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Zambia royalty hike to force mine closures – chamber

By: Reuters Zambia's decision to hike royalty rates on open pit mining from 6% to 20% will lead to shaft closures and 12 000 job losses, the chamber of mines said on Friday. Barrick Gold said on Thursday it would suspend operations at its Lumwana Copper Mine after royalty increases were passed into law in... 

Zambia royalty hike to force mine closures – chamber

Kazakh miner GoldBridges joins London exchange main board

By: Reuters GoldBridges, a small Kazakh gold miner led by a member of the well-connected Assaubayev family, on Friday joined the main board of the London Stock Exchange and is hoping to improve the image of Kazakh businesses in the mining sector. The company, which already produces about 30 000 oz/y of gold... 

Benchmark ferrochrome price settled 6% lower – Merafe

By: Martin Creamer The European benchmark price of ferrochrome has been settled 6% lower for the first quarter of next year, the JSE-listed Merafe Resources said on Friday. The price of $1.08/lb for the first quarter of 2015 is seven cents a pound lower than the current $1.15/lb price of the fourth quarter of 2014. 

Benchmark ferrochrome price settled 6% lower – Merafe
Photo by Duane Daws
Ferrochrome production at Glencore-Merafe's Lion smelter

Barrick Gold to suspend Lumwana copper ops after Zambia passes new royalty law

By: Henry Lazenby Canada’s Barrick Gold Corp will suspend operations at its Lumwana copper mine, in Zambia’s Northwestern province, after the country enacted legislation that raised the royalty rate on openpit mining operations from 6% to 20%. TSX- and NYSE-listed Barrick, the world’s largest gold producer, said... 

Barrick Gold to suspend Lumwana copper ops after Zambia passes new royalty law
Photo by Barrick Gold
Lumwana, Zambia

IMF urges Zambia to resolve tax issues with mining companies

By: Reuters The International Monetary Fund has urged Zambia, Africa's second-largest copper producer, to quickly resolve issues with mining companies over value-added tax refunds and an increase in royalties. Lower world copper prices and the announced shift to a royalty-only min 

Cashless home loans for migrant mineworkers on way – Teba

By: Martin Creamer A system of providing incremental cashless home loans to migrant mineworkers living in distant areas is being implemented. Teba CEO Dr Graham Herbert, who spoke to Mining Weekly Online in the attached video interview on potential improvements to the much-criticised migrant labour system, says... 

Cashless home loans for migrant mineworkers on way – Teba
Photo by Duane Daws
Graham Herbert

Sword of Damocles hangs over Mintails

By: Esmarie Swanepoel The share price of South Africa-focused gold miner Mintails dropped by nearly 22% on Thursday on news that the company was failing to make its production targets. Mintails told shareholders on Thursday that the company’s openpit operational performance had been impacted by the failure of the... 

First Quantum says Zambia royalties could discourage investment

By: Reuters Zambia's new mining royalty rate could be a "massive disincentive" for future investment if it does not come with some form of capital relief, First Quantum Minerals's president told Reuters on Thursday. President Clive Newall said the miner does not yet know the specifics of the scheme to raise... 

Piran produces first tin in Rwanda

By: Esmarie Swanepoel Unlisted Piran Resources has produced its first tin concentrate from the Musha and Ntunga mines, in Rwanda. This initial production was sourced from reprocessing of tailings dumps from previous mining operations. 

Central Rand Gold raising $1.85m to boost surface mining

By: Martin Creamer London- and Johannesburg-listed gold-mining company Central Rand Gold, which is currently being courted by three Chinese suitors, is taking steps to raise $1.85-million in equity capital to boost surface mining production, bring idled underground equipment to surface and reduce staff. The focus... 

Central Rand Gold raising $1.85m to boost surface mining
Photo by Duane Daws
Johan du Toit

CoAL extends mine sale deadline, capital-raise timeframe

By: Martin Creamer The deadline for the disposal of the Mooiplaats colliery by the triple-listed Coal of Africa Limited (CoAL) as well its capital-raising timeframe have been extended out. Johannesburg, London and Sydney-listed CoAL said on Wednesday that it had agreed to give suitor Blackspear Capital more time to... 

CoAL extends mine sale deadline, capital-raise timeframe
Photo by Duane Daws
David Brown

Despite gold hedge book contracting in Q3, full-year growth expected

By: Henry Lazenby A new report released on Tuesday by Societe Generale and Thompson Reuters GFMS had found that net gold hedging had declined by a net 200 000 oz in the third quarter. This was the result of a slowdown in the volume of hedging, which meant that the delivery into and the maturity of pre-existing... 

Despite gold hedge book contracting in Q3, full-year growth expected

Judge refuses Vale request to dismiss Rio Tinto lawsuit in US

By: Reuters A US federal judge on Wednesday refused to dismiss mining giant Rio Tinto's lawsuit against rival Vale, alleging it conspired with Israeli billionaire Beny Steinmetz and BSG Resources to steal the company's valuable mining rights in Guinea. US District Judge Richard Berman of Manhattan rejected... 

Discovery set to shut Boseto mine

By: Esmarie Swanepoel Copper miner Discovery Metals on Wednesday announced that it would mothball its Boseto openpit operation, in Botswana, within the next six months. The miner told shareholders that a review of the openpit operation had been launched earlier this year to determine the effect of the current and... 

Creamer Media publishes Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector research report

Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the logistics of transporting liquid fuels... 

Creamer Media publishes Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector research report

Feds give Seabridge Gold's KSM the environmental nod

By: Henry Lazenby One of the world’ largest undeveloped gold and copper projects, Seabridge Gold’s KSM project, in north-west British Columbia, has received the nod of approval from Canada’s Minister of the Environment Leona Aglukkaq, marking the end of a nearly seven-year journey to complete the joint harmonised... 

Alpha Natural affiliates settle selenium-discharge cases brought by greens

By: Henry Lazenby US coal producer Alpha Natural Resources affiliated mining operations has settled three selenium-discharge law suits brought by four environmental organisations. Selenium is a naturally occurring element that could be released into streams as a by-product of some common earth moving activities,... 

Oyu Tolgoi on track for full-year guidance despite concentrator fire, lowers 2015 guidance

By: Henry Lazenby Rio Tinto Subsidiary Turquoise Hill Resources on Friday reported that despite a recent concentrator fire at the massive Oyu Tolgoi copper/gold mine, in Mongolia, the operation was on track to meet its expected full-year output. Turquoise Hill in October reduced its 2014 forecasts for gold and... 

Sherritt International announced 2 new production-sharing contracts with Cuba

By: Henry Lazenby TSX-listed Sherritt International Corp on Firday announced that it had inked two more production sharing contracts (PSCs) with Cuba, where it has oil and gas assets. The new blocks, 8A and 10, are located in Central and Northern Cuba and cover areas of 967 km2 and 261 km2, respectively. 

Codelco says El Teniente expansion two to three yrs behind schedule

By: Reuters The expansion of Chilean copper company Codelco's El Teniente underground mine has fallen around two to three years behind schedule, CEO Nelson Pizarro said on Friday. Pizarro, who took the helm at the world's No 1 copper producer earlier this year, added that the El Teniente expansion will... 

Colombia fixes moorland boundaries affecting gold miners

By: Reuters Colombia's Environment Ministry announced it had fixed the boundaries of an ecologically delicate moorland in the country's northeast, a decision that would affect two of three miners with a licence to explore or develop mining there. Environment Minister Gabriel Vallejo said 100 000 ha of land... 

Gold tooth lands in Missouri Salvation Army kettle

By: Reuters People have tossed gold and silver pieces into Salvation Army holiday kettles but a gold tooth found this week in Kansas City was a local first, an organisation leader said on Friday. "It's the whole tooth, with the root and everything," said Rick Carroll, who is in charge of the Salvation Army... 

Horseshoe waits for better days

By: Esmarie Swanepoel ASX-listed junior Horseshoe Metals would have to wait for an increase in commodity prices before considering the development of its Horseshoe Lights copper-gold project, in Western Australia. A scoping study into the project, which is estimated to host some 12.85-million tonnes of resource,... 

LNG suppliers hoping for increased demand from China - WoodMac

By: Esmarie Swanepoel The prices of liquefied natural gas (LNG) may be put under pressure in 2015, given the relatively low oil price environment, and the uncertain demand from China, advisory firm Wood Mackenzie (WoodMac) reported this week. In its Horizons outlook report, WoodMac analyst noted that during 2014,... 

LNG suppliers hoping for increased demand from China - WoodMac

Kin identifies possible early start at Leonora

By: Esmarie Swanepoel ASX-listed developer Kin Mining on Friday announced the potential of a near-term production opportunity at its recently acquired Leonora gold project, in Western Australia. The company told shareholders that following the interrogation of the Leonora database, the company has identified... 

Vimy adds to Mulga Rock resource

By: Esmarie Swanepoel Uranium developer Vimy Resources, previously known as Energy and Minerals Australia, has reported a 60% increase in the resource estimate at Princess deposit, at its Mulga Rock uranium project in Western Australia. The Princess deposit is now estimated to host a resource of 3.8-million tonnes,... 

Falling prices prompt BC and MinRes to amend agreement

By: Esmarie Swanepoel Iron-ore miner BC Iron and fellow-listed Mineral Resources have amended the terms of the existing Iron Valley iron-ore sales agreement, in an effort to negate the declining market conditions. Mineral Resources signed the initial Iron Valley agreement with Iron Ore Holdings (IOH) in February last... 

Santos gest a $1bn buffer

By: Esmarie Swanepoel Oil and gas major Santos has secured an additional $1-billion bilateral bank loan facility, to enhance the company’s liquidity profile and financial flexibility. CFO Andrew Seaton said that the new three-year facility further strengthened the company’s conservative liquidity profile. 

Blackham eyes 2015 start at Matilda

By: Esmarie Swanepoel Junior gold developer Blackham Resources was hoping to start production at its 4.4-million ounce Matilda project, in Western Australia, by the end of 2015, pending financing. The company reported on Friday that discussions were ongoing with a number of potential funders which have expressed... 

Peru OKs environmental study for Southern Copper mine expansion

By: Reuters Peru approved the environmental study for Southern Copper's $1.2-billion expansion of its Toquepala mine, a project expected to raise copper output by 100 000 t/y, the government said on Thursday. Construction on the expansion, which will add a new concentrator at the mine and boost its tailings... 

Management-shuffling Karnalyte receives meeting request from activist shareholders

By: Henry Lazenby Saskatchewan-focused potash project developer Karnalyte Resources on Thursday said it had received a shareholder-meeting requisition from company founder, former president, CEO and director Robin Phinney. TSX-listed Karnalyte said the board was asked to call a special shareholder meeting to... 

BC chief inspector of mines amends Mt Polley Act to enable repairs to start

By: Henry Lazenby The chief inspector of mines for British Columbia has approved an amendment to the Mount Polley Mine Corporation Mines Act permit to allow the company to start repairs of the breach in its tailings storage facility dam. The repair work was part of the long-term remediation plan for the area... 

Trevali on schedule for H1 Caribou start up

By: Henry Lazenby Zinc-focused, base metals mining company Trevali Mining on Thursday reported that its Caribou mine and mill complex project remained on track and within budget, with commissioning still expected to start in the first half of next year. The Caribou zinc/lead/silver mine and mill complex, located... 

Falling coal prices affects Qld budget

By: Esmarie Swanepoel Falling commodity prices have forced the Queensland government to slash nearly a A$1-billion from forecast state revenues for 2014/15. Treasurer Tim Nicholls on Thursday revised the full year revenue from t he previous A$50.1-billion to A$49.1-billion, to reflect the weaker outlook for coal... 

Falling coal prices affects Qld budget

Poseidon advances Black Swan buy

By: Esmarie Swanepoel Nickel miner Poseidon Nickel on Thursday extended the expected completion date of the Black Swan operation, from the end of this calendar year until March next year. However, MD and CEO David Singleton said that the extension to the completion deadline would not change Poseidon’s overall... 

KBL turns to Supreme Court in Kidman battle

By: Esmarie Swanepoel The gloves have come off in the battle between ASX-listed KBL Mining and its creditor Kidman Resources, with KBL on Thursday launching legal proceedings against Kidman in the New South Wales Supreme Court. Earlier this month, Kidman issued an event of default on a A$12.6-million debt, which was... 

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