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Topic

Kinross to invest $820m to tread water on production

By: Bloomberg     20th September 2017 Kinross Gold is spending more than $800-million to essentially tread water as – like many miners – it faces a future in which new gold assets are increasingly difficult to find and costly to develop. The Canadian miner said Monday it will move ahead with expansions at mines in Mauritania and... 

Kinross to proceed with Tasiast Phase 2, Round Mountain expansion projects

By: Henry Lazenby     18th September 2017 Senior Canadian miner Kinross Gold has revealed that it will spend about a $1-billion on two significant capital growth plans for the Phase 2 expansion of its Tasiast mine, in Mauritania, as well as the Phase W of the Round Mountain mine, in Nevada. “With Phase 2, Tasiast's annual production is... 

Freeport seen facing more battles over world's top gold mine

By: Bloomberg     18th September 2017 The landmark deal that forced Freeport-McMoRan to cede controlling interest in the world’s biggest gold mine and second-largest copper mine to Indonesia may not be the final outcome as both sides prepare for a politically charged fight over the price of the asset and how it will be run, according... 

AngloGold announces potential disposal of lossmaking Kopanang

By: Martin Creamer     15th September 2017 A memorandum of understanding (MoU) has been signed with a selected party which could result in a sale agreement involving the disposal of the 36-year-old, lossmaking Kopanang gold mine. AngloGold Ashanti said in a media release to Creamer Media’s Mining Weekly Online on Friday that unsolicited... 

Fight for world's biggest gold mine isn't over – former CEO says

By: Bloomberg     15th September 2017 The landmark deal that forced Freeport-McMoRan to cede control of the world’s biggest gold mine and second-biggest copper mine to Indonesia may not be the final outcome as both sides prepare for a politically charged battle over the price of the asset and how it will be run, according to the US... 

Ballard surges on design that reduces platinum in fuel cells

By: Bloomberg     14th September 2017 Ballard Power Systems, a supplier of fuel-cell power systems, surged to a three-year high after announcing a technology breakthrough that replaces most of the high-cost platinum used in earlier design. Ballard gained 24% to $4.59 at 3:08 pm, in New York, the most intraday in more than a year and... 

Kibo wins GE innovation award for Mbeya

By: Natasha Odendaal     8th September 2017 Aim- and AltX-listed Kibo Mining has been awarded the General Electric (GE) Innovative Project Development Deal of the Year 2017 for its Mbeya coal-to-power project, in Tanzania. The award was presented to the company in New York on Thursday. 

Acid mine water used to recover gold from dumps – DRDGold 

By: Martin Creamer     6th September 2017 Acid mine drainage (AMD), which is water that has been polluted as a result of mining activity, is being used to relieve the cost burden of the large volume of water needed to recover gold from mine dump material, as well as lower the demand placed on scarce drinking water. Surface mining company... 

Palladium-propelled US buy quickly paying its own way – Sibanye-Stillwater 

By: Martin Creamer     31st August 2017 Not only has the palladium price soared by 64% since Sibanye began discussions for the acquisition of Stillwater Mining, the world’s largest primary palladium producer, but the Stillwater operation itself has also performed well under its new owner. At current basket prices, Stillwater will pay... 

Rio unveils red diamond from Argyle

By: Esmarie Swanepoel     30th August 2017 Mining major Rio Tinto has unveiled a 2.11 ct fancy red diamond in its latest tender of diamonds from the Argyle mine, in Australia. CEO Jean-Sebastian Jacques said this week that the market fundamentals for pink diamonds remained robust, adding that the combination of healthy demand and... 

Gold extends rally to 2017 high as North Korea test adds to angst

By: Bloomberg     29th August 2017 Gold rose to the highest this year after North Korea fired a ballistic missile over Japan, boosting haven demand and extending a rally fuelled by declines in the dollar. An index of precious-metals mining stocks touched a four-month high. The greenback fell for a third day to its lowest since... 

Gold closes above $1 300 for first time this year on dollar, Fed

By: Bloomberg     29th August 2017 Gold futures closed above $1 300/oz for the first time since November as the dollar dropped and speculation mounted that policy makers will be slow to raise US interest rates. Futures for delivery in December rose 1.3% to settle at $1 315.30 at 1:42 pm on the Comex in New York. The Bloomberg... 

Magnis Resources strikes supply deal with German consortium

By: Anine Kilian     28th August 2017 ASX-listed Magnis Resources has signed a memorandum of understanding (MoU) to supply raw materials to German lithium-ion battery consortium TerraE-Holding. Under the agreement, Magnis, which mines natural flake graphite for use in lithium-ion batteries, will supply raw materials to the TerraE... 

BHP explores $2bn stake sale in Canada potash mine – sources

By: Reuters     25th August 2017 Anglo-Australian mining giant BHP Billiton is considering selling a 25% interest in its Canadian potash mine project, a stake that could be worth close to $2-billion, people familiar with the matter told Reuters. The move comes as activist investor Elliott Management has been pushing the company... 

Coal miner Murray's bonds plunge after Trump administration snub

By: Bloomberg     24th August 2017 Bonds of Murray Energy, the biggest privately owned US coal producer, fell the most in 15 months after the White House denied the company’s request to aid one of its power-plant customers, an action it said would help both companies avoid bankruptcy. The miner’s $1.1 billion of 11.25% bonds due... 

Germany brings home gold reserves ahead of schedule

By: Reuters     23rd August 2017 Germany's central bank has brought much of its gold reserve back to Frankfurt, the Bundesbank said on Wednesday, restoring a bulwark of economic stability the country had stashed away at the height of the Cold War. Guarded well out of Moscow's reach in safe havens like New York, London and... 

Gold surging to $1 400 for BofA as long-term rates stay low

By: Reuters     23rd August 2017 Gold’s on track to climb to a four-year high of $1 400/oz by early next year, buoyed by lower long-term US interest rates and lack of progress by President Donald Trump in delivering economic reforms, according to the global head of commodities research at Bank of America Merrill Lynch. Prices... 

Miners, tech lift stocks, crude rebounds on supply

By: Reuters     23rd August 2017 Global equity markets rose on Tuesday, lifted by mining companies in Europe and technology shares on Wall Street, while crude oil rebounded on indications supply is gradually tightening, especially in the US. US Treasury and gold prices fell ahead of an annual meeting this week of central... 

Tanzania’s 55% share of mine revenue ‘pretty generous’ – AngloGold  

By: Martin Creamer     21st August 2017 The share of revenues that the government of Tanzania has received from the Geita gold mine is “pretty generous” when compared with what shareholders have received, AngloGold Ashanti CEO Srinivasan Venkatakrishnan said on Monday when the company reported an adjusted headline loss of $93-million,... 

Funds to go for BHP's jugular if miner doesn't deliver goods

By: Bloomberg     21st August 2017 BHP Billiton’s truce with activist investors led by billionaire Paul Singer won’t last long if the world’s biggest mining company doesn’t pump up returns and deliver on strategic reform in the wake of its expected bumper profit report this week. The naming in June of BHP’s youngest director Ken... 

Gold futures punch through $1 300 as global stocks extend losses 

By: Bloomberg     18th August 2017 Gold futures broke above $1 300/oz, rising to the highest level since November, as global stocks dropped and investors fretted that turmoil in the White House will prevent President Donald Trump from delivering on his legislative agenda. Futures for delivery in December advanced as much as 1.1%... 

Harmony ups South African capex, pays 70% higher dividend 

By: Martin Creamer     17th August 2017 Gold mining company Harmony Gold, which spent R2.3-billion capital expenditure (capex) on its South African operations in the 12 months to June 30, will be increasing its capex to R2.7-billion for mainly the ongoing development of the Phakisa and Tshepong gold mines in the Free State. The... 

Gold trends sideways as greenback climbs on hawkish Dudley comments

By: Henry Lazenby     15th August 2017 Gold prices posted new losses on Monday and overnight as the US dollar index climbed on positive comments by Federal Open Market Committee voting member William Dudley. Dudley on Monday said it was not “unreasonable” to expect the Federal Reserve to release plans in September to start reducing... 

Paulson and other hedge funds rewarded as angst fuels gold

By: Bloomberg     15th August 2017 Hedge-fund managers including billionaire John Paulson are being rewarded as investor worries over everything from uneven economic data to US-North Korean tensions fuel a rally in bullion. At the end of June, Paulson & Co. owned 4.36-million shares of SPDR Gold Shares, a US government filing... 

This Canadian copper giant is missing best of metal's surge

By: Bloomberg     12th August 2017 As copper producers from Freeport-McMoRan to BHP Billiton ponder what to do with the windfall from surging prices, First Quantum Minerals has no such dilemma. Unlike most of its peers, First Quantum’s copper sales are fully hedged – at an expected average price of $2.37/lb for the second half of... 

Metals' best start since 2009 getting drillers back to work

By: Bloomberg     10th August 2017 A nascent recovery in the beaten-down mineral-exploration industry is gaining momentum as metal prices trade at multi-year highs. Global drilling rose for a fifth straight quarter in April to June, according to S&P Global Market Intelligence, and data through early August suggest the recovery is... 

Washington picks new CEO to run $1.2bn Dominion Diamond

By: Bloomberg     10th August 2017 Montana-billionaire Dennis Washington has hired Patrick Evans to run Dominion Diamond Corp. after he agreed to buy the business for $1.2-billion last month. “We are pleased that Patrick will become CEO of Dominion Diamond Corp. upon closing of the transaction," said Lawrence Simkins, president of... 

Trump is said to be 'really interested' in payments for coal use

By: Bloomberg     10th August 2017 West Virginia Governor Jim Justice said Donald Trump is “really interested” in his plan to prop up Appalachian mining by giving federal money to power plants that burn the region’s coal. Justice, a coal and real estate mogul elected governor last year as a Democrat, announced at a West Virginia... 

Albemarle drops most on S&P 500 as cost of finding lithium rises

By: Bloomberg     9th August 2017 Albemarle Corp plunged the most in 18 months as the world’s largest lithium producer forecast disappointing earnings amid rising exploration costs and lower prices for the mineral used in electric-vehicle batteries. Lithium profit the rest of this year will probably decline from the record level... 

As Trump sings coal's praises, mine fatalities are on the rise

By: Bloomberg     4th August 2017 Ray Hatfield Jr. was six months into his latest coal job when he was crushed to death in a Kentucky mine. Hatfield, a 23-year industry veteran, was cleaning a conveyor belt that shuttled coal to the surface of the Appalachian mine on the morning of Jan. 26. When his clothing got caught, he was... 

Despite decline, platinum supply continues to exceed demand

By: Ilan Solomons     4th August 2017 Research conducted by New York-based research and consulting firm CPM Group for its Platinum Group Metals Yearbook 2017 concludes that the platinum market remained in a surplus during 2016. Newly refined platinum supply exceeded fabrication demand by 197 000 oz in 2016. The report states that... 

From loss to profit, Golden Star sees fifth consecutive quarter of production growth

By: Samantha Herbst     2nd August 2017 The second quarter of 2017 marked Ghana-focused Golden Star Resources’ fifth consecutive quarter of production growth, according to a trading update published Tuesday. The New York-, Toronto- and Ghana-listed midtier miner saw a 51% year-on-year increase in gold production in the quarter to 64... 

Caterpillar seeks new CFO with Halverson to retire next year

By: Bloomberg     1st August 2017 Caterpillar is looking for a new CFO just nine months after the largest maker of construction and mining equipment announced the departure of its long-serving CEO. The Peoria, Illinois-based company has started a global search to replace Brad Halverson, who will retire early next year to help... 

Peru's La Oroya smelter faces liquidation after failed auctions

By: Reuters     26th July 2017 Peru's nearly 100-year-old polymetallic smelter La Oroya failed to draw any offers on Wednesday in the last of six scheduled auctions, delivering a blow to President Pedro Pablo Kuczynski's plans to expand the Andean country's metals refining capacity. Kuczynski had extended the liquidation... 

Trump urged by CEO to nationalise the only US rare-earths mine

By: Bloomberg     19th July 2017 The head of an advanced-materials manufacturer said he met with President Donald Trump’s chief strategist, Steve Bannon, on Monday to persuade him that the US should nationalise the country’s only mine of rare earth minerals, which are used in military applications. “The staff understood the... 

Canada wildfires prompt lumber price surge, mine shutdowns

By: Bloomberg     18th July 2017 Wildfires sweeping across British Columbia, the world’s biggest exporter of softwood lumber, sent timber prices surging and forced the closure of two copper mines in the western Canadian province. More than 375 fires have swept across the province, burning forests, displacing an estimated 37 000... 

Ivanhoe's Congo success follows deals with President's brother

By: Bloomberg     18th July 2017 In the two decades since billionaire mining investor Robert Friedland founded Ivanhoe Mines, his small team has made some of the biggest mineral discoveries in the world. In the Democratic Republic of Congo, it has done so while trading and contracting with companies controlled by one of... 

Platinum for new fuel cell Mercedes cut to autocat level  

By: Martin Creamer     12th July 2017 German car manufacturer Daimler has cut the platinum loading of its new fuel cell Mercedes to catalytic converter level. “We reduced the amount of platinum by 90%, which provides a significant cost reduction. Our fuel cell is not much above the platinum loading of a catalytic converter on a... 

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