Mining Weekly : Americas (24)

India's HCL to invest in greenfield copper cathode plant

India's sole integrated copper producer, Hindustan Copper Limited , will invest $472-million in a new greenfield copper cathode plant, in central Indian province of Chhattisgarh. The investment proposal has been submitted to the Mines Ministry and the Cabinet Committee for Economic Affairs , the ...

Gold surging to $1 400 for BofA as long-term rates stay low

Gold's on track to climb to a four-year high of $1 400/oz by early next year, buoyed by lower long-term US interest rates and lack of progress by President Donald Trump in delivering economic reforms, according to the global head of commodities research at Bank of America Merrill Lynch. Prices ...

Antofagasta hikes dividend as copper prices surge; pushes share price to new heights

Bolstered by booming copper prices, Chile-focused miner Antofagasta has moved to triple its dividend on Tuesday, boosting its London-listed shares to a fresh 52-week and four-year high. Antofagasta has raised its interim dividend to $0.103 a share, from $0.031 in the same period a year ...

Miners, tech lift stocks, crude rebounds on supply

Global equity markets rose on Tuesday, lifted by mining companies in Europe and technology shares on Wall Street, while crude oil rebounded on indications supply is gradually tightening, especially in the US. US Treasury and gold prices fell ahead of an annual meeting this week of central bankers in ...

Ontario sets timeframe for road construction into Ring of Fire mining camp

Following years of complex negotiations and many delays, the Ontario provincial government on Monday made the historic announcement that it will support and fund road proposals that will connect Northern Ontario's far-flung First Nation communities and provide industrial road access to the emerging ...

Savary discovers three new, extends known gold zones at Karankasso JV project

Canadian explorer Savary Gold has discovered three new gold zones at its flagship Karankasso join-venture gold project, in south-western Burkina Faso, while the latest drilling programme has also extended the known mineralised zones. The TSX-V-listed company, which owns a 69.5% stake in the property ...

First Cobalt, CobalTech ratify deal to create world's largest cobalt-focused explorer

On the same day that cobalt posted the highest-ever recorded price at $60 250/t – up some 127% since the start of 2017 – explorer First Cobalt on Monday executed a definitive merger agreement with fellow TSX-V-listed CobalTech Mining. The transaction, in combination with its separate ...

Rockwell files for delisting shares from TSX

Careworn alluvial diamond producer Rockwell Diamonds has decided to delist from the TSX, and instead list on the NEX, a third-tier trading forum for listed companies that have fallen below TSX Venture's ongoing listing standards. The move follows the company's South African subsidiaries entering the ...

Sasol turns to courts after Sars slaps its with tax bills worth R12.8bn

JSE-listed energy and chemicals group Sasol will approach the Supreme Court of Appeal to resolve a tax dispute with the South African Revenue Service , which has slapped it with assessments for outstanding tax liabilities and penalties worth R12.8-billion. The company made a R1.2-billion provision ...

Sylvania lifts FY profit amid another year of record production

Platinum group metals processor Sylvania Platinum has posted a net profit of $8.87-million for the year ended June 30, compared with a profit of $3.73-million in the 2016 financial year. The company's Sylvania Dump Operations had achieved a fourth consecutive year of record production, at 70 ...

CoM files replying affidavit in Mining Charter interdict application

The Chamber of Mines has submitted a replying affidavit in the High Court, in Pretoria, in response to Mineral Resources Minister Mosebenzi Zwane's August 7 affidavit, in an interdict application against the implementation of the Reviewed Mining Charter. Zwane in June introduced the Reviewed Mining ...

Cadence in talks to sell stake in lithium developer Bacanora

UK-based mining investment firm Cadence Minerals is in negotiations to sell its interest in Aim- and TSX-V-listed lithium developer Bacanora Minerals, the company announced on Monday. Cadence said that during the course of discussions with institutional investors about the potential sale of its ...

Beowulf moves forward with exploration in Sweden

Explorer Beowulf Mining on Monday announced that it would move ahead with its exploration programme in Sweden, with work focusing on the Parikijaure licences to the south of its Kallak project. The magnetic signature of magnetite mineralisation at Kallak extends southwards from Kallak North to ...

China Minmetals to invest 10bn yuan to upgrade smelters in Hunan province

China Minmetals Corp plans to invest 10-billion yuan to upgrade its copper, lead and zinc smelting facilities Hunan province, a spokesman confirmed on Monday, after a recent rebuke from the Ministry of Environmental Protection . The company will invest in new smelting technology starting this month ...

A cosmic theory and two-inch lump of gold drive Novo's 500% surge

Quinton Todd Hennigh has spent 13 years scouring the Earth for clues to back a hunch: that the world's biggest gold resource has lost siblings elsewhere on the planet. Now the president of Novo Resources Corp thinks he may have found a counterpart of South Africa's Witwatersrand in the ancient red ...

Allegiance lowers cost estimate of Canada coal project

A review of the staged production plan tipped for the Telkwa metallurgical coal project, in British Columbia, has resulted in significant cost savings. ASX-listed Alliegiance Coal said on Monday that the Stage 1 start-up costs estimated in the prefeasibility study has now reduced from an estimated ...

Gem mulls Ghaghoo buyout offer; H1 revenues decrease

LSE-listed Gem Diamonds, which on Thursday reported lower revenue and earnings for the six months to June 30, is considering an offer from an undisclosed party that is interested in buying its Ghaghoo mine, in Botswana, which was placed on care and maintenance earlier this year. The company in ...

Quick-footed miners piggyback on established tech

Creamer Media's Chanel de Bruyn talks to Mining Weekly editor Martin Creamer about the ways savvy mining companies can take advantage of established technologies.

Plymouth selects processing route for Spain project

Australia's Plymouth Minerals and joint venture partner Valoriza Mineria have selected a commercial and known sulphate calcine/roast and fresh water leach processing route for the San Jose lithium/tin deposit, in Spain. The selection of a processing route allows the JV partners to determine an ...

Impairment, silicosis claims provision to push Sibanye to H1 loss of at least R4.8-billion

JSE- and NYSE-listed Sibanye expects to report an attributable loss of at least R4.8-billion for the six months to June 30, mainly as a result of R4.4-billion in nonrecurring items, including a R1.1-billion provision for potential silicosis claims.         Also part of the nonrecurring items ...

Coal India building new railway links to efficiently evacuate production

Coal India Limited is undertaking three critical railway infrastructure projects that will enable the miner to efficiently evacuate 282-million tons a year of production. According to a directors' report of the company, the railway infrastructure projects form part of the miner's 'Synergy for ...

BHP to invest $2.46bn to extend life of Chilean mine

BHP has approved capital expenditure of $2.46-billion for the Spence Growth Option at the Spence opencut copper mine, in northern Chile, which will extend the mine life by more than 50 years.   CEO Andrew Mackenzie on Thursday said the SGO project supports BHP's strategy to deliver near-term, ...

Booming thermal coal price on China demand cheers miners

Australian thermal coal prices for spot cargoes above $100/t, lifted by reports of strikes and strong Chinese demand, are providing a boost in earnings and share prices for miners like Glencore and Whitehaven Coal. A crackdown on illegal mining and pollution in China has curbed domestic ...

Wolf making progress with turnaround plan for UK project

Specialty metals producer Wolf Minerals said on Thursday that the operational turnaround plan for its Drakeland openpit mine at the Hemerdon tungsten and tin project in Devon, south-west England, was making good progress. The turnaround plan, which was announced last month, is aimed at achieving a ...