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Glencore shoots lights out, mulls divi top-up, reaffirms South Africa

By: Martin Creamer     21st February 2018 Diversified mining and marketing company Glencore shot the lights out with a superlative set of 2017 results that coincided with a leap in its share price in Johannesburg, the reaffirmation of South Africa as an even more positive investment destination, and the mulling of a dividend "top up"... 

Glencore shoots lights out, mulls divi top-up, reaffirms South Africa
Photo by Duane Daws
Flashback to Ivan Glasenberg opening Glencore-funded school in South Africa's coalfields.

Volumes, dollar prices keep rand at bay for divi-hoisting Assore

By: Martin Creamer     21st February 2018 Improved volumes and better dollar prices proved sufficient for mining holding company Assore to keep rand strength at bay in posting strong headline earnings growth and a sharp interim dividend increase. The company's half-year results were highlighted by a 12% rise in headline earnings, a... 

Volumes, dollar prices keep rand at bay for divi-hoisting Assore
Photo by Duane Daws
Assore CEO Charles Walters

Govt to fast-track finalisation of outstanding mining policy

By: Megan van Wyngaardt     21st February 2018 To take advantage of the cyclical upturn in the mining sector and improved investor sentiment to boost economic growth, government needs to finalise outstanding policy and administrative reforms. The proposed implementation of the revised Mining Charter, contested by industry and the Chamber of... 

Govt to fast-track finalisation of outstanding mining policy
Photo by Bloomberg
Finance Minister Malusi Gigaba

Parliament to launch inquiry into Zwane

By: Reuters     21st February 2018 Parliament will launch an investigation into allegations of influence-peddling against Mineral Resources Minister Mosebenzi Zwane, its oversight committee on mineral resources department said on Wednesday. The committee did not give specific reasons on why it wanted to open an investigation into... 

Parliament to launch inquiry into Zwane
Photo by Duane Daws
Mineral Resources Minister Mosebenzi Zwane

Sibanye-Stillwater expects to report R4.44bn attributable loss for FY17

By: Creamer Media Reporter      21st February 2018 Sibanye-Stillwater expects to report an attributable loss of R4.44-billion, or $333-million, for the year ended December 31, compared with attributable earnings of R3.47-billion, or $237-million, for the 2016 financial year. In an updated trading statement issued on Wednesday, the precious metals... 

Guptas' Optimum Coal risks suspension as workers protest

By: Bloomberg     21st February 2018 South Africa’s Optimum Coal mine, linked to the politically connected Gupta family, will be suspended if managers fail to comply with the site’s social and labour plan. Workers protested Wednesday over the uncertainty at the operations. The Department of Mineral Resources conducted an inspection... 

Tribunal conditionally approves Timrite’s acquisition of mining support bag manufacturer

     21st February 2018 The Competition Tribunal has approved, with conditions, mining support product supplier Timrite’s acquisition of Tufbag’s Mining Bag division. Tufbag’s Mining Bag division and Timrite design and manufacture polypropylene-based mining support (PBMS) bags.   Concerns were raised by the Competition... 

Miners rich in cash are aiming for fat dividends, debt payments

By: Bloomberg     21st February 2018 The mining industry is awash with cash, and so far it’s got two main uses - pay down debt and reward investors. Three of the big four London-listed miners have released earnings this month, and it’s clear the companies are doing what shareholders have demanded of them.  

Perseus reports improved financial results

By: Creamer Media Reporter      21st February 2018 West Africa-focused gold miner Perseus Mining has made an operational turnaround, which is reflected in the company’s interim financial performance. Although posting a net loss of $11.5-million, or 1.18c a share, for the December 2017 half year, Perseus reported significantly improved earnings... 

Rwanda to issue mining licences to boost investment by a fifth

By: Bloomberg     21st February 2018 Rwanda will issue 50 new licences to mine metals including gold, tin and tantalum this year that may help boost investment in the East African nation by a fifth, the Rwanda Development Board said. The state-run board expects to attract $2-billion of investment in 2018, compared with $1.67-billion... 

Tanzania's new mining rules impose restrictions on foreign banks, insurers

By: Reuters     21st February 2018 Foreign-owned banks, insurance companies and law firms could be locked out of Tanzania's mining sector as part of tough new regulations that aim to limit foreign ownership of mining-related activity. Africa's fourth-largest gold producer is seeking to take more of the profits from its vast... 

World refined copper deficit widens to 195 000 t – ICSG

By: Henry Lazenby     21st February 2018 The global refined copper balance for the first eleven months of 2017 indicates a deficit of about 195 000 t, some 27% wider than at the same time a year earlier, the latest data from the Lisbon-based International Copper Study Group (ICSG) shows. The think tank attributed the widening deficit to... 

Rainbow puts focus on Gakara ramp-up, exploration

By: Simone Liedtke     21st February 2018 London-listed Rainbow Rare Earths has set the ramp-up of production at its Gakara mine, in Burundi, and the completion of the first phase drilling programme, as its priorities for the next six months. The company on Wednesday described the six months ended December 31, as "a busy and highly... 

Apple is said to negotiate buying cobalt direct from miners

By: Bloomberg     21st February 2018 Apple is in talks to buy long-term supplies of cobalt directly from miners for the first time, according to people familiar with the matter, seeking to ensure it will have enough of the key battery ingredient amid industry fears of a shortage driven by the electric vehicle boom. The iPhone maker... 

Triton acquires full ownership of Mozambique graphite projects

By: Simone Liedtke     21st February 2018 ASX-listed Triton Minerals has entered into an agreement with Gregory James Sheffield and Grafex Limitada under which Triton has agreed to purchase Sheffield's 20% interest in Grafex. On completion of the purchase, Triton's interest in Grafex will increase from 80% to 100%, and accordingly,... 

New Gold beats Q4 earnings forecast as it records record output

By: Henry Lazenby     Updated 1 hour 3 minutes ago TSX- and NYSE American-listed Canadian gold producer New Gold has reported a headline profit of $32.5-million, or $0.06 a share for the three months ended December, as record gold output boosted the bottom line. This was a marked improvement over the miner's performance in the comparable quarter... 

Lucara's FY2017 profit dips 8% on lower sales

By: Henry Lazenby     Updated 1 hour 46 minutes ago Southern Africa-focused miner Lucara Diamond Corp has reported an 8% drop in full-year profit as lower production and fewer 'special' sales weighed on the bottom line. The Vancouver-based miner, which operates its flagship Karowe mine, in Africa's top mining jurisdiction Botswana, to... 

Pipeline delays 'impose demonstrable, substantial economic costs on the Canadian economy' - Scotiabank

By: Henry Lazenby     Updated 1 hour 47 minutes ago The price received for Western Canadian oil will remain vulnerable to service disruptions in current transportation channels, given the excess of production over takeaway capacity up to about 2020, a new report by Bank of Nova Scotia (Scotiabank) has found. In a report published on Tuesday... 

Pipeline delays 'impose demonstrable, substantial economic costs on the Canadian economy' - Scotiabank

Alexander Mining forms partnership with Turkish firm

By: Creamer Media Reporter      21st February 2018 Aim-listed mining and mineral processing technology company Alexander Mining has executed a commercial and technical partnership agreement with Turkey’s Proses Mühendislik, Danışmanlık, İnşaat ve Tasarım (Proses), which may result in the use of the company’s proprietary processing technologies... 

Gold, silver miner Hochschild eyes move into copper and zinc

By: Reuters     21st February 2018 Gold and silver miner Hochschild Mining, which has been scouting for early-stage mining projects, is interested in moving into other metals including copper and zinc, the company's chief executive said on Wednesday. Miners around the world have been looking to take advantage of demand for... 

Polymetal secures offtake for Kyzyl concentrate

By: Creamer Media Reporter      21st February 2018 LSE-listed Polymetal has secured an offtake agreement with one of its established trading partners for 50% of the forecast high-carbon concentrate production from the Kyzyl project, in north-eastern Kazakhstan, with an option to increase this to 100% of its yearly concentrate output. Polymetal... 

Amplats modernises, studies growth, advances fuel cell 

     21st February 2018 Anglo American Platinum’s Mogalakwena Platinum mine has gushed R4-billion worth of free, unfettered operating cash flow. Mining Weekly editor Martin Creamer speaks to Creamer Media's Sashnee Moodley about the developments. 

Amplats modernises, studies growth, advances fuel cell

Coal India unlikely to face significant competition from commercial coal miners

By: Ajoy K Das     21st February 2018 Giving the final green light, the Cabinet Committee of Economic Affairs (CCEA) of the Indian government on Tuesday approved the methodology of auction of coal blocks to private miners, but analysts say that Coal India Limited (CIL) is unlikely to face significant competition in the medium term.... 

St Barbara proposes new mining method at Gwalia

By: Simone Liedtke     21st February 2018 Gold miner St Barbara is studying a change in mining and haulage at the Gwalia mine, in Western Australia, to better suit the orebody as the mine deepens. The new mining method essentially involves a move to “island pillar” methods for narrower lodes with increased mining rates, and matching... 

Wesfarmers continuing review of its remaining coal asset

By: Simone Liedtke     21st February 2018 Australian conglomerate Wesfarmers said on Wednesday that the sale of its Curragh coal mine, in Queensland, would be completed in the second half of the year and confirmed that it was continuing the strategic review of its remaining coal asset, a 40% interest in the Bengalla mine, in New South... 

China’s iron-ore discounts hit Fortescue revenue, profit falls sharply

By: Mariaan Webb     21st February 2018 Chinese steelmakers’ demand for better-quality ore has had a significant impact on Australian miner Fortescue Metals’ half-year financial performance, with revenue contracting by 18% and net profit falling sharply, sending shares down about 4% on Wednesday. Australia’s third major iron-ore... 

China’s iron-ore discounts hit Fortescue revenue, profit falls sharply
The ore processing facility at Solomon.

China Hanking bids for Primary Gold

By: Reuters     21st February 2018 China Hanking Holdings launched a takeover bid for Australia's Primary Gold on Wednesday in line with a plan to build a long-term Australian gold business, valuing the target firm at A$37.5-million. China Hanking, which owns 8.4% of Primary Gold, will offer A$0.0575 a share for the miner... 

Canada province considers law to retaliate against 'Buy American'

By: Reuters     21st February 2018 Ontario's Liberals, the ruling party in Canada's most populous province, introduced legislation on Tuesday that would give officials authority to retaliate against US states that institute "Buy American" procurement policies. The Fairness in Procurement Act would give Ontario's government... 

BC extends provincial flow-through tax credit for a year; resumes fight against Canadian oil

By: Henry Lazenby     21st February 2018 The British Columbia provincial government has released its Budget 2018 plan, confirming that the provincial flow-through exploration tax incentive will be extended for another year until the end of this year. The mining flow-through share programme is seen as critical to reinforcing the... 

BC extends provincial flow-through tax credit for a year; resumes fight against Canadian oil

eCobalt launches up to C$30m financing

By: Henry Lazenby     21st February 2018 Canadian clean cobalt project developer eCobalt has launched a C$26-million bought-deal financing. The Vancouver-based company has signed an agreement with a syndicate of underwriters led by TD Securities, under which the underwriters have agreed to buy, on a bought-deal basis, 20-million units... 

Nautilus rises as vessel construction passes 75% completion mark

By: Henry Lazenby     20th February 2018 The TSX-listed equity of marine mining pioneer Nautilus Minerals has gained nearly 44% since the start of the year, adding about 7% on Tuesday alone on news that construction of its production support vessel has passed the 75% completion mark. Under construction at the Fujian Mawei Shipyard, in... 

As Trump takes aim at foreign metal, Canada argues for exemption

By: Bloomberg     20th February 2018 The biggest steel and aluminium exporter to the US is hopeful of being left out of a Trump administration crackdown on foreign shipments. The US Commerce Department didn’t recommend giving Canada a pass when it outlined possible tariffs and quotas on Friday, but it did single out its northern... 

Gold miners ETF lures $529m inflow after market turmoil

By: Bloomberg     20th February 2018 Gold is burnishing its allure to investors in the wake of the recent market turmoil. 

Global lead market surplus widens in December – ILZSG

By: Reuters     20th February 2018 The global lead market showed a surplus of 20 000 t in December, after a surplus of 9 900 t in November, data from the Lisbon-based International Lead and Zinc Study Group (ILZSG) showed on Tuesday. For January to December, the lead market had an output deficit of 165 000 t, compared with a... 

Mongolia says can build power plant to supply Oyu Tolgoi mine

By: Reuters     20th February 2018 Mongolia can build a power plant at its Tavan Tolgoi coal mine by 2021 to supply the Oyu Tolgoi copper project, energy officials said on Tuesday, as the government seeks to hold Rio Tinto to an agreement to use Mongolian power. Tensions have mounted between the Mongolian government and its... 

Southern Copper wins tender for Peru's mine

By: Reuters     20th February 2018 Southern Copper won a tender to develop Peru's estimated $2-billion Michiquillay copper mine in an auction that attracted just two bidders, the government's Proinversion investment agency said on Tuesday. Southern, controlled by Grupo Mexico , won with a proposal to transfer $400-million to the... 

Eramet eyes expansion in electric vehicle metals

By: Reuters     20th February 2018 Eramet CEO Christel Bories said on Tuesday that the French mining group is looking to expand in minerals like cobalt, lithium and nickel salts linked to energy transition markets like electric vehicles. Eramet is actively looking at acquisition targets after previously acquiring a lithium deposit... 

Eramet eyes expansion in electric vehicle metals

Athabasca exploration juniors reveal voluminous resource increases

By: Henry Lazenby     20th February 2018 Junior explorer Fission Uranium has reported an increase of about 30% in the total compliant indicated and inferred resources at its flagship Triple R deposit, in North-Western Saskatcewan. The Kelowna, British Columbia-based company on Tuesday said the resource estimate for the Triple R deposit... 

Athabasca exploration juniors reveal voluminous resource increases
Photo by Henry Lazenby
Drill cores on display at Fission Uranium's Triple R deposit, North-Western Saskatchewan

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