R/€ = 17.19 Change: -0.16
R/$ = 14.51 Change: -0.12
Au 1801.05 $/oz Change: -12.66
Pt 1002.76 $/oz Change: -17.48

Project Management News

Lucara to sell first Botswana gems in June

By: Matthew Hill     11th May 2012 Lucara Diamonds, which mines the gems in Botswana, will sell up to 40 000 ct at the first diamond auction from its newly commissioned Karowe mine in June, the Toronto- and Gaborone-listed company said on Thursday. Karowa, formerly called AK 6, will ramp up to full production capacity through the... 

HudBay Q1 profit dips 47% on impairments, tax charges

By: Matthew Hill     10th May 2012 Canadian base-metals producer HudBay Minerals generated an $8-million profit for the three months to March 31, 47% lower than the number for the same period in 2011, as one-time, noncash charges ate into earnings, the company said late on Wednesday. On a per-share basis, earnings came in at... 

More shuffling in Ivanhoe's boardroom

By: Matthew Hill     9th May 2012 Tuesday heralded a further shake-up to Rio Tinto-owned Ivanhoe Mines’ board, with four new directors appointed and three resigning. Jill Gardiner, Peter Gillin, Isabelle Hudon and David Klingner are joining the board, while Michael Gordon, David Huberman and Robert Holland are out. 

Elemental Minerals hikes Congo potash resources 265%

By: Matthew Hill     8th May 2012 Elemental Minerals, exploring for potash in the Republic of Congo, on Tuesday announced it grew measured and indicated resources at its Kola deposit to just under one-billion tons. CEO Iain Macpherson said the increased tonnage reinforced management’s confidence that the TSX- and ASX-listed... 

Thompson Creek unveils debt, equity funding, shares dip

By: Matthew Hill     7th May 2012 Shares in Thompson Creek Metals, the Denver, Colorado-based molybdenum producer, slid nearly 10% in early Toronto trade on Monday, after the company said it would sell $200-million in secured debt, as well as eight-million tangible equity units (tMeds). Chairperson and CEO Kevin Loughrey said on... 

Implats, Northern Shield formalise QC platinum JV

By: Matthew Hill     7th May 2012 Canadian junior Northern Shield on Friday said it firmed up a joint venture agreement with world number-two platinum producer Impala Platinum over the TSX-V-listed company’s Idefix property in northern Quebec. The partners had in January inked a letter of intent that would see the South African... 

Stornoway gets another $20m, this time in debt

By: Matthew Hill     4th May 2012 Stornoway Diamond Corp, wanting to build Quebec’s first diamond mine, has secured a $20-million loan from its biggest shareholder, Diaquem, and development capital fund Fonds de solidarité FTQ runs, the TSX-listed junior said on Friday. Stornoway, which in April raised a similar amount in a... 

Torex just misses 5Moz gold resource at Morales

By: Matthew Hill     4th May 2012 Though Toronto-based Torex Gold on Friday said it missed its five-million ounce resource goal “by a whisker” at its Mexican Morelos project, the 4.8-million in measured and indicated ounces the company unveiled are nothing to be sneezed at. CEO Fred Stanford said the information allowed the... 

Quarter horribilis for Thompson Creek as earnings dwindle to $1.1m

By: Matthew Hill     4th May 2012 If it has been a rough ride in recent months for Thompson Creek, the Denver-based molybdenum producer, 2012’s first quarter was a bus-sized pothole. A halving of sales to 4.9-million pounds, lower prices and soaring cash costs all conspired to whittle down earnings for the three months to March... 

First Quantum eager for power pact to avoid copper project delays

By: Matthew Hill     3rd May 2012 Base metals producer First Quantum Minerals is “optimistic” it will conclude negotiations “in a short timeframe” with Zambia over a power tariff agreement for the Sentinel copper project the Vancouver-based miner hopes to build in the country. The company had aimed to pull the trigger on... 

Lower output, prices knock First Quantum's Q1 profit

By: Matthew Hill     3rd May 2012 First Quantum, the Vancouver-based base metals producer, late on Wednesday reported a 42% drop in first-quarter adjusted profit to $119-million after copper production and prices fell from the levels seen in the same period in 2011. On a per share basis, the company made $0.25 in adjusted... 

Prefeas gives Sunridge's Ertirea project $555m NPV

By: Matthew Hill     2nd May 2012 TSX-V- and ASX-quoted Sunridge Gold’s Asmara project in Eritrea has the potential to produce 25 900 t of copper and 61 800 t of zinc yearly, in addition to silver and gold, the company said on Wednesday, announcing the results of a prefeasibility study. At a 10% discount rate, the project has a... 

Stillwater reports huge Q1 profit drop

By: Matthew Hill     26th April 2012 Billings, Montana-based Stillwater Mining said on Thursday first-quarter profit plunged 93% to $2.4-million, dragged down by exploration expenses on a copper property the palladium producer bought last year, as well as higher production costs. The TSX- and NYSE-listed company said revenues grew... 

Thompson Creek warns of loss, completes mill expansion

By: Henry Lazenby     20th April 2012 Molybdenum producer Thompson Creek Metals on Friday said it expected to post a first-quarter operating loss, mainly owing to rising costs and the start-up of a new 55 000 t/d mill at its Endako mine, in British Columbia (BC). First-quarter results were expected to reflect the effect the... 

Avalon may build $302m rare earths plant in southern US

By: Henry Lazenby     13th April 2012 TSX- and NYSE-listed Avalon Rare Metals is negotiating with landowners for two potential sites in the US for a rare-earth element separation plant to treat product from its flagship Nechalacho project, in Canada. CEO Don Bubar said that Avalon sees the Gulf Coast region of the US as an... 

Dippenaar out to win back confidence in Great Basin 

By: Matthew Hill     3rd April 2012 For Great Basin Gold, which owns gold mines in Nevada and South Africa, the last year has been gruelling. So gruelling in fact, that CEO Ferdi Dippenaar summed it up on Tuesday when he bluntly said: “2012 can never be as bad as 2011”. The TSX-, NYSE- and JSE-quoted company has suffered... 

Constancia to cost around $1.5bn to build, says HudBay

By: Matthew Hill     3rd April 2012 Hudbay Minerals, the Canadian base-metals miner, on Modnay hiked the capital cost estimated of its giant Constancia project in Peru by about 50% to $1.5-billion, citing both scope changes and inflation as reasons. A February 2011 feasibility study under the copper-gold project’s previous owners,... 

Mitsubishi buys 25% of Marathon PGM project

By: Matthew Hill     28th March 2012 Billings, Montana-based palladium and platinum producer Stillwater Mining has agreed to sell a 25% stake in its Marathon project in Ontario to Mitsubishi for $94.6-million, including a commitment from the Japanese firm to meet the venture’s $13.6-million first cash call. Mitsubishi will also... 

South African ferrochrome in meltdown, urgent intervention needed

By: Martin Creamer     16th March 2012 South Africa’s ferrochrome industry is speaking with one voice when it says that its in meltdown mode – but at least one trader is as vociferous that the proposed imposition of a temporary export tax will also cause economic hurt. It is the typical standoff between producer and trader that only... 

Mining contractor launches dedicated Australian coal division

By: Yolandi Booyens     16th March 2012 Redpath, one of the world’s major mining contractors, has launched a dedicated Australian coalmining division with the aim of becoming one of the country’s leading mining contractors. 

Company assists in development of 260 MW power station at Boikarabelo project

By: Yolandi Booyens     16th March 2012 Environmental and social solutions company Digby Wells Environmental has been involved in the Boikarabelo coal mine project since its exploration stages and has lately undertaken the environmental authorisation processes for a proposed 260 MW power station for the Limpopo-based project. 

Zuma declares 2012 the year of public infrastructure delivery 

By: Terence Creamer     9th February 2012 South Africa’s multibillion-rand public infrastructure programme, including those projects that would unlock key mineral resources and exports, were given strong emphasis by President Jacob Zuma in his State of the Nation address, delivered in Parliament on Thursday evening. Effectively... 

Engineering firm to take advantage of opportunities at Mining Indaba

By: Sinette Goosen     27th January 2012 International engineering and project management company Amec is attending the eighteenth annual Investing in Africa Mining Indaba, in Cape Town, from February 6 to 9. The four-day event is the ideal opportunity to take advantage of the market exposure and networking opportunities. 

SRK preparing for surging African demand

By: Martin Creamer     27th January 2012 The wellspring of one of the world’s largest mining-focused professional practices – SRK Consulting South Africa – is preparing itself for an exponential increase in demand from the continent of Africa, where it has operated highly successfully for the past 38 years. The South African practice –... 

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