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Iamgold says growth projects robust as third-quarter output slips

By: Mariaan Webb     7th November 2018 Canada-based Iamgold has a robust pipeline of development projects and is looking to bolster its credit facility to facilitate its growth strategy, president and CEO Steve Letwin said on Tuesday, after reporting lower third-quarter production and revenue. The company, which operates mines in the... 

Freeport CEO may be ready to sell, but does anyone want to buy?

By: Bloomberg     17th October 2018 Freeport-McMoRan’s annual LME Week party is usually an opportunity for CEO Richard Adkerson to hobnob with the traders and consumers who buy copper from his mining company. At this year’s event, he was surrounded by investment bankers. With its biggest stock overhang – a deal around its... 

Poland's KGHM focused on balance sheet, not dividends

By: Reuters     10th October 2018 Polish miner KGHM, one of the world's leading copper producers, is focusing on shoring up its balance sheet rather than any early return to dividends, its new CEO said. Marcin Chludzinski, who was named CEO in June, said he will deliver an updated strategy for the company by the end of the year. 

Nickel producers eye Indonesia to plug into EV battery market

By: Reuters     14th September 2018 Several global metals producers have set their sights on Indonesia's nickel reserves to tap an expected surge in demand for the metal for electric vehicle batteries. Sumitomo Metal Mining (SMM) said on Thursday that it and nickel miner PT Vale Indonesia are conducting a feasibility study to... 

Northern Star buys 300 000 oz/y Alaska gold mine

By: Esmarie Iannucci     30th August 2018 Gold miner Northern Star Resources will spend $260-million to acquire the 4.1-million ounce Pogo underground gold mine, in Alaska. The ASX-listed company on Thursday told shareholders that the acquisition will be funded from existing cash and a fully underwritten A$175-million placement to... 

Japan's Mitsui may raise its stake in Vale – executive

By: Reuters     6th July 2018 Japanese trading house Mitsui & Co may boost its stake in Brazil's Vale SA if other shareholders sell part of their holdings, a senior executive said, giving it greater influence over the iron ore giant's management. Several Brazilian pension funds and BNDESPar, the investment arm of state... 

Iamgold lifts gold reserves 86% as exploration investments pay off

By: Henry Lazenby     14th February 2018 TSX- and NSYE-listed miner Iamgold has made significant gains to its reserve base in 2017, lifting it 86% after accounting for depletion. "In 2017, we were able to crystallise significant gains in reserve ounces within the company, carrying on from our great work in 2016 to advance our high... 

Gold Road consolidates Yamarna belt ownership

By: Simone Liedtke     5th February 2018 Mid-tier gold development and exploration company Gold Road Resources has signed a sale agreement to acquire joint venture (JV) partner Sumitomo Metal Mining Oceania's 50% interest in the South Yamarna project for A$7-million in cash and certain rights of first refusal and first negotiation. The... 

PDAC 2018 Awards Honour Industry Leaders

29th January 2018 The Prospectors & Developers Association of Canada (PDAC) is pleased to announce award recipients in seven categories for 2018. These top international and domestic performers will be honoured with a prestigious award in recognition of their excellence. The annual PDAC Awards – now in its 40th... 

Sumitomo Metal Mining exits Solomon Islands nickel exploration project

By: Reuters     8th August 2017 Japan's Sumitomo Metal Mining said on Tuesday it will withdraw from a nickel exploration project in the Solomon Islands owing to slumping nickel prices, harsh business circumstances and the outcome of legal proceedings. Sumitomo Metal Mining, which began exploring in the Solomons in 2005, has... 

Iamgold completes Côté stake sale

By: Creamer Media Reporter      21st June 2017 Canadian gold miner Iamgold has completed the sale of a 30% interest in the Côté gold project, in Ontario, to a subsidiary of Sumitomo Metal Mining for $195-million. Iamgold, which still owns the remaining 70% interest in the project, has received $100-million in cash and the balance is payable... 

Iamgold rises on 30% Côté stake sale, positive PFS results

By: Henry Lazenby     6th June 2017 The TSX-listed stock of Canadian gold producer Iamgold gained nearly 12% on Tuesday following news late on Monday that it has agreed to sell a 30% stake in its Côté gold project, in Ontario, and the publication of a positive prefeasibility study (PFS) for the mine. Tokyo-based Sumitomo Metal... 

KGHM to book $1.4bn impairment on international assets

By: Henry Lazenby     15th February 2017 Polish base metals producer KGHM expects to book a noncash writedown of $1.4-billion on its international assets for the 2016 financial year. This followed the completion of major impairment tests on its foreign assets. The total impairment in the consolidated financial statements, after taking... 

Gold Road earmarks A$22m for exploration, including A$5m for Gruyere JV

By: Esmarie Iannucci     17th January 2017 ASX-listed Gold Road Resources has set aside up to A$22-million to focus on exploration in the Yamarna belt, in Western Australia. The company plans to spend between A$12-million and A$15-million on exploration in its North Yamarna tenements, while more than A$5-million will be spent to further... 

Copper explodes above $6 000 with prices set for best week ever

By: Bloomberg     11th November 2016 Copper briefly surpassed $6 000/t and headed for the biggest weekly rally ever as the metal became the focus for traders speculating on Donald Trump’s pledge to pour money into US infrastructure. Copper rose as much as 7.6% to $6 025.50, the biggest intraday increase since 2009. Prices were at $5... 

Four key themes to dominate mining in the Americas – report

By: Henry Lazenby     13th October 2016 Miners in both North and South America will remain focused on improving operational performance over the coming years, while divergent regulatory policies will either improve or worsen the industry’s welfare, recent analysis by market intelligence firm BMI Research shows. According to the think... 

Freeport cuts oil, gas officials as low prices, high debt weigh

By: Henry Lazenby     5th April 2016 In response to a challenging fossil fuels market, US-based miner Freeport-McMoRan has reintegrated its oil and gas business as an operating division of the parent company, doing away with four senior executives, with one remaining. NYSE-listed Freeport said that subsidiary Freeport-McMoRan Oil &... 

Isabel to ship first nickel ore in Q1

By: Esmarie Iannucci     3rd February 2016 Nickel developer Axiom Mining was targeting first shipment of ore from its Isabel nickel project, in the Solomon Island, during the first quarter of this year. The miner told shareholders this week that planning, design and development work continued at the Isabel project, with the development... 

Axiom in funding talks for Solomon Islands project

By: Esmarie Iannucci     1st May 2015 Metals developer Axiom Mining on Friday told shareholders that it was in negotiations with project financiers and potential offtake partners for its Isabel nickel project, in the Solomon Islands. Axiom was taking a phased approach to develop the Isabel project, with the initial focus being on... 

Axiom shares rise on court decision

By: Esmarie Iannucci     9th October 2014 The share price of prospector Axiom surged by nearly 16% on Thursday on news that the Solomon Island Court of Appeal had sided with the company. Axiom told shareholders that the Court of Appeal had set aside an interim injunction instigated by Japanese giant Sumitomo Metal Mining to prevent... 

Freeport-McMoRan to sell Candelaria/Ojos stake for $1.8bn

By: Henry Lazenby     6th October 2014 Diversified US miner Freeport-McMoRan on Monday said it had agreed to sell its 80% stake in the Candelaria/Ojos del Salado copper mining operations and supporting infrastructure to Lundin Mining for at least $1.8-billion in cash. The remaining 20% ownership stake would continue to be held by... 

Axiom's legal woes continue

By: Esmarie Iannucci     1st October 2014 ASX-listed Axiom is facing another legal battle in its efforts to start mining at a nickel discovery in the Solomon Islands. A week after winning a three-year court battle against Japanese giant Sumitomo Metal Mining allowing Axiom to start the development at the project area, the company... 

KGHM starts Chile copper mine that would lower company-wide costs

By: Henry Lazenby     1st August 2014 The world’s largest silver and eighth-biggest copper producer KGHM this week started processing ore at its Sierra Gorda copper mine, in the Antofagasta region of Northern Chile. The company on Thursday said it had completed the prestripping process and had launched critical processes such as... 

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