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Black interests opting out of once-mighty ferrochrome business

By: Martin Creamer Black South African interests are giving South Africa’s once-mighty ferrochrome business the cold shoulder. The value-adding pursuit, which puts six times more value into chrome and generates three times more jobs than mere raw chrome exportation, was last week ditched by Royal Bafokeng Holdings,... 

Black interests opting out of once-mighty ferrochrome business
Photo by Duane Daws
Ferrochrome produced in South Africa.

Operational glitches dent Sibanye’s Q1 output as it readies for wage talk season

By: Natalie Greve The cumulative effect of several isolated operational incidents, coupled with a slow start-up of operations following the December holiday period, has narrowed Sibanye Gold’s production for the quarter ended March 31, by 5%, dragging gold output down from 332 400 oz in the first three months of... 

Operational glitches dent Sibanye’s Q1 output as it readies for wage talk season
Neal Froneman

Metmar share price rises 12% after buyout news

By: Natasha Odendaal Following its announcement late on Thursday of a pending buyout by an international firm, shares in JSE-listed Metmar on Monday rose more than 12% to over 100c by late afternoon. Physical commodity trader and metals and natural resources merchant Traxys aimed to buy 100% of the African... 

SA boasts world’s ninth-largest recoverable coal reserves – US report

By: Natalie Greve Validating the South African government’s policy decision to retain coal as a central bastion of its diversified energy mix, a recent report by the US Energy Information Administration (EIA) has affirmed the extent of the country’s coal deposits, noting that the Southern African country holds the... 

SA boasts world’s ninth-largest recoverable coal reserves – US report

Rio Tinto CEO urges countries to keep markets open in tough times

By: Esmarie Swanepoel Mining major company Rio Tinto’s boss, Sam Walsh, believes that open markets are the most effective way of creating wealth during the downturn in commodity prices. Speaking in Korea at the end of last week, Walsh noted that while there was a temptation to be parochial during the current downturn... 

BHP's South32 risks tough market debut, M&A talk swirls

By: Reuters BHP Billiton's shareholders are expected to approve the biggest ever spin-off in the mining industry on Wednesday, seeking to wring more value out of a string of long-neglected aluminium, manganese, silver and nickel assets. But the new company, South32, risks a tough May 18 debut on the... 

S&P warns BHP rating vulnerable to weak iron ore, oil prices

By: Reuters Standard & Poor's warned on Monday it may cut BHP Billiton's credit rating in the next 12 months, reflecting the global miner's commitment never to cut its dividend, even in the face of weak prices for its two biggest earners. "The negative outlook reflects the increased likelihood that BHP... 

Endeavour Mining lifts Q1 earnings on higher sales

By: Henry Lazenby West Africa-focused gold producer Endeavour Gold has reported higher earnings attributable to shareholders as a result of improved sales and lower costs, which were somewhat offset by lower metals prices. For the three months ended March 31, the Vancouver-based corporation reported net earnings... 

Endeavour Mining lifts Q1 earnings on higher sales

First Quantum shares up despite swinging to Q1 loss

By: Henry Lazenby Base metals miner First Quantum Minerals has swung to a net loss for the first three months of the year of $82-million, or $0.14 a diluted share, as lower copper and nickel sales and prices impacted the bottom line. Excluding special items, the firm’s comparative loss was $12-million, or $0.10 a... 

First Quantum shares up despite swinging to Q1 loss
Photo by First Quantum Minerals
Kansanshi, Zambia.

Syrah gets enviro nod for Balama

By: Esmarie Swanepoel The Mozambican Ministry of Land, Environment and Rural Development has given its blessing for the development of the Balama graphite project, ASX-listed Syrah Resources reported on Friday. The company told shareholders that it had now received an environmental license for the Balama project. 

Muga's by-products prove profitable for Highfield

By: Esmarie Swanepoel A scoping study into a proposed slimes crystallisation plant at the Muga potash project, in Spain, has proven the opportunity to generate production and revenue from by-products, ASX-listed Highfield Resources said on Friday. The scoping study was done in addition to a definitive feasibility... 

Downer wins $70m Glencore contract

By: Esmarie Swanepoel Project house Downer EDI has been awarded a letter of intent over a $70-million underground contract at the CSA copper mine, in New South Wales. Downer said on Monday that the letter of intent was subject to the parties executing a binding agreement. 

CIL gets leeway to offer higher volumes for auction sales

By: Ajoy K Das India’s Coal Ministry is likely to give greater flexibility to producer Coal India Limited (CIL) to increase sale offers through the e-auction route to improve realisations, on condition that growth in mine production is maintained. The move would enable CIL to increase volumes for sales through... 

Turquoise Hill deal to exit Mongolia miner SouthGobi falls through

By: Reuters A deal that would have allowed Canada's Turquoise Hill Resources to unload its remaining stake in Mongolian coal miner SouthGobi Resources, a company that was once worth billions of dollars, has fallen through. Turquoise Hill said on Friday that the agreement with National United Resources... 

US to evaluate uranium mine cleanups on Navajo land – Justice Dept

By: Reuters The US government will put $13.2-million into an environmental trust to pay for evaluations of 16 abandoned uranium mines on land belonging to the Navajo Nation in Utah, Arizona and New Mexico, the Justice Department said on Friday. The Justice Department said the agreement was part of its... 

Cost cutting pays dividends for Queensland miners

By: Esmarie Swanepoel Cost cutting measures from the Queensland resources sector have resulted in 43% of the Queensland Resources Council’s (QRC’s) members now falling within the lowest quartile of the global cost curve, the industry body reported on Monday. This was compared with only 19% a year ago. 

Cost cutting pays dividends for Queensland miners

Palmer demands apology as court dismisses Citic’s misappropriation claim

By: Esmarie Swanepoel The Queensland Supreme Court on Monday dismissed claims by Chinese government-owned Citic Limited, which claimed that mining magnate Clive Palmer had misappropriated some A$12-million from a port fund associated with the Sino iron-ore project. Citic claimed that Palmer had committed a breach of... 

Creamer Media publishes Iron-Ore 2015: A review of the iron-ore sector electronic research report

Creamer Media’s Iron-Ore 2015 report provides an overview of the global iron-ore market, with particular reference to pricing, supply and demand, as well as the trade in iron-ore. It provides information on not only the major mergers and acquisitions, and the trade of iron-ore in the sector, but... 

Creamer Media publishes Iron-Ore 2015: A review of the iron-ore sector electronic research report

Paragon Diamonds to buy Lucara Diamond Corp’s Lesotho asset

By: Henry Lazenby     Updated 4 hours ago Aim-listed precious gem explorer Paragon Diamonds will buy Botswana-focused Lurara Diamond Corp’s Mothae diamond project, in Lesotho, for $8.5-million in cash. The two companies on Monday announced that they had entered into a memorandum of understanding that would see Lucara sell, subject to... 

Oral hearings in TriMetals Mining’s intl arbitration against Bolivia confirmed for July next year

By: Henry Lazenby     Updated 5 hours ago TSX-listed TriMetals Mining, formerly South American Silver, would get it’s day in court in July next year, a little later than the previously expected May 2016 date, as it pursued its international arbitration claim against Bolivia. TriMetals on Monday said that after concluding consultation... 

Grupo Mexico approves stock buybacks of up to $243.3m in 2015

By: Henry Lazenby     Updated 5 hours ago Mexican railroad and mining company Grupo Mexico said on Monday the company's shareholders had approved potential share buy-backs worth up to $243.3-million during 2015. 

Steelworkers ratify 5 yr deal with Vale

By: Henry Lazenby     Updated 5 hours ago United Steelworkers (USW) members in Sudbury and Port Colborne, Ontario, had approved a five-year collective agreement with mining giant Vale. The union late on Friday announced that the new contract had been ratified by 76.7% of USW Local 6500 members, in Sudbury, and 87% of USW Local 6200... 

Workers down tools at HudBay's Manitoba ops

By: Henry Lazenby Members of the International Association of Machinists and Aerospace Workers (IAM) had downed tools at base metals miner HudBay Minerals’s Manitoba operations. The TSX- and NYSE-listed miner reported that 180 members of union Local No 1848 began a strike at noon on Saturday. 

Workers down tools at HudBay's Manitoba ops
HudBay's Reed mine, Manitoba.

Troy announces capital raising to fund growth strategy

By: Esmarie Swanepoel Gold miner Troy Resources would raise up to A$35-million through a share placement, with the miner hoping to raise a further A$5-million in a share purchase plan (SPP). ASX- and TSX-listed Troy at the end of last week announced the placement of 87.5-million new ordinary shares, at a price of 40c... 

TNG eyes battery power at Mt Peake

By: Esmarie Swanepoel ASX-listed TNG on Monday announced a memorandum of understanding (MoU) with an unnamed vanadium redox-flow battery (VRB) manufacturer at the Mt Peake vanadium project, in the Northern Territory. TNG told shareholders that the MoU covered a potential offtake agreement, as well as the examination... 

Trafford shareholders approve IronClad merger

By: Esmarie Swanepoel The shareholders of ASX-listed junior Trafford Resources have voted in favour of a proposed merger with fellow-listed IronClad Mining. The two companies in December last year executed a merger implementation agreement, under which IronClad would acquire all the issued shares in Trafford, at a... 

CuDeco raises cash for Rocklands

By: Esmarie Swanepoel Copper developer CuDeco has struck a deal with Chinese investment group Focus Sun Holdings, which would result in a A$50-million capital injection to complete the Rocklands project, in Queensland. Under the terms of the agreement, some 40-million shares would be issued at a price of A$1.25 each,... 

Tesla Motors reveals new range of household batteries, energy division

By: Henry Lazenby Clean energy leader Tesla Motors on Thursday night launched a new range of batteries that could power homes and commercial buildings at a fraction of the expected cost, highlighting the growing demand for the minerals, such as graphite, cobalt and lithium, required to make these batteries. Tesla... 

Tesla Motors reveals new range of household batteries, energy division
Tesla Motors CEO Elon Musk.

Vale debt rating cut 2nd time this year on iron-ore price drop

By: Reuters Brazilian mining company Vale was downgraded late on Thursday by the Standard & Poor's credit-rating agency over concern that a drop in iron ore prices will erode revenue at the world's largest producer of the main steel-making ingredient. New York-based S&P reduced the company's rating to... 

Macquarie revives talks with Jefferies on precious metals business – sources

By: Reuters Australia's Macquarie Group is looking to recruit the precious metals trading team of Jefferies Group LLC's commodities brokerage, two sources familiar with the matter said on Friday. Jefferies, which is owned by Leucadia National Corp, said last month that it would sell most of its Bache unit's... 

Centerra Gold lifts Q1 profit on higher output, sales

By: Henry Lazenby Canadian gold producer Centerra Gold has experienced a significant jump in first-quarter earnings on the back of a 53% jump in ounces sold. The Toronto-based company after market close on Thursday reported net earnings of $40.7-million, or $0.17 a share, for the three months ended March 31,... 

Centerra Gold lifts Q1 profit on higher output, sales
Photo by Centerra Gold
Centerra Gold's Kumtor mine, in the Kyrgyz Republic.

DTI mum on amended BEE codes despite May 1 deadline

By: RDM News Wire With just hours to go before the Broad Based Black Economic Empowerment (B-BBEE) Amended Codes of Good Practice come into law on 1 May‚ the Department of Trade and Industry (DTI) had still not clarified several important points - including the draft Qualifying Small Enterprises (QSE) codes and... 

DTI mum on amended BEE codes despite May 1 deadline

SA’s minimum wages outperform its Brics partners 

By: RDM News Wire Despite 84.5% of South African workers receiving a regular wage or salary – which is high in world terms and even better than some developed countries – the subject of minimum wages remains one of the most heatedly discussed economic topics. And it’s often misunderstood by both workers and... 

SA’s minimum wages outperform its Brics partners

Valence halts trading as $75m financing plans are announced

By: Esmarie Swanepoel Graphite miner Valence Industries on Friday announced that it had entered into a binding heads of agreement for a $75-million debt financing facility to fund the planned expansion of its Uley graphite project, in South Australia. Valence was expected to provide details of the funding terms, as... 

Hot Chili shareholders welcome CMP investment

By: Esmarie Swanepoel The shareholders of ASX-listed junior Hot Chili have voted in favour of a deal to sell a stake in the Productora copper project, in Chile, to Chilean major Compañía Minera del Pacífico SA (CMP). In August of last year, Hot Chili executed a joint infrastructure agreement with CMP, which would see... 

Axiom in funding talks for Solomon Islands project

By: Esmarie Swanepoel Metals developer Axiom Mining on Friday told shareholders that it was in negotiations with project financiers and potential offtake partners for its Isabel nickel project, in the Solomon Islands. Axiom was taking a phased approach to develop the Isabel project, with the initial focus being on... 

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