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First Quantum idles Sentinel to operate Kansanshi at capacity amid power reductions

By: Natasha Odendaal     Updated 3 hours ago Aim- and TSX-listed First Quantum Minerals has idled its Sentinel processing plant and redirected its power supply to enable its Kansanshi mine to operate as close to capacity as possible and maintain its development momentum, as Zambia’s power utility imposes power restrictions on mines in the... 

First Quantum idles Sentinel to operate Kansanshi at capacity amid power reductions

Gold producers table final three-year wage offers

By: Megan van Wyngaardt     Updated 21 minutes ago Gold producers AngloGold Ashanti, Evander Gold Mines, Harmony Gold and Sibanye Gold have tabled their final three-year offers for wage and benefit increases to representative unions, the Association of Mining and Construction Union (AMCU), the National Union of Mineworkers (NUM), Solidarity and... 

Inventory, liquidity headwinds dent Gem Diamonds’ H1 pricing

By: Natalie Greve     Updated 6 hours ago High inventory levels and continued liquidity concerns, paired with global macroeconomic uncertainties, have continued to place pressure on the price of rough and polished diamond prices, denting the realised price of commercial stones recovered at Gem Diamonds’ Ghaghoo mine, in Botswana, for the... 

Paladin plans $33m cost cuts for 2016 FY

By: Esmarie Swanepoel     Updated 6 hours ago Uranium miner Paladin Energy plans to save some $33-million in capital costs during the 2016 financial year, as the company awaits a turnaround in the uranium price. The Africa-focused miner gave a revised forecast for the C1 cash costs at its Langer Heinrich mine, in Namibia, which were... 

Northam, NUM reach wage settlement

By: Creamer Media Reporter      Updated 1 hour 44 minutes ago Platinum producer Northam Platinum has inked a three-year wage agreement with the National Union of Mineworkers (NUM) for workers at the Zondereinde mine, in Limpopo. Entry-level underground employees would be provided a 13% basic wage and allowance increase in the first year, followed by... 

Lonmin: victim of price falls and management wobbles

By: Reuters     Updated 47 minutes ago Platinum producer Lonmin is facing its deepest crisis to date, hurt by a downturn in the metal and haunted by a mixture of bad luck and debatable management choices that are putting its survival at risk. Times are tough for everyone in the platinum sector. 

Drilling at Harmony’s Kili Teke confirms ‘fantastic copper-gold find’

By: Megan van Wyngaardt     Updated 4 hours ago In a world where new discoveries are rare, Harmony Gold is encouraged by the prospect that Kili Teke could well develop into another major copper-gold discovery, commented CEO Graham Briggs. Additional drilling at the JSE-listed miner’s Kili Teke prospect in the Hela province, in Papua New Guinea... 

As gold price falls, miners pick derivatives to protect income

By: Reuters     Updated 1 hour 46 minutes ago Gold mining companies are turning increasingly to derivatives to lock in future revenues, as an industry still smarting from losing out on a 12-year bull run gets creative over protecting its income during the metal's current downturn. While miners overall remain wary of hedging -- the... 

India's jewellery exports can quintuple to $40bn if controls tightened

By: Reuters     Updated 3 hours ago India's gold jewellery exports could jump five times to $40-billion per year by 2020 if quality controls are tightened, the World Gold Council (WGC) said, adding the country is punching below its weight due to questions over the purity of its products. Mom-and-pop shops employing generational... 

Randgold commits to continued investment at Loulo, in Mali

By: Natalie Greve     Updated 4 hours ago As it gears up to take over underground mining operations at the Yalea and Gara mines, in Mali, Randgold Resources will continue to invest in the 4.9-million-ounce Loulo complex, which now ranks as one of the largest of its kind in the world. In a statement issued following a tour of the complex,... 

MDL widens H1 losses

By: Esmarie Swanepoel     Updated 6 hours ago Mineral sands miner Mineral Deposits Limited (MDL) has widened its underlying loss for the six months to June 30, to $14.3-million, as the Grande Côte project, in Senegal, continued to ramp up and the Tizir Titanium & Iron (TTI) facility, in Norway, saw lower demand from the titanium feedstock... 

Kinross swings to Q2 loss, mulls more Mauritania job cuts

By: Henry Lazenby Canadian miner Kinross Gold has started discussions with the Mauritania government and employee representatives at its Tasiast gold mine in the country on cost-saving measures, including a potential workforce reduction, the miner said on Wednesday. The TSX- and NYSE-listed miner said the blighted... 

Kinross swings to Q2 loss, mulls more Mauritania job cuts
Photo by Kinross Gold
Tasiast, Mauritania.

Zambia's H1 copper output rises 2.1%

By: Reuters     Updated 4 hours ago Zambia's copper production increased by 2.1% in the first half of 2015 versus the same period last year as mining companies in Africa's No.2 producer of the metal ramped up output in May and June, the statistics office said on Thursday. "Increase in copper production in May and June of 2015 was... 

Kenya's senate passes mining law

By: Reuters     Updated 7 hours ago Kenya's mining ministry on Wednesday said the country's senate had passed a mining bill which will give the government a 10% stake in new projects, taking it a step closer becoming law. The bill was approved by the national assembly last year and now needs to be signed by President Uhuru... 

Kenya's senate passes mining law

India to adopt open door policy for mineral exploration

By: Ajoy K Das     Updated 5 hours ago The Indian government was working towards adopting an open door policy for mineral exploration but would not offer any fiscal incentive or relaxed ownership rights in cases of successful exploration. A senior official in the Mines Ministry said that under the open door policy, exploration in... 

Guidelines needed to eliminate confusion between artisanal, illegal mining

By: Creamer Media Reporter      Updated 1 hour 55 minutes ago Creamer Media's Leandi Kolver speaks to senior staff writer Zandile Mavuso about the clear policy guidelines that are needed to eliminate the confusion between artisanal and illegal mining. 

Guidelines needed to eliminate confusion between artisanal, illegal mining

Resources Watch

By: Creamer Media Reporter      Updated 3 hours ago This week: South Africa’s new JSE-backed oil and gas code is globally aligned. And, low iron-ore prices are killing jobs at Kumba. 

Resources Watch

Newly opened Ungani oilfield to benefit WA

By: Esmarie Swanepoel     Updated 5 hours ago The Ungani onshore oilfield, in the Kimberley was officially opened this week, marking the first oil development in the region in nearly 30 years. Mines and Petroleum Minister Bill Marmion said the joint venture (JV) between ASX-listed Buru Energy and Mitsubishi Corporation was expected to... 

Stanmore eyes 2016 production start for Isaac Plains mine

By: Esmarie Swanepoel     Updated 6 hours ago ASX-listed Stanmore Coal has bought the Isaac Plains coal mine, in Queensland, from project owners Vale and Sumitomo Corporation for $1. Stanmore would assume all of the outstanding contracts, including transport infrastructure access arrangements and a $32-million rehabilitation obligation... 

Stanmore eyes 2016 production start for Isaac Plains mine

Falling commodity prices creating a project graveyard – Deloitte

     Updated 6 hours ago The continued fall in commodity prices was likely to see more projects being scrapped, advisory firm Deloitte Access Economics reported this week. In fact, the 'project graveyard' was expected to expand faster than the project pipeline and, with the majority of Australia’s liquefied natural gas... 

QRC warns of antiresources activists' impact on investment

By: Esmarie Swanepoel     Updated 6 hours ago The Queensland Resources Council (QRC) has warned Australian government agencies that appeasing antiresources activists could discourage investment into Australia’s resources sector. Speaking at the Darwin Mining Club, QRC CEO Michael Roche said that, in a fruitless attempt to appease the... 

WPG sells industrial land

By: Esmarie Swanepoel     Updated 6 hours ago Gold hopeful WPG Resources will sell a large block of land in Port Pirie for A$750 000 to fund the feasibility study on its Tarcoola gold project, in South Australia, and to take the project through permitting. The confidential sales contract would be settled in September, subject to the... 

Yolla 6 adds to BassGas production

By: Esmarie Swanepoel     Updated 6 hours ago The Yolla 6 development well has delivered its first production for the BassGas joint venture (JV), in Victoria. JV partner AWE, which holds a 35% stake in the project, on Thursday said the Yolla 6 well had been successfully tied-in to export facilities at the Yolla platform. 

Panoramic misses the mark in FY2015

By: Esmarie Swanepoel     Updated 6 hours ago Nickel miner Panoramic Resources fell just short of reaching its production targets for the financial year ended June 30, as the fourth-quarter output from its Lanfranchi operation, in Western Australia, continued to be affected by seismic events that happened in April. Following two separate... 

Encounter signs $6m earn-in over Lookout Rocks

By: Esmarie Swanepoel     Updated 6 hours ago Uranium and base metals explorer Encounter Resources has entered into an earn-in agreement with Antofagasta Minerals in a deal valued at $6-million. Under the terms of the agreement, Antofagasta would earn a 51% interest in the tenements making up the Lookout Rocks copper prospect, in Western... 

Evolution shareholders back La Mancha buy

By: Esmarie Swanepoel     Updated 6 hours ago Shareholders of gold miner Evolution Mining on Thursday overwhelmingly voted in favour of the acquisition of private gold miner La Mancha’s Australian operations. In April, Evolution entered into a binding agreement that would see La Mancha becoming Evolution’s largest shareholder and long-term... 

Brazil's Vale resumes Amazon rail expansion after suspension

By: Reuters Brazilian miner Vale said on Wednesday it had resumed work on the expansion of a rail line which is part of its giant Carajas iron-ore project in the Amazon after a court suspension was lifted. Work had been partially stopped since July 9, due to the potential impact on a nearby indigenous... 

Centerra Gold makes progress in diversifying asset base, reports strong Q2 performance

By: Henry Lazenby Canadian miner Centerra Gold has completed a positive feasibility study on its fully owned Öksüt project, in south-central Turkey, with first gold production slated for early in the second quarter of 2017. The feasibility study's base-case scenario estimated that the project would have an... 

Alacer Gold lifts Q2 profit on strong Çöpler output, lower costs

By: Henry Lazenby TSX- and ASX-listed Alacer Gold this week reported strong results for the quarter ended June, as lower costs and improved production boosted its bottom line. The Toronto-headquartered company on Monday reported an 8% improvement in gold production from its 80%-owned Çöpler gold mine, in Turkey,... 

Capstone Mining’s Q2 profit sags on lower sales, prices

By: Henry Lazenby Canadian miner Capstone Mining has reported a 92% slide in second-quarter earnings, as lower sales, lower realised prices and increased costs impacted the company’s quarterly performance. Vancouver-based Capstone, which had operations in the US, Mexico, Canada, Chile and Australia, reported net... 

Despite falling profit, New Gold’s Q2 results beat expectations

By: Henry Lazenby New Gold has reported an adjusted net loss of $1.3-million, or $0.00 a share, in the second quarter ended June, compared with an adjusted profit of $8.2-million, or $0.02 a share, in the year-earlier period. The TSX- and NYSE MKT-listed copper, gold and silver producer did, however, beat analyst... 

Despite iron-ore headwinds, Cliffs is back in the black

By: Henry Lazenby Global miner Cliffs Natural Resources has in the past 12 months managed a return to profitability despite the iron-ore price declining this month to its lowest level since at least 2009, as the largest producers, such as Rio Tinto and BHP Billiton, boosted output into an oversupplied market. For... 

Nautilus Mining awards vessel dewatering plant design contract

By: Henry Lazenby Prospective seafloor miner Nautilus Minerals has awarded a contract for the detailed design of the Solwara 1 dewatering plant to be used on the company’s production support vessel to the Brisbane office of global consulting engineering firm DRA Group. The scope of work awarded to DRA involved the... 

Union Resources among bidders for Amplats mine

By: Reuters A group of South African investors known as Union Resources has made a bid for Anglo American Platinum's Union mine, its chairman said on Wednesday. Union Resources chairman Tshepo Bokaba said the group was bidding for the mine, but declined to say how much his company was offering. "We are among... 

Metallon H1 gold production up 6% y/y

By: Megan van Wyngaardt Africa-focused Metallon Corporation produced 23 759 oz of gold in the second quarter, bringing its production for the first half of the year, ended June 30, to 48 143 oz. This was 6% higher than the 45 524 oz produced in the first half of 2014, despite a loss of nine production days in January,... 

Weakened nickel, gold prices weigh on Mwana’s FY earnings

By: Natalie Greve Weakened gold and nickel prices paired with lower-than-planned production figures for the two metals have driven a decrease in the earnings of multicommodity miner Mwana Africa, narrowing group earnings before interest, taxes, depreciation and amortisation from $25-million in the 2014 financial... 

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