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Nickel News

Mincor back in the black, posts A$28m profit

By: Esmarie Iannucci     19th August 2010 Nickel producer Mincor Resources has returned to profitability after the end of the global financial crisis, reporting a net profit of A$28,1-million for the year ended June. MD David Moore said that the return to profit laid the foundations for the next phase of the company’s growth. 

Crowflight Q2 loss widens, Jinchuan offer still on

By: Liezel Hill     17th August 2010 Canadian nickel-miner Crowflight recorded a net loss of C$5,1-million for the second quarter of 2010, compared with a C$3,3-million loss a year earlier. The company said that it has received confirmation from Chinese suitor Jinchuan that its cash offer for the company remains valid. 

Quadra FNX now targets 2014 for Sierra Gorda start-up

By: Liezel Hill     13th August 2010 Canadian base-metals miner Quadra FNX is now looking at 2014 for first production from the Sierra Gorda project, in Chile, but won't have any firm details until it completes a feasibility study on the project, which is expected later this year. Quadra FNX was created in May by combining Quadra... 

Botswana partners study $140m base-metals retreatment plant

By: Creamer Media Reporter      12th August 2010 Botswana-based base-metals miner BCL has signed an agreement with fellow Botswana-based group, Global Initiatives, to investigate constructing a $140-million plant to retreat mine tailings and smelter slag at BCL’s Selebi Phikwe mine. The parties have agreed to form a public–private partnership... 

First Quantum says DRC arbitration could take years

By: Matthew Hill     12th August 2010 Vancouver-based First Quantum Minerals (FQM) expects its arbitration with the Democratic Republic of Congo (DRC) government over the rights to a copper mine could take years to resolve. Speaking on a conference call on Wednesday, FQM president Clive Newall said that there would be a hearing in... 

SRK report confirms viable restart of Mwana’s Trojan mine

By: Loni Prinsloo     10th August 2010 Mwana Africa said on Tuesday that consultancy firm SRK had completed a competent person's report that confirmed the viability of the restart of its operations at the Trojan mine in Zimbabwe. The report would also enable Mwana's majority-owned Bindura Nickel Corporation (BNC) to complete... 

Vale produces first nickel from Goro

By: Liezel Hill     10th August 2010 Brazil's Vale has produced the first nickel metal from its delayed Goro laterite project in New Caledonia. The company has almost finished commissioning of the Goro plant, and expects the refinery to be in production by the end of this year, Vale said in a statement. 

HudBay lays out project plans, acquisition strategy

By: Liezel Hill     5th August 2010 Canadian base-metals miner HudBay Minerals plans to aggressively develop its own growth projects, but will be conservative when it comes to making acquisitions, the firm's new chief executive said on Thursday. HudBay has approved the start of full construction at its Lalor project, will put... 

Still 'couple of years' until Reko Diq shovel ready

By: Liezel Hill     29th July 2010 It will be at least a few years before construction begins on the big Reko Diq copper/gold porphyry project in Pakistan, Barrick Gold CEO Aaron Regent said on Thursday. Speaking on a conference call, Regent said that he viewed company's the 37,5% interest in Reko Diq as “attractive”. But he said... 

Blackthorn sells South African project to BEE partner

By: Esmarie Iannucci     29th July 2010 Australia-based Blackthorn Resources sold its 74% interest in the Mokopane nickel/platinum project, in South Africa, to its black economic empowerment (BEE) partner for R4-million. Blackthorn MD Scott Lowe said on Thursday that the company would now focus on its three primary assets, including... 

Sherritt tweaks Ambatovy funding deal with partners

By: Liezel Hill     28th July 2010 Toronto-based Sherritt International has agreed to put some money from its own balance sheet into building the Ambatovy nickel mine, in Madagascar, before drawing down again on loans provided by its partners. In return, the company will be entitled to a small share of the cash distributions from... 

Lundin posts $75,6m Q2 profit

By: Liezel Hill     28th July 2010 Toronto-based Lundin Mining earned $75,6-million in the second quarter, an increase of 73% compared with a year earlier, helped by the sale of shares in junior Chariot Resources. Sales declined 6% to $183,1-million though, compared with $194,8-million in the second quarter of 2009, after... 

Sherritt profit falls on foreign exchange, tax provision

By: Liezel Hill     28th July 2010 Toronto-based nickel and energy firm Sherritt International earned C$15,7-million in the second quarter, 36% lower than in the same period a year earlier, the firm reported on Wednesday. However, the net income figure includes an unrealised after-tax foreign exchange loss of C$18,1-million and a... 

Horizonte buys Brazil nickel project from Teck

By: Liezel Hill     27th July 2010 Aim-quoted Horizonte Minerals has agreed to buy an advanced nickel project in northern Brazil from Canadian diversified miner Teck Resources, the company announced on Tuesday. Horizonte will buy the Araguia project through a reverse takeover of Teck Cominco Brasil, a wholly-owned Teck subsidiary. 

First Quantum mandates BNP Paribas, Standard Bank for Kevitsa debt

By: Liezel Hill     27th July 2010 Vancouver-based First Quantum Minerals is still aiming to start commercial production in mid-2012 from its Kevitsa nickel/copper/platinum-group-element project, in Finland, the company said on Monday. BNP Paribas and Standard Bank of South Africa have been mandated as the lead arrangers for a... 

Best still to come for Ring of Fire discoveries – Noront

By: Matthew Hill     23rd July 2010 Canada's bustling Ring of Fire mining camp is still in its infancy, and the big discoveries there are yet to be unearthed, the CEO of Toronto-based Noront Resources said on Thursday. “It's still a very early stage exploration camp and the major discoveries are still to be found,” CEO Wes Hanson... 

Western Areas doubles nickel output from WA mines

By: Esmarie Iannucci     15th July 2010 Nickel producer Western Areas has doubled production from its Flying Fox and Spotted Quoll operations had doubled to 6 810 t in the June quarter. The company said in a statement that it reinforced the potential for future production upgrades at the Forrestania operations, in Western Australia. 

European Nickel to open Turkey mine in 2012

By: Esmarie Iannucci     14th July 2010 ASX- and Aim-listed European Nickel plans to start nickel laterite production at its Çaldağ mine, in Turkey, by 2012. Speaking to journalists in Perth, deputy executive chairperson Simon Purkiss said that the final project financing required for the project would be in place by the end of this... 

Scorpio says Q2 throughput at Mexico mill to fall 23%

By: Chanel de Bruyn     5th July 2010 A ball mill failure at Vancouver-based Scorpio Mining’s Nuestra Señora mill facility, in Mexico, will cut the facility’s second quarter throughput by 23%, the company announced on Friday. The facility had been expected to produce about 90 000 t of material from the Nuestra Señora... 

Labour Minister to meet Vale and striking Sudbury workers

By: Matthew Hill     30th June 2010 Ontario Labour Minister Peter Fonseca said late on Tuesday he will meet with Vale and the union representing its 3 000-plus striking Sudbury workers by the end of the week, after the latest round of talks fell apart. The employees had been on strike since July 13 last year. 

VTB's Titov elected as Norilsk board chair

By: Reuters     28th June 2010 The shareholders of Russian metals heavyweight Norilsk Nickel have elected Vasily Titov as new chairman of the board, CEO Vladimir Strzhalkovsky said on Monday. Representatives from Rusal, which holds a 25% stake, did not attend the meeting, he added.  

Tanzania seen as attractive exploration destination

By: Chanel de Bruyn     25th June 2010 Despite new provisions to Tanzania’s Mining Act causing some concern for local and foreign investors, Aim-listed Kibo Mining chairperson Christian Schaffalitzky maintained that the country remained a “highly attractive” mineral exploration destination. The gold and nickel exploration company... 

Coffey Mining completes preliminary assessment 
of Ghana bauxite project

By: Jonathan Faurie     18th June 2010 Coffey International subsidiary, Coffey Mining, has completed a preliminary assessment of the Mamou-Dalaba bauxite project in Guinea, West Africa, on behalf of Canadian-based client Anglo Aluminium Corporation. 

Chinese miners active globally to feed economic growth at home

By: Keith Campbell     18th June 2010 China continues to need for natural resources to feed its economic growth, which remains essential because the country is still, on a per capita basis, very poor. The country has many minerals & metals resources of its own, but many are inadequate in volume or quality or both, hence the need... 

Rio will spend $469m to build Michigan nickel/copper mine

By: Liezel Hill     15th June 2010 Diversified miner Rio Tinto will invest $469-million to develop the Kennecott Eagle nickel/copper mine, in Michigan's Upper Peninsula, the group announced on Tuesday. Construction will start this year and first production is scheduled in late 2013 from what will be the only primary nickel mine... 

African Eagle says Dutwa resource more than doubled

By: Chanel de Bruyn     15th June 2010 The contained nickel equivalent resource at London-listed African Eagle’s Dutwa project, in Tanzania, has more than doubled to 845 000 t, up from previous estimates of 345 000 t. The exploration company on Tuesday announced that the overall resource at the project had increased threefold, to... 

Australian court approves European Nickel’s merger with Rusina

By: Creamer Media Reporter      14th June 2010 The Federal Court of Australia has approved the scheme of arrangement for the merger of Perth-based Rusina Mining and London-listed European Nickel. The merger would create an enlarged nickel laterite company that would hold a Joint Ore Reserve Committee-compliant resource of 1,35-billion tons... 

Minara to resume full output at Murrin Murrin operation

By: Esmarie Iannucci     11th June 2010 Australian nickel producer Minara Resources on Friday reported that its Murrin Murrin operations, in Western Australia, would return to full production. The company would begin a sequential restart of the autoclave circuit, which suffered a pipeline failure in May, leading to reduced production... 

Zim government finalising review of minerals law

By: Jonathan Faurie     11th June 2010 Zimbabwe President Robert Mugabe says that the review of the country’s Mines and Minerals Act is progressing satisfactorily. 

Firms seeking to expand globally eyeing Africa – broker

By: Jonathan Faurie     11th June 2010 The green shoots of a commodity revival signalling the end of the global financial crisis are starting to take root as international majors are on an acquisition drive in Africa. 

Locals will have a 51% stake in all major businesses – Mugabe

By: Jonathan Faurie     11th June 2010 Zimbabwe President Robert Mugabe has insisted that locals will hold a 51% stake in any business venture involving foreign investors in line with the country’s indigenisation legislations. 

South Africa’s diamond, manganese output doubles

By: Chanel de Bruyn     10th June 2010 South Africa’s mining output increased by 2,7% year-on-year in April, recording its fourth consecutive month of growth, but gold production fell by 6,2%, Statistics South Africa (Stats SA) reported on Thursday. South Africa had been the world’s number one gold producer until 2007, when China... 

African Eagle completes drilling programme at Wamangola Hill

By: Loni Prinsloo     10th June 2010 Exploration junior African Eagle has completed its programme of infill and definition drilling at its Dutwa projects' main Wamangola Hill deposit, in Tanzania, it reported on Thursday. African Eagle MD Mark Parker said that the programme was designed by its deposit-modelling contractor Snowden,... 

Fenix capex not likely much changed from last $1bn estimate – Hudbay

By: Liezel Hill     9th June 2010 The price tag to build the Fenix nickel project in Guatemala will probably not be significantly different from the last published figure of $1-billion, Hudbay Minerals CFO David Bryson said on Wednesday. HudBay plans to complete an updated feasibility study for the project in the third quarter... 

Rio Tinto forms Mozambique JV with explorer AfNat

By: Chanel de Bruyn     9th June 2010 The share price of Aim-listed exploration company AfNat surged by 50% in London on Wednesday morning, after the company announced that it was forming an exploration joint venture (JV) with a subsidiary of the Rio Tinto group. The company’s share price rose to £0,03 a share in early morning... 

Quadra FNX would likely hedge nickel to restart production

By: Liezel Hill     9th June 2010 Canadian base-metals miner Quadra FNX is assessing what would be required to resume nickel ore production at its Sudbury, Ontario, operations, although there are no plans for a restart at this point, CEO Paul Blythe said in Toronto on Tuesday. The company was created by combining Quadra Mining,... 

Sherritt looks for next big project to build

By: Liezel Hill     8th June 2010 Toronto-based Sherritt International wants to have another big project to build once its Ambatovy nickel/cobalt mine in Madagascar is completed, CEO Ian Delaney said on Tuesday. Ambatovy is one of two large nickel laterite projects nearing production – the second is Brazilian miner Vale's Goro... 

'Progress made', mediation to resume June 19 in Vale Sudbury talks

By: Liezel Hill     8th June 2010 Mediated negotiatings will restart again on June 19, in an effort to resolve a contract dispute between Brazilian miner Vale and the United Steelworkers, and end a strike that began almost a year ago. Mediation took place from Friday until Monday, and “progress was made”, mediator Kevin Burkett... 

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