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Topic

With copper options, China steps up challenge to London, New York rivals

By: Reuters     Updated 5 hours ago The Shanghai Futures Exchange (ShFE) will launch copper options trading on Friday, aiming to take a slice of a $270 billion global market in one of its biggest challenges yet to London and New York rivals. The product, which follows the launch of sugar and soymeal options last year, comes as... 

Anglo Asian declares first dividend, reports strong H1 results

By: Simone Liedtke     19th September 2018 Aim-listed Anglo Asian has declared a maiden interim dividend, following the company’s move into a net cash position subsequent to June 30. The gold and copper miner, which operates in Azerbaijan, would pay a 3c a share dividend, it said on Wednesday, releasing a strong set of half-year results. 

CITIC completes $556m equity deal with Ivanhoe

By: Marleny Arnoldi     19th September 2018 CITIC Metal Africa Investments, which is a subsidiary of CITIC Metal, has completed a major strategic equity investment of C$723-million, or $556-million, in TSX-listed Ivanhoe Mines. The investment was initiated by CITIC Metal in June.  

OceanaGold reports no operational impact from recent storms

By: Mariaan Webb     19th September 2018 Multinational OceanaGold’s Didipio operation, in the Philippines and the Haile mine, in the US, have managed to pull through the past weekend’s severe storms in the respective regions without reporting any injuries or a significant impact to production. In the Philippines, where super typhoon... 

Central Asia Metals hunts for acquisitions

By: Reuters     19th September 2018 Base metals producer Central Asia Metals (CAML) on Wednesday reported a more than doubling in first-half revenue and profits following the acquisition of a mine in Macedonia and said it was actively looking for new opportunities to expand. Aim-listed CAML bought the Sasa zinc and lead mine in... 

Struggling Aldridge agrees to be bought by Virtus Mining

By: Mariaan Webb     19th September 2018 Troubled Turkey-focused junior Aldridge Minerals has agreed to be bought by Virtus Mining – a development-stage mining company in which Aldridge director Ahmet Taçyildiz will indirectly hold 70%. Virtus will acquire all the issued and outstanding common shares of Aldridge for C$0.10 in cash,... 

Eldorado claims €750m from Greek State over permit delays

By: Marleny Arnoldi     18th September 2018 Gold and base metals producer Eldorado Gold’s Greek subsidiary Hellas Gold has filed an application for payment with the Hellenic Republic, requesting about €750-million for damages suffered by the company, arising from delays in the issuance of permits for the Skouries project, in northern... 

Orion nears drilling completion at Prieska project

By: Marleny Arnoldi     18th September 2018 ASX- and JSE-listed Orion Minerals’ Prieska project drill-out programme is nearing completion, with continued high-grade results being returned at the deep sulphide target. The company has drilled more than 83 000 m since May 2017, across 94 intersections, including 15 intersections drilled for... 

MMG slashes Las Bambas copper forecast

By: Mariaan Webb     18th September 2018 Hong Kong- and Australia-listed MMG has lowered its 2018 copper concentrate production guidance for the Las Bambas mine, in Peru, to between 375 000 t and 395 000 t, from an earlier guidance of 410 000 t to 430 000 t. The lower production forecast is as a result of wall instability restricting... 

ELB uses AI to automate cutters on spiral and shaking tables

By: Creamer Media Reporter      18th September 2018 ELB Engineering Services (ELB) is pleased to announce that we have piloted and commissioned a fully automated control system to optimise the recoveries on spirals and shaking tables in the minerals beneficiation industry. “ELB has successfully managed to use camera recognition and machine... 

Top miner sees US-China trade tensions limiting global growth

By: Bloomberg     18th September 2018 Rising US-China trade tensions threaten to curb consumer purchasing power, crimp productivity growth and limit global economic expansion, according to the world’s biggest mining company. The confrontation between the world’s top two economies, “along with an increasingly unpredictable policy... 

Imperial exploring ‘strategic alternatives’ as it restructures

By: Mariaan Webb     18th September 2018 Troubled Vancouver-based Imperial Metals Corporation has embarked on a restructuring process, which will entail exploring “all strategic alternatives” for the company, the owner of the Red Chris, Mount Polley and Huckleberry copper and gold mines in British Columbia announced on Monday.... 

W boosts board with Madrid-based directors

By: Creamer Media Reporter      17th September 2018 Tungsten, copper and gold mining company W Resources has appointed two Madrid-based directors, Pablo Neira and James Argalas, as nonexecutive directors. Neira brings over 30 years of international experience specialising in managing listed industrial manufacturing companies and family office... 

Russian giant copper project aims to raise $1.25bn in 2018

By: Reuters     17th September 2018 Baikal Mining Company, operator of Russia's biggest untapped copper deposit Udokan, plans to raise $1.25-billion in project financing from a Russian bank by the start of 2019, its chairperson Valery Kazikayev told Reuters. Spurred by high global appetite for cooper, which many expect to be in... 

‘Major’ drilling programme approved for Torrens

By: Creamer Media Reporter      17th September 2018 The management committee of the Torrens joint venture – a 70:30 Aeris Resources and Argonaut partnership – has approved Stage 1 of a “major” drilling programme the iron-oxide/copper/gold project, in South Australia. Stage 1 will involve eight to ten drill holes to depths of between 700 m and 1... 

New Voisey’s Bay royalty calculation agreed on

By: Marleny Arnoldi     17th September 2018 TSX-listed Altius Minerals and Nasdaq-listed Royal Gold have entered into an agreement with Vale Canada to settle litigation related to the calculation of the royalty in respect of all concentrates produced from the Voisey’s Bay mine, in Newfoundland and Labrador. The Voisey’s Bay 3% net... 

Nexa says to invest $1.17bn in Peru, Brazil in five years

By: Reuters     17th September 2018 Brazilian mining company Nexa Resources plans to invest some $1.17-billion in copper and zinc projects in Peru and Brazil over the next five years, the company's general manager Ricardo Porta said on Friday. About $816-million will be invested in Peru, including $555-million in copper projects... 

Barrick seeks Chinese partners for Tanzania mines – Globe

By: Bloomberg     17th September 2018 Barrick Gold may slash 400 jobs and involve Chinese partners in its troubled Tanzania operations, executive chairperson John Thornton told the Globe and Mail newspaper. The Toronto-based company has slashed middle management by half to about 700 and “we want to get it down to 300", Thornton,... 

Sprott takes stake in Wallbridge

By: Mariaan Webb     17th September 2018 Precious metals investor Eric Sprott has increased its shareholding in TSX-listed Wallbridge Mining through a nonbrokered private placement raising C$3.9-million. "We are pleased to have a gold investor such as Eric Sprott as one of our large shareholders. Eric is very familiar with high-grade... 

How Anglo quietly built a commodity trader in Glencore's shadow

By: Bloomberg     17th September 2018 Anglo American has quietly become a commodities trader. In just five years, the century-old miner assembled marketing operations that now sell more metals than the company produces. Yet the trading business gets barely a mention at presentations by Anglo executives or in analyst reports, taking... 

Centerra secures short-term water sources for Mt Milligan

By: Mariaan Webb     14th September 2018 British Columbia regulators have granted TSX-listed Centerra Gold approval to pump additional water – although limited volumes – for its Mount Milligan mine. The approvals, which were received earlier than anticipated, allow Centerra to pump from groundwater wells within Mount Milligan’s... 

Chilean lawmakers study extra tax for copper, lithium mines

By: Reuters     14th September 2018 Chile's congress is studying a proposal for an additional royalty payment for copper and lithium miners operating in the country to bolster the development of the regions around their deposits, according to a draft seen by Reuters. The initiative, which was put forward by opposition legislators... 

Congo Mines Minister sees strategic-metals decision 'very soon'

By: Bloomberg     14th September 2018 The Democratic Republic of Congo’s government will soon announce which minerals are to be designated “strategic” and subject to a 10% royalty rate, the mines minister said. Congo’s updated mining code, signed by President Joseph Kabila in March and applied since regulations were finalized in... 

Association expects lower tin consumption this year

By: Simone Liedtke     14th September 2018 Tin consumption is expected to be weaker this year, as a result of escalating trade tensions and macroeconomic developments, especially in China, where other factors are hindering growth, the International Tin Association (ITA) has found. ITA analyst Tom Mulqueen pointed out that the latest... 

Cradle Arc renews prospecting licences near flagship Mowana copper mine

By: Schalk Burger     14th September 2018 Africa-focused base and precious metals exploration and production company Cradle Arc on Friday announced that it had renewed prospecting licences to the north of its flagship Mowana copper mine, in Botswana, along the same Bushman Lineament that hosts the current resource estimate for Mowana.... 

Apollo now owns 100% of Couflens

By: Creamer Media Reporter      14th September 2018 ASX-listed Apollo Minerals said on Friday that it had completed the acquisition of the remaining 20% interest in the Couflens tungsten/copper/gold project in the Pyrenees region of southern France, increasing its ownership to 100%. The company initially bought an 80% interest in 2017, and... 

Anglo American asks Angola for permission to explore for metals

By: Reuters     14th September 2018 Anglo American, one of the world's largest commodities miners, has asked Angola for permission to explore for base metals, the country's Ministry for Mines said on Friday. Anglo, which operates diamond, copper, platinum mines around the world, submitted a letter of intent to invest in the... 

Myanmar unveils Bawdwin ‘starter pit’ scoping study

By: Mariaan Webb     14th September 2018 ASX-listed junior Myanmar Metals has unveiled the results of a scoping study for the Bawdwin polymetallic mine, in Myanmar, demonstrating the viability of developing a 13-year “starter pit” that will fund the life-of-mine infrastructure. Based on the indicated and inferred resources from the... 

Collahuasi copper mine in Chile to raise output 4% this year -VP

By: Reuters     14th September 2018 The copper mine Collahuasi in Chile is expected to produce 545 000 t of copper this year, 4% more than in 2017, its vice president of operations, Francisco Carvajal, told journalists on the sidelines of an event in Peru on Thursday. Collahuasi, owned by Anglo American and Glencore, is located in... 

Lundin Mining has hefty M&A appetite for copper, says incoming CEO

By: Reuters     14th September 2018 Canada's Lundin Mining is on the hunt for copper mines and projects and willing to spend up to $3-billion on mergers and acquisitions, its incoming CEO said in an interview on Thursday. But Lundin will stick with its strategy of disciplined bids and a focus on low-risk jurisdictions, Marie... 

Lab extension to improve product quality

By: Paige Müller     14th September 2018 Sandton-based chemical reagents supplier and distributor Axis House anticipates that its planned laboratory expansion will allow the company to produce higher quality reagents that will boost the profitability of its Zambia-based copper mining clientele’s operations. Axis House sales... 

Greater emphasis on safety at Konkola

By: Paige Müller     14th September 2018 Diversified miner Vedanta Resources is strengthening its focus on safe production at its subsidiary Zambia-based integrated copper producer Konkola Copper Mines (KCM) through the implementation of its Safety Stand Down campaign. Vedanta’s campaign was launched by KCM CEO Deshnee Naidoo in July to... 

Zambia ventilation shaft project finalised

By: Paige Müller     14th September 2018 Mining contracting and engineering services company Redpath Mining Africa has completed what it has dubbed the “milestone” Synclinorium Ventilation Shaft project for Zambia-based copper mine, Mopani Copper Mines. Redpath Mining Africa’s Zambian branch, Redpath Zambia, was initially awarded the... 

First Quantum commends stability of Zambian mining policies

By: Paige Müller     14th September 2018 Global mining company First Quantum Minerals has complimented the Zambian government for the recent stability of the nation’s mining tax and royalty regime, which – if it continues – may increase investor confidence. Moreover, First Quantum head of government affairs John Gladston commends... 

New exploration licences validated

14th September 2018 Canada-based diversified miner Maxtech Ventures last month announced that its Zambian mining operation, Maxtech Mining Zambia’s two large-scale exploration licences have been validated by the Minister of Mines and Mineral Development of Zambia. The first large-scale exploration licence is for an... 

Zambia’s operational investment spikes

By: Paige Müller     14th September 2018 A positive shift in Zambia’s copper and cobalt mining industries has resulted in an increase in much-needed operational investments by major mining houses, says mining, bulk materials handling and minerals processing equipment and systems supplier TAKRAF Africa. TAKRAF Africa regional sales... 

Teck's copper project attracts interest before end-Sept deadline - sources

By: Reuters     13th September 2018 Mining companies and commodities trading houses are expected to table first-round offers by a September 28 deadline for a stake in Teck Resources' Quebrada Blanca copper mine expansion in northern Chile, two sources with knowledge of the matter said. Canada's Teck has said a development partner... 

Gold Fields plans to extend life of Peru mine through 2040

By: Reuters     13th September 2018 South African miner Gold Fields aims to extend the life of its Cerro Corona gold mine in Peru through 2040 with an investment of at least $240-million, the company's vice president for the Americas said late on Wednesday. "We're doing studies with Peruvian consulting firms and international... 

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