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Europe News

Global Witness says more needs to be done to halt human rights abuses in diamond mining

By: Marleny Arnoldi     20th March 2019 International nonprofit organisation Global Witness (GW) has welcomed the World Diamond Council’s (WDC’s) response to the government-led Kimberley Process (KP) certification scheme, but says more needs to be done. The organisation pointed out in a release that the WDC had, in recent weeks,... 

Norsk Hydro is restarting some systems as deliveries seen secure

By: Bloomberg     20th March 2019 Norsk Hydro is restarting some systems in its extrusion and rolled products areas to ensure deliveries to customers after the Norwegian aluminum maker was hit by a massive ransomware cyber attack. The company on Wednesday said it had detected the “root cause” of the attack and was making... 

KGHM extends negotiations with union at Chilean copper mine

By: Reuters     20th March 2019 Miner KGHM will extend negotiations with a union at its Chilean copper mine Sierra Gorda, averting a strike, a union representative said on Tuesday. The company had until the end of Tuesday to request government mediation to help reach a deal with the union of 520 workers. 

Federal Reserve to remain on hold for the rest of 2019 – World Gold Council

By: Marleny Arnoldi     19th March 2019 The World Gold Council (WGC) on Tuesday released its latest ‘Investment Update: The impact of monetary policy on gold’ publication, in which it outlines expectations that the upcoming Federal Reserve Open Markets Committee (FOMC) meeting on March 20 will confirm market expectations that the... 

Orosur chair dies after illness

By: Creamer Media Reporter      19th March 2019 The chairperson of South American gold project developer Orosur Mining, John Walmsley, has died, following an illness, the TSX- and Aim-listed company reported this week Walmsley joined the board of directors as chairperson in 2013 and has served in that capacity since that time. 

Ahead of election, Polish lawmakers propose to cut copper tax

By: Reuters     19th March 2019 Lawmakers from Poland's ruling Law and Justice (PiS) party proposed on Tuesday to cut mining tax payments so that major copper producer KGHM could spend more money on investment. The mining levy, introduced in 2012 and calculated using a formula based on local production volumes and prices,... 

Canadian miner blasts Armenia as third audit of Amulsar project gets under way

By: Mariaan Webb     19th March 2019 The Armenian government has started its third assessment of the Amulsar gold project’s environmental impact on water resources, geology, biodiversity and water quality, Canada-based Lydian International reported on Tuesday, questioning the need for another review of the gold-mining project. The... 

Canadian miner blasts Armenia as third audit of Amulsar project gets under way

Palladium tops $1 600 as metal sets new highs on supply shortage  

By: Bloomberg     19th March 2019 Palladium topped $1 600/oz for the first time, and there’s little sign of the rally slowing as global supply tightens. The price of the metal – mainly used in autocatalysts in gasoline vehicles – has almost doubled from a recent low in August. Demand has remained robust as manufacturers scramble... 

Menar’s Canyon offers Eskom cheaper coal on open-book basis  

By: Martin Creamer     19th March 2019 Coal mining company Canyon Coal, a Menar group company, is prepared to offer coal to State-owned electricity utility Eskom at a cheaper price on an open-book basis from two new projects. The Menar group, which does not supply coal to Eskom at present, employs 3 500 people on a R7-billion asset... 

Menar’s Canyon offers Eskom cheaper coal on open-book basis
Menar MD and Canyon Coal executive chairperson Vuslat Bayoğlu talks to Mining Weekly Online’s Martin Creamer. Photos: Creamer Media’s Dylan Slater. Video: Nicholas Boyd

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... 

Workers could strike at Chile's Sierra Gorda copper mine – union

By: Reuters     19th March 2019 A union at Chile's Sierra Gorda copper mine, controlled by Polish mining company KGHM, could go on strike this week after rejecting the latest offer in contract negotiations, the union leader told Reuters on Monday. The company still has until the end of Tuesday to request government mediation... 

Rio Tinto must face SEC suit over Mozambique coal assets 

By: Bloomberg     19th March 2019 Rio Tinto Group must face a US Securities and Exchange Commission (SEC) lawsuit over the company’s valuation of coal assets in Mozambique, a federal judge ruled. US authorities in October 2017 filed fraud charges against London-based Rio Tinto, former CEO Tom Albanese and former CFO Guy... 

Rio Tinto must face SEC suit over Mozambique coal assets
Photo by Creamer Media
Rio Tinto former CEO Tom Albanese

Debswana starts Jwaneng mine extension project

By: Marleny Arnoldi     18th March 2019 The Debswana Diamond Company (Debswana) on Monday announced the start of its Cut-9 project, which is aimed at extending the life of the Jwaneng mine, in Botswana, to 2035. The project is expected to yield an estimated 53-million carats of rough diamonds from 44-milllion tonnes of treated... 

Debswana starts Jwaneng mine extension project
Photo by Bloomberg
Jwaneng diamond mine

Alrosa wants controlling stake to mine in Zimbabwe

By: Reuters     18th March 2019 Russian State-controlled miner Alrosa will assess the quality of Zimbabwe's diamond reserves over the next six months but would only start mining if it can take a majority stake in such a project, the company's chief executive said on Monday. Zimbabwe is seeking to attract investment and has... 

Opec+ affirms commitment to oil cuts, defers decision to extend

By: Bloomberg     18th March 2019 Saudi Arabia led fellow members of the Opec+ coalition to reaffirm their commitment to output cuts, but conceded they should defer until June the decision on whether to extend the curbs. A committee of the most influential members in the 24-nation alliance, which includes Russia, Iraq and the... 

Bristow taking Barrick helm aids Acacia talks, Tanzania AG says  

By: Bloomberg     18th March 2019 Mark Bristow taking over the leadership of Barrick Gold facilitated negotiations with Tanzania about a multibillion-dollar tax dispute that could be resolved by May, the country’s attorney general said. Barrick unit Acacia Mining has been at odds with Tanzania’s government since July 2017, when... 

Oriole sampling defines two gold anomalies in Cameroon

By: Marleny Arnoldi     18th March 2019 Aim-listed Oriole Resources has reported a peak assay of 531 parts per billion (ppb) gold, or 0.53 g/t of gold, from 2 119 soil sampling results received for its Wapouzé project, in Cameroon. The company collected material from about 30 cm to 40 cm below surface, within the upper saprolite... 

Chaarat teams up with Turkey contractor

By: Creamer Media Reporter      18th March 2019 Gold mining company Chaarat has formed a joint venture (JV) with Turkish mining and mine construction contractor Çiftay to collaborate on the Tulkubash and Kyzyltash projects in the Kyrgyzstan, the Aim-quoted firm announced on Monday. Çiftay, which has been Chaarat’s partner since 2017, and... 

Alrosa expects Mir mine restoration only after 2024

By: Creamer Media Reporter      18th March 2019 Mine restoration at the Mir diamond mine, which flooded about a year-and-a-half ago, is only expected to start after 2024, Russian miner Alrosa reported on Monday, detailing the timelines for the potential restart of the Siberian underground operation. To decide on the mine’s fate, Alrosa would... 

Alrosa expects Mir mine restoration only after 2024

Norsk Hydro says Alunorte problems, higher raw material costs led to earnings fall

By: Reuters     18th March 2019 Aluminium producer Norsk Hydro said its 2018 underlying earnings before interest and tax fell by 2.15-billion crowns, due to higher raw material costs and reduced operations at Brazil's Alunorte plant, it said on Friday. The world's largest alumina refinery has been running at half its capacity... 

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... 

Russian diamond firm Alrosa 2018 net profit up 15%

By: Reuters     15th March 2019 Russian State-controlled diamond producer Alrosa said on Friday its 2018 net profit rose 15% to 90.4 billion roubles, as a fall in sales volume was offset by stronger global prices. Though sales volume fell by 8% year-on-year, stronger pricing, particularly in the first half of 2018, meant sales... 

Russian diamond firm Alrosa 2018 net profit up 15%

BRD arranges €46m loan to replace coal-fired plant in Bosnia

By: Reuters     15th March 2019 The European Bank for Reconstruction and Development (EBRD) has arranged a €46-million financing package to replace a highly polluting coal-fired plant in the central Bosnian town of Zenica, the bank said on Friday. The new combined gas-fired cogeneration plant, Toplana Zenica, will supply power... 

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... 

BlueRock prepares for continuous operations

By: Marleny Arnoldi     15th March 2019 Aim-listed BlueRock Diamonds on Friday said it was finalising preparations for the move to continuous operations at its Kareevlei diamond mine, in Kimberley, South Africa. The company said that although this was later than had initially been anticipated, it would not have any material impact on... 

BlueRock prepares for continuous operations
Kareevlei processing plant

Botswana's Debswana targets diamond output of 24m carats in 2019

By: Reuters     15th March 2019 Botswana's Debswana Diamond Mining, a joint venture between De Beers and the southern Africa country's government, aims to keep production at around 24-million carats this year, its managing director said on Friday. Debswana lifted diamond output by 6 percent to a four-year high of 24.1-million... 

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... 

Phase 1 of MC Mining’s Makhado project approved 

By: Simone Liedtke     14th March 2019 ASX-, Aim- and JSE-listed MC Mining’s directors have approved the phased development of the company’s flagship Makhado coking coal project, which will result in the start of mining operations on the west pit. Construction of Phase 1 is set to start in the third quarter of this year. 

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... 

Bacanora shares skyrocket on report of Southern Copper investment

By: Mariaan Webb     14th March 2019 Lithium developer Bacanora’s share price gained 45% on Thursday, on reports that Mexican miner Southern Copper is interested in investing in the company. In response to its share price movement, London-listed Bacanora said that it remained focused on securing the full funding of $460-million for... 

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... 

Burkina Faso says Paris court dismissed $2.2bn claim over manganese mine contract

By: Reuters     14th March 2019 A Paris court has dismissed a $2.2-billion claim against Burkina Faso lodged by Pan African Minerals Group over control of one of the world's largest manganese mines, Burkina's government said on Thursday. Romanian-Australian tycoon Frank Timis' Pan African Burkina Limited (PAB) bought the rights... 

Capital Drilling lifts FY18 net profit

By: Marleny Arnoldi     14th March 2019 Aim-listed Capital Drilling achieved a 48% year-on-year increase in net profit to $7.7-million for 2018. The company on Thursday declared a 2018 dividend of 1.5c, compared with 1.2c in 2017, on the back of a 16% year-on-year increase in earnings before interest, taxes, depreciation and... 

Capital Drilling lifts FY18 net profit

Strong production boosts Avesoro’s FY18 Ebitda by 348% y/y

By: Marleny Arnoldi     14th March 2019 TSX- and Aim-listed Avesoro Resources produced 220 458 oz of gold at its New Liberty mine, in Liberia, and its Youga mine, in Burkina Faso, in 2018 – a 179% year-on-year increase. This was achieved at a consolidated operating cash cost of $774/oz sold and an all-in sustaining cost (AISC) of $1... 

MC Mining achieves operational milestones in H1, narrows losses

By: Simone Liedtke     14th March 2019 Despite having experienced some challenges during the six months to December 31, 2018, ASX-, Aim- and JSE-listed MC Mining on Thursday reported a loss for the period of $3.6-million, compared with the $97.3-million loss reported for the six months to December 31, 2017. Revenue was $15.2-million,... 

Gem sells 13 ct pink diamond for $8.7m

By: Marleny Arnoldi     14th March 2019 LSE-listed Gem Diamonds on Thursday announced the sale of a 13.33 ct pink diamond on tender in Antwerp for $8.75-million. The diamond was recovered from the Letšeng mine, in Lesotho, in which Gem Diamonds holds a 70% stake, in February.  

Gem sells 13 ct pink diamond for $8.7m
Gem Diamonds recovered a 13.3ct pink diamond from its Lesotho mine

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