http://www.miningweekly.com

Global Mining News in real time

Close

Email me daily news

Email address

Cash-flush DRDGold mulling share buy-back

By: Martin Creamer Surface gold mining company DRDGold, which has R324-million cash on hand after paying a five-times-higher dividend, is considering a buy back of shares in support of its long-term shareholders. DRDGold CEO Niël Pretorius, who has led a technical and financial turnaround of the gold-from-dumps... 

Cash-flush DRDGold mulling share buy-back
Photo by Duane Daws
Niël Pretorius and Martin Creamer

Cause of global warming remains unknown – energy professor

By: Martin Creamer The cause of global warming remains unknown and the information being used to determine its effects is too recent to form a good basis for conclusions. Outlining this at an event organised by the Fossil Fuel Foundation, Cape Peninsular University of Technology energy professor Philip Lloyd said... 

Cause of global warming remains unknown – energy professor

DiamondCorp to sell first Lace diamonds in Oct

By: Megan van Wyngaardt Dual-listed miner DiamondCorp’s first diamond sale from its Lace mine, in the Free State, has been scheduled for October, when tunnel and initial slot drive tonnage would have provided a sufficiently representative parcel of kimberlite diamonds.   The result of initial diamond sales along with... 

Shanta Gold profits wane amid volatile gold price, mine redevelopment

By: Megan van Wyngaardt The major redevelopment of Aim-listed Shanta Gold’s New Luika mine, in Tanzania, between January and May, as well as the volatile gold price, resulted in a drop in the company’s revenue to $31.9-million in the six months ended June 30, compared with $58.3-million in the first half of 2014. The... 

Eqstra’s mining division starts to see light

By: Natasha Odendaal JSE-listed Eqstra’s embattled contract mining and plant rental division is showing signs of recovery and is nearly ready to look after itself, the unit’s new CEO Justin Colling said on Tuesday. The division plunged into turmoil last year, dragging its parent’s overall full-year performance down,... 

Eqstra’s mining division starts to see light
Photo by Duane Daws
Eqstra Contract Mining Division CEO Justin Colling

DRDGold dividend soars

By: Martin Creamer Gold dump mining company DRDGold on Tuesday lifted its dividend payout fivefold. In declaring a final dividend of 10 c a share in the year ended June 30, the Johannesburg and New York-listed surface miner dished out its eighth consecutive final dividend on results that CEO Niël Pretorius... 

DRDGold dividend soars
Photo by Duane Daws
Niël Pretorius

Scoping study proves up at Sovereign's Malawi project

By: Esmarie Swanepoel A scoping study into the Duwi flake graphite project, in Malawi, has confirmed that the project could support the production of 110 000 t/y of graphite concentrate over an initial mine life of 20 years. Owner Sovereign Metals on Tuesday said the scoping study estimated an initial capital... 

Hummingbird secures $5m facility extension for Yanfolila development

By: Natasha Odendaal Aim-listed gold production, development and exploration company Hummingbird Resources has secured a $5-million facility extension to start moving its flagship 1.8-million-ounce Yanfolila gold project, in Mali, towards targeted production in 2016. With the completion of the initial earthworks,... 

African Potash signs second offtake deal

By: Megan van Wyngaardt Aim-listed African Potash has signed its second fertiliser offtake deal with a Malawi-based fertiliser supply company. This represented the second offtake deal following the signing, last month, of a landmark trading agreement with the Common Market for Eastern and Southern Africa and the Mask... 

Wolf produces first tungsten from UK mine

By: Esmarie Swanepoel ASX-listed Wolf Minerals has started tungsten concentrate production at its Drakelands openpit mine at the Hemerdon tungsten and tin project, in the UK. “We are very pleased to announce that, as part of the commissioning process, we have now produced tungsten concentrate to the required... 

Tesla awards first offtake agreement for lithium-ion battery Gigafactory

By: Henry Lazenby Electric vehicle maker and energy storage solutions provider Tesla Motors has selected the northern Mexico-located Sonora lithium project to supply lithium hydroxide for its Gigafactory, in Nevada. Partners TSX-V-listed Bacanora Minerals and LSE-listed Rare Earth Minerals (REM) had finalised a... 

Tesla awards first offtake agreement for lithium-ion battery Gigafactory

Barrick closes $298m Porgera JV deal with Zijin

By: Henry Lazenby The world’s largest gold producer by output Barrick Gold on Monday announced that it had closed a deal forming a strategic partnership with Zijin Mining Group. The Chinese firm initially acquired a 50% interest in Barrick Niugini (BNL) for $298-million in cash. 

Creamer Media publishes Coal 2015: A review of South Africa's coal sector

Creamer Media’s Coal 2015 report examines South Africa’s coal industry with regards to the business environment, the key participants in the sector, local demand, export sales and coal logistics, projects being undertaken by the large and smaller participants in the market, as well as various... 

Creamer Media publishes Coal 2015: A review of South Africa's coal sector

Brazil's Vale says receives $1.08bn for MBR stake sale

By: Reuters     Updated 3 hours ago Brazilian mining firm Vale said on Tuesday that it has received $1.08-billion from the sale of a 36.4% stake in its Minerações Brasileiras Reunidas subsidiary, which was announced in July. 

Goldsource reduces capital cost of Guyana project

By: Henry Lazenby     Updated 3 hours ago TSX-V-listed Goldsource Mines on Tuesday reported that construction at its Eagle Mountain gold project, in Guyana, continues to progress well, with commissioning for Phase I production to take place during the fourth quarter. The first phase of the project entailed a 1 000 t/d openpit mine and... 

Ivernia to shift focus to lead mining through $30m Geo Zone deal

By: Henry Lazenby     Updated 4 hours ago Canadian miner Ivernia on Tuesday announced a $30-million deal through which it would buy Geo Zone Exploration, positioning itself as a base metal mining, exploration and development company with a focus on lead metal. Ivernia would acquire all of the Geo Zone's outstanding shares by issuing... 

Obama pushes for more US ice-breaking might in Arctic

By: Reuters     Updated 7 hours ago President Barack Obama on Tuesday proposed a faster timetable for buying a new heavy icebreaker for the US Arctic, where quickly melting sea ice has spurred more maritime traffic, and the US has fallen far behind Russian resources. The move, part of a push to convince Americans to support... 

Iberian advances Cehegin project as iron-ore continues to face strong headwinds

By: Simon Rees Iron-ore producers continued to batten down the hatches on low-cost oversupply, an overhang in steel inventories and, at the macro level, weakened Chinese manufacturing data. Many medium- or small-scale iron-ore projects had also been mothballed, shuttered or divested, while few commentators had... 

Iberian advances Cehegin project as iron-ore continues to face strong headwinds

Boss Resources to buy S Australia uranium mine

By: Esmarie Swanepoel Junior explorer Boss Resources has entered into an agreement with Canada-based Uranium One to acquire the Honeymoon uranium project, in South Australia. Under the terms of the transaction, Boss would pay a A$200 000 site access fee, giving it exclusive access to the Honeymoon project to conduct... 

Boss Resources to buy S Australia uranium mine

Wollongong suspends mining at NSW mine

By: Esmarie Swanepoel Difficult operating and financial conditions have forced coal miner Wollongong Coal to suspend mining operations at its Russell Vale colliery, in New South Wales, and to place the operation on care and maintenance. CEO Milind Oza on Tuesday said the company had been facing a tough operating... 

Metgasco launches legal bid against NSW govt

By: Esmarie Swanepoel ASX-listed unconventional gas explorer Metgasco has launched legal action against the New South Wales government, claiming damages for the suspension of its 2014 drilling programme and preparing a judicial review over two of its licences. Metgasco has been in discussions with the state... 

Atlas exec shuffle saves A$1m a year

By: Esmarie Swanepoel Iron-ore miner Atlas Iron on Tuesday announced another board shuffle as part of its ongoing strategy to reduce costs. Ken Brinsden, who was appointed as an executive director in June, after standing aside as MD, had now been appointed as nonexecutive director. 

Evolution hedges more ounces

By: Esmarie Swanepoel Gold miner Evolution Mining has forward sold some 300 000 oz of gold, at an average price of A$1 638/oz, to take advantage of a recent rally in the Australian gold price. The miner noted on Tuesday that 100 000 oz of the gold would be delivered in the 2016 financial year, with the remaining 200... 

US Mint American Eagle gold, silver coin sales drop in August

By: Reuters US Mint sales of American Eagle gold coins fell 40% in August from July's highest level in more than two years, as concern about a slowing Chinese economy lifted bullion prices above a five-and-a-half year low, government data showed on Monday. American Eagle gold coin sales fell to 101 500... 

Alamos lifts AuRico stake to more than 10%

By: Henry Lazenby Canadian gold producer AuRico Metals on Monday said that compatriot Alamos Gold had lifted its ownership of the company to more than 10%. TSX-listed Alamos would buy eight-million AuRico Metals shares at C$0.70 apiece for C$5.6-million. Together with the 5.77-million shares Alamos already owned... 

Goldgroup issues shares for Cerro Prieto acquisition, negotiating promissory note demand

By: Henry Lazenby Project developer Goldgroup Mining has issued 16.5-million common shares to Oroco Resource Corp regarding it 2013 acquisition of the Cerro Prieto project, in Mexico. As part of the purchase agreement, Goldgroup committed to issue the shares or, at its option, pay $4.13-million to Oroco by August... 

Waihi gold mine acquisition to lift OceanaGold FY output 22%

By: Henry Lazenby Triple-listed OceanaGold says it could boost its overall output by up to 22% a year to between 380 000 oz and 410 000 oz of gold, should it succeed in its $106-million bid to buy the Waihi gold mine, in New Zealand, from US gold miner Newmont Mining. The Waihi gold mine was about 150 km... 

Gas represents a R250bn opportunity for South Africa – McKinsey 

By: Terence Creamer Global management consultancy McKinsey & Company argues that South Africa should urgently pursue a ‘big gas’ energy option to bridge an electricity supply gap of between 6 GW and 10 GW that could arise by 2025 as older coal-fired power stations are decommissioned. The recommendation is contained... 

Gas represents a R250bn opportunity for South Africa – McKinsey
Photo by Duane Daws
McKinsey & Company principal Christine Wu

Union mulls action after 700 workers fired at Freeport mine in Chile

By: Reuters A Chilean union that represents copper mine workers on Monday rejected a move to drastically cut staff at the El Abra mine owned by Freeport-McMoRan and was considering action after 700 workers had their jobs terminated at the weekend. Last week, Arizona-based Freeport, which owns a 51% stake in... 

Peru plans budget raise in 2016 as economic outlook dims

By: Reuters , Aug 31 (Reuters) - Peru's President Ollanta Humala asked Congress to approve a budget for 2016 that would be 6 percent bigger than this year's budget blueprint amid signs economic growth this year and next will be weaker than previously expected. Peru's copper and gold mining-powered economy... 

Lower prices contribute to 56% fall in Zimplats’ FY profit

By: Megan van Wyngaardt Declining platinum prices pushed ASX-listed Zimplats’ after-tax profit down 56% year-on-year to $56 138 for the year ended June 30. Revenue for the financial year decreased by 29%, from $576-million in the previous year to $408-million, mainly owing to a 20% reduction in platinum, palladium,... 

Gas emerges as key focus area for DoE in immediate future 

By: Natasha Odendaal There are indications that South Africa’s much neglected gas industry may start seeing renewed activity, as Energy Minister Tina Joemat-Pettersson on Monday pushed forward her ambitions for immediate focus to shift to the development of gas-sourced power, alongside the successful renewable-energy... 

Gas emerges as key focus area for DoE in immediate future
Energy Minister Tina Joemat-Pettersson

Govt, labour, business ink declaration to stem jobs losses in mining sector

By: Natalie Greve Several trade unions, representatives of the Department of Mineral Resources and leaders from the Chamber of Mines (CoM) have committed to embarking on a ten-point action plan aimed at stemming the deluge of jobs in the buckling sector, on Monday signing a declaration crafted during a... 

Govt, labour, business ink declaration to stem jobs losses in mining sector

Poor Aus, mining markets cut WBHO’s profits, employment

By: Irma Venter The slow Australian market and a declining mining sector took their toll on construction group Wilson Bayly Holmes-Ovcon (WBHO) for the year ended June 30, with operating profit sliding to R602-million, down sharply from the previous year’s R978-million. Earnings a share of continuing operations... 

 Poor Aus, mining markets cut WBHO’s profits, employment
Louwtjie Nel

Preferred Highveld bidder could be named this week

By: Terence Creamer Three formal bids have been received by the practitioners presiding over the business rescue of steel producer Evraz Highveld Steel and Vanadium and a preferred bidder could be named by as early as Wednesday. Business rescue practitioner Piers Marsden told Engineering News Online on Monday that... 

Preferred Highveld bidder could be named this week

AMSA moves ahead with job cuts, says recent protection will help only in longer term

By: Terence Creamer Steel producer ArcelorMittal South Africa (AMSA) announced on Monday that processes had been initiated “with immediate effect” that could result in the retrenchment of 400 people at the Vereeniging meltshop and the forge, in southern Gauteng. An “industrial footprint review” had also been... 

AMSA moves ahead with job cuts, says recent protection will help only in longer term

S Africa seals mining jobs deal, proposes platinum plan

By: Reuters South Africa's mining industry, unions and the government signed a broad plan on Monday to stem a wave of job losses triggered by falling commodity prices and soaring costs. The document of the blue print seen by Reuters last week included boosting platinum by promoting the metal as a central... 

S Africa seals mining jobs deal, proposes platinum plan

Magnum offloads remaining share in Tantalite Valley project for R7m

By: Natalie Greve ASX-listed Magnum Mining & Exploration has moved to offload its remaining 40% interest in the Tantalite Valley project, in Namibia, to fellow miner African Tantalum for R7-million, recently signing a sale and purchase agreement that would see it sell its remaining shareholding in the project and... 

Latest News

more

Sponsored Post

more

Latest Videos and Audio

more

Research Reports

Projects

Press Office

more

RSS Feed

About

Mining Weekly is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Research Channel Africa
Polity

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on MiningWeekly.com is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
R/€ = 15.12Change: -0.21
R/$ = 13.42Change: -0.14
Au 1138.25 $/ozChange: -2.80
Pt 1005.00 $/ozChange: -3.00
 
Subscribe Now for $96
Subscribe Now for $96 Close