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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 3, 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 company,... 

Harmony Gold CEO Peter Steenkamp delivering results at presentation covered by Mining Weekly Online’s Martin Creamer. Video: Darlene Creamer. Video Editing: Lionel da Silva.

It’s time for industry to stand up – Holland

By: Natasha Odendaal     17th August 2017 Dual-listed Gold Fields will oppose the new Mining Charter Three “with everything its got” as the mining industry stands firm in the standoff with the Department of Mineral Resources (DMR). Backing the action taken by the Chamber of Mines (CoM), Gold Fields CEO Nick Holland on Thursday said that,... 

It’s time for industry to stand up – Holland
Photo by Duane Daws
Gold Fields CEO Nick Holland

Impairment, silicosis claims provision to push Sibanye to H1 loss of at least R4.8-billion

By: Creamer Media Reporter      17th August 2017 JSE- and NYSE-listed Sibanye expects to report an attributable loss of at least R4.8-billion for the six months to June 30, mainly as a result of R4.4-billion in nonrecurring items, including a R1.1-billion provision for potential silicosis claims.         Also part of the nonrecurring items is a... 

Exxaro H1 headline earnings rise on higher coal sales

By: Anine Kilian     17th August 2017 Diversified miner Exxaro Resources has posted headline earnings of R2.79-billion for the six months ended June 30, compared with headline earnings of R1.10-billion in the first half of 2016. Revenue rose 10% year-on-year to R10.74-billion, while group net operating profit increased by 35% to... 

M&R warns ‘costly’ Middle East exit will drag 2017 earnings lower

By: Terence Creamer     17th August 2017 Engineering group Murray & Roberts (M&R), which sold its Southern African infrastructure and building units to a Southern Palace-led consortium in November, has warned that its earnings will fall by more than expected in 2017, owing to additional costs associated with four remaining building... 

Gem mulls Ghaghoo buyout offer; H1 revenues decrease

By: Creamer Media Reporter      17th August 2017 LSE-listed Gem Diamonds, which on Thursday reported lower revenue and earnings for the six months to June 30, is considering an offer from an undisclosed party that is interested in buying its Ghaghoo mine, in Botswana, which was placed on care and maintenance earlier this year. The company in... 

Lucapa recovers more large diamonds

By: Esmarie Swanepoel     17th August 2017 Diamond miner Lucapa Diamond Company has recovered more large diamonds from its Lulo project, in Angola, including 83 ct and 68 ct Type IIa gems. In addition, five other 50-plus carat stones were also recovered. 

Gupta firms sue Bank of Baroda to try stop account closures

By: Bloomberg     17th August 2017 Companies controlled by the Gupta family, whose accounts are being closed down by Bank of Baroda, said they’re taking legal action against the lender to try and stop the termination, which comes after South Africa’s four biggest lenders cut banking services for the family that’s in business with... 

Congo reinstates miners' VAT exemption on imports in U-turn

By: Reuters     17th August 2017 Congo's finance ministry has provisionally reinstated mining companies' exemption from a value added tax (VAT) on imports, the Chamber of Mines said on Wednesday, days after miners complained customs authorities were planning to impose VAT on them. Democratic Republic of Congo, Africa's top... 

RAL, Northam partner to upgrade road in Waterberg district

By: Anine Kilian     17th August 2017 Roads Agency Limpopo (RAL) and platinum producer Northam Platinum have signed a R60-million strategic partnership to upgrade the P20 road that links Sataria to the road artery that goes to Koedoeskop, in the Waterberg district. Under the terms of the agreement, RAL will contribute R37.5-million... 

Scientists find unexpected new source for lithium

By: Reuters     17th August 2017 Scientists have found an unexpected new source for lithium, a key component in battery-powered electric cars and other renewable energy technologies: supervolcanoes. Most of the world's lithium comes from Chile and Australia, and expanding access to the mineral is crucial for meeting demand for... 

World treaty to ban and reduce mercury poison comes into force

By: News24Wire      17th August 2017 It is rated as one of the top ten chemical poisons endangering human health and the natural world. Tiny drops of this poison can be found in human teeth, in fresh fish, in light bulbs, paints, batteries and even cosmetics. And it is in the air, water and soil everywhere, in varying amounts. 

Polish miner KGHM's first-half profit rise lags forecasts

By: Reuters     Updated 4 hours ago Polish-based copper miner KGHM reported a 66% rise in first-half net profits on Thursday but failed to meet analysts' estimates as currency effects and increased costs offset rising copper and molybdenum prices. The state-controlled firm posted a consolidated net profit of 491-million zlotys, up... 

Glencore to start importing fuel for Mexico's domestic market in Feb – oil chief

By: Reuters     Updated 4 hours ago Trading firm Glencore expects to start importing fuel for Mexico's domestic market in February 2018 through its own terminal in the southern state of Tabasco, the head of the firm's oil division, Alex Beard, said on Thursday. The executive said the fuel will be ultimately sold by a large network... 

BlackRock's largest mutual fund boosts energy holdings – manager

By: Reuters     Updated 4 hours ago BlackRock's largest mutual fund hiked its exposure to "select names" in energy as the sector has lagged this year, one of its portfolio managers said on Thursday. "The underperformance of energy stocks even as oil prices have stabilised creates opportunities for investors," wrote Russ... 

Integra Resources created to replicate Integra Gold’s success

By: Henry Lazenby     Updated 4 hours ago Shell company Mag Copper has rebranded and appointed three former executives of Integra Gold, which was acquired last month for C$590-million by Eldorado Gold, to replicate the former company’s success elsewhere in the Americas. The company, to be rebranded Integra Resources, plans to acquire a... 

IHS materials index posts sixth gain in seven weeks

By: Henry Lazenby     Updated 4 hours ago The materials price index (MPI) from Global Insight by IHS Markit has recovered about half the losses it suffered between February and June. The latest reading of the MPI, an index measuring the weighted average of weekly spot prices for a basket of globally traded manufacturing inputs comprising... 

NexGen in a class of its own as maiden PEA catapults Arrow into the big league

By: Henry Lazenby     Updated 5 hours ago There are about 30 aspects about the recently unveiled maiden preliminary economic assessment (PEA) on uranium exploration junior NexGen Energy’s Arrow deposit, part of the Rook 1 project in the south-west of Saskatchewan’s Athabasca Basin, that separates it from its development peers and even... 

NexGen in a class of its own as maiden PEA catapults Arrow into the big league
Photo by Bloomberg
NexGen signage in front of the NYSE in May

Samarco should be punished but not closed – Brazil mining minister

By: Reuters     Updated 7 hours ago Samarco, a joint venture between BHP Biliton and Brazil's Vale, should be punished but not closed over the 2015 collapse of a tailings dam that killed 19 people, Brazil's mining and energy minister said on Thursday. "Mistakes may have been made, but it was an accident," Fernando Coelho Filho... 

Glencore coal miners return to work in Australia but vow more strike action

By: Reuters     17th August 2017 Coal mine workers from seven Glencore collieries in Australia returned to work on Thursday after a four-day work stoppage, with many voting to keep up pressure on the company over wages and job security. More than 1,400 workers met in the mining hub of Singleton, New South Wales, about 200 km... 

Quick-footed miners piggyback on established tech 

     17th August 2017 Creamer Media’s Chanel de Bruyn talks to Mining Weekly editor Martin Creamer about the ways savvy mining companies can take advantage of established technologies. 

Quick-footed miners piggyback on established tech

Plymouth selects processing route for Spain project

By: Mariaan Webb     17th August 2017 Australia’s Plymouth Minerals and joint venture (JV) partner Valoriza Mineria have selected a commercial and known sulphate calcine/roast and fresh water leach processing route for the San Jose lithium/tin deposit, in Spain. The selection of a processing route allows the JV partners to determine... 

Coal India building new railway links to efficiently evacuate production

By: Ajoy K Das     17th August 2017 Coal India Limited (CIL) is undertaking three critical railway infrastructure projects that will enable the miner to efficiently evacuate 282-million tons a year of production. According to a directors’ report of the company, the railway infrastructure projects form part of the miner’s ‘Synergy... 

BHP to invest $2.46bn to extend life of Chilean mine

By: Creamer Media Reporter      17th August 2017 BHP has approved capital expenditure of $2.46-billion for the Spence Growth Option (SGO) at the Spence opencut copper mine, in northern Chile, which will extend the mine life by more than 50 years.   CEO Andrew Mackenzie on Thursday said the SGO project supports BHP's strategy to deliver... 

BHP to invest $2.46bn to extend life of Chilean mine

Booming thermal coal price on China demand cheers miners

By: Reuters     17th August 2017 Australian thermal coal prices for spot cargoes above $100/t, lifted by reports of strikes and strong Chinese demand, are providing a boost in earnings and share prices for miners like Glencore and Whitehaven Coal. A crackdown on illegal mining and pollution in China has curbed domestic... 

Wolf making progress with turnaround plan for UK project

By: Creamer Media Reporter      17th August 2017 Specialty metals producer Wolf Minerals said on Thursday that the operational turnaround plan for its Drakeland openpit mine at the Hemerdon tungsten and tin project in Devon, south-west England, was making good progress. The turnaround plan, which was announced last month, is aimed at achieving... 

KAZ Minerals more than doubles output as new mines ramp up

By: Mariaan Webb     17th August 2017 The ramping up to two new openpit copper mines in the Pavlodar and East regions of Kazakhstan has helped KAZ Minerals to more than double its first-half production, revenue and profit. The London-, Kazakhstan- and Hong Kong-listed miner on Thursday reported production of 118 000 t of copper in... 

KAZ Minerals more than doubles output as new mines ramp up

Gold Fields H1 earnings fall on stronger local currencies

By: Reuters     17th August 2017 Gold Fields posted a 25% drop in first-half normalised earnings on Thursday due to stronger exchange rates in South Africa and Australia, but maintained its full-year targets. The gold miner said normalised earnings fell to $77-million in the six months to June from $103-million a year earlier. 

Evolution swings from loss to record profit

By: Esmarie Swanepoel     17th August 2017 Gold miner Evolution Mining has reported record net profit of A$217.6-million for the 2017, compared with a net loss of A$24.3-million in 2016, on the back of higher sales revenues and lower group all-in sustaining costs (AISC). “In the 2017 financial year, we continue to deliver on our business... 

Evolution swings from loss to record profit
Photo by Bloomberg
Evolution executive chairperson Jake Klein

Whitehaven has a solid year

By: Esmarie Swanepoel     17th August 2017 Coal miner Whitehaven Coal has reported a 52% increase in revenue for the year ended June, as coal production and sales during the 12 months increased. Sales revenue for the full year reached A$1.7-billion, while earnings before interest, tax, depreciation and amortisation rose 219% to... 

Exxaro's H1 profit more than doubles

By: Reuters     17th August 2017 Diversified miner Exxaro Resources said first-half profit more than doubled, driven by growth in its coal business and higher income from investments. The company, which mainly produces coal and invests in iron ore, said headline earnings rose to R2.79-billion ($211.9-million) in the six months... 

Exxaro's H1 profit more than doubles
Photo by Duane Daws
Mxolisi Mgojo

Red 5 raises cash for gold buy

By: Esmarie Swanepoel     17th August 2017 ASX-listed gold miner Red 5 has launched a nonrenounceable rights issue with the aim of raising some A$12.7-million to fund the initial cash consideration to acquire all of the shares in Darlot Mining company. The one-for-three nonrenounceable rights issue will be priced at 5c a share, with more... 

Decmil wins BHP contract

By: Esmarie Swanepoel     17th August 2017 Mining contractor Decmil has been awarded a A$13-million contract at mining major BHP’s new South Flank project, in the Pilbara. The scope of the project will include civil and enabling works for the expansion of the Mulla Mulla village, which will be required to support current operations at... 

Atrum appoints Canada coal exec as new CEO and MD

By: Esmarie Swanepoel     17th August 2017 ASX-listed Atrum Coal has appointed Max Wang as its new MD and CEO, with Wang expected to assume his duties prior to the end of August. “We are pleased to advise our shareholders that after an extensive search, we have appointed Wang to lead the company as CEO and MD. Wang is an experienced coal... 

Hammer nails Glencore JV

By: Esmarie Swanepoel     17th August 2017 ASX-listed junior Hammer Metals has acquired fellow-listed AuKing Mining’s stake in tenements in Mount Isa, forming a new joint venture (JV) with major Glencore. Hammer and AuKing in December of last year struck a deal under which Hammer would pay 1.5-million shares for a number of tenement... 

Thalanga set for Q4 restart

By: Esmarie Swanepoel     17th August 2017 ASX-listed Red River Resources is on track to restart commercial production at its Thalanga zinc project, in Queensland, early in the fourth quarter of this year. The company said on Thursday that the project commissioning will start in the third quarter, with some 85% of the plant and... 

Corsa's coal sales volume growth above 20% for fifth consecutive quarter

By: Henry Lazenby     17th August 2017 Improvements in the metallurgical coal market has pushed US-focused coal producer Corsa Coal to a second quarter profit, and marked the company’s fifth consecutive quarter of growth of 20%, or greater, in metallurgical coal sales volumes. Canonsburg, Pennsylvania-based Corsa reported positive net... 

Corsa's coal sales volume growth above 20% for fifth consecutive quarter

Ascendant reports first month of positive ‘top line’ earnings; higher grades on the cards

By: Henry Lazenby     17th August 2017 Just seven months since acquiring the El Mochito zinc/lead/silver mine, in west-central Honduras, TSX-listed Ascendant Resources has achieved positive adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) for the month of July. Analysts use the metric that looks at a... 

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