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Cleaver is new De Beers CEO

By: Martin Creamer     Updated 7 hours ago Bruce Cleaver, 51, is the new CEO-designate of De Beers. He will take over from Philippe Mellier on July 1. After a half-decade at the helm, Mellier, who is ten years Cleaver’s senior, has honoured his commitment to step down as CEO after five years. 

Cleaver is new De Beers CEO
Photo by Creamer Media
New CEO-designate of De Beers Bruce Cleaver

Canadian gold producer invests $11m in embattled Vantage Goldfields

By: Samantha Herbst     Updated 43 minutes ago Canadian gold producer AfroCan Resources Gold will invest $11-million over the next two months into South African gold miner Vantage Goldfields, effective June 1, following an agreement signed Friday, Vantage confirmed to Mining Weekly Online. The companies noted in a join statement that AfroCan,... 

Kroondal operations suspended amid AMCU strike

By: Anine Kilian     Updated 5 hours ago Workers affiliated with the Association of Mineworkers and Construction Union (AMCU) have embarked on a strike at the Kroondal mine in Rustenburg, reportedly in protest over the appointment of a bus contractor. The Kroondal mine is owned by Sibanye Gold, which acquired the asset through its... 

Bid deadline for Anglo's coking coal mines set at June 6 – sources

By: Reuters     27th May 2016 Final bids for Anglo American's metallurgical coal mines in Australia, valued at up to $1.5-billion, must be submitted by June 6, three sources close to the matter said on Thursday. Anglo American, like its peers, is selling off prized assets after a prolonged commodities rout has left it with... 

Mozambique seeks to handle commodity price falls and secret debt crisis

By: Keith Campbell     27th May 2016 A Mozambican government minister has called on mining companies working in the country to focus on the future as it battles though the current economic downturn. Justice Minister Isaque Chande urged them to plan and execute structural measures to secure their investments. He was speaking at a... 

PTM closes $33m financing

By: Henry Lazenby     26th May 2016 Canadian project developer Platinum Group Metals (PTM) has closed a public offering of common shares to raise $33-million. The Vancouver-based company had issued 11-million common shares at $3 each. 

Edenville establishes subsidiary to advance Rukwa power plant

By: Anine Kilian     Updated 5 hours ago Aim-listed Edenville Energy has established a new company Edenville Power Tanzania to advance the power plant project that forms part of its Rukwa coal-to-power project. The 100% owned subsidiary company would be the principal vehicle to advance the power plant along its path to development,... 

Russia's Alrosa to hold US, UK investor meetings ahead of stake sale

By: Reuters     Updated 39 minutes ago Russian diamond miner Alrosa will hold investor meetings in the United States and the United Kingdom in June ahead of a stake sale, a Sberbank executive said on Friday. The Russian government aims to make more than 60-billion roubles ($909-million) from selling a 10.9% stake in Alrosa, with the... 

New sanctions could cripple reclusive North Korea’s mining sector

By: Ilan Solomons     27th May 2016 New sanctions on North Korea imposed by the United Nations (UN) and the US in March for allegedly undertaking nuclear and ballistic missile tests earlier this year will affect the country’s mineral resources sector. North Korea – officially named the Democratic People’s Republic of Korea (DPRK)... 

New sanctions could cripple reclusive North Korea’s mining sector

India’s mining industry turning a corner

By: Ajoy K Das     Updated 5 hours ago After several years of contraction, the Indian mining industry has turned the corner, marking a highlight of Prime Minister Narendra Modi’s two-years in office. According to official data, the mining industry notched an 8.2% growth during the first eleven months of the 2015/16 financial year,... 

Planetary Resources turns gaze back to earth with $21.1m investment

By: Henry Lazenby     27th May 2016 Prospective asteroid miner Planetary Resources has received a $21.1-million investment to deploy and operate Ceres, an advanced Earth observation business featuring the first commercial infrared and hyperspectral sensor platform that would be harnessed to better understand and manage humanity’s... 

Construction of Paringa’s Buck Creek No 2 mine due to start in 2017

By: Samantha Herbst     Updated 5 hours ago With the permitting process now under way for Buck Creek No 2 mine, located in the Western Kentucky region of the Illinois basin, owner Paringa Resources expects construction of the mine to begin by the second quarter of 2017, with production due to get under way by mid-2018. “We are very pleased... 

Bundarra gold project up for sale – Bligh

By: Mariaan Webb     Updated 6 hours ago ASX-listed Bligh Resources and its joint venture (JV) partner Contained Gold have agreed to explore the possibility of selling the Bundarra JV project, in Western Australia, to an unrelated third party. The companies entered into a JV agreement in October last year, under which Contained Gold, a... 

Troy says Karouni output to be at lower end of guidance

By: Mariaan Webb     Updated 6 hours ago Gold miner Troy Resources advised shareholders on Friday that gold production at its Karouni mine, in Guyana, would be at the lower end of its guidance for 2016, owing to ongoing disruptions in the milling circuit. The company explained that contaminated lubrication oil was found to be the cause... 

Northern Territory passes Petroleum Amendment Bill

By: Mariaan Webb     27th May 2016 The Northern Territory Parliament has passed the Petroleum Amendment Bill, which the government and industry say will enhance the level of regu lation of onshore gas drilling. However, Labor voted against the Bill, having previously said that supporting the legislation would tantamount to... 

Northern Territory passes Petroleum Amendment Bill

Galaxy and General Mining placed in trading halts

By: Mariaan Webb     27th May 2016 Lithium company Galaxy Resources and its project partner General Mining have both asked the ASX to place their shares in a trading halt, resulting in speculation that the two companies are in talks about a potential corporate transaction. Galaxy said in its request for a trading halt that it... 

Teck prices $1.25bn of senior notes

By: Henry Lazenby     26th May 2016 Canadian diversified miner Teck Resources has announced the pricing of an offering of $1.25-billion in senior unsecured notes, comprising $650-million of five-year notes and $600-million of eight-year notes. The Vancouver, British Columbia-headquartered company advised that the notes would be... 

Strong tailwinds giving juniors, project developers room to run – research note

By: Henry Lazenby     26th May 2016 About halfway through the first quarter, analysts at Dundee Capital Markets noticed that exploration companies that had weeks earlier appeared to be dead in the water, as investors abandoned all but a handful of names, were steadily starting to leave the laggards behind as a combination of the... 

Strong tailwinds giving juniors, project developers room to run – research note

Purpose completes Silver Bullion Trust conversion into ETF, offers currency-hedged ETF units

By: Henry Lazenby     26th May 2016 Investment management firm Purpose Investments has completed the conversion of the Silver Bullion Trust (SBT) into an open-ended exchange traded fund (ETF) and both US-dollar and Canadian-dollar denominated non-currency hedged units of the fund started trading on the TSX on Thursday. The fund had... 

WTI, Brent crude rises above $50 for first time this year

By: Henry Lazenby     26th May 2016 Hamstrung oil producers could on Thursday afford a brief sigh of relief as the prices of both West Texas Intermediate (WTI) and Brent crude rose briefly above the psychologically important $50/bl-mark in early trading. WTI hit a high of $50.21/bl around 08:00 Eastern Daylight Time, while Brent... 

WTI, Brent crude rises above $50 for first time this year

Rio Tinto agrees to extend Laramide farm-in and JV agreements

By: Henry Lazenby     26th May 2016 Canadian uranium project developer Laramide Resources has received an extension from Rio Tinto Exploration (RTX) to complete certain work programmes and satisfy minimum spending obligations under the earn-in periods on the Rio Tinto Murphy farm-in and joint venture (JV) tenements in the Northern... 

‘Steel committee’ to be set up to monitor AMSA’s ‘fair pricing’ pledge

By: Terence Creamer     26th May 2016 Government would, within weeks, finalise a “fair pricing” agreement with steel producer ArcelorMittal South Africa (AMSA) and establish a “steel committee” to monitor implementation of the formula, which would be based on a basket of selling prices in Europe, Asia and North America. Department of... 

‘Steel committee’ to be set up to monitor AMSA’s ‘fair pricing’ pledge
Photo by Duane Daws
DTI deputy director-general for industrial policy Garth Strachan

Continually flipped Moz gold project goes for $17.5m

By: Martin Creamer     26th May 2016 The Manica gold project in Mozambique, which has been bought and sold several times in recent years, is being disposed of once more. On two occasions the disposals have been conducted under the same management head – Jan Nelson, who announced on Thursday that his London Aim-listed Xtract had... 

Continually flipped Moz gold project goes for $17.5m
Photo by Duane Daws
Xtract CEO Jan Nelson

Mining in hard times: small teams and big trucks for BHP's Olympic Dam

By: Reuters     26th May 2016 A vast copper and uranium lode in Australia's parched outback, global miner BHP Billiton's Olympic Dam was long emblematic of the industry's boom year projects: complex, ambitious and - until 2012 - slated for a $20-billion expansion. Like its rivals, BHP is still betting on copper, and the ore... 

Wescoal says water-use licence for Khanyisa granted

By: Natasha Odendaal     26th May 2016 JSE-listed Wescoal has been granted a 20-year water-use licence for its opencast Khanyisa colliery, in Mpumalanga. The licence, issued by the Department of Water and Sanitation, was effective immediately; however, the company still required additional regulatory consents from the Department of... 

Surge in Chinese zinc output could shrink forecast global deficit

By: Reuters     26th May 2016 Chinese zinc miners and smelters cranked up output in March after prices rallied, raising questions over the market's bullish scenario by potentially delaying global shortages. Zinc has been the darling of the base metals market and the best performer this year, with many investors piling in to... 

Pan African raising cash for BEE toughening, funding headroom

By: Martin Creamer     26th May 2016 Gold-, platinum- and coal-mining company Pan African Resources told shareholders on Thursday that it would be raising equity capital to cement its black economic-empowerment (BEE) compliance and provide it with financial headroom for swift access to organic and acquisitive growth opportunities.... 

Pan African raising cash for BEE toughening, funding headroom
Photo by Duane Daws
Pan African CEO Cobus Loots

Hillgrove cuts salaries to navigate cash flow constraints

By: Mariaan Webb     26th May 2016 The board, CEO, MD and employees of copper/gold miner Hillgrove Resources have agreed to salary reductions to help the company overcome cashflow constraints, chairperson Dean Brown reported on Thursday. In an address delivered at Hillgrove’s annual general meeting, he reported to shareholders... 

Sphere sees $14m loss after suspending development at Askaf

By: Samantha Herbst     26th May 2016 Having decided to slow down development at its main Askaf iron-ore project, in Mauritania, in October, Glencore subsidiary Sphere Minerals reported a net loss of $14-million from continuing operations after income tax for the year ended December 31, compared with a loss of $311.9-million for the... 

About 70% of total tonnes mined at Devon, reports GME

By: Samantha Herbst     26th May 2016 Since starting production at its 100% owned Devon gold mine, in Western Australia, ASX-listed junior developer GME Resources has mined about 70% of the total tonnes, including waste and ore. The company revealed on Thursday that four batches of ore – equating to 26 300 dry tonnes, or 40% of the... 

Lithium Australia joins forces with TSX-listed Alix to develop concession in Mexico

By: Samantha Herbst     26th May 2016 Following a memorandum of understanding signed Thursday, ASX-listed junior developer Lithium Australia has joined forces with TSX-listed Alix Resources to develop the lithium-extraction technologies needed to advance Alix’s lithium concessions – the Electra project – in Sonora, Mexico, earning... 

Kingsgate’s Chatree licence renewed to year-end, no certainty about mine’s future

By: Mariaan Webb     26th May 2016 Australian miner Kingsgate Consolidated on Thursday requested an extension of its voluntary trading halt on the ASX, owing to continued uncertainty over the future of its only operating mine, Chatree, in Thailand. The company was granted a renewal of its metallurgical licence for the gold mine,... 

Kingsgate’s Chatree licence renewed to year-end, no certainty about mine’s future
Gold ore is transported on belt at the Chatree gold mine, in Thailand.

Court approves Diversified Minerals’ takeover of Unity

By: Mariaan Webb     26th May 2016 The shares of Unity Mining were suspended from trading on the ASX at the close of market on Thursday, after the Supreme Court of Victoria approved Diversified Minerals’ takeover of the gold company. Unity shareholders would receive 3.3c cash for each share that they own, comprising 2.3c by way of... 

Liberia grand jury indicts Sable Mining, officials for bribery

By: Reuters     26th May 2016 A grand jury in Liberia on Wednesday indicted government officials, including the speaker of parliament and the head of the ruling party, along with Aim-listed Sable Mining on charges including bribery. President Ellen Johnson Sirleaf ordered an inquiry into Sable's acquisition of an iron ore... 

Bass Metals to move forward with Madagascar graphite buy

By: Mariaan Webb     26th May 2016 Australia’s Bass Metals said on Thursday that it would move ahead with the acquisition of a large flake graphite mine in Madagascar. Announcing the completion of a due diligence, chairperson Rick Anthon said that the acquisition of the operating Graphmada mine from Aim-listed Stratmin Global... 

Santos starts up second unit at GLNG

By: Mariaan Webb     26th May 2016 Oil and gas company Santos has started producing liquefied natural gas (LNG) at the second unit of the GLNG joint venture project, on Curtis Island, in Queensland, marking the successful delivery of the $18.5-billion two-train project. Santos MD and CEO Kevin Gallagher on Thursday described the... 

Santos starts up second unit at GLNG

Mining Weekly iPhone and Android Apps available for free download 

     26th May 2016 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 MiningWeekly.com app for iPhone and Android users.  These apps offer... 

Mining Weekly iPhone and Android Apps available for free download

Ministers stall on banks intervention over Gupta blacklisting

By: News24Wire      26th May 2016 The ministers tasked with intervening in the ongoing stand-off between South Africa’s big four banks and the Gupta-owned Oakbay Investments have missed their deadline. Minister in the Presidency Jeff Radebe told Parliament via a written reply to the Democratic Alliance on Wednesday that the... 

Ministers stall on banks intervention over Gupta blacklisting

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