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South America News
World's central banks want more gold as India joins spree
By: Bloomberg Updated 2 hours 58 minutes ago India’s central bank is likely to join counterparts in Russia and China scooping up gold this year, adding to its record holdings and lending support to worldwide bullion demand as top economies diversify their reserves. The Reserve Bank of India’s purchases are part of a wider picture across... →
Antofagasta copper output rises as China fears threaten demand
By: Reuters Updated 3 hours ago Chile-focused copper miner Antofagasta posted a 22.6% jump in first-quarter copper production and maintained its full-year output outlook, despite the possibility that China may ease stimulus measures which could hurt prices. Antofagasta said on Wednesday production in the quarter was bolstered... →
Teck starts 'quiet dialogue' on selling some copper projects
By: Bloomberg Updated 5 hours ago Teck Resources, focusing on its massive expansion of the Quebrada Blanca mine in Chile, expects to sell some or all of its stakes in two smaller Latin American copper projects by next year, CEO Don Lindsay says. The Zafranal and San Nicolas projects could be sold by early 2020, Lindsay said... →
Global Witness welcomes LME’s new responsible sourcing rules 
By: Marleny Arnoldi 23rd April 2019 International nongovernmental organisation (NGO) Global Witness has welcomed the London Metal Exchange’s (LME’s) new responsible sourcing rules, which were published for public consultation on Tuesday. The exchange’s responsible sourcing roadmap is intended for LME-listed brands and builds on a... →
Cornerstone and Newcrest in definitive Ecuador option agreement
By: Creamer Media Reporter 23rd April 2019 Australian major Newcrest has signed a binding option and farm-in agreement with exploration company Cornerstone Capital Resources over the Caña Brava and Tioloma properties in Ecuador, targeting epithermal gold/silver and porphyry gold/copper deposits. The agreement replaces the heads of... →
JXTG declines to comment on Caserones copper mine sale report
By: Reuters 23rd April 2019 JXTG Holdings, a Japanese oil refiner and miner, on Monday declined to comment on a media report that it is exploring the sale of its majority-owned Caserones copper mine in Chile. The Wall Street Journal said on Friday that JXTG is exploring the sale of Caserones, which could gain the company... →
Cochilco holds 2019 copper forecast at $3.05/lb
By: Reuters 18th April 2019 Chile's Cochilco State copper commission on Thursday held its estimate for the price of copper at $3.05/lb, rising slightly to $3.08 for 2020 on improving prospects for growth in China. Cochilco said it saw production in Chile, the world´s top copper producer, at 5.96-million tonnes for 2019 and... →
Roxgold to start drilling at newly acquired Séguéla
By: Marleny Arnoldi 18th April 2019 TSX-listed Roxgold has completed a previously announced portfolio acquisition worth $20-million from Newcrest West Africa, which comprises 11 exploration permits in Côte d'Ivoire. The transaction includes the Séguéla project, which CEO and president John Dorward says has significant growth... →
Orion reawakening geological giant in Northern Cape 
By: Martin Creamer 18th April 2019 Three years ago, Orion Minerals was trading at an eighth of an Australian cent a share. It had a market capitalisation of $4-milllion and set out to find something that could be turned into a mine. The good news is that the company found that opportunity in South Africa, and its share price has... →
LME ready to address flaws in its metal storage rules
By: Reuters 18th April 2019 The London Metal Exchange is poised to deal with a loophole in its warehousing rules, exposed after commodity trader Glencore bought large amounts of aluminium earlier this year, sources familiar with the matter said. But the exchange will have to wait until a complaint lodged by Glencore with... →
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... →
Galaxy fails to find JV partner for Sal de Vida
By: Esmarie Iannucci 18th April 2019 The share price of lithium miner Galaxy Resources fell by nearly 12% on Thursday after the company announced that it would close the joint venture (JV) process for its Sal de Vida project, without a deal. Through the second half of 2018 and early 2019, Galaxy conducted an evaluation of strategic... →
South32 coking coal output down 37%, energy coal hit by community protests
By: Esmarie Iannucci 18th April 2019 Diversified miner South32 has lowered its energy coal and alumina production expectations for the full year, following a tough March quarter. Energy coal production for the quarter declined by 1% on the previous quarter, to 6.3-million tonnes, while metallurgical coal production was down 37% to... →
Majority of B2Gold’s mines outperform guidance in strong first quarter
By: Nadine James 18th April 2019 TSX-listed B2Gold exceeded its first-quarter production and sales guidance by 6%, producing 230 859 oz and selling 232 076 oz of gold. The Fekola, Masbate, Otjikoto and El Limon mines all exceeded their targeted production, with the Mali-based Fekola and the Philippines-based Masbate mines,... →
Wray to succeed Sam Coetzer as Golden Star CEO
By: Simone Liedtke 18th April 2019 TSX- and NYSE-listed Golden Star Resources on Thursday announced that Sam Coetzer will be leaving the company on April 30, and that Andrew Wray has been appointed as president and CEO, effective May 1. Golden Star chairperson Tim Baker said Wray “combines significant experience in the sector with... →
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... →
NGEx to separate Argentina and Chile projects with spin-out
By: Mariaan Webb 18th April 2019 Vancouver-based copper/gold explorer and developer NGEx Resources has announced that it will spin out its Los Helados project, in Chile, into a wholly-owned subsidiary, Spinco, to allow it to focus on the more advanced Josemaría project, in Argentina, which is now advancing to the feasibility... →
Goldcorp and Newmont successfully create gold behemoth
By: Creamer Media Reporter 18th April 2019 Gold miners Goldcorp and Newmont have successfully closed their $10-billion merger, creating the world’s largest gold mining business with operations in the Americas, Africa and Australia. Newmont Goldcorp will continue trading on the NYSE with the ticker ‘NEM’ and will begin trading on the TSX... →
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... →
Tianqi Lithium to nominate two Chileans, US executive to SQM board
By: Reuters 17th April 2019 China's Tianqi Lithium said on Wednesday it would nominate a Chilean economist, a Chilean attorney and a US executive as candidates to the board of top Chilean lithium producer SQM, in which it owns a near-24% stake. Tianqi has nominated Chilean attorney Francisco Ugarte, who represented the... →
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,... →
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.... →
First Majestic reports solid start to 2019
By: Creamer Media Reporter 17th April 2019 Mexico-focused miner First Majestic Silver has had a solid start to 2019, with its first-quarter production reaching 6.3-million silver-equivalent ounces (SEOs). This compares with 3.9-million SEOs in the same quarter of 2018, and 6.5-million SEOs in the fourth quarter of last year. →
Vale expects to resume Brucutu mine operations within 72 hrs - filing
By: Reuters 17th April 2019 Brazilian iron-ore miner Vale said in a securities filing late on Tuesday that within 72 hours it expects to resume operations at the Brucutu mine, its largest in Minas Gerais state. Brucutu was shuttered in early February by request of Minas Gerais state prosecutors after a tailings dam burst... →
BHP downgrades iron-ore outlook
By: Esmarie Iannucci 17th April 2019 Mining major BHP has revised its full year iron-ore production expectations on the back of Tropical Cyclone Veronica, telling shareholders on Wednesday that iron-ore production for the full year is now expected to be between 235-million and 239-million tonnes. This new guidance compared with... →
Indian Cabinet approves pact with Bolivia
By: Ajoy K Das 16th April 2019 India’s Union Cabinet on Monday approved a pact with Bolivia for bilateral cooperation in geology and mineral resources. “The Union Cabinet has given ex-post facto approval of the memorandum of understanding signed between India and Bolivia on cooperation in the fields of geology and mineral... →
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... →
Court ruling not affecting Almaden’s Ixtaca project
By: Creamer Media Reporter 16th April 2019 Vancouver-headquartered Almaden Minerals on Monday clarified that the mineral claims subject to a court ruling about the constitutionality of the Mexican title system did not form part of the current claims covering its Ixtaca deposit. A lower court in Puebla state had reportedly ruled that... →
Venezuela is said to sell $400m in gold amid sanctions
By: Bloomberg 16th April 2019 Venezuela sold about $400-million in gold despite a growing international push to freeze the country’s assets, according to two people with knowledge of the matter. The amount, which would equal almost 9 t, was reflected by a drop in the bank’s total reserves, which fell to $8.6-billion on April... →
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... →
Rio Tinto cuts iron-ore guidance after challenging start to 2019
By: Mariaan Webb 16th April 2019 The year has started with “several challenges” for diversified mining group Rio Tinto’s iron-ore business, resulting in the major downgrading its guidance for 2019. Pilbara shipments are now expected to be between 333-million and 343-million tonnes for the year, compared with the previous... →
After 40 years, Chile copper giant is struggling to stay on top
By: Bloomberg 16th April 2019 Over more than a century, miners have been digging an open pit in northern Chile that’s now more than four times the size of New York’s Central Park. The Chuquicamata mine has helped Codelco dominate the copper market as the world’s number one producer of the metal. Now, the state-owned company... →
Lundin buys Yamana’s copper mine for more than $1bn
By: Mariaan Webb 15th April 2019 Toronto-headquartered Lundin Mining will buy fellow Canada-based miner Yamana Gold’s Chapada mine, in Brazil, for more than $1-billion, it was announced on Monday. Lundin president and CEO Marie Inkster said that the acquisition of the copper and gold mine complemented the company’s portfolio... →
Chinese miner MMG says Peru's mine supplies restored, concentrate transport recommenced
By: Reuters 15th April 2019 Chinese miner MMG Ltd said on Monday that Las Bambas mine in Peru has progressively restored critical supplies and increased staffing levels over last week after indigenous communities ended a more than two-month blockade of a key highway. Concentrate transport to Matarani Port recommenced on... →
Strike ends at Sierra Metals’ Yauricocha mine
By: Creamer Media Reporter 15th April 2019 A near-month-long labour strike over contractor changes at the Yauricocha mine, in Peru, ended at the weekend. Canada-based mining company Sierra Metals has said that an agreement was reached whereby no contractors dismissed as part of the contractor change will be reinstated, which was the... →
Newmont and Goldcorp deal to close this week
By: Mariaan Webb 15th April 2019 US gold major Newmont’s $10-billion deal to purchase Vancouver-based Goldcorp has received Investment Canada Act approval, paving the way for the transaction to close this week. The plan of arrangement has previously received shareholder approval and clearance under the Canadian Competition Act.... →
Lithium giant lifts outlook with 2018 fizzle in rear-view mirror
By: Bloomberg 15th April 2019 Two months after disappointing the market with its annual results, the world’s second-largest lithium miner said an expansion is faring better than expected and sales probably will beat its forecasts for this year. Santiago-based Soc. Quimica y Minera de Chile SA will exceed its sales target of... →
Bolsonaro says Brazil rainforest reserve may be opened to mining
By: Reuters 15th April 2019 Brazilian President Jair Bolsonaro said on Friday the country could open a vast reserve in the Amazon rainforest to mining, a move that his predecessor attempted before backtracking due to an international outcry by environmentalists. The National Reserve of Copper and Associates (Renca)... →
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