Copper miner Tiger Resources has secured an $18.2-million facility to support ongoing operations and to fund initiatives to improve the performance of its Kipoi copper project, in the Democratic Republic of Congo.
The new facility, which has a 13% a year interest rate, was agreed to with two of Tiger’s current senior lender group, and will run until the end of September 2018.
An interim report by the Australian Competition and Consumer Commission (ACCC) has predicted a substantial shortfall in gas for the east coast by 2018.
“The interim report projects a supply shortfall in the east coast gas market of up to 55 petajoules (PJ) in 2018, which could be as high as 108 PJ if domestic demand is higher than expected,” ACCC chairperson Rod Sims said.
Gold mining company Pan African Resources, which is completely unhedged except for the hedging of 27 000 oz of gold that will be produced next year from its upcoming Elikhulu tailings treatment project, views hedging with extreme caution. In response to Nedbank equity analyst Arnold van Graan, Pan African CEO Cobus Loots emphasised the company’s acute awareness of the potential dangers of hedging and pointed out that most shareholders invest in Pan African because of the overwhelming extent to which it gives unhedged exposure to the gold price. (Also watch attached Creamer Media video).
The High Court in Dublin on Tuesday ruled in favour of gold explorer Conroy Gold and Natural Resources in the case brought against the company by shareholder Patrick O’Sullivan.
O’Sullivan turned to the court after chairperson Richard Conroy blocked him from seeking the appointment of three new directors to the company’s board at an extraordinary general meeting (EGM) in August.
Sula Iron & Gold, a London-listed mining firm focused on Sierra Leone, said on Tuesday it had found gold of almost “bonanza grade” and its board would forgo their salaries while the company exploits the resource.
The latest assay at the Ferensola gold project in the Sula Mountains of Sierra Leone shows a gold grade of 19.3 grams, or 0.7 of an ounce, per tonne, the company said.
ASX-listed gold miner Saracen Mineral Holdings has inked an agreement with fellow listed Matsa Resources to divest of its Red October gold mine, in Western Australia.
Saracen MD Raleigh Finlayson told shareholders on Tuesday that the sale of the Red October mine was an opportunity for the company to crystalise value from an asset which had become noncore for the company, at a time when it had recorded substantial production and reserve growth.
Aim-listed Red Rock Resources (RRR) has entered into a conditional agreement with private Isle of Man company Cobalt Blue to acquire an interest in a new joint venture company (JVCo) that will be established for the exploitation of four copper/cobalt tailings properties near Kolwezi, in the Democratic Republic of the Congo (DRC). JVCo will hold the rights to exploit the Kamirombe 1 and 2, Haute Kalumba and Basse Kalumba tailings properties.
Ruby miner Mustang Resources on Tuesday reported the death of a security guard at its Montepuez project, in Mozambique, along with the theft of around 19 000 ct of rubies and portable office equipment. The company was working with local communities, police and the government to find those responsible, telling shareholders that security at the mine site had been strengthened since the incident.
Anti-corruption advocacy group the Organisation Undoing Tax Abuse (Outa) on Tuesday won an urgent interim interdict to freeze some R1.75-billion in mine rehabilitation funds from two Gupta-owned coal mines. The group’s urgent application was heard in the North Gauteng High Court in Pretoria. In a media statement, Outa said their action was not opposed.
The soaring palladium price is boding well for the Monchetundra project, on the Kola Pensinsula of Russia, and has boosted the project’s in-situ value to about $2-billion, project owner Eurasia Mining reports.
The company, which is listed on London’s Aim, said on Tuesday that it was considering a re-estimation of the reserves at Monchetundra, noting that the palladium price had soared by about one-third this year.
PITTSBURGH–(BUSINESS WIRE)–Alcoa Corporation (NYSE:AA), a global leader in bauxite, alumina and aluminum products, has been named a leader in the annual Dow Jones Sustainability Indices (DJSI) a recognized source for corporate responsibility and sustainability. In its first year as an independent company, Alcoa Corporation is included in the prestigious DJSI World Index. Alcoa’s former parent company was listed as a sustainability leader for 15 consecutive years. “Alcoa Corporation attributes
Spain-focused Ferrum Crescent on Tuesday announced several directorate changes, including the resignation of its executive chairperson Justin Tooth.
Tooth resigned from the board of the lead and zinc explorer with immediate effect in order to pursue other business interests.
TSX-V-listed Tsodilo Resources and dual-listed gold royalty company Sandstorm Gold have entered into a $1.5-million royalty agreement on three projects. The royalty sale includes the grant of a 1% net smelter royalty (NSR) on Tsodilo’s wholly owned Botswana subsidiary Gcwihaba Resources’ prospecting metal licences in north-west Botswana and a 1% NSR on the company’s 70%-owned South African subsidiary Idada’s gold and silver prospecting licence in Mpumalanga.
The integration of Gemfields is beginning to realise cost benefits, Pallinghurst reported on Tuesday when it reiterated its transformation into a long-life operating mining company from being a former closed-end investment vehicle. In presenting half-year results of the company on Tuesday, Pallinghurst restated its conviction that the restructuring and integration of Gemfields would materially Improve the company’s trading liquidity and promote a re-rating of the enlarged group.
AKRON, Ohio–(BUSINESS WIRE)–Pin Oak Energy Partners Announces Bank Credit Facility Increase to $150 MM
Dual-listed Banro has temporarily suspended operations at its Namoya mine, in the Maniema province of the Democratic Republic of the Congo (DRC). This is owing to road access closure because of activities by local groups against both the local population and against the DRC army, which has resulted in the depletion of essential operating stock at site.
Aim-listed Vast Resources reported on Tuesday that it would not issue new shares to the potential strategic investors that it has been talking to and that any forthcoming investment would be at solely at project level.
In an update on its discussions regarding a potential $10-million strategic investment from a Romanian investor, Vast stated that there was no longer any intention to offer a subscription of new shares at 0.4p that would given the investor 29.9% of the enlarged share capital of the company.
Aim-listed Stellar Diamonds has paid the Sierra Leone Environmental Agency $150 240 for an environmental licence for its Tongo project. The payment of the environmental licence fee is an important step in Stellar being issued the large-scale mining licence for the Tongo project.
DUBLIN–(BUSINESS WIRE)–The “Mining Investment Europe” conference has been added to Research and Markets’ offering. The Preferred Mining Investment Forum in Continental Europe Mining Investment Europe is a strategic mining conference and exhibition for the leaders of the mining, quarrying and construction materials industries, bringing together 250 attendees from 20 countries. Mining companies, investors, governments and service providers travel from all over Europe, Middle East, Asia and Nort
A date has been set for judgment in the judicial review into the 2015 planning permission for underground mining at the Omagh gold mine, in Northern Ireland, Galantas Gold reported on Tuesday.
The Canadian company, which is dual listed on the TSX-V and Aim, said the Belfast High Court would deliver judgment on Friday.
DUBLIN–(BUSINESS WIRE)–The “Mining Investment Middle East & Central Asia” conference has been added to Research and Markets’ offering. Mining Investment Middle East & Central Asia is a strategic mining conference and exhibition for the leaders of the mining, quarrying and construction materials industries, bringing together 600 attendees from 25 countries. Ministers, mining companies, investors and service providers travel from all over Middle East, Asia, Africa, Europe and North Amer
DUBLIN–(BUSINESS WIRE)–The “Mining Investment Asia” conference has been added to Research and Markets’ offering. The Foremost South East Asian Forum for the Global Mining Community Mining Investment Asia is a strategic mining conference and exhibition for the leaders of the mining, quarrying and construction materials industries, bringing together 500 attendees from 25 countries. Ministers, mining companies, investors and service providers travel from all over Asia, North America, Europe, Mid
The world may have already produced the most gold in a year it ever will, according to the chairperson of the World Gold Council.
Production is likely to plateau at best, before slowly declining as demand rises, especially given global political risks and robust purchases by consumers in India and China, Randall Oliphant said in an interview Monday.
Trade unions the National Union of Mineworkers (NUM) and Solidarity have secured a three-year wage agreement with iron-ore and manganese miner Assmang at its operations in the Northern Cape. Assmang, a joint venture between Assore and African Rainbow Minerals, operates the Khumani iron-ore mine, the Beeshoek iron-ore mine and the Black Rock manganese mines.
Regional communities urge conference organisers to consider a different location for the $30 billion business events sector.
A group representing power generators across the European Union warned that the bloc’s plans to limit the use of coal may backfire, encouraging utilities to seek returns on new fossil-fuel plants instead of putting money into clean energy. European Commission is considering a law that would effectively block many coal-fired plants from getting support payments under the region’s capacity market, which is intended to ensure steady supplies of electricity when the wind isn’t blowing and the sun isn’t shining.
Base metals-focused miner Taseko Mines has decided to proceed with the $25-million construction of a production test facility at its Florence in situ copper project, in Arizona, after winning a third-party appeal against the federal underground injection control (UIC) permit that was issued late last year.
The TSX- and NYSE America-listed company reported that the Environmental Appeals Board (EAB) of the Environmental Protection Agency (EPA) has on Friday issued an order denying any further review of the UIC permit. The EAB found that the petitioners failed to demonstrate any errors were made in issuing the federal permit.
TSX-listed gold miner Endeavour Mining has started wet commissioning of the new Houndé gold project, in Burkina Faso, with the first ore making its way through the milling circuit, the company advised on Monday.
The London, UK-based miner said construction of the $281-million project is progressing ahead of schedule, with more than 97% of the total project complete and on-budget, with the first gold pour expected ahead of schedule in the first half of the fourth quarter.
Brazil will reinstate a mining ban in a vast area of the Amazon rainforest, the government announced on Monday, in an about-face that is a victory for environmentalists who feared deforestation.
The Mines and Energy Ministry said in a statement that President Michel Temer’s administration had decided to revoke an August decree abolishing the National Reserve of Copper and Associates (Renca), an area of roughly 46 100 km2 or slightly larger than Denmark.
Australian junior Thor Mining is pushing ahead with progress on its diversified portfolio of tungsten/copper/lithium projects in Australia and the US, in hope of capitalising on rising metals prices.
The Sydney-based explorer and project developer, which has equity listings on the ASX and LSE’s Aim, holds in its portfolio the Molyhil advanced tungsten/molybdenum project that is poised for development, in Australia’s Northern Territory; a growing tungsten resource at Pilot Mountain, in Nevada; the Kapunda copper development project, in Southern Australia; and the Big Sandy lithium exploration project, in Nevada.
US coal miner Arch Coal has successfully completed an amendment to its credit agreement to reduce the interest rate on its senior secured term loan facility, the company reported on Monday.
The new interest rate for the $300-million term loan facility is Libor plus 325 basis points – reflecting a 75 basis point reduction from its previous level.
Canadian diamond junior Lucara Diamond Corp has sold its 1 109 ct ‘Lesedi La Rona’ diamond for $53-million, or $47 777/ct, the company announced on Monday.
Discovered in November 2015, the precious stone ranks as the second-largest diamond ever found, and consolidated the company’s flagship Karowe mine, in Botswana, as a regular producer of desirable exceptionally large diamonds.
