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Base metals prices to improve in medium term

By: Ilan Solomons Thomson Reuters GFMS is expecting to see substantial price hikes for base metals in the medium term, but says prices will remain “largely muted” in 2016. Base metals prices were between 12% and 34% lower than at the start of this year, the latest Thomson Reuters GFMS Base Metals Review and... 

Base metals prices to improve in medium term

Copper at risk of sliding below $4 000/t – Goldman

By: Reuters Copper prices are at risk of tumbling below $4 000/t after demand for the metal in top consumer China collapsed this year, according to an analyst from Goldman Sachs, a bank known for its bearish views. Benchmark copper on the London Metal Exchange has slid nearly a fifth this year, hitting a... 

Global nickel market seen in 23 000 t deficit in 2016 – INSG

By: Reuters The global nickel market should swing into a 23 000 tonne deficit in 2016 from a small surplus in 2015, the International Nickel Study Group (INSG) said on Wednesday, predicting that Chinese customers would drive an increase in nickel use. It said the market should post a surplus this year of 49... 

S Africa’s mining output growth slows to 3.8% y/y in Aug

By: Creamer Media Reporter Growth in South Africa’s mining output slowed to 3.8% year-on-year in August, compared with the 4% year-on-year increase recorded in July. Statistics South Africa on Thursday revealed that the highest positive growth rates were recorded for platinum-group metals (PGMs) and diamonds, which made... 

S Africa’s mining output growth slows to 3.8% y/y in Aug

Harmony expects 10% rise in Q1 output

By: Megan van Wyngaardt JSE-listed Harmony Gold Mining expects its total gold production for the three months to September 30, to be 8% to 10% higher than that produced in the three months to June 30. Gold production from its South African operations increased by 16% quarter-on-quarter, owing to an increase in both... 

Sukari Q3 output up 13% y/y

By: Ilan Solomons Dual-listed Centamin’s Sukari mine, in Egypt, produced 105 413 oz of gold in the three months to September 30 – a 13% year-on-year increase. Centamin CEO Andrew Pardey said on Thursday that the company would maintain its full-year production guidance at 430 000 oz to 440 000 oz. 

Sukari Q3 output up 13% y/y
Sukari Gold Mine

Intrepid unveils new thinking at Kitumba

By: Esmarie Swanepoel The Kitumba copper project, in Zambia, has benefited from another update to its prefeasibility study, with owner Intrepid Mines reporting a 35% decline in estimated capital costs. A 2013 feasibility study by previous owner Blackthorn Resources, estimated that the underground project would cost... 

Zambia, Zimbabwe utilities exceed dam water use – engineers group

By: Reuters Zambia and Zimbabwe drew more water than they should have from the Kariba dam to generate electricity, draining the reservoir to 29% of its capacity in September, compared with 70% capacity last year, an engineering body said on Thursday. The Zambezi River Authority (ZRA) ordered utilities in the... 

Zambia, Zimbabwe utilities exceed dam water use – engineers group

Zambian mining firms ask for reduced royalties to cope with slump

By: Reuters Mining companies in Zambia have asked the government to set mineral royalties for both underground and open pit operations at 6% to mitigate the negative impact of falling copper prices on the industry, sources said. The government of Africa's No.2 copper producer in June cut mineral royalties... 

Thermal coal prices stuck in the doldrums as oversupply weighs

By: Reuters European thermal coal prices remained depressed, with all regional markets having fallen sharply since the start of the year, as miners have been slow to cut production in response to the global glut in supply. European cargoes for nearby delivery into Amsterdam, Rotterdam or Antwerp (ARA) last... 

Marmion lauds WA exploration incentive scheme’s successes

By: Esmarie Swanepoel The Western Australian government’s Exploration Incentive Scheme (EIS) is delivering tangible results. Speaking at the Paydirt Nickel conference, in Perth, Mines and Petroleum Minister Bill Marmion pointed out that a recent independent review had indicated that for every A$1-million spent by the... 

New copper hub unveiled in South Australia

By: Esmarie Swanepoel The University of Adelaide has launched a new research hub, involving key industry, university and governments from South Australia and the rest of the country, to benefit the Australian copper industry. The research hub was aimed at finding ways of elimiating other metals from copper deposits,... 

Supervisors strike at Chile Codelco's Radomiro Tomic mine, ops unaffected

By: Reuters     Updated 15 minutes ago Chilean state-owned copper miner Codelco said on Thursday that unionised supervisors at its Radomiro Tomic mine have gone on strike after rejecting a labour deal, adding that operations have not been affected. "With the start of the strike the company activated a contingency plan, which has as... 

Goldman lowers 2016 price forecasts for nickel, zinc, lead

By: Reuters     Updated 17 minutes ago Goldman Sachs on Thursday slashed its 2016 price forecasts for nickel, zinc, and lead by more than 20%, primarily citing challenges to Chinese metals and mining demand. "China's metals and mining commodity demand is likely to continue to be challenged by a substantial debt and property inventory... 

Indonesia ‘assures’ Freeport of extension of operations beyond 2021

By: Henry Lazenby     Updated 29 minutes ago The Indonesian government has given US diversified miner Freeport-McMoRan’s subsidiary PT Freeport Indonesia (PT-FI) assurances that it would approve the extension of operations beyond 2021, including the same rights and the same level of legal and fiscal certainty provided under its current... 

Alcoa’s adjusted profit tumbles 70% as prices slump, aluminium deficit seen in 2016

By: Henry Lazenby     Updated 1 hour 29 minutes ago US aluminium and speciality alloys manufacturer Alcoa has reported a 70% slide in adjusted earnings, saying strong productivity gains and solid midstream and downstream profitability were offset by low metal prices. Excluding special items, net income for the three months ended September 30 came... 

Alcoa’s adjusted profit tumbles 70% as prices slump, aluminium deficit seen in 2016

Silver Wheaton faces tax reassessment as streaming deals continue to evolve

By: Simon Rees     Updated 3 hours ago With hindsight, July 6 could mark an important date for Canada’s streaming companies; that was the day Silver Wheaton announced receipt of a Canada Revenue Agency (CRA) letter proposing a tax reassessment on income through the company’s foreign subsidiaries between 2005 and 2010. On September... 

Sibanye aiming to become South Africa’s mining champion

Creamer Media's Leandi Kolver speaks to Mining Weekly Editor Martin Creamer about Sibanye Gold’s planned acquisitions and diversification ambitions. 

Sibanye aiming to become South Africa’s mining champion

BHP to cut 37 jobs at Kambalda concentrator

By: Esmarie Swanepoel Mining giant BHP Billiton will cut some 37 staff from its Kambalda concentrator, in Western Australia, as third-party providers cut ore supply. The concentrator, which has a capacity of 1.6-million tonnes a year, relies entirely on third-party feedstock. 

GVK’s Alpha mine faces another legal hurdle

By: Esmarie Swanepoel The $10-billion Alpha coal mine, being developed by GVK Hancock, was facing yet another legal battle after antimining activists launched a legal challenge in the Queensland Court of Appeals. This was the fourth time environmental groups have launched legal action against the proposed mine and... 

GVK’s Alpha mine faces another legal hurdle

Mincor warns of mothballing if prices don't improve

By: Esmarie Swanepoel Nickel miner Mincor Resources has warned it may suspend operations at its Miitel and Mariners mines, in Western Australia. MD David Moore told delegates at the Paydirt Nickel conference that, should nickel prices not improve in the near term, the mines would be mothballed until prices returned to... 

Ramelius beats Q1 production expectations

By: Esmarie Swanepoel Gold producer Ramelius Resources has exceeded its production expectations for the September quarter by some 13%. It produced 23 637 oz in the three months to September 30, up from the guidance of between 19 000 oz and 21 000 oz. 

Amec calls for belt-tightening in nickel sector

Nickel miners will need to continue their focus on cutting costs if they are to emerge from the low price environment ready to drive a new wave of exploration and development once prices improve, the Association of Mining and Exploration Companies (Amec) says. Amec national policy manager Graham... 

Resources Watch

By: Creamer Media Reporter This week: Prevost drops a coal bombshell Mining’s bottoming presents an opportunity to write a new script And, the EFF seeks a 60% State ownership of mines 

Resources Watch

NUM, chamber to meet amid coal strike

By: News24Wire The National Union of Mineworkers (NUM) will meet the Chamber of Commerce at noon on Thursday for further coal sector negotiations, the union said in a statement on Wednesday evening. Coal workers, aligned to NUM, have been on strike since Sunday in demand for higher wages. Thursday’s meeting... 

Junior miners embrace unconventional strategies to survive economic trials

By: Henry Lazenby The drying up of equity and debt markets coupled with new lows in cash reserves have pushed Canada's junior mining industry on a further downward financial trend, according to PwC's yearly report on the TSX Venture's top 100 junior mining companies. But the industry was looking to innovate and... 

Junior miners embrace unconventional strategies to survive economic trials

Gahcho Kué construction progresses beyond 70% completion mark

By: Henry Lazenby Construction of the Gahcho Kué project, the world’s largest diamond mine currently under construction, located in Canada’s Northwest Territories, has progressed beyond the 70% completion level, and construction remained within budget and on schedule for first production during the second half of... 

Hostile Suncor bid sees Canada Oil Sands adopt 'poison pill' to buy time

By: Henry Lazenby The board of takeover target Canadian Oil Sands (COS) adopted a new shareholder rights plan, or so-called ‘poison pill’ on Wednesday, a direct response to Suncor Energy’s $4.3-billion hostile takeover bid launched on Monday. The ‘poison pill’ was intended to give the board more time to consider... 

Alcoa wins contract to supply titanium for Lockheed’s F-35 Lightning II aircraft programme

By: Henry Lazenby Lightweight metals manufacturer Alcoa has won a contract to supply titanium for Lockheed Martin’s F-35 Lightning II aircraft programme, also known as the Joint Strike Fighter (JSF). Alcoa explained on Wednesday that under the contract, it would supply titanium for airframe structures for all... 

Freeport appoints two Ichan associates to board

By: Henry Lazenby A day after US diversified miner Freeport-McMoRan announced a board shakeup through which it had  reduced the number of directors to 9 from 16, the Phoenix, Arizona-based company revealed that it had appointed two associates of billionaire investor Carl Icahn to its board, after reaching an... 

S Africa has great opportunity to develop the fuel cell industry, says expert

By: Kim Cloete World-renowned fuel cell scientist Dr Sharon Blair would like to see South Africa supply 25% of the global demand for fuel cells by 2020, stating that the country has a tremendous opportunity to develop the industry and capture a share of the growing sector. However, to do this, South Africa... 

S Africa has great opportunity to develop the fuel cell industry, says expert

Come clean on Gupta coal, DA tells Brown 

By: News24Wire Public Enterprises Minister Lynne Brown should table an uncensored contract agreement between Eskom and one of its coal suppliers owned by the Gupta family, the Democratic Alliance (DA) urged on Wednesday. The Sunday Times reported on September 13 that Gupta-owned Tegeta Exploration and Resources... 

Come clean on Gupta coal, DA tells Brown

Gemfields reports higher FY earnings, output

By: Megan van Wyngaardt Aim-listed Gemfields’ earnings before interest, taxes, depreciation, amortisation and impairments improved to $64.4-million in the year ended June 30. Revenue increased to $171.4-million, but the company’s after-tax profit fell by $4-million to $12.3-million. 

Iron-ore price going down to $35/t – Liberum

By: Martin Creamer The price of iron-ore will fall into the mid-$30s/t range over next 12 months, Liberum Capital predicted on Wednesday. This low price environment would in turn put huge pressure on the 14 000-employee Kumba Iron Ore, which requires a breakeven price of $45/t, Liberum analyst Ben Davis said in a... 

Iron-ore price going down to $35/t – Liberum

CoM supports Cosatu standing up for decent work

By: Megan van Wyngaardt The Chamber of Mines (CoM) supports the premise of the World Day for Decent Work observed by the Congress of South African Trade Unions (Cosatu) and its affiliates on Wednesday. The chamber said in a statement that decent work was nonnegotiable, despite challenges facing the mining sector, amid... 

Consol rakes in more than $100m through 2 asset sales

By: Henry Lazenby US fossil fuels producer Consol Energy has strengthened its balance sheet by about $101-million after selling two assets in separate transactions and will use the proceeds to reduce debt. NYSE-listed Consol sold its 49% interest in the Western Allegheny Energy (WAE) joint venture to Rosebud... 

10% drop in coal sales hurts Hwange Colliery’s half-year profit

By: Natalie Greve A 10% year-on-year decline in Zimbabwe-based Hwange Colliery’s coal sales to 685 759 t has dented the company’s profitability and widened its operating loss from $7.6-million in the interim period to June 2014 to $19.5-million in the six months ended June 30. On the back of lower coal sales,... 

Glencore places Eland mine on care and maintenance

By: Megan van Wyngaardt Diversified major Glencore has placed its Eland platinum mine, near Brits, in the North West province, on care and maintenance. Glencore South Africa spokesperson Gugulethu Maqetuka told Mining Weekly Online that about 818 employees would be retrenched, following the completion of a Section 189... 

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