DUBLIN–(BUSINESS WIRE)–The “Granite, Marble and Stone – Global Strategic Business Report” report has been added to Research and Markets’ offering. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Annual estimates and forecasts are provided for the period 2016 through 2024. Also, a five-year historic analysis is provided for these markets. Market data and analytics are derived from primary and sec
Aim-listed base metals miner Central Asia Metals will buy Bermuda-based Lynx Resources for $402.5-million. Lynx, which is owned by Bermuda-based fund Orion Co-Investments III and Swiss private equity firm Fusion Capital, owns the SASA zinc/lead mine in Macedonia.
South African gold mining company Gold Fields said on Friday that KPMG remains its external auditor but it will continue to monitor future developments. “The Gold Fields board of directors has considered the matter and will be closely following future developments in this area. KPMG remain the company’s external auditors,” the company said in a statement.
Ferrochrome producer Hernic has been placed in business rescue, Mitsubishi Corporation said on Friday. The businessrescue of the Japanese subsidiary, Mitsubishi Corporation said in a release to Creamer Media’s Mining Weekly Online, is taking place under the Companies Act, following a comprehensive assessment of financial alternatives by Hernic’s board of directors.
DUBLIN–(BUSINESS WIRE)–The “Global Mining Equipment Rental Market 2017-2021” report has been added to Research and Markets’ offering. The global mining equipment rental market is forecast to grow at a CAGR of 3.77% during the period 2017-2021. One of the major drivers for this market is the rental advantages of mining equipment. Companies that function in a specific industry are business rivals and will seek to out space the others in a bid to obtain the largest market share. This is possible
The National Union of Mineworkers (NUM) has signed a three-year wage agreement with Exxaro Coal. Employees, who downed tools on September 14, will resume work at the Grootegeluk mine, in Lephalale, Limpopo, and at the Leeuwpan mine, in Delmas, Mpumalanga, on Friday. The parties have agreed to wage increases of 10%, 8.5% and 7.5% for 2017 and 7.5% for each of 2018 and 2019. Further, employees’ housing allowance will increase to R3 978 for 2017, R4 489 for 2018 and R5 000 for 2019.
Coal mining company Exxaro Coal and the National Union of Mineworkers NUM have reached a three-year wage agreement, which brings the current wage strike at its Grootegeluk and Leeuwpan mines to a conclusion. “We are pleased that the parties were able to resolve the dispute speedily,” Exxaro executive head of strategy and stakeholder engagement Mzila Mthenjane told Mining Weekly Online in a media release.
The Western Australian Chamber of Minerals and Energy (CME) has lashed out at comments made by Treasurer Ben Wyatt, warning that he should not diminish or disregard the concerns of thousands of gold workers in the region.
Wyatt this week said that more than 600 jobs were to be created in the gold sector over the next 18 months, as two major gold projects went into production.
LSE-listed Acacia Mining will reposition its Buzwagi mine, in Tanzania, to produce only gold doré until the end of its life in 2020. This follows positive results from a processing trial that indicated that the mine should be able to achieve gold recoveries of about 85% through the additional use of reagents in the leaching circuit at limited additional operating costs.
The administrators of ASX-listed Arrium has begun distributing a first dividend of A$500-million to the creditors of the now defunct company, following the divestment of the company’s steel and mining interests.
Arrium administrators said on Friday that about 5 000 unsecured creditors would share in the distribution of the sale proceeds.
ASX-listed Gateway Mining has secured a funding package of up to A$10-million from cornerstone investor Baker Steel Resources Investment Trust to finance its acquisition of Queensland Coal Investment Holdings (QCIH).
In March, Gateway announced its plan to acquire QCIH, which owns two coal projects in the Bowen basin with a combined resource of 2.6-billion tonnes, for A$10-million in cash and a further A$50.5-million in shares.
Diversified miner South32 has made two addition to its board of directors, with the appointment of Dr Xiaoling Liu and Karen Wood, who will join the board as independent non-executive directors.
Xiaoling will join the South32 board on January 15, and will seek election at the company’s next annual general meeting, while Wood’s appointment will be effective from November 1, and she will seek election at this year’s annual general meeting.
Independent oil and gas company Strike Energy has struck a new gas sales agreement with Orica International to supply up to 64 PJ of gas from the Southern Copper Basin gas project.
The new gas sales agreement replaces an agreement struck in 2014 for the supply of up to 250 PJ of gas, with the gas to be supplied post ramp-up at a rate of 6.4 PJ a year, at an improved price.
Despite the mixed performance and expectations of the recycling industry, local platinum producers Sibanye and Northam Platinum this year entered the platinum-group metals (PGMs) recycling market. Platinum recycling is projected to decline by 6% year-on-year to 1.76-million ounces this year, owing to reduced ounces from jewellery recycling, the second-largest source of recycling after automotive catalytic converters (autocatalysts).
The bad news for commodity exporters has been compounded with another credit downgrade for China over fears of its debt levels.
TORONTO–(BUSINESS WIRE)–Atlanta Gold Inc. (the “Company”) (TSXV:ATG; OTC Pink:ATLDF) announces that on September 15, 2017, the U.S. District Court for the State of Idaho (the “Court”) granted a motion for Civil Contempt, recently filed by Plaintiffs Idaho Conservation League and Northwest Environmental Defense Center against Atlanta Gold Corporation (“AGC”), the Company’s wholly-owned subsidiary. This motion reopened a previously closed case related to AGC violating a certain permit issued un
Precious metals producer Primero Mining’s proverbial fall from grace is near complete with the company once more trading in penny stock territory since early September – a level last seen in 2009 and a far cry from its peak at C$8.89 a share in July 2014.
The Toronto-based company’s NYSE- and TSX-listed equities have been on a steady downward spiral for several years, dogged by operational challenges at San Dimas, in Mexico, a tax dispute with Mexican authorities and concerns regarding the company’s liquidity position.
A fire disrupted operations at a Vale Fertilizantes plant in Brazil’s southeastern state of Minas Gerais on Thursday, the company said.
The fire occurred at a water cooling tower for a plant producing sulphuric acid in its Uberaba facility around noon and was under control within an hour, a spokesperson said in an emailled statement.
TSX- and NYSE-listed miner Alamos Gold has reached agreement with its syndicate of lenders to increase its undrawn existing $150-million revolving credit facility by $250-million to $400-million on more favourable terms the company announced on Thursday.
Based in Canada’s financial capital Toronto, Alamos advised that the amended facility will benefit the company with improved pricing at its current leverage ratio, including undrawn fees of 0.45% and drawn fees of Libor plus 2%. This compares with undrawn fees of 0.48% and drawn fees of Libor plus 2.125% under the previous credit facility.
Following the recent $400-million acquisition of a portfolio of zinc assets from mining major Glencore, Vancouver-headquartered Trevali Mining has become the go-to investment vehicle for investors keen to get in on rising zinc prices.
Supported by strong fundamentals, including a growing supply gap, the zinc price has improved by about 17% since the start of the year, with London Metals Exchange cash prices closing at $3 170/t on Wednesday. This, in turn, has helped boost Trevali’s TSX-listed equity up 26% over the same period.
While the loss of a small town’s biggest employer may be enough to bring some communities to their knees, it is just another kink in the road for the residents of Ravensthorpe, in WA’s south-east.
BROOKWOOD, Ala.–(BUSINESS WIRE)–Warrior Met Coal (NYSE: HCC) (“Warrior” or the “Company”) reported today that the Internal Revenue Service (“IRS”) has issued a Private Letter Ruling (“PLR”) that favorably impacts the Company’s analysis of its ability to utilize its net operating loss carryforwards (“NOLs”) for federal income tax purposes. Prior to the PLR, the Company applied an annual limitation on the utilization of NOLs pursuant to Section 382 of the Internal Revenue Code and, accordingly,
CHICAGO–(BUSINESS WIRE)–Coeur Mining, Inc.’s (“Coeur” or the “Company”) (NYSE: CDE) President and Chief Executive Officer, Mitchell J. Krebs, will present at the Denver Gold Forum in Colorado Springs, Colorado on Monday, September 25, 2017 at 2:30 p.m. Mountain Time. The presentation will be made available on the Company’s website at www.coeur.com. The Denver Gold Forum is an invitation-only investment conference. About Coeur Coeur Mining, Inc. is a well-diversified, growing precious metals p
OVERLAND PARK, Kan.–(BUSINESS WIRE)–Compass Minerals (NYSE: CMP) announced today that the Goderich, Ontario, rock salt mine is operating at reduced rates due to geological movements which created a partial ceiling fall on Sept. 18, 2017. While no injuries resulted from the incident, a portion of the mine’s main conveyance system has been damaged. The company expects to return to normal operating rates within six weeks. “Naturally occurring movements in our underground mines is a challenge we
Brazil-based mining company Votorantim Metais Holding filed on Thursday for an initial public offering in New York and Toronto, according to a securities filing, which did not signal the pricing or total fundraising expected.
Proceeds from the offering would go entirely to the controlling shareholder, Brazilian industrial group Votorantim. Reuters reported in July that the base metals producer, which mines for zinc, copper and lead in Brazil and Peru, where it controls Cia Minera Milpo, was planning a $750-million IPO valuing the company at $4-billion.
Canadian gold producer Eldorado Gold reports that icy relations with the leftist Greek government is on the mend, and it has temporarily postponed its threats to mothball development of the Kasandra Mines assets in Halkidiki, Northern Greece.
The Vancouver-based company said on Thursday that it has entered into constructive dialogue with Greece’s Ministry of Energy and Environment (MoE) regarding the development of the Skouries and Olympias projects and the Stratoni mine, held by the company’s subsidiary Hellas Gold.
ASX-listed junior Longford Resources has moved to acquire two cobalt/copper projects, in the US. The company on Thursday announced that it would acquire US-based Liaz, which holds the Colsons copper/cobalt project in Idaho, and the Goodsprings copper/cobalt project in Nevada.
An independent valuation by GEOS Mining has found that the Copper Hill copper-gold project, in New South Wales, was worth an estimated preferred A$14.4-million.
Project owner Golden Cross Resources said on Thursday that the project’s worth had been estimated at between A$7.6-million and A$26.5-million, which was up from the 2015 valuation of between A$10-million and A$14.5-million, with the preferred valuation at the time being A$13.2-million.
SOUTH JORDAN, Utah–(BUSINESS WIRE)–Mining and metals company Rio Tinto will implement a new global minimum standard 18 weeks paid parental leave for all employees.
ASX- and Aim-listed Tlou Energy has submitted a proposal to the Botswana Ministry of Mineral Resources, Green Technology and Energy Security to develop up to 100 MW of coalbed methane- (CBM-) fuelled pilot power plants in the African country. The government of Botswana earlier this year requested proposals for the development of CBM-fuelled pilot power plants, aimed at assisting the development of a CBM gas industry in the country.
Midtier gold mining company Pan African is rolling out vibrant internal growth projects involving the revival of Evander Mines’ 7 Shaft and the alleviation of congestion at Barberton Mines’ Fairview operation, which will provide the flexibility needed to better exploit what is arguably the highest-grade underground orebody in the world. At Evander, 7 Shaft revival will begin with production-enhancing vamping and pillar mining.
The Organisation Undoing Tax Abuse (Outa) plans to bring about an urgent interdict against the Bank of Baroda to freeze the R1.75-billion held in the Gupta-owned Optimum and Koornfontein coal mines’ rehabilitation trust fund accounts. The group on Thursday said in a statement that the interdict was being filed in the Pretoria High Court, following the dismissal of Gupta-owned investment holding firm Oakbay’s application to stop the Bank of Baroda closing their accounts.
A new report analysing Eskom’s financial position warns that the State-owned utility is simply not generating enough cash through operations and electricity sales to cover the interest on its borrowings, which will peak at around R500-billion in the coming three years. However, it also argues that a return to sustainability lies not in larger tariff increases, but in eliminating unnecessary expenditure, reducing employee costs and extending short-term support to electricity intensive businesses at risk of being forced to cut production, owing to rising power costs.
NEW YORK–(BUSINESS WIRE)–The 2017 G&S Sense & Sustainability® Study is the firm’s 8th annual survey gauging US public opinions of businesses’ CSR and sustainability efforts.
Graphite developer Syrah Resources has successfully raised A$74-million of a targeted A$110-million through a share placement and the institutional component of a pro-rata accelerated nonrenounceable entitlement offer.
“We are delighted with, and grateful for, the strong level of support shown by our existing institutional shareholders,” Syrah MD and CEO Shaun Verner said on Thursday.
