 British Columbia-based base metals producer Taseko Mines has acquired about 2 500 ha in new mineral claims that are located next to the existing Gibraltar claims. However, these are well outside the current mining areas, the company announced Tuesday. The new claims were located about 2 km... 

First Quantum sets new quarterly records for production, sales

By: David Oliveira     29th July 2016 Canadian base metals producer First Quantum Minerals (FQM) set a new quarterly record for copper production and sales of 131 349 t and 132 030 t, respectively, in the three months to June 30, surpassing previous records set in the first quarter of this year. The company’s Sentinel copper mine, in... 

Hudbay reports $5.7m net loss in Q2

By: Anine Kilian     28th July 2016 TSX-listed base metals producer Hudbay Minerals reported a net loss and loss per share of $5.7-million and $0.02, respectively, in the second quarter of 2016 compared with a first-quarter net loss of $15.8-million, representing the company’s sixth consecutive quarterly loss. The company’s losses... 

Nevsun, Reservoir shareholders approve sweetened offer

By: Henry Lazenby     17th June 2016 The TSX-listed stock of base metals producer Nevsun Resources fell nearly 10% on Friday after the company announced a sweetened bid for Reservoir Metals that would give it control of a portfolio of development projects in Africa and Europe, including the flagship Timok copper/gold project, in... 

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