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Lace mine development bruised, but not halted by AMCU strike

By: Natalie Greve Development work and tailings retreatment activities at Southern African diamond developer and explorer DiamondCorp’s Lace diamond mine, in the Free State, is continuing despite a protected strike by members of the Association of Mineworkers and Construction Union (AMCU), which is nearing the end... 

Lace mine development bruised, but not halted by AMCU strike
Lace mine

NUM, ARM conclude five-year employee participation fund

By: Natasha Odendaal The National Union of Mineworkers (NUM) and Patrice Motsepe’s African Rainbow Minerals (ARM) this week settled drawn-out negotiations over an employee participation fund (EPF). The parties inked a five-year collective EPF that would benefit employees in the A and C bands across all participating... 

NUM, ARM conclude five-year employee participation fund
Photo by Duane Daws
Patrice Motsepe

Enviro permit granted for Nayega manganese project

By: Leandi Kolver Aim-listed iron-ore and manganese developer Ferrex on Thursday announced that the environmental permit for its Nayega manganese project, in Northern Togo, had been granted. The environmental permit set the conditions for the operation of the mine, with Ferrex noting that it was a major milestone... 

Unemployment at 25.4%, Stats SA to provide long-term unemployment data

By: Leandi Kolver Statistics South Africa (Stats SA) would, in future, focus more strongly on the trends of long-term unemployment in its quarterly labour force surveys (QLFSs), statistician-general Pali Lehola said on Thursday. Releasing the QLFS for the three months ended September 30, Lehohla noted that... 

Unemployment at 25.4%, Stats SA to provide long-term unemployment data

Zambia may be backing off steeper mine royalty rates – Barrick

By: Reuters There are indications that Zambia may be backing away from plans to impose a 20% royalty rate on open pit mining in the country, a top executive with Barrick Gold Corp said on Thursday. "Our sense is that the government realizes that the numbers they have imposed will be very challenging for the... 

Lemur advances triple-edged strategy, awaits Imaloto IPP licence

By: Natalie Greve ASX-listed Lemur Resources continued to advance its three-ponged growth strategy by developing its planned flagship Imaloto coal mine, in Madagascar, exploiting its cash balance to acquire additional assets and leveraging its geoservices equipment and geological capabilities in Africa to earn... 

GoldStone shareholders approve Stratex’s 50.1% buyout

By: Natalie Greve The shareholders of Aim-listed explorer GoldStone Resources have passed a resolution approving the waiver of obligations on Stratex in connection with Stratex's proposed subscription of £1.25-million worth of shares in GoldStone. As at October 31, Stratex would hold 20.8-million ordinary shares... 

Mine Restoration Investments names new FD

By: Natalie Greve Mine Restoration Investments (MRI) has appointed FD Anthon Meyer as nonexecutive director and named former Jubilee Platinum group financial manager Carl-Heinz Gernandt as his successor. Gernandt, whose appointment would be effective from December 1, previously held directorship, financial... 

Sephaku to post H1 earnings loss

By: Natalie Greve Sephaku Holdings, which is in the process of finalising its interim results for the six months ended September 30, expects to swing to a basic loss a share of between 1.9c and 2c for the half-year, from basic earnings a share of 3.32c in the first half of the prior year. The headline loss a share... 

Mining ops continue unfettered despite Burkina Faso civil unrest

By: Henry Lazenby     Updated 3 hours ago Canadian gold miners with operations in Burkina Faso on Thursday said that despite the declare state of emergency, their operations were continuing uninterrupted. Burkina Faso’s president Blaise Compaore had declared a state of emergency following violent protests in the capital that saw... 

Canada's First Quantum's earnings hurt by lower copper output

By: Reuters     Updated 4 hours ago Canadian base metal miner First Quantum Minerals reported a bigger-than-expected drop in third-quarter earnings on Thursday, due in part to lower copper and nickel production. The company, which primarily mines copper but also produces nickel and gold, said earnings fell to $121.2-million, or... 

Newmont earnings fall on lower prices, beats Street

By: Henry Lazenby     Updated 4 hours ago Gold producer Newmont Mining has reported lower earnings for the three months ended September 30, as lower sales and metals prices weighed on the balance sheet. However, the Denver, Colorado-based company’s financial results beat analyst forecasts, helped in part by lower costs. 

Newmont earnings fall on lower prices, beats Street

Met coal price recovery unlikely until 2016 – Moody’s

By: Henry Lazenby     Updated 6 hours ago A recovery in metallurgical coal prices to between $135 and $145 per metric tonne is unlikely before the second half of 2016, Moody’s Investors Service said on Thursday. In its sector commentary ‘Slow China demand, few curtailments push out met coal recovery’, published on Thursday, the firm said... 

Walter Energy shares fall despite beating expectations

By: Henry Lazenby     Updated 7 hours ago The NYSE-listed stock of coal miner Walter Energy in early trading on Thursday morning fell by as much as 13%, despite the company reporting better-than-expected results for the quarter ended September 30. Birmingham, Alabama-based Walter reported a net loss of $98.9-million, or $1.48 a share,... 

Mosaic sees record 2015 global phosphate, potash sales; profit jumps

By: Reuters     Updated 7 hours ago Mosaic Co on Thursday forecast record-high global phosphate and potash shipments in 2015 despite concerns that weak crop prices would reduce farmers' fertiliser purchases. The Plymouth, Minnesota-based company's quarterly profit jumped 63% as it sold more phosphate at higher prices, but the... 

Vale posts surprise loss, shares dive

By: Reuters Vale posted a surprise $1.44-billion loss, and its shares tumbled to a five-and-a-half-year low as investors worried about the cost of the Brazilian miner's expansion plans and a possible cut to its dividend in a new era of lower iron-ore prices. Vale cited low iron-ore prices and a weak local... 

Vale posts surprise loss, shares dive

Alpha Natural Resources narrows Q3 loss

By: Henry Lazenby US coal producer Alpha Natural Resources on Thursday reported a narrower third-quarter net loss of $185-million, or $0.84 a share, compared with a net loss of $458-million, or $2.07 a share, in the comparable quarter of 2013, when it booked a $253-million goodwill impairment charge. Excluding... 

Goldcorp stock falls on Q3 earnings miss

By: Henry Lazenby The NYSE-listed stock of miner Goldcorp on Thursday fell 10% after the world’s largest gold producer by market capitalisation swung to a net loss for the three months ended September 30. Vancouver-based Goldcorp reported a loss for the quarter of $44-million, or $0.05 a share, compared with net... 

Goldcorp stock falls on Q3 earnings miss

APLNG still on track for mid-2015 production

By: Esmarie Swanepoel The $24.7-billion Australia Pacific liquefied natural gas (APLNG) was on track to produce its first LNG by mid-2015, project developer Origin Energy’s LNG CEO, David Baldwin, said on Thursday. Full production from both trains were expected by the end of 2016. 

Compliance costing Australian firms A$250bn/y

By: Esmarie Swanepoel Australian companies were spending about A$250-billion each year on efforts to comply with rules and regulations, advisory firm Deloitte reported on Thursday. In its fourth edition of the Building the Lucky Country series, Deloitte noted that about A$95-billion was spent on administering and... 

Compliance costing Australian firms A$250bn/y

Hazelwood targets lower costs, new opportunities in four-part plan

By: Esmarie Swanepoel Tungsten miner Hazelwood Resources is initiating a four-part change management plan aimed at driving down cost and providing a pipeline of further growth opportunities. Executive chairperson Mark Warren said in a letter to shareholders on Thursday that the first focus would be on improving the... 

PanAust expects to hit upper-end of 2014 guidance

By: Esmarie Swanepoel Copper/gold miner PanAust on Thursday told shareholders that the company was on track to meet its full-year production guidance, after reporting a solid quarter in the three months to September. During the quarter under review, the Phu Kham mine, in Laos, produced 16 562 t of copper in... 

Accelerated underground development to save OceanaGold A$215m

By: Esmarie Swanepoel Dual-listed gold miner OceanaGold on Thursday estimated cost savings of about A$215-million between 2018 and 2020 from its Didipio project, in the Philippines, by bringing forward underground production. In September, ASX- and TSX-listed OceanaGold announced that the underground development of... 

South Johnstone proves viable for Queensland Bauxite

By: Esmarie Swanepoel A scoping study into the South Johnstone bauxite project, in Queensland, has confirmed the potential for early production, owner Queensland Bauxite said on Thursday. Based on an initial mining operation of some 800 000 t/y of bauxite, the South Johnstone project was expected to require a capital... 

Australian Bauxite wins public approval

By: Esmarie Swanepoel The development of ASX-listed Australian Bauxite’s Bald Hill project, in Tasmania, was moving apace after no public objections were raised to the project development. The junior bauxite developer said on Thursday that it had now concluded a 28-day public disclosure period for the Bald Hill... 

SME exporters still positive about the future - Efic

New research by specialist financier Efic has revealed cautious optimism amongst Australia’s small- and medium-sized enterprise (SME) exporters, including miners. Efic reported on Thursday that some 40% of exporting SME’s expected increased sales over the next 13 months, with the majority of... 

Lower grades impact on Chatree output - Kingsgate

By: Esmarie Swanepoel Gold miner Kingsgate Consolidated has reported a slight decline in production during the three months to September, compared with the previous quarter, as its Chatree mine, in Thailand, access lower gold grades. Planned maintenance at the Chatree operation also resulted in lower plant... 

Resources Watch

By: Creamer Media Reporter This week: De Beers plans to keep South African diamond exploration spend at R30-million a year. And, South Africa’s ‘instant’ society hurts prospects. 

Resources Watch

Yamana Gold posts big loss on charges for Brazil mines, tax

By: Reuters Yamana Gold reported a hefty third-quarter net loss on Wednesday as large impairment charges for three Brazilian mines and charges for newly enacted Chilean taxes more than offset higher production and lower costs. The Canadian-based gold miner recorded a $668-million impairment charge for its... 

Centerra Gold loss widens as prices, sales drop

By: Reuters Centerra Gold reported a deeper third-quarter loss on Wednesday, reflecting lower gold prices and the sale of fewer ounces of gold, the company said. The Toronto-based gold miner's net loss widened to $3.2-million, or $0.01 a share, from $1.8-million, or $0.01, in the year-ago period. 

Agnico Eagle posts Q3 loss, lifts 2015 guidance

By: Henry Lazenby Canadian miner Agnico Eagle experienced a third-quarter net loss of $15.1-million, or $0.07 a share, impacted by a non-cash foreign currency translation loss on deferred tax liabilities of $11.3-million and other special items. Excluding special items, the Toronto-based miner on Wednesday... 

Augusta acquisition adds to Hudbay’s Q3 profit

By: Henry Lazenby Canadian base metals producer Hudbay Minerals has generated a profit of $49.2-million, or $0.22 a share, for the three months ended September 30, up from $3-million for the same period in 2013, boosted by gains related to the C$555-million acquisition of Augusta Resource Corp in July. Hudbay... 

Sherritt International posts Q3 loss, cuts into workforce

By: Henry Lazenby TSX-listed nickel and cobalt producer Sherritt International will cut its salaried workforce by 10%, excluding employees at its Ambatovy nickel and cobalt mine, in Madagascar, as part of its company-wide restructuring process. Sherritt, which had started a process to sell its Toronto head-office... 

Barrick Gold reports narrower Q3 profit on lower sales, prices

By: Henry Lazenby The world’s largest gold producer by output, Barrick Gold, experienced narrower net earnings for the quarter ended September 30, as lower gold and copper sales, as well as lower realised prices impacted on its performance. The Toronto-based miner, with operations in North and South America,... 

Barrick Gold reports narrower Q3 profit on lower sales, prices

Report highlights economic impact of gold mining in Ontario

By: Henry Lazenby A recent independent report has highlighted the significant economic impact of Ontario’s mineral sector and found that all stakeholders – including miners, Aboriginal and other local communities, governments and supplier industries – benefitted from the sector’s activity. The University of... 

Cameco stock slides on production woes, expects possible 5% revenue dip

By: Henry Lazenby TORONTO (miningweekly.com) – Canadian uranium producer Cameco on Wednesday reported weaker-than-expected third-quarter results to shareholders, as labour and operational issues at two of its significant mines impacted on output and prompted the company's TSX-listed stock to trend lower. The... 

Cameco stock slides on production woes, expects possible 5% revenue dip
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