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Analysts paint sparkling picture of coloured gemstone market

By: Ilan Solomons     Updated 4 hours ago 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

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

By: Anine Kilian     Updated 44 minutes ago 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... 

Resgen makes first drawdown from extended facility agreement

By: Anine Kilian     Updated 2 hours 10 minutes ago 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,... 

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... 

Stellar, Octea sign tribute mining agreement over Sierra Leone project

By: Anine Kilian     Updated 21 minutes ago 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... 

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... 

Mustang changes course with ruby sales

By: Esmarie Swanepoel     Updated 3 hours ago 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... 

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

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

Review finds petroleum resources rent tax sufficient

By: Esmarie Swanepoel     Updated 3 hours ago 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     Updated 3 hours ago 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     Updated 3 hours ago 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     Updated 3 hours ago 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     Updated 3 hours ago 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. 

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

Orinoco takes full ownership of Cascavel

By: Esmarie Swanepoel     27th April 2017 Gold developer Orinoco Gold has inked a binding agreement with its minority partners in the Cascavel gold mine, in Brazil, to acquire the outstanding 30% interest in the project. The transaction would result in Orinoco consolidating the ownership of the mine, simplifying and streamlining the... 

Tawana raises A$15m for Bald Hill

By: Esmarie Swanepoel     27th April 2017 ASX-listed Tawana Resources will raise A$15-million through a share placement to advance the Bald Hill lithium and tantalum project, in Western Australia, to commissioning by late 2017. Tawana on Thursday said that it has received firm commitments from domestic and offshore institutional... 

Appea warns on new oil and gas taxes

By: Esmarie Swanepoel     27th April 2017 New research by advisory firm Wood Mackenzie (Woodmac) has warned that any additional taxes on the Australian oil and gas industry could inflict significant damages. Undertaken on behalf of the Australian Petroleum Production & Exploration Association (Appea), the report confirms that the new... 

Minister casts a pall over WA uranium sector

By: Esmarie Swanepoel     27th April 2017 Western Australia’s newly appointed Mines and Petroleum Minister Bill Johnston has cast doubts on the future of uranium mining in the state. Speaking on the sidelines of the Paydirt Graphite conference, in Perth, Johnston noted that although the Labor government will allow the uranium mines... 

Northern Star posts another solid quarter

By: Esmarie Swanepoel     27th April 2017 Gold miner Northern Star Resources is on track to meet its full year production guidance of between 485 000 oz and 515 000 oz of gold following another strong quarter of results. The miner on Thursday reported that gold production during the three months to March reached 125 753 oz, up slightly... 

DeGrussa plant maintenance results in decreased production for Sandfire

By: Esmarie Swanepoel     27th April 2017 Copper-gold producer Sandfire Resources has reported a slight decline in production during the March quarter, on the back of two planned maintenance shut downs of the Sandfire plant, in Western Australia. Copper production during the March quarter declined form 18 130 t to 16 256 t, compared... 

Australia puts gas export controls in place

By: Esmarie Swanepoel     27th April 2017 The Australian Petroleum Production and Exploration Association (Appea) has warned that the gas export controls announced by the federal government were short-term, and posed the risk of exacerbating tight market conditions unless accompanied by genuine reforms. The federal government on... 

Australia puts gas export controls in place
Photo by Bloomberg
Australia PM Malcolm Turnbull

Newcrest production declines slightly in March Q

By: Esmarie Swanepoel     27th April 2017 Australian gold major Newcrest Mining has reported a 2.6% decline in gold production and a 12.3% decline in copper production for the three months to December. Group gold production for the quarter reached 598 602 oz, while copper production reached 22 074 t in the three months to March, with... 

Teck doubles dividend with new adopted policy

By: Henry Lazenby     27th April 2017 Diversified miner Teck Resources has adopted a new dividend policy doubling payouts to shareholders and allowing the board to consider a supplemental dividend annually, based on free cash flow, business conditions and capital priorities. The Vancouver-based company said it will pay on June 30, an... 

Arconic sheds Alcoa stake through debt-for-equity swap

By: Reuters     27th April 2017 Specialty metals maker Arconic Inc said on Wednesday it would exit its stake in Alcoa Corp through a debt-for-equity swap with two of its creditors. Arconic said it would exchange the nearly 13-million Alcoa shares it owns for debt held by Citigroup Global Markets and Credit Suisse Securities... 

Brazil's CSN resumed iron-ore exports using alternate port – source

By: Reuters     27th April 2017 Brazilian steelmaker Companhia Siderúrgica Nacional has resumed iron-ore exports using an alternate port while trying to repair damaged equipment in its Itaguaí port, a source with knowledge of the matter said on Wednesday. CSN, as the company is known, is temporarily using the Sudeste port,... 

Canada reports progress with US on lumber as Trudeau, Trump talk again

By: Reuters     27th April 2017 Canadian Prime Minister Justin Trudeau and USPresident Donald Trump spoke again about bilateral trade on Wednesday, the second conversation in as many days between the two leaders amid strains over softwood lumber and dairy. Trudeau's office declined to say who initiated the phone call and... 

New Gold swings back into the black as Q1 revenues, cash flow rise

By: Henry Lazenby     27th April 2017 Precious metals producer New Gold has performed better than expected during the March quarter, as it benefitted from a higher metal prices and higher gold sales volumes, partially offset by lower copper and silver sales. The TSX- and NYSE MKT-listed miner reported adjusted net earnings for the... 

Goldcorp posts Q1 earnings surprise as cost-cutting measures gain traction

By: Henry Lazenby     27th April 2017 Canadian gold major Goldcorp has beaten average analyst forecasts for its first-quarter earnings as the company’s sustainable efficiency programme gains traction. The Vancouver-based miner on Wednesday reported net earnings for the three months ended March 31, of $170-million, or $0.20 a share,... 

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