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Europe News

Fitch warns iron-ore price increase may be ‘more structural’ than initially thought

By: Simone Liedtke     18th April 2019 The sharp rise in iron-ore prices to over $90 per dry metric ton (dmt) from under $75/dmt since January, may be “more structural than initially anticipated”, says Fitch Ratings. It believes sustained iron-ore prices of above $85/dmt over the next 9 to 12 months should provide cash flow windfalls... 

Polymetal reports big jump in production

By: Creamer Media Reporter      18th April 2019 Russian gold and silver producer Polymetal on Thursday reported a 27% year-on-year increase in first-quarter gold-equivalent (GE) production, on the back of a strong performance from its Kyzyl mine and steady operational performance at its other mines. GE production increased to 374 000 oz. Gold... 

Shanta achieves strong first-quarter performance

By: Tasneem Bulbulia     18th April 2019 East Africa-focused gold producer Shanta Gold had a strong start to 2019 – with the quarter ended March 31 having been its best opening quarter in three years in terms of production. Its costs were also well below guidance. 

Glencore’s Jeff Gerard appointed Katanga CEO

By: Simone Liedtke     18th April 2019 TSX-listed Katanga Mining, a unit of Glencore, on Thursday announced that Glencore International’s Jeff Gerard would succeed Danny Callow as CEO of the company, effective May 2. Gerard’s appointment follows the signing of a management services agreement between Katanga and Glencore in January.... 

Ncondezi receives shareholder loan conversion notice

By: Simone Liedtke     18th April 2019 Aim-listed Ncondezi Energy has received a shareholder loan conversion notice for 764 165 shares from lenders to be converted at a conversion price of 10p a share. Admission of these shares on Aim is expected to take place on April 26. 

Green economy good news for copper producers – Antofagasta chairman

By: Reuters     18th April 2019 The global fight against climate change will boost demand for copper, a key metal used in the production of electric vehicles, Antofagasta chairperson Jean-Paul Luksic said on Wednesday. Luksic, speaking to reporters at Antofagasta's Los Pelambres mine in north-central Chile, said the global... 

Mick Davis moves closer to iron-ore mining with Liberian deal  

By: Bloomberg     18th April 2019 Mining dealmaker Mick Davis has won permission to export iron-ore from a planned mine in West Africa, adding momentum to the industry veteran’s comeback. Davis, through his new Niron Metals vehicle, has signed an agreement with Liberia that will allow him to use a rail and port to export iron-ore... 

Mick Davis moves closer to iron-ore mining with Liberian deal
Photo by Bloomberg
Mick Davis

Five-month gold strike is over 

By: Martin Creamer     17th April 2019 The five-month strike by the Association of Mineworkers and Construction Union (AMCU) at Sibanye-Stillwater’s South African gold operations is over. Parties have acknowledged that it is in their interest to rebase and develop a constructive relationship going forward, Sibanye-Stillwater said in a... 

Kibo appoints Wimmer as adviser for African project financing

By: Tasneem Bulbulia     17th April 2019 Kibo Energy has signed a corporate finance engagement letter with Wimmer Financial, which will advise Kibo on and manage all aspects related to the structuring and provision of a project finance corporate credit line facility of up to $900-million which could form part of a broader funding... 

Eager black investors fund premium-priced opportunity in zinc, copper 

By: Martin Creamer     17th April 2019 Black investors have self-funded the purchase of shares at a premium price in the fast-tracked redevelopment of the Prieska zinc and copper mine in the Northern Cape, which has a three-year payback and a minimum mine life of ten years. The $8-million equity capital raising by Orion Minerals,... 

Eager black investors fund premium-priced opportunity in zinc, copper
Photo by Creamer Media Chief Photographer Dylan Slater
Orion Minerals’ ‘meet-the-media’ attendees were from left: Jowell Tobias, Godfrey Gomwe, Billy Mawasha, Michelle Jenkins, Errol Smart, Nelson Mosiapoa, Tom Borman, Sharon Matthews and Roger Matthews.

Royal Bafokeng boosts production despite setbacks 

By: Martin Creamer     17th April 2019 Black-owned platinum group metals mining company Royal Bafokeng Platinum boosted its production in the three months to March 31, in spite of several setbacks in the period. Tonnes delivered to concentrators increased by 17.3% to 862 000 t and tonnes milled increasing by 11.6% to 846 000 t.... 

Altus defines further prospect at Mali gold project

By: Marleny Arnoldi     17th April 2019 Aim- and TSX-V-listed Altus Strategies has defined a further significant prospect at its Diba gold project, in Mali. "Our detailed review of Diba's historical data, as reported on February 4, identified multiple priority drill targets including a 1.85-km-long anomalous zone adjacent to the... 

Galileo raises £500 000 for Zambia zinc project

By: Creamer Media Reporter      17th April 2019 Aim-listed Galileo Resources has raised £500 000 through the placing of 100-million new shares at a price of 0.5p a share. The proceeds will be used for general working capital, as well as for advancing its Star Zinc project, in Zambia. Specifically, the company plans to use the proceeds to... 

Geopolitical, economic uncertainty pushes European ETPs to record high in first quarter – WGC

By: Nadine James     17th April 2019 Since the start of 2016, assets in European gold-backed exchange-traded products (ETPs) have grown rapidly, hitting a record high of 1 121.4 t ($48-billion) in the first quarter of this year, the World Gold Council (WGC) reported on Wednesday. Since their emergence in 2003, gold-backed ETPs have... 

Geopolitical, economic uncertainty pushes European ETPs to record high in first quarter – WGC

Appeal against environmental authorisation for MC Mining's Makhado project dismissed

By: African News Agency      17th April 2019 Coal mining company MC Mining said on Wednesday appeals against an amendment to an environmental authorisation for its Makhado project allowing for the transportation of coal to Musina by road rather than rail had been dismissed. MC Mining's subsidiary Baobab Mining & Exploration is developing... 

Polymetal listed on Kazakh AIX bourse

By: Reuters     17th April 2019 Shares in Russian gold and silver producer Polymetal have been listed on Kazakhstan's Astana International Exchange (AIX), the bourse said on Wednesday. Polymetal's main listing is in London and the company has a market capitalisation of $5-billion. One of Polymetal's projects is the Kyzyl mine... 

Kinross culls two senior positions from management team

By: Creamer Media Reporter      17th April 2019 Senior gold miner Kinross Gold on Tuesday announced that two senior members of its leadership team would leave the company by mutual agreement, as part of a cost management and efficiency improvement drive. Senior VP and COO Lauren Roberts and senior VP for human resources Gina Jardine would... 

Armadale progresses towards DFS, mining permit for Mahenge graphite project

By: Marleny Arnoldi     16th April 2019 Aim-listed Armadale Capital expects a definitive feasibility study or its Mahenge Liandu graphite project, in Tanzania, to be completed in the fourth quarter. Remaining work, including product marketing, developing transport and logistics pathway and a resource update, is under way.  

La Parrilla jig and mill plant commissioning gets under way

By: Creamer Media Reporter      16th April 2019 Aim-listed W Resources on Tuesday confirmed that commissioning of the jig and mill plant at La Parrilla, in Spain, has begun. The jig and mill plant will upgrade the La Parrilla ore, efficiently reject barren material, and prepare material for feed to the concentrator plant. 

Beowulf raises another £500 000

By: Creamer Media Reporter      16th April 2019 Nordic-focused mineral exploration and development company Beowulf Mining has announced that it will raise £500 000 by issuing shares at 5.75p each. The funds are for general working capital purposes and for supporting its commitment to Vardar Minerals’ Kosovan exploration programme, the company... 

WGC, ICBC sign MoU to develop Chinese gold market

By: Creamer Media Reporter      16th April 2019 The World Gold Council (WGC) and the Industrial and Commercial Bank of China (ICBC) have signed a memorandum of understanding to cooperate on developing the Chinese gold market, including the development and marketing of gold solutions for Millennial consumers and institutional investors.   China... 

With sanctions lifted, Rusal to invest in US aluminum mill

By: Bloomberg     16th April 2019 Just months after being freed from US sanctions, Russia’s largest aluminum maker plans to invest in a new aluminum rolling mill in Kentucky. United Co. Rusal, controlled by billionaire Oleg Deripaska until the US Treasury forced him to reduce his stake earlier this year, intends to invest up to... 

Hummingbird taking steps to address mining dilution, ore loss at Yanfolila

By: Creamer Media Reporter      16th April 2019 Aim-listed Hummingbird Resources' Yanfolila gold mine, in Mali, produced 23 807 oz of gold in the first quarter of this year, up 33% from the 17 895 oz produced in the fourth quarter of 2018. Mining rates were, however, lower than expected. 

Caledonia maintains full-year guidance despite below-target first-quarter output

By: Creamer Media Reporter      16th April 2019 Triple-listed Caledonia Mining has maintained its full-year production guidance for its 49%-owned Blanket mine, in Zimbabwe, despite first-quarter production having been below target. The Aim-, TSX- and NYSE American-listed company on Tuesday reported that the mine had produced 11 948 oz of gold... 

Orion clinches potent new-style empowerment deal  

By: Martin Creamer     16th April 2019 Sydney- and Johannesburg-listed exploration and mining development company Orion Minerals has found a formula to achieve empowerment that puts all shareholders at full participation and contribution. “What we’ve arrived at is a fantastic win-win scenario,” an overjoyed Orion CEO Errol Smart told... 

Orion clinches potent new-style empowerment deal
Orion Minerals CEO Errol Smart (left) interviewed by Mining Weekly Online’s Martin Creamer. Video: Nicholas Boyd. Photographs: Dylan Slater.

MC signs coal offtake agreement for Makhado thermal coal 

By: Creamer Media Reporter      16th April 2019 ASX-, Aim- and JSE-listed MC Mining's Limpopo Coal Company subsidiary has entered into a sale and purchase agreement with one of the world's largest producers and marketers of bulk commodities for the offtake of export quality thermal coal to be produced during Phase 1 of the Makhado project, in... 

MC signs coal offtake agreement for Makhado thermal coal
Photo by Creamer Media's Dylan Slater
MC CEO David Brown

Atalaya reports first-quarter production results

By: Creamer Media Reporter      15th April 2019 European copper producer Atalaya Mining on Monday posted an 8% year-on-year increase in first-quarter copper production to 10 219 t. Compared with the fourth quarter of last year, which was a record three-month period, output fell by 9%, as a result of slightly lower throughput and head grade,... 

Gemfields sells Jupiter shareholding for $31m 

By: Marleny Arnoldi     15th April 2019 JSE- and BSX-listed Gemfields’ subsidiary, Pallinghurst Consolidated, will sell the 145-million shares it holds in ASX-listed Jupiter Mining to AMCI Euro Holdings for A$44-million, or $31-million. Gemfields stated on Monday that the transaction was consistent with the board’s strategy for the... 

Katanga Mining resumes cobalt exports from DRC

By: Reuters     15th April 2019 Katanga Mining, a unit of Glencore, said on Monday it resumed exporting and selling a limited quantity of cobalt from its Kamoto project in the Democratic Republic of Congo. The company said in November it had temporarily suspended the export and sale of cobalt from the project after uranium was... 

Petra Diamonds' new CEO to work on strategy, seeks stability first 

By: Reuters     15th April 2019 African miner Petra Diamonds, which has high debt levels, aims to be cash flow positive in the second half of the year and will then be able to consider future developments, its new chief executive said on Monday. The company's share price has fallen 55% since the start of the year as weak... 

Petra Diamonds' new CEO to work on strategy, seeks stability first
Photo by Creamer Media
Petra CEO Richard Duffy

Trafigura Group set to take control of Nyrstar

By: Reuters     15th April 2019 Belgian metals and mining company Nyrstar's major shareholder Trafigura Group is set to take control of the company as part of a recapitalisation plan, Nyrstar said on Monday. Nyrstar said it would sell its operating group to a newly incorporated subsidiary, NewCo. As part of its... 

Trafigura Group set to take control of Nyrstar
Trafigura CEO Jeremy Weir

Polish lawmakers approve copper tax cut ahead of election

By: Reuters     15th April 2019 Poland's lower house of parliament, dominated by the ruling conservative Law and Justice (PiS) party, approved on Friday a 15% cut in the copper tax to allow more investment by state-run copper producer KGHM . The mining levy was introduced in 2012 by PiS's predecessors in an attempt to improve... 

Lemur invites EPCTC contractors to tender for Imaloto project

By: Marleny Arnoldi     12th April 2019 Aim-listed Bushveld Minerals’ subsidiary Lemur Holdings has put out an invitation for expressions of interest for the engineering, procurement, construction, testing and commissioning (EPCTC) of some parts of the company’s Imaloto power project, in Madagascar. The company urged interested... 

Arc to drill new targets at Zambia project

By: Marleny Arnoldi     12th April 2019 Aim-listed Arc Minerals has started an exploration programme at its Zamsort copper/cobalt project, in Zambia. This followed completion of an airborne geophysical programme. The exploration programme entails infill soil sampling over new targets, with 1 200 samples already completed, and... 

African Battery Metals restarts exploration at DRC project

By: Marleny Arnoldi     12th April 2019 Following a detailed review of historic exploration, Aim-listed African Battery Metals (ABM) has restarted exploration activities at its Kisinka copper/cobalt project in the Democratic Republic of Congo. However, to preserve the company’s capital, the exploration programme will adopt a staged... 

Vast raises £600 000 for Romania, Zim projects

By: Marleny Arnoldi     12th April 2019 Aim-listed diversified miner Vast Resources has raised £600 000 through a placement and subscription of around 440-million shares at a price of 0.135p apiece. The placing was for 407-million ordinary shares, and the subscription was for 37-million shares, of which 29-million and 7.4-million... 

Highland Gold targeting higher production in 2019

By: Creamer Media Reporter      12th April 2019 Russian gold miner Highland Gold on Friday posted profit of $56.08-million for 2018, compared with $65.86-million in 2017, as its revenue declined on a slight dip on production. The mining company generated $311.15-million in revenue, compared with $316.68-million, while earnings before... 

Copper industry to see more disruptions in 2019 – Antofagasta CEO

By: Reuters     12th April 2019 The global copper industry will be rocked by more disruptions this year than in 2018, contributing to a supply deficit as demand for the red metal continues to grow, the top executive of Chilean miner Antofagasta told Reuters. Antofagasta CEO Ivan Arriagada said labour strife, extreme weather... 

Copper industry to see more disruptions in 2019 – Antofagasta CEO
Antofagasta CEO Ivan Arriagada

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