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Freeport stock soars 15% on copper prices, permit progress

By: Reuters     Updated 40 minutes ago Freeport-McMoRan shares jumped to a 16-month high on Tuesday, as soaring metal prices and progress in a long-running, costly permit dispute with Indonesia buoyed the world's biggest publicly traded copper miner. Investors brushed aside quarterly results and full-year forecasts that were short of... 

Newmont stock jumps as output rises and costs fall

By: Henry Lazenby     Updated 1 hour 25 minutes ago US gold major Newmont Mining announced that operations across its portfolio outperformed for the three months ended June, pushing its NYSE-listed stock up by 8% on Tuesday. The Denver, Colorado-based miner has comfortably beaten analyst earnings forecasts of $$0.26 a share, posting an adjusted... 

Codelco to issue $2.75bn of debt

By: Reuters     Updated 4 hours ago Chilean state copper miner Codelco is planning to issue $2.75-billion worth of debt in two tranches on the international market, the company said on Tuesday. Ratings agency Moody's assigned the debt, which will mature 2027 and 2047, an A3 rating. Net proceeds will be used for refinancing and... 

India's Vedanta Q1 consolidated profit doubles

By: Reuters     25th July 2017 Vedanta, the Indian unit of diversified energy group Vedanta Resources, reported a doubling of quarterly consolidated profit on Tuesday, as higher zinc prices helped the company to reap improved margins. Consolidated profit came in at 15.25-billion rupees in the quarter ended June 30, with... 

Strong production, lower costs see Oz tracking towards FY guidance

By: Esmarie Swanepoel     25th July 2017 Copper/gold producer Oz Minerals has reported an increase in production during the three months to June, compared with the previous quarter. Copper production increased from 25 079 t in the March quarter to 28 163 t in the June quarter. Gold production increased from 26 135 oz to 32 136 oz in... 

Mirasol finds three new large-scale base metal targets on expanded claim holdings

By: Henry Lazenby     25th July 2017 Junior explorer Mirasol Resources has discovered three large-scale porphyry copper/molybdenum/gold targets, also expanding its claim holdings, at the 100%-owned Rubi project, next to the giant El Salvador copper mining district, in northern Chile. Mirasol recently completed field evaluation and... 

Acacia gets almost $200bn adjusted Tanzanian tax assessments

By: Henry Lazenby     24th July 2017 The Tanzania Revenue Authority (TRA) has issued two Acacia Mining subsidiaries with adjusted tax assessments totalling nearly $200-billion in alleged unpaid taxes, penalties and interest owed. This is the latest blow to the operator, whose first-half performance this year was severely impacted by... 

Zaldivar mine strike threat in Chile averted as deal is reached

By: Reuters     24th July 2017 Copper miner Antofagasta has signed a wage deal with workers at its Zaldivar deposit in Chile, the company and the union said on Monday, averting threatened labour action. The union of about 700 members said in a statement that the contract could come into effect from Tuesday and the company... 

Anglo Asian targets production from Ugur mine in Q4

By: Mariaan Webb     24th July 2017 Gold, copper and silver miner Anglo Asian is on schedule to produce the first ore from its Ugur deposit – a new mineral resource 3 km west of its Gedabek licence in western Azerbaijan – in the fourth quarter of this year. The deposit, which was discovered last year, provided the company with an... 

Philippines' Duterte warns miners: 'I will tax you to death'

By: Reuters     24th July 2017 Philippine President Rodrigo Duterte on Monday said he wanted to stop exporting mineral resources and might close the mining sector completely and tax miners "to death" if damage to the environment persisted. "The protection of the environment must be made a priority ahead of mining and all... 

Anglesey completes scoping study for Wales mine

By: Creamer Media Reporter      24th July 2017 Project developer Anglesey Mining on Monday published the results of its scoping study for the Parys Mountain copper/zinc/lead project, in north Wales, which demonstrates a viable mine development. The study, which Micon International and Fairport Engineering prepared, envisages a mining rate of... 

Newcrest production falls after Cadia disruptions

By: Esmarie Swanepoel     24th July 2017 Australian gold miner Newcrest Mining has reported lower fourth-quarter and full year gold production, following disruptions at the Cadia East operation, in New South Wales. Gold production during the three months to June was down 7.8% on the previous quarter, to 552 000 oz, while full-year... 

Altona sinks Sichuan deal

By: Esmarie Swanepoel     24th July 2017 ASX-listed Altona Mining has abandoned joint venture (JV) agreement with Sichuan Railway Investment Group (SRIG) over the Cloncurry project, in north-west Queensland, after the Chinese group failed to secure regulatory approval for the transaction. Altona already granting SRIG an extension to... 

Glencore to invest $21m in Brazil's copper producer Paranapanema

By: Reuters     21st July 2017 Glencore has signed an agreement to invest up to 66-million reais ($21-million) into Brazilian copper producer Paranapanema, the Brazilian firm said in a securities filing. Paranapanema said the cash injection will give Glencore the right to appoint one board member and that the agreement is... 

Freeport Indonesia mine workers extend strike for fourth month

By: Reuters     21st July 2017 An estimated 5 000 workers at the giant Grasberg copper mine operated by Freeport-McMoRan's Indonesian unit will extend their strike for a fourth month, a union official said on Friday, in an ongoing dispute over layoffs and employment terms. The escalating labour issue comes as Freeport, the... 

Tanzania concentrate export ban weighs on Acacia’s H1 performance

By: Natasha Odendaal     21st July 2017 Tanzania’s ongoing concentrate export ban, implemented in March, has significantly impacted on LSE-listed Acacia Mining’s results for the first six months of the year. Despite delivering its highest-ever first-half production levels during the period to June, Acacia now expects production to stay... 

Deflector holds potential for new orebody – Doray

By: Mariaan Webb     21st July 2017 Western Australian gold miner Doray Minerals is in the early stages of potentially defining a new orebody at its Deflector mine, MD Leigh Junk said on Friday, as the company reported the results of follow-up drilling at Deflector North. Junk reported that the company had encountered “bonanza... 

Zaldivar copper mine workers extend wage talks with company

By: Reuters     21st July 2017 The union at Antofagasta's Zaldivar copper mine, in Chile, said on Thursday that workers and the company had failed to reach a wage deal and that they had agreed to extend government-mediated talks into next week. Last week, the union voted to strike, prompting the mediated talks and a new... 

Northern Superior returns exploration focus to TPK

By: Henry Lazenby     21st July 2017 Exploration junior Northern Superior Resources has initiated engagement protocols under its early exploration benefits agreement with the Neskantaga First Nation in parallel with its plans to restart exploration activities on its 100%-owned Ti-pi-haa-kaa-ning (TPK) project, in north-western... 

World copper market shows 80 000 t surplus in first four months of 2017

By: Henry Lazenby     21st July 2017 The world refined copper balance for the first four months of 2017 indicates a surplus of about 80 000 t, the International Copper Study Group (ICSG) reported on Thursday. It ascribed the surplus mainly to a decline in Chinese apparent demand, a market that currently accounts for about 48% of the... 

Canada’s First Cobalt hoping to seal DRC exploration deal by next month

By: Mia Breytenbach     21st July 2017 Cobalt asset group First Cobalt aims to close the transaction of a strategic alliance for a 70% interest in seven prospective copper/cobalt exploration properties in the Democratic Republic of the Congo (DRC) by next month and progress exploration in one of the world’s “high-reward cobalt... 

Metso clinches life cycle services contract renewal at Swedish mine

By: Ilan Solomons     21st July 2017 Base metals miner Lundin Mining’s Zinkgruvan zinc, lead, copper and silver mine in Askersund, Sweden has signed a new life cycle services (LCS) agreement with diversified engineering group Metso. The agreement covers mill lining and related services for five grinding mills and is valid for three... 

Red Metal Mining offers bespoke cast resin transformers

     21st July 2017 Diversified project engineering house, Red Metal Mining (RMM), is focused on the specialised design of cast resin dry-type transformers, mini substations, transformer enclosures and electrical automation systems required by mining and associated industries. “Wherever electricity is generated,... 

Zambian miners join forces to improve occupational health and safety

By: Dylan Slater     21st July 2017 Metals mining company First Quantum Minerals’ (FQM’s) subsidiary mining companies in Zambia, Kansanshi Mining and Kalumbila Minerals, together with gold and copper miner Barrick Gold’s nearby copper mine – Lumwana mine – have taken proactive steps to improve their mine safety procedures to save... 

Diamond output leap helps Anglo

By: Martin Creamer     20th July 2017 A sharp rise in rough diamond production at a time of stable diamond trading conditions has boosted diversified mining company Anglo American in the three months to June 30, when overall production was 8% up on a copper-equivalent basis. Rough diamond production increased by 36% to 8.7 million... 

Optimised study boosts Savannah project’s output and lowers costs

By: Esmarie Swanepoel     20th July 2017 An optimisation of the feasibility study (FS) for the Savannah base metals project, in Western Australia, has lowered the expected C1 cash and operating costs of the operation, while targeting higher nickel, copper and cobalt output, owner Panoramic reported on Thursday. Compared with a... 

Activist fund Elliott adds potash to list of BHP grievances

By: Reuters     20th July 2017 Activist shareholder Elliott Management said it has deep concerns over a proposal by BHP to enter the currently over-supplied fertiliser market, reiterating its call for change at the mining giant. BHP has signaled it may push ahead with its long-dormant Jansen potash mine in Canada in a... 

Highlands hands over Star Mountain reins

By: Esmarie Swanepoel     20th July 2017 ASX-listed junior Highlands Pacific has announced its intention to transfer the management of the Star Mountain exploration project, in Papua New Guinea, to joint venture (JV) partner Anglo American after the company spent the required $25-million. Under the JV agreement that was struck in 2015,... 

Chile approves expansion at BHP's Spence mine – paper

By: Reuters     20th July 2017 Chilean authorities have approved a $2.5-billion expansion of BHP Billiton's Spence copper mine, a local newspaper reported on Wednesday, though the company has not yet decided whether to go ahead with the project. Chile's Environmental Evaluation Service (SEA) has unanimously approved the... 

Peru miners start nationwide strike, govt sees little impact

By: Reuters     20th July 2017 Unionised workers at mines in Peru, the world's second biggest copper producer, started a nationwide strike on Wednesday to protest the government's proposed labour reforms, the head of a federation of mining unions said on Wednesday. Workers at 56 mining unions in the Andean country, including... 

State of emergency in British Columbia extended as wildfires rage

By: Reuters     20th July 2017 British Columbia's government took the unprecedented step on Wednesday of extending a state of emergency by two weeks as it battled 140 wildfires that have forced about 45 000 people from their homes. The province's Premier John Horgan said evacuated households would receive C$600 from the... 

Ivanhoe appoints two more financiers to find funds for Platreef

By: Samantha Herbst     19th July 2017 Africa-focused platinum-group metals (PGM) miner Ivanhoe Mines has appointed mine-financing institutions KfW IPEX-Bank and the Swedish Export Credit Corporation (SEK) to arrange project financing for the development of the Platreef project in South Africa’s Limpopo province. The German... 

Shanta to review cost base in light of new legislation, higher royalties

By: Creamer Media Reporter      19th July 2017 East Africa-focused Shanta Gold is undertaking a business review of its operational and cost base in Tanzania, where it operates the New Luika mine, following the introduction of new legislation and higher royalty rates. The Tanzanian Parliament earlier this month enacted the Natural Wealth and... 

COAG supports new exploration strategy

By: Esmarie Swanepoel     19th July 2017 Australia’s state and territory leaders have recently endorsed the new 2017 to 2022 National Mineral Exploration Strategy at the Council of Australian Governments (COAG) meeting, a move which has been welcomed by Geoscience Australia. Geoscience Australia points out that the mineral resources... 

BHP hits iron-ore target, forecasts higher output in 2018

By: Esmarie Swanepoel     19th July 2017 Diversified major BHP has increased its production expectations for iron-ore, copper and metallurgical coal in 2018, on the back of solid results for the year ended June. The miner on Wednesday reported that it had achieved production guidance at its petroleum and iron-ore divisions during the... 

Over halfway into the year, steel outshines oil markets

By: Reuters     19th July 2017 Over halfway into 2017, China's steel market has been the best performer among key Asian commodities because of cuts in low-grade steel production capacity that have reduced supply as demand has remained surprisingly strong. However, oil markets have been the worst performer despite a pledge by... 

Taseko gets multiyear ‘NOW’ permit for contentious New Prosperity mine

By: Henry Lazenby     19th July 2017 The provincial government of British Columbia has issued Taseko Mines with a multiyear Notice of Work (NOW) permit that will allow the base metals producer to undertake a site investigation programme at the New Prosperity gold/copper mine. The mine project, which has been nixed twice by the... 

Demand growth for some metals may exceed 1 000% – World Bank

By: Martin Creamer     18th July 2017 A new World Bank report highlights the potential impacts that the expected continuing boom in low-carbon energy technologies will have on demand for many minerals and metals, including Southern Africa's platinum, manganese and chrome. Using wind and solar energy, and energy storage batteries, as... 

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