Mining Weekly : Africa Europe (30)

Corsa Coal grows output by 20% for fifth consecutive quarter, lifts guidance

Improvement in metallurgical coal markets has pushed US-focused coal producer Corsa Coal to a second quarter profit, and marked the company's fifth consecutive quarter of growth of 20%, or greater, in metallurgical coal sales volumes. Canonsburg, Pennsylvania-based Corsa reported positive net and ...

Congo reinstates miners' VAT exemption on imports in U-turn

Congo's finance ministry has provisionally reinstated mining companies' exemption from a value added tax on imports, the Chamber of Mines said on Wednesday, days after miners complained customs authorities were planning to impose VAT on them. Democratic Republic of Congo, Africa's top copper ...

Ascendant reports first month of positive 'top line' earnings; higher grades on the cards

Just seven months since acquiring the El Mochito zinc/lead/silver mine, in west-central Honduras, recent TSX-listee Ascendant Resources has achieved positive adjusted earnings before interest, taxes, depreciation and amortisation for the month of July.Analysts use the metric that looks at a ...

Krugerrand demand resurgence anticipated to result in record sales

Increased demand for gold has supported sales of the gold bullion Krugerrands and this year is predicted to yield the highest sales since the 1980s, with an expected 15% to 20% increase on the 1.1-million ounces of the coins sold in 2016. This is according to precious metal smelting and refining ...

China's Chalco plans $500m investment in Guinea bauxite project

Aluminium Corp of China plans to invest $500 million in a project to produce bauxite, used to make aluminium, in Guinea starting next year, the mines ministry said. The deal comes after a trip by the Guinean mines minister, Abdoulaye Magassouba, to China and follows other major Chinese ...

Mustang ruby inventory grows to 147 000 ct

ASX-listed Mustang Resources' ruby inventory at the Montepuez project, in Mozambique, has grown to 147 052 ct, on track for reaching the targeted 200 000 ct to be sold at the company's inaugural auction in October. The growing inventory is, in part, the result of work to increase water supply to the ...

Cliffs Natural Resources reverts to original Cleveland-Cliffs name

US iron-ore specialist Cliffs Natural Resources has renamed the company to its historical name Cleveland-Cliffs, as part of celebrating its 170th anniversary, the company announced on Tuesday. Under the name Cleveland-Cliffs, the company has been operating for decades as an important part of the ...

Shortage of Chinese rare earths spot material bodes well for Mkango – report

Structural changes in China's rare earths supply chain bodes well for companies outside of the country making progress on developing new rare earths projects. A new report published by respected industry observer Adamas Intelligence of Sudbury, Ontario, highlights a 50% increase in the price of ...

Gold trends sideways as greenback climbs on hawkish Dudley comments

Gold prices posted new losses on Monday and overnight as the US-dollar index climbed on positive comments by Federal Open Market Committee voting member William Dudley. Dudley said on Monday it is not unreasonable' to expect the Federal Reserve to release plans in September to start reducing the ...

Elliott Management raises stake in BHP to 5%

Hedge fund Elliott Management has raised its stake in BHP Billiton to 5%, stepping up a campaign to make the top global miner quit all or part of its petroleum business, boost returns and ditch its dual listing. New York-based Elliott launched its effort in April, at which point it held a 4.1% ...

Mauritania issues 30-yr mine licence for Algold's Tijirit project

West Africa-focused junior project developer Algold Resources has received a formal decree by the Mauritania government granting a 30-year mining licence for the Tijirit project. Montreal, Quebec-based Algold in June announced that the Mauritania government intends to issue the mining licence, which ...

Prize Mining exploration hits highest gold-in-soil sample ever at Silver King shear system

Junior explorer Prize Mining has intersected the highest gold-in-soil sample in recorded history along the Silver King shear system dating back to the early 1970's, at its Kena-Daylight gold project, in south-eastern British Columbia. The Calgary, Alberta-based mining issuer on Tuesday reported the ...

Imperial running low on cash as debt payments loom, production dwindles

Base metals producer Imperial Metals is reviewing its mine plans and its capital requirements because of lower-than-expected metal output in the first half of 2017, the company said late on Monday. To tide it over, the Vancouver-based company that operates the Red Chris and Mount Polley copper ...

Despite ongoing diamond breakage, Stornoway reports higher prices for its gems

Quebec-based miner Stornoway Diamond Corp has reported increasing prices for its rough diamonds produced at the flagship Renard mine, the Francophone province's first diamond mine. For the three months ended June 30, Stornoway earned revenues of C$42.6-million, as rising rough-diamond prices at ...

Outa lays corruption charges against former Eskom board director

The Organisation Undoing Tax Abuse has laid a criminal complaint with the police against former Eskom director, Mark Pamensky. Outa chief operating officer Ben Theron on Tuesday said the charges related to Pamensky's conduct while at Eskom and a business 'linked to the Gupta business empire.'

Sibanye donates R30m to UJ, Wits

JSE- and NYSE-listed Sibanye has committed R30-million in funding for the University of Johannesburg and the University of the Witwatersrand . This follows a previous investment of R25-million to these institutions in 2014.

Bisie boxcut nears completion, production of first concentrates set for H1 2019

Tin exploration and development company Alphamin Resources is nearing completion of the boxcut at its 9 900 t/y Bisie tin project, in North Kivu, in the Democratic Republic of Congo . Alphamin CEO Boris Kamstra tells Mining Weekly Online that local earthworks contractor Kongo River, which is ...

Explorer Connemara raises £135 000

Irish exploration firm Connemara Mining has raised £135 000 in a share placing, the Aim-listed company announced on Tuesday. Connemara placed 7 848 837 new shares of €0.01 each in the company at 1.72p a share to raise the capital.

China's TMI injects A$30m into Woodie Woodie manganese restart

China's Ningxia Tianyuan Manganese Industry Company will invest some A$30-million to restart operations at the Woodie Woodie manganese mine, in Western Australia. Owner Consolidated Minerals suspended operations at the mine at the start of 2016 on the back of declining manganese prices. TMI, ...

$690m impairment warning from Santos

Oil and gas major Santos has warned of a $690-million non-cash impairment charge for the half-year ended June. The company on Tuesday told shareholders that the impairment resulted from changes to the carrying value of its assets, brought on by changing oil prices, exchange rates, discount ...

Azure secures new flagship project in Mexico

ASX-listed junior Azure Minerals has secured its next flagship project in the form of the Oposura zinc/lead/silver project, in Mexico. The company on Tuesday announced that it had taken full ownership of the advanced-stage project, which contained high-grade, massive sulphide-hosted zinc, lead and ...

Production starts at Blair Athol

Coal production has started at the Blair Athol thermal coal mine, in Queensland, ASX-listed TerraCom reported on Tuesday. The company told shareholders that first production occurred on schedule, with the operation due to ramp-up as planned to around two-million tonnes a year by the fourth quarter ...

Strong financials keep Polyus on track to meet production guidance

Following positive operational and financial progress during the first half of 2017, London- and Moscow-listed Polyus remains on track to meet its full-year production guidance of between 2.08-million ounces and 2.13-million ounces.

Major setback for Lily mineworkers after another takeover transaction fails

Trade union Solidarity on Monday said the cancellation of another proposed buyout of the troubled Lily and Barbrook mines was a major setback that reinstilled further uncertainty for the mines' workers and the surrounding communities. TSX-listed Galane Gold and Lily mine owners Vantage Goldfields ...

Savannah kicks off Mutamba pilot plant construction

Construction has started on the 20 t/h pilot plant for a bulk metallurgical testwork programme at Aim-listed Savannah Resources' Mutamba project, in Mozambique. Mineral sands engineering company Anubis Mocambique Limitada has been appointed to undertake the work, with the pilot plant set to produce ...

Caledonia's Blanket mine on track to deliver output of 80 000 oz/y by 2021

Gold miner Caledonia Mining is confident its Blanket mine, in Zimbabwe, will meet its full year production guidance of 52 000 oz to 57 000 oz, as well as the longer-term output target of 80 000 oz by 2021. The mine produced just over 25 000 oz of gold in the first half of this year, at an all-in ...

Highveld to pursue safeguard protection on heavy structural steel products

Highveld Steel, which recently reopened its heavy structural mill in Mpumalanga despite still being in business rescue, has welcomed the institution of 10% import-duty protection on certain heavy steel sections and shapes. However, CEO Johan Burger tells Engineering News Online that Highveld plans ...

Eastplats narrows H1 losses

TSX- and JSE-listed Eastern Platinum has narrowed its losses for the first half of this year. For the six months to June 30, Eastplats posted a net loss of $4.7-million, at a loss of $0.04 a share, a significant improvement on the net loss of $30.5-million and a loss of $0.29 apiece ...

European Lithium exploring several options for Wolfsberg offtake

ASX-listed European Lithium and Chinese lithium firm Shandong RuiFu Lithium have agreed to extend the timeframe for entering into a formal offtake agreement for spodumene concentrate production from the Wolfsberg project, in Austria. European Lithium chairperson Tony Sage said on Monday that ...

Anglo Asian says Ugur resource exceeds initial estimate

Gold, copper and silver miner Anglo Asian on Monday announced a Joint Ore Reserve Committee- compliant resource estimate for its Ugur gold deposit, where production is set to start next month. Ugur – a new mineral deposit 3 km west of the Gedabek licence in western Azerbaijan – has a total ...