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Anglo offloads niobium, phosphates assets to Chinese firm in $1.5bn deal

By: Natasha Odendaal Dual-listed Anglo American has sold its Brazil-based niobium and phosphates assets to Hong Kong- and Shanghai-listed China Molybdenum for $1.5-billion. The deal was expected to close in the second half of this year and would result in the transfer of Anglo’s phosphates business, in São Paulo,... 

Anglo offloads niobium, phosphates assets to Chinese firm in $1.5bn deal
Photo by Duane Daws
Anglo CEO Mark Cutifani

New Transnet chief prioritising diversification as commodity ‘meltdown’ bites

By: Terence Creamer State-owned freight logistics group Transnet is taking aim at new sectors, such as fast-moving consumer goods (FMCG) and manufacturing, as it seeks to sustain volumes amid the prevailing commodity “meltdown”. Speaking publically for the first since his appointment as permanent Transnet CEO,... 

New Transnet chief prioritising diversification as commodity ‘meltdown’ bites
Photo by Duane Daws
Transnet CEO Siyabonga Gama

Jubilee’s ASA punching above its processing weight

By: Natasha Odendaal AltX- and Aim-listed Jubilee Platinum has increased the chrome processing capability of its Dilokong chrome mine (ASA project) beyond its design capacity. In an update to the market on Thursday, CEO Leon Coetzer said the ASA project was currently processing feed at 60 t/h, significantly above the... 

Zwane, Chamber of Mines enter engagement

By: Natasha Odendaal Constructive bilateral engagement between Mineral Resources Minister Mosebenzi Zwane and the Chamber of Mines (CoM) has kicked off amid controversy surrounding the shock gazetting of the draft amended Mining Charter last month. The parties aimed to unpack “pertinent” issues within South Africa’s... 

Sherritt widens headline loss as low oil, metals prices hurt Q1 financials

By: Henry Lazenby Diversified miner Sherritt International has reported a 79% wider adjusted loss year-on-year in the first quarter, as nickel, cobalt and oil prices have plunged during the period. Excluding special items of about C$79.1-million, Toronto-based Sherritt recorded an adjusted loss of... 

Kenmare enters agreement for proposed $100m investment

Mozambique-focused Kenmare Resources has entered into a conditional subscription and relationship agreement with chemicals trading company King Ally Holdings for a proposed $100-million investment in Kenmare. The proposed investment would be on the basis that King Ally would hold a maximum 29.9%... 

Iron-ore, steel lead China commodities retreat as curbs bite

By: Reuters A major Chinese commodities exchange took further steps to calm volatile markets on Wednesday, hiking transaction fees and widening trade limits in a move that could make exiting futures contracts more orderly. Iron-ore and steel futures fell again in reaction to higher trading costs, brought in... 

Iron-ore, steel lead China commodities retreat as curbs bite

Q1 gold rally too rapid for support, as lower Asian demand weighs on price outlook

By: Henry Lazenby A 17% rally in the price of gold during the first quarter of the year to around $1 270/oz happened too rapidly according to market analysts at Thomson Reuters GFMS, as poor demand from Asia would probably see the gold price fall below $1 200/oz over the next few months. However, this price level... 

Q1 gold rally too rapid for support, as lower Asian demand weighs on price outlook

Vital launches scoping study in Burkina Faso

By: Esmarie Swanepoel ASX-listed junior Vital Metals has launched a scoping study at its Kollo gold deposit, in Burkina Faso, to evaluate the feasibility of an openpit project. MD Mark Strizek said on Thursday that the project provided a compelling near-term development and cash flow opportunity for Vital Metals. 

CIL seeks technological collaborator for hydrological studies

By: Ajoy K Das India’s State-controlled coal major Coal India Limited (CIL) is seeking to collaborate with a technological partner following a government directive to complete a long-term hydrological survey across river basins where the miner is planning to implement at least two mining projects. According to... 

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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

First Quantum swings to Q1 profit as production rises

By: Henry Lazenby     Updated 6 hours ago Canadian base metals producer First Quantum Minerals has swung to a first-quarter profit as strong production at all its continuing operations underpinned rising revenues. Net earnings from continuing operations attributable to TSX- and LSE-listed First Quantum shareholders was $49-million in the... 

Brazil's Vale seeing improved iron-ore demand in China

By: Reuters     Updated 6 hours ago The global iron-ore market is in better condition than expected, with Chinese demand improving, the CEO of Brazil's Vale said on Thursday. Murilo Ferreira told investors on a conference call that he had been positively surprised by the health of the Chinese market during a visit to the world's... 

Southern Copper's net profit dropped 34.5% in first quarter

By: Reuters     Updated 6 hours ago Southern Copper's net profit dropped 34.5% to $185.1-million, or $0.24 a share, in the first quarter on slumping metal prices, the company said Thursday. The result was better than the mean market estimate of $139.76-million, according to Thomson Reuters I/B/E/S. 

Mexican miner Penoles' profit falls on financial costs

By: Reuters     Updated 6 hours ago Mexican miner Penoles on Thursday reported a 65% drop in first-quarter net profit compared to the same period a year earlier, hit by higher financial costs on options it owned. The miner and metals processor which runs the world's largest primary silver producer, Fresnillo, posted a profit... 

Freeport's Chile-based El Abra mine, union seal wage agreement

By: Reuters     Updated 6 hours ago Unionised workers at Chilean copper mine El Abra, controlled by Freeport-McMoran, accepted a wage contract offered by the company, union president Juana Mejias said on Thursday. Tensions between the union and Arizona-based Freeport, the world's biggest listed copper producer, have been high since... 

Cliffs rallies as strong Q1 performance sees it back in the black

By: Henry Lazenby     Updated 6 hours ago The largest US iron-ore producer Cliffs Natural Resources has rallied as much as 35% to $5.38 a share on the NYSE on Thursday, after it said it had swung to a first-quarter profit amid sustained market improvement. For the three months ended March 31, Cliffs recorded net income attributable to... 

Cliffs rallies as strong Q1 performance sees it back in the black

Centerra’s Bishkek office raided by Kyrgyz general prosecutor

By: Henry Lazenby     Updated 7 hours ago Canadian miner Centerra Gold has reported a raid of its Kyrgyz subsidiary Kumtor Gold Company’s (KGC’s) Bishkek office on Thursday afternoon by the country’s general prosecutor. The general prosecutor’s office (GPO) had issued a press release stating that the purpose of the search was to collect... 

Centerra’s Bishkek office raided by Kyrgyz general prosecutor

Despite Otjikoto slope failure, B2Gold gold output on course for another record year

By: Henry Lazenby Canadian gold producer B2Gold has exceeded its first-quarter production guidance by 8 966 oz of gold, for companywide output of 127 844 oz of the yellow metal, an increase of 10% over the same period in 2015. B2Gold reported late on Wednesday that the rising output was mainly attributable to... 

Coeur trading at 12-month highs on narrower Q1 loss

By: Henry Lazenby On the back of stronger precious metals prices so far this year and improved first-quarter financials, the NYSE-listed stock of Coeur Mining has risen to a new 12-month high at $7.68 apiece. In the period ended March 31, the miner reported headline earnings excluding special items of... 

India to hit the road to woo investors for oil, gas

By: Ajoy K Das India will commence with road shows in the next month to woo domestic and foreign investors to participate in the auctions of marginal oil and gas fields across the country. An inter-Ministerial group led by the Petroleum and Natural Gas Ministry was expected to meet early next week to finalise... 

Beach sees 5% revenue drop despite production, sales increase

By: Esmarie Swanepoel Oil and gas producer Beach Energy has reported a 5% drop in revenue for the three months to March 31, despite an increase in production and sales volumes. On the back of a 9% decrease in oil prices between December and March, Beach’s revenue fell from A$126.4-million to A$119.7-million. 

State, Commonwealth budgets under pressure amid commodity price slump

By: Esmarie Swanepoel Advisory firm Deloitte Access Economics said on Thursday that both state and Commonwealth budgets would remain under pressure as commodity prices continued to remain low. In its latest edition of the Investment Monitor publication, the firm noted that the fall in mining investment in Queensland... 

State, Commonwealth budgets under pressure amid commodity price slump

An oil province off South Australia would be beneficial – Appea

By: Esmarie Swanepoel The Australian Petroleum Production & Exploration Association (Appea) on Thursday told a Senate hearing that the development of an oil province in the Great Australian Bight would deliver benefits to both South Australia and Australia as a whole. A Senate committee was tasked in February to... 

Bald Hill ships first cement-grade bauxite

By: Esmarie Swanepoel ASX-listed Australian Bauxite (ABx) has shipped its first 5 557 t of cement-grade bauxite from the Bald Hill mine, in Tasmania. The company told shareholders on Thursday that the customer sought a second, larger shipment of between 30 000 t and 40 000 t once the large stockpile warehouse at the... 

Northern Star's cost-cutting programme bears fruit

By: Esmarie Swanepoel Gold miner Northern Star Resources said on Thursday that an effective cost-cutting programme during the March quarter had enabled the company to maximise margins and free cash flows. MD Bill Beament said that this was evident in the A$60-million increase in cash, bullion and investments reported... 

Vivien adds ounces to Ramelius quarter

By: Esmarie Swanepoel West Australian gold miner Ramelius Resources has reported a slight drop in production during the three months to March, compared with the previous quarter, despite the Vivien operation coming online during the quarter. The Mt Magnet operation delivered 9 356 oz of gold during the quarter under... 

Kingsgate production tumbles

By: Esmarie Swanepoel March quarter gold production from ASX-listed Kingsgate Consolidated declined significantly compared with the December quarter, as the miner faced difficult conditions. Kingsgate on Thursday reported that group gold production for the three months to March reached 32 472 oz, compared with the 47... 

Karouni lifts Troy production

By: Esmarie Swanepoel The Karouni gold project, in Guyana, was delivering ahead of expectations, owner Troy Resources said on Thursday, with the product to date producing some 35% more ounces than predicted by the ore reserve model. The Karouni project, which poured its first gold in November last year, produced 20... 

Gold miner Goldcorp beats market forecasts, swings back to profit

By: Reuters Canadian gold producer Goldcorp Inc on Wednesday reported better-than-expected earnings, returning to a profit in the first quarter on the back of higher production and lower costs. Goldcorp, the world's third-biggest gold producer by market value, left its 2016 production and cost forecast... 

Gold miner Goldcorp beats market forecasts, swings back to profit

New Gold reports strong Q1 output

By: Henry Lazenby Canadian copper and gold producer New Gold saw strong production results during the first quarter ended March 31, lifting gold output to 90 811 oz, which is in line with 2015 production, as slightly higher output from the company's New Afton, Mesquite and Peak mines partially offset planned lower... 

Covenant violation risk diminishes for Capstone

By: Henry Lazenby Copper producer Capstone Mining has reported a narrower first-quarter adjusted loss of $1.5-million, or nil per share, year-on-year, despite rising costs at its Minto mine, in the Yukon Territory of Canada. For the period ended March 31, Capstone reported operating cash flow before changes in... 

Orbite to close another financing with Quebec govt

By: Henry Lazenby TSX-listed Orbite Technologies has entered into a letter of intent with Investissement Québec to provide the company with total financing of C$15-million. Orbite advised Wednesday that the financing was expected to comprise the purchase of 10% convertible non-secured debentures in the principal... 

Chile seen producing 5.77m tonnes copper in 2016 – Cochilco

By: Reuters World No 1 copper exporter Chile is expected to produce 5.77-million tonnes of the metal in 2016 and prices for the industrial metal are seen averaging $2.15/lb for the year, state copper commission Cochilco said on Wednesday. Copper prices are expected to average $2.20/lb for 2017, it added. 

SA growth likely worst in sub-Saharan Africa – report

By: News24Wire South Africa is likely to be the worst performer in sub-Sahara Africa (SSA) with a projected gross domestic product (GDP) expansion of 0.7% this year. This is according to the latest outlook for the region by FocusEconomics. 

SA growth likely worst in sub-Saharan Africa – report

CIL slashes coal prices

By: Ajoy K Das Faced with mounting stocks currently estimated at 58-million tonnes, producer Coal India Limited (CIL) has slashed the prices of high-grade coal by around 40%. A senior CIL official said that the reduction in prices had been put into effect from April on an experimental basis, but could be... 

India launches investigations into illegal coal imports

By: Ajoy K Das India has launched country-wide investigations into coal importers over-invoicing and resorting to illegal cross-border funds transfers, which have been estimated at around $5.3-billion. Senior government officials said that over-invoicing of coal imports and illegal non-banking channel funds... 

Adani Australian coal mine approval faces fresh court challenge

By: Reuters A green group has asked the Supreme Court of Queensland to review the environmental approval granted to Indian conglomerate Adani Enterprise Ltd to build one of the world's biggest coal mines in the Australian state. Adani, which was granted a mining lease by Queensland earlier this month, has... 

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