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Platinum's process leap given Parliamentary pep

By: Martin Creamer     28th April 2017 A significantly improved platinum group metals (PGMs) processing method has been developed with the assistance of South Africa's State-owned Industrial Development Corporation (IDC), Economic Development Minister Ebrahim Patel has informed Parliament. In response to questions posed by Shadow... 

Platinum's process leap given Parliamentary pep
Photo by Duane Daws
Economic Development Minister Ebrahim Patel

Norilsk seeks damages from Botswana govt over stalled sale of Nkomati, Tati mines

By: Anine Kilian     28th April 2017 Norilsk Nickel will start legal proceedings against the Botswana government in relation to a stalled 2014 deal that would have resulted in Botswana copper and nickel producer BCL Mine acquiring Norilsk’s African assets. In October 2014, BCL agreed to buy Norilsk’s 50% interest in the Nkomati... 

DiamondCorp to appoint administrators

By: Creamer Media Reporter      28th April 2017 Embattled South African diamond development company DiamondCorp has filed notice of its intention to appoint Stephen Cork and Jo Milner of Cork Gully as joint administrators, after the board determined that the company is no longer able to continue trading as a going concern. The company on... 

DiamondCorp to appoint administrators
Lace diamond mine

Analysts paint sparkling picture of coloured gemstone market

By: Ilan Solomons     28th April 2017 The shift from small-scale artisanal mining to larger mechanised mining, owing to the increasing involvement of larger mining companies and greater formalisation of the sector, is expected to increase the distribution channel of the coloured gemstone industry, which will continue to consolidate... 

Analysts paint sparkling picture of coloured gemstone market

Resgen makes first drawdown from extended facility agreement

By: Anine Kilian     28th April 2017 JSE-and ASX-listed Resource Generation (Resgen) has made the first drawdown of $2.4-million under an extended $8.4-million facility agreement. The company reported on March 14 that it had obtained the $8.4-million extension to a March 2014 facility agreement with Noble Resources International,... 

CoAL making progress to re-enter market as coal producer – Brown

By: Anine Kilian     28th April 2017 Triple-listed Coal of Africa Limited (CoAL) is making good progress in re-entering the market as a coal producer, CEO David Brown said in a quarterly update to shareholders on Friday. The company earlier this month announced that it would buy Pan African Resources’ Pan African Resources Coal... 

Universal doubles NCC reserves

By: Esmarie Swanepoel     27th April 2017 South Africa-focused coal miner Universal Coal has doubled the ore reserve at its New Clydesdale colliery, in South Africa. Universal on Thursday reported a 28.94-million tonne increase in the ore reserves at New Clydesdale, taking the ore reserve estimate to 58.24-million tonnes and confirming... 

Ferrum’s JSE shares fall as it plans withdrawal from South African iron-ore project

By: Anine Kilian     28th April 2017 Ferrum Crescent’s share price on the JSE fell by 25% on Friday as the company announced it would withdraw from the Moonlight iron-ore project, in South Africa’s Limpopo province, unless an alternative development opportunity can be secured in the short term. This follows after the February... 

Stellar, Octea sign tribute mining agreement over Sierra Leone project

By: Anine Kilian     28th April 2017 Diamond development company Stellar Diamonds has signed a legally binding conditional tribute mining agreement and revenue share agreement with Octea Mining in respect of the combined Tongo-Tonguma kimberlite diamond project, in eastern Sierra Leone. “These agreements with Octea . . . will allow... 

Mustang changes course with ruby sales

By: Esmarie Swanepoel     28th April 2017 ASX-listed ruby miner Mustang Resources has revised its sales strategy, telling shareholders on Friday that it intended to sell the first rubies from its rapidly growing gem-ruby inventory as rough stones at an auction to bulk buyers in October. The company’s decision shifted away from initial... 

South32 amends coal and metals output expectation

By: Esmarie Swanepoel     27th April 2017 In addition to revising its full-year output guidance for the Cannington multi-metals mine, in Queensland, diversified spin-off South32 has also revised its full year production guidance for its South African energy coal operations. Following a fire at the Cannington mine in April this year,... 

Sherritt narrows Q1 headline loss

By: Henry Lazenby     27th April 2017 Canadian diversified miner Sherritt International has increased headline earnings in the March quarter as significantly higher nickel, cobalt and oil prices boosted the bottom line. The Toronto-based company reported a loss, adjusted for special items, totalling C$82.7-million, or C$0.25 a share... 

Nexus Gold receives new permit for Burkina Faso gold project

By: Anine Kilian     28th April 2017 Nexus Gold has received a new work permit for its Burkina Faso-based Bouboulou gold concession. The new permit is for an initial term of three years and can be renewed twice for a total term of nine years.  

AngloGold suspends Colombia project after anti-mining vote

By: Reuters     28th April 2017 South Africa's AngloGold Ashanti has halted all exploration work at its La Colosa project, in central Tolima, Colombia, after voters backed a proposal to ban mining in the municipality, the company said on Thursday. The decision comes amid legal wrangling over environmental regulations and... 

Mining Weekly iPhone and Android Apps available for free download 

     28th April 2017 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

Asanko lifts low-cost Akwasiso deposit resources, reserves

By: Henry Lazenby     28th April 2017 An infill drilling campaign to upgrade previously reported inferred resources into the indicated category has resulted in junior miner Asanko Gold lifting the compliant resources and reserves at the Akwasiso deposit, part of the Asanko gold mine, in Ghana, by 79% and 62%, respectively. The... 

First Quantum swings to Q1 loss on increased tax charge

By: Henry Lazenby     28th April 2017 Base metals producer First Quantum Minerals has swung to an adjusted loss of $29-million, or $0.04 a share, during the first quarter ended March 31, as no tax credit was recognised regarding losses realised under a sales hedge programme. Headline earnings fell short of analyst forecasts calling... 

Investment interest in Eldorado rises on back of effective Q1 ops

By: Henry Lazenby     28th April 2017 Canadian miner Eldorado Gold has swung back into the black after reporting strong results for the three months ended March, logging profit attributable to shareholders of $3.8-million, or $0.01 per share, compared with a loss of $2.5-million, or nil per share in the comparable period of 2016.... 

Votorantim zinc smelter workers in Peru call off planned strike

By: Reuters     28th April 2017 Workers at a zinc smelter in Peru operated by a unit of Brazil's Votorantim Participacoes called off a strike planned for next week after the company agreed to settle most of their demands, a union leader said on Friday. The 350-member union earlier this week had announced the planned work... 

Detour Gold stock outperforms peers on strong Q1 results

By: Henry Lazenby     28th April 2017 The TSX-listed stock of Detour Gold outperformed its peers on Friday, rising 14% to c$17.33 a share early in the afternoon session. For the first quarter ended March, Toronto-based Detour reported better-than-expected headline earnings of $10.5-million, or $0.06 a share, compared with adjusted... 

Anglo to restart El Soldado mine in Chile after permit approval

By: Reuters     28th April 2017 Anglo American plans to restart production shortly at its El Soldado copper mine, in Chile, as regulators have approved a new permit plan for the deposit, the company said late Thursday. Anglo stopped operations at El Soldado on February 17 after regulators rejected an initial redesign of the... 

Cameco stock takes a dive on bigger-than-expected Q1 loss

By: Henry Lazenby     28th April 2017 Canada’s largest uranium producer Cameco has reported another disappointing quarter, recording an C$18-million loss, or C$0.05 a share, as the termination of a key contract and lower prices weighed on the bottom line. Excluding special items, the Saskatoon, Saskatchewan-based miner widened the... 

Cameco stock takes a dive on bigger-than-expected Q1 loss

RINL’s merger with NMDC rejected

By: Ajoy K Das     28th April 2017 Indian steel producer Rashtriya Ispat Nigam Limited’s (RINL’s) plan of securing raw material security through corporate activity has suffered a setback with the Indian government ruling out a merger with country’s largest iron-ore miner, NMDC Limited. Steel Minister Chaudhary Birendra Singh this... 

Rising rupee threatens to derail Indian iron-ore export revival

By: Ajoy K Das     28th April 2017 A triple whammy of a five-year production high, 20-month rupee exchange rate high and lower international prices threatens to nip in the bud the revival of India’s iron-ore exports. At least three iron-ore miners, based in the eastern Indian province of Odisha, told Mining Weekly Online that the... 

Review finds petroleum resources rent tax sufficient

By: Esmarie Swanepoel     28th April 2017 The Australian oil and gas industry has welcomed an independent review into the operation of the petroleum resources rent tax (PRRT), which concluded that the Australian community is not being short changed by the current royalty and tax system. Federal Treasurer Scott Morrison in November last... 

Review finds petroleum resources rent tax sufficient

Qld releases land for exploration bids in coal-rich Bowen basin

By: Esmarie Swanepoel     28th April 2017 The Queensland government has opened more than 270 km2 of land for bids from coal explorers. State Development and Natural Resources and Mines Minister Dr Anthony Lynham on Friday announced tenders for four blocks in the Bowen basin, the first release of Queensland coal country in four years. 

OceanaGold posts record quarter

By: Esmarie Swanepoel     28th April 2017 Dual-listed gold miner OceanaGold has reported record gold production for the three months to March, as the Didipio operation, in the Philippines, delivered a strong quarter and production started at the Haile asset, in the US. Gold production during the quarter under review reached 147 956 oz,... 

Ramelius gets Chinese partner

By: Esmarie Swanepoel     28th April 2017 Gold miner Ramelius Resources has signed an alliance agreement with Chinese gold producer Zhaojin Mining Industry Company to hunt for projects and share expertise. “We are excited to enter into a strategic alliance with Zhaojin, who are a globally significant gold company with a strong track... 

Artemis completes Radio Hill buy

By: Esmarie Swanepoel     28th April 2017 ASX-listed junior Artemis Resources has completed the acquisition of the Radio Hill nickel/copper/cobalt project in Western Australia, along with $2-million of overseas institutional funding. In order to fund the Radio Hill acquisition, Artemis entered into a $2-million funding agreement by way... 

Peruvian miner Buenaventura posts $70.7m Q1 profit

By: Reuters     28th April 2017 Peruvian precious metals miner Buenaventura reported a $70.7-million profit in the first quarter of 2017, up 37% from its $51.6-million profit in the same period last year, the company said on Thursday. 

Upbeat Q1 earnings prove Agnico fires on all cylinders

By: Henry Lazenby     28th April 2017 Canadian gold major Agnico Eagle Mines has reported buoyant first-quarter earnings on Thursday, nearly tripling profit on the back of increased output and higher precious metal prices. Excluding special items for the three months ended March 31, Toronto-based Agnico reported adjusted profit of... 

Upbeat Q1 earnings prove Agnico fires on all cylinders
Photo by Agnico Eagle Mining
Agnico Eagle CEO Sean Boyd

Oil discoveries and new projects fall to historic low in 2016 – report

By: Henry Lazenby     27th April 2017 New analysis by the International Energy Agency (IEA) has found that worldwide oil discoveries fell to a record low in 2016 as companies continued to cut spending and conventional oil projects sanctioned were at the lowest level in more than 70 years, trends that could continue this year. The... 

Oil discoveries and new projects fall to historic low in 2016 – report

Despite Q1 net loss, iron-ore rebound boosts Cliffs sales

By: Henry Lazenby     27th April 2017 US iron-ore producer Cliffs Natural Resources has reported surging sales for the three months ended March, as improved demand pushed prices higher after years of declines. First quarter sales jumped 51% to $462-million also because of increased sales volumes and seaborne iron-ore prices. Revenue... 

Votorantim zinc smelter workers in Peru plan strike

By: Reuters     27th April 2017 Workers at Brazilian group Votorantim's Cajamarquilla zinc smelter, in Peru, plan to start an indefinite strike on May 6, demanding a bigger share of profits and better working conditions, a union leader said on Thursday. The union of 350 workers plans its first strike in 16 years, saying the... 

Angola in full compliance with Opec output cuts – oil minister

By: Reuters     27th April 2017 Angolan oil minister José Maria Botelho de Vasconcelos said on Thursday his country was more than fully complying with Opec production cuts, and that he believed a deal to curb output would be extended beyond June. "Yes I think so," de Vasconcelos said at an industry event in Paris when asked... 

Angola in full compliance with Opec output cuts – oil minister

Kaz Minerals first quarter copper output more than doubles

By: Reuters     27th April 2017 Copper miner Kaz Minerals said its first-quarter copper production more than doubled from a year earlier, helped by output from its new Bozshakol and Aktogay mines, in Kazakhastan. The company's stock rose as much as 4.9% to £5.025 on the London Stock Exchange, making it the top FTSE midcap gainer. 

Vale stocks trade lower as slower sales offset improved iron pricing

By: Henry Lazenby     27th April 2017 The world’s most prolific producer of iron-ore, Vale, on Thursday reported first-quarter earnings that disappointed investors, sending its NYSE-listed stock falling as much as 5.4% in early trading. The Rio de Janeiro, Brazil-based diversified miner reported net income totalling $2.49-billion... 

Vale stocks trade lower as slower sales offset improved iron pricing
Photo by Vale
Physical progress on the doubling of the S11D project railway reached 66% in the first quarter

PotashCorp Q1 earnings rise as it lifts outlook on improving crop nutrient fundamentals

By: Henry Lazenby     27th April 2017 The world’s largest crop nutrient company Potash Corporation of Saskatchewan surprised investors with a bigger-than-expected first-quarter profit Thursday and increased its full-year earnings guidance, underpinned by increased sales and lower costs. PotashCorp Potash reported earnings of... 

PotashCorp Q1 earnings rise as it lifts outlook on improving crop nutrient fundamentals
Photo by Reuters
Increased output from PotashCorp’s lower-cost mines – including Rocanville – resulted in average manufactured cost of goods sold for the quarter of $90/t, down from $128/t in the same period last year

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