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Northam buys Glencore’s Eland mine for R175m; secures chrome marketing agreement

By: Anine Kilian     24th February 2017 JSE-listed Northam Platinum has acquired the Eland platinum mine from Glencore Operations South Africa for R175-million.  It has also concluded an exclusive chrome marketing agreement with Glencore International, which will market and sell chrome produced at Northam’s Zondereinde and Booysendal... 

Northam buys Glencore’s Eland mine for R175m; secures chrome marketing agreement
Northam Platinum CEO Paul Dunne

Northam narrows H1 loss, lifts operating profit

By: Anine Kilian     24th February 2017 JSE-listed Northam Platinum has narrowed its loss to R226.6-million for the six months to December 31, compared with a loss of R273-million in the six months to December 31, 2015. Revenue rose 7.9% year-on-year to R3.5-billion, owing to a 19.1% increase in the revenue per platinum ounce sold and... 

Fatality figures falling each year as South African mining sector targets 'zero harm'

By: Dylan Slater     24th February 2017 As the yearly recorded number of mining injuries and fatalities in South Africa continues to decrease, albeit at a slower pace in 2016 than in previous years, the focus of the industry shifts once again to renewed efforts to bring the number of fatalities to zero. However, as the Department of... 

Fatality figures falling each year as South African mining sector targets 'zero harm'

Bauba exceeds first production target at Moeijelijk after restarting activities

By: Megan van Wyngaardt     24th February 2017 At end-January, JSE-listed Bauba Platinum had exceeded its production target of 12 000 t of run-of-mine (RoM) ore at its Moeijelijk mine, after having resumed mining activities earlier that month. The mine was placed on care and maintenance in January 2016 as a result of low prices, but mining... 

Bushveld signs BEE deal to complement Vametco acquisition

By: Megan van Wyngaardt     24th February 2017 Aim-listed Bushveld Minerals has agreed to facilitate a change in the ownership of one of Evraz Vametco's black economic empowerment (BEE) partners. Bushveld will support Jaxson 640's acquisition of a controlling interest in the BEE shareholdings in Vametco, which will take place alongside its... 

Endeavour lifts Karma mine’s reserves

By: Megan van Wyngaardt     24th February 2017 An infill drill programme Endeavour Mining’s North Kao deposit, located at the Karma gold mine in Burkina Faso, has confirmed the continuity of the previous inferred resource, resulting in a maiden indicated resource of 314 000 oz amenable to heap leaching and a subsequent conversion of 262 000... 

Kibo, Metal Tiger call it quits on JV projects

By: Megan van Wyngaardt     24th February 2017 Dual-listed Kibo Mining has terminated joint venture (JV) activities with Metal Tiger at the Pinewood and Morogoro mines, in Tanzania. The companies will also relinquish the mine licences back to the local authorities. 

Growth in copper supply to slow through 2020 – ICSG

By: Henry Lazenby     24th February 2017 Global copper mine production growth is expected to slow to 2.5% a year through 2020, down from an average growth rate of almost 4% a year in the last five years, the International Copper Study Group (ICSG) said on Thursday. The Lisbon, Portugal-based think tank cited continued delays in project... 

Growth in copper supply to slow through 2020 – ICSG

Mining Weekly iPhone and Android Apps available for free download 

     24th February 2017 Creamer Media’s readers continue to be part of the mobile revolution.  Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers a MiningWeekly.com app for iPhone and Android users.  These apps offer... 

Mining Weekly iPhone and Android Apps available for free download

Copper not expected to hit $3/lb until mid-year

By: Henry Lazenby     25th February 2017 Bank of America Merrill Lynch (BofAML) does not expect the copper price to rally to $3/lb at least until mid-year, as a softer Chinese copper market and global policy uncertainty weighs. After rallying by 28% in the fourth quarter of 2016, copper prices have held up into the first quarter,... 

High noon approaches for Centerra, Kyrgyz disputes as cash reserves dwindle

By: Henry Lazenby     25th February 2017 Resolution of the drawn-out dispute between Canadian gold producer Centerra Gold, the Republic of Kyrgyzstan and Kyrgyz State miner Kyrgyzaltyn is potentially possible by mid-year, the multinational miner said late Thursday. Having filed with the Permanent Court of Arbitration early in January a... 

High noon approaches for Centerra, Kyrgyz disputes as cash reserves dwindle

In sweeping move, Trump puts regulation monitors in US agencies

By: Reuters     24th February 2017 President Donald Trump signed an executive order on Friday to place "regulatory reform" task forces and officers within federal agencies in what may be the most far reaching effort to pare back US red tape in recent decades. Trump signed the directive in the Oval Office with chief executives of... 

Vale intensifies CEO search as Ferreira to quit, sources say

By: Reuters     24th February 2017 Vale has stepped up the search for a new CEO as Murilo Ferreira announced his departure, signalling efforts by some top shareholders to shield the world's No 1 iron producer from political interference, three people with direct knowledge of the situation said on Friday. Earlier in the day, Rio... 

Mutual decision leaves Primero looking for new leadership

By: Henry Lazenby     24th February 2017 Precious metals producer Primero Mining announced late Thursday that the company and president and CEO Ernie Mast have reached a mutual decision that Mast will leave the company by no later than March 6. He will be replaced by former CEO Joseph Conway in the interim. Mast will help with the... 

Elliott raises stake in Arconic, pushes harder for CEO ouster

By: Reuters     24th February 2017 Hedge fund Elliott Management said on Thursday it had raised its stake in specialty metals maker Arconic Inc to about 13% and stepped up pressure for the ouster of CEO Klaus Kleinfeld. Elliott also made a big push for hiring Larry Lawson, former CEO of aircraft parts maker Spirit AeroSystems... 

China's coal imports from North Korea ease after sanctions

By: Reuters     24th February 2017 China's coal imports from North Korea eased last month after new UN Security Council sanctions curbing the isolated country's sales of the fuel abroad came into effect, as Russia, Mongolia, Australia and Indonesia raised shipments, data showed on Friday. January imports eased 13% from a year... 

OceanaGold posts record FY16 revenue, net profit

By: Esmarie Swanepoel     24th February 2017 Gold miner OceanaGold has reported record revenue for the financial year ended December 31, with net profit more than doubling. The ASX- and TSX-listed company has reported revenue of $628.6-million for the year, compared with revenue of $507.9-million in 2015, while net profit increased to... 

Victoria introduces new assessment process for reviving mining at Big Hill

By: Esmarie Swanepoel     24th February 2017 Residents in the Stawell community, in Victoria, will have a greater say on any proposal to revive the opencut gold mine along Big Hill ridge under a new assessment process announced by the state government. It was hoped that the process would ensure that any new plan from unlisted Stawell Gold... 

Metro to raise A$52m for Bauxite Hills

By: Esmarie Swanepoel     24th February 2017 Bauxite developer Metro Mining is hoping to raise some A$52-million in capital to maintain the development momentum of its Bauxite Hills mine, in Queensland. Metro on Friday announced that the equity raising will comprise a share placement of 126.9-million shares to institutional and... 

Metro to raise A$52m for Bauxite Hills

CuDeco awards contract at Rocklands

By: Esmarie Swanepoel     24th February 2017 Despite operations at the Rocklands copper mine, in Queensland, remaining suspended, owner CuDeco has awarded a mining contract for the resumption of Stage 1 operations to Andy’s Earthmovers. The scope of the award is for the initial Stage 1 mining and for the first part of the mining of the Las... 

Tawana cements Ball Hill farm-in

By: Esmarie Swanepoel     24th February 2017 ASX-listed Tawana Resources has finalised the farm-in agreement with Singapore-listed Alliance Mineral Assets over the Bald Hill lithium and tantalum project, in Western Australia. The final farm-in agreement cemented the terms of the binding term sheet, and would see Tawana spend a minimum of... 

Red Mountain raises cash for US project

By: Esmarie Swanepoel     24th February 2017 ASX-listed junior Red Mountain Mining will raise A$1.75-million to progress its Red Valley lithium project, in the US. The company on Friday announced the placement of some 23.3-million shares, at 2.9c each, under its placement capacity, with a further 34.6-million shares to be placed at 3.1c... 

Eldorado posts Q4 loss as sales slide, costs rise

By: Henry Lazenby     24th February 2017 Canadian multinational miner Eldorado Gold has reported a loss attributable to shareholders for the quarter ended December 31 of $32.5-million, or $0.05 a share, as lower sales volumes and higher unit costs, were partly offset by higher gold prices. In the comparable period a year earlier, the... 

Argonaut secures 420 ha mineral concession from Fresnillo

By: Henry Lazenby     24th February 2017 TSX-listed Argonaut Gold has secured 420 ha of land under mineral concessions owned by a subsidiary of Fresnillo, and which covers known projections of mineralisation that are part of its 100%-owned El Castillo mine, in Mexico. Argonaut subsidiary Minera Real Del Orohas has entered into an... 

Alamos narrows Q4 loss as buoyant outlook bolsters guidance

By: Henry Lazenby     24th February 2017 Intermediate Canadian miner Alamos Gold on Thursday reported a net loss of $20.6-million, or $0.08 a share, for the three months ended December 31, citing stronger earnings from operations, offset by unrealised foreign exchange losses in both the foreign exchange and the deferred tax items. This... 

Vale hits profit home run on strong production, rising iron-ore prices

By: Henry Lazenby     23rd February 2017 Brazil’s Vale, the world’s largest iron-ore producer, has swung back into the black with a net profit of $3.98-billion for 2016, boosted by higher iron-ore prices and record output. This represents a significant swing from a loss of $12.13-billion in 2015. 

Vale hits profit home run on strong production, rising iron-ore prices
Photo by Vale
Vale reported record 2016 iron-ore production, set to increase this year as the world's biggest iron-ore, S11D, mine ramps up

IOC pulls the trigger on long-delayed C$79m Wabush 3 expansion

By: Henry Lazenby     23rd February 2017 Iron Ore Company of Canada (IOC), a subsidiary of Rio Tinto, will proceed with the C$79-million Wabush 3 expansion project at its remote iron-ore mine in the Labrador Trough of Newfoundland and Labrador. Wabush 3 is a new pit that will be developed within IOC's existing mine operations to extend... 

IOC pulls the trigger on long-delayed C$79m Wabush 3 expansion

Analysts acclaim Glencore’s performance as good fundamentals return

By: Martin Creamer     23rd February 2017 Commodity market fundamentals are improving against a backdrop of better than expected demand and limited, if any, inventory build through the trough of the cycle, diversified mining and marketing company Glencore said on Thursday. This comes against the background of the London-, Hong Kong- and... 

Analysts acclaim Glencore’s performance as good fundamentals return
Glencore CEO Ivan Glasenberg

Hefty H1 losses paint depressed picture for Implats 

By: Ilan Solomons     23rd February 2017 Platinum miner Impala Platinum (Implats) has recorded a gross loss of R318-million for the six months to December 31, a significant increase on the loss of R40-million recorded in the six months to December 31, 2015. The group posted a headline loss of R508-million, compared with headline... 

Impala Platinum acting CEO Gerhard Potgieter discusses the group’s consolidated interim results for the six months ended December 31, and how the company foresees the future of the platinum group metals market. Video and editing: Nicholas Boyd

Stellar raises funds for working capital, to conclude Octea deal

By: Megan van Wyngaardt     23rd February 2017 Stellar Diamonds has raised £324 500 through the issue of 5.9-million new ordinary shares, at an issue price of 5.5p apiece. The miner noted that it had to scale back the placing to not exceed the company’s existing share authorities. 

CRG production impacted by summer rains

By: Megan van Wyngaardt     23rd February 2017 Ongoing adverse weather conditions that have negatively affected JSE-listed Central Rand Gold’s (CRG’s) cash flow as a result of production downtime, have prompted the miner to introduce programmes and plans to address the issues. This includes the openpit mining and processing of CRG’s own... 

Resources Watch  

     23rd February 2017 Gold Fields set for ‘year of reinvestment’, announces R2.28bn South Deep growth plan; DRDGold spends R26m in six months on environmental restoration; And, Kumba applying exploration-to-beneficiation technology 

Resources Watch

Hummingbird appoints GM for Yanfolila

By: Megan van Wyngaardt     23rd February 2017 Aim-listed Hummingbird Resources has appointed Kevin Moxham GM of its Yanfolila gold project, in Mali. An engineer by profession, Moxham has over 30 years’ experience in the effective management and commissioning of mining projects in jurisdictions including Ghana, Eritrea, Tanzania and South... 

Petmin highlights delays in accessing new mining areas at Somkhele

By: Anine Kilian     23rd February 2017 JSE-listed Petmin’s normalised earnings decreased by 43% to 8.49c a share for the six months to December 31. The company attributed the lower earnings to lower average selling prices for anthracite exports and 12% higher operating costs as a result of delayed access to new mining areas at its... 

Budget’s withholding tax rise may alter Sibanye’s dividend stance

By: Martin Creamer     23rd February 2017 The change in the withholding tax position introduced in Wednesday's Budget may result in precious metals mining company Sibanye changing its stance on dividends. Up to now, Sibanye’s first call on free cash after stay-in-business capital expenditure has been to pay dividends amounting to at... 

Budget’s withholding tax rise may alter Sibanye’s dividend stance
Photo by Duane Daws
Sibanye CEO Neal Froneman

Guinea raises bauxite target to 60Mt by 2020

By: Reuters     23rd February 2017 Guinea aims to more than treble bauxite production to 60-million tonnes by 2020, investing heavily to meet strong demand for the raw material from China, its mines minister said on Wednesday. The West African naion has about a third of the world's bauxite reserves, which are refined and smelted... 

Edenville secures wash plant, crusher for Rukwa

By: Natasha Odendaal     23rd February 2017 Aim-listed Edenville Energy is embarking on the next phase of development at its Rukwa coal project, in western Tanzania, as it acquires a coal washing plant and crusher and appoints a wash plant engineer. The start of the process to ship and assemble the wash plant, in anticipation of starting... 

South African mines need to adopt new mining methods 

     23rd February 2017 At this year’s Mining Indaba Chamber of Mines VP Neal Froneman stressed the need for new mining methods to boost mine life. Mining Weekly editor Martin Creamer explains. 

South African mines need to adopt new mining methods

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