R/€ = 19.10 Change: 0.11
R/$ = 17.41 Change: 0.22
Au 1725.68 $/oz Change: -2.42
Pt 832.65 $/oz Change: 5.59

Base Metals News

Glencore invests more in Ireland neighbour Group Eleven

By: Mariaan Webb     15th May 2020 Diversified major Glencore will invest C$750 000 in exploration and development group Group Eleven Resources, which owns the Stonepark project adjacent to its Pallas Green project, in Ireland. Glencore Canada will buy 15-million units in TSX-V-listed Group Eleven at C$0.05 a share. The... 

Turquoise Hill updates mine design for Oyu Tolgoi underground

By: Mariaan Webb     15th May 2020 Rio Tinto-controlled Turquoise Hill has completed the an updated mine design for Panel 0 – the first panel of mining at its Oyu Tolgoi underground project – narrowing the previously announced cost overrun and delay ranges. The approved design is based on a block cave approach, which leaves two... 

Turquoise Hill updates mine design for Oyu Tolgoi underground
The Oyu Tolgoi concentrator

Panoramic completes Canadian project sale

By: Esmarie Iannucci     15th May 2020 Nickel miner Panoramic Resources has completed the sale of its Thunder Bay North project, in Canada, to Clean Air Metals, which was formerly known as Regency Gold Corp. Panoramic in January inked a share purchase agreement for its subsidiary Magma Metals selling asset for C$9-million in cash. 

Heron gets extension on standstill agreement

By: Esmarie Iannucci     15th May 2020 Base metals junior Heron Resources has received a further extension to the standstill agreement with senior deb provider Orion Mine Finance (OMF) to determine a forward path for its Woodlawn project, in New South Wales. Heron in March suspended operations at Woodlawn amid travel restrictions... 

EY Canadian Eye drops sharply on Covid-19

By: Creamer Media Reporter      15th May 2020 The EY Canadian Mining Eye index has declined by 29% in the first quarter of 2020, amid the coronavirus pandemic. The substantial decrease compares with a gain of 11% in the final quarter of 2019. “The mining and metals sector continues to grapple with the impact of government Covid-19 mandates... 

Alcoa CEO sees no certainty a definitive recovery is coming

By: , Bloomberg     15th May 2020 Alcoa Corp CEO Roy Harvey isn’t ready to declare that the world is on the road to recovery yet. Speaking at a virtual metals and mining conference on Thursday, the head of the aluminum producer said there remains too much uncertainty in global economies to feel comfortable saying the situation... 

Zambia resilient despite challenges

By: Tracy Hancock     15th May 2020 The copper-dominant Zambian mining industry is resilient despite the impact of Covid-19, volatile commodity prices, a lack of foreign direct investment and poor, ill-advised government actions, says African Mining Network chairperson Yolanda Torrisi. Various larger companies, including China... 

Zambia resilient  despite challenges
BEYOND COPPER Exploration must be encouraged throughout Zambia – and not just for copper – to ensure the survival of the country’s mining industry

Chamber paints bleak future

By: Tracy Hancock     15th May 2020 There remains no incentive for further investment in copper-rich Zambia’s mining industry, says the association for mining and allied companies Zambia Chamber of Mines (ZCM). In January, Mines and Minerals Development Permanent Secretary Barnaby Mulenga said government was upbeat about the... 

Chamber paints bleak future
OPTIMISTIC OUTLOOK? The Chamber of Mines production forecast is significantly below last year's total production

Zambia copper miner fights $132m electricity bill 

By: , Bloomberg     14th May 2020 Vedanta Resources' Zambian unit, which is in provisional liquidation, is fighting to keep the lights on after a power company threatened to reduce supply because of a $132-million bill, according to court filings. Konkola Copper Mines Plc, Zambia’s biggest single power user, on May 13 won an... 

Anglo American to move corporate office to Rosebank

By: Martin Creamer     14th May 2020 Diversified mining company Anglo American, while committing to upholding the legacy of its historic central business district (CBD) presence in downtown Johannesburg, has decided to relocate its Johannesburg CBD colleagues to a new consolidated corporate office in Rosebank, north of the city... 

Anglo American to move corporate office to Rosebank
Photo by Anglo American
Historic Anglo American corporate offices in central Johannesburg.

Glencore beats emissions target, sets out to deliver safety step change 

By: Martin Creamer     14th May 2020 Diversified mining and marketing company Glencore significantly surpassed its emission target in 2019 but described its safety performance as being unacceptable. In announcing the publication on its website of its 2019 Sustainability Report as well as its environment, social and governance (ESG)... 

Glencore beats emissions target, sets out to deliver safety step change
Glencore’s head of sustainable development Anna Krutikov

Balmoral, Wallbridge merger nears completion

By: Marleny Arnoldi     14th May 2020 TSX-listed Balmoral Resources has obtained a final order from the Supreme Court of British Columbia, which approved its plan of arrangement with Wallbridge Mining. Wallbridge has agreed to acquire all the issued and outstanding shares of Balmoral in exchange for 0.71 of its owns shares for each... 

Freeport Indonesia ramps up coronavirus testing as cases near mine rise

By: Reuters     14th May 2020 PT Freeport Indonesia, operator of the world's second-biggest copper mine, is to conduct "extensive testing" among its employees after coronavirus cases in the area where the mine operates topped 100. It said on Wednesday it had around 50 000 rapid and polymerase chain reaction test kits on... 

Trevali defers Namibia zinc expansion decision

By: Mariaan Webb     14th May 2020 Global base-metals miner Trevali has deferred its expansion plans for the Rosh Pinah zinc mine, in Namibia, to a future date, as it moves to preserve liquidity during the economic downturn. The Vancouver-based company, which also owns mines in Peru, Canada and Burkina Faso, said on Wednesday... 

Trevali defers Namibia zinc expansion decision
The Rosh Pinah mine, in Namibia.

Chalice raises A$30m for Julimar work

By: Esmarie Iannucci     14th May 2020 Dual-listed Chalice Gold mines will raise A$30-million through a share placement to institutional and sophisticated investors to fund the next phase of exploration at its Julimar base metals project, in Queensland. The ASX- and OTCQB-listed company on Thursday said that fir commitments had been... 

Ivanhoe delays AGM

By: Marleny Arnoldi     13th May 2020 TSX-listed Ivanhoe Mines has postponed its annual general meeting (AGM) and the date for sending out the company’s executive compensation disclosure to no later than end-September. This follows restrictions on public gatherings enacted by the Canadian government, in response to the Covid-19... 

Eurobattery to buy Finland battery metals project

By: Donna Slater     13th May 2020 Battery-metals miner Eurobattery Minerals (Eurobattery) has signed an investment and shareholders agreement including an option for a staged acquisition of 100% of the shares in Vulcan Hautalampi (VHOy), which owns the Hautalampi nickel/cobalt/copper project, in eastern Finland. The acquisition... 

Ariana progresses to near 10% shareholding in Venus Minerals

By: Marleny Arnoldi     13th May 2020 Aim-listed Ariana Resources has completed its initial earn-in on UK-based Venus Minerals, spending €920 000 for a 9.24% shareholding. Venus Minerals has a copper and gold exploration portfolio of projects in Cyprus, in the UK.  

Kavango to move to next stage of exploration at KSZ

By: Tasneem Bulbulia     13th May 2020 LSE-listed Kavango Resources has announced the next stages of exploration in the Kalahari Suture Zone (KSZ) in Botswana. The exploration objectives are to discover world-class copper/nickel/platinum group metal (PGM) deposits in the KSZ; to identify high-potential drill targets in "underground... 

World’s top mining companies committed to climate change solutions – ICMM 

By: Martin Creamer     13th May 2020 Twenty seven of the world's leading mining and metals companies and 36 associations are committed to climate change solutions through their membership of the International Council on Mining and Metals (ICMM), Mining Weekly can today report. The ICMM is an international organisation dedicated to a... 

World’s top mining companies committed to climate change solutions – ICMM
International Council on Mining and Metals CEO Tom Butler

Consolidated Tin restarts operations

By: Esmarie Iannucci     13th May 2020 Mining operations have restarted at the Mt Garnet base metals project and the Dry River South mine, in Queensland, have resumed operations. ASX-listed Consolidated Tin Mines in March this year halted operations and placed its Mt Garnet and Surveyor projects on care-and-maintenance, and employees... 

Fitch Solutions expects most metal markets to move into a surplus this year

By: Simone Liedtke     13th May 2020 Most metals markets are expected to move into a surplus this year, says research firm Fitch Solutions, noting that consumption is likely to decrease more than the decreases in production capacity, as a result of the spread of Covid-19. Although some operational hurdles, owing to government... 

BHP sticking with spending strategy amid coronavirus shock

By: Reuters     12th May 2020 BHP Group will stick with its capital allocation framework, which assesses the best way to deploy spending across the group, despite the impact of the coronavirus pandemic, CEO Mike Henry said. Speaking at a virtual presentation at Bank of America, Henry said the framework, introduced in 2016,... 

BHP sticking with spending strategy amid coronavirus shock
Bloomberg CEO Mike Henry

Council increases mapping to drive South Africa's exploration attractiveness 

By: Donna Slater     12th May 2020 As part of government’s response to keep the South African economy afloat during the outbreak of Covid-19 and beyond, the Council for Geosciences (CGS) has been mandated to increase its country-wide survey to bolster South Africa as an exploration hotspot once the lockdown is over. CGS CEO Mosa... 

Anglo delivering through volatile times with $14.5bn liquidity  

By: Martin Creamer     12th May 2020 How Anglo American is ‘delivering through volatile times’ was outlined on Tuesday  at Bank of America’s virtual global metals, mining and steel conference, where it reiterated its strong liquidity position of $14.5-billion, made up of $6.9-billion in cash and $7.6-billion in undrawn committed... 

Anglo delivering through volatile times with $14.5bn liquidity
Photo by Anglo American
Anglo American's FutureSmart MiningTM is an innovation-led approach to sustainable mining.

Zambia shuts Tanzania border to fight Covid-19, delaying copper exports

By: Reuters     12th May 2020 Zambia temporarily shut its border with Tanzania to enhance measures against the spread of the new coronavirus, delaying its main copper exports via Dar es Salaam, a minister said on Tuesday. President Edgar Lungu on Sunday directed the closure after the border town of Nakonde recorded 76 cases... 

Chile mining trade group sees copper supply glut of 200 000 t in 2020

By: Reuters     12th May 2020 The copper market will see a supply glut of 200 000 t this year as the economic impact of coronavirus hits global demand for the metal, a Chilean industry group told Reuters. Diego Hernandez, president of Sonami, an association of mining companies with operations in top producer Chile, said both... 

Kefi raises £3.7m for Ethiopian gold project development

By: Simone Liedtke     11th May 2020 Aim-listed Kefi Minerals has conditionally raised £3.7-million, before expenses, through the placing of 569-million new ordinary shares in the capital of the company to existing and new shareholders. Investors in the placing include UK investor RAB Capital, which will hold 236-million shares,... 

Carmakers urged to invest in mines to avoid battery metal pinch

By: , Bloomberg     11th May 2020 Mine developers scrambling to fund projects to meet forecast demand for battery metals see the threat of looming supply crunches as a trigger for electric-vehicle makers to step in with investments. An already tough environment to raise project finance for the mines is being made worse by the... 

Hudbay presells gold to fund mill refurbishment

By: Marleny Arnoldi     8th May 2020 TSX- and NYSE-listed Hudbay Minerals has struck a transaction with existing lenders to fund its Snow Lake gold growth initiatives, in Manitoba, raising $115-million. Though the arrangement, the company will receive an upfront payment in exchange for delivering 79 954 oz of gold in 2022 and 2023,... 

Chinalco tests workers for coronavirus at Peru's Toromocho mine after confirmed case

By: Reuters     8th May 2020 Workers at the Toromocho copper mine in Peru, operated by Chinalco's Aluminum, were given rapid tests for the novel coronavirus on Thursday after an employee at its processing facility tested positive, the company said. Chinalco, China's biggest State-owned aluminum firm and the parent company... 

Chile's top copper miners boost production in March

By: Reuters     8th May 2020 Chile's top copper mines ramped up production in March even as the coronavirus outbreak took hold, according to data released on Thursday by state copper agency Cochilco, boosted by a sharp spike in output from state miner Codelco. Production at Codelco - the world's largest copper mining... 

Chile's top copper miners boost production in March
Escondida is the world's largest copper mine.

Water cleaning system modified for SA’s AMD

By: Theresa Bhowan     8th May 2020 Following its attendance at the Investing in African Mining Indaba in February and, having previously conducted research on the country’s acid mine drainage (AMD) problem, Finland-based company EPSE is now involved in several mine water purification projects in South Africa. “The mining industry... 

Water cleaning system modified for SA’s AMD
TESTING 1, 2 Lab-scale tests are constructed and the chemical recipe is adjusted

Jubilee's copper, chrome ops resume, Zambian zinc circuit on hold

By: Marleny Arnoldi     7th May 2020 AltX- and Aim-listed Jubilee Metals has successfully completed the commissioning of its cobalt production line to complement the copper refinery and sulphuric acid plant at the Kabwe Sable refinery, in Zambia. This while all of its platinum group metal and chrome operations in South Africa have... 

Jubilee's copper, chrome ops resume, Zambian zinc circuit on hold
Photo by Creamer Media
Jubilee Metals CEO Leon Coetzer

Atalaya's Proyecto Riotinto enviro permit confirmed

By: Creamer Media Reporter      7th May 2020 Copper miner Atalaya Mining says the regional authorities of the Junta de Andalucía have validated the environmental permits for Proyecto Riotinto, ending a legal process that started a year-and-a-half ago. In September 2018, the Tribunal Superior de Justicia de Andalucía ruled in favour of an... 

While Barrick scans new horizons its strength is at home 

By: Mariaan Webb     7th May 2020 Mining major Barrick Gold is building its future around its existing big operations. But the five-million-ounce-a-year Canadian miner, which is already on the ground in all the world's major gold destinations other than Russia and East Europe, is also looking to new horizons. 

While Barrick scans new horizons its strength is at home
Barrick Gold CEO Mark Bristow

Judgment reserved at Mining Charter review hearing 

By: Martin Creamer     7th May 2020 A full bench has heard the application for a judicial review of certain aspects of the Mining Charter gazetted in September 2018. Judge President Mlambo, judges Vally and  Van Der Schyff reserved judgment on the application lodged by the Minerals Council South Africa on March 27, 2019, when the... 

Judgment reserved at Mining Charter review hearing
Photo by Creamer Media
Minerals Council South Africa building in central Johannesburg.

Freeport-McMoRan to cut molybdenum production at Colorado mine

By: Reuters     6th May 2020 Freeport-McMoRan Inc is cutting molybdenum production at a key Colorado mine by half and "plans to reassess" operations at a New Mexico copper mine that has been temporarily shuttered due to Covid-19, a spokeswoman said. The steps come after Phoenix-based Freeport, the world's largest publicly... 

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