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Ivanhoe banks third $41.2m tranche of Zijin’s $412m Kamoa/Kakula investment

By: Henry Lazenby     Updated 7 hours ago Africa-focused project developer Ivanhoe Mines has received the third of five instalments from Chinese mining company Zijin Mining Group. The transaction is part of Zijin’s strategic co-development agreement under which it acquired 49.5% of Ivanhoe’s majority stake in the Kamoa-Kakula copper... 

A 300% rally that has investors questioning Anglo’s plan to sell

By: Bloomberg     Updated 1 hour ago When a company quadruples in value over nine months, it’s unusual for the biggest investors to say management has the wrong strategy. But that’s exactly what’s happening with  Anglo American Plc, the mining company that is the U.K.’s best-performing blue-chip stock this year. In February, Anglo... 

Sherritt widens loss as output slows; lowers Ambatovy FY guidance

By: Henry Lazenby     25th October 2016 Canadian diversified miner Sherritt International Resources has, for the second time this year, cut the nickel guidance at the 40%-owned Ambatovy mine, in Madagascar, citing a tailings pipe blockage and total shutdown that occurred in June and July, followed by weak output in August. The... 

Sherritt widens loss as output slows; lowers Ambatovy FY guidance
Photo by Sherritt International
Ambatovy, Madagascar

Operational improvements continue across Anglo portfolio

By: Martin Creamer     25th October 2016 Operational improvements continue across the portfolio of Anglo American, which delivered an overall superior production performance in the three months to end September. On a copper equivalent basis, the London- and Johannesburg-listed diversified mining company beat previous third-quarter... 

Operational improvements continue across Anglo portfolio
Photo by Duane Daws
Anglo American CEO Mark Cutifani

Amplats expects lower production impact from Waterval furnace rebuild

By: Natasha Odendaal     25th October 2016 JSE-listed Anglo American Platinum (Amplats) has narrowed the estimated production impact of the Rustenburg-based Waterval smelter’s unplanned shutdown of furnace one to around 75 000 oz. The run-out of molten furnace matte at the smelter on September 10, which slashed some 20% of the company’s... 

Amplats expects lower production impact from Waterval furnace rebuild

Kumba posts double-digit rise in Q3 production

By: Natasha Odendaal     25th October 2016 JSE-listed Kumba Iron Ore’s restructure of its Sishen Iron Ore Company is bearing fruit as the iron-ore producer delivered a double-digit surge in production for the third quarter of the year. Production for the three months to September 30 increased 33% quarter-on-quarter and 3% year-on-year to... 

ChromTech, Thakadu ink R52m deal

By: Creamer Media Reporter      25th October 2016 New-generation beneficiation and trading company Thakadu Resources has acquired a 26% stake in fully integrated mine-to-market chrome producer ChromTech for R52-million. The deal has bolstered ChromeTech’s black economic empowerment ownership and enabled an immediate injection into ChromTech’s... 

ChromTech, Thakadu ink R52m deal
Thakadu CEO Ruli Diseko and ChromeTech CEO Craig Bennett

Harmony completes acquisition of Newcrest's 50% stake in PNG mine

By: Anine Kilian     25th October 2016 JSE-listed Harmony Gold has received regulatory approval to buy joint venture partner Newcrest Mining's 50% interest in the Hidden Valley mine in Papua New Guinea (PNG). The transaction was now complete, the gold miner said on Tuesday. 

Chamber of Mines rejects criticism of SADC mining industry’s record

By: African News Agency      25th October 2016 The Chamber of Mines has rejected the view that the mining industry has had a purely negative impact on society in mineral-rich sub-Saharan Africa. Instead, the Chamber said that the industry had been the basis for economic development in South Africa and many other parts of the developing world. 

PTM launches $40m financing for Maseve development, working capital

By: Henry Lazenby     25th October 2016 South Africa-focused project developer Platinum Group Resources (PTM) has launched a $40-million bought deal financing to raise cash for underground development and production ramp-up of the Project 1 Maseve platinum mine, debt repayment and general corporate purposes. A syndicate of underwriters... 

CRG secures $240 000, initiates Mill 1

By: Natasha Odendaal     25th October 2016 Dual-listed Central Rand Gold (CRG) is currently building up its Mill 1 to full capacity, following the completion of its installation. Following mechanical performance issues and a year-end failure CRG replaced Mill 1 with a newly installed and fully refurbished mill, which was acquired from Jet... 

Resolute discovers more gold at Syama

By: Esmarie Swanepoel     25th October 2016 Gold miner Resolute Mining has reported new high-grade gold intercepts from an ongoing deep extension drilling programme at its Syama mine, in Mali. The company on Tuesday told shareholders that a completely new zone of mineralisation had been identified south of the Syama deposit and the new... 

Mali miners suspend five-day strike after ministry move

By: Reuters     25th October 2016 Mine workers in Mali have suspended a five-day strike scheduled to begin on Monday following a last-minute plea from the mines ministry, a union official said. Mine workers had planned to go on strike to protest at what they described as unfair treatment of union workers who had been fired or... 

Tiger adjusts output after plant spill

By: Esmarie Swanepoel     25th October 2016 ASX-listed Tiger Resources has downgraded its copper cathode production expectations for 2016, following the seepage of process solution from its intermediate leach solutions (ILS) pond at the Kipoi project, in the Democratic Republic of Congo. The miner said on Tuesday that the leak was... 

Tiger adjusts output after plant spill

Galane upbeat on potential Tau extension at depth

By: Henry Lazenby     25th October 2016 Southern Africa-focused gold producer Galane Gold says it plans to undertake an exploration programme next year to investigate if there is a down dip and to note the possible extent of the ‘C Reef’ strike beyond the current mined area within the active underground working areas of the Mupane... 

Kefi advances talks with govt for Tulu Kapi’s development

By: Natasha Odendaal     25th October 2016 Aim-listed Kefi Minerals on Tuesday said progress is being made in ongoing discussions with Ethiopia’s government and development bank as work advanced on its flagship Tulu Kapi gold project. Negotiations with the Development Bank of Ethiopia, which this year completed an evaluation process of... 

Top gold buyer sees demand slumping on ‘black money’ curbs

By: Bloomberg     25th October 2016 In the world’s largest gold-consuming country after China, demand has just fallen off a cliff. Saurabh Gadgil, a sixth-generation jeweler, says it’s the worst year in India since he took charge of the family business in 1999. The 39-year old chairperson of PN Gadgil Jewellers, which has stores in... 

Glencore secures 48% hike in thermal coal price

By: Reuters     25th October 2016 Glencore and Japanese power utilities have settled quarterly thermal coal contract prices at $94.75/t, up from around $64 last quarter, sources confirmed on Tuesday, reflecting a surge in spot prices. The Japanese buyers agreed to pay the higher price to secure supplies of high-quality thermal... 

Boss starts PFS at Honeymoon

By: Esmarie Swanepoel     Updated 3 minutes ago A prefeasibility study (PFS) has been launched at the Honeymoon uranium project, in South Australia, with completion of the study targeted for the second quarter of 2017. ASX-listed Boss Uranium said on Wednesday that the PFS will consider opportunities to further optimise the process route and... 

Aeon hesitant to take full Century liabilities

By: Esmarie Swanepoel     Updated 7 minutes ago Junior Aeon Metals has told fellow-listed metals miner MMG that while it was interested in some of the assets that formed part of the now defunct Century zinc mine, in Queensland, the company was unable to take the entire asset. Aeon Metals chairperson Tom Mann previously told shareholders that... 

Galaxy gets approval for lithium exports

By: Esmarie Swanepoel     Updated 9 minutes ago ASX-listed Galaxy Resources has been given approval to export spodumene from its Mt Cattlin project from the Port of Esperance, in Western Australia. The company told shareholders on Wednesday that it had received key approvals from the Department of Environmental Regulations and the Southern... 

Galaxy gets approval for lithium exports

Doray raises A$24.9m

By: Esmarie Swanepoel     Updated 11 minutes ago Gold miner Doray Minerals has raised some A$24.9-million through an institutional placement, to fund near-mine exploration work and reduce its debt. The company on Wednesday said that it had received firm commitments from both new and existing institutional investors to take up some... 

Nova project delivers first concentrate six weeks early

By: Esmarie Swanepoel     Updated 15 minutes ago Metals miner Independence Group has produced its first concentrate at the Nova nickel/copper project, in Western Australia’s Fraser Range. “The production of first nickel and copper concentrate is a key milestone for the Nova project. Based on the definitive feasibility study, the first... 

Nova project delivers first concentrate six weeks early

Iron giants target used gyms, generic parts to slice costs

By: Bloomberg     Updated 18 minutes ago From buying second-hand gym equipment to generic replacement parts, the world’s biggest iron ore producers are using increased ingenuity to keep on cutting costs at their mines – but it’s getting tougher. Even as Fortescue Metals Group sources more parts from China and automates trucks and... 

Caterpillar’s Q3 profit sags, casts dim outlook with lowered 2016 guidance

By: Henry Lazenby     Updated 6 hours ago The world’s largest earthmoving and mining equipment manufacturer Caterpillar has booked a sharply lower third quarter profit, citing global economic weakness and an abundance of used equipment available slowing sales. The NYSE-listed company expressed concern that the tough market will persist... 

Caterpillar’s Q3 profit sags, casts dim outlook with lowered 2016 guidance

Gahcho Kué on track for maiden January diamond sale

By: Henry Lazenby     Updated 7 hours ago Since starting ramp-up production on August 1, Mountain Province Diamonds and joint-venture (JV) partner and mine operator De Beers Canada has processed about 130 000 t of ore and produced 198 000 ct on a 100% basis. Of this production, Mountain Province’s 49% share accounts for about 97 000 ct. 

Freeport reports weaker Q3 results, lowers sales guidance

By: Henry Lazenby     25th October 2016 The world’s largest publicly traded copper producer Freeport-McMoRan on Tuesday announced third-quarter results weaker that analyst predictions, saying it now also expects to sell less copper, gold and molybdenum in 2016. Phoenix-based Freeport now expects to sell about 4.8-billion pounds of... 

Freeport reports weaker Q3 results, lowers sales guidance

Brazil's Vale sees 50m tonnes of iron-ore entering 2017 market

By: Reuters     25th October 2016 Brazilian miner Vale expects 50-million tonnes of new iron-ore production to enter the global market in 2017, but it should be offset by falling production in China and increased steel demand, a company executive said at a conference in Rio de Janeiro. 

China's State planner urges coal mines to speed up output hikes - sources

By: Reuters     25th October 2016 China's state planner urged coal miners to speed up the pace of output increases to tame the historic spike in prices at a meeting on Tuesday, two sources said, the latest sign Beijing is worried about dwindling supplies ahead of the winter. At a hastily called meeting with 16 coal miners, the... 

CIL grants fuel linkages in times of surplus

By: Ajoy K Das     25th October 2016 Coal India Limited (CIL) has started granting short- and medium-term coal supply linkages to all thermal power plants stranded till now without assured dry fuel. With rising production and carrying high pit-head stocks, the miner has adopted a two-pronged strategy to bail-out all those power... 

Pilbara and MinRes find solution to Pilgangoora issues

By: Esmarie Swanepoel     25th October 2016 Juniors Pilbara Minerals and Mineral Resources (MinRes) have reached an agreement to resolve the dispute over a sales notice and right of first refusal over product from the Pilgangoora lithium project, in Western Australia. The two companies have been embroiled in a battle since Pilbara earlier... 

Pilbara and MinRes find solution to Pilgangoora issues

Native Title ruling a win for miners

By: Esmarie Swanepoel     25th October 2016 Global law firm Ashurst said a recent High Court ruling, which rejected a special leave application by the Ngadju People, meant that strategically important areas in Western Australia had been left undisturbed. The Full Court of Australia in March this year overturned a Federal Court decision at... 

Alkane signs MoU over Dubbo

By: Esmarie Swanepoel     25th October 2016 ASX-listed Alkane Resources has signed a non-binding memorandum of understanding (MoU) with technology firm Siemens over the Dubbu zirconia project, in New South Wales. The MoU details Alkane and Siemens’ joint intention to enter into separate agreements to progress and implement business... 

Urquhart free of EIS

By: Esmarie Swanepoel     25th October 2016 The Queensland government has told ASX-listed Metallica Minerals that it will not require an environmental-impact statement (EIS) for its Urquhart bauxite project. The determination by the Department of Environment and Heritage Protection follows an earlier determination from the federal... 

Metro rivals Moly with cash and share offer for Gulf Alumina

By: Esmarie Swanepoel     25th October 2016 ASX-listed Metro Mining will launch another takeover offer for Gulf Alumina to rival a takeover offer from fellow-listed Moly Mines. Metro, which already holds a 39% stake in Gulf Alumina, has previously said some of the conditions attached to the Moly Mines offer would be difficult to satisfy. 

Metro rivals Moly with cash and share offer for Gulf Alumina

Brazil's Samarco misses second bond interest payment in a month

By: Reuters     25th October 2016 Samarco Mineração, the Brazilian iron-ore mining joint venture that suspended operations in November following a dam disaster, on Monday said it had missed a $20-million interest payment related to a senior unsecured bond due in 2023. The payment on the $700-million bond was due on Monday and... 

Bellhaven upgrades 70% of La Mina resource to the indicated category

By: Henry Lazenby     25th October 2016 Colombia-focused explorer Bellhaven Copper & Gold has upgraded the La Mina resource, in Colombia, increasing confidence in the National Instrument 43-101-compliant resource estimate and further de-risking the project. The TSX-V-listed company reported Monday that La Mina now contained... 

Fission reports growing high-grade resource to the west

By: Henry Lazenby     24th October 2016 Explorer Fission Uranium has confirmed new high-grade mineralisation at the R840W zone, currently outside of the Triple R resource area, and also at the main R780E zone, beneath the Triple R deposit, at its Patterson Lake South (PLS) property, located in Canada's Athabasca basin region. The... 

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