R/€ = 14.44 Change: 0.06
R/$ = 12.93 Change: 0.00
Au 1266.92 $/oz Change: -0.32
Pt 957.00 $/oz Change: -3.00

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Low platinum price boosting platinum jewellery demand

By: Martin Creamer     26th May 2017 The low platinum price incentivised manufacturers and retailers to stock and sell platinum, leading to an overall growth of 5.4% in the US last year, Platinum Guild International said on Friday, with lower-based retail sales in India soaring 11.4%. In its Platinum Jewellery Business Review, the... 

Low platinum price boosting platinum jewellery demand
Platinum jewellery sales up in US, India, Japan.

SA Mint should review Mandela coin plans after Royal Mint blazes new platinum coin trail

By: Martin Creamer     26th May 2017 The decision of the Royal Mint, in the UK, to launch its first-ever platinum bullion products has rekindled hopes that the South African Mint will wipe the dust off its plans for a Mandela coin in platinum and mimic some of its gold coin success. In what is potentially a beneficial measure to... 

SA Mint should review Mandela coin plans after Royal Mint blazes new platinum coin trail
Photo by Darlene Creamer
This week's Mining Weekly cartoon on prospect of launching a platinum Mandela coin.

Zwane said to seek 30% black mine ownership rule

By: Bloomberg     26th May 2017 South African Mines Minister Mosebenzi Zwane has proposed raising the mandatory black ownership of mining assets to 30 percent from 26 percent, drawing opposition from some ruling-party officials who fear it will deter investment, two people familiar with the situation said. The proposal is part... 

Zwane said to seek 30% black mine ownership rule
Photo by Duane Daws
Mineral Resources Minister Mosebenzi Zwane

Implats finalises terms on dual bond offering

By: Natasha Odendaal     26th May 2017 JSE-listed Impala Platinum (Implats) on Friday concluded the final terms of its dual offering of R3.25-billion unsecured convertible bonds and $250-million unsecured convertible bonds, both due 2022. The platinum miner’s rand-denominated bonds will hold a 6.375% yearly interest rate, while the... 

At least eight illegal miners die after mine shaft collapses in Zimbabwe

By: News24Wire      Updated 40 minutes ago At least eight illegal miners have been confirmed dead in Zimbabwe after a mine shaft they were working in collapsed. The state-run ZBC is reporting that at least four of the miners were above ground at Big Mine, but were sucked into the collapsing shaft. 

Acacia says committee’s findings on its Tanzanian gold exports inaccurate

By: Megan van Wyngaardt     26th May 2017 Tanzania-focused Acacia Mining on Friday said it could not agree with the findings of a report, compiled by a Presidential Committee tasked with investigating the export of gold and copper concentrates. President John Magufuli on Wednesday released the findings of the report and announced that... 

Despite glorious past, mineral processing innovation faces uncertain future

By: Mia Breytenbach     26th May 2017 While the mining industry does not yet seem to be in a crisis regarding innovation in mineral processing, it certainly seems to be on a downward trajectory, says former Julius Kruttschnitt Mineral Research Centre director and emeritus professor Tim Napier-Munn, noting that, with innovation being... 

Despite glorious past, mineral processing innovation faces uncertain future

Mining Resilience Research Centre launch to help sector survive Industrial Revolution 4.0

By: David Oliveira     26th May 2017 The University of Pretoria’s (UP’s) Department of Mining Engineering has launched its Mining Resilience Research Centre (MRRC) at the Hatfield, Pretoria, campus. The centre will take a multidisciplinary and holistic research approach to address the challenges facing the South African mining... 

Diamond industry faces headache as key US market takes a knock

By: Bloomberg     26th May 2017 In the diamond industry, the only place that really matters is the US, and the market is starting to look a little shaky. In a country where consumers buy almost half the world’s gems, Tiffany & Co. and Signet Jewelers this week reported disappointing sales. That’s a blow to expectations that... 

Ncondezi calls off joint development agreement with SEP

By: Megan van Wyngaardt     26th May 2017 Mozambique-focused coal miner and energy developer Ncondezi Energy will engage with new strategic partners who have expressed an interest in helping to develop its integrated thermal coal mine and 300 MW power plant in the country’s Tete province. This comes after the company on Friday suspended... 

Ncondezi calls off joint development agreement with SEP

Lucapa secures A$19m to pay for Lesotho mine, advance Phase 1 development

By: Esmarie Swanepoel     26th May 2017 Diamond miner Lucapa Diamond Company has secured A$19-million in capital to fund the acquisition and development of the Mothae kimberlite diamond project, in Lesotho. The ASX-listed miner said on Friday that the funding package included a A$9.2-million underwriting agreement with Westar Capital... 

Tsodilo gains Orapa kimberlite field exploration permit

By: Henry Lazenby     26th May 2017 Diamond explorer Tsodilo Resources has been granted an exploration permit in Botswana to look for diamond-bearing kimberlites in the prolific Orapa kimberlite field (OKF). The TSX-V-listed diamond and metals exploration company has gained access to one of the most significant diamond producing... 

Vast draws down on SSA loan

By: Megan van Wyngaardt     26th May 2017 Aim-listed Vast Resources on Friday said it has drawn down $3-million of its $8-million financing arrangement with SSCG Africa Holdings (SSA), despite approval by the Reserve Bank of Zimbabwe (RBZ) still being outstanding. In January, the parties entered into an $8-million agreement, comprising a... 

BMI lowers DRC gold production outlook

By: Megan van Wyngaardt     26th May 2017 Lower-than-expected output from the Democratic Republic of Congo’s (DRC's) gold industry during 2016, paired with a weak project pipeline in the coming years, has resulted in research firm BMI revising its gold production forecast for the country up to 2021, downwards. The research firm put the... 

Angola continues diversification into minerals to curb oil deficits, but progress slow

By: Megan van Wyngaardt     26th May 2017 Angola's continued reliance on the oil sector will result in limited development of its mining sector between now and 2021. However, the country is expected to continue diversifying into minerals in the longer term, as a decline in domestic oil production speeds up government plans to invest in... 

Up to 6% of Barrick’s 2017 output impacted by Tanzania ore export ban

By: Henry Lazenby     26th May 2017 The world’s largest gold producer by volume, Canada’s Barrick Gold, on Thursday revealed that up to 6% of its attributable output could be affected by the ongoing ban on mineral concentrate exports affecting the operations of its 63.9% subsidiary Acacia Mining, in Tanzania. Acacia’s Bulyanhulu... 

Mineral Commodities flags $60m revenue

By: Esmarie Swanepoel     26th May 2017 South Africa focused mineral sands producer Mineral Commodities will generate at least $60-million in revenue over the next five years from the sale of existing stockpiled garnet concentrate to offtake partner GMA Group. Mineral Commodities and GMA have amended the existing life of mine garnet... 

Mining Weekly iPhone and Android Apps available for free download 

     26th May 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 app for iPhone and Android users.  These apps offer... 

Mining Weekly iPhone and Android Apps available for free download

Moody's sees Glencore paying up to $6bn in possible Bunge deal

By: Reuters     27th May 2017 Miner and trader Glencore may pay up to $6-billion in cash in a possible tie-up with US grains trader Bunge based on current valuations, Moody's ratings agency said on Friday, but said it did not expect an outright acquisition. Glencore said this week it had made an informal approach to discuss... 

IDM completes Red Mountain acquisition from Seabridge Gold

By: Henry Lazenby     27th May 2017 Exploration and development company IDM Mining has completed the acquisition of the high-grade Red Mountain project, in British Columbia, from Seabridge Gold. TSX-V-listed IDM acquired the 100% interest, subject to certain underlying agreements and royalties, under an April 2014 option agreement. 

Canada publishes rules to reduce oil and gas sector methane emissions, air pollution

By: Henry Lazenby     26th May 2017 Canada has introduced new rules aimed at reducing methane emissions and cutting air pollution from its significant oil and gas industry, a move that met with mixed reaction from the industry itself. Minister of Environment and Climate Change Catherine McKenna introduced the new regulation on... 

Canada publishes rules to reduce oil and gas sector methane emissions, air pollution

Northern Vertex, Greenstone partner to accelerate Moss mine development; US gold consolidation

By: Henry Lazenby     26th May 2017 Canadian project developer Northern Vertex Mining and Guernsey-based private equity fund Greenstone Resources has formed a partnership that will strengthen Northern Vertex’s balance sheet and expedite construction, procurement and staffing initiatives as the company works up to declaring... 

Codelco's Q1 output falls, but higher copper price boosts profits

By: Reuters     26th May 2017 Chile's state-run Codelco said on Friday that its copper output in the first quarter slid 11% from a year ago, as ore grades decline at its ageing mines, but an incipient recovery in copper prices boosted its profits. Codelco, the world No 2 copper miner, said output in the three months to... 

Coal India likely to rejig pricing

By: Ajoy K Das     26th May 2017 Coal miner Coal India Limited (CIL) is likely to adjust its pricing in the current financial year. A price adjustment would need to factor in the re-gradation of the quality of coal from CIL’s 386 mines and the impact of the Goods and Services Tax (GST), a company official has said. 

Adani must pay royalties on Carmichael mine, Queensland says

By: Reuters     26th May 2017 India’s Adani Group will be required to pay full royalties on its $16.5-billion Carmichael coal project in Australia’s Queensland, according to the state’s premier. The Carmichael mine “will pay every cent of royalties in full” under a new policy unanimously agreed to by the state’s cabinet for... 

Kazakhstan to produce nuclear fuel for China

By: Reuters     26th May 2017 Kazakhstan, the world's biggest uranium producer, will start producing nuclear fuel for Chinese power plants in 2019 through a joint venture set up by the two countries, a senior official at the Ulba Metallurgical Plant told Reuters. The joint venture, Ulba-FA, is now building on land at the Ulba... 

Beowulf not giving up on Kallak despite continued permit delays

By: Anine Kilian     26th May 2017 Mineral and exploration development company Beowulf is not giving up on its planned Kallak magnetite iron-ore project near Jokkmokk, in Swedish Lapland, despite delays in being granted an exploitation concession, the company’s CEO said on Friday. Kurt Budge said he found it “impossible to... 

Russian State fund could invest in miner Polyus with China's Fosun – source

By: Reuters     26th May 2017 The State-backed Russian Direct Investment Fund (RDIF) and China's Fosun International could announce an investment in Russia's top gold producer Polyus in early June, a source familiar with the talks told Reuters. A consortium led by Fosun, one of China's most acquisitive conglomerates, has... 

Alba to embark on Amitsoq work programme in June

By: Megan van Wyngaardt     26th May 2017 Greenland-focused graphite miner Alba Mineral Resources has completed its consultation phase with the country’s Mineral and Licensing Safety Authority, allowing it to embark on a work programme at its Amitsoq project. The programme, to take place over June and July, is designed to verify the... 

Poseidon expects Silver Swan restart to deliver ‘healthy’ return

By: Esmarie Swanepoel     26th May 2017 The Silver Swan nickel mine, in Western Australia, will require a preproduction and working capital investment of A$25-million, and a breakeven nickel price of $4.63/lb to deliver its 8 800 t of contained nickel. A definitive feasibility study (DFS) found that the high-grade underground nickel... 

Poseidon expects Silver Swan restart to deliver ‘healthy’ return

Avanco on its way to midtier status

By: Esmarie Swanepoel     26th May 2017 A prefeasibility study (PFS) has proven that the Pedra Branca East copper/gold project, in Brazil, could realise project owner Avanco Resources’ ambition of becoming a midtier copper producer. The PFS estimates that the Pedra Branca East project could deliver some 24 000 t/y of copper and 16 000... 

Guthrie appointed to Santos board

By: Esmarie Swanepoel     26th May 2017 Oil and gas major Santos has appointed Vanessa Guthrie to its board as an independent director, effective from July 1. Guthrie was previously MD and CEO of uranium developer Toro Energy and VP of sustainable development for ASX-listed Woodside Energy. 

Lincoln raises nearly A$10m for graphite projects

By: Esmarie Swanepoel     26th May 2017 Graphite developer Lincoln Minerals will raise up to A$9.6-million through two share placements to progress the development of its assets. The company will issue some 300-million fully paid ordinary shares, at a price of 3.2c each, through Direct Investment Agreements. The placement was subject... 

Jogmec starts Parkes earn-in

By: Esmarie Swanepoel     26th May 2017 Junior Magmatic Resources’ joint venture with Japan Oil, Gas and Metals National Corporation (Jogmec) over the Parkes copper-gold project, in New South Wales, has been enacted, with the first exploration spend agreed. Under the terms of the March JV, Jogmec can earn a 51% interest in the two... 

Arconic shareholders elect three Elliott nominees to board

By: Reuters     26th May 2017 Specialty metals producer Arconic Inc said its shareholders had elected three of Elliott Management Corp's nominees to its board of directors, based on a preliminary vote count following the company's annual meeting on Thursday. Elliott, a New York hedge fund run by billionaire Paul Singer,... 

Chilean copper miner Codelco preparing local bond issue – agency

By: Reuters     26th May 2017 Chile's state-run Codelco, one of the world's biggest copper producers, is readying a domestic bond issue that will allow it to refinance its debt and fund investments, a local ratings agency said on Thursday. Codelco was in the process of registering a new debt issue worth some $1.6-billion,... 

Peru allows Bear Creek to recover Corani tax

By: Henry Lazenby     26th May 2017 TSX-V-listed project developer Bear Creek Mining has signed an agreement with the Peru Ministry of Energy and Mines (MEM) and ProInversion (an agent for the Peru government) that allows the company to recover, at its option and on an accelerated basis, the 18% taxes applied to engineering and... 

OceanaGold enters option accord for Mirasol's La Curva project, Argentina

By: Henry Lazenby     25th May 2017 Midtier miner OceanaGold has signed an option agreement with prospect generator Mirasol Resources, under which it to acquire up to 75% of the project in five stages. The definitive agreement requires multinational OceanaGold, with operations in New Zealand, Australia and the US, to make a... 

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