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R/€ = 17.5506 Change: 0.0049
R/$ = 16.9198 Change: -0.0817
Au 1761.93 $/oz Change: 12.13
Pt 1018.00 $/oz Change: 12.00
 

Nickel News

Mitsubishi withdraws from SA exploration projects – Caledonia

By: Chanel de Bruyn     1st July 2009 Japan-based trading company Mitsubishi Corporation has withdrawn from its proposed participation in two South African exploration projects being developed by TSX- and Aim-listed Caledonia Mining. The Canada-based miner reported on Wednesday that Mitsubishi had indicated that it would not extend... 

Mwana to rebuild operations as Zimbabwe’s economic climate improves

By: Chanel de Bruyn     1st July 2009 The partial improvement in commodity prices, in particular nickel and other base metals, the continued strength in the gold price and improving economic conditions in Zimbabwe were expected to bode well for London-listed resources company Mwana Africa, going forward. The group had recorded a... 

Geovic hopeful of 'amicable' settlement in accounting dispute

By: Liezel Hill     26th June 2009 Denver-based Geovic believes that it can reach an amicable settlement with its partner on the Nkamouna cobalt/nickel /manganese project, in Cameroon, CEO Jack Sherborne said on Friday. Geovic owns 60,5% of Geovic Cameroon (GeoCam), which hold the project, and the National Investment Corporation... 

S&P launches global base metals index

By: Liezel Hill     25th June 2009 Index compiler Standard & Poor's (S&P) on Thursday launched its new S&P/TSX Global Base Metals Index, which aims to provide investors with an investable index of global securities involved in the production or extraction of base metals. The new index is a subset of the existing S&P/TSX Global... 

Sherritt gets partner loans to cover Ambatovy capex

By: Liezel Hill     24th June 2009 Toronto-based Sherritt International has finalised arrangements with its partners on the Ambatovy nickel project, in Madagascar, who will provide loans to fund Sherritt's share of the remaining capital spending on the project. In February, the partners in the project revised the estimated cost... 

African Eagle to start Dutwa feasibility study after positive scoping report

By: Creamer Media Reporter      24th June 2009 A scoping study at Aim- and JSE-listed African Eagle Resources’ flagship Dutwa nickel laterite project, in Tanzania, “fully justifies” further feasibility studies, the company reported on Wednesday. The Africa-focused explorer’s MD, Mark Parker, said in a statement that the study, which was... 

Acquisitive HudBay already has 'irons in the fire' 

By: Liezel Hill     19th June 2009 Canadian base-metals miner HudBay Minerals intends to put its strong cash position to good use by going shopping, and could look at deals worth as much as C$1-billion, CEO Peter Jones said on Friday. Acquisitions or potential joint ventures will be a “high priority” this year for the company,... 

Braemore in talks that may lead to offer

By: Liezel Hill     16th June 2009 Aim- and JSE-listed Braemore Resources is in discussions with a third party that could lead to an offer for the company, it disclosed on Tuesday. “At this stage there is no certainty that an offer will be made for the company or of the terms on which any offer might be made,” the firm said.  

Metals industry's health depends on China – research firm

By: Creamer Media Reporter      12th June 2009 China’s role was now more “pertinent” to the health of the metals industry than at any other time in the last century, with the hope for the metals industries in 2009 resting with the Asian giant, independent research firm AME Mineral Economics said in its latest AME Focus newsletter. The... 

Nickel-miner recalls retrenched workers after failing to pay packages ordered by govt

By: Barnabas Thondhlana     12th June 2009 Bindura Nickel Corporation (BNC) has recalled its over 2 000 workers – who had been laid off – after reportedly failing to raise money for retrenchment packages. 

Crowflight declares commercial production at Manitoba nickel mine

By: Liezel Hill     10th June 2009 TSX-listed Crowflight Minerals has achieved commercial production at its Bucko Lake nickel mine, in the Thompson nickel belt, near Wabowden, Manitoba, the firm announced on Wednesday. The mine started production in December and shipped the first nickel concentrate to Xstrata's processing... 

Tenke Fungurume running above nameplate – Lundin

By: Liezel Hill     10th June 2009 The giant Tenke Fungurume copper/cobalt mine, in the Democratic Republic of Congo, is operating at above its nameplate capacity, less than two months since the operation began shipping its first copper cathode, Lundin Mining CEO Phil Wright reported on Tuesday. US miner Freeport-McMoRan Copper &... 

FNX may look to Xstrata to process Sudbury ore

By: Liezel Hill     9th June 2009 Mid-tier miner FNX Mining has held discussions with larger rival in the Sudbury region, Xstrata Nickel, on possibly sending ore from its mines to Xstrata's Sudbury mill, CEO Terry MacGibbon said on Tuesday. FNX has an offtake agreement with the other big miner in the area, Vale Inco, which... 

Xstrata halts Timmins nickel mine

By: Liezel Hill     9th June 2009 Xstrata Nickel has indefinitely suspended mining operations at its Montcalm mine, in Timmins, Ontario, after a geotechnical review showed structural damage to the mine. “Unplanned ground movements at Montcalm forced underground activity at the mine to be stopped at the end of March to ensure the... 

Base-metals outlook remains weak, gold price seen improving

By: Chanel de Bruyn     1st June 2009 Base-metals prices would likely remain weak in the short term, while the gold price would continue to improve towards the end of this year, analysts said on Monday. Ratings agency Standard & Poor’s (S&P’s) has revised the outlook for metals prices on the back of hopes for a global economic... 

FNX keeps mining in Sudbury

By: Liezel Hill     1st June 2009 Toronto-based FNX Mining is continuing mining at its Sudbury operations, and will stockpile ore until Vale Inco, which processes FNX's ore, restarts its mill. FNX has an offtake agreement with Vale Inco, which processes and markets all the firm's ore production, and which announced in April it... 

Norilsk posts loss, tweaks '09 production outlook

By: Liezel Hill     25th May 2009 The world's number-one nickel and palladium miner, Norilsk Nickel, on Monday reported a net loss of $555-million for the 12 months ended December 31. A year earlier, Norilsk earned $5,3-billion, but was hit last year by lower prices for its metals, and also wrote down the value of some assets.  

Vale chops 2009 spending plans

By: Liezel Hill     22nd May 2009 Brazil's Companhia Vale do Rio Doce has lowered its capital expending plans by 37, to just $9,04-billion, the group announced on Thursday. The new figure reflects changes in the average price of currencies in which the money would be spent, “revised equipment and implementation costs, delays... 

FNX plans to keep mining, stockpiling for now

By: Liezel Hill     14th May 2009 Canada's FNX Mining will likely continue to mine and stockpile ore at its Sudbury operations while Vale Inco's processing facilities are shut down, CEO Terry MacGibbon said on Thursday. However, this situation could change if Vale Inco fails to renegotiate an labour contract, which will expire... 

FNX posts Q1 loss

By: Liezel Hill     14th May 2009 Sudbury-focused FNX Mining on Thursday reported a net loss of C$26,15-million for the first quarter of this year, after nickel prices weakened year-on-year and the company wrote down its investment in gold-stream company Gold Wheaton. A year earlier, FNX posted a first-quarter profit of... 

Gold, base-metal M&A activity declined 25% in '08

By: Liezel Hill     12th May 2009 Total acquisition spending for deals bigger than $25-million in the base-metals and gold sectors fell by 25% last year, Metals Economics Group said on Tuesday. Base metals acquisitions spending in 2008 declined by 25%, to $32-billion, while gold acquisitions decreased by 26%, to $9-billion.  

BHP closes Western Australia nickel mine

By: Esmarie Iannucci     12th May 2009 Diversified mining giant BHP Billiton will place its Rocky’s Reward openpit mine at the Leinster nickel operation, in Western Australia, on care-and-maintenance in response to the deterioration of nickel prices, the company said on Tuesday. The Leinster nickel underground mining operations and... 

Explorer Obtala to advance Tanzanian projects in ’09 – chair

By: Chanel de Bruyn     8th May 2009 Aim-listed minerals exploration company Obtala Resources was confident that it would make further progress in developing its assets during 2009, either by itself or through partnerships with other groups. Chairperson Francesco Scolaro told shareholders in a statement on Friday that it wanted to... 

Western Areas, BHP ink nickel concentrate offtake deal

By: Esmarie Iannucci     7th May 2009 ASX-listed Western Areas has executed a formal takeoff agreement with diversified giant BHP Billiton for the sale of up to 10 000 t/y of nickel in concentrate, for a total of 75 000 t from the Forrestania nickel project, in Western Australia. The company has now started transporting nickel... 

Vale Q1 earnings down 33% y-on-y

By: Liezel Hill     7th May 2009 Brazilian diversified resources giant Companhia Vale do Rio Doce on Wednesday reported net income of $1,36-billion for the first quarter of 2009, 33% less than a year earlier, as slowing economic activity sapped demand for the company's commodities. Vale, the world's biggest producer of... 

African Eagle expects Tanzania project’s scoping study next month

By: Esmarie Iannucci     5th May 2009 The scoping study for Africa-focused explorer African Eagle Resources’ flagship Dutwa project, in Tanzania, will be completed next month, the Aim- and JSE-listed company said on Tuesday. The scoping study, conducted by GRD Minproc, will evaluate the economics and potential processing methods to... 

Angloplat Q1 output falls, sticks to FY target

By: Chanel de Bruyn     30th April 2009 The total refined platinum output by world number-one producer Anglo Platinum (Angloplat) declined by 5,7% year-on-year in the first three months of the financial year, while the company’s plans to produce 2,4-million ounces of platinum this year remained firmly in place. Platinum output fell to... 

Sherritt expects Ambatovy funding plan by mid-year 

By: Liezel Hill     29th April 2009 Toronto-based Sherritt International expects to finalise arrangements by the end of the second quarter for its share of construction costs for the $4,5-billion Ambatovy nickel project, in Madagascar, CFO Dean Chambers said on Wednesday. In February, the partners in the project revised the... 

Inmet targets early 2011 construction decision for Petaquilla

By: Liezel Hill     29th April 2009 Canadian base-metals miner Inmet Mining wants to have wrapped up most of the detailed engineering, permitting and financing for its large Petaquilla copper/gold project, in Panama, by early 2011, at which point it will make a final decision on whether or not to build the mine, president and COO... 

Talvivaara says unlikely to meet ’09 production targets

By: Creamer Media Reporter      28th April 2009 Crushing problems at Finnish nickel-miner Talvivaara’s mine in Sotkamo, in Eastern Finland, has affected production levels, with the company announcing on Tuesday that it was unlikely to meet its previously stated production targets for 2009. However, the London-listed miner expected output to... 

Global nickel output to fall 9,3% this year – study group

By: Liezel Hill     27th April 2009 World production of refined primary nickel is expected to decline 9,3%, to 1,26-million tons in 2009, the International Nickel Study Group predicts. Last year, nickel production slid 2,1%, to 1,39-million tons, compared with 1,42-million tons in 2007. 

Vale Sudbury shutdown is 'manageable' - FNX

By: Liezel Hill     17th April 2009 TSX-listed FNX Mining could temporarily halt some or all of its mining operations in Canada's Sudbury Basin later this year, after larger rival Vale Inco announced that it will close its own mines and processing facilities for eight weeks, starting from June 1. FNX has an offtake agreement with... 

Vale plans 8-week shutdown in Sudbury

By: Liezel Hill     16th April 2009 Brazil's Companhia Vale do Rio Doce will postpone the start-up of its Onca Puma nickel project, in Para state, by “at least one year”, and will halt nickel production in Sudbury, Ontario, for eight weeks in response to weak demand for the metal, the firm announced on Thursday. The Sudbury mining... 

Crowflight to raise C$7,82m for Manitoba nickel mine

By: Liezel Hill     16th April 2009 TSX-listed Crowflight Minerals has entered into an agreement with a syndicate of underwriters which will buy shares and warrants on an underwritten private placement basis. The syndicate, led by Macquarie Capital Markets, will buy 46-million units, each comprising one Crowflight share and half... 

FNX plans to raise C$15m in flow-through financing

By: Liezel Hill     15th April 2009 TSX-listed FNX Mining will raise up to C$15-million by selling 2,17-million flow-through shares, to fund exploration on the company's Sudbury properties. The firm has engaged Primary Capital to issue and sell the shares at C$6,90 apiece, with C$10-million of the financing to be raised on a... 

Farallon reaches commercial production at G-9 in Mexico

By: Mariaan Webb     6th April 2009 Vancouver-based Farallon Resources has reached commercial production at its zinc-rich polymetallic G-9 mine in Mexico, operating at design capacity of 1 500 t/d, the company announced on Monday. The G-9 mine was commissioned in late 2008, and vessel shipments of concentrates to Asian smelters... 

Geovic working to optimise Cameroon cobalt project 

By: Liezel Hill     3rd April 2009 Denver-based Geovic Mining, which owns 60% of a cobalt/nickel /manganese project in Cameroon, is still working to secure funds to build the mine, and expects that studies under way will result in improved the capital and operating cost estimates and more efficient processing methods, the firm... 

Effects of slowdown will differ 
from sector to sector – Deutsche Bank

By: Jonathan Faurie     3rd April 2009 Financial investment company Deutshe Bank predicts a mixed bag for the resource sector over the next six months. 

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