Q3 2017 Financial Highlights(1)

Volumes of 42,871 tons were in line with the same period last year(2)

Revenues increased by 2.8% to $55.6 million when compared to the same period last year(2)

Gross profit amounted to $2.3 million

EBITDA totalled -$1.5 million

YTD 2017 Financial Highlights

Volumes increased by 2.4% to 139,843 tons when compared to last year(2)

Revenues increased by 4.1% to $180.1 million when compared to last year(2)

Gross profit amounted to $15.7 million

EBITDA totalled $5.1 million

Continuité du prolongement de Caribou vers le NE

Zone 27 prolongée de 200 mètres vers le NE

Industrial minerals, commodities and construction materials group Afrimat has successfully recommissioned its recently acquired iron-ore play, with full production on track for March. The acquisition of the distressed small iron-ore mine, Diro, in the Northern Cape, had marked a new phase of growth for Afrimat, which invested north of R300-million into the asset.

Its economy is 5% the size of Saudi Arabia’s, but analysts are betting the kingdom won’t let its neighbor’s financial woes morph into a Gulf crisis. Bahrain, one of the most vulnerable economies in the Gulf Cooperation Council to political instability and oil-price swings, sought financial support from Saudi Arabia and the United Arab Emirates to replenish its foreign reserves and avert a currency devaluation, according to two people with knowledge of the issue. A third person said Kuwait was also approached.

If you want to make money in mining, you must be efficient and a company taking efficiency to new heights in Africa is Randgold Resources. While there is a perception in some developed world minds that in Africa mineworkers arrive at the gate, pick up a spade and go out there and shovel stuff, that could not be further from the truth when it comes to Randgold’s African operations.

TSX-listed Endeavour Mining and LSE-listed Randgold Resources have teamed up to explore their adjacent Sissedougou and Mankono exploration properties, in Côte d’Ivoire. Randgold and Endeavour will hold a respective 70% and 30% interest in a newly formed joint venture (JV) that combines the two permits.

London-listed Kaz Minerals said the government of Kyrgyzstan had suspended operations at its Bozymchak gold and copper mine on Thursday for three months.

“The group believes that Bozymchak is in compliance with its obligations and is in discussions with the relevant authorities to recommence operations as soon as possible,” the miner said in a statement.

A collective national vision, which must be viable, inclusive and transformative, is urgently needed to unleash mining’s latent ability to energise the entire South African economy. Mining Weekly editor Martin Creamer joins senior deputy editor Tracy Hancock in studio to discuss this statement by Chamber of Mines president Mxolisi Mgojo.

A search and rescue operation is under way at AngloGold Ashanti’s Mponeng mine, near Carletonville, following a seismic activity-triggered fall-of-ground incident on Thursday morning. Four workers have been rescued; however, AngloGold confirmed to Mining Weekly Online that there was one confirmed fatality, with three employees still missing underground, their wellbeing unknown.

Following maiden gold sales of 910 oz of gold in June, Guyana Goldstrike has received further royalty payments underpinned by the sale of 618.2 oz of gold recovered by local small-scale alluvial, or artisanal, miners on the company’s Marudi gold project, as part of a corporate social responsibility drive.
The gold was produced during the six months ended September 31, with artisanal miners working the Marudi property’s alluvial areas and artisanal alluvial tailings.

The materials price index (MPI) from Global Insight by IHS Markit gained 0.5% over the past week, building on a 1.6% gain the previous week.
The main drivers last week were technology, with IHS’s computer chip-based DRAM sub-index climbing a significant 5.2%, while oil and lumber were up 1.3% and 1.8%, respectively.

Moody’s Investors Service has revised the rating outlook for Vancouver-based gold producer and project developer Eldorado Gold to negative from stable.
The international advisory service has also affirmed Eldorado’s B1 Corporate Family Rating, B1-PD Probability of Default Rating, and B1 senior unsecured note ratings.

The US has withdrawn as an implementing country from the Extractive Industries Transparency Initiative (EITI), an international initiative to account for revenues from extractive industries, including the global oil sector and mining.

In a letter to the EITI board on Thursday, the Director of the US Office of Natural Resources Revenue, Gregory Gould, wrote that “effective immediately” the US was withdrawing as an EITI Implementing country.

Canadian oil and gas pipeline infrastructure operator Enbridge has reported an adjusted third-quarter profit of C$632-million, or C$0.39 a share, missing the average Bay Street analyst forecast calling for earnings of C$0.43 a share.

The Calgary, Alberta-based company reported net profit for the three months ended September of C$765-million, or C$0.47 a share, compared with a loss of C$103-million, or C$0.11 a share in the same quarter last year, the company announced on Thursday.

The world’s biggest miner BHP’s response to the electric vehicle debate is to hunt for new reserves of copper and oil, while seeking a buyer for its assets to produce battery-grade nickel and steering clear of lithium and cobalt.

Arnoud Balhuizen, chief commercial officer at BHP, has said 2017 marks a “tipping point” for electric vehicles in that they have entered the mainstream of metals demand forecasting.

The British Columbia provincial government has reiterated its opposition against the flow of oil over its soil. While proponents for Kinder Morgan’s Trans Mountain Expansion project have argued that the expansion of Canada’s ability to reach new markets in Asia needs to be designated as a national priority, the provincial coalition government of British Columbia has once more outlined plans to stop the project in its tracks.

In tandem with growing ambitions to increase access to electricity for many African citizens who currently have limited or no access to electricity comes the call for new large-scale power stations to be built. This has prompted a keen interest in nuclear power stations and, consequently, a burgeoning demand for uranium as a fuel source. Many commentators worldwide expect significant growth in the demand for uranium or any other atomic fuel that can be used to fuel a nuclear power station. This projected growth will, in turn, lead to the need for increased beneficiation and enrichment of such commodities.

Two miners have been confirmed dead, with six others rescued at AngloGold Ashanti’s Mponeng mine, near Carletonville, following a seismic activity-triggered fall-of-ground incident on Thursday morning. AngloGold Ashanti on Friday confirmed that the rescue team brought two more workers safely to surface late on Thursday night. They were in a stable condition in hospital.