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Barrick offers more talk but not more stock for Acacia stake

By: Bloomberg     Updated 2 hours 17 minutes ago Barrick Gold’s CEO has no intention of raising his offer to buy out the rest of troubled African unit Acacia Mining – but he will use the next three weeks to talk. Barrick said on Tuesday it received a three-week extension to make a formal offer to minority shareholders for the roughly 36% stake... 

Barrick offers more talk but not more stock for Acacia stake
Barrick CEO Mark Bristow

The only option for Eskom is one South Africa can't afford

By: Bloomberg     Updated 52 minutes ago South Africa simply has to rescue the nation’s distressed power utility. Even though it can’t afford to. Eskom Holdings supplies 95% of the nation’s electricity. If it went bankrupt, the entire economy would be dragged down as well. The danger of that is growing: The utility has a mountain of... 

The only option for Eskom is one South Africa can't afford
Photo by Creamer Media's Terence Creamer
Eskom's Lethabo power station

Don't be in a rush to do business in world's top cobalt producer 

By: Bloomberg     18th June 2019 When a foreign investor with multimillion-dollar projects across Africa was told the president of the Democratic Republic of Congo wanted to see him, he booked a suite at one of the country’s top hotels. After six days of waiting, he left. Since Felix Tshisekedi took the helm of the world’s... 

Don't be in a rush to do business in world's top cobalt producer
Democratic Republic of Congo President Felix Tshisekedi

Non-disclosure of dam safety risks could prompt big investors to pull out 

By: Reuters     17th June 2019 Investors with a combined $12.5-trillion in assets, including the Swedish National Pension Funds and the Church of England, could review their stakes in resource companies that use storage dams if they do not release information to assess safety risks. The safety of dams used to store mining... 

Australia’s Resolute to list on LSE

By: Simone Liedtke     18th June 2019 ASX-listed Resolute Mining, which operates gold mines in Australia and Africa, expects its shares will start trading on the LSE on June 20. The dual listing on the LSE is a significant milestone in the ongoing transformation of the gold miner and takes place as the company ramps up its new Syama... 

Ramaphosa to announce more support for Eskom 

By: Reuters     18th June 2019 President Cyril Ramaphosa will announce more measures to support cash-strapped power utility Eskom, his office said on Tuesday, without providing details. "It is expected that the President will announce further measures to support Eskom's efforts at recovery and financial and operational... 

Ramaphosa to announce more support for Eskom

Kamoa-Kakula development progressing well

By: Tasneem Bulbulia     18th June 2019 TSX-listed Ivanhoe Mines says it is making “excellent progress” on the construction of the Stage 1 six-million-tonne-a-year Kamoa-Kakula copper mine, in the Democratic Republic of the Congo (DRC). After China-based Citic Metal agreed to invest an additional $459-million in Ivanhoe, the pace of... 

Vast getting closer to mining diamonds at Zimbabwe concession

By: Tasneem Bulbulia     18th June 2019 A road map to finalise agreements that will enable Aim-listed Vast Resources to mine for diamonds on the Heritage concession, in Zimbabwe, has been established. This follows after meetings between the company’s senior management, local community leaders and parastatal Zimbabwe Consolidated... 

Zambia’s Mopani Copper Mines shuts down smelter

By: Reuters     18th June 2019 Zambia's Mopani Copper Mines (MCM) has shut down its Mufulira smelter for major refurbishment, the Glencore-owned company said on Monday. "The majority of the programme is expected to last until the end of the year and will result in a total shutdown of the plant. The investment in the new shafts... 

Mining contractor employee dies in vehicle incident at Vanggatfontein

By: Creamer Media Reporter      18th June 2019 One person, an employee of mining contractor Stefanutti Stocks Mining Services, has died after sustaining injuries in a vehicle incident at coal miner Wescoal's Vanggatfontein mine on Monday night. The Department of Mineral Resources and Energy is investigating the circumstances surrounding the... 

Finnish authority orders Afarak shareholder to pay €110m fine

By: Creamer Media Reporter      18th June 2019 The Finnish Financial Supervisory Authority (FFSA) has ordered Danko Koncar, the COO of and main shareholder in London-listed Afarak Group, to pay the Finnish government a €110-million fine. The authority in February 2018 ordered Koncar to launch a takeover bid for Afarak’s shares, claiming that... 

Finnish authority orders Afarak shareholder to pay €110m fine
Photo by Creamer Media
Afarak COO and main shareholder Danko Koncar

Metso mulls potential closure of South African foundry

By: Tasneem Bulbulia     18th June 2019 Global industrial company Metso is considering the potential closure of, or other alternatives for, its foundry operation in Isithebe, in KwaZulu-Natal, South Africa. The Isithebe foundry produces metallic wear part castings for the mining and aggregates industries and employs about 200 people. 

South African mining companies to seek export opportunities in DRC

By: African News Agency      18th June 2019 The Department of Trade and Industry (DTI) said on Tuesday it would lead a delegation of 40 South African mining companies to the Democratic Republic of the Congo (DRC) to participate in that country's Mining Week event in Lubumbashi. The event is the DRC's largest mining and industrial platform,... 

Six new members join Hydrogen Council

By: Creamer Media Reporter      18th June 2019 Six new member companies have joined the Hydrogen Council, a global CEO-led initiative for hydrogen technologies. The council now has 60 members after BP joined as a steering member and AVL, Itochu Corporation, Liebherr Group, Power Assets Holdings and SinoHytec joined as supporting members. 

Tando soars on SPD plans

By: Esmarie Iannucci     17th June 2019 The share price of ASX-listed Tando Resources closed nearly 18% higher on Monday after the company announced plans to implement parallel development strategies for its SPD vanadium project, in South Africa. The company said that following the results of the May scoping study, the company has... 

Trump's biggest move to end the ‘war on coal’ won't rescue the industry

By: Bloomberg     Updated 2 hours 39 minutes ago President Donald Trump is scaling back sweeping Obama-era curbs on greenhouse gas emissions from power plants burning coal, his biggest step yet to fulfill his campaign promises to stop a “war" on the fossil fuel. Yet the Environmental Protection Agency’s rewrite of the Clean Power Plan – which... 

Trump's biggest move to end the ‘war on coal’ won't rescue the industry

Jaguar Mining to raise $25m in equity offering

By: Mariaan Webb     Updated 5 hours ago The share price of TSX-listed Jaguar Mining rose 42% on Tuesday, following a proposed nonbrokered private placement in which the company will seek to raise up to $25-million. The shares would be offered at a discounted C$0.085 each, the Brazil-focused gold junior said, noting that its last... 

Chile's Codelco sweetens contract offer in bid to end mine strike – sources

By: Reuters     Updated 5 hours ago Chilean miner Codelco has presented a sweetened contract offer to workers in a bid to end a five-day strike at its key Chuquicamata copper mine, two people with direct knowledge of the negotiations told Reuters on Tuesday. Striking miners and police clashed earlier on Tuesday, with authorities... 

Trudeau approves Trans Mountain pipeline expansion

By: Bloomberg     Updated 5 hours ago Prime Minister Justin Trudeau’s government decided Tuesday to proceed with the construction of a major crude oil pipeline, saying the project has met strict requirements on safety and consultation with Canadian indigenous groups. Trudeau’s Cabinet approved the expansion of Trans Mountain, a... 

Trudeau approves Trans Mountain pipeline expansion

Acacia agrees to Barrick’s request to extend PUSU deadline

By: Tasneem Bulbulia     18th June 2019 African gold miner Acacia Mining has agreed to its parent company Barrick Gold’s request for an extension to the ‘put up or shut up’, or PUSU, deadline to July 9. The previous deadline was June 18. 

Acacia agrees to Barrick’s request to extend PUSU deadline
Barrick CEO Mark Bristow

Pala buys Cobalt 27 for C$501m, creates Nickel 28

By: Mariaan Webb     18th June 2019 Battery metals streaming company Cobalt 27 Capital has agreed to be bought by private equity firm Pala Investments in a deal that values the TSX-V-listed company at C$501-million. Under the terms of the transaction, announced on Tuesday, Cobalt 27 shareholders would receive C$5.75 a common... 

Pala buys Cobalt 27 for C$501m, creates Nickel 28
Nickel 28 will hold Cobalt 27's joint venture interest in the Ramu nickel/cobalt mine, in Papua New Guinea.

Modi intervenes to reopen closed Goa iron-ore mines

By: Ajoy K Das     18th June 2019 Indian Prime Minister Narendra Modi has stepped in to find a political and legislative solution for the 88 iron-ore mines that have been closed in the western coastal state of Goa since last year. Goa Chief Minister Pramod Sawant said in a statement that in the course of a meeting of the National... 

Indian aluminium producers seek protection measures

By: Ajoy K Das     18th June 2019 Ahead of India’s national Budget to be presented before Parliament next month, aluminium producers are seeking a slew of protection measures. Aluminium Association of India is seeking an increase in import duty on finished aluminium from 10% to 12.5%, considering that the domestic industry was... 

Poland to offer some relief to biggest power consumers

By: Reuters     18th June 2019 Poland's government proposed draft regulations on Tuesday that would allow big electricity consumers to receive compensation for surging power bills. Wholesale power prices in Poland, which generates most of its energy from coal, jumped in the autumn last year following the rising costs of... 

The world will get half its power from wind, solar by 2050

By: Bloomberg     18th June 2019 Nearly half the world’s electricity will come from renewable energy by 2050 as costs of wind, solar and battery storage continue to plummet. That titanic shift over the next three decades will come as electricity demand increases 62% and investors pump $13.3-trillion into new projects, according... 

Paringa achieves record productivity rates at Poplar Grove

By: Simone Liedtke     18th June 2019 ASX-listed Paringa Resources has achieved record productivity rates at its Poplar Grove mine, in western Kentucky, where underground activities are undertaken by the first mining unit (Unit 1), comprising two continuous mining machines (CMs). During the week of June 10, the company achieved a... 

Chalice secures new nickel sulphide exploration opportunity

By: Simone Liedtke     18th June 2019 ASX- and TSX-listed Chalice Gold Mines has secured a significant new nickel sulphide exploration opportunity in the west Kimberley region of Western Australia after reaching an agreement to acquire the outstanding shares in private nickel explorer North West Nickel (NWN). NWN holds a portfolio of... 

GBF adds scale to Macmahon’s underground contracting business

By: Simone Liedtke     18th June 2019 Mining services company Macmahon has executed a binding agreement to buy mining contractor GBF Holdings for A$48-million, consistent with a growth plan of scaling up its underground division. The acquisition, which was confirmed to the market earlier in June, includes all GBF subsidiaries and is... 

India national Budget likely to scrap import duty on LNG

By: Ajoy K Das     18th June 2019 The Indian government is considering scrapping an import duty on liquefied natural gas (LNG) in the forthcoming Budget to be presented before Parliament next month. Government officials say that the Petroleum and Natural Gas Ministry has made a strong pitch for reducing the current LNG import... 

PFS supports new South Australia copper/gold mine

By: Creamer Media Reporter      18th June 2019 ASX-listed Havilah Resources on Tuesday published the prefeasibility study (PFS) for its Kalkaroo project, which indicates that a new openpit mine producing 30 000 t/y of copper and 72 000 oz/y of gold was feasible. The study was previously prepared for potential partner Wanbao Mining by... 

India important to global copper demand growth, CRU analyst tells conference

18th June 2019 India and Asia will drive global copper growth beyond 2025 with China remaining a dominant consumer of the red metal, according to a Latin American commodity analyst. Addressing the Copper to the World conference in Adelaide, Australia, on Tuesday, Santiago-based CRU Consulting principal analyst... 

Copper seen as key to South Australia achieving growth target

By: Mariaan Webb     18th June 2019 South Australia’s mining industry is rising to the challenge of bringing new copper supply to the market, with mines expanding, new ones opening and projects pushing through the pipeline, Energy and Mining Minister Dan van Holst Pellekaan said at a conference in Adelaide on Tuesday. In an... 

Copper seen as key to South Australia achieving growth target

LME electronic pricing trial fails to boost volumes - sources

By: Reuters     18th June 2019 The London Metal Exchange's (LME's) three-month trial of switching to electronic closing prices for one of its benchmark base metal contracts has failed to lift volumes, industry sources said, lending further support to traditional open outcry trading. The trial, which moved nickel from the ring... 

Swiss refiner Metalor to stop processing artisanal gold

By: Reuters     18th June 2019 Switzerland's Metalor, one of the world's biggest gold refineries, said on Monday it would work only with gold from large industrial mines in order to reduce the risk of illegality in its supply chain. Informal methods of gold production, known as "artisanal" or small-scale mining, have grown... 

First copper from Cobre Panama sets sail

By: Mariaan Webb     18th June 2019 Canadian miner First Quantum celebrated a significant milestone at its newest copper mine last week with the first shipment of 31 200 t of concentrate leaving the Punta Rincon port under a Panamanian flag vessel. First Quantum invested $6.3-billion in the new mine, which is forecast to produce... 

First copper from Cobre Panama sets sail

Pan American Argentina ops suspends following mine death

By: Creamer Media Reporter      18th June 2019 Operations at the Manatial Espejo, COSE and Joaquin mines, in Santa Cruz, Argentina, have been suspended following an employee fatality at the COSE mine, Nasdaq- and TSX-listed Pan American Silver reported on Monday. The employee died in a fall-of-ground incident, the world’s second largest... 

Lydian’s trespassing woes not over yet despite court ruling

By: Mariaan Webb     18th June 2019 Despite a court ruling that police should remove trespassers and their property from TSX-listed Lydian International’s Amulsar site, in Armenia, illegal blockages are continuing and the company had to turn to the courts again for an additional ruling. Lydian expects its new motion to be heard... 

Newmont Goldcorp resumes operations at Peñasquito

By: Reuters     17th June 2019 Newmont Goldcorp said on Monday it had resumed shipping concentrate from the Peñasquito gold mine in Mexico after a blockade by a trucking contractor and some members of the Cedros community was lifted. Operations at the mine were temporarily suspended since April 29. 

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