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Wescoal prioritises steady-state production after challenging financial year 

By: Marleny Arnoldi     Updated 7 hours ago Despite a turbulent second half in coal miner Wescoal’s financial year ended March 31, the company remains positive about achieving its ten-million-tonne run-of-mine (RoM) production target from the 2021 financial year. Until then, CEO Reginald Demana aims to get the miner’s current projects up... 

Wescoal prioritises steady-state production after challenging financial year
Wescoal CEO Reginald Demana

PTM to raise $1.3m for Waterberg DFS 

By: Marleny Arnoldi     Updated 3 hours ago TSX-listed Platinum Group Metals (PTM) on Tuesday announced its intention to raise $1.3-million in a private placement. The company will sell 1.1-million shares at a price of $1.17 apiece to Hosken Consolidated Investments, which already holds 20.05% of the company’s shares.  

Glencore cuts out agents and dealmakers as scrutiny grows 

By: Bloomberg     Updated 4 hours ago Glencore is cutting out many of its intermediaries – the agents and dealmakers once essential to cracking the toughest markets – amid growing scrutiny of its operations around the world. Under pressure from its compliance division, Glencore is dismantling much of its global network of trading... 

Citic Metal receives internal approvals to complete investment in Ivanhoe

By: Tasneem Bulbulia     Updated 2 hours 26 minutes ago TSX-listed Citic Metal has confirmed to Ivanhoe Mines that it has received the necessary internal approvals for its subsidiary Citic Metal Africa to complete its second investment in Ivanhoe Mines for an additional C$612-million, or $464-million. This investment will be Citic’s second major... 

De Beers' rough diamond sales slow amid high diamond inventories

By: Creamer Media Reporter      25th June 2019 A "more challenging" environment in China and higher than normal diamond inventories in the midstream contributed to more cautious diamond buying in De Beers' fifth sales cycle of the year, CEO Bruce Cleaver said on Tuesday. The value of De Beers' rough diamond sales decreased to $390-million in... 

Higher rand PGM basket price contributes to 80% jump in Amplats' interim headline earnings

By: Creamer Media Reporter      25th June 2019 Platinum group metals (PGMs) miner Anglo American Platinum (Amplats) expects its headline earnings for the six months ended June 30 to be 80%, or R2.69-billion, higher year-on-year, mainly as a result of an increase in the rand PGM basket price. The company had reported headline earnings of... 

Solidarity says court's ruling against AMCU agency fee at Lonmin is victory for workers

By: African News Agency      25th June 2019 Solidarity said in a statement on Thursday it was pleased that the courts had ruled against AMCU’s agency fee agreement with Lonmin at its Marikana operations. Solidarity said that a coalition between itself, UASA and the NUM succeeded to obtain an urgent interdict against AMCU’s agreement with... 

MOD backs improved A$167m offer from Sandfire

By: Esmarie Iannucci     25th June 2019 Copper miner Sandfire Resources has made an improved A$167-million takeover offer for Africa-focused copper developer MOD Resources. Under the offer agreement, each MOD shareholder could elect to receive either 45c in cash for each of their shares, capped at A$41.6-million or 25% of the overall... 

MOD backs improved A$167m offer from Sandfire

Omnia to restructure as it seeks to reduce overextended balance sheet 

By: Schalk Burger     Updated 3 hours ago Diversified chemicals group Omnia will, over the next two years, focus on improving the profit margins of its companies’ services and products, ensuring that its assets and investments deliver value, as well as on pursuing international expansion of intellectual property-based businesses that... 

Kari Pump discovery offers significant upside at Endeavour's Houndé mine

By: Creamer Media Reporter      25th June 2019 The reserves at gold miner Endeavour Mining's flagship Houndé mine, in Burkina Faso, have increased by 41% as a large portion of the Kari Pump discovery's maiden measured and indicated resource was converted to reserves. The Kari Pump's maiden reserve is 7.3-million tonnes, at a grade of 3.01 g/t... 

IronRidge strengthens confidence in Ewoyaa as a spodumene-dominant deposit

By: Marleny Arnoldi     Updated 7 hours ago Aim-listed IronRidge Resources has concluded additional X-ray diffraction (XRD) analysis of metallurgical composites from its Ewoyaa project surrounds, in Ghana, which reaffirmed spodumene as the dominant lithium mineral phase within the Cape Coast lithium portfolio. IronRidge said that, with... 

Drilling at Armadale’s Mahenge Liandu yields positive results

By: Marleny Arnoldi     Updated 6 hours ago Aim-listed Armadale Capital has announced “exceptionally” high-grade results from a drilling programme at its Mahenge Liandu graphite project, in Tanzania. A definitive feasibility study on the project is on track to be completed during the fourth quarter of this year.  

Vital changes lanes into rare earths race

By: Esmarie Iannucci     25th June 2019 ASX-listed Vital Metals on Tuesday unveiled plans to pursue rare earth oxide development through the acquisition of privately-held Cheetah Resources. Cheetah has agreements in place to acquire the Thor Lake and Wigu Hill rare earth oxide projects, in Canada and Tanzania respectively. 

Rio Tinto removed from Norway blacklist after selling polluting mine

By: Bloomberg     Updated 4 hours ago Norway’s $1-trillion wealth fund has removed Rio Tinto from its investing blacklist after the world’s second-biggest miner sold out of the controversial Grasberg mine in Indonesia. Norway has refused to buy Rio Tinto stock for more than a decade because of the environmental damage caused by one... 

Strike at top copper miner seen wiping 10 000 t from market

By: Bloomberg     25th June 2019 A strike at a major copper mine in the world’s largest producer of the metal risks wiping out 10 000 metric tons from a market that’s already expected to end the year in deficit, according to an industry consultant. The stoppage at the Chuquicamata mine in northern Chile could cost No. 1 global... 

Strike at top copper miner seen wiping 10 000 t from market

Rubicon to provide new conceptual mine plan for Phoenix

By: Mariaan Webb     Updated 2 hours 49 minutes ago The Phoenix gold project, once one of the hottest new gold projects in Canada’s Red Lake gold mining district, is set to rise again, CEO George Ogilvie said on Tuesday, announcing that a new conceptual mine plan would be ready in the third quarter. The company previously planned to publish a new... 

Rubicon to provide new conceptual mine plan for Phoenix
A 2014 photo of construction at the Phoenix project, in Ontario.

Ausenco on board for Grassy Mountain feasibility study

By: Creamer Media Reporter      Updated 3 hours ago Engineering, construction and project management firm Ausenco has agreed to complete a feasibility study for US-based Paramount Gold Nevada’s proposed Grassy Mountain gold mine, in exchange for shares in the NYSE American-listed company. Ausenco, together with several other consulting groups,... 

Galantas shifting up a gear at Omagh

By: Creamer Media Reporter      Updated 7 hours ago Listed gold developer Galantas Gold has accelerated mine development at its Omagh mine, in Northern Ireland, with good progress on the main decline tunnel and increased concentrate production. The company reported on Tuesday that the main decline tunnel had reached the fourth (1 060 m) level and... 

Oil steadies as Iran tensions mingle with economic concerns

By: Bloomberg     Updated 7 hours ago Oil steadied after rallying almost 8% in three days as investors weighed the risks of a supply disruption in the Middle East against concerns over the global economy and demand. Futures were little changed near $58/bl in New York. President Donald Trump imposed sanctions on Iran’s supreme leader,... 

Continental announces Sprott investment, assay results

By: Mariaan Webb     Updated 7 hours ago Gold developer Continental Gold’s stock on the Toronto exchange received a boost on Monday, after the company announced its latest assay results for four diamond drill holes at the Buritica project, in Colombia, and said that Eric Sprott had invested $25-million in the company. Sprott agreed to... 

Kirkland launches online deal room for new projects

By: Mariaan Webb     25th June 2019 Canada-headquartered Kirkland Lake has partnered technology firm VRIFY to establish a gold deal room, which will help the company attract, assess and refine investment opportunities. Announcing the launch of the VRIFY-developed platform on Monday, the miner’s president and CEO, Tony Makuch, said... 

Ardea to spin-out NSW assets

By: Esmarie Iannucci     25th June 2019 Junior Ardea Resources will spin-out its Lachlan Fold Belt gold and base metal tenements, in New South Wales, into a new vehicle named Godolphin Resources. In an initial public offering (IPO), existing Ardea shareholders will receive an in-specie distribution of 30-million Godolphin vendor... 

Sheffield finds funding while Thunderbird work continues

By: Esmarie Iannucci     25th June 2019 Mineral sands developer Sheffield Resources has mandated Taurus Mining Finance to provide a $10-million bridging finance facility. Sheffield earlier this month announced plans to update the bankable feasibility (BFS) study for its Thunderbird project, in Western Australia, looking at increasing... 

Piedmont adds to resource estimate in the US

By: Esmarie Iannucci     25th June 2019 Lithium developer Piedmont Lithium has reported a 47% increase in the mineral resource estimate of its namesake project in North Carolina. Piedmont on Tuesday reported that the mineral resource estimate for the Core property had increased by 55% to 25.1-million tonnes, at grades of 1.09% lithium... 

BC grants New Gold’s Blackwater enviro certificate

By: Mariaan Webb     25th June 2019 The Blackwater gold project that TSX-listed New Gold is proposing in British Columbia has been issued an environmental certificate by the provincial government. According to a British Columbia government’s media statement, the responsible Ministers are confident that the openpit gold and silver... 

Altura welcomes new investor

By: Esmarie Iannucci     25th June 2019 Chinese firm Ningbo Shanshan Co has taken an 11.8% shareholding in ASX-listed lithium developer Altura Mining, after acquiring some 251-million shares in the company. Altura MD James Brown on Tuesday welcomed Shanshan to the registry, noting that the Chinese firm was one of the early movers in... 

Century expansion options outlined

By: Esmarie Iannucci     25th June 2019 An expansion study at the Century zinc mine, in Queensland, has highlighted the potential for a mine life extension through to mid-2026, ASX-listed New Century Resources has reported. New Century is currently undertaking a tailings operation at the mine, which started in August last year, and is... 

Omnia posts full-year loss on mix of negative drivers

By: Reuters     25th June 2019 Omnia Holdings, a South African chemicals and fertiliser maker, reported a full-year loss on Tuesday as a volatile currency, droughts, changes in the mining industry and difficult global trading conditions dented its business. The company, which also produces explosives, posted a headline loss... 

Numsa underground strike at Lanxess in Rustenburg is 'illegal'

By: African News Agency      25th June 2019 The ongoing underground strike by members of the National Union of Metalworkers of South Africa (Numsa) at Lanxess Chrome Mine (LCM) in Rustenburg was illegal, the mine said on Monday. "The strike has been declared illegal by a Johannesburg court but is ongoing. The main focus of LCM is currently... 

Gold’s rally gains more momentum

By: Bloomberg     24th June 2019 The gold rally is gaining steam. As prices climbed above Friday’s high of $1 415.40, bulls came charging in. Futures contracts equal to more than one-million ounces of gold traded in the five minutes ended 11:20 a.m. on the Comex in New York, extending the metal’s rally to the highest in almost... 

Ivanhoe progresses with road to airport from Kamoa project

By: Marleny Arnoldi     24th June 2019 Canada-headquartered Ivanhoe Mines says construction of the highway linking its Kamoa-Kakula copper project to the Kolwezi airport, in the Democratic Republic of Congo (DRC), is progressing rapidly with the onset of the country’s dry season. The 34-km-long east–west road is about 25% complete... 

Volt secures $1m working capital for Bunyu project’s development

By: Simone Liedtke     24th June 2019 Tanzania-focused flake graphite development company Volt Resources has secured $1-million in working capital funding for the development of its Bunyu graphite project, in Tanzania. The funding includes $300 000 raised through the placement of just over 20.8-million shares at 2.1c a share, and a... 

Pleasing Orion bankable points to fast project payback 

By: Martin Creamer     24th June 2019 Zinc and copper exploration and development company Orion Minerals pleasantly surprised the market on Monday when it announced a bankable feasibility study (BFS) that paves the way for financing, concentrate offtake and mine construction of the Prieska project in the Northern Cape. The BFS... 

Pleasing Orion bankable points to fast project payback
Photo by Creamer Media
Orion Minerals CEO Errol Smart

Rio Tinto starts drilling at Broadway’s Madison

By: Creamer Media Reporter      24th June 2019 Kennecott Exploration, part of the Rio Tinto Group, has started with a drilling campaign at TSX-V-listed Broadway Gold Mining’s Madison copper/gold project, in the Butte region of Montana, in the US. The initial drilling programme consists of three drill holes targeting an area displaying... 

Kibo mulls renewables cogeneration opportunities 

By: Simone Liedtke     24th June 2019 In line with its strategy of incorporating long-term renewable energy solutions into its existing coal power projects, Africa-focused Kibo Energy has signed a collaboration agreement with ESS Tech to develop suitable baseload electricity storage solutions. Having recognised the increasing need to... 

Detour says COO Bourchier tenders resignation

By: Mariaan Webb     24th June 2019 Canadian miner Detour Gold on Monday announced that its COO, Frazer Bourchier, and its VP for investor relations, Laurie Gaborit, had resigned their positions and that they would leave the company at the end of the month. The resignations would cost the gold mining company about C$4.5-million and... 

Chantrell has until Thursday to match Agnico’s offer for Alexandria

By: Creamer Media Reporter      24th June 2019 Toronto-headquartered Chantrell Ventures has until 23:59 on Thursday to amend its offer for junior gold miner and explorer Alexandria Minerals to match that of NYSE- and TSX-listed Agnico Eagle Mines. The board of directors of Alexandria has determined that the Agnico offer – announced nearly two... 

Fosun mulls takeover of $1bn Russian miner GV Gold

By: Bloomberg     24th June 2019 A consortium led by Fosun International is in talks to acquire a majority stake in GV Gold, a Russian gold miner backed by BlackRock, according to people familiar with the matter. Fosun is considering teaming up with partners including Zhaojin Mining Industry for a joint offer, the people said,... 

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