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Mining News

Constitutional Court upholds Aquila’s Gravenhage manganese mining right

By: Tasneem Bulbulia     Updated 29 minutes ago The Constitutional Court has upheld a High Court judgment granting China-based Baowu Group subsidiary, Aquila Steel, a mining right over its Gravenhage manganese deposit, located in South Africa’s Northern Cape province. Aquila’s planned development of Gravenhage has been delayed for several... 

Petra appoints new CEO, narrows H1 net loss

By: Tasneem Bulbulia     Updated 31 minutes ago LSE-listed Petra Diamonds, which on Monday announced the appointment of Richard Duffy as CEO, narrowed its adjusted net loss after tax to $4.5-million for the six months ended December 31, 2018, from the net loss of $7.2-million recorded for the six months to December 31, 2017. Nevertheless,... 

Petra appoints new CEO, narrows H1 net loss
Photo by Creamer Media
Richard Duffy

Taseko closes Yellowhead Mining acquisition

By: Simone Liedtke     Updated 3 hours ago TSX- and NYSE-listed Taseko Mines has successfully added a near-shovel-ready copper project to its assets with the successful acquisition of  Yellowhead Mining. The company reported on Friday that the transaction had closed and that Yellowhead’s shares would be delisted from the TSX-V. 

Exxaro completes Tronox divestment

By: Simone Liedtke     Updated 3 hours ago Diversified miner Exxaro Resources on Monday confirmed that NYSE-listed mining and inorganic chemicals company Tronox has completed the first stage of its redomiciliation, whereby it has acquired Exxaro’s remaining ownership interest in Tronox Sands for just over R2.06-billion, or about... 

Copper Mountain posts Q4 and FY loss

By: Creamer Media Reporter      Updated 3 hours ago Vancouver-based Copper Mountain has reported a fourth-quarter and full-year net loss, despite a strong operational performance, which saw the miner increasing quarterly output by 9.7% and meeting its 2018 production guidance. Fourth-quarter production increased to 24.5-million pounds of copper... 

Mexico approves Pan American Silver’s Tahoe acquisition

By: Tasneem Bulbulia     Updated 4 hours ago The Mexican Federal Economic Competition Commission on Friday approved the proposed transaction whereby Pan American Silver will acquire all of the issued and outstanding shares of dual-listed Tahoe Resources. In a statement, Tahoe confirmed that all required regulatory, shareholder and court... 

Lithium hopeful Far secures C$12m facility from Alumina Partners

By: Tasneem Bulbulia     Updated 4 hours ago Canadian lithium hopeful Far Resources has secured up to C$12-million from New York-based private equity firm Alumina Partners to advance its exploration activities.     The company is focused on defining a lithium resource at its Zoro project, which is located in the Snow Lake region of... 

Superintendent sides with Heron

By: Esmarie Iannucci     Updated 4 hours ago Contractor Sedgman’s additional costs of A$49.9-million related to the Woodlawn base metals project, in New South Wales, has been largely rejected by the contract superintendent. Sedgman presented project owner Heron Resources with a A$49.9-million progress claim for the Woodlawn project, which... 

Riley restart on the cards

By: Esmarie Iannucci     Updated 4 hours ago ASX-listed Venture Minerals is looking to restart its Riley direct shipping ore iron-ore mine, in Tasmania. The company on Monday said that it was reviewing the economics of the Riley project, following a significant recovery in the iron-ore prices, and expressions of interest by several third... 

Doray/Silver Lake merger fair - independent report

By: Esmarie Iannucci     Updated 4 hours ago The director of gold miner Doray Minerals has urged shareholders to vote in favour of a merger with fellow-listed Silver Lake Resources, after an independent review found the offer to be both fair and reasonable. The two companies in 2018 struck a scheme implementation deed, under which Doray... 

Universal still waiting for takeover offer

By: Esmarie Iannucci     Updated 4 hours ago The board of ASX-listed Universal Coal has urged shareholders to sit tight as the company awaits a possible takeover offer from a consortium of investors, headed by South Africa’s Ata Resources. Universal in December last year struck a non-solicitation agreement with the special purpose bidding... 

Matsa starts mining at Red October

By: Esmarie Iannucci     Updated 4 hours ago ASX-listed Matsa Resources has started mining at it Red October gold project, in Western Australia, with first ore expected in April. The mining operation is expected to generate some A$16-million in revenue and deliver Matsa a cash surplus of more than A$4-million. 

New Century locks in A$100m of additional funding

By: Esmarie Iannucci     Updated 4 hours ago ASX-listed New Century Resources has secured up to A$100-million in working capital facilities from investment firm Varde Partners, as the company restarts its Century zinc operations, in Queensland. The funding will consist of a A$60-million secured facility, which has been approved and is... 

Santos broadens scope in northern Australia

By: Esmarie Iannucci     Updated 4 hours ago Oil and gas major Santos has struck a joint venture (JV) agreement with fellow-listed Beach Energy to partner over four exploration permits in the Bonaparte Basin, offshore Northern Australia. The two companies will each hold a 50% JV interest in the four permits, with Santos acting as operator. 

Rare bird threatens to derail Adani’s contentious Australian coal mine

By: Esmarie Iannucci     Updated 4 hours ago A rare bird could threaten the development of the $16.5-billion Carmichael coal project, in Queensland, project owner Adani has revealed. The Queensland Department of Environment and Science in December told the Indian major that it was referring Adani’s Black-throated Finch management plan to... 

Rare bird threatens to derail Adani’s contentious Australian coal mine

Cash-flush Amplats ups dividend, studies 100 MW solar possibility

By: Martin Creamer     Updated 4 hours ago The deaths of two mineworkers at the Amandelbult mine marred an outstanding performance by Anglo American Platinum (Amplats), which has paid out a total of R3-billion cash in dividends for the 12 months to end December, recorded record production from the Mogalakwena, Unki and Kroondal mines,... 

Cash-flush Amplats ups dividend, studies 100 MW solar possibility
Photo by Creamer Media
Anglo American Platinum CEO Chris Griffith

Vale evacuates 200 people near Brazilian dam on fears of instability

By: Reuters     Updated 5 hours ago Around 200 residents were evacuated from an area near a tailings dam in Brazil operated by Vale late on Saturday, amid fears that it was structurally weak and could burst like a similar barrier failure last month that killed 300 people. Vale said in a statement that it had evacuated people... 

Sierra Metals reports flat Q4 Ebitda, production increases

By: Marleny Arnoldi     15th February 2019 TSX- and Peru-listed Sierra Metals reported adjusted earnings before interest, taxes, depreciation and amortisation of $17.4-million for the fourth quarter of 2018, compared with $17.5-million in the fourth quarter of 2017. The company processed 268 363 t, compared with 254 993 t processed in... 

Lower South Deep output dents Gold Fields’ FY18 profit 

By: Tasneem Bulbulia     15th February 2019 Dual-listed Gold Fields achieved normalised profit from continuing operations of $27-million for the year ended December 31, 2018, compared with the $154-million posted for 2017.   The company’s profit was dented by a decline in output, led by its South Deep mine in South Africa. 

Lower South Deep output dents Gold Fields’ FY18 profit
Photo by Creamer Media
Gold Fields CEO Nick Holland

Wescoal ends Khanyisa Triangle JV

By: Marleny Arnoldi     15th February 2019 JSE-listed Wescoal on Friday announced it was exiting the Khanyisa Triangle joint venture (JV) with Uju Resources, Mwelase Mining and Aztolinx, allowing Wescoal to exploit the coal resource exclusively. In 2016, Wescoal and Uju agreed to jointly exploit the mining area known as the Khanyisa... 

Trust in tailings? Vale dam disaster spurs investors into action

By: Reuters     15th February 2019 Seeking assurances from Brazilian miner Vale by phone after a second deadly dam disaster in three years is not enough for Sasja Beslik. He plans to fly there himself to get answers. Beslik, head of sustainable finance at Swedish bank Nordea, blocked the bank's investment managers from buying any... 

Miner Vale says fire to halt operations at Malaysia distribution center

By: Reuters     15th February 2019 Brazilian miner Vale SA said a fire broke out on Friday in its distribution center in Malaysia, temporarily affecting shipments, according to a securities filing. Vale added that the fire caused "only material damages" and that operations are likely to resume in 10 to 15 days. 

Nevada like Witwatersrand of 1970s – Bristow 

By: Martin Creamer     15th February 2019 Nevada is like the Witwatersrand of the 1970s, says new Barrick Gold president and CEO Dr Mark Bristow, whose Randgold Resources is now merged into Barrick to form the world’s biggest gold mining company, which is also an extractor of copper, a metal that Bristow sees as “another gold”. The brand... 

Nevada like Witwatersrand of 1970s – Bristow
Barrick Gold CEO Dr Mark Bristow

ARM expects increase in H1 headline earnings

By: Simone Liedtke     15th February 2019 Diversified miner African Rainbow Minerals (ARM) expects its headline earnings a share for the six months ended December 31, to increase by between 8% and 15% to between R11 and R11.80, compared with the R10.23 reported for the first half of the prior financial year. This positive impact is as a... 

Mantashe calls for more security at mines following Gloria coal mine incident 

By: Simone Liedtke     15th February 2019 Mineral Resources Minister Gwede Mantashe on Friday said the priority remains to restore ventilation at the Gloria mine, in Mpumalanga, and to reduce flammable gases underground so that the search and recovery process can continue with the necessary speed. He also called for security at mines to... 

Govt, industry collaboration needed to create thriving diamond industry – Ernie Blom

By: Simone Liedtke     15th February 2019 World Federation of Diamond Bourses president Ernie Blom has called on Mineral Resources Minister Gwede Mantashe, through an open letter, to put into practice what government has said regarding the development of the South African mining industry, in general, and to help “pave the road to... 

Centamin announces significant resource increase at Côte d'Ivoire projects

By: Simone Liedtke     15th February 2019 A 120 000 m drill programme in 2018 across dual-listed Centamin’s wholly-owned landholdings in Côte d'Ivoire, has resulted in an increase of more than 100% in mineral resources, the company announced on Friday. A maiden resource has been declared at the ABC project, on the west side of the... 

Petropavlovsk says IRC facility refinanced

By: Simone Liedtke     15th February 2019 Russian miner Petropavlovsk announced on Friday that it had reached an important step in concluding the refinancing of a $240-million facility that Hong Kong-based IRC, in which it is a large shareholder, has with the Industrial and Commercial Bank of China (ICBC). Petropavlovsk is the guarantor... 

Keliber raises €10m in share issue

By: Creamer Media Reporter      15th February 2019 Finland’s Keliber has raised more than €10-million through directed share issues to current shareholders and personnel of the company, with the Finnish Minerals Group now the company’s largest shareholder. The share issue directed to the current shareholders of the company was oversubscribed,... 

Yamana forecasts stable-to-positive production growth to 2020

By: Nadine James     15th February 2019 TSX-listed Yamana Gold expects stable-to-positive production growth, with gold and silver output forecast to increase to 955 000 oz and 12-million ounces, respectively, by 2020. In the fourth-quarter and full-year results announcement on Thursday, the company stated that gold production would... 

Brucejack to ramp up to 3 800 t/d this year

By: Simone Liedtke     15th February 2019 In its first full year of production, dual-listed Pretium Resources has generated almost $200-million in cash from operations, while producing 376 012 oz of gold, president and CEO Joseph Ovsenek reported on Thursday. The intermediate gold producer’s all-in sustaining costs (AISC) for the second... 

Weaker prices hit Silvercorp Q3 performance

By: Nadine James     15th February 2019 TSX-listed Silvercorp Metals, which owns and operates mines in China, on Thursday reported a net income of $8.7-million for the third quarter ended December 31 – representing a 31% year-on-year decline with the company achieving a net income of  $12.7-million in the third quarter of 2018. The... 

Lundin says Portugal project costs revised upward

By: Mariaan Webb     15th February 2019 Canada-headquartered Lundin Mining has announced a new cost estimate for its Neves-Corvo zinc expansion project (ZEP), in Portugal, with costs increasing to €320-million. This compares with an initial approved budget of €256.5-million for the project, which will double the mine’s production to... 

Lundin says Portugal project costs revised upward

2019 to be an ‘important year’ for First Quantum

By: Simone Liedtke     15th February 2019 TSX-listed First Quantum Minerals is set for “another important year” as the Cobre Panama project, in Panama, is gearing up to start production, chairperson and CEO Philip Pascall said on Thursday, announcing the miner’s fourth-quarter and year-end results. He reported that the development of... 

Agnico Eagle to open two new mines in 2019

By: Mariaan Webb     15th February 2019 With two new mines at Meliadine and Amaruq to start operations in 2019, Canadian gold miner Agnico Eagle is forecasting record gold production for the year, building on the 1.63-million ounces that the company’s mines in Canada, Finland and Mexico produced in 2018. The full-year production... 

Harmony Gold and DRDGold make headlines  

15th February 2019 Mining Weekly editor Martin Creamer unpacks Harmony Gold rising to President Cyril Ramaphosa's ten-point mining challenge, DRDGold calling Eskom’s grid upkeep problematic and, Harmony looking to solar power and biofuel energy.   

Harmony Gold and DRDGold make headlines
Harmony Gold and DRDGold make headlines. Camerawork and Editing: Creamer Media's Nicholas Boyd.

Zimbabwe set to retrieve trapped illegal miners, more casualties expected

By: Reuters     15th February 2019 Zimbabwean authorities are expected to start retrieving trapped illegal gold miners on Friday but none are expected to have survived flooding in the shafts and the number of casualties could be about 50, State media reported. The accident in Battlefields, 175 km (109 miles) west of Harare, has... 

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