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Vale stocks trade lower as slower sales offset improved iron pricing

By: Henry Lazenby     Updated 1 hour 52 minutes ago The world’s most prolific producer of the steelmaking ingredient iron-ore 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... 

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

Kaz Minerals first quarter copper output more than doubles

By: Reuters     Updated 1 hour 45 minutes ago 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. 

Angola in full compliance with Opec output cuts – oil minister

By: Reuters     Updated 1 hour 43 minutes ago 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

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... 

South Deep output 43% down, costs 56% up – Gold Fields

By: Martin Creamer     26th April 2017 Quarter-on-quarter gold production at the South Deep gold mine fell 43% in the first three months of 2017, when costs soared 56%, Gold Fields reported on Wednesday. All-in costs (AIC) at the mechanised mine, located 45 km southwest of Johannesburg, rose to a high level of $1 821/oz in the first... 

South Deep output 43% down, costs 56% up – Gold Fields
Photo by Duane Daws
Gold Fields CEO Nick Holland

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... 

Job losses loom at troubled Marula – Implats

By: Martin Creamer     26th April 2017 Despite ongoing engagement between all stakeholders to restore operational continuity and secure the financial sustainability of the Marula platinum operation, continued community protest action and persistently low metal prices have now necessitated a fundamental restructuring of the business to... 

Job losses loom at troubled Marula – Implats
Photo by Duane Daws
Acting Implats CEO Gerhard Potgieter

Now US shareholders give nod to Sibanye deal

By: Martin Creamer     26th April 2017 The requisite majority of Stillwater shareholders in the US have approved the acquisition by Sibanye of the entire issued share capital of Stillwater Mining Company. The voting took place a day after Sibanye shareholders gave their overwhelming approval to the transaction that is expected to... 

Now US shareholders give nod to Sibanye deal
Photo by Duane Daws
Sibanye CEO Neal Froneman

Junior iron-ore miner outlines ambitious aims, supports local steel production

By: Ilan Solomons     26th April 2017 Junior iron-ore miner Manngwe Mining plans to expand its asset base and increase production at its existing operation over the next five years to provide integrated steel and mining company ArcelorMittal South Africa (AMSA) with between four-million and five-million tons of iron-ore a year.... 

Junior iron-ore miner outlines ambitious aims, supports local steel production
Wim de Klerk, Mathatha Tsedu and Matodzi Nesongozwi at official opening of Manngwe plant

Randgold replaces 2016 Loulo-Gounkoto complex gold output, updates Morila reclamation plan

By: Henry Lazenby     26th April 2017 Africa-focused gold producer Randgold Resources said Tuesday it had replaced 100% of the 707 116 oz gold it produced in 2016 at the Mali-based Loulo-Gounkoto complex through ongoing exploration, placing the operation on track to meet 2017 production guidance of 690 000 oz gold, despite some... 

Randgold replaces 2016 Loulo-Gounkoto complex gold output, updates Morila reclamation plan
Randgold CEO Mark Bristow

Normal production resumes at Pan African’s Evander after shaft refurbishment programme

By: David Oliveira     26th April 2017 South African gold miner Pan African Resources has completed the R41.5-million stoppage and refurbishment programme for the 7 and 8 shafts at its Evander gold mine, in Mpumalanga, and normal production has resumed. During a media briefing at the mine this week, Pan African group mining engineer... 

Sylvania’s dump operations post another ‘strong’ production quarter

By: Creamer Media Reporter      26th April 2017 Low-cost platinum group metals (PGMs) producer Sylvania Platinum’s Sylvania Dump Operations (SDO) is on track to meet, and possibly exceed, full-year guidance of 63 000 oz to 65 000 oz of PGMs. The SDO delivered 17 096 oz of PGMs in the third quarter, ended March 31. 

M&R a co-applicant with GE in dispute with Eskom over Duvha contract

By: Terence Creamer     26th April 2017 Murray & Roberts (M&R) has confirmed that it is a co-applicant with GE’s in court bid to prevent Eskom from implementing a contract with Dongfang Electric Corporation for the Duvha Unit 3 boiler recovery project. The 600 MW boiler was damaged catastrophically in March 2014 as a result of over... 

BHP cuts coking coal, copper guidance, narrows iron-ore range

By: Esmarie Swanepoel     26th April 2017 Diversified major BHP Billiton on Wednesday lowered its metallurgical coal and copper production targets, narrowed its iron-ore guidance and said that it plans to sell some noncore US shale gas acreage. The mining major reduced its metallurgical coal production guidance for the 2017 financial... 

BHP cuts coking coal, copper guidance, narrows iron-ore range
Photo by Bloomberg
BHP CEO Andrew Mackenzie

Zimplats doubles profit through T-bills rather than platinum sales

By: Reuters     26th April 2017 Zimbabwe's largest platinum producer Zimplats reported a surprising profit leap on Wednesday despite declines in sales and revenue, with third-quarter earnings lifted by sales of treasury bills rather than metal. Zimplats, owned by Impala Platinum, more than doubled its third-quarter profit to... 

PTM closes $20m bought deal financing

By: Anine Kilian     26th April 2017 NYSE-and TSX-listed Platinum Group Metals (PTM) has closed its recently announced public offering of common shares. PTM announced on April 19 that it had reached an agreement with BMO Capital Markets to buy 15.39-million shares of the company at $1.30 apiece. 

Firestone plant upgrades yielding expected improvements as ramp-up accelerates

By: Schalk Burger     26th April 2017 Commissioning activities at Aim-listed Southern African diamond miner Firestone Diamonds’ Liqhobong mine, in Lesotho, are largely complete and final ramp-up of the Lesotho plant is progressing as planned. “The final commissioning phase has seen the mine achieve nameplate capacity on numerous... 

Kefi, Ethiopian govt finalise community resettlement plan

By: Anine Kilian     26th April 2017 Aim-listed Kefi Minerals, along with the government of Ethiopia, have started resettlement arrangements for the Tulu Kapi community.   "Kefi and the government have worked diligently with the local community to ensure that they are supported and compensated appropriately throughout the... 

Riots hit major bauxite mining hub in Guinea

By: Reuters     26th April 2017 Riots have paralysed a major bauxite mining hub in Guinea, Africa's top producer, as residents erected barricades and burned tyres to protest against high pollution levels and power cuts, government and company officials said on Tuesday. The unrest broke out on Monday night in the city of Boke,... 

Mining giants race to fill board leadership gaps

By: Reuters     26th April 2017 Three of the world's biggest miners are hunting for new leaders for their boards at a time when the industry faces questions from investors about its conventional diversified business operations and strategies for growth. BHP Billiton, Rio Tinto and Anglo American, whose chairpersons have all... 

Rio Tinto in JV with Strandline to earn into Tanzania project

By: Esmarie Swanepoel     26th April 2017 The exploration arm of mining major Rio Tinto has inked an earn-in and joint venture (JV) agreement with ASX-listed junior Strandline Resources worth up to $10.75-million. Strandline on Wednesday reported that the JV would allow Strandline to accelerate exploration activities at its heavy... 

Russian mining tycoons eyeing return to London's stock market

By: Bloomberg     26th April 2017 For three years, Russian companies retreated from the London stock market. Now, a pair of oil and mining-billionaires is hoping to break the drought. En+ Group, owned by aluminium magnate Oleg Deripaska, and Polyus PJSC, a gold producer controlled by the family of Suleiman Kerimov, are planning... 

Despite Q1 net loss, iron-ore rebound boosts Cliffs sales

By: Henry Lazenby     Updated 1 minute ago 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     Updated 1 hour 38 minutes ago 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... 

PotashCorp Q1 earnings rise as it lifts outlook on improving crop nutrient fundamentals

By: Henry Lazenby     Updated 2 hours 48 minutes ago 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... 

Philippines' environment minister says to ban open-pit mining

By: Reuters     27th April 2017 Philippine Environment Secretary Regina Lopez said on Thursday she will ban open-pit mining in the country, part of her months-long crackdown on the sector she believes has caused extensive environmental damage. "Each open pit is a financial liability for government for life," Lopez told a media... 

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... 

Koolan Island restart approved by Mt Gibson

By: Esmarie Swanepoel     27th April 2017 A feasibility study into the restart of the Koolan Island iron-ore project, in Western Australia, has confirmed the projects economics, with ASX-listed Mount Gibson Iron now targeting first sales from the project in early 2019. The project, which was placed on care and maintenance at the end of... 

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... 

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