http://www.miningweekly.com

Global Mining News in real time

Close

Email me daily news

Email address

Lonmin’s refined platinum output plummets on smelter shutdowns

By: Martin Creamer Smelter shutdowns cut a big chunk of refined platinum out of Lonmin’s production in the three months to December 31, when the company's overall platinum group metal (PGM) output slumped by 31.1%. The world’s third-largest platinum producer managed, however, to record 9% higher sales to 146 890 oz... 

Lonmin’s refined platinum output plummets on smelter shutdowns
Photo by Duane Daws
Ben Magara

IFM posts marginal production lift in Q2 despite stoppage

By: Natalie Greve International Ferro Metals (IFM) lifted ferrochrome production by a modest 3% to 49 800 t for the quarter ended December 31, despite the issuance of a Section 54 notice in November following a health and safety incident that led to two employees being exposed to carbon monoxide gas. IFM said at... 

Global gold output rises, but demand remains muted

By: Natasha Odendaal     Updated 4 hours ago Despite the lower gold price, global mine production continued to grow last year, increasing 2% to an all-time high of 3 109 t, the latest survey by GFMS showed. However, total physical demand fell 19% in 2014 as all areas, with the exception of official sector purchases, registered declines. 

FDI flows to Africa fell in 2014, outlook weighed down by weak commodities

By: Terence Creamer     Updated 2 hours 19 minutes ago Foreign direct investment (FDI) inflows to Africa fell by 3% to around $55-billion in 2014, amid an 8% fall in global inflows to an estimated $1.26-trillion, from $1.36-trillion in 2013. In its Global Investment Trends Monitor, the United Nations Conference on Trade and Development (Unctad)... 

 FDI flows to Africa fell in 2014, outlook weighed down by weak commodities

Mining M&A hits 10-year low, deal activity likely to remain subdued

By: Esmarie Swanepoel Transaction volumes in the mining and metals sector reached a 10-year low in 2014, with transactions driven by divestments and forced sales in the face of falling commodity prices and risk-averse capital markets. It was fourth consecutive year of declining merger and acquisition (M&A) activity... 

Mining M&A hits 10-year low, deal activity likely to remain subdued

Parliament free to decline changes to MPRDA Bill

By: Megan van Wyngaardt     Updated 7 hours ago Law firm Norton Rose Fulbright South Africa director Lizel Oberholzer says the referral back to the National Assembly of the Mineral and Petroleum Resources Development Act (MPRDA) Amendment Bill, may potentially result in changes, unrelated to the substantive reservations raised by President... 

Parliament free to decline changes to MPRDA Bill

First output from Lace mine due in H2 despite AMCU strike

By: Natalie Greve DiamondCorp’s developing Lace diamond mine, in the Free State, is likely to come into production in the second half of this year, despite a six-week strike by members of the Association of Mineworkers and Construction Union (AMCU) in October and November. Following the implementation of a revised... 

Stonewall back on the map and producing gold

By: Esmarie Swanepoel Stonewall Resources resumed trading on the ASX on Thursday, after months of absence from the exchange, announcing that it secured up to A$13.5-million in funding, and started gold production at its TGME operation, in South Africa. The company said it had started processing pre-mined residue from... 

NUM ‘shocked’ by Glencore closure plans

By: Natalie Greve     Updated 6 hours ago The National Union of Mineworkers (NUM) says it is “shocked and saddened” by an announcement this week by diversified mining major Glencore that it was considering the closure of several coal-mining operations in South Africa, including the Optimum coal mine, in Mpumalanga. “The proposed closure... 

WCC advances Eskom talks, export coal project

By: Natalie Greve Coal producer, the Waterberg Coal Company (WCC), and energy utility Eskom remain in discussions to resolve the “outstanding requirements” to convert the Waterberg coal project’s (WCP’s) offtake memorandum of understanding into a coal supply agreement (CSA). The outstanding requirements included... 

Baobab to select Chinese partner to conduct Tete feasibility study

     Updated 4 hours ago Mozambique-focused miner Baobab Resources was nearing the conclusion of the selection process of a Chinese partner to conclude a feasibility study at its Tete iron project, in Mozambique. The company has been in detailed discussions with steel industry specialists Sinosteel Equipment &... 

Sandstorm Gold clinches ten royalty agreements on projects in W Africa and Nevada

By: Henry Lazenby Precious metals streaming firm Sandstorm Gold has entered into no fewer than ten royalty agreements on properties in West Africa and the US. TSX- and NYSE MKT-listed Sandstorm said this week that it expected the royalties to provide it with long-term exposure to a number of high-quality assets... 

War for talent in mining just heating up – EY

By: Henry Lazenby With many a miner’s focus firmly trained on cost cutting and productivity, companies must not neglect talent management, professional services firm EY said on Wednesday. The end of the mining boom did not mean victory in the “war for talent”, according to a new report by EY, which said it was... 

War for talent in mining just heating up – EY

Lower oil price sees Beach defer projects

By: Esmarie Swanepoel ASX-listed Beach Energy on Thursday announced that it would reduce its capital expenditure (capex) during the second half of the 2015 financial year by around 20%, or by about A$55-million. The company told shareholders that it had undertaken a detailed review of its capex programme as a result... 

Low-cost, low-risk development option for Central Murchison – Metals X

By: Esmarie Swanepoel A revised feasibility study of ASX-listed Metals X’s Central Murchison gold project, in Western Australia, has delivered encouraging results, with the project now expected to require a less-intensive capital investment and have a longer mine life. The revised feasibility study was undertaken... 

Fortescue lowers H2 cost guidance

By: Esmarie Swanepoel Iron-ore major Fortescue Metals has slashed its C1 cash costs during the quarter ended December, prompting the miner to decrease its C1 guidance for the second half of the 2015 financial year. C1 costs during the December quarter averaged $28.48/oz, a decrease of 11% on the previous quarter, and... 

Doray restructured financing to gain hold of cash flow

By: Esmarie Swanepoel Gold miner Doray Minerals has agreed to refinance and restructure its project finance facility, allowing the company improved access to cash flow to fund exploration and business development activities. MD Allan Kelly said on Thursday that following discussions with a number of domestic and... 

Northern Star weighing capital options

By: Esmarie Swanepoel Gold miner Northern Star Resources’ focus would shift to capital management in the next quarter, MD Bill Beament said in a conference call on Thursday. Beament pointed out that bank debt had decreased to A$35-million at the end of the quarter ended December, with Northern Star planning to fully... 

Duketon doubles resource estimate in WA

By: Esmarie Swanepoel Junior Duketon Mining has more than doubled the mineral resource estimate at its namesake project in Western Australia, announcing on Thursday that the Duketon project was now estimated to host some 71 000 t of nickel, 26000 t of copper and 144 000 oz of platinum and palladium. The 115% increase... 

Troy nearing completion at Andorinhas

By: Esmarie Swanepoel Dual-listed gold miner Troy Resources was bracing for a busy six months, as the company closed its Andorinhas mine in Brazil, and rapidly developed it Karouni mine, in Guyana. The underground mine at Andorinhas would start preparing for its closure in February, and Troy said on Thursday that the... 

India revives sovereign fund for overseas fertilisers

By: Ajoy K Das With India’s foreign exchange reserves touching an all-time high of $322-billion, the country’s Department of Fertilisers has revived a three-year-old proposal to create a sovereign fund for the acquisition of mineral assets overseas. An official said that the proposal was still at a nascent... 

Walter Energy suspends quarterly dividend

By: Henry Lazenby Cash-strapped Walter Energy suspended its quarterly dividend on its common stock on Wednesday to enhance its financial flexibility in the current turbulent metallurgical coal market conditions. The pure-play metallurgical coal producer had previously paid a quarterly dividend of $0.01 a share. 

TSX drops over 1.5% as Fed statement stokes rate hike fears

By: Reuters Canada's main stock index dropped over 1.5% on Wednesday after the Federal Reserve's comments about the US economic recovery signalled to investors that the central bank was likely to raise interest rates as planned later this year. The Fed said it will remain "patient" in deciding when to raise... 

Giyani Gold on the prowl for M&As

By: Henry Lazenby Exploration junior Giyani Gold on Wednesday said it continued to work towards recovering funds owed to it by South African State-owned Corridor Mining Resources (CMR), its joint venture partner on the Giyani gold project, in Limpopo. TSX-V- and JSE-listed Giyani believed that the project area... 

Bellzone secures $30m loan from Chinese partner

By: Megan van Wyngaardt Aim-listed miner Bellzone on Wednesday reported that it was finalising its $30-million secured debt agreement with China Sonangol International to meet its liabilities. The company last year reported that it had been unable to secure long-term financing, with China Sonangol providing short-term... 

Aquarius lifts Q2 production, despite price drop

South Africa-focused platinum miner Aquarius increased its output by 2% quarter-on-quarter and 5% year-on-year to 174 953 oz of platinum-group metals (PGMs) in the three months ended December 31. This was despite a sharp drop, by 8%, in PGM prices during the period to $1 208/oz  – the lowest for... 

Treasury unlikely to raise, amend mining taxes in 2015/16 – Deloitte

By: Natalie Greve Amid a growing appreciation by government of the challenges and impasses constraining the South African mining sector, consulting group Deloitte believes it unlikely that Finance Minister Nhlanhla Nene will, during his 2015/16 National Budget speech next month, introduce new mining taxes or... 

Treasury unlikely to raise, amend mining taxes in 2015/16 – Deloitte
Photo by Bloomberg
Finance Minister Nhlanhla Nene

Glencore mulls closure of some South African coal operations

By: Martin Creamer Diversified mining major Glencore is considering the closure of some of its coal-mining operations in South Africa, which would reduce its overall South African production by at least five-million saleable tons of coal a year and affect more than 1 000 employees. This announcement by the... 

Glencore mulls closure of some South African coal operations
Photo by Duane Daws
Ivan Glasenberg

Zim tungsten project’s preproduction capital estimate revised to $4.1m

By: Ilan Solomons An implementation study report on the low-capital openpit start-up strategy for multicommodity natural resource company Premier African Minerals’ RHA Tungsten project, in Zimbabwe, has determined a lower estimated preproduction capital cost of $4.15-million. In October last year, the Aim-listed... 

Kumba Q4 output up 10%

By: Ilan Solomons JSE-listed Kumba Iron Ore’s production increased 10% year-on-year to 12.43-million tonnes in the quarter ended December 31. The fourth-quarter production was, however, 4% lower than the 12.97-million tonnes produced in the third quarter of 2014. 

Kumba Q4 output up 10%

Anglo may record noncash impairment charges in price plunge parry

By: Martin Creamer Given the sharply lower commodity price environment, particularly for bulk commodities, Anglo American said on Wednesday that it expected to record noncash impairment charges in its 2014 results. The London- and Johannesburg-listed diversified major, headed by CEO Mark Cutifani, added in a media... 

Anglo may record noncash impairment charges in price plunge parry
Mark Cutifani

Amplats’ Q4 production rises 14% to 594 000 oz

By: Megan van Wyngaardt JSE-listed Anglo American Platinum (Amplats) delivered 594 000 oz of equivalent refined platinum in the quarter ended December 31. This was 14% higher than the 520 000 oz produced in the fourth quarter of the prior year, when 44 000 oz of production was lost owing to a strike by employees. 

Amplats’ Q4 production rises 14% to 594 000 oz

$12m MoU to boost Paragon’s Lemphane project

By: Megan van Wyngaardt To fund Stage 1 of its Lemphane Kimberlite pipe project, Aim-listed Paragon Diamonds has signed a memorandum of understanding (MoU) for a $12-million equity and debt financing package with investment group International Triangle General Trading (ITGT). The project, which is located in Lesotho... 

$12m MoU to boost Paragon’s Lemphane project

SCCL seeks to spread mining operations to eastern and central India

By: Ajoy K Das India’s Singareni Collieries Company Limited (SCCL) will spread its wings beyond its operational home base in southern India to the eastern and central regions to achieve its production target of 80-million tonnes a year by 2020. The geographical expansion would include expanding its mining... 

Goa mining ban lifted but operations remain unattractive

By: Ajoy K Das The ban on iron-ore mining in the western Indian province of Goa might have been lifted but the resumption of mining operations to any significant volume was unlikely in the current environment of falling prices and the Indian government’s refusal to lower export taxes. According to an official... 

NSW faces gas price shock, not a gas shortage – researcher

By: Esmarie Swanepoel Research conducted by the University of Melbourne, on behalf of The Australia Institute (TAI), has stated that gas demand in New South Wales could halve within the next decade, countermanding warnings from the industry that a gas shortage was imminent. The Australian Petroleum Producers and... 

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/€ = 13.08Change: 0.09
R/$ = 11.60Change: -0.02
Au 1283.00 $/ozChange: -2.95
Pt 1255.50 $/ozChange: -4.00