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Despite weakest demand since 2009, GFMS raises 2015 gold price forecast slightly

By: Terence Creamer Amid the prevailing gloom about prospects for the gold price, the latest GFMS Gold Survey forecasts an average price of $1 135/oz for the third quarter of 2015, which it also describes as “the nadir”, before a recovery to an average price of $1 175/oz for the fourth quarter. The second quarter... 

Despite weakest demand since 2009, GFMS raises 2015 gold price forecast slightly

Eskom says open to coal imports for new power stations

By: Reuters South African power utility Eskom is open to importing coal for plants it still plans to commission, a coal conference heard on Tuesday. Willem Theron, business development manager of Eskom's southern Africa transmission group, said the state-run utility planned to install an additional 6 250 MW... 

Eskom says open to coal imports for new power stations

Aquarius delivers Q4 production record

By: Natasha Odendaal Despite facing significant headwinds and a quarter that ended with weak commodity prices, both of platinum producer Aquarius Platinum’s operating mines achieved record fourth-quarter production levels, as well as lower costs. The JSE-listed group’s overall attributable production from its... 

CoM, Village Main Reef reach wage agreement

By: Megan van Wyngaardt The Chamber of Mines (CoM) has concluded a wage agreement with the representative unions at JSE-listed Village Main Reef’s gold mining operations. The two-year agreement allowed for increases of R1 000 and R800 for Category 4 to 8 underground and surface employees respectively, and increases of... 

Mozambique coal: boom to bust to wait it out

By: Reuters Mozambique's coal rush is officially over and the government is now looking offshore to a gas bonanza, according to analysts at a coal conference this week in the capital Maputo. Just a few years ago, billions of dollars poured into Mozambique, one of the world's poorest nations, in a twin... 

China's gold imports to plunge as financing deals unwind – Valcambi

By: Reuters China's gold imports could fall as much as 40% this year as demand for bullion used to back domestic financing deals decreases, the world's biggest refiner Valcambi said. A lot of the gold China imported in the last three years was used to secure cheaper loans due to a liquidity crunch, but that... 

Zambia power cuts hit Canada's First Quantum, Barrick

By: Reuters Power cuts in north-western Zambia, Africa's second-biggest copper producer, have affected production at mines run by Canada's First Quantum Minerals and Barrick Gold, an industry body said on Tuesday. Zambian power utility Zesco Ltd is limiting power it supplies to customers, including mining... 

AECI H1 earnings rise 45% on bulk property sale

By: Megan van Wyngaardt Explosives and specialty chemicals company AECI’s R400-million bulk property sale, in Somerset West, paired with a maintained market share, despite a difficult environment, pushed its headline earnings for the six months to June 30, up 45% to R632-million, compared with R436-million in the first... 

AECI H1 earnings rise 45% on bulk property sale
Photo by Duane Daws
AECI CEO Mark Dytor

Base reports record sales, lower costs in Q4

By: Esmarie Swanepoel Kenya-focused mineral sands miner Base Resources has reported record sales volumes across all of its products for the three months to June, while operating costs declined. During the quarter, some 121 727 t of ilmenite, 25 382 t of rutile and 7 621 t of zircon was sold. The record sales volumes... 

CIL shifts overseas funding to domestic markets

By: Ajoy K Das Following its withdrawal from Mozambique, Coal India Limited (CIL), with a reduced appetite for overseas acquisitions, was planning to redeploy its funding towards domestic capacity. According to a senior CIL official, the experience in Mozambique had revealed the high risks involved in... 

Creamer Media publishes Real Economy Insight: Iron-Ore 2015 brief

This six-page brief is a synopsis of key developments in the iron-ore sector over the past 12 months, including details of the global and South African iron-ore markets, as well as prospects for the secto 

Creamer Media publishes Real Economy Insight: Iron-Ore 2015 brief

Creamer Media publishes Real Economy Insight: Coal 2015 brief

     Updated 1 hour 39 minutes ago This ten-page brief is a synopsis of key developments in the coal industry over the past 12 months. It provides an overview of the global and South African coal markets and the role of coal in South Africa’s economy, with a particular focus on the role of coal in the generation of electricity. 

Creamer Media publishes Real Economy Insight: Coal 2015 brief

Taseko strikes participation and cooperation accord with Aboriginal group

By: Henry Lazenby     Updated 6 hours ago Base metals producer Taseko Mines has formalised a participation and cooperation agreement between the Gibraltar mine, in British Columbia and its next-door neighbour, the Soda Creek Indian Band (Xat'sull). "We are pleased to formalise a relationship with Taseko regarding the Gibraltar mine.... 

Weak market conditions prompt FCX to look for company wide cost cuts

By: Henry Lazenby     Updated 6 hours ago Multinational diversified miner Freeport-McMoRan (FCX) has started a comprehensive review of its mining and oil and gas businesses in order to target significant capital spending and operating and administrative costs cuts in response to weak market conditions for its significant products. These... 

Codelco says Chuquicamata copper mine operational again

By: Reuters     Updated 7 hours ago Codelco's Chuquicamata copper mine returned to normal operations on Tuesday afternoon after a contract workers' strike caused a halt earlier in the day, the company said in a statement. All projects except the small Salvador mine were operational, although there had been "various difficulties"... 

Peabody shares rally despite missing earnings forecast, suspending dividend

By: Henry Lazenby     Updated 7 hours ago Extended low-cycle conditions had prompted American coal producer Peabody Energy on Tuesday to suspend the quarterly dividend on its common stock, curtail metallurgical coal output and cut jobs as it turned to aggressive cost-cutting measures in order to survive market headwinds. Peabody was... 

Peabody shares rally despite missing earnings forecast, suspending dividend

Consol Energy halts steelmaking coal IPO as low coal, oil prices dent Q2 earnings

By: Henry Lazenby US oil, gas and coal producer Consol Energy on Tuesday announced that it would put the planned initial public offering (IPO) of its metallurgical coal business on hold, citing the continued degradation of metallurgical coal prices. The MetCo IPO of up to 20% of the subsidiary's equity was... 

Mining study shows Peru copper project's potential

By: Esmarie Swanepoel A mining study on the Los Calatos copper project, in Peru, has estimated that the project could produce up to 45 000 t/y of concentrate over a 17-year mine life. ASX-listed Metminco this week said the six-million-tonne-a-year underground mining operation would require a capital investment of... 

Mt Magnet delivers lower output, higher costs in Q4

By: Esmarie Swanepoel Gold miner Ramelius Resources has reported lower production and higher costs at its Mt Magnet operation, in Western Australia, during the three months to June, owing to lower grades and a scheduled reline of the semi-autogenous grinding and ball mills. Gold production for the quarter declined to... 

Mt Magnet delivers lower output, higher costs in Q4

Mungana granted mining lease for King Vol

By: Esmarie Swanepoel ASX-listed Mungana Goldmines has been granted a mining lease for its King Vol project, in Queensland, paving the way for production to start in 2017. MD Tony James told shareholders on Tuesday that the granting of the mining lease was a significant milestone towards the development of the... 

APLNG ticks another milestone

By: Esmarie Swanepoel The Australia Pacific liquefied natural gas (APLNG) project has achieved another milestone, as loading of refrigerants to its Curtis Island facility got under way. Project operator Origin Energy noted that this was a significant achievement in the commissioning and start-up phase of the project. 

Locals show up in droves to support Batangas project

By: Esmarie Swanepoel Gold developer Red Mountain Mining on Tuesday said its Batangas gold project, in the Philippines, had been given tangible support from the surrounding community, as some 1 200 local residents held a prodevelopment rally. “We are very grateful for the overwhelming show of local community support... 

Axiom raises cash for Isabel work

By: Esmarie Swanepoel Metals developer Axiom Mining has raised A$5-million through a private share placement to fund the ongoing development of its Isabel nickel project, in the Solomon Islands. A share placement was made to institutional, sophisticated and professional investors, with shares priced at 37c each. 

NRW wins A$140m Rio contract

By: Esmarie Swanepoel Project house NRW Holdings has been awarded a A$140-million contract from mining major Rio Tinto at the Nammuldi iron-ore mine, in Western Australia. The scope of the contract included the construction of mine haul roads, ore stockpiles, waste dumps and other mine infrastructure, as well as... 

Cardero announces restructuring plan, to buy Arizona copper oxide project

By: Henry Lazenby Industrial metals and minerals firm Cardero Resource on Monday revealed a comprehensive restructuring plan, which included the acquisition of the Zonia copper oxide project, in Arizona, in the hope that switching to a focus on copper would allow it to, once more, create shareholder value. Under... 

Vista Gold receives $4.3m Australian R&D tax refund

By: Henry Lazenby TSX- and NYSE MKT-listed Vista Gold has received a further $4.3-million research and development (R&D) tax incentive refund, net of costs to prepare and file, from the Australian government related to costs incurred during the 2013 fiscal year. The refund was paid under the Australian... 

British Columbia issues Canadian Mining quarry permit

By: Henry Lazenby The British Columbia Ministry of Energy and Mines has issued TSX-V-listed Canadian Mining with a new five-year 50 000 t/y quarry permit for its Bromley Creek zeolite mine lease, near Princeton. President and CEO Ray Paquette reported that the company had increased the reclamation security and... 

Speculators show global commodities rout still not over

By: Reuters Speculators have confirmed what everyone else has been thinking: expect more falls in commodities, as worries about China and higher interest rates combine with waning sentiment to suggest markets are heading further south. But while more losses are certain, their scope could be limited because... 

First Majestic Silver announces friendly acquisition of SilverCrest Mines

By: Henry Lazenby Mexico-focused precious metals miner First Majestic Silver has agreed to acquire all of the issued and outstanding common shares of SilverCrest Mines in a cash-and-scrip deal. The company advised on Monday that the transaction would enhance First Majestic's position in Mexico, one of the world's... 

First Majestic Silver announces friendly acquisition of SilverCrest Mines

Vale coal stacker collapses at Mozambique port – sources

By: Reuters A coal stacker has collapsed at the Mozambique port of Nacala, dealing a blow to Brazilian miner Vale, which is aiming to start coal shipments in the third quarter of this year, three sources told Reuters on Monday. The giant piece of machinery, which is used to handle coal and other bulk... 

Kenmare expects improved H2 output, appoints new nonexec director

By: Natalie Greve Multicommodity play Kenmare Resources expects its production for the second half of the year to improve, as power utility Electricidade de Moçambique commissions equipment to increase grid power capacity and stability. Output at Kenmare’s Moma mine was “severely impacted” by 57 days of... 

Gold producers, NUM meet; bilaterals now concluded

By: Natasha Odendaal South Africa’s gold producers on Monday met with trade union the National Union of Mineworkers as part of the ongoing gold industry wage negotiations. This followed a series of bilateral meetings last week between gold producers AngloGold Ashanti, Evander Gold Mines, Harmony Gold, Sibanye Gold... 

Solidarity calls for miners’ retirement age to be raised to 63 

By: Natalie Greve Trade union Solidarity has called for the retirement age of underground miners be raised to 63, telling the Chamber of Mines (CoM) that the move would retain skills critical to the South African mining industry, thus promoting its sustainability. According to the union, ten mining houses in South... 

Solidarity calls for miners’ retirement age to be raised to 63
Photo by Duane Daws
Gideon du Plessis

Weak commodities to weigh on rand, current account and growth 

By: Terence Creamer The sharp decline in commodity prices is, on balance, negative for the outlook for the South African rand, new bank research shows, with lower oil prices being more than offset by lower mineral and metals prices. Standard Bank head of South African research Walter de Wet highlights that crude oil... 

Weak commodities to weigh on rand, current account and growth

Drill campaign ups resource, dents reserves at New Luika

By: Natalie Greve A January infill drilling campaign at East Africa-focused gold producer Shanta Gold’s New Luika gold mine, in Tanzania, has increased the resource at both the Bauhinia Creek (BC) and Luika targets, further improving the confidence in the potential for underground mining at each deposit, the... 

Company that acquired Rio’s Mozambique coal assets eyes expansion

By: Reuters A year after Rio Tinto pulled the plug on its Mozambique coal venture, the Indian company that bought the assets is planning an ambitious expansion. The Benga mine acquired from Rio by International Coal Ventures Private Limited (ICVL) has a current production capacity of about 5.3-million tonnes... 

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