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High-flying AngloGold posts colossal free cash surge as it weathers Covid disruption

By: Martin Creamer     Updated 4 hours ago Gold mining company AngloGold Ashanti on Friday posted a colossal surge in half-year free cash flow generation, most of it coming in the three months to June 30. Free cash flow before growth capital, the metric on which dividends are calculated, rose 376% - or nearly fivefold - to $324-million in... 

High-flying AngloGold posts colossal free cash surge as it weathers Covid disruption
Photo by Creamer Media
AngloGold CFO Christine Ramon (right) is interim CEO, with pre-Dushnisky CEO Srinivasan Venkatakrishnan. Some have speculated on Venkat's possible return.

Orion Minerals raises cash for Prieska

By: Esmarie Iannucci     Updated 5 hours ago Base metals developer Orion Minerals has raised A$6.2-million in a strongly supported share placement to advance its Prieska copper/zinc project, in South Africa. The company on Friday announced a two tranche share placement to sophisticated and professional investors, comprising 365-million... 

Orion Minerals raises cash for Prieska
Orion chairperson Denis Waddell

Idled Mutanda, Covid-19 to drive 25% drop in DRC's cobalt production

By: Donna Slater     Updated 2 hours 44 minutes ago Cobalt production in the Democratic Republic of Congo (DRC), which is the world's biggest producer of the metal, is expected to decline by 25% this year, says financial risk management, solutions and insights company Fitch Solutions Country Risk and Industry Research (Fitch Solutions). This... 

Teranga shortens Wahgnion LoM plan, with intensified output forecasts

By: Marleny Arnoldi     Updated 1 hour 41 minutes ago TSX-listed Teranga has posted an updated, shorter life of mine (LoM) plan for the Wahgnion gold project, in Burkina Faso, on the back of increased production, which has also lead to a higher set production guidance for 2020. Since achieving commercial production at the start of November last... 

Trevali accelerates T90 programme as its bolsters liquidity

By: Mariaan Webb     Updated 4 hours ago Base metals miner Trevali has secured additional liquidity of up to $45-million from its long-term syndicate of lenders and its largest shareholder, Glencore. The Vancouver-headquartered company, which owns mines in Namibia, Burkina Faso, Peru and Canada, entered into a second amendment and... 

Trevali accelerates T90 programme as its bolsters liquidity
Trevali's Santander mine, in Peru

Exploration and mining licence management system supports junior miners in Namibia

By: Schalk Burger     Updated 1 hour 1 minute ago A new exploration and mining licence management system is helping companies operating in Namibia to manage all aspects of mine licences and regulatory requirements. The system allows companies to monitor and manage the licences, as well as receive timely warnings of missing documents or... 

Exploration and mining licence management system supports junior miners in Namibia
Minrom CEO Oscar van Antwerpen

Sadpo co-founder dies; industry is managing Covid-19 well

By: Marleny Arnoldi     Updated 47 minutes ago South African Diamond Producers Organisation (Sadpo) chairperson Gert van Niekerk reports in a newsletter that the organisation’s former deputy chairperson and co-founder Jaap van Heerden has passed away. Van Niekerk goes on to report that its members in the diamond mining industry have adapted... 

Australia views resources resilience as core to post-pandemic recovery

By: Esmarie Iannucci     7th August 2020 The onset of the Covid-19 pandemic early in 2020 completely changed the global social and economic landscape, causing travel restrictions and physical distancing precautions in an effort to halt the spread of the virus. Commodity prices, specifically that of oil and oil price-linked liquefied... 

Australia views resources resilience as core to post-pandemic recovery

Rio Tinto's prize for blowing up ancient history: $135-million

By: Bloomberg     Updated 25 minutes ago A decision by Rio Tinto Group to destroy Aboriginal Australian heritage sites dating back more than 46 000 years delivered about $135 million in extra value to its iron ore division, according to the miner’s top executive. Rio rejected three other options that would’ve avoided damaging two... 

Rio Tinto's prize for blowing up ancient history: $135-million
Rio Tinto's office in Perth, Western Australia.

Fortescue reviews plans that threaten 60 000 year-old Australian site

By: Reuters     Updated 28 minutes ago Fortescue Metals Group said on Friday it will review plans at an iron ore mine in Western Australia after an Indigenous group said a planned expansion threatened sacred sites, including a 60,000 year old rock shelter. The mining company asked the government to delay a decision on a heritage... 

Arctic wastewater dump near Russia's Norilsk was toxic, says Greenpeace

By: Reuters     Updated 34 minutes ago Water samples taken by Greenpeace in Russia’s Arctic at the site of a wastewater dump by mining giant Norilsk Nickel contained 50 times the permitted level of toxic substances, the environmental campaign group has said. The miner admitted last month its Talnakh metals processing plant had used... 

Nordgold expands Taborny mine fleet

By: Donna Slater     Updated 1 hour 5 minutes ago Diversified Russian gold producer Nordgold has invested about $15-million in fleet maintenance and new vehicle purchases for its Taborny gold mine in Yakutia, Russia. Two hauling trucks, an excavator, a grader and two Epiroc drilling rigs have been added to the mine's existing fleet.  

McEwen has another challenging quarter

By: Donna Slater     Updated 2 hours 25 minutes ago TSX- and NYSE-listed gold and silver producer and explorer McEwen Mining reports that for the second quarter of the year, its gold and silver production was adversely impacted by operational and Covid-19-induced disruptions. The company, which operates four mines in the Americas, produced 15 700... 

Silver loses shine in top buyer as prices rocket to record high

By: Bloomberg     Updated 2 hours 40 minutes ago Silver consumption in India is set to halve in 2020 as buyers, mainly from rural areas, skip purchases amid surging prices and a weak economy. Imports by the world’s biggest consumer may tumble by as much as 50% this year from about 6 000 t in 2019, according to Chirag Sheth, a consultant at... 

Silver loses shine in top buyer as prices rocket to record high

Taseko granted first of two permits to advance Florence to commercial production

By: Marleny Arnoldi     Updated 2 hours 57 minutes ago TSX- and NYSE-listed Taseko Mines has invited public comment on its commercial copper production facility, in Arizona, up to September 11. This follows the Arizona Department of Environmental Quality issuing the company a draft aquifer protection permit for the Florence Copper commercial... 

Premier contemplates US spin-out

By: Creamer Media Reporter      Updated 3 hours ago Toronto-listed Premier Gold mines is considering spinning out its US subsidiary that holds its assets in Nevada into a stand-alone, US-domiciled, publicly listed gold company. The spin out will include the South Arturo and McCoy-Cove properties, the company says, adding that its US subsidiary is... 

Qld closes its borders

By: Esmarie Iannucci     Updated 3 hours ago Interstate fly-in, fly-out (FIFO) workers from New South Wales and the Australian Capital Territory will either need to be based in Queensland or would not be allowed into the state, as the state government implemented new border closures from August 8. Queensland’s Chief Health Officer has... 

Suva starts share trading

By: Esmarie Iannucci     Updated 3 hours ago PERTH (miningweekly.com)- Kaolin and silica sands explorer Suva Strategic Minerals has started trading on the ASX under the ticket SUV, following a A$5-million capital raise. The company issued 250-million shares at a price of 2c each.  

Rising silver output and prices lift Hecla results

By: Marleny Arnoldi     Updated 3 hours ago NYSE-listed Hecla Mining managed to achieve a second-highest quarterly production of silver, since 2016, in the three months ended June 30, despite being amid the Covid-19 pandemic. More output combined with higher silver prices enabled the precious metals miner to generate 25% more revenue... 

New World raises cash for US copper

By: Esmarie Iannucci     Updated 3 hours ago Junior New World Resources has received firm commitments to raise A$3.5-million to fund resource and development studies at its Antler copper project, in Arizona. The company will issue 129.6-million shares at a price of 2.7c each under its existing placement capacity, with the issue price... 

Pretivm doubles free cash flow guidance, stock surges 25%

By: Mariaan Webb     Updated 3 hours ago The stock of Canadian gold miner Pretium Resources (Pretivm) surged 25% on Thursday, as the company announced its second-quarter results and said that its free cash flow guidance for the entire year had been achieved in only the first six months. In the first six months of the year, the owner of... 

Pretivm doubles free cash flow guidance, stock surges 25%
The Brucejack mine

Barrick and Novagold report first results from 2020 Donlin drilling

By: Mariaan Webb     Updated 4 hours ago Joint partners in the Donlin gold project, Barrick and Novagold, on Thursday announced the first set of results from this year’s drill programme, with Barrick CEO Mark Bristow saying that the newly obtained data underscored the project’s “significant potential”. The 2020 drilling programme is... 

Barrick and Novagold report first results from 2020 Donlin drilling

Canada vows to retaliate against US aluminum tariffs

By: Reuters     Updated 4 hours ago If the United States re-imposes some tariffs on Canadian aluminum products, Canada will respond by slapping retaliatory tariffs on US goods, a government source said on Thursday. "We will react very similarly to the last (time they imposed) tariffs," said the source, speaking shortly before... 

Codelco to restart projects suspended because of coronavirus

By: Reuters     Updated 4 hours ago Chile's State-run miner Codelco, the world's largest copper producer, said on Thursday it would restart operations and projects it had suspended due to the coronavirus pandemic, beginning next week. The miner had been forced to delay several mine expansion projects as cases of the virus spread... 

Codelco to restart projects suspended because of coronavirus

WA hits new timeframes for PoW assessments

By: Esmarie Iannucci     Updated 5 hours ago The Western Australian state government on Friday announced that it has successfully halved the assessment timeframes for exploration programme of work applications. The Department of Mines, Industry Regulation and Safety (DMIRS) in February announced plans to streamline the approval timeframe... 

Breaker opens SPP

By: Esmarie Iannucci     Updated 5 hours ago ASX-listed Breaker Resources' share purchase plan (SPP) aimed at raising A$3-million opened on Friday. The SPP forms part of a greater A$23-million capital raise announced at the end of July to grow its resource base at the Lake Roe gold project, in Western Australia. 

Pantoro readies for A$55m raise

By: Esmarie Iannucci     Updated 5 hours ago ASX-listed Pantoro is hoping to raise A$55-million through a share placement and share purchase plan (SPP) to fund work at its jointly held Norseman gold project, in Western Australia. A share placement of more than 208.33-million shares will be made to institutional and sophisticated investors... 

Pantoro readies for A$55m raise

PanTerra adds to claims, signs Cuban JV

By: Esmarie Iannucci     Updated 5 hours ago Junior PanTerra Gold has submitted a further A$23.79-million claim against the Ministry of Mines and Energy in the Dominican Republic, claiming a loss of profits from its Las Lagunas tailings retreatment project. The company on Friday said that the quantity of the stored refractory tailings... 

Coal will continue to be assessed but should remain in Glencore right now – Glasenberg 

By: Martin Creamer     6th August 2020 Coal will continue to be assessed but should remain in Glencore right now, Glencore CEO Ivan Glasenberg said on Thursday. For the six months to June 30, the London- and Johanneburg-listed diversified mining and marketing company report that its energy business was down 65% at $0.7-billion on... 

Coal will continue to be assessed but should remain in Glencore right now – Glasenberg
Ivan Glasenberg

Global gold holdings reached a new record in July

By: Marleny Arnoldi     6th August 2020 The World Gold Council reports that global gold holdings reached a new all-time high of 3 785 t in July. This after gold-backed exchange-traded funds and similar products recorded an eighth consecutive month of positive flows in July, adding 166 t, or $9.7-billion.  

GoviEx closes first tranche of nonbrokered private placement

By: Tasneem Bulbulia     6th August 2020 Dual-listed GoviEx Uranium has closed the first tranche of a fully subscribed nonbrokered private placement to raise gross proceeds of about C$5-million. “The [uranium oxide] spot price is up over 30% from the beginning of this year and we are delighted by the strong support received from our... 

Minerals Council says new exploration strategy could help mining recover from Covid-19 hit 

By: Terence Creamer     6th August 2020 Minerals Council South Africa is calling for the urgent development of a comprehensive and competitive greenfield exploration strategy, arguing that a far higher level of exploration is required to help stimulate higher levels of mining investment and job creation and to support the country’s... 

Minerals Council says new exploration strategy could help mining recover from Covid-19 hit
Photo by Creamer Media
Minerals Council South Africa CEO Roger Baxter

Bauxite production to increase rapidly from 2021, says Fitch Solutions

By: Tasneem Bulbulia     6th August 2020 New projects coming on line in key producers Guinea, Indonesia and Australia, as well as a ramp-up in Indian and Indonesian production, will drive rapid production growth of bauxite in 2021, Fitch Solutions Country Risk and Industry Research says. Australia’s bauxite sector is expected to... 

US economic, political factors to have a big impact on the gold price

By: Donna Slater     6th August 2020 Several political and Covid-19-induced factors have resulted in the current gold rally, with the gold price having surged 12% in July and reaching new record levels that have been carried into August with gold tearing above $2 000/oz, says Refinitiv precious metals research director Cameron... 

Battle over gas project may shape Australia’s energy future

By: Bloomberg     6th August 2020 A key battle over the future of fossil fuels and climate change will soon be decided in a sleepy corner of Australia. After a decade-long struggle pitting a mix of farmers, grandmothers and activists against oil producers and local and federal governments, a panel will decide by early next month... 

Anglo American, RBPlat make headlines 

6th August 2020 Mining Weekly Editor Martin Creamer unpacks Anglo American's move to crop nutrients, RBPlat's gold-streaming tailwinds and South Africa’s lifting of exchange control. 

Mining Weekly Editor Martin Creamer unpacks Anglo American's move to crop nutrients, RBPlat's gold-streaming tailwinds and South Africa’s lifting of exchange control. (Video: Darlene Creamer)

Kropz appoints Hatch for Hinda logistics study

By: Tasneem Bulbulia     6th August 2020 Aim-listed Kropz has appointed global engineering and construction firm Hatch to conduct a focussed assessment on the export logistics capacity at its proposed port site in Pointe-Noir, which is 50 km from its Hinda phosphate project in Congo-Brazzaville. The results of the study will confirm the... 

Jubilee secures further copper tailings resource in Zambia

By: Tasneem Bulbulia     6th August 2020 Dual-listed Jubilee Metals has, in line with its stated strategy to expand operations in Zambia, signed a joint venture (JV) agreement with a private Zambian company to secure the rights to process two-million tonnes of copper run-of-mine (RoM) material containing in excess of 2% copper. Under... 

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