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Gold dips to near 6-year low, set for sixth straight weekly drop

By: Reuters Gold dipped to its lowest level in nearly six years on Friday and was heading for a sixth straight weekly decline under pressure from a firm dollar and prospects of a US interest rate rise next month. Spot gold hit $1 055.99 /oz, its lowest since February 2010, and was down 1.5% at $1 057.27 by... 

Gold dips to near 6-year low, set for sixth straight weekly drop

Resgen gets new management team

By: Esmarie Swanepoel A new chairperson, deputy chairperson, interim CEO and company secretary have been appointed to dual-listed Resource Generation (Resgen) following a successful board spill earlier this week. Shareholders Noble Group, Altius Investment Holdings and the Public Investment Corporation on Thursday... 

Petra recovers 23 ct pink diamond in Tanzania

By: Megan van Wyngaardt Petra Diamonds has recovered a 23.16 ct pink diamond of “exceptional colour and clarity” from its Williamson mine, in Tanzania. The company said in a statement that the diamond was an example of the high-quality pink diamonds for which the mine was known and was the most significant recovery by... 

Petra recovers 23 ct pink diamond in Tanzania

Kganyago warns of ‘exaggerated’ rand reaction to likely Fed hike

By: Terence Creamer South African Reserve Bank governor Lesetja Kganyago believes the reaction of the rand to a possible hike in interest rates by the US Federal Reserve (Fed) in mid-December could be “exaggerated”, but says the bank has no plans intervene in support of the currency. Speaking to editors on Friday,... 

Kganyago warns of ‘exaggerated’ rand reaction to likely Fed hike
South African Reserve Bank governor Lesetja Kganyago

Moody's, S&P ratings on South African power firm Eskom unchanged

By: Reuters Ratings firms Moody's and Standard and Poor's kept South African utility Eskom's credit status unchanged, saying recent cash injections by government had eased a funding crunch, the power firm said on Friday. Moody's affirmed the Ba1, or speculative grade, rating of state-owned Eskom's senior... 

Moody's, S&P ratings on South African power firm Eskom unchanged

Stellar submits Tongo mining licence application

By: Creamer Media Reporter Aim-listed Stellar Diamonds has formally submitted its application for a large-scale mining licence for the Tongo project to the Sierra Leone National Minerals Agency (NMA). The application would be processed by the NMA and then forwarded to the Minerals Advisory Board, which would make a... 

AfriForum moves against fracking regulation

By: RDM News Wire AfriForum has taken its fight against fracking a step further. The group released a statement on Friday saying it had‚ together with the Treasure the Karoo Action Group (TKAG)‚ submitted documentation at the North Gauteng High Court “challenging the regulations with regard to petroleum... 

AfriForum moves against fracking regulation

Nickel's hiatus may be brief without output cuts, stronger demand

By: Reuters Nickel's spectacular fall since the middle of last year may have come to a halt, but without significant, enduring output cuts and stronger demand from China's stainless steel mills the reprieve could be brief. Benchmark nickel on the London Metal Exchange fell to $8 145 /t earlier this week,... 

K+S suspends production at two mines after approval delay

By: Reuters German potash miner K+S said it will suspend production at two mines from December 1 for possibly a number of weeks because it has not yet received regulatory approval for the discharge of saline waste water. K+S warned earlier this week that a regional environmental regulator will taking longer... 

New Australia PM begs to differ with those calling for coal mine ban, citing economic and job implications

By: Esmarie Swanepoel Australia’s newest Prime Minister, Malcolm Turnbull, has taken a practical stance on Australia’s coal future, despite mounting turmoil in the sector as new mines face severe environmental resistance and producers are cutting output in an effort to fight rising costs and decreased prices. In... 

New Australia PM begs to differ with those calling for coal mine ban, citing economic and job implications

Brazil dam disaster shows flaws in decrepit mining regulator

By: Reuters With leaking windows, moldy walls and piles of paper where you might expect computers, the office of Brazil's National Department of Mineral Production speaks volumes about the regulation of the country's mining industry. The office, in the capital city of the mine-rich state of Minas Gerais, is... 

Arsenic and mercury found in river days after Brazil dam burst

By: Reuters Illegal levels of arsenic and mercury polluted the Rio Doce river in the days after a dam burst at an iron ore mine in early November in Brazil's worst-ever environmental disaster, according to tests by a state water agency. The Institute for Water Management in Minas Gerais (IGAM), found arsenic... 

Rio Tinto pumps $1.9bn into Queensland bauxite project

By: Esmarie Swanepoel Mining giant Rio Tinto on Friday announced a $1.9-billion investment into its Amrun bauxite project, in Queensland’s Cape York. The miner reported that the project would involve the construction of a bauxite mine and associated processing and port facilities on the Cape York peninsula in north... 

Rio Tinto pumps $1.9bn into Queensland bauxite project

Anglo to close NSW mine as horse studs trump coal mining

By: Esmarie Swanepoel Mining major Anglo American said on Friday that it would wind down its Drayton South coal operation, in New South Wales, in 2016, resulting in the loss of some 500 jobs, after the Planning Assessment Commission (PAC) blocked the mine expansion. The PAC this week said that the proposed Drayton... 

Codelco profits tank, nine-month copper production up slightly

By: Reuters Chilean State-run copper producer Codelco said on Friday pretax profit for the period from January to September fell 47% to $1.2-billion, dragged down by a falling copper price. The world no.1 copper producer produced 1.26-million tonnes of copper during those months, a 2% rise from a year ago,... 

Colombia makes mining progress as Peru struggles with social issues

By: Simon Rees Columbia remains a jurisdiction with excellent potential for mining companies and investors, but risks remain, while permitting delays persist. Peru, too, remained a leading jurisdiction for mining, but higher levels of social unrest were worrisome, delegates at On the Ground Group’s recent Mine... 

Colombia makes mining progress as Peru struggles with social issues

Anglo Pacific posts higher Q3 royalties

By: Natasha Odendaal LSE- and TSX-listed Anglo Pacific Group has continued to achieve growth in royalty income in the third quarter of the year. The group on Friday posted a significant rise in royalty earnings for the third quarter to September 30, with royalty-related income increasing from £500 000 in the... 

India and Afghanistan won't pursue mining, steel project

By: Ajoy K Das India and Afghanistan have called off all talks on a proposed $11-billion iron-ore mining and steel mill project by a consortium of Indian metal companies. According to a senior government official, the Indian government, which had been supporting the Indian consortium through bilateral talks... 

Industry body welcomes Alaska, BC water protection pact

By: Creamer Media Reporter The Association for Mineral Exploration British Columbia (AME BC) has welcomed the signing of a memorandum of understanding (MoU) and cooperation between the US state of Alaska and the Canadian province of British Columbia to protect their shared waterways. The MoU, which was signed on Wednesday,... 

Rio Tinto exec sees less of a push towards diversification

By: Esmarie Swanepoel Diversified major Rio Tinto copper and coal CEO Jean-Sébastien Jacques said this week that diversification of mining companies’ portfolios was no longer seen as a hedge against bad times. Speaking in Sydney, he predicted that there would be a shift towards a multi-specialist model, as mining... 

Glencore agrees to fund Aurelia as legal dispute is settled

By: Esmarie Swanepoel Gold developer Aurelia Metals has signed an agreement with diversified miner Glencore, settling their legal disputes. The major has also agreed to provide an additional A$21.5-million in funding to Aurelia. Since June, Aurelia and Glencore have been caught in a dispute over the repayment of... 

Sheffield raises cash for Thunderbird studies

By: Esmarie Swanepoel Mineral sands developer Sheffield Resources is aiming to raise up to A$5-million through a share placement and a further A$2-million through a share purchase plan (SPP) to fund a bankable feasibility study (BFS) for its Thunderbird project, in Western Australia. Sheffield told shareholders on... 

Merlin raises funds in hopes of restarting diamond mine

By: Esmarie Swanepoel ASX-listed Merlin Diamonds on Friday told shareholders that it was hoping to raise some A$10-million through the issue of unlisted debt notes to wholesale investors. The company would seek to raise a minimum of A$7-million under the note offer from institutional and wholesale investors, with a... 

Bacanora proposes appointment of new director

By: Natasha Odendaal Aim- and TSX-listed Bacanora Minerals has proposed Mark Hohnen, who has experience in the Japanese, Chinese and Korean markets, be appointed as a director. The appointment, which was subject to regulatory approval and finalisation of terms, would bring to the company years of extensive... 

Millrock buys Mexico copper project

By: Natasha Odendaal TSX-listed Millrock Resources has acquired Minera Teck’s Batamote copper project, in Mexico, for an undisclosed sum. The 5 796 ha property, which was straddled by two Grupo Mexico-owned porphyry copper-molybdenum mines, was near Millrock's Rio Sonora and Los Cuarentas copper projects. 

Talon Metals secures funding to earn stake in US project

By: Megan van Wyngaardt Mineral exploration company Talon Metals has secured $15-million in funding from private equity firm Resource Capital Fund (RCF), that will allow it to conduct further exploration at the Tamarack nickel/copper/platinum group elements project, in Minnesota, in the US, to earn an 18.45% interest in... 

Imported LNG set to kickstart gas-to-power vision

By: Sashnee Moodley Creamer Media's Sashnee Moodley speaks to Mining Weekly Editor Martin Creamer about imported liquefied natural gas initiating greater gas use in South Africa. 

Imported LNG set to kickstart gas-to-power vision

Pan African expects to report higher H1 earnings, lower debt

By: Megan van Wyngaardt Africa-focused precious metals producer Pan African expects to report earnings per share (EPS) and headline earnings per share (HEPS) of at least 10.37c apiece for the six months to December 31. This would represent an increase of at least 85% relative to the HEPS of 5.61c reported for the six... 

Macarthur shareholders approve sale of Aus subsidiary

By: Natasha Odendaal TSX-V-listed Macarthur Minerals on Thursday said its shareholders had backed plans to shed subsidiary Macarthur Iron Ore. Last month, the owner of the Western Australian iron-ore projects entered into a share sale agreement with GIM Australia in a deal valued at A$6-million. 

CoM to engage with EFF on demands

By: Megan van Wyngaardt The Chamber of Mines (CoM) has welcomed the opportunity to meet directly with the leadership of the Economic Freedom Fighters (EFF) to discuss the matters raised in a memorandum of demands handed to the chamber in October. “While marches and memoranda play an important role in the life of any... 

South African mining now smaller than in 1994 – Chamber

By: Martin Creamer The challenged South African mining industry, which suffered an aggregated after-tax loss of R13-billion in the first half of this year, is now smaller than it was in 1994, Chamber of Mines of South Africa CEO Roger Baxter said on Thursday. Speaking at The African Mining Network end-of-year gala... 

South African mining now smaller than in 1994 – Chamber
Chamber of Mines CEO Roger Baxter

Coal of Africa shares rocket on $91m offer for Universal

By: Martin Creamer The share price of Coal of Africa (CoAL) shot up 14.81% in Johannesburg on CoAL’s takeover offer of $91-million for Universal Coal, which is also being pursued by IchorCoal. The deal is to be funded $36.8-million through loan notes, $25.7-million from internal cash resources, $18-million through... 

Coal of Africa shares rocket on $91m offer for Universal
Coal deal described as accretive.

Zambia's Lungu says won't take over struggling mines

By: Reuters Zambia does not plan to take over mines that have shed jobs after a sharp fall in global copper prices, President Edgar Lungu said on Thursday, backtracking from a warning earlier this month that the state would take over such mines. Lungu said the economy would grow at a slower pace than... 

Indian gold demand seen falling to 8-year low in festive quarter

By: Reuters India's gold buying in the key December quarter is likely to fall to the lowest level in eight years, hurt by poor investment demand and back-to-back droughts that have slashed earnings for the country's millions of farmers. The sluggish demand could halve imports by the world's second-biggest... 

S African mining industry future looks scary – Baleni

By: African News Agency The future looks scary in the mining industry, former National Union of Mineworkers (NUM) general secretary Frans Baleni said on Thursday. “The mining industry is in ICU [Intensive Care Unit], commodity (prices) are low. It will takes three to five years to recover. The future looks scary,” he said. 

S African mining industry future looks scary – Baleni
Photo by Duane Daws
Former NUM general secretary Frans Baleni

Indian government’s CIL divestment brings trade unions together

By: Ajoy K Das Even as the Indian government is caught in two minds over divesting its equity holding in producer Coal India Limited (CIL), the move itself has triggered convergence among various trade unions despite their differing political allegiances. The lead to oppose divestment has been taken by Indian... 

Rio Tinto set to decide on expansion of Mongolia copper mine

By: Reuters Rio Tinto is lining up project financing for a $4-billion expansion of its long-delayed Oyu Tolgoi copper mine in Mongolia and will make a final investment decision early next year, a senior executive said on Thursday. The mine, which started producing from an open pit over two years ago, is the... 

Rio Tinto set to decide on expansion of Mongolia copper mine

Obama signs revolutionary Asteroid exploration Bill into US law

By: Natalie Greve US President Barack Obama has signed into law a pioneering new Act that recognises the right of US citizens to own asteroid resources they obtain and that encourages the commercial exploration and use of resources from asteroids, providing a legislative blueprint that will guide asteroid... 

Obama signs revolutionary Asteroid exploration Bill into US law

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