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South America News

Mopani transitions copper operations to care and maintenance 

By: Martin Creamer     Updated 2 hours 37 minutes ago Copper mining company Mopani Copper Mines plc said on Tuesday that it had placed its mining operations on care and maintenance and a number of projects on hold. The announcement, the company said, followed a number of meetings with Zambian government ministries to provide an update of its... 

Kore Mining's California project can produce 146 000 oz/y

By: Marleny Arnoldi     Updated 2 hours 47 minutes ago North America-based Kore Mining has published a positive preliminary economic assessment with compelling project economics for the Imperial Oxide gold deposit, in California. The assessment determines a net present value (NPV) for the project of $343-million, with a 44% internal rate of return... 

De Beers contributes $2.5m Covid-19 funding to Botswana, Namibia  

By: Martin Creamer     Updated 4 hours ago Diamond mining and marketing corporation, the De Beers Group, on Tuesday announced that it would contribute $2 500 000 across Botswana and Namibia to aid the response to the Covid-19 crisis. De Beers Group is a 50/50 joint venture partner with both Botswana and Namibia in the recovery and sorting... 

De Beers contributes $2.5m Covid-19 funding to Botswana, Namibia
De Beers Group CEO Bruce Cleaver

Gold Fields promoting widespread human welfare during lockdown 

By: Martin Creamer     Updated 4 hours ago Gold mining company Gold Fields, which has placed its South Deep gold mine in Gauteng on care and maintenance for the 21-day lockdown period, is promoting human welfare funding cross a number of fronts during the Covid-19 crisis. Firstly, South Deep, the Westonaria mine with a 70-year life, will... 

Gold Fields promoting widespread human welfare during lockdown
Photo by Creamer Media
Gold Fields executive VP Martin Preece

Covid-19 preventing shareholders from attending Anglo AGM

By: Martin Creamer     7th April 2020 Shareholders will not be permitted to attend this year’s annual general meeting (AGM) of Anglo American because of Covid-19 restrictions – but they have been invited to submit questions in advance for answering at the AGM. The London- and Johannesburg-listed diversified mining company said in a... 

Atalaya sets copper guidance for 2020

By: Marleny Arnoldi     7th April 2020 A lower average copper price realised for the year ended December 31, 2019, resulted in TSX- and Aim-listed Atalaya Mining generating lower aftertax profit of €31-million, compared with €34-million in the year ended December 31, 2018. The average copper price realised in the year under review... 

Standard Bank notes SARB’s hold-back guidance on dividends, bonuses

By: Martin Creamer     7th April 2020 Africa’s biggest bank by assets, Standard Bank Group, said on Tuesday that it had noted the contents of the guidance of the Prudential Authority of the South African Reserve Bank (SARB) on dividend distributions to ordinary shareholders. SARB’s Prudential Authority, headed by Kuben Naidoo, has... 

Standard Bank notes SARB’s hold-back guidance on dividends, bonuses
Sim Tshabalala

Tailings risk management still not up to standard – foundation

By: Marleny Arnoldi     7th April 2020 The mining industry is still “dragging its heels” on the step-change measures required to prevent catastrophic tailings failures, such as the Brumadinho tailings dam collapse in Brazil that killed 270 people, says Responsible Mining Foundation (RMF). In the newly released 'Responsible Mining... 

Global GDP to contract 1.9% this year, spark commodity oversupply, says Fitch

By: Simone Liedtke     6th April 2020 Owing to unprecedented lockdown in much of Europe, the US and across the globe, the world is currently experiencing considerably lower economic activity, which in turn significantly reduces commodity consumption, says ratings agency Fitch Ratings. As a result, it expects global gross domestic... 

Global GDP to contract 1.9% this year, spark commodity oversupply, says Fitch

Anglo going to great lengths to support South Africa in its Covid-19 hour of need 

By: Martin Creamer     6th April 2020 Diversified mining company Anglo American is going to remarkable lengths to support South Africa through the devastating Covid-19 crisis. The London- and Johannesburg-listed company, headed by Australian Mark Cutifani, is showing far-reaching corporate humanitarianism by taking firm steps to... 

Anglo going to great lengths to support South Africa in its Covid-19 hour of need
Photo by Bloomberg
Mark Cutifani

Antofagasta suspends contractor agreements for 120 days

By: Mariaan Webb     6th April 2020 Chilean miner Antofagasta Minerals has suspended contracts with most companies building its Los Pelambres expansion project for up to 120 days, but has stressed that this does not imply that contracts will be terminated. The London-listed company last week confirmed that its Los Pelambres... 

Antofagasta suspends contractor agreements for 120 days

Minister finds Covid-19 compliant mines but also laggards 

By: Martin Creamer     6th April 2020 As calls go out for mining to resume on April 17 or face serious setback, Mineral Resources and Energy Minister Gwede Mantashe has found excellent Covid-19 compliance by some coal mines that have been allowed to stay open to supply coal to Eskom – but inadequate response to directives by others.... 

Minister finds Covid-19 compliant mines but also laggards
Photo by Creamer Media's Donna Slater
Mineral Resources and Energy Minister Gwede Mantashe

Barrick progressing towards modern miner goal 

By: Simone Liedtke     6th April 2020 Following its merger with Randgold Resources, NYSE- and TSX-listed Barrick Gold has made progress towards its goal of being a modern mining business, according to executive chairperson John Thornton in the company’s information circular for 2020 published on April 6. The circular follows the... 

Barrick progressing towards modern miner goal
Barrick executive chairperson John Thornton

Eurasian Resources execs take 30% pay cut in support of Covid-19 measures

By: Marleny Arnoldi     6th April 2020 Global diversified miner Eurasian Resources Group (ERG) CEO Benedikt Sobotka and first deputy CEO Aldiyar Kaztayev have offered to take a 30% cut in their salaries for 12 months, owing to the unprecedented challenges that the world is facing as a result of Covid-19. The company is confident... 

Vale launches $1m Covid-19 challenge in Canada and Brazil

By: Creamer Media Reporter      6th April 2020 Global diversified major Vale is joining the fight against coronavirus by launching the Vale Covid-19 Challenge, offering up to $1-million to propel innovative solutions into the marketplace. The challenge is open in Canada and Brazil with each selected solution eligible to receive up to $200... 

Chilean copper miners 'considering production cuts' - industry association

By: Reuters     3rd April 2020 Copper miners in Chile are considering cutting production amid strict measures to contain the spread of the new coronavirus, an association of companies in the sector has told Reuters. A report by the National Mining Society (Sonami), which represents all miners of the red metal across Chile,... 

Alphamin expresses concern about a dwindling tin price  

By: Marleny Arnoldi     3rd April 2020 JSE- and TSX-V-listed Alphamin Resources produced 2 119 t of contained tin in the quarter ended March 31. This was at the mid-point of its guidance range and compares with the 2 235 t of contained tin produced in the quarter ended December 31, 2019.  

Strong exploration activity in Canada serves for a bit of good news

By: Marleny Arnoldi     3rd April 2020 Amid a surge of bad news for businesses and societies globally, explosives manufacturer BME is nonetheless excited about the exploration landscape for mining in Canada. The company launched its BME Mining Canada last year, which is a joint venture with Consbec – the largest civils drill and... 

M&R outlines evolving impact of Covid-19 disruptions to its projects

By: Marleny Arnoldi     3rd April 2020 JSE-listed Murray & Roberts (M&R) has noted the evolving impact of Covid-19 on its active projects in Australasia, the Americas and sub-Saharan Africa. The Oyu Tolgoi project in Mongolia, which the company’s Oil & Gas and Underground Mining platforms run in joint venture with a third partner,... 

Nevada Gold Mines assisting its local communities

By: Simone Liedtke     3rd April 2020 Nevada Gold Mines (NGM), in collaboration with the state of Nevada and its stakeholders, is working to identify immediate needs and provide financial and logistical support to mitigate the impact of the Covid-19 pandemic on its local communities. NGM is a joint venture (JV) between Barrick Gold... 

Brazil mining regulator orders closure of 25 Vale dams

By: Reuters     3rd April 2020 Brazil's National Mining Agency (ANM) said on Thursday that it would halt operations at 47 mining dams that failed to certify their stability, including at least 25 belonging to the world's largest iron-ore producer Vale. The safety of Vale's facilities have been under heavy scrutiny after one... 

Brazil mining regulator orders closure of 25 Vale dams

Fund managers see once-in-decade shot in Brazil’s iron-ore giant

By: Bloomberg     3rd April 2020 Investors have been piling into shares of the world’s largest iron-ore producer, touting it as one of the biggest opportunities to emerge from the carnage in Brazilian markets. Vale sank to a three-year low in March amid the coronavirus outbreak that has disrupted production chains across the... 

DRD consulting with govt, labour to restart Far West Rand gold recoveries 

By: Martin Creamer     3rd April 2020 Surface gold mining company DRDGold is considering re-starting operations at its Far West Gold Recoveries surface retreatment operation at Carletonville, south-west of Johannesburg, in consultation with government and organised labour. DRDGold CEO Niël Pretorius states on the company’s website... 

DRD consulting with govt, labour to restart Far West Rand gold recoveries
Photo by Creamer Media
Niël Pretorius

Golden Minerals reports promising economics for Mexico project

By: Marleny Arnoldi     2nd April 2020 Colorado-based miner Golden Minerals has reported positive findings in a preliminary economic assessment (PEA) and updated mineral resource estimate for the Velardeña Properties, which is the company’s silver and gold project located in Durango state, Mexico. Engineering company Tetra Tech was... 

Pacton plans to ‘aggressively’ expand the mineral zones at Sidace once deal closes

By: Marleny Arnoldi     2nd April 2020 TSX-V-listed TomaGold has entered into a definitive agreement with fellow-listed Pacton for the sale of its 39.5% interest in the Sidace Lake property, in Ontario. The property is owned in joint venture (JV) with Evolution Mining and Newmont, which have approved the transaction.  

Covid-19 hits silver to a ten-year-plus low 

By: Martin Creamer     2nd April 2020 The coronavirus pandemic has hit silver to a ten-year-plus low, according to the Refinitiv GFMS annual Silver Market Review 2019, which includes provisional supply and demand estimates for 2020. After rising to a five-month high by late February, the silver price experienced a calamitous fall in... 

Covid-19 hits silver to a ten-year-plus low

AngloGold hands over two hospitals to authorities for Covid-19 patients 

By: Martin Creamer     2nd April 2020 Gold mining company AngloGold Ashanti has embarked on a remarkable number of humanitarian initiatives to slow the spread of the coronavirus pandemic, including making two of its mining hospitals available to the provincial governments of North West and Gauteng for the exclusive use by them to... 

AngloGold hands over two hospitals to authorities for Covid-19 patients
Kelvin Dushnisky

Antofagasta operating with half its workforce, unveils $6m fund to help fight virus

By: Mariaan Webb     2nd April 2020 London-listed Antofagasta on Thursday reported that its production had not been significantly impacted by measures to curb the spread of coronavirus, despite the company operating with only about 50% of its workforce. Antofagasta, which owns mines in Chile where coronavirus cases have risen to... 

Antofagasta operating with half its workforce, unveils $6m fund to help fight virus

Centamin appoints Toro cofounder as CEO

By: Marleny Arnoldi     2nd April 2020 TSX- and LSE-listed Centamin has appointed Martin Horgan CEO, effective April 6. He succeeds Ross Jerrard, who served as interim CEO and now moves to the position of CFO. The company further advises that COO Jeremy Langford resigned from his position to pursue other interests. Horgan is a... 

Centamin appoints Toro cofounder as CEO
Incoming Centamin CEO Martin Horgan

Mexico orders mining suspension until April 30

By: Mariaan Webb     1st April 2020 In its fight against the coronavirus pandemic, the Mexico federal government has mandated all nonessential businesses, including mining, to suspend operations until April 30. The declaration was made after Mexico’s confirmed cases surpassed 1 000, with deaths now at 37. It is understood that... 

Mexico orders mining suspension until April 30

Chilean State copper miner Codelco confirms fifth case of coronavirus among workers

By: Reuters     1st April 2020 Chile's State-owned Codelco, the world's largest copper producer, said on Wednesday that a fifth worker has been confirmed as having contracted coronavirus, at its Ministro Hales mine. The diagnosis of the contract worker was confirmed in the central coastal city of La Serena on his final rest... 

All Antofagasta mines to be powered by renewables at lower cost

By: Martin Creamer     1st April 2020 All of the electricity of the mining division of the London-listed Chile-based Antofagasta plc will from 2022 be from renewable sources at lower cost. This follows the signing by Antofagasta’s Centinela copper mine of a new power purchase agreement with Engie Energía Chile, effective from 2022... 

All Antofagasta mines to be powered by renewables at lower cost
Antofagasta CEO Iván Arriagada

Standard Bank meeting all capital and liquidity requirements 

By: Martin Creamer     1st April 2020 Capital and liquidity requirements across all the markets in which it operates are continuing to be met, Standard Bank Group FD Dr Arno Daehnke said during an investor call. Daehnke disclosed that the bank was benefitting from building up increased capital levels over the last few years in line... 

Standard Bank meeting all capital and liquidity requirements
Sim Tshabalala

INV Metals’ Ecuador project shines in updated feasibility study

By: Mariaan Webb     1st April 2020 The strong gold price is underpinning robust economics of one of Ecuador’s five strategic mining projects, with an updated feasibility study calculating the Loma Larga gold project’s aftertax net present value at $454-million and its internal rate of return at 28.3%. Developer INV Metals plans... 

GlobalData revises full-year copper output growth forecast lower

By: Simone Liedtke     1st April 2020 Global copper production is expected to be impacted by the Covid-19 pandemic, with data analytics and consulting company GlobalData now forecasting output growth of just 1.9% to 21-million tonnes for this year. This compares with its previous forecast of 3.4% year-on-year growth in global copper... 

Subsistence miners lose out as coronavirus crushes local gold prices

By: Reuters     1st April 2020 Informal gold miners from South America to Africa are selling gold at almost 40% discounts as measures to curb the coronavirus crimp supply routes and dry up funding. Border restrictions and flight cancellations have created gold gluts in local markets, depressing prices for small-scale miners... 

Equinox sets 2020 guidance, aims for 1Moz in next two years

By: Creamer Media Reporter      1st April 2020 TSX- and NYSE American-listed Equinox Gold on Tuesday provided a production and cost guidance for 2020, reflecting its production expectations following the recent closure of its merger with Leagold Mining. Total 2020 production, including gold produced by Leagold before completion of the merger... 

Teck details suspension impact on QB2 cost and schedule

By: Mariaan Webb     1st April 2020 Construction activities at the Quebrada Blanca Phase 2 (QB2) copper project remain suspended, in line with the Chilean government’s efforts to curb the spread of coronavirus. Initially only a two-week suspension, construction activities are still on hold and Canadian diversified major Teck... 

Teck details suspension impact on QB2 cost and schedule
An October 2019 photo of construction activities at the QB2 project site.
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