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Phoenix Global PEA lifts Idaho-based Empire mine output 16%

By: Henry Lazenby     19th April 2018 A preliminary economic assessment (PE) of LSE-quoted project developer Phoenix Global Mining’s historic Empire mine, in Idaho, has outlined a 16% improved production scenario over previous estimates, taking only the openpit copper oxide resource into consideration. The PEA shows an average copper... 

BDO appoints Australian to lead Global Natural Resources sector

     19th April 2018 BDO is pleased to announce the appointment of Sherif Andrawes as Global Natural Resources Leader.  Sherif, who is based in BDO’s Perth office, will continue as Chairman of BDO WA as well as taking on this global role effective from 26 April 2018. Sherif commenced his career in 1987 with BDO in... 

Sanctions fallout upends metals as aluminum, nickel burst higher

By: Bloomberg     19th April 2018 The turmoil unleashed by US sanctions against United Co. Rusal reverberated in metals markets, sending aluminium and nickel to multi-year highs. Global metals markets have been rocked for the past two weeks by the clampdown on Russia’s Rusal, which set off a rush for alternative supplies and... 

Tanzania names chairperson for new mining commission

By: Reuters     19th April 2018 Tanzanian President John Magufuli on Wednesday appointed a chairperson and commissioners for the country's new mining commission, paving the way for the issuance of new mining licences. Africa's fourth-largest gold producer is seeking a bigger slice of the pie from its vast mineral resources by... 

Canada's Alouette aluminium smelter denies force majeure rumours

By: Reuters     18th April 2018 The Alouette aluminium smelter in Canada, the biggest in the Americas, does not plan to declare force majeure, a spokesperson said on Wednesday, denying a market rumour. There was speculation in the market that Alouette may have to take the measure due to a shortage of raw material alumina. 

Russia sanctions throw aluminium supply chain into chaos

By: Bloomberg     18th April 2018 The US sanctions on United Co. Rusal that have sent aluminium prices surging should be great news for rival producers like Rio Tinto Group. Spoiler alert: they’re not. 

Northcliff hopeful of ‘timely conclusion’ of Sisson permitting

By: Henry Lazenby     18th April 2018 Project developer Northcliff Resources is hopeful for a timely conclusion of the amendment process of the applicable metal mining effluent regulations, in consultation with all stakeholders and led by Environment Canada and Climate Change, for its Sisson tungsten/molybdenum mine, in New... 

Crusader appoints new chairperson as it starts trading on Aim

By: Mariaan Webb     17th April 2018 Brazil-focused Crusader Resources on Tuesday announced the appointment of Andrew Vickerman as nonexecutive chairperson, following the company’s successful listing on the London Stock Exchange. Crusader’s issued share capital was admitted to trading on the Aim market on Monday, following the... 

Highland Gold profit up 37% to $66m

By: Mariaan Webb     17th April 2018 London-listed company Highland Gold on Tuesday posted a 37% increase in its net profit for 2017, as above-guidance production boosted revenue, costs were controlled and no impairment losses were reported. The company, which mines in the Khabarovsk, Chita and Chukotka regions of Russia,... 

Glencore releases all-embracing 117-page sustainability report

By: Martin Creamer     16th April 2018 One of the strategic priorities of diversified mining and marketing company Glencore is to invest in community initiatives that deliver sustainable socioeconomic benefits, the London- and Johannesburg-listed company states in today’s 117-page Sustainability Report 2017, which emphasises the... 

Gemfields faces lawsuit alleging rights abuses at ruby mine

By: Bloomberg     16th April 2018 More than 100 Mozambicans filed a case in London alleging “serious human rights abuses” at Gemfields’ ruby mine in the Southern African nation, according to their lawyers. Leigh Day, the London-based law company, alleged its clients suffered abuses at the hands of security forces at the Montepuez... 

South Africa set to play significant role in Congo potash project 

By: Martin Creamer     16th April 2018 South Africa is likely to play a significant role in the development and construction of the large new potash mine and processing plant that is being planned in the Republic of Congo (RoC) at an expected capital cost of $2-billion. Potentially one of the lowest operational cost potash projects in... 

Rio to call force majeure on some Rusal-linked contracts

By: Reuters     14th April 2018 Rio Tinto said it will declare force majeure on certain customer contracts after the US imposed sanctions on its partner Russian aluminium producer Rusal. The mining group said on Friday it was working with its customers to minimise disruptions to supply and would fully comply with US sanctions. 

Goldman Sachs says you must own commodities in these tense times

By: Bloomberg     13th April 2018 The case for owning commodities has rarely been stronger, according to Goldman Sachs Group. With raw materials rallying on escalating political tensions across the globe and economic growth remaining strong, the bank’s analysts including Jeffrey Currie doubled down on their “overweight”... 

Aluminium set for best week in three decades as supply woes mount

By: Bloomberg     13th April 2018 Aluminium prices are heading for the best week in at least three decades as US sanctions on Russian producer United Co. Rusal send buyers scrambling to find supplies. Prices of the metal climbed to the highest since 2012 Thursday, helping push this week’s gain to almost 14%, the most in... 

W Africa exploration to benefit from global mining upturn

By: Erin Steenhoff-Snethlage     13th April 2018 Global investor confidence in mining is slowly returning, but opinion is divided about whether mines will be able to maintain and grow production without relinquishing their cost discipline of the past few years, states the Prospectors & Developers Association of Canada (PDAC). There has been... 

Glencore is losing billionaire allies to Trump's sanctions

By: Bloomberg     12th April 2018 The reach and power of US sanctions are hemming in the world’s largest commodity trader. In just four months, Glencore chief Ivan Glasenberg has lost two of his closest business allies as President Donald Trump’s aggressive foreign policy hits home, forcing him to cut ties with billionaires Oleg... 

Galantas secures further loans for Omagh development

By: Creamer Media Reporter      12th April 2018 Aim- and TSX-V-quoted Galantas Gold has secured more funds for the further development of its Omagh mine, in Northern Ireland. The firm’s operating subsidiary, Flintridge Resources, has signed a concentrate prepayment agreement, or loan facility, for $1.6-million with Ocean Partners UK and... 

Aluminium gets Iran-style crisis as Rusal shut out of market

By: Bloomberg     12th April 2018 The aluminium market is having its own Iran oil moment. Similar to how US and European sanctions in 2012 cut Iran’s oil sales to the world, last week’s American penalties on United Co Rusal look set to freeze the Russian company’s aluminium out of western markets. The reaction has already been... 

LG Chem cobalt deal sets tone for battery cathode market

By: Henry Lazenby     12th April 2018 A new deal by Korean battery manufacturer LG Chem and China’s Huayou Cobalt is expected to set the tone for the lithium-ion battery cathode market. The two partners have announced a significant deal worth about $440-million to build a 40 000 t/y lithium-ion battery precursor materials plant and a... 

Palladium surges 6% on jitters over Russia sanctions

By: Reuters     11th April 2018 Palladium has surged 6% this week on the back of concerns that supply from number one producer Russia could be hurt by sanctions imposed by the US. Although the supply pipeline of the metal, more than two-fifths of which is sourced in Russia, has not been directly hit by the sanctions, the... 

Afarak may re-domicile as it progresses Helsinki delisting plans

By: Simone Liedtke     11th April 2018 Vertically integrated specialty alloys producer Afarak is considering changing its domicile from Finland, as the company continues to advance plans to delist from the Nasdaq Helsinki Stock Exchange, leaving it with a listing on only London’s Aim. In an update regarding its delisting plans, which... 

Vedanta says Indian copper smelting plant expansion on track

By: Reuters     11th April 2018 Vedanta Resources Plc said on Wednesday its plans for capacity expansion at the Thootukudi copper smelting plant in southern India were on track, a day after its application to renew operations was rejected by the state pollution regulator. Billionaire Anil Agarwal-controlled Vedanta said on... 

LME to suspend Rusal's aluminium from approved brand list

By: Reuters     11th April 2018 The London Metal Exchange will suspend Rusal's aluminium from its list of approved brands from April 17 after some members raised concerns about settling LME contracts with sanctioned companies, the exchange's chief executive told Reuters. Last week the US Treasury Department imposed sanctions... 

Petra Diamonds secures new debt agreements with lenders

By: Reuters     10th April 2018 Petra Diamonds said on Tuesday that it has finalised an agreement with its lenders for a waiver of its December 2017 debt covenant and a resetting of debt agreements for this year. The London-listed miner started talks with its banks earlier this year after the confiscation of a consignment of... 

Lionsgold says Finland JV making good progress, ups stake to 30%

By: Creamer Media Reporter      10th April 2018 London-listed Lionsgold on Tuesday reported progress at its Finland operations, noting that the joint venture (JV) company, Kalevala, had received approval to process 200 t of material from the Kuikka deposit as part of the commissioning of a gold recovery pilot plant for planned bulk sampling.... 

Palladium's slide from record high hits solid floor

By: Reuters     10th April 2018 Palladium's 20% fall from its January record high has put the metal in bear market territory, but strong chart support and tightness in the underlying market suggest it has hit a solid floor more than 40% above its ten-year average. Palladium, the most industrial of the major precious metals,... 

Deripaska's fall: From Davos party king to outcast in three days

By: Bloomberg     10th April 2018 At Davos this year, Oleg Deripaska threw a party with champagne, Russian folk dancers and a performance by Enrique Iglesias. Now the Russian billionaire is on an international blacklist usually reserved for terrorists and warlords. On Friday, the US aimed its toughest sanctions at Deripaska’s... 

Glencore terminates Rusal-EN+ share swap, Glasenberg quits Rusal board

By: Mariaan Webb     10th April 2018 Multinational miner and commodity trader Glencore will not proceed with a share swapping transaction with Russian companies Rusal and EN+ Group, following fresh US sanctions targeting Kremlin-linked companies and oligarchs. Glencore, which on Tuesday confirmed that it would comply with all... 

Farnese blue diamond goes on sale after 300 years of royal history

By: Reuters     6th April 2018 The historically important Farnese Blue diamond, which was passed down through European royal families for some 300 years, is to go on sale for the first time next month, auctioneers Sotheby's said. Expected to fetch between $3.7-million and 5.3-million, the 6.1 ct, dark grey-blue stone from the... 

Bacanora terminates NextView placing, reaffirms Sonara H1 construction start

By: Mariaan Webb     6th April 2018 London-listed Bacanora Lithium has terminated its £31.17-million placing agreement with NextView, after the Chinese institutional fund management group defaulted on the December 2017 agreement. NextView would have acquired a 19.89% equity interest in Bacanora through the acquisition of 32 976... 

Stronger gold price lifts global ETF inflows – WGC

By: Henry Lazenby     6th April 2018 Global gold-backed exchange-traded funds (ETFs) added 22.5 t of gold during March, increasing their holdings to 2 415 t valued at $102.8-billion, data provided by the World Gold Council (WGC) on Thursday shows. While the price of gold finished the month relatively flat $1 325/oz, a significant... 

Ghana to review corporate tax exemptions for resources sector

By: Reuters     5th April 2018 Ghana plans to review its process for granting corporate tax exemptions to mining and oil companies as part of measures to eliminate fraud and boost revenues, its vice president said on Wednesday. Mahamudu Bawumia said tax exemptions claimed by some resources companies were not transparent, and... 

Bacanora makes progress on German Zinnwald lithium project feasibility study

By: Henry Lazenby     5th April 2018 Project developer Bacanora Lithium is making good progress on its feasibility study for the Zinnwald lithium project, located in Germany’s Southern Saxony region, the company reported on Wednesday. The company, which has now successfully re-domiciled from Canada to London, in the UK, and moved... 

Trafigura signs cobalt offtake deal with Shalina Resources subsidiary

By: Reuters     4th April 2018 Commodities trader Trafigura has signed an offtake agreement for cobalt hydroxide until December 2020 with Shalina Resources and its subsidiary Chemaf based in the Democratic Republic of Congo, Chemaf said in a statement on Wednesday. Chemaf produced about 5 000 tonnes of cobalt last year with... 

Revitalised demand growth to buttress molybdenum prices

By: Reuters     4th April 2018 Healthy demand for molybdenum rich stainless steel, especially from the oil and gas industry, plus sluggish supply growth are expected to keep the price of this minor metal riding high. Molybdenum prices at nearly $13/lb are at their highest since 2014, having more than doubled since December 2015. 

Randgold's African mining acumen is being tested on all fronts

By: Bloomberg     4th April 2018 Randgold Resources’s celebrated ability to operate in Africa is being tested on all fronts, and it’s taking a toll on the London-listed gold miner’s stock. For most of the last decade, Randgold shares were the best performers among gold miners tracked by Bloomberg. Now they are among the worst in... 

Prairie Mining starts legal action against Poland's environment Ministry

By: Reuters     3rd April 2018 Australia's Prairie Mining said it filed a lawsuit in a Warsaw civil court on Friday against the Polish environment ministry, seeking an extension to the company's exclusive rights to a mining project in the country. The news sent the miner's shares plunging 30% in London and 20% in Warsaw. 

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