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First Cobalt exits volatile DRC in favour of mining friendly Ontario Cobalt Camp

By: Henry Lazenby     19th September 2017 TSX-V-listed First Cobalt will not complete a strategic alliance over seven cobalt exploration properties close to several major copper/cobalt operations in the Democratic Republic of Congo's (DRC's) Central African Copperbelt. The Toronto-headquartered company announced on Monday that it would... 

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... 

Canada presses Greece on 'troublesome' Eldorado Gold delays – Minister

By: Reuters     13th September 2017 Canada's Trade Minister flagged "troublesome" permit delays for Eldorado Gold in a letter to the Greek Minister of Mines and Energy earlier this year, Francois-Philippe Champagne told Reuters on Wednesday. After meeting with the company at the Toronto mining conference in March, Champagne wrote... 

Eldorado's suspension threatens Greece's investment image

By: Bloomberg     12th September 2017 Eldorado Gold has put Greece on the spot. The Canadian mining company’s decision on Monday to suspend all its operations in Greece, citing delays in acquiring routine permits, puts the Syriza government of Prime Minister Alexis Tsipras in a difficult position.  

Centerra, Kyrgyzstan resolve long-standing legal standoff

By: Henry Lazenby     11th September 2017 Canadian gold producer Centerra Gold and the Kyrgyzstan government have reached a wide-ranging settlement agreement that resolves a years-long legal standoff, the company announced on Monday. The agreement, first rumoured by the media on Thursday, pushed Centerra’s Toronto-listed stock up 4.2%... 

Hudbay launches C$278.76m financing

By: Henry Lazenby     9th September 2017 Base metals miner Hudbay Minerals has signed an agreement with a syndicate of underwriters to raise up to C$278.76-million on a bought deal basis. The Toronto-based miner has agreed to issue 24-million shares at C$10.10 each, to raise C$243.4-million. 

First Quantum sells another precious metals stream on Cobre Panama

By: Henry Lazenby     8th September 2017 Canadian precious metals streaming firm Franco-Nevada has added another gold/silver stream on First Quantum’s massive $5.5-billion Cobre Panama project, in Panama. First Quantum intends to use the proceeds to partially fund its acquisition of a further 10% interest in Cobre Panama from one of its... 

Alamos pours first gold at La Yaqui; to reduce the cost profile of Mulatos district

By: Henry Lazenby     7th September 2017 Dual-listed Canadian gold producer Alamos Gold has substantially completed construction of the first phase of the La Yaqui mine, near its cornerstone Mulatos mine, in Mexico, the Toronto-based company said on Thursday. Gold production at the satellite deposit has started and is expected to... 

New Gold on track for mid-Sept hot commissioning, budget remains steady

By: Henry Lazenby     7th September 2017 Project developer New Gold expects to start processing ore at the now 90%-completed Rainy River project, in Ontario, within the next two weeks, the company announced on Wednesday. In line with the revised plan, commercial production at its $1-billion-plus project is expected to follow in November. 

Talk of Kyrgyz settlement sends Centerra stock higher

By: Henry Lazenby     7th September 2017 The value of Canadian miner Centerra Gold’s TSX-listed stock rose as much as 10% on Wednesday, following Kyrgyz media reports on a proposed settlement of the long-standing dispute between the company and the Kyrgyzstan government. Kyrgyz media reported on government statements made to a... 

Teck falls most among miners on $1bn China share sale

By: Bloomberg     6th September 2017 Teck Resources dropped the most among large mining stocks after China Investment Corp unloaded nearly half its stake in Canada’s largest diversified miner. The Vancouver-based company dropped 6.7% to C$29.47 at the close in Toronto, making it the worst performer in the Bloomberg World Mining... 

World's richest mines slipping from hands of multinationals

By: Bloomberg     5th September 2017 Outnumbered and outflanked, Freeport-McMoRan CEO Richard Adkerson made an about-face. Only months before, Adkerson had dismissed the idea of selling a majority stake in the Phoenix-based company’s flagship Indonesian copper-and-gold mine to local investors. But, seated beside government officials... 

London joins global Young Mining Professionals network

By: Ilan Solomons     1st September 2017 The Young Mining Professionals (YMP) has launched its latest chapter in London, in the UK and aims to leverage the UK’s location as a “global hub for mining and finance” to provide opportunities for young people in the country’s mining sector and abroad. YPM UK founder Catriona Beadel says that... 

Conroy appoints two new board members

By: Creamer Media Reporter      29th August 2017 Aim- and ESM-listed Conroy Gold and Natural Resources has appointed two new nonexecutive members to its board of directors. The company, which is in a dispute with shareholder Patrick O’Sullivan, appointed Dr Karl Keegan and Brendan McMorrow to its board, after shareholders voted to remove six... 

Aquila reports encouraging Phase 2 drill results at Back Forty

By: Henry Lazenby     28th August 2017 TSX-listed project developer Aquila Resources has announced encouraging results from its recently completed Phase 2 drill programme on the Back Forty zinc/gold project, in Michigan, demonstrating the strength of the mineralising system. "We are extremely pleased with the drill results to date. It... 

Amarc options 60% stake in Joy copper/gold project to Hudbay

By: Henry Lazenby     26th August 2017 Vancouver-based exploration junior Amarc Resources has agreed to option its Joy copper/gold project to Toronto-based Hudbay Minerals, the company announced last week. The deal is structured like one Hudbay entered into with Amarc on the Ike copper/molybdenum property last month. 

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... 

Hunt for next electric-car commodity accelerates as prices soar

By: Bloomberg     23rd August 2017 Niche metal cobalt is leaving bigger names like copper and lithium in its dust, triggering a hunt for new deposits from Idaho to Chile. As one of the key components in the new breed of rechargeable batteries and with supply dominated by the Democratic Republic of Congo, prices have surged at... 

First Cobalt, CobalTech ratify deal to create world’s largest cobalt-focused explorer

By: Henry Lazenby     22nd August 2017 On the same day that cobalt posted the highest-ever recorded price at $60 250/t – up some 127% since the start of 2017 – explorer First Cobalt (FCC) on Monday executed a definitive merger agreement with fellow TSX-V-listed CobalTech Mining. The transaction, in combination with its separate... 

TSX barely higher as miner stocks offset weaker energy

By: Reuters     21st August 2017 Canada's main stock index was barely higher in morning trade on Monday, as sharp gains for several base metal miners offset losses for heavyweight energy stocks which slipped in line with a decline in crude oil prices. First Quantum Minerals jumped 6.6% to C$13.74 after Zambia restored full... 

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... 

Katanga to restate certain historic results 

By: Henry Lazenby     15th August 2017 Canadian copper/cobalt producer Katanga Mining said on Monday it would restate some past financial statements to correct inaccuracies in its recorded amount of copper production during 2015 and 2014. The company's independent directors are conducting an ongoing review in cooperation with... 

TMAC again lowers guidance as mill ramp-up slows

By: Henry Lazenby     15th August 2017 Emerging gold producer TMAC Resources expects to produce even fewer ounces this year at its Dorris mine, in Canada’s Nunavut Territory, as a slower-than-expected ramp-up of the plant impacted on the operation’s most recent quarterly performance. TMAC poured first gold at Dorris – part of the Hope... 

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... 

Osisko reports biggest step-out to date at Windfall’s Lynx deposit

By: Henry Lazenby     10th August 2017 Project developer Osisko Mining has reported significant exploration success at its flagship Windfall Lake deposit, in Quebec, extending the satellite Lynx deposit. The Toronto-based mineral explorer on Wednesday reported assays from 12 holes drilled at Windfall Lake, focused on the Lynx Zone,... 

Depressed nickel price prompts care and maintenance for First Quantum’s Ravensthorpe mine

By: Henry Lazenby     10th August 2017 Starting in September, base metals producer First Quantum Minerals will mothball its nickel-producing Ravensthorpe mine, in Western Australia, on the back of the persistently low nickel price, the company announced on Wednesday. The Toronto-headquartered company expects that full care and... 

Semafo rallies as Siou grade control trends back on track

By: Henry Lazenby     9th August 2017 Canadian gold producer Semafo on Wednesday rallied strongly in Toronto after it confirmed its revised production guidance for the year, on the back of grade stabilisation at the Siou satellite pit of the Mana mine, in Burkina Faso. The West Africa-focused miner reiterates its 2017 outlook of... 

Franco-Nevada stocks rise as revenue ratchets up; on the prowl for new precious metals, oil & gas deals

By: Henry Lazenby     9th August 2017 The NYSE-listed stock of royalty and streaming company Franco-Nevada on Wednesday gained nearly 5% following the company on Tuesday reporting increased revenues and profit for the three months ended June. The Toronto-based company that does not operate mines, develop projects or conduct... 

Billionaire who made killing on cobalt bets on electric-car fund

By: Bloomberg     8th August 2017 An investment firm founded by Russian billionaire Vladimir Iorich is following its winning bet on cobalt this year by creating a $150-million fund to buy into metals used in electric cars. Pala New Energy Metals will invest in cobalt, lithium, vanadium, rare earths, nickel and tin. Pala... 

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... 

First Quantum swings to headline Q2 loss despite red metal ramp-up

By: Henry Lazenby     28th July 2017 Canadian miner First Quantum Minerals has reported a comparative loss of $18-million, or $0.03 a share, for the three months ended June, despite an 8% year-on-year improvement of copper output. This contrasted with the Toronto-based company’s comparative earnings of $38-million, or $0.06 a share,... 

Berkut to explore World War-era base metals project in Sweden

By: Mariaan Webb     26th July 2017 Australia’s Berkut Minerals has been granted a licence for an advanced, near-mine exploration opportunity in northern Sweden, the company announced on Wednesday. Located on the north-west end of the Skellefteå mineral belt, the Lainejaur project includes a historic nickel, cobalt, copper mine,... 

Largo, lender agree in principle to restructure debt

By: Henry Lazenby     25th July 2017 Vanadium producer Largo resources has reached an agreement in principle with its lender Banco Pine to convert and restructure about $33-million of debt facilities, the company said on Monday. The Toronto-headquartered miner advised that its subsidiary, Vanádio de Maracás, signed a non-binding... 

Alacer completes Turkish Lira hedging contracts; eyes Çöpler capex saving

By: Henry Lazenby     21st July 2017 Turkey-focused miner Alacer Gold has completed foreign currency forward sales contracts to limit its exposure to the volatility of the Turkish Lira (TRY), the company announced on Friday. Alacer, which operates and owns an 80%-stake in the country’s Çöpler mine, said the hedging programme covers... 

Silver extreme pits big investors versus small as ETFs surge

By: Bloomberg     18th July 2017 Silver, known for being a market of extremes, is living up to its reputation this year. Prices rallied 17% in the first four months of the year, only to reverse and wipe out those gains. Despite the selloff, investors are pouring money into exchange-traded funds, and assets have reached a record... 

Dominion is said to seek sweeter deal from Montana billionaire

By: Bloomberg     15th July 2017 Canada’s Dominion Diamond Corp is hoping Montana billionaire Dennis Washington will cough up a little more cash to buy the world’s third-largest producer of rough diamonds by value. However, the company – which has put itself on the block twice in the past two years – says there’s no guarantee a... 

Tahoe goes into damage control after flagship mine suspended

By: Bloomberg     14th July 2017 Tahoe Resources, whose flagship Guatemalan mine has been suspended, is taking steps to cut costs, including possibly slowing an expansion of a project in Peru and trimming exploration. The Reno, Nevada-based company may also discuss halting its dividend at an August board meeting and might slow... 

South African simulators commissioned in Madagascar

By: Simone Liedtke     14th July 2017 Mining company Sherritt International’s Ambatovy operation, in Madagascar, has commissioned its Cybermine heavy equipment operator training simulators from South African surface and underground mining simulator supplier ThoroughTec Simulation. 

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