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Rio Tinto simplifies business to further lower costs

By: Esmarie Swanepoel     Updated 4 hours ago Diversified giant Rio Tinto on Friday announced that it would streamline its business, condensing its assets into four product groups namely; aluminium, copper and coal, diamonds and minerals, and iron-ore. The miner said that the new copper and coal product group would bring Rio’s coal... 

Rio Tinto simplifies business to further lower costs
Photo by Bloomberg
Rio Tinto CEO Sam Walsh

Glencore cuts Australian coal exports to match demand

By: Esmarie Swanepoel     Updated 4 hours ago Johannesburg-, London- and Hong Kong-listed mining major Glencore on Friday announced that it would reduce its Australian coal exports by some 15-million tonnes in 2015, to align output with current customer demand. The decision to decrease coal exports from Australia followed the miner’s move in... 

Report forecasts ‘dominant’ role for gas in Africa’s power mix

By: Terence Creamer     Updated 25 minutes ago Gas has the potential to account for more than 40% of the electricity generated in sub-Saharan Africa (SSA) from 2020 onwards, a new report by McKinsey & Company shows, adding that, by 2040, gas-fired capacity could be responsible for more than 700 terawatt-hours in the region. The study projects... 

Report forecasts ‘dominant’ role for gas in Africa’s power mix

Endeavour Mining raises stake in West Africa-focused Legend Gold

By: Henry Lazenby West Africa-focused gold producer Endeavour Mining has filed an ‘early warning report’, as required by National Instrument 62-103, after increasing its holdings in Mali-focused explorer Legend Gold to about 18.75%. Vancouver-based Endeavour had received a further 2.5-million Legend common shares,... 

Montero declines participation in Ethiopian graphite project

By: Henry Lazenby TSX-V-listed Montero Mining & Exploration has declined participation in the Moyale graphite project, in Ethiopia, the company reported on Thursday. Montero had in August entered into a binding agreement with Ethiopia-based Hulager General Import & Export to acquire up to an 80% interest in its... 

Australian iron-ore juniors hurting, some majors reviewing expenditure plans as prices slump

By: Esmarie Swanepoel     Updated 4 hours ago The recent free fall in the iron-ore price to its lowest level in six years has struck a deathblow to a number of Australian juniors operating in the sector, while the majors have been forced to cut back costs. Commodity analyst Wood Mackenzie (WoodMac) blamed the lagging commodity price on a... 

Australian iron-ore juniors hurting, some majors reviewing expenditure plans as prices slump

Implats moves to power platinum refinery with platinum fuel cells

By: Martin Creamer Platinum major Impala Platinum (Implats) is studying the feasibility of taking its entire platinum refinery off the national electricity grid and powering it with platinum fuel cells. The refinery already has a supply of available hydrogen to fuel the cells and would need some 20 MW of fuel-cell... 

Implats moves to power platinum refinery with platinum fuel cells
Photo by Creamer Media
Terence Goodlace and Martin Creamer

Implats to invest R30bn over 5 years, selling Marula, deferring Afplats

By: Martin Creamer With the long-term fundamentals for platinum-group metals (PGMs) remaining strong, platinum-mining major Impala Platinum plans to invest R30-billion across its operations in the next five years, but at a lower level than previously planned in the next two years, when PGMs prices are likely to be... 

Implats to invest R30bn over 5 years, selling Marula, deferring Afplats
Photo by Duane Daws
Implats CEO Terence Goodlace

Low grades, stoppages hurt Pan African’s H1 earnings

By: Natalie Greve Precious metals mining group Pan African Resources has posted a 62.8% drop in headline earnings to R102.6-million for the six months ended December 31, saying on Thursday that the six months were made “challenging” by a lower-grade mining cycle at Evander Mines, in Mpumalanga, contamination in... 

Aquila Resources takes govt to court over overlapping mining rights

By: Natalie Greve Steel producer Aquila Resources on Thursday instituted legal proceedings against the South African government in the Pretoria High Court to resolve an alleged overlapping prospecting right over its Avontuur manganese project, in the Northern Cape. The company said in a statement that its decision... 

Aquila Resources takes govt to court over overlapping mining rights

M&R accelerates Clough’s globalisation as Australian LNG workflow tapers

By: Terence Creamer Engineering and construction group Murray & Roberts (M&R) has signalled its intention to accelerate the internationalisation of its Australia-based oil and gas unit, Clough – a strategy underpinned by a dramatic tapering off of greenfield liquefied natural gas (LNG) megaprojects in Australia and... 

M&R accelerates Clough’s globalisation as Australian LNG workflow tapers
Clough CEO Kevin Gallagher

Kibo enters two JVs with Metal Tiger for gold and uranium projects

By: Megan van Wyngaardt Tanzania focused exploration and development company Kibo Mining has completed due diligence on its Morogoro South gold-prospective exploration portfolio and has started its 50/50 joint venture (JV) activities with investing company Metal Tiger. The portfolio, which consists of 18 licences,... 

Kibo enters two JVs with Metal Tiger for gold and uranium projects

Potash West gains 25% stake in technology firm, mulls separate listing

By: Esmarie Swanepoel     Updated 2 hours 57 minutes ago The share price of ASX-listed Potash West fell slightly on Friday as the company raised the possibility of listing a venture that will pursue potash technologies. Potash West has obtained a 25% interest in a lithium technology licensing company, which holds the licence for a unique lithium... 

India’s coal block auction to be ready by June

By: Ajoy K Das     Updated 3 hours ago The Indian government will be ready to start the auction of coal blocks to standalone domestic and foreign miners by June this year, an official in the Ministry of Coal said. The process of identifying suitable coal blocks had already begun and rules for allocating these through auction would be... 

Newcrest downsizes Evolution shareholding

By: Esmarie Swanepoel     Updated 3 hours ago Gold major Newcrest Mining has reduced its shareholding in fellow-listed Evolution Mining from 32.3% to 14.9% in an overnight sell-down of shares. The sale was priced at 85c a share, generating proceeds of some A$106-million, which Newcrest would use to repay debt. 

Troy's higher gold output results in more revenue

By: Esmarie Swanepoel     Updated 3 hours ago ASX- and TSX-listed gold miner Troy Resources has reported a 22% increase in revenues for the half-year ended December, on the back of a higher gold output. The miner on Friday reported that gold equivalent production during the interim period reached 65 014 oz, compared with the 60 334 oz... 

Beadell signs off on tough year

By: Esmarie Swanepoel     Updated 3 hours ago Gold miner Beadell Resources on Friday reported a $100-million drop in net profit after tax for the financial year ended December, with higher costs of production, a foreign exchange rate loss and tax liabilities negatively impacting on the company’s financial performance. Net profit after tax... 

Iron Road pushes CEIP resource to 4.5bt

By: Esmarie Swanepoel     Updated 3 hours ago Junior developer Iron Road has increased the mineral resource estimate at its Central Eyre iron project, in South Australia, by 22%, to about 4.5-billion tonnes, grading 16% iron. The ASX-listed company noted that about 3.5-billion tonnes, or 77% of the mineral resource, was classified as... 

Resources Watch

By: Creamer Media Reporter      Updated 4 hours ago This week: Sibanye eyes a R3-billion, 150 MW solar power station. DRDGold lifts its output 6% despite 67 hours of load shedding in December. And, the International Council for Mining & Metals says mines are the development engines for host countries. 

Resources Watch

Colombian mining tax regime counterproductive to investment, profit

By: Henry Lazenby The Colombian mining tax regime has imposed a significantly high tax burden on marginal investments in mining, discriminated across minerals and was counterproductive to project profitability, pointing to a need to improve the country's mining tax regime. This was according to a report released... 

Aus explorer exercises option to acquire two US projects

By: Henry Lazenby Australian explorer Carnavale Resources has exercised an option to acquire private firm Tojo Minerals, which has the rights to the Red Hills project, in Nevada, and the Little Butte project, in Arizona. Perth, Australia-based Carnavale said in a statement that it would move to immediately ramp-up... 

Obama vetoes Keystone XL pipeline, leaving it in limbo

By: Reuters President Barack Obama on Tuesday, as promised, swiftly vetoed a Republican bill approving the Keystone XL oil pipeline, leaving the long-debated project in limbo for another indefinite period. The US Senate Majority Leader Mitch McConnell, after receiving Obama's veto message, immediately... 

True North Gems updates Greenland precious-gem project PFS

By: Henry Lazenby An updated prefeasibility study (PFS) on Canadian project developer True North Gems' Aappaluttoq ruby and pink sapphire project, in Southwest Greenland, has presented positive results, revealing that the project has an after-tax net present value at an 8% discount rate of $171-million. The mine,... 

Vale shares down after Q4 loss, missing analyst forecasts

By: Henry Lazenby The NYSE-listed stock of the world’s largest iron-ore producer, Brazil’s Vale, on Thursday trended lower after the diversified miner reported a significant fourth-quarter net loss, as the collapse of the steelmaking commodity’s price weighed on its bottom line.  Despite narrowing the net loss for... 

Vale shares down after Q4 loss, missing analyst forecasts

Sibanye Gold says not keen on Implats' Marula mine

By: Reuters South Africa’s Sibanye Gold, which says it wants to expand into platinum, said on Thursday it was not interested in Impala Platinum’s Marula mine. Implats earlier announced on Thursday announced its intention to sell Marula, which produced 78 500 oz of platinum in its 2014 financial year, as part... 

Mines eye generating own electricity

By: Creamer Media Reporter Creamer Media's Shannon de Ryhove speaks to Mining Weekly editor Martin Creamer about South African mines turning to solar power and fuel cells to keep them running as Eskom becomes increasingly more expensive and unreliable. 

Mines eye generating own electricity

Metallon to spend $78m to raise gold output in Zimbabwe

By: Reuters The Zimbabwe unit of London-based Gold mining company Metallon Corporation said it will spend $78.3-million to buy new equipment and expand underground mining to increase production to 150 000 oz of gold this year. Metallon Corporation runs five gold mines in Zimbabwe through its Metallon Gold... 

Resgen reveals possible financiers for Boikarabelo construction

By: Megan van Wyngaardt South Africa-focused coal miner Resource Generation (Resgen) on Thursday revealed that it was in negotiations with FirstRand Bank, acting through its Rand Merchant Bank division, HSBC Bank - Johannesburg Branch, the Industrial Development Corporation, Noble Resources International and Export... 

CoM welcomes budget allocations, opposes carbon tax

By: Megan van Wyngaardt The Chamber of Mines (CoM) has lauded Finance Minister Nhlanhla Nene’s budget speech on Wednesday, stating that it prioritised the Mining Phakisa Lab, aimed at healthier cooperation between government and the mining industry to resolve constraints and hurdles that hinder the growth of the mining... 

CoM welcomes budget allocations, opposes carbon tax

Odisha mines hit classification roadblock towards auction

By: Ajoy K Das Iron-ore mines across the eastern Indian province of Odisha would not be ready for auction for a number of years, despite the federal government’s intentions to start the process by mid-2015. According to a provincial government official, the Mines and Minerals (Development and Regulation)... 

Zambian ex-mines minister found guilty of corruption

By: Reuters Zambia's former mines minister was convicted of corruption on Monday for his role in the award of prospecting licences to a Chinese mining company in 2009. Delivering judgment in the matter, magistrate Lameck Mwale said the prosecution had proved that Maxwell Mwale interfered in the award of... 

Ausdrill sees silver lining in Australian gold as iron-ore drops

By: Reuters Mine services group Ausdrill Ltd on Thursday said it was counting on a resurgence in Australian gold mining to offset weakness in its iron ore business after it posted a A$177-million ($139.12-million) first-half loss on the back of A$197-million of impairments. Higher output and cheap oil... 

PanTerra to earn into British Columbia gold project

By: Esmarie Swanepoel Gold miner PanTerra Gold has inked a predevelopment and earn-in agreement with Vancouver-based Canarc Resource Corporation, which was expected to lead to the development of the New Polaris gold mine, in British Columbia. PanTerra reported on Thursday that the company would progressively spend... 

PanTerra to earn into British Columbia gold project

Northern Star unveils competing bid for Central Tamani

By: Esmarie Swanepoel Australian gold miner Northern Star Resources this week launched a competing bid to gain a majority interest in the Central Tanami gold project, in the Northern Territory. ASX-listed Tanami Gold on Thursday announced that Northern Star had submitted an unsolicited alternative proposal to a JV... 

Sandfire profit dips on lower copper prices

By: Esmarie Swanepoel Copper/gold miner Sandfire Resources’ after-tax profit declined by 9% to A$30.6-million in the six months to the end of December, on the back of lower prevailing copper prices. The interim profit compared with A$33.5-million reported in the previous corresponding period, despite sales revenue... 

Resolute signs up for Taruga project

By: Esmarie Swanepoel Gold miner Resolute Mining has agreed to a joint venture (JV) with junior Taruga Gold over three concessions in Côte d’Ivoire. Under the terms of the agreement, Resolute would earn a 75% interest in the three tenements by spending some $3-million in exploration over a four-year period. 

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