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Barrick’s adjusted net earnings and free cash flow soar

By: Mariaan Webb     10th August 2020 The world’s second largest gold miner, Barrick Gold, on Monday announced strong second-quarter financial results, with adjusted net earnings surging to $415-million and free cash flow soaring to $522-million. Adjusted net earnings rose from $285-million in the first quarter and $154-million in... 

Barrick’s adjusted net earnings and free cash flow soar
Barrick CEO Mark Bristow

Russian Arctic peoples appeal to Elon Musk for Nornickel boycott

By: Bloomberg     7th August 2020 A group of indigenous people in Russia are asking Tesla’s Elon Musk to stop buying supplies from miner MMC Norilsk Nickel until the company compensates them for environmental damage to their ancestral lands. “The lands of indigenous people appropriated by the company for industrial production... 

Russian Arctic peoples appeal to Elon Musk for Nornickel boycott
Elon Musk

Global mining M&A, capital raising falls in the second quarter

By: Tasneem Bulbulia     7th August 2020 After a flat first quarter, the total value of mining deals – including mergers and acquisitions (M&A), capital raising and asset transactions – declined by $5.3-billion to $20.6-billion in the second quarter, reports data and analytics company GlobalData. “Mining M&A values dropped by 30.5% or... 

Teranga shortens Wahgnion LoM plan, with intensified output forecasts

By: Marleny Arnoldi     7th August 2020 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... 

McEwen has another challenging quarter

By: Donna Slater     7th August 2020 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... 

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

By: Marleny Arnoldi     7th August 2020 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... 

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

By: Bloomberg     7th August 2020 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

Eastplats lifts second-quarter revenue

By: Tasneem Bulbulia     7th August 2020 JSE-listed Eastern Platinum’s (Eastplats') revenue for the six months ended June 30 increased by 49% year-on-year to $23.5-million. Its operating loss, however, remained flat at $2.2-million, despite the production lost owing to measures implemented to halt the spread of Covid-19. 

Maiden resourec for Ghana deposit

By: Esmarie Iannucci     10th August 2020 Junior Tribune Resources has reported a maiden gold resource of 1.81-million ounces at its Adiembra gold deposit, in Ghana. The ASX-listed company on Monday reported a maiden resource of 20.99-million tonnes, grading 2.7 g/t gold. 

Minim Martap reserve supports mine life plans

By: Esmarie Iannucci     10th August 2020 A maiden Joint Ore Reserves Committee compliant resource at the Minim Martap bauxite project, in Cameroon, has supported the planned 20-year mine life, ASX-listed Canyon Resources said on Monday. The maiden probable reserve has been estimated at 97.3-million tonnes, at 51.1% total alumina and... 

Some 8 000 miners needed in WA - CME

10th August 2020 The Chamber of Minerals and Energy (CME) of Western Australia has estimated that an additional 8 000 skilled workers would be needed for the regions resources sector over the next 12 to 18 months, in order to meet demand. The preliminary forecast modeling assumes the continuation of... 

Xanadu raises cash for Mongolian exploration

By: Esmarie Iannucci     10th August 2020 Metals explorer Xanadu Mines is hoping to raise A$12-million to fund exploration work at its flagship Kharmagtai copper/gold project, in Mongolia. Xanadu on Monday announced that it would issue 266.7-million shares, at a price of 4.5c each, in two tranches. 

Syngas ups its offer for Jumbuck

By: Esmarie Iannucci     10th August 2020 ASX-listed Syngas has agreed to increase its offer price for the Jumbuck gold project, in Western Australia, from A$2-million to A$2.25-million, after facing a slue of competition for the asset. A tug-of-war emerged for the asset after owner Tyranna Resources received offers from both ASX-listed... 

WA welcomes federal enviro agreements

By: Esmarie Iannucci     10th August 2020 The Western Australian government has welcomed confirmation of the federal government’s intent to enter into a landmark agreement with the state government to provide a single avenue for environmental assessments and approvals. The agreement is expected to result in the removal of duplication... 

Gas to assist in Covid recovery - report

By: Esmarie Iannucci     10th August 2020 – The global gas industry is expected to play a ‘vital role’ in economic recovery post Covid-19, and in a cleaner energy future, a new report by the International Gas Union (IGU) has found. In its Global Gas Report 2020, the IGU noted that after growing by more than 2% in 2019, global gas use is... 

Gas to assist in Covid recovery - report

Freeport-McMoRan names new president, COO–Americas

By: Creamer Media Reporter      10th August 2020 US base metals miner Freeport-McMoRan on Friday announced the appointment of Josh Olmsted as president and COO – Americas to succeed Harry ‘Red’ Conger upon his retirement. Following a 33-year career with Freeport-McMoRan, 64-year old Conger had elected to retire with effect from September 1.... 

GoviEx completes C$5m private placement to fund exploration

By: Simone Liedtke     7th August 2020 TSX-V-listed GoviEx Uranium has closed the last tranche of a nonbrokered private placement offering of over 35.7-million units for gross proceeds of about C$5-million. The net proceeds from the private placement will be used to fund continued exploration and development activities on three... 

Middle East, Africa mining deal activity increases in second quarter

By: Tasneem Bulbulia     7th August 2020 Overall deal activity in the Middle East and African metals and mining industry increased by 16.7% in the second quarter, data and analytics company GlobalData’s deals database shows. Twenty-eight deals worth $1.44-billion were announced for the region during the quarter, against the last... 

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

By: Bloomberg     7th August 2020 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     7th August 2020 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     7th August 2020 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... 

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

By: Marleny Arnoldi     7th August 2020 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... 

Exploration and mining licence management system supports junior miners in Namibia

By: Schalk Burger     7th August 2020 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

Nordgold expands Taborny mine fleet

By: Donna Slater     7th August 2020 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.  

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

By: Donna Slater     7th August 2020 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... 

Premier contemplates US spin-out

By: Creamer Media Reporter      7th August 2020 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     7th August 2020 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     7th August 2020 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     7th August 2020 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     7th August 2020 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     7th August 2020 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     7th August 2020 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     7th August 2020 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     7th August 2020 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

Trevali accelerates T90 programme as its bolsters liquidity

By: Mariaan Webb     7th August 2020 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

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

By: Martin Creamer     7th August 2020 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... 

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.

WA hits new timeframes for PoW assessments

By: Esmarie Iannucci     7th August 2020 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     7th August 2020 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. 

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