R/€ = 15.62 Change: -0.01
R/$ = 13.92 Change: -0.08
Au 1424.15 $/oz Change: 4.20
Pt 845.56 $/oz Change: -3.36

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Acacia agrees to buyout from parent Barrick 

By: Mariaan Webb     19th July 2019 Gold miners Acacia Mining and Barrick Gold have ended their two-month standoff, announcing on Friday that they have agreed on a takeover offer of 232p a share, valuing the London-listed company at about £343-million. Minority shareholders in Barrick will now receive 0.168 new Barrick shares for... 

Acacia agrees to buyout from parent Barrick

Commission recommends Tribunal prohibit ATON’s takeover of M&R  

By: Tasneem Bulbulia     Updated 4 hours ago The Competition Commission has recommended to the Competition Tribunal that the proposed acquisition of Murray & Roberts by ATON be prohibited. ATON, through Redpath South Africa, provides a range of mining services, including the excavation of vertical or inclined openings from the surface for... 

Commission recommends Tribunal prohibit ATON’s takeover of M&R

Khoemacau’s project funding package increases to $650m 

By: Simone Liedtke     19th July 2019 Khoemacau Copper Mines, owner of the Khoemacau copper/silver project in Botswana, has added an $85-million equity component to its project funding package, bringing total available funding to $650-million. All components of the package closed simultaneously earlier this week, and first draws are... 

Mining VP outlines capacity to intensify efficiencies, strengthen services through wider diversity of skills 

By: Martin Creamer     19th July 2019 Following the incorporation of Jacobs’ energy, chemicals and resources (ECR) business into the rebranded Worley, Creamer Media’s Mining Weekly interviewed Robert Hull, the new VP of the Worley mining, minerals and metals division for Africa, which provides advisory, project management and... 

Worley VP mining Robert Hull speaks to Mining Weekly's Martin Creamer about the company's new capacity and capability. Camerawork and Editing: Darlene Creamer.

Rustenburg communities want ConCourt to set aside Sibanye's Lonmin takeover

By: African News Agency      Updated 3 hours ago The Greater Lonmin Community (GLC) have approached the Constitutional Court seeking leave to appeal and set aside the acquisition of platinum mining company, Lonmin by Sibanye-Stillwater.  The GLC is a not-for-profit organisation representing various affected communities of Rustenburg, such as... 

Concerns remain around ‘much improved’ 2019 mine rehab financial provision regulations

By: Nadine James     19th July 2019 There has been significant debate among stakeholders regarding the extent to which mining companies should be held accountable for mine closure, including ways of generating funds for this purpose, to ensure that the State does not carry the cost for mines that close prematurely or become... 

Concerns remain around ‘much improved’ 2019 mine rehab financial provision regulations

WGC survey finds growing role for China in international gold reserves

By: Marleny Arnoldi     Updated 7 hours ago Gold will enjoy continued robust central bank demand in the short to medium term, the World Gold Council’s ‘2019 Central Bank Gold Reserves' survey shows. The survey, published on Friday, found that 11% of emerging market and developing economy central banks intended to increase their gold... 

WGC survey finds growing role for China in international gold reserves

Merafe expects 57% lower HEPS on back of lower chrome production, prices

By: Marleny Arnoldi     19th July 2019 JSE-listed Merafe Resources expects to report basic earnings per share (EPS) and headline earnings per share (HEPS) of between 5.9c and 7.2c for the six months ended June 30. That would represent a 57% to 65% decrease compared with the EPS and HEPS of 16.9c reported for the six months ended June... 

Merafe expects 57% lower HEPS on back of lower chrome production, prices
Glencore-Merafe chrome refining plant, in Rustenburg

GoviEx reaches debt scrapping, working interest agreement with Niger

By: Marleny Arnoldi     Updated 5 hours ago TSX-V-listed GoviEx Uranium has entered into definitive agreements with the Niger government to finalise the commercial terms to progress the company’s flagship Madaouela uranium project. GoviEx currently has testwork under way targeting reduced operating and capital costs within the project... 

Lucara names 1 758 ct diamond ‘rare find’

By: Tasneem Bulbulia     19th July 2019 Canada-headquartered diamond miner Lucara Diamond has chosen the name Sewelô, meaning “rare find” in Setswana, for the 1 758 ct diamond recovered from its Karowe mine, in Botswana, in April. The name was selected from over 22 000 submissions in a contest that was open to all Botswana citizens. 

BlueRock sells 12.2 ct diamond for $105 000

By: Marleny Arnoldi     Updated 7 hours ago Aim-listed BlueRock Diamonds has sold a 12.2 ct diamond for $105 000 in its July tender. This diamond, at $8 584/ct, was the second-most valuable diamond the company had recovered to date, following the sale of a 24.9 ct diamond in the June tender for $196 000.  

Angola to partially privatise diamonds parastatal

By: Rebecca Campbell     19th July 2019 Speaking in Lisbon, Portugal, early this month, Angolan Natural Resources Minister Diamantino Azevedo stated that his country’s State-owned diamond group Endiama was going to be partially privatised and have some of its equity listed on the stock exchange. He was speaking to the Portuguese news... 

Eurasian Resources is said to weigh sale of Congo mining assets

By: Bloomberg     19th July 2019 Eurasian Resources Group, the mining firm backed by the Kazakhstan government, is exploring options for assets in the Democratic Republic of Congo including a potential sale, according to people with knowledge of the matter. China Nonferrous Metal Mining is among companies interested in the... 

Prospect ups its stake in Arcadia

By: Esmarie Iannucci     19th July 2019 The Reserve Bank of Zimbabwe has approved ASX-listed Prospect Resources’ acquisition of an additional 17% interest in the Arcadia lithium project. The transaction would increase Prospect’s stake in the project from 70% to 87%. 

Mining Weekly iPhone and Android Apps available for free download 

19th July 2019 Creamer Media’s readers continue to be part of the mobile revolution.  Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers a app for iPhone and Android users.  These apps offer... 

Mining Weekly iPhone and Android Apps available for free download

Gold rally energised Canadian stocks even before Dalio’s essay

By: Bloomberg     Updated 2 hours 46 minutes ago Billionaire investor Ray Dalio made headlines this week by asserting in a 6 000-word essay that gold should become a key part of every portfolio. Investors in Canadian gold stocks are way ahead of him. Gold producers have been on a tear in Canada, keeping the benchmark S&P/TSX Composite Index... 

Yamana unveils ‘impressive’ NPV for integrated Argentina project

By: Mariaan Webb     Updated 3 hours ago Dual-listed gold miner Yamana Gold on Friday announced positive results of the prefeasibility study (PFS) for its Agua Rica copper/gold project, including an “impressive and increased” net present value of $1.9-billion and an increased after-tax internal rate of return of 19.7%. The positive PFS... 

Barrick could sell some of Acacia's operations after takeover - CEO

By: Reuters     Updated 4 hours ago Barrick Gold could sell some mining assets owned by Acacia Mining after it gains full control of its African unit, chief executive Mark Bristow told Reuters. "We will... get these businesses back on track and depending on what they look like after they are in a reasonable form, we will again... 

South Africa set to name 'bad cop' to oversee Eskom rescue 

By: Bloomberg     Updated 5 hours ago Of all the executives, government officials and consultants being recruited to tackle the mammoth task of rescuing South Africa’s state power utility, the toughest task could fall to the person who has to take it apart. President Cyril Ramaphosa last month said a soon-to-be appointed chief... 

Australia’s rough diamond output set to decline drastically

By: Marleny Arnoldi     Updated 7 hours ago Australia’s rough diamond output will decline from 14.2-million carats to 137 000 ct once the Argyle mine closes in 2021, says data and analytics company GlobalData. The company notes that the country’s rough diamond supply has been entirely reliant on output from the Argyle mine, in Western... 

Rio Tinto under fire as Mongolia presses for mine deal changes

By: Reuters     19th July 2019 Mongolia will vote in August to rip up parts of an investment agreement with Rio Tinto for the Oyu Tolgoi copper mine, which may force the miner to make concessions in a project beset by delays and political squabbles. The country owns 34% of the mine, Mongolia's biggest foreign investment... 

Rio Tinto under fire as Mongolia presses for mine deal changes

Alcoa pares aluminum forecast as trade-war fallout widens

By: Bloomberg     19th July 2019 Alcoa cited weakness in China in cutting its forecast for global aluminum demand for the second time in three months, adding to concerns that trade frictions are eroding the outlook for the industrial metal. The company sees aluminum use this year growing 1.25% to 2.25%, compared with its... 

British Columbia’s coal deposits to be studied for rare earths

By: Creamer Media Reporter      19th July 2019 Geoscience BC has announced a new project to examine how rare-earth elements (REEs) – crucial to personal electronics, renewable energy generation and defence technologies – could be extracted from the province’s coal deposits and coal tailings facilities. Coal deposits have been identified and... 

Nedbank’s Fuel Cell Electric Vehicle conference  

19th July 2019 Mining Weekly editor Martin Creamer attended Nedbank’s Fuel Cell Electric Vehicle conference in Cape Town this week and unpacks the highlights from the event. 

Nedbank’s Fuel Cell Electric Vehicle conference

Selby resigns as RNC CEO

By: Creamer Media Reporter      19th July 2019 Mark Selby has resigned as president and CEO of gold miner RNC Minerals with immediate effect, the TSX-listed company announced on Thursday. Executive chairperson of the board, Paul Huet, had been appointed interim CEO. 

Mining newcomer bets on $1bn copper project for growth

By: Bloomberg     19th July 2019 Ecuador’s ambition to become a mining superpower is being tested as the South American nation’s first large-scale copper mine starts operations. The $1-billion Mirador project in Zamora-Chinchipe province started ramping up production Thursday, Ecuador’s Vice-Ministry of Mines said. The openpit... 

Zenith completes Jundee power expansion

By: Esmarie Iannucci     19th July 2019 ASX-listed independent power producer Zenith Energy has completed and fully commissioned a 6 MW build-own-operate power station expansion at gold miner Northern Star Resources’ Jundee project, in Western Australia. The capacity expansion adds to the existing 19.2 MW capacity. 

MMG production declines in June quarter

By: Esmarie Iannucci     19th July 2019 Base metals miner MMG has reported production declines over nearly all of its commodities in the three months to June, apart from molybdenum. Copper production for the quarter ended June was down 15% on the previous corresponding period, to 84 695 t, while copper cathode production was down 20%... 

Western Areas inks MREP offtake

By: Esmarie Iannucci     19th July 2019 Nickel miner Western Areas has signed an offtake agreement with Japanese major Sumitomo Metal Mining for high-grade nickel sulphide precipitate (NSP) from the mill recovery enhancement project (MREP) at the Forrestania nickel operation. No set volume has been agreed upon, however, while not an... 

Construction starts on Victorian hydrogen plant

By: Esmarie Iannucci     19th July 2019 Construction has started on a half-a-billion dollar pilot hydrogen plant in Victoria that would turn brown coal from the Latrobe Valley into hydrogen, which would then be liquefied for exported to Japan. Minister for Resources and Northern Australia Matt Canavan on Friday said that the pilot... 

Construction starts on Victorian hydrogen plant

High Court rules in favour of Vantage in mine sale dispute

By: Marleny Arnoldi     18th July 2019 The Mpumalanga High Court on Wednesday ruled in favour of Vantage Goldfields South Africa, in its dispute with Flaming Silver, a subsidiary of Siyakhula Sonke Empowerment Corporation (SSC), about the transfer of the Lily and Barbook mine assets. Vantage CEO Mike McChesney said in a statement... 

High Court rules in favour of Vantage in mine sale dispute
Lily Mine portal entrance

SilverCrest gains permit for Las Chispas

By: Mariaan Webb     18th July 2019 Canada-headquartered SilverCrest has been granted environmental approval for the development of the Las Chispas project, in Sonora, Mexico, which now positions the company to complete project finance and to begin construction activities in the second half of next year. The operating permit... 

Platinum-linked fuel cell business accelerating at rapid rate, say experts 

By: Martin Creamer     18th July 2019 South Africa is continuing to gather top-tier insight into fuel cell technology as it navigates the electric vehicle market’s growing links to this country’s globally unparalleled platinum group metals industry. Expert after expert at this week’s Nedbank CIB’s Market Research conference outlined... 

Platinum-linked fuel cell business accelerating at rapid rate, say experts
Nedbank CIB Market Research mining analyst Arnold van Graan

Barrick records solid second-quarter performance  

By: Tasneem Bulbulia     18th July 2019 Dual-listed Barrick Gold on Thursday reported a solid operating performance across its portfolio during the second quarter ended June 30, with production of 1.35-million ounces of gold and 97-million pounds of copper. It sold 1.37-million ounces of gold and 96-million pounds of copper during the... 

Barrick records solid second-quarter performance
Mark Bristow

Centamin says business outlook continues to improve

By: Rebecca Campbell     18th July 2019 Dual London- and Toronto Stock Exchange-listed gold miner Centamin, whose current main asset is the Sukari gold mine in Egypt, announced on Thursday that the amount of gold produced by the mine during the second quarter of this year (2Q19) was slightly (1%) higher than the production during the... 

Eric Sprott participates in Discovery's C$9m placement

By: Creamer Media Reporter      18th July 2019 Mexico-focused exploration company Discovery Metals has announced a C$9-miillion nonbrokered private placement of shares, in which investor Eric Sprott has agreed to participate. The TSX-V-listed firm will issue 23 216 174 common shares at C$0.23 a share and 15 935 000 subscription receipts at... 

Zambia first-half copper output down 4% – Mines Ministry

By: Reuters     18th July 2019 Zambia's copper production dropped 4% to 393 419 t in the first six months of the year, ministry of mines data showed on Thursday. Mines Permanent Secretary Paul Chanda attributed the decline to challenges such as declining ore grades but said full-year output is likely to exceed 2018 figures. 

Scotgold gives up Portugal licence

By: Creamer Media Reporter      18th July 2019 London-listed Scotgold announced on Thursday that it would not extend the Pomar exploration licence in Portugal, and that it had applied to terminate the licence. This follows the earlier falling through of an earn-in agreement that Scotgold had with South African exploration firm PanEx. 

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