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Mining News

Govt gives financial backing to export hubs

By: Esmarie Iannucci     12th May 2020 The Australian government this week announced funding to back small- and medium-sized (SME) Australian businesses to tap into new markets around the world, with support for a series of export hubs across the nation. Ten export hubs from five states will receive more than A$4.9-million under the... 

South32 adds to Hermosa resource

By: Esmarie Iannucci     12th May 2020 Diversified miner South32 has reported a Joint Ore Reserves Committee compliant resource of 55-million tonnes, grading 2.31% zinc, 9.08% manganese and 78 g/t silver for the Clark deposit, at its Hermosa project, in Arizona. Some 33-million tonnes of the resource is classified as indicated with... 

Bardoc hoping to be in production by next year

By: Esmarie Iannucci     12th May 2020 Gold developer Bardoc Gold was hoping to start production at its namesake project, in Western Australia, by the third quarter of next year. A definitive feasibility study for the three-million ounce Bardoc gold project is currently under way, and targeted for completion by the first quarter of... 

Chile mining trade group sees copper supply glut of 200 000 t in 2020

By: Reuters     12th May 2020 The copper market will see a supply glut of 200 000 t this year as the economic impact of coronavirus hits global demand for the metal, a Chilean industry group told Reuters. Diego Hernandez, president of Sonami, an association of mining companies with operations in top producer Chile, said both... 

Gran Colombia proposes merger with Guyana, Gold X

By: Donna Slater     11th May 2020 Canadian midtier gold producer Gran Colombia Gold has signed a definitive agreement to complete a business combination with junior miner Gold X Mining and has submitted a proposal to Guyana Goldfields to acquire all its issued and outstanding common shares. Through the combination of the three... 

Altus records encouraging results in Mali

By: Tasneem Bulbulia     11th May 2020 Dual-listed Altus Strategies has recorded encouraging results from a 70-hole 2 042 m shallow air core (AC) drilling programme to test the potential strike extension of the FT Prospect at the company's Tabakorole gold project, in southern Mali. The programme was completed under a joint venture... 

Progress in sale of AngloGold’s South African assets to Harmony ­ 

By: Martin Creamer     11th May 2020 The sale of the South African portfolio to Harmony Gold had made excellent progress, with unconditional competition approval received last week, AngloGold Ashanti CEO Kelvin Dushnisky said on Monday. The announced sale of the South African operations to Harmony Gold crossed an important hurdle... 

Progress in sale of AngloGold’s South African assets to Harmony ­
Photo by Creamer Media
Mponeng gold mine.

IronRidge raises £4.75m to advance projects

By: Tasneem Bulbulia     11th May 2020 Aim-listed IronRidge Resources has conditionally raised £4.75-million before expenses through the placing of, and subscription for, new ordinary shares in the company. The funds will be used towards an accelerated drilling programme at the Zaranou gold project, in Côte d'Ivoire, targeting a... 

RNC to buy Spargos Reward gold project, tables name change

By: Donna Slater     11th May 2020 TSX-listed base and precious metals miner Royal Nickel Corporation RNC Minerals (RNC) has entered into a purchase agreement to acquire the Spargos Reward gold project, in Western Australia. Spargos Reward contains a historical Joint Ore Reserves Committee-compliant indicated mineral resource... 

Kodal’s Bougouni test work demonstrates overall recovery of up to 83%

By: Tasneem Bulbulia     11th May 2020 Minerals exploration and development company Kodal Minerals has recorded encouraging initial test results of the bulk sample of pegmatite-hosted lithium mineralisation from the Bougouni lithium project in southern Mali. The test work was completed by Shandong Shengli Environment Protection... 

Gold price exceeding $2 000/oz would not surprise me – Dushnisky 

By: Martin Creamer     11th May 2020 There is every chance that the gold price could exceed $2 000/oz, said AngloGold CEO Kelvin Dushnisky on Monday. Answering journalists’ questions during a virtual media roundtable, Dushnisky said that a gold price higher than $2 000/oz would not come as a surprise to him at all. 

Gold price exceeding $2 000/oz would not surprise me – Dushnisky
Photo by Bloomberg
Kelvin Dushnisky

Coal miner Contura says sites back to near normal staffing levels

By: Mariaan Webb     11th May 2020 US coal mining company Contura Energy said on Monday that all its sites were back to “nearly normal” staffing levels and operating capacity, with additional precautions to help reduce the risk of exposure to Covid-19. Early last month, the coal-mining company idled the majority of its operations... 

Coal miner Contura says sites back to near normal staffing levels

Mechanism in place to repatriate $252m from DRC – AngloGold 

By: Martin Creamer     11th May 2020 A mechanism is in place to repatriate $252-million from the Democratic Republic of Congo (DRC), AngloGold Ashanti CEO Kelvin Dushnisky said on Monday. The Johannesburg- and New York-listed company drew attention to the outstanding cash balances awaiting repatriation from the DRC in a first... 

Mechanism in place to repatriate $252m from DRC – AngloGold
The Kibali gold operation in Dempcratic Republic of Congo.

Kefi raises £3.7m for Ethiopian gold project development

By: Simone Liedtke     11th May 2020 Aim-listed Kefi Minerals has conditionally raised £3.7-million, before expenses, through the placing of 569-million new ordinary shares in the capital of the company to existing and new shareholders. Investors in the placing include UK investor RAB Capital, which will hold 236-million shares,... 

Fortuna raises $60m to complete Lindero construction

By: Mariaan Webb     11th May 2020 NYSE- and TSX-listed Fortuna Silver Mines on Monday announced that it would raise $60-million to fund the remaining construction and preproduction-related expenditures at its Lindero project, in Argentina. The company entered into an agreement with a syndicate of underwriters, led by Scotiabank... 

Fortuna raises $60m to complete Lindero construction
A March 2020 view of the processing area at Lindero, Argentina.

SSR Mining to buy Alacer Gold in C$2.4bn share deal

By: Mariaan Webb     11th May 2020 Gold miners SSR Mining and Alacer Gold on Monday announced their at-market merger of equals, creating a company with assets in the US, Canada, Argentina and Turkey. Shareholders in TSX- and ASX-listed Alacer would receive 0.3246 SSR Mining shares for each Alacer share held, implying a... 

SSR Mining to buy Alacer Gold in C$2.4bn share deal
Alacer's Copler mine, in Turkey.

Oriole aims to start 3 000 m drill programme in Cameroon later this year

By: Marleny Arnoldi     11th May 2020 Aim-listed Oriole Resources is ready to start with a maiden drilling programme at the Bibemi gold project, in Cameroon, as soon as Covid-19-related travel restrictions are lifted later this year. The company has announced that results from an exploration programme done late last year had... 

BlueRock expects diamond production at capacity by month end after lockdown

By: Marleny Arnoldi     11th May 2020 Aim-listed BlueRock Diamonds has advised that its expansion plans for the Kareevlei diamond mine, in the Kimberley region of South Africa, remain on hold. The mine is, however, expected to reach full operating capacity by the end of May. 

Afarak South Africa, Mogale enter business rescue

By: Marleny Arnoldi     11th May 2020 Nasdaq- and London-listed specialist alloy producer Afarak Group has placed its South African subsidiaries into voluntary business rescue. The companies have been in financial distress since South Africa implemented the Alert Level 5 Covid-19 lockdown at the end of March, but Afarak's board is... 

Polymetal sells noncore asset

By: Creamer Media Reporter      11th May 2020 Russian gold mining company is continuing to advance its noncore asset disposals, announcing on Monday the sale of its North Kaluga property for a total of $27-million. North Kaluga is a polymetallic deposit located in the Sverdlovsk region of Russia. The property's mineral resources comprise... 

Pan African lifts Covid help to R5m, recalls workers, unhedges

By: Martin Creamer     11th May 2020 Gold mining company Pan African Resources stated on Monday that it had increased its Covid-19 assistance to R5-million, recalled its permitted employees, updated production guidance and removed hedging from the end of June. Headed by CEO Cobus Loots, the London- and Johannesburg-listed company... 

Pan African lifts Covid help to R5m, recalls workers, unhedges
Photo by Creamer Media
Pan African's Fairview gold operation.

CEF fills all vacant CEO positions for group companies

By: Donna Slater     11th May 2020 Having not had permanent CEOs since 2014, the Central Energy Fund (CEF) has now filled the position of group CEO, as well as all vacant CEO positions at its group companies, in particular at the Strategic Fuel Fund (SFF), the Petroleum Agency of South Africa (Pasa) and national oil company... 

Weekly Coal Index Report

11th May 2020 The extent of the Covid-19 lockdown demand destruction has become more evident as data comes in, with many of SA’s key export destinations registering falls in power demand of between 10% to 30% in April. However, this has naturally been balanced by fewer railings and coal mines operating at far... 

Weekly Coal Index Report

China raps State miner Minmetals for renewed environmental failures

By: Reuters     11th May 2020 China's environment ministry on Monday called on China Minmetals Corp to improve implementation of environmental protection measures and oversight of subsidiaries in a less than glowing report on the state-run metals producer's compliance. As it looks to clean up heavy industry in China, the... 

Alkane granted approval for Tomingley plan

By: Esmarie Iannucci     11th May 2020 The New South Wales’ Resources Regulator has given ASX-listed Alkane Resources approval to develop an exploration drive from its existing Wyoming One underground operation, at its Tomingley gold project, in New South Wales, to the Roswell and San Antonio deposits, some 4 km south of the mine.... 

St George launches SPP

By: Esmarie Iannucci     11th May 2020 Junior St George Mining has announced a share purchase plan (SPP) to raise up to A$1.6-million to assist in funding its planned exploration programme in 2020. The ASX-listed company last week announced that it will raise A$3.6-million through a private share placement, placing more than... 

Apollo moves ahead with Gabon earn-in

By: Esmarie Iannucci     11th May 2020 The government of Gabon has approved a Mining Convention Agreement over the Kroussou zinc/lead project, allowing ASX-listed Apollo Minerals to earn-in a majority interest in the project. Apollo in 2019 reached an agreement with Trek Metals to acquire up to an 80% interest in the project area... 

Investigation launched into Grosvenor explosion

By: Esmarie Iannucci     11th May 2020 The Queensland government has established an independent mine safety Board of Inquiry into the recent explosion at the Grosvenor coal mine, which left five people injured. Mines Minister Dr Anthony Lynham said the board would be able to conduct public hearings, call witnesses and make broad... 

Loan note changes add R811m to Northam’s liquidity for this uncertain year

By: Marleny Arnoldi     11th May 2020 JSE-listed Northam Platinum has managed to extend the maturity dates of certain notes held in terms of the company’s R10-billion Domestic Medium Term Note (DMTN) Programme with an aggregate amount of around R1.8-billion. The agreement was reached with a number of the noteholders, the company... 

Loan note changes add R811m to Northam’s liquidity for this uncertain year
Photo by Creamer Media
Northam Platinum CEO Paul Dunne

Brazil's Vale sees a 'very vigorous' economic recovery in China

By: Reuters     11th May 2020 Brazil's Vale is seeing a "very vigorous" economic rebound in China, the iron-ore miner's principal export market, CFO Luciano Siani said during an online event hosted by newspaper Valor Economico on Friday. "Industrial activities [in China] are practically at their normal levels.... Civil... 

SolGold agrees up to $150m royalty financing for Ecuador project

By: Mariaan Webb     11th May 2020 Dual-listed SolGold has secured a royalty financing package for its flagship Alpala project with Toronto-headquartered royalty and streamlining company Franco Nevada, paving the way for the “rapid advancement” of the copper/gold project, in Ecuador. The package consists of a $100-million net... 

SolGold agrees up to $150m royalty financing for Ecuador project
SolGold CEO Nicholas Mather

Adriatic makes an offer for Tethyan

By: Esmarie Iannucci     11th May 2020 ASX-listed Adriatic Metals has inked a binding letter of agreement with TSX-V listed Tethyan Resource Corporation that will see Adriatic consolidate its position as a leading Balkan polymetallic explorer and developer. Under the agreement, each Tethyan shareholder will receive 0.166 Adriatic... 

Rio institutes more testing at Diavik

By: Esmarie Iannucci     11th May 2020 Diversified major Rio Tinto has introduced Covid-19 testing at its Diavik diamond mine, in the Northwest Territories, in Canada, as an additional precautionary measure to protect employees and community members. The miner said over the weekend that not for profit public health experts GuardRX... 

Australian miners calling for reform of EPBC Act

By: Esmarie Iannucci     11th May 2020 A number of resources industry bodies have called for a reform of the Environment Protection and Biodiversity Conservation (EPBC) Act, as an independent review into the legislation continues. “Reforms to the Act are long overdue, and numerous reviews over the past decade have repeatedly... 

Australian miners calling for reform of EPBC Act

Mining taxes up by A$8bn in 2018/19

By: Esmarie Iannucci     11th May 2020 A new report by advisory firm Deloitte Access Economics has shown that company taxes and royalties paid by Australia’s world-leading minerals sector increased by A$8-billion in 2018-19 to a record A$39.3-billion. Increasing tax and royalty contributions from the minerals sector in line with... 

Anglo re-enters Grosvenor

By: Esmarie Iannucci     11th May 2020 Diversified miner Anglo American has started the staged re-entry of its Grosvenor Grosvenor mine, in Queensland, following an explosion last week which injured five workers. CEO of Anglo American’s metallurgical coal business, Tyler Mitchelson over the weekend said that the company would regain... 

AngloGold cash flow soars 231%, liquidity boosted to $2bn

By: Martin Creamer     11th May 2020 Gold mining company AngloGold Ashanti more than trebled first-quarter cash flow from operating activities, bolstered its available liquidity to more than $2-billionn and improved leverage as key mines delivered solid performances. The Johannesburg- and New York-listed company, headed by CEO... 

AngloGold cash flow soars 231%, liquidity boosted to $2bn
AngloGold Ashanti CEO Kelvin Dushnisky
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