Stronger than expected June quarter capex spending and a jump in future investment expectations supports the momentum in non-mining industries.
ASX-listed Alkane Resources has faced a tough year, with the company reporting a los after tax of A$28.9-million for the year ended June, compared with a profit after tax of A$4.6-million in the previous financial year.
The loss was reported on the back of a A$39.9-million impairment, which resulted from the significant and prolonged impact of weather conditions on the operations and performance of the Tomingley gold mine, in New South Wales, as well as revisions to the life-of-mine plan.
The biggest iron ore producers in Australia are spending as much as $10-billion on mines so they can keep pumping out shipments to China as demand in their biggest customer shows little sign of easing.
Led by Rio Tinto Group, the nation’s top three exporters plan to add about 170-million metric tons of capacity to replace exhausted mines and are studying investments in infrastructure and equipment to boost export capacity to their long-term targeted rates. Output will rise 9% to 843-million tons in 2022, according to Deutsche Bank AG estimates.
Uranium explorer Denison Mines has for the first time found unconformity uranium mineralisation at its Gryphon deposit, on the 60%-owned Wheeler River project, in the Athabasca Basin region of northern Saskatchewan.
TSX- and NYSE MKT-listed Denison said on Wednesday drill hole WR-689D3 encountered the difficult-to-deal-with style of mineralisation 250 m along strike to the northeast and 200 m up-dip of the Gryphon deposit.
TSX-V-listed Mineworx Technologies announced on Wednesday that EnviroLeach Technologies has entered into a strategic global partnership with NYSE-listed Jabil Inc, to use the company’s patent-pending formula and processes to recover metals from circuit boards and electronic waste (e-waste).
The innovative new process will first operate at Jabil’s 6 ha facility in Memphis, Tennessee, which will be one of the largest and most environmentally friendly chemistry-based e-waste recycling processing facilities in North America.
Diversified metals miner Independence Group has swung back into black during the full year ended June, with the miner reporting a net profit after tax of A$17-million, compared with a net loss after tax of A$58.8-million reported at the end of the 2016 financial year.
“Our financial and operating results for 2017 were strong with higher metal prices and strong performance at the Long and Tropicana [operations] offset by a mixed year for Jaguar,” said MD and CEO Peter Bradford on Wednesday.
SASKATOON, Saskatchewan–(BUSINESS WIRE)–Gensource Potash Corporation (“Gensource”) (TSX.V: GSP) is pleased to provide an update on its Vanguard Potash Corp. joint venture (“JV” or “Vanguard”) with Essel Group ME Limited (“EGME”). Gensource and its JV partner, EGME, signed a shareholder agreement (the “Shareholder Agreement”) to create the Vanguard JV on April 4, 2017. The purpose of the JV is to finance, construct and operate a new potash production facility in Saskatchewan on Gensource’s who
Base metals explorer North American Nickel (NAN) advised on Wednesday that drilling productivity at the Maniitsoq project, in south-west Greenland, has been lower than expected, prompting it to add another drill rig and extend the drilling programme by two weeks to late September, in order to achieve as many meters as possible.
The TSX-V-listed junior is entering its third year of a strategic drilling campaign at its flagship nickel/copper/cobalt/platinum-group metals project, focusing on step-out drilling at the Imiak Hill Complex (IHC), Fossilik and P-013SE.
Copper miner Sandfire Resources has seen its net profit after tax increase from A$48-million to A$77.5-million in the 2017 financial year, on the back of higher copper prices and lower costs. The company said that the increased copper price, lower costs and consistent operational performance allowed Sandfire to retire its debt, nearly double its year-end cash position to A$126.7-million and declare a record fully funded franked dividend of 13c.
The Mozambique government has approved a mining agreement with ASX-listed graphite developer Syrah Resources over its Balama project.
The agreement, reached with the Ministry of Mineral Resources and Energy, would consolidate all prior project documents and approvals, and provided Syrah with clarity around the governing laws and contractualises the mining right as well as other obligations for the Balama project.
ASX-listed Kin Mining has defined a one-million ounce resource at the Leonora gold project, in Western Australia.
The company on Wednesday told shareholders that the project is estimated to host some 22.3-million tonnes of ore, grading 1.43 g/t gold for 1.02-million ounces of gold.
The world’s largest asset manager BlackRock has increased its ownership in TSX- and Aim-listed Dalradian Resources to 11.3%, reflecting the firm’s strong conviction that Dalradian’s high-grade Curraghinalt gold project, located in Northern Ireland, will be a financial success.
In a regulatory filing on Friday, BlackRock revealed that its holdings have increased to 29.97-million common shares.
A Brazilian judge on Wednesday granted an injunction blocking a decree by President Michel Temer that opens up a vast Amazon area to mining, a decision that the attorney general’s office has said it will appeal.
Federal judge Rolando Valcir Spanholo ruled that the abolition of the area known as Renca, or the National Reserve of Copper and its Associates, could only be done by an act of Congress under the constitution.
Base metals-focused explorer and project developer Osisko Metals has reached an agreement with Canaccord Genuity, on behalf of a syndicate of underwriters, to raise C$8-million on a ‘bought deal’ private placement of 4.21-millon common shares.
The shares will qualify as ‘flow-through’ shares under the Canadian Income Tax Act, and are priced at C$1.90 for each flow-through share.
Australian oil and gas major Santos has inked a location swap agreement to deliver at least 18 PJ/y of gas to the southern domestic market.
Under the three-year agreement, which takes effect in January 2018, Santos will take delivery of gas at Wallumbilla, and will then provide an equivalent quantity of gas at delivery points in the southern domestic market.
WASHINGTON–(BUSINESS WIRE)–#China–The recycling industry expresses concern over China’s proposed changes to threshold guidelines for “carried waste” that could prohibit scrap imports.
Mining major Rio Tinto has unveiled a 2.11 ct fancy red diamond in its latest tender of diamonds from the Argyle mine, in Australia. CEO Jean-Sebastian Jacques said this week that the market fundamentals for pink diamonds remained robust, adding that the combination of healthy demand and extremely limited supply continued to support significant value appreciation for pink diamonds.
Dual-listed gold miner Perseus Mining has doubled its after-tax loss, with the company reporting a net loss of A$76.1-million in the 12 months to June, compared with a net loss of A$35.6-million in the previous financial year.
The ASX- and TSX-listed company on Wednesday reported that the increase in the net loss resulted from an A$11.7-million foreign exchange loss, compared with a gain of A$9.2-million in 2016, as well as a loss of A$27.5-million arising from the 2016 acquisition of Amara, a write-down of A$16.1-million incurred on the tenements in Ghana, a reduction in the carrying value of low-grade stockpiles and a depreciation and amortisation expense of A$56.2-million.
An unnurtured South African mining industry will disappear, Sibanye-Stillwater CEO Neal Froneman warned on Wednesday, when he slated the regulator for allowing illegal mining activity to spiral out of control and for causing equity risk and the cost of capital to rise, placing mining companies at a huge disadvantage from a competitiveness point of view. The rebranded Sibanye-Stillwater recorded a net loss of $363.8-million in the six months to June 30, causing it to step back from the declaration of dividends against a background of being a substantial dividend payer since its inception four years ago. (Also watch attached Creamer Media video).
The Competition Commission and precious metal smelting and refining complex Rand Refinery have agreed that dealers of Krugerrands no longer have to be members of the South African Association of Numismatic Dealers (SAAND). The agreement follows an investigation by the commission into allegations that Rand Refinery makes it a condition for anyone who wishes to be appointed as a dealer of bullion Krugerrand to be a member of SAAND, which is a voluntary association in the South African numismatic industry. In terms of the agreement, Rand Refinery has undertaken to remove all clauses in relation to the requirement from its application forms, as well as its website.
Diversified miner Vedanta Resources has appointed Kuldip Kaura interim CEO, effective September 1. Current CEO Tom Albanese will step down on August 31.
The global diamond and jewellery industries will benefit from De Beers and the Diamond Producers Association’s (DPA’s) increased marketing budgets, says World Federation of Diamond Bourses (WFDB) president Ernie Blom. Diamond miner De Beers on Tuesday reported that it would invest more than $140-million in marketing this year – its biggest investment in marketing since 2008.
Unit 1 of Eskom’s Kusile power station has been brought into full commercial operation, adding 800 MW of much-needed power to help stabilise the national power grid. This means that construction and optimisation of the unit is complete and the operator, Eskom Generation, has taken over the plant and is running it on a regular basis.
Aim- and ASX-listed Berkeley Energia has signed a $120-million investment agreement with the sovereign wealth fund of Oman to fund the Salamanca uranium mine, in Spain, into production.
The investment will position Oman as a long-term strategic investor in the company, as well as a potential offtake partner.
Chinese conglomerate Citic has warned it may suspend operations at its Sino Iron mine in Western Australia if it can’t resolve legal disputes with Australia’s Mineralogy over royalty payments and land access.
Citic chairman Chang Zhenming in a letter to shareholders on Tuesday about the group’s first half results said Sino faced “unique challenges with privately-held Mineralogy”, whose “uncooperative and adversarial approach poses a threat to the future of Sino Iron”.
Mining investment holding company Assore achieved a 199% increase in headline earnings to R5.2-billion for the financial year to June 30, compared with R1.7-billion in the previous year. Attributable earnings amounted to R5-billion, which was an improvement of 226% from 2016, which was also a record level for the group.
The ongoing feasibility study for Aim- and TSX-listed Horizonte Minerals’ Brazil-based Araguaia project – the country’s next ferro-nickel mine – is progressing on schedule and is now over 60% complete. According to Horizonte CEO Jeremy Martin, the feasibility study is due for completion by year end, with targeted publishing in early 2018.
Zambian electricity utility Copperbelt Energy Corporation (CEC) and Glencore’s Mopani Copper Mines have reached an agreement to restore full power supply to the mine from Wednesday, the president’s office said. Details of the agreement, which was facilitated by the government, will be finalised over a six-week period, presidential spokesperson Amos Chanda said in a statement.
华盛顿–(BUSINESS WIRE)–(美国商业资讯)–废料回收行业协会(Institute of Scrap Recycling Industries)今日向世贸组织(WTO)发表评论，以回应中国意欲调整其《固体废物识别标准总则》(Identification Standards for Solid Wastes General Rules)的通知。作为Voice of the Recycling Industry TM（回收行业的代言人），ISRI对中国政府保护环境及其公民健康和福祉的举措表示支持，但建议其完善草案标准的措辞，从而合理地区分可用作原材料的有价值废料以及没有价值或用途的废弃物。 ISRI的评论摘要如下（全文链接）： “中国政府制定了辨识固体废弃物的新准则，以便对此类废物进行有效、环保的管理，ISRI对中国的这一举措表示支持。……我们有必要在这一标准内，以及中国政府颁布的基础性法规和相关公告中，对废料和废物进行区分，以便更好地促进高品质废料商品的合法交易，同时打击废弃原料的非正当交易。不幸的是，该标准草案所使用的‘固体废弃物’一词涵盖了垃圾和废料，在美国和全球
Aim-listed Goldstone Resources, which is developing the Homase-Akrokerri gold project in Ghana, has appointed Darryl Norton COO. His appointment marks the start of the company seeking to build an operational team as it looks to advance its projects in Ghana. Norton has more than 35 years’ experience in the mining industry across Africa, the former Soviet Union and South East Asia.
TSX-listed Euro Sun on Wednesday announced that commodities expert Jim Rogers had joined its advisory board.
Euro Sun chairperson Stan Bharti said Rogers, who is an author and speaker promoting commodity investments globally, would be of great assistance to the company, particularly his expertise in precious and base metals in Asia.
The rising international price of iron-ore has triggered a 10% spike in India’s domestic price and has raised the specter of shortages for domestic steel mills as larger volumes are being diverted for overseas shipments.
Information collated from at least three miner-exporters with operations in Odisha indicates that with international prices of high grade iron-ore fines (Fe content 63.5% and above) hitting a recent high of $80/t CFR China, local merchant and miner-exporters are securing higher margins from overseas shipments than from domestic sales.
Aim-listed miner Vast Resources is aiming to start operations at the Baita Plai polymetallic mine, in Romania, before the end of 2017, the company said on Wednesday, announcing that it had been selected for a mining right.
The holder of the head licence, Baita, has chosen Vast subsidiary African Consolidated Resources to be granted the right to mine at Baita Plai, in the Apuseni mountains of Transylvania.
Aim- and ASX-listed Berkeley Energia has signed a $120-million investment agreement with the sovereign wealth fund of Oman to fund the Salamanca uranium mine, in Spain, into production.
The investment will position Oman as a long-term strategic investor in the company, as well as a potential offtake partner.
