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Global Mining News in real time

Miners unruffled by post-Fukushima nuclear retreats 

By: Liezel Hill The decisions by countries like Germany, Italy and Switzerland to phase out or cancel nuclear programmes in the wake of the accident at Japan's Fukushima Daiichi plant this year does not represent a broader trend away from nuclear energy, uranium mining executives said at a conference on... 

Nevsun adopts shareholder rights plan

By: Liezel Hill Nevsun Resources, which operates the Bisha mine in Eritrea, has adopted a shareholder rights plan, the firm said in a statement. The plan, or 'poison pill' was adopted to give the board of directors time to assess any unsolicited takeover bid, and, if appropriate, to look for better alternatives. 

Iluka shares gain on big price increases

By: Mariaan Webb Shares in ASX-listed mineral sands miner Iluka Resources rose 11% on Monday, after the company announced it had concluded higher pricing agreements with its customers. Iluka said the second-half weighted average price would increase by between 70% and 75% on the first-half rutile price of $770/t... 

RBC sees Nevsun as potential acquisition target

By: Liezel Hill Nevsun Resources, which operates the Bisha mine in Eritrea, is a potential takeover target, according to RBC Capital Markets analyst Jonathan Guy. Guy, who has initiated coverage of Nevsun with a rating of 'outperform, above average risk', believes Nevsun could be a good target for either a... 

Uranium shares gain on first positive news in months

By: Matthew Hill An announcement by Traxys North America that it will buy the uranium the US Department of Energy (DoE) planned on selling will take out a large portion of the nuclear fuel that would have ended up on the spot market pressuring prices. The first bit of good news for the uranium sector since the... 

RBC says strong price rises ahead for diamonds

By: Matthew Hill Analysts at RBC Capital Markets said on Thursday diamond producers and near-term developers will likely be popping champagne corks over the next few years as surging Asian demand props up prices. In a report on the bank’s fourth yearly diamond conference in London, RBC said the outlook for rough... 

Neo hikes financing deal to $200m

By: Matthew Hill A day after announcing a $175-million fundraising, rare earth metals company Neo Material Technologies announced on Thursday it was increasing its convertible debenture offering to $200-million. RBC Capital Markets and Scotia Capital are the lead underwriters, and have the option to buy an... 

Neo raises $175m war chest

By: Matthew Hill Neo Material Technologies, which makes rare metal products used in wind turbines, computers and mobile phones, on Thursday said it was raising a $175-million war chest for potential acquisitions. The financing comes in the form of $1 000 convertible debentures, and RBC Capital Markets and Scotia... 

South African mining facing implied $100bn silicosis damage – RBC

By: Martin Creamer The South African mining industry is facing “a very serious” threat from silicosis claims that could result in implied damage of $100-billion, says RBC Capital Markets equity research unit. RBC analyst Leon Esterhuizen and associate analysts Arnold van Graan and Ben McEwen say that the ruling of... 

Royal Nickel talks to potential partners for Quebec nickel project

By: Liezel Hill Toronto-based Royal Nickel may sell a stake of 30% to 40% in its Dumont nickel project in Quebec's Abitibi region, to help finance the estimated $2-billion needed to build the mine, CEO Tyler Mitchelson said on Monday. The company has already begun initial talks, including with nickel-industry... 

Equinox shares dig in above offer price

By: Liezel Hill Shares in Equinox Minerals remained above C$7,50 on Wednesday, three days after Hong Kong-based and -listed Minmetals Resources announced it would offer C$7 a share for the copper producer. Analysts generally expect that Minmetals will succeed with its all-cash bid, although they say the company... 

Harmony Gold shares surge on analysts takeover comment

By: Petronel Smit South African gold-miner Harmony Gold may become a takeover target on the back of the outstanding exploration results seen at the Wafi-Golpu deposit in Papua New Guinea (PNG), RBC Capital Markets said in a report on Thursday. Analysts Leon Esterhuizen and Arnold van Graan said the PNG assets... 

Japan to have minimal impact on diamond market – De Beers

By: Matthew Hill The Japanese natural disasters last week will probably have a minimal impact on consumer demand for diamonds, world number-one diamond miner De Beers said on Wednesday. “It's probably a bit too early to comment in detail but our assessment is that there is likely to be minimal impact on global... 

Reeling Japanese consumers to affect diamond demand for 'a couple of years' 

By: Matthew Hill The Japanese natural disasters will have a “significant impact” on diamond demand in the country that consumed 11% of the gems in 2010, Paradigm Capital analyst David Davidson said on Tuesday. “This is certainly going to have ramifications for a couple of years. It will have an impact [on the... 

AMD jeopardises viability of Central Rand Gold – analysts

By: Megan Wait Acid mine drainage (AMD) is jeopardising the viability of emerging miner Central Rand Gold (CRG), despite the company taking steps to improve its production. RBC Capital Markets, which will discontinue its coverage of CRG owing to a reallocation of analyst resources, said in a report this week... 

African Aura’s precious metals spin-out to ‘unlock value’ – analysts

By: Matthew Hill Analysts this week reacted positively to news that TSX-V and Aim-listed African Aura Mining, which owns iron-ore and gold projects in West Africa, would spin out its precious metal prospects into a new company. Both Fairfax and RBC Capital Markets analysts said the move would likely result in a... 

Great Basin Gold to raise $75m in bought deal

By: Petronel Smit TSX- and JSE-listed Great Basin Gold announced on Thursday that it would raise $75-million in a bought-deal financing. The company, which owns assets in South Africa and the US, said it had entered into an agreement with a syndicate of underwriters to buy 29,4-million common shares at a price of... 

First Uranium reviews funding options, cuts Ezulwini forecast

By: Petronel Smit TSX- and JSE-listed First Uranium has downgraded its 2011 gold production guidance for its Ezulwini mine, because of shaft maintenance at the South African operation. First Uranium expects to produce between 69 000 oz and 70 000 oz of gold at Ezulwini, which is 14% below its previous full-year... 

Berkeley moves Spanish uranium project to exploitation phase

By: Petronel Smit ASX- and Aim-listed Berkeley Resources on Tuesday announced that it would progress to the exploitation phase of its Salamanca uranium project, in Spain. The Salamanca uranium project, which comprises the Aguila, Alameda, Retortillo and Villar mining areas, has a number of identified uranium... 

Stornoway to buy other 50% of Quebec diamond project

By: Liezel Hill TSX-listed Stornoway Diamond Corp will buy the 50% it does not own in the firm's flagship Renard diamond project from a Quebec government company, in exchange for shares in Stornoway and a 2% revenue royalty on future production from the project.  

Thompson Creek executes credit agreement for $290m revolver

By: Liezel Hill Molybdenum producer Thompson Creek Metals has executed a credit agreement for a four-year revolving credit facility of $290-million, which can be increased to $300-million at any time, the firm said on Friday. Up to $100 million of the facility will be available for letters of credit, and up to... 

First Quantum to sell shares held in rival Equinox

By: Liezel Hill Vancouver-based First Quantum Minerals plans to sell the 113,8-million shares it owns in Equinox Mining, the company announced on Monday. RBC Capital Markets and BMO Capital Markets were engaged to act as agents to solicit buyers for the shares, which represent about 16% of Equinox, First... 

Quit your jibber jabber and get into gold 

By: Matthew Hill Some might source enough confidence in gold from Mr T's assurance in a Bloomberg Television interview this week that "when I represent something, it does pretty good". The former A Team star is now the face of Cash America International's Gold Promise, which buys gold jewellery through its mail... 

SA power outlook puts question mark over PGMs expansions – RBC

By: Liezel Hill The tight power supply outlook in South Africa could result in constrained production from platinum-group metals (PGMs) mines, according to RBC Capital Markets analyst Leon Esterhuizen. South Africa is the top producer of PGMs and produces almost 80% of the world's platinum mine supply.  

BHP switches advisers as bankers line up for fee bonanza

By: Reuters With up to $190-million in potential fees up for grabs, BHP Billiton's bid for Canada's Potash Corp is the deal investment bankers globally had been hoping for. However, there was a notable change in the mining giant's line up of advisers since its failed 2008 bid for rival Rio Tinto.  

Andean to raise C$234m for Argentina project

By: Liezel Hill TSX- and ASX-listed Andean Resources will raise C$234-million in a bought-deal financing, the company announced on Wednesday. Andean plans to use the funds to develop its Cerro Negro project in Argentina, and for “general working capital purposes”.  

Junior miner Platmin raises $385m

By: Loni Prinsloo Junior-miner Platmin announced on Friday that it had successfully raised a total of $385-million in funding from a prospectus offering and private placement. The company raised $250-million of new equity by issuing about 205,7-million new common shares at $1,2 a share, and a further $135-million... 

Platmin raises $250m in new equity

By: Creamer Media Reporter SX-, Aim- and JSE-listed Platmin, which develops platinum projects in South Africa, said on Thursday that it had raised $250-million in new equity. The company agreed to issue over 205,7-million new shares at $1,125 a common share. 

Platmin to raise $250m in share placement

By: Loni Prinsloo unior miner Platmin has filed a preliminary short-form prospectus in Canada on Friday to raise up to $250-million through a share placement. The platinum miner said that the shares in South Africa, the UK and the US, would only be offered on a private placement basis and would not be offered to... 

Should Gold Fields look at splitting SA, foreign assets?

By: Matthew Hill Gold Fields, the world’s fourth biggest producer, merges with a Canadian miner and spins off its South African mines as part of the deal. That was the plan in 2004, until shareholders vetoed the reverse takeover of TSX-listed Iamgold. With Barrick separately listing its African assets, and... 

Key US market drags its feet as China, India lead diamond recovery

By: Matthew Hill If diamonds are a girl's best friend, Chinese girls are certainly a diamond producer’s best friend. While demand for the sparkling stones is still limping along in most other countries, China is eating them up. The Asian powerhouse will double its share of global diamond jewellery demand by 2015... 

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