Mining Weekly : Australia Asia (39)

Rye Patch buys more haulage trucks for Florida Canyon

Canadian precious metals junior Rye Patch Gold has secured financing to buy four more haul trucks for its Florida Canyon mine, in Nevada. The Vancouver-based company announced on Friday that it will add four Caterpillar 785C haul trucks for a total of $3.67-million dollars, growing the Florida ...

Geribaldi ramps up exploration effort at Nickel Mountain

TSX-V-listed Garibaldi Resources is stepping up its exploration efforts at its flagship Nickel Mountain base metals project, in northwest British Columbia's prolific Eskay Camp. The Vancouver-based company advised on Friday that crews, including Full Force Drilling based in Peachland, British ...

World copper mine output falls 3% in first 5 months of 2017

Global copper mine output was 3% lower year-on-year during the first five months of 2017, the latest data from the International Copper Study Group showed on Friday. Concentrate production declined by around 2.5% and solvent extraction-electrowinning declined by around 4.5%.

Freeport-McMoRan redeems five series of senior notes

The world's largest publicly traded copper producer Freeport-McMoRan has announced on Friday the redemption of five series of senior notes with a total value of $543-million. The Phoenix, Arizona-headquartered company advised that it has issued notices to redeem on September 18, two series of ...

Gold futures punch through $1 300 as global stocks extend losses

Gold futures broke above $1 300/oz, rising to the highest level since November, as global stocks dropped and investors fretted that turmoil in the White House will prevent President Donald Trump from delivering on his legislative agenda. Futures for delivery in December advanced as much as 1.1% ...

Chilean economic growth boosted by domestic spending

Chile's gross domestic product grew broadly in line with expectations in the second quarter of 2017, boosted by domestic spending, the central bank said on Friday, although investment continued to lag. GDP grew by 0.7% in the second quarter from the first quarter in seasonally adjusted terms.

Zwane again firm on Charter targets as consistent with radical economic transformation

As government's plans for radical economic transformation unfold, the mining sector has become the centre of that swirling debate in light of the newly gazetted reviewed and updated Mining Charter. South Africa has been pursing radical economic transformation as the path towards coveted inclusive ...

Mining Charter targets clear and realistic – Zwane

As the narrative surrounding government's plans for radical economic transformation heat up, the mining sector has become the centre of the swirling debate in light of the newly gazetted reviewed and updated Mining Charter. South Africa has been pursing radical economic transformation as the path ...

Scotgold submits planning application for revised operations

The Loch Lomond and Trossachs National Park Planning Authority has confirmed receipt and has validated Scotgold's application for revised operations at the Cononish gold and silver project, in Scotland. The validation defines the start of the statutory determination period, Aim-listed Scotgold said ...

Pan African warns of lower FY earnings

JSE- and Aim-listed Pan African Gold expects to report earnings per share of between 18.3c and 21.32c in the year ended June 30. This represents a 29% to 39% decrease on the EPS of 30.2c reported in the prior financial year.

Zimbabwe tightens screws on miners' export earnings in forex crunch

The Reserve Bank of Zimbabwe has ordered platinum and chrome miners to surrender 80% of their export earnings to the central bank as the country struggles to contain a crippling dollar note shortage. Previously miners in the southern African nation were required to retain 50% of their earnings.

Zwane insists Mining Charter targets are 'realistic and achievable'

Mineral resources minister Mosebenzi Zwane on Friday defended the controversial Reviewed Mining Charter, saying that it was his firm belief that the Charter would give practical expression to the meaning of radical economic transformation' Speaking at the Black Business Council business breakfast in ...

Fracking jobs prove elusive for coal miners looking to switch

Robert Dennis has mined coal in West Virginia for 10 years but a recent evening found him in a classroom at his local community college. He came to learn about opportunities in fracking, a drilling technique used to produce natural gas — the very fuel that is threatening coal's future. I know ...

Vast receives matching investment offer from Sub-Sahara Goldia

Aim-listed Vast Resources has received a finance offer from Sub-Sahara Goldia Investments, which matches the $10-million agreement signed with a Romanian investor last month. Sub-Sahara, which provided Vast with a $4-million loan in January, had a right to provide equivalent finance to the ...

Shanta cancels Helio transaction, New Luika on track to meet FY guidance

East Africa-focused Shanta Gold has cancelled its proposed £3.5-million buyout of TSX-V-listed Helio Resources. The transaction, which was announced in June, would have given Shanta control of Helio's assets, adjacent to its own New Luika gold mine, in Tanzania.

Polish miner KGHM's first-half profit rise lags forecasts

Polish-based copper miner KGHM reported a 66% rise in first-half net profits on Thursday but failed to meet analysts' estimates as currency effects and increased costs offset rising copper and molybdenum prices. The state-controlled firm posted a consolidated net profit of 491-million zlotys, up ...

Glencore to start importing fuel for Mexico's domestic market in Feb – oil chief

Trading firm Glencore expects to start importing fuel for Mexico's domestic market in February 2018 through its own terminal in the southern state of Tabasco, the head of the firm's oil division, Alex Beard, said on Thursday. The executive said the fuel will be ultimately sold by a large network of ...

BlackRock's largest mutual fund boosts energy holdings – manager

BlackRock's largest mutual fund hiked its exposure to "select names" in energy as the sector has lagged this year, one of its portfolio managers said on Thursday. "The underperformance of energy stocks even as oil prices have stabilised creates opportunities for investors," wrote Russ Koesterich, a ...

Integra Resources created to replicate Integra Gold's success

Shell company Mag Copper has rebranded and appointed three former executives of Integra Gold, which was acquired last month for C$590-million by Eldorado Gold, to replicate the former company's success elsewhere in the Americas. The company, to be rebranded Integra Resources, plans to acquire a ...

IHS materials index posts sixth gain in seven weeks

The materials price index from Global Insight by IHS Markit has recovered about half the losses it suffered between February and June. The latest reading of the MPI, an index measuring the weighted average of weekly spot prices for a basket of globally traded manufacturing inputs comprising crude ...

NexGen in a class of its own as maiden PEA catapults Arrow into the big league

There are about 30 aspects about the recently unveiled maiden preliminary economic assessment on uranium exploration junior NexGen Energy's Arrow deposit, part of the Rook 1 project in the south-west of Saskatchewan's Athabasca Basin, that separates it from its development peers and even the majors. ...

Samarco should be punished but not closed – Brazil mining minister

Samarco, a joint venture between BHP Biliton and Brazil's Vale, should be punished but not closed over the 2015 collapse of a tailings dam that killed 19 people, Brazil's mining and energy minister said on Thursday. "Mistakes may have been made, but it was an accident," Fernando Coelho Filho said at ...

RAL, Northam partner to upgrade road in Waterberg district

Roads Agency Limpopo and platinum producer Northam Platinum have signed a R60-million strategic partnership to upgrade the P20 road that links Sataria to the road artery that goes to Koedoeskop, in the Waterberg district. Under the terms of the agreement, RAL will contribute R37.5-million to the ...

Zinc breaks through $3 000 barrier as metals rally gathers pace

Zinc surged above $3 000 a metric ton amid persistent global deficits, and aluminium climbed as China reined in illegal capacity, adding fresh impetus to the rally even as some investors expressed concerns. Zinc jumped as much as 2.6% to $3 037/t on the London Metal Exchange, the highest ...

Nornickel delivering coal to remote settlements in Russian Arctic

The Polar transport division of nickel and palladium miner Nornickel said on Wednesday it had shipped about a third of the 72 000 t of coal it planned to deliver to remote settlements in the Russian Arctic this year.  Nornickel, which is a key participant of the Northern Supply Haul programme, ...

Mining contractors progressing work at Xtract's Mozambique gold project, alluvial mining to ...

The mining contractor activity at Aim-listed Xtract Resources' Manica concession area, in Mozambique, is progressing favourably', with initial mining of the alluvial gold deposits expected to start at the end of this month, the company reported on Wednesday. Xtract's Mozambique subsidiary Explorator ...

Davenport extends landholding in German potash basin

Melbourne-registered Davenport Resources has signed an agreement with a German government agency to buy three potash mining licences in the South Harz region for €1.2-million. Davenport, which is listed on the ASX, will acquire the licences from Bodenverwertungs-und-verwaltungs – the agency ...

Solidarity warns of 'major impact' should AMSA proceed with job cuts

Trade union Solidarity has confirmed receipt of a Section 189A retrenchment notice from steel producer ArcelorMittal South Africa and has indicated that it will enter negotiations with the company to ensure alternatives to retrenchments are considered. On Tuesday, AMSA announced that it had ...

Parliamentary State capture probe hits first hurdle

The investigation into State capture by Parliament's portfolio committee on public enterprises on Wednesday hit its first hurdle as it was confirmed to members that the legislature would not pay for an independent evidence leader. Acting chairperson Zukiswa Rantho told MPs she had asked the chair of ...

Bushveld Energy, IDC studies indicate favourable vanadium battery, electrolyte demand

There is favourable demand for vanadium redox flow batteries , particularly in the utility and offgrid, as well as minigrid markets, with demand to peak in 2025 to 2030. This is according to recently concluded market studies, commissioned by Aim-listed Bushveld Minerals' energy subsidiary Bushveld ...

China to ban primary mercury mining by 2032 as convention comes into force

China will ban the production and trade of a range of products containing mercury by 2020, including thermometers and blood pressure monitors, and ban primary mercury mining by 2032, as a global pact to cut pollution from the metal comes into effect. China - the world's biggest miner and consumer of ...

Katanga to restate certain historic results

Canadian copper/cobalt producer Katanga Mining said on Monday it would restate some past financial statements to correct inaccuracies in its recorded amount of copper production during 2015 and 2014. The company's independent directors are conducting an ongoing review in cooperation with management, ...

Vale works to speed up listing in strictest Brazil market

Bigger-than-expected shareholder backing for Vale's stock conversion plan could lead the world's No 1 iron-ore producer to speed up the listing of common shares in Brazil's strictest market to lure a broader investor base. CEO Fabio Schvartsman told investors in a Monday conference call that the ...

Colombia's Grupo Argos sells port company to Goldman for $136m

Colombian holding company Grupo Argos has sold its 50% stake in a port operator to an investment fund administered by Goldman Sachs for about $136-million, Grupo Argos said in a statement on Monday. Compania de Puertos Asociados, called Compas, moves principally coal and cement through its ports ...

Mitsui to book $810m after-tax profit in Q2 on Vale's stock conversion plan

Japanese trading firm Mitsui & Co said on Tuesday it would book an after-tax profit of about $810-million in the July-September second quarter on Brazil's Vale's stock conversion plan. Mitsui said the profit was not included in its profit forecast for the year to March 2018 and it would revise ...

Atlatsa management subject to cease trade order on late Q2 results filing

The British Columbia Securities Commission will on Tuesday issue the management of Johannesburg-headquartered miner Atlatsa Resources with a cease trade order, rather than an issuer cease trade order, owing to the company's inability to file its second quarter financial and operational results. The ...

TMAC again lowers guidance as mill ramp up slows

Emerging gold producer TMAC Resources expects to produce even fewer ounces this year at the Dorris mine, in Canada's Nunavut Territory, as a slower-than-expected ramp up of the plant impacted the operation's most recent quarterly performance. TMAC poured first gold at Dorris – part of the Hope Bay ...

Industry outlines major policy issues as Canada's minerals ministers meet

The Canadian mineral and mining industry on Monday outlined six important policy areas it would like to see addressed during the 74th annual conference of federal and provincial ministers of energy and mining in Saint Andrews, New Brunswick, this week. A national coalition of mining associations ...

Impairment, silicosis claims provision lowers Harmony's FY earnings a share

A R1.7-billion impairment recorded following the annual life-of-mine planning process and the provision of R917-million for a possible silicosis class action settlement will result in Harmony Gold's earnings a share for the 2017 financial year being lower than that of the previous year. Earnings a ...