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CoAL signs MoU with potential investor for Makhado project

By: Anine Kilian Coal of Africa Limited (CoAL) has signed a memorandum of understanding with Qingdao Hengshun Zhongsheng, which has shown an interest in acquiring an interest in CoAL’s flagship Makhado coking coal project, in the Soutpansberg coalfield. Hengshun had now started a due diligence on Makhado. 

CoAL signs MoU with potential investor for Makhado project

Universal Coal anticipates improved April performance

By: Natasha Odendaal Following the completion of the pit configuration activities and the resumption of steady-state production at Kangala colliery, Universal Coal now expects record domestic sales of more than 200 000 t in April. As run-of-mine (RoM) coal production continued to improve, the colliery’s performance... 

Universal Coal anticipates improved April performance

DRDGold declares Q3 dividend

By: Natasha Odendaal Dual-listed DRDGold on Friday declared a dividend of 38c a share for the third quarter of the 2016 financial year. The group’s total distribution for the year to date was now 50c a share, when added to the 12c a share interim dividend declared in February, representing a 400% increase on the 10c... 

Power no longer major threat to Moma – Kenmare

By: Natasha Odendaal Power supply challenges that have affected production at the Moma titanium minerals mine, in northern Mozambique, have been eased considerably with visibly improved power quality and consistency since December, enabling a production surge during the first quarter of the year. Titanium minerals... 

Mining graduates urged to show ingenuity amid bleak near-term jobs outlook

By: Dylan Slater The job prospects for the growing number of South African mining engineering graduates have become increasingly uncertain as a result of the plunge in commodity prices. In fact, mining industry leaders who attended the University of the Witwatersrand’s (Wits’) School of Mining Engineering... 

Mining graduates urged to show ingenuity amid bleak near-term jobs outlook

Amplats reports two fatalities at Tumela

By: Anine Kilian Two Anglo American Platinum (Amplats) employees were killed in a winch rope incident at the Tumela mine at Amandelbult, Limpopo, earlier this week. “Our sincerest condolences are with the families, friends and colleagues of all involved in this terrible incident,” said Amplats CEO Chris Griffith. 

Kibo Mining completes review of feasibility study for Mbeya coal project

By: African News Agency Kibo Mining on Friday announced that the review of the Power Definitive Feasibility Study (PDFS) had been completed successfully, clearing one more regulatory hurdle into the development 250 MW to 350 MW mouth-of-mine thermal power station, the Mbeya Coal To Power Project (MCPP), in south-western... 

First Quantum swings to Q1 profit as production rises

By: Henry Lazenby 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... 

Eritrean potash project signs eight nonbinding offtake MoUs

By: David Oliveira ASX-listed potash developer Danakali has signed nonbinding memorandums of understanding (MoUs) with eight multinational parties throughout Northern Africa, Europe, the Middle East and North America for the offtake of sulphate from its 50%-owned Colluli potash project in Eritrea, in East Africa.... 

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 company-wide output of 127 844 oz of the yellow metal, an increase of 10% over the same period in 2015. Despite a slope failure on the pit access ramp at the Otjikoto mine, in Namibia, on... 

CIL coal goes under microscope as customers complain about quality

By: Ajoy K Das Faced with rising production as well as falling offtake and prices, India’s Coal India Limited (CIL) has initiated steps to address customer complaints around the quality of coal supplied. For starters, the government’s Central Institute for Mining and Fuel Research (CIMFR) has been directed to... 

Late tweaks likely to delay India’s New Mineral Policy

By: Ajoy K Das Last-minute tweaking of the National Mineral Policy (NMP) is likely to delay its implementation, as changes opposed by a section of the mining industry need to be reconciled, according to the architect of the NMP, who is an official in the Mines Ministry. The dilution of incentives for... 

Centerra’s Bishkek office raided by Kyrgyz general prosecutor

By: Henry Lazenby Canadian miner Centerra Gold on Thursday 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... 

Centerra’s Bishkek office raided by Kyrgyz general prosecutor
Photo by Reuters
Kumtor gold mine, Kyrgyztan

Eldorado to sell Chinese mine

By: Henry Lazenby Having previously Eldorado stated that it was mulling the sale of its Chinese assets, dual-listed Eldorado Gold this week announced that it would sell its 82% interest in the Jinfeng mine to China National Gold Group, for $300-million in cash. China National Gold had been the company’s minority... 

Agnico Eagle soars on strong Q1 financials

By: Henry Lazenby Canadian gold producer Agnico Eagle Mines has recorded a 9.21% bump in its NYSE-listed stock price on Friday, testing new 12-month highs of $47.33 a share after reporting strong first-quarter earnings. For the three months ended March 31, the Toronto-headquartered miner had reported adjusted net... 

Hudbay stock on the move as sales, cash flows rise

By: Henry Lazenby The TSX-listed stock of base metals producer Hudbay Minerals jumped as much as 17% on Friday to C$6.22 a share, following the company reporting strong sales growth despite lower metals prices during the March quarter. The Toronto-based miner, with operations in Peru and Canada’s Manitoba... 

‘Quiet’ quarter prompts more cautious outlook for Cameco

By: Henry Lazenby Canadian uranium producer Cameco has reported a “very quiet” first quarter during which it swung to an adjusted loss of C$7-million, or C$0.02 a share, compared with earnings of C$69-million, or C$0.18 a share a year earlier. For the three months ended March 31, revenues fell 28% year-over-year... 

‘Quiet’ quarter prompts more cautious outlook for Cameco

Chile data paints mixed picture for economy

By: Henry Lazenby Economic data published on Friday painted a mixed picture for Chile's economy, the world's No 1 copper producer, as factory output and copper production jumped while retail sales remained soft and the national jobless rate rose. "This is data that reflects the complexities faced by the economy... 

Doray on track to meet full-year production targets

By: Esmarie Swanepoel Another solid quarter of gold production from the Andy Well mine, in Western Australia, has placed gold miner Doray Minerals in a strong position to meet the upper end of its full-year production guidance of between 78 000 oz and 85 000 oz for the full year 2016. The Andy Well operation... 

Low rare earths prices cause drop in Lynas revenue

By: Esmarie Swanepoel Rare earths miner Lynas has reported a significant drop in revenue for the three months to March 31, owing to low rare earths prices, which also hinders the miner’s plans to fund improvements at its Lynas Advanced Materials Plant (Lamp) operation, in Malaysia, through cash flows. Sales revenue... 

Low rare earths prices cause drop in Lynas revenue

OceanaGold reports solid quarter as Didipio breaks production record

By: Esmarie Swanepoel Record production from the Didipio gold mine, in the Philippines, has resulted in dual listed OceanaGold increasing its gold production during the three months to March. The ASX- and TSX-listed miner reported on Friday that gold production for the first quarter ended March had increased to 122... 

Maxwells resource estimate upped by 400% – Silver Lake

By: Esmarie Swanepoel Junior gold miner Silver Lake Resources has reported a 400% increase in the mineral resource at its Maxwells project, within the Mount Monger project, in Western Australia. Following an accelerated exploration programme, the project was now estimated to host a resource of 1.69-million tonnes,... 

Oz backs Minotaur findings in South Australia

By: Esmarie Swanepoel Junior explorer Minotaur Exploration has identified a number of new copper-gold targets around producer Oz Minerals’ Prominent Hill operation, in South Australia, which would now be investigated further. In October of last year, the two companies signed a heads of agreement that allowed Minotaur... 

Capricorn shakes the tin to fund Karlawinda studies

By: Esmarie Swanepoel ASX-listed junior Capricorn Metals has raised A$12.6-million through a share placement to advance its flagship Karlawinda gold project, in Western Australia. The company, previously known as Malagasy Minerals, said on Friday that it had placed 97.2-million shares, at a price of 13 each to... 

APLNG pushes Origin production

By: Esmarie Swanepoel With the start of shipments from the Australia Pacific liquefied natural gas (APLNG) project in January, producer Origin Energy on Friday reported a 12% increase in production for the three months to March, compared with the previous quarter. Origin reported production of 60.9 PJe during the... 

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

By: Reuters 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 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 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 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 The largest US iron-ore producer Cliffs Natural Resources rallied as much as 35% to $5.38 a share on the NYSE on Thursday, after swinging to a first-quarter profit amid sustained market improvement. For the three months ended March 31, Cliffs recorded net income attributable to Cliffs' common... 

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

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, as well as 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 fourth-quarter headline earnings – excluding... 

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... 

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%... 

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... 

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

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... 

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... 

Bushveld targets Evraz’s Vametco stake

Diversified mineral development company Bushveld Minerals has taken an interest in financially troubled Evraz’s controlling stake in Vametco’s vanadium mine and plant. Mining Weekly editor Martin Creamer joins senior deputy editor Tracy Hancock in studio to discuss the details. 

Bushveld targets Evraz’s Vametco stake

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