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Base Metals News

Antofagasta dividend better than expected, profit in line

By: Reuters     19th March 2019 Chilean copper miner Antofagasta announced a higher-than-expected dividend payout on Tuesday and reported a drop in annual core earnings that was in line with analysts' projections. The company lowered its final dividend by about 9% to 37c a share from last year, but topped the expectations of... 

Mincor strikes new deal with Nickel West

By: Esmarie Iannucci     19th March 2019 ASX-listed Mincor Resources has signed an offtake term sheet with the Nickel West division of mining major BHP. The term sheet will form the basis for a binding ore tolling and concentrate purchase agreement, which will replace the 20-year agreement that Mincor had with Nickel West, which... 

Chile enviro court ruling on Pascua-Lama closure overturned

By: Marleny Arnoldi     18th March 2019 The Supreme Court of Chile has overturned an Environmental Court order to permanently close the stalled Pascua–Lama project, which straddles the Andes mountains with Argentina. The Supreme Court last week annulled the October 2018 administrative decision of the Antofagasta Environmental Court on... 

Chile enviro court ruling on Pascua-Lama closure overturned
Photo by Reuters
Barrick's Pascua-Lama project, in Chile

M&R Cementation awarded Palabora ventilation shaft contract

By: Marleny Arnoldi     18th March 2019 Mining contractor Murray & Roberts (M&R) Cementation has been awarded a contract by Palabora Mining Company for a 1 200 m deep ventilation shaft. The shaft, with a lined diameter of 8.5 m, will reach a final blind sink depth of 1 190 m before a drop raise takes it to its final depth.  

Hulamin expects 2018 headline earnings of 91c a share

By: Marleny Arnoldi     18th March 2019 JSE-listed aluminium supplier and exporter Hulamin expects to report a 4% year-on-year decrease in headline earnings a share to 91c for the year ended December 31, 2018. In anticipation of reporting its full-year results on March 19, the company on Monday said it expected to report a loss a... 

Deripaska sues over US sanctions, claims $7.5bn loss

By: Bloomberg     18th March 2019 Russian billionaire Oleg Deripaska is fighting back in a US court against American sanctions that he said are unfairly destroying his global businesses and are based on unproven allegations about his close ties to the government of Russian President Vladimir Putin. Deripaska, who made his... 

Deripaska sues over US sanctions, claims $7.5bn loss
Oleg Deripaska

African Battery Metals buys a stake in Katoro

By: Marleny Arnoldi     15th March 2019 London-listed African Battery Metals (ABM) has acquired an interest in London-listed Katoro Gold and further entered into an option agreement to acquire an interest in Katoro’s Haneti nickel project, in Tanzania. Under the terms of the agreements, ABM will be acquire up to ten-million new... 

KGHM does not plan to sell Sierra Gorda mine - CEO

By: Reuters     15th March 2019 Polish mining company KGHM does not plan to sell its Sierra Gorda copper mining project in Chile, its CEO said on Friday. Marcin Chludzinski also said State-controlled KGHM, one of the world's biggest copper miners, does not currently see any further writedowns on foreign assets, after... 

A mini-solar farm is floating in a dam of liquid copper waste

By: Bloomberg     15th March 2019 Chile has found another use for dams that hold the liquid waste from massive copper-mining operations: power generation. Calling it the first project of its kind in the world, Anglo American has installed 256 photovoltaic panels at the tailings dam for its Los Bronces complex in Chile. 

A mini-solar farm is floating in a dam of liquid copper waste

Huge demand for copper, cobalt, lithium and nickel in the offing as EV uptake increases

By: Tracy Hancock     15th March 2019 Investors focused on the mining sector may not fully appreciate how quickly the electric vehicle (EV) is being adopted globally, in light of the world pursuing a low-carbon emissions future, says battery metals investment vehicle Colbalt 27 Capital chairperson and CEO Anthony Milewski, who warns... 

Huge demand for copper, cobalt, lithium and nickel in the offing as EV uptake increases

Junior miner gets new lease of life with successful refinancing process

By: Rebecca Campbell     15th March 2019 London AIM-listed junior miner African Battery Metals (ABM) announced early this month that it had successfully concluded its refinancing process. Last December, ABM was suspended from trading on the AIM because of its poor financial situation. At that time, its obligations to short-term... 

Ecuador issues enviro permit for Bramaderos copper/gold project

By: Creamer Media Reporter      14th March 2019 The Ecuador Ministry of Environment has issued an environment licence to the Bramaderos gold and copper project, paving the way for diamond drilling to get under way in the next two to three weeks. TSX-V-listed Cornerstone Capital Resources owns the Bramaderos project and ASX-listed Sunstone... 

Vedanta to shut Namibian zinc refinery for five weeks

By: Reuters     14th March 2019 Vedanta Zinc International, a unit of diversified miner Vedanta Resources, said on Thursday it would close its Skorpion Zinc Refinery in Namibia for five weeks after a strike by its mining contractor depleted stocks. "During the strike period, the Skorpion Refinery continued to run which led to... 

Horizonte reports positive results from Vermelho testwork

By: Creamer Media Reporter      14th March 2019 Metallurgical and smelting test work conducted on dual-listed Horizonte’s Vermelho nickel/cobalt project has returned positive results, confirming the project’s potential to produce high-grade, commercial specification ferronickel from saprolite and transition ore. Vermelho is Horizonte’s second... 

Nornickel sale shows taste for Russian stock deals

By: Bloomberg     13th March 2019 Roman Abramovich’s sale of a stake in Russia’s biggest mining company shows investor appetite for the country’s assets is returning. Crispian Investments, a company controlled by Chelsea Football Club owner Abramovich and his partners, increased the size of the offering in MMC Norilsk Nickel to... 

Ausgold and Great Boulder form JV

By: Esmarie Iannucci     13th March 2019 Juniors Great Boulder Resources and Ausgold have inked a joint venture (JV) agreement over the Winchester nickel/copper project, in Western Australia. Under the terms of the agreement, Great Boulder could earn up to a 75% interest in the project by spending A$500 000 over a four year period. 

Northern Dynasty raises $10m, still looking for Pebble partner

By: Mariaan Webb     13th March 2019 Vancouver-based Northern Dynasty has raised $10-million to further advance the Pebble project, in the US state of Alaska, the company announced on Tuesday. Northern Dynasty has entered into an agreement with lead underwriter and bookrunner Cantor Fitzgerald Canada, on behalf of a syndicate of... 

Northern Dynasty raises $10m, still looking for Pebble partner

Toral scoping study economics announced

By: Simone Liedtke     12th March 2019 The initial economics of Toral lead/zinc project, in north-west Spain, are robust, with a scoping study calculating a $110-million net present value, at an 8% discount rate, and an internal rate of return of 24.4%, dual-listed Europa Metals announced this week. The scoping study estimated... 

Sandfire expects ROD for Montana copper mine as early as Q3

By: Creamer Media Reporter      12th March 2019 The Montana Department of Environmental Quality (MT DEQ) has released the draft environmental impact statement (EIS) outlining the final permitting steps for the underground Black Butte copper project that TSX-V-listed Sandfire Resources America is developing. The draft EIS will be open for... 

Lengthy tariff fight leads Canada to fund smaller metals firms

By: Bloomberg     12th March 2019 Canada is announcing funding for the country’s smaller steel and aluminum producers as a tariff fight with the US drags on. Innovation Minister Navdeep Bains said Monday Canada will make available C$100-million in “non-repayable contributions” to small- and medium-sized steel and aluminum... 

Heron start delayed

By: Esmarie Iannucci     12th March 2019 ASX-listed Heron Resources has warned of delays for first production at its Woodlawn base metals project, in New South Wales. The company said on Tuesday that at the start of March, it was advised by contractor Sedgman of a delay for the first ore feed into the processing plant, with ore... 

Power outage cuts Nifty production

By: Esmarie Iannucci     12th March 2019 ASX-listed Metals X has warned of production impacts at its Nifty copper operation, in Western Australia, following a temporary loss of power at its underground mine. The power outage was caused by a short circuit of the underground power cables leading from the gas turbine to the underground... 

Glencore signs annual zinc treatment charges deal with Canada's Noranda

By: Reuters     11th March 2019 Global trader and miner Glencore has struck a deal with its Canadian subsidiary Noranda Income Fund on the terms of zinc treatment charges for the coming year, but did not disclose the fees, the fund said on Friday. Noranda, whose operations include a zinc processing facility in Quebec, last... 

Hudbay’s Rosemont receives water permit despite opposition

By: Simone Liedtke     11th March 2019 Canadian miner Hudbay Minerals marked a “major milestone” on Friday, when the US Army Corp of Engineers issued a Section 404 water permit for the Rosemont openpit copper project, in Arizona, but activists were quick to voice their opposition. TSX- and NYSE-listed Hudbay said that it expected to... 

Panoramic shakes the tin

By: Esmarie Iannucci     11th March 2019 Base metals developer Panoramic Resources has received firm commitments for an initial A$5-million capital raise, and has announced a 1-for-13 pro-rata renounceable entitlement offer to raise a further A$14.8-million. Panoramic last week revealed the need to raise at least A$19-million as part... 

Sunstone completes Viscaria sale

By: Esmarie Iannucci     11th March 2019 ASX-listed Sunstone Metals has completed the divestment of its Viscaria copper project, in Sweden, to Copperstone Resources. Copperstone paid Viscaria an initial A$3-million in cash and a further 160-million new shares, valued at around A$24.4-million, for the project. 

The next metals trader hoping to shake up British politics

By: Bloomberg     8th March 2019 London’s metals men have often taken an interest in politics. Nigel Farage, the former leader of the UK Independence party who successfully campaigned for Brexit, started his career trading on the London Metal Exchange. Conservative party treasurer Mick Davis headed up miner Xstrata and one of... 

Indonesia approves copper concentrate export allowances for Freeport, Amman Mineral

By: Reuters     8th March 2019 The Indonesian government has approved one-year export allowances for copper concentrate for miners PT Freeport Indonesia and PT Amman Mineral Nusa Tenggara, officials from the Ministry of Energy and Mineral Resources said on Friday. Freeport will be given an allowance of 198,282 wet tonnes of... 

Cornerstone cries foul over timing of SolGold’s hostile offer

By: Mariaan Webb     8th March 2019 TSX-V-listed Cornerstone Capital Resources has rejected dual-listed SolGold’s unsolicited proposal to acquire the company, arguing that it undervalues its business and also called into question the timing of the proposed bid in the lead up to the release of the preliminary economic assessment... 

Cornerstone cries foul over timing of SolGold’s hostile offer

Alta shakes the tin for Italian project

By: Esmarie Iannucci     8th March 2019 ASX-listed junior Alta Zinc will raise some A$4.3-million through a four-for-five non-renounceable pro-rata rights issue priced at 0.4c a share. The rights issue price represented a 33% discount to Alta’s closing price on March 7, and a 32% discount to the ten-day volume weighted average share... 

Zinc demand, production to increase over next four years

By: Rebecca Campbell     8th March 2019 Data and analytics company GlobalData has forecast that worldwide zinc production will grow at a compound annual growth rate of 3.8% between this year and 2022. This growth will be underpinned by production increases and the opening of new mines, in Canada, China, India, Kazakhstan and Mexico,... 

Upper ore breakthrough boosts Implats’ Zimbabwe resource base 

By: Martin Creamer     7th March 2019 The development of an effective method of mining upper ores, which have in the past been excluded from stoping plans, has increased the resource base of the Bimha and Mupani platinum group metals (PGMs) mines in Zimbabwe, Impala Platinum (Implats) CEO Nico Muller has disclosed. In response to... 

Upper ore breakthrough boosts Implats’ Zimbabwe resource base
Zimplats Mupani Mine

Codelco continues lithium push despite slow progress – Minister

By: Reuters     7th March 2019 Chilean State-run miner Codelco will continue to develop its lithium assets, including committing $57-million for further exploration, Chile's Mining Minister told Reuters, even as progress has stagnated at its flagship projects. The company, already the world's largest copper producer, has... 

With sanctions lifted, Rusal says it's business as usual

By: Reuters     7th March 2019 Rusal, the world's largest aluminium producer outside China, said on Thursday its business was back to normal after U.S. sanctions were lifted in January, and reiterated a positive outlook for the global aluminium market. The company said sales were gradually returning to levels seen before the... 

With sanctions lifted, Rusal says it's business as usual

South32 eyes another Alaska project

By: Mariaan Webb     6th March 2019 Australian major South32 is advancing its strategy of partnering with junior explorers to access attractive opportunities and has its eye on another project in the US state of Alaska. The miner, which currently has operations in Australia, South Africa and Arizona, has entered into an agreement... 

RBPlat reopens UG2 shaft, creates UG2 access points at Styldrift  

By: Martin Creamer     6th March 2019 Flexibility is a re-emphasised aspect of platinum group metals (PGMs) mining strategy. Changed demand has resulted in the need to twist and turn quickly to benefit from the rise in prices of metals in the PGM basket. Royal Bafokeng Platinum (RBPlat) CEO Steve Phiri made special mention of... 

RBPlat reopens UG2 shaft, creates UG2 access points at Styldrift
Royal Bafokeng Platinum CEO Steve Phiri talks to Mining Weekly Online’s Martin Creamer. Video: Nicholas Boyd. Video Editing: Christo Greyling.

Panoramic to raise cash as Savannah lags

By: Esmarie Iannucci     6th March 2019 Base metals hopeful Panoramic Resources has flagged the need for at least another A$19-million, as part of the amendments to its current financing agreement over the Savannah project, in Western Australia. Panoramic has been forced to amend its current financing agreement with Macquarie Bank due... 

Horseshoe weighing options for WA project

By: Esmarie Iannucci     6th March 2019 The share price of junior Horseshoe Metals fell by more than 11% on Wednesday after the company announced a strategic review into its Horseshoe Lights copper/gold project, in Western Australia. The ASX-listed company told shareholders that the review was prompted by several unsolicited... 

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