http://www.miningweekly.com
R/€ = 15.11 Change: 0.05
R/$ = 12.90 Change: 0.14
Au 1261.31 $/oz Change: 13.08
Pt 931.50 $/oz Change: 11.00
 
Close

Email me free daily news

Email address

Cash-gushing Anglo restarts dividend as earnings double

By: Martin Creamer     Updated 54 minutes ago The underlying earnings of diversified mining company Anglo American have more than doubled in the six months to June 30, when the generation of cash in the half year was more than all of 2016. Earnings hit the $1.5-billion mark and cash flow soared to $2.7-billion. 

Cash-gushing Anglo restarts dividend as earnings double
Photo by Duane Daws
Anglo American CEO Mark Cutifani

Reject the Mining Charter, urges Phosa

By: African News Agency      Updated 1 hour 33 minutes ago African National Congress (ANC) presidential hopeful, Mathews Phosa, has rubbished the recently revised Mining Charter as a document crafted by “corrupt politicians who colluded with illegal immigrants” in an attempt to get their hands on the country’s mineral resources. Under threat of legal... 

Gemfields to delist July 28

By: Martin Creamer     Updated 3 hours ago Coloured gemstones mining and marketing company Gemfields is expected to cease trading on the London Aim from 07.00 on Friday, July 28, when it will be delisted. Pallinghurst Resources, which is taking its associate company in-house, said on Thursday that it would begin making an offer to... 

Randgold CEO hopeful on resolution to Mali tax dispute

By: Reuters     26th July 2017 Randgold Resources' chief executive said on Wednesday he was hopeful of resolving an 42-billion CFA Francs ($74-million) tax dispute with Mali's government and that the company continued to invest in its two mines in the West African country. The gold miner has already agreed to pay more than a... 

World's biggest tax bill is latest worry for African gold miner

By: Bloomberg     Updated 2 hours 8 minutes ago It was supposed to mark a fresh start for the African business of the world’s biggest gold producer. In November 2014, African Barrick Gold would get a new name and new management to distance itself from a troublesome past and disputes with local politicians. Less than three years later, things... 

Copper trumps politics as investors take shine to Zambian assets

By: Bloomberg     Updated 1 hour 57 minutes ago Investors are overlooking Zambia’s political risk and buying the nation’s assets as the price of copper, its biggest export, rises. The yield on Zambia’s $1-billion Eurobonds due April 2024 have fallen 135 basis points this year to 7.55% on Wednesday. The southern African nation’s currency has... 

Deputy Minister ‘uncomfortable’ at not being consulted

By: Martin Creamer     26th July 2017 Deputy Mineral Resources Minister Godfrey Oliphant told Radio 702 morning anchor Xolani Gwala on Wednesday that he was “uncomfortable” at having to read about the proposed mineral rights moratorium in the newspapers. Oliphant, who has served as the deputy to three Mineral Resources Ministers,... 

Deputy Minister ‘uncomfortable’ at not being consulted
Photo by Duane Daws
Deputy Mineral Resources Minister Godfrey Oliphant

Moratorium aside, Zwane approves Lonmin’s bid to acquire Anglo’s Pandora stake

By: Samantha Herbst     26th July 2017 Mineral Resources Minister Mosebenzi Zwane has given platinum major Lonmin the go-ahead to acquire Anglo American Platinum’s 42.5% stake in the Pandora platinum joint venture (JV) operation, which saves the 3 000 jobs that would have been lost had the operation been placed under care and... 

Goldman's now bullish on iron-ore this year but warns on 2018

By: Bloomberg     Updated 1 hour 20 minutes ago Goldman Sachs Group boosted its iron-ore forecasts after better-than-expected demand in China raised prices, but combined the revised outlook with a warning that it remains bearish on next year on prospects for plentiful mine supplies and a worldwide glut. The three-month forecast was raised to... 

Gold Fields expects up to 50% decrease in H1 earnings

By: Creamer Media Reporter      Updated 2 minutes ago Stronger exchange rates on converting local currency costs to dollar, an increase in amortisation and a financial provision to potentially settle silicosis claims will result in an up to 50% year-on-year decrease in JSE- and NYSE-listed Gold Fields’s earnings per share (EPS) and headline earnings... 

KAZ doubles H1 copper output as new mines ramp up

By: Mariaan Webb     Updated 8 minutes ago Copper and gold miner KAZ Minerals more than doubled its first half copper production to 118 000 t, paving the way for the the full-year guidance of 225 000 t to 260 000 t to be achieved. Gold production rose from 45 000 oz in the first half of 2016 to 93 000 oz in the six months ended June 2017,... 

Fortescue lifts Q4 output by 20%

By: Esmarie Swanepoel     Updated 42 minutes ago Iron-ore miner Fortescue Metals reported a 20% quarter-on-quarter increase in ore mined during the three months to June 30, with C1 costs down 7% over the same period. Fortescue on Thursday reported that the miner produced 53.6-million tonnes in the fourth quarter, shipping some 44.7-million... 

Beach Energy unveils expanded capital programme

By: Esmarie Swanepoel     Updated 43 minutes ago Oil and gas producer Beach Energy on Thursday announced the launch of a multi-year capital spend programme, designed to appraise undeveloped reserves and prospective resource potential in the Cooper basin. The company told shareholders that in 2018, some A$220-million to A$260-million would be... 

Yancoal to sell 16.6% of newly acquired Hunter Valley mines

By: Esmarie Swanepoel     Updated 46 minutes ago Reports emerged on Thursday that diversified miner Glencore has reached an agreement to purchase some of the Hunter Valley assets that ASX-listed Yancoal recently acquired from mining major Rio Tinto. The reports, carried in several Australian news outlets, comes as Yancoal holding company... 

Yancoal to sell 16.6% of newly acquired Hunter Valley mines

Rox and Marindi reach accord

By: Esmarie Swanepoel     Updated 1 hour 6 minutes ago ASX-listed Marindi Metals and Rox Resources have buried the hatchet, with the two companies reaching an agreement over Rox’s sale of its interest in the Reward joint venture (JV). Rox in August last year accepted Marindi’s A$21-million offer for its 49% share in the Reward project, subject to JV... 

Echo raises funds for exploration

By: Esmarie Swanepoel     Updated 1 hour 7 minutes ago ASX-listed Echo Resources has raised A$5-million through a share placement to fund exploration work at its Western Australian assets. Some 50-million fully paid shares were made to a range of institutional and sophisticated investors at a price of 10c each, with the placement undertaken under... 

Aurora makes a play for Molopo Energy

By: Esmarie Swanepoel     Updated 1 hour 8 minutes ago ASX-listed Aurora Funds Management has announced plans to make a takeover offer of 18c each for the shares in fellow-listed Molopo Energy. Under the proposed bid, Molopo shareholders will be able to elect to receive the bid consideration in either cash, which will be capped at A$5-million in... 

Metals X hedges Nifty bets

By: Esmarie Swanepoel     Updated 1 hour 9 minutes ago Diversified metals miner Metals X has hedged some 1 500 t/m of copper from its Nifty copper operations, in Western Australia, between October 2017 and July 2018. The company said on Thursday that it has taken advantage of the recent increase in copper prices by structuring the hedge programme at... 

More buyers for Bauxite Hill product

By: Esmarie Swanepoel     Updated 1 hour 9 minutes ago Emerging bauxite producer Australian Bauxite has secured a further 30 000 t offtake agreement at its Bauxite Hills project, in Tasmania. The company on Thursday reported that the 30 000 t of cement-grade bauxite would be due for delivery before the end of September this year, with the ore to be... 

GBM sells Kangaroo Flat gold plant

By: Esmarie Swanepoel     Updated 1 hour 10 minutes ago ASX-listed GBM Gold has struck a deal to divest of its Kangaroo Flat gold processing plant in a deal valued at A$6.2-million. The 600 000 t/y gold processing plant, which was constructed in 2006, has been purchased by Australian Mining Equipment Exporters, which will export the plant to a... 

Kula shareholder backs Geopacific deal

By: Esmarie Swanepoel     Updated 1 hour 11 minutes ago ASX-listed Kula Gold’s major shareholder Pacific Road Capital has accepted a takeover offer from fellow-listed Geopacific Resources for its shareholding in Kula. Geopacific was offering one of its own shares for every 1.1 Kula shares held, an increase on its previous offer from one Geopacific... 

Why Russia's market is rising after sanctions Bill approval

By: Bloomberg     Updated 1 hour 14 minutes ago The US House has approved a bill hardening sanctions against Russia, but European resistance to some of its toughest new measures means the impact on companies will be muted, according to Goldman Sachs Group and Deutsche Bank. As it stands now, the most negative aspect of the bill for Russia,... 

Why Russia's market is rising after sanctions Bill approval
US sanctions could pose a threat to Russian miner Alrosa.

Lundin swings back into the black

By: Henry Lazenby     27th July 2017 Higher metals prices, higher sales volumes and lower operating costs have helped push Canadian diversified miner Lundin Mining back into the black, the company’s financial report for the three months ended June 30 showed on Wednesday. Net earnings from continuing operations for the quarter were... 

Gold majors pump profits as costs fall, output rise

By: Henry Lazenby     27th July 2017 Several gold majors reported second-quarter results on Wednesday, showing rising profits amid lower costs and rising or stabilised production profiles. The world’s largest gold producer by output Barrick Gold reported headline earnings after market close on Wednesday of $261-million, or $0.22 a... 

Gold majors pump profits as costs fall, output rise

Antofagasta runs tight ship as Q2 costs fall, output rises

By: Henry Lazenby     26th July 2017 London-listed base metals producer Antofagasta managed to tighten the noose on costs during the second quarter ended June 30, with net cash costs at $1.20/lb of copper, a 5.5% decrease compared with the previous quarter. Companywide copper output during the period was 174 400 t, 1.5% higher than... 

Cordoba confirms southern extension to Alacran copper/gold deposit, Columbia

By: Henry Lazenby     26th July 2017 Colombia-focused junior explorer Cordoba Minerals has encounter high-grade copper-gold mineralization outside of the current resource shell, demonstrating significant potential to expand the current resource estimate. The company reported on Tuesday that ongoing drilling at the San Matias project... 

Peru's La Oroya smelter faces liquidation after failed auctions

By: Reuters     26th July 2017 Peru's nearly 100-year-old polymetallic smelter La Oroya failed to draw any offers on Wednesday in the last of six scheduled auctions, delivering a blow to President Pedro Pablo Kuczynski's plans to expand the Andean country's metals refining capacity. Kuczynski had extended the liquidation... 

Fission reports wide mineralisation, multiple stacked lenses at PLS R1515W zone

By: Henry Lazenby     26th July 2017 Explorer Fission uranium has released the results from the first two summer drill holes at the R1515W zone of the Patterson Lake South project, in Saskatchewan, have hit high grades and wide mineralisation in multiple stacked lenses, the company reported earlier this week. The zone has been... 

De Beers’ Venetia mine launches multimillion-rand empowerment deal

By: Mia Breytenbach     26th July 2017 Diamond miner De Beers has announced the launch of a major empowerment deal related to the transportation of employees to and from its operations at the Venetia diamond mine, in Limpopo. In a high-impact, local procurement and empowerment initiative, Venetia mine, in partnership with VM Diamond... 

Smart investments key to improving miners’ health

By: Creamer Media Reporter      26th July 2017 A meeting between representatives from the private sector, government, civil society and associations of miners and ex-miners took place in South Africa on Wednesday to identify significant interventions for further investments in occupational and public care.    Representatives believe that... 

Smart investments key to improving miners’ health

Junior makes board changes as it pursues European cobalt market

By: Creamer Media Reporter      26th July 2017 Australian junior Riedel Resources has made two key board appointments, which the company says will help drive its new direction of securing and developing cobalt and tech-energy metals opportunities in European lithium-ion markets. The ASX-listed firm appointed former Alcoa Europe projects... 

Vedanta’s Zinc International production down y/y in Q1, Zambia copper production improves

By: Mia Breytenbach     26th July 2017 Diversified miner Vedanta Resources' Zinc International business recorded a 25% year-on-year decrease in production to 32 000 t  for the quarter ended June 30 – the first quarter of its 2018 financial year. The decrease was mainly as a result of an planned plant shutdown at the acid plant, as... 

Vedanta’s Zinc International production down y/y in Q1, Zambia copper production improves
Tom Albanese

Danish fund to track CO2, may exclude some firms from portfolio

By: Reuters     26th July 2017 Denmark's biggest commercial pension fund will soon track carbon emissions by companies it invests in, and exclude those it finds breach the Paris climate accord, its CFO told Reuters. PFA, which provides pensions for 1.2-million Danes and has assets of $95-billion, is the latest investor to... 

Berkut to explore World War-era base metals project in Sweden

By: Mariaan Webb     26th July 2017 Australia’s Berkut Minerals has been granted a licence for an advanced, near-mine exploration opportunity in northern Sweden, the company announced on Wednesday. Located on the north-west end of the Skellefteå mineral belt, the Lainejaur project includes a historic nickel, cobalt, copper mine,... 

BlueRock pleased with ramp-up in production at Kareevlei

By: Creamer Media Reporter      26th July 2017 Production has continued to improve at Aim-listed BlueRock Diamonds’ Kareevlei mine, in Kimberley, with total tonnage for July expected to reach about 20 000 t, a 35% increase on the 14 427 t achieved in June. BlueRock is aiming for a monthly target of 25 000 t by the fourth quarter of this year. 

Stop moratorium now, NUM instructs DMR

By: Martin Creamer     26th July 2017 The National Union of Mineworkers (NUM) said on Wednesday that it is deeply concerned by the current consideration by the Minister of Mineral Resources Mosebenzi Zwane to put in place a mineral rights moratorium until the finalisation of the Mining Charter Three court challenge by the Chamber of... 

Tanzania President urges increased control of mineral wealth

By: Bloomberg     26th July 2017 Tanzanians are being cheated out of the country’s mineral wealth and should take more control of their natural resources, President John Magufuli said. Investors in Tanzania’s mining industry have “stolen” from the country by failing to provide a fair share of the revenue they generate from gold... 

EU top court rules against ArcelorMittal carbon challenge

By: Reuters     26th July 2017 The European Court of Justice on Wednesday ruled against steelmaker ArcelorMittal's challenge against how the European Union allocates free carbon permits. A number of companies have made legal challenges against the EU Commission, seeking to maximise the free allowances they receive under the... 

Latest News  by  

more

Sponsored Post

more

Latest Videos and Audio

Sishen productivity leaps by spectacular 57% – Kumba

Kumba CEO Mkhwanazi concerned by Minister’s reneging

Fuel cell vehicle sales boosting platinum demand outlook

On-The-Air (21/07/2017)

Demand influence of a low-carbon future

A pearl at a time, Fission redefines Saskatchewan’s Athabasca basin

State capture casts long shadow over Eskom’s results

On-The-Air (14/07/2017)

more

Services News

Consulting Engineers

Contract mining

Crushing and Screening

Drilling and Tunnelling

Earthmoving

Energy Services

Explosives

Furnaces and Kilns

Material Handling

Opencast/Quarries

Pumps

Valves

Company Announcements

more

Research Reports

Projects

Press Office

more

RSS Feed

About

Mining Weekly is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Research Channel Africa
Polity

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on MiningWeekly.com is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Close