TORONTO–(BUSINESS WIRE)–Almonty Q3 2017 Financial Results
Gold rallied to the highest level this year after North Korea fired a ballistic missile over Japan, boosting haven demand. Palladium extended a rally and platinum rose above $1 000 an ounce. Bullion for immediate delivery gained as much as 1.2% to $1 326.08 an ounce, the highest intraday price since Nov. 9, the day after Donald Trump was elected. It traded at $1 320.01 at 10:49 a.m in London, according to Bloomberg generic pricing.
India’s sole integrated copper producer, Hindustan Copper Limited (HCL), has decided against engaging foreign contractors as mine developer operator (MDO) for any of its future mining projects in the country.
In the wake of a face-off with Perth-headquartered India Resource Limited (IRL), the HCL board has determined that, going forward, it would be mandatory for a foreign contractor to tie-up with an Indian entity to be eligible to bid for a HCL project.
Aim- and AltX-listed Kibo Mining has concluded the final bid clarification for the construction of the transmission line that will evacuate power from the Mbeya power plant to State-owned Tanesco’s Mbeya substation. The power plant forms part of Kibo’s Mbeya coal-to-power project (MCPP), which includes the development of a coal mine and a 250 MW to 300 MW mine mouth thermal power station.
The Queensland government has granted ASX-listed Metro Mining three mining leases over its Bauxite Hills mine.
Minister for State Development and Natural Resources and Mines Dr Anthony Lynham said the granted leases were critical for the A$35.8-million bauxite mine project to proceed into planned production.
Preproduction mining has started at Aim-listed Hummingbird Resources’ Yanfolila project, in Mali, which remains on schedule for its first gold pour by the end of this year. The preproduction mining, which is being undertaken by contractor African Mining Services (AMS), will ramp up over the next three months. By end-November, Hummingbird expects more than three-million tonnes of material to have been moved.
ASX-listed Marenica Energy has collected ore samples from uranium miner Paladin Energy’s Langer Heinrich operation, in Namibia, to conduct testwork on.
Marenica and Paladin in June this year struck an agreement to conduct amenability testwork on low-grade ore samples from the Langer Heinrich operation.
Graphite developer Triton Minerals has inked a framework offtake agreement with China’s Qingdao Tianshengda Graphite Company over the Ancuabe project, in Mozambique.
The framework offtake agreement was for up to 15 000 t/y of graphite concentrate over an initial five-year term, across all flake sizes.
A plan by Namibia, among the world’s most economically unequal nations, to better distribute wealth among its citizens may end up the way neighbouring South Africa’s has – benefiting an elite minority. The nation is working on a law that will require all businesses to be at least a quarter owned by “racially disadvantaged people.” While only about 6% of Namibia’s 2.5-million citizens are white, they own most enterprises. This is a legacy of white-minority rule that South Africa imposed when it controlled Namibia from World War I to 1990, with black people being disenfranchised and displaced.
The capital expenditure of platinum-mining company Northam in this financial year is expected to reach the R1.3-billion mark, well above the R774-million in the 12 months to June 30. Northam, which is in the midst of significant expansion, sees project execution as the key to its foreseeable future.
SANTIAGO, Chile–(BUSINESS WIRE)–Orosur Mining Inc. (“Orosur” or “the Company”) (TSX: OMI) (AIM: OMI), the South American-focused gold producer, developer and explorer is pleased to announce the results for the fiscal year ended May 31, 2017 (“FY17”). Highlights Financial & Operational Results FY17 production of 35,371 oz (within stated guidance of 35-40 koz) following a significant increase in production in Q4 (10,748 oz). FY17 Operating cash cost guidance of US$829 (confirmed within stat
LIMA, Peru–(BUSINESS WIRE)–Graña y Montero S.A.A. (NYSE:GRAM) (BVL:GRAMONC1) (“the Company” or “Graña y Montero”) a leading Engineering and Construction company, announced that the company Vial y Vives – DSD, belonging to Grupo Graña y Montero, was awarded today a contract from the National Petroleum Company of Chile (ENAP) for the construction and assembly of a wet gas scrubber system in the Refinery of Bio-Bio, for an amount of US $13.076 million. The project, with a duration period is of 1
Brazil’s Vale has redeemed $1-billion worth of 2019 bonds and will launch a $750-million tender offer for its 4.625% guaranteed notes due 2020.
Subsidiary Vale Overseas notified its shareholders of the 2019 notes of its decision to redeem all the outstanding notes and pay the related ‘make-whole’ premium calculated according to terms outlined in the relevant indenture.
Canadian junior Goldsource Mines is expanding the known saprolite gold deposit at its flagship Guyana-based Eagle Mountain mine, the company announced on Monday.
The Vancouver-based company is completing geotechnical, metallurgical and cost estimation studies at Eagle Mountain, in support of a forthcoming prefeasibility study to examine the potential for a large-scale openpit, gravity-cyanidation operation at Eagle Mountain.
Vancouver-based project developer Atlantic Gold is nearing the end of commissioning of the dry and wet commissioning of the 87 000 oz/y Moose River Consolidated (MRC) mine, in Nova Scotia, the company announced on Monday.
The TSX-V-listed emerging miner reported that commissioning activities started late in July, as originally scheduled, starting with the milestone of the site being energised during the first week of July.
Gold futures closed above $1 300/oz for the first time since November as the dollar dropped and speculation mounted that policy makers will be slow to raise US interest rates.
Futures for delivery in December rose 1.3% to settle at $1 315.30 at 1:42 pm on the Comex in New York. The Bloomberg Dollar Spot Index slipped 0.1%. While gold has risen above $1 300 in intraday trading this year, it had not managed to close above that threshold since November.
Brazil’s mining minister said on Monday that the government would issue a new decree regarding the abolition of the Renca mineral reserve in northern Brazil.
The new decree, which will replace a prior decree that last week opened up a vast area of Amazon rainforest to mining, will offer more details on existing environmental and indigenous protections that will remain in place after mining in Renca is abolished, Fernando Coelho Filho told reporters.
DARIEN, Conn.–(BUSINESS WIRE)–Genesee & Wyoming to Present at Cowen and Company 10th Annual Global Transportation Conference
TSX-listed project developer Aquila Resources has announced encouraging results from its recently completed Phase 2 drill programme on the Back Forty zinc/gold project, in Michigan, demonstrating the strength of the mineralising system.
“We are extremely pleased with the drill results to date. It is especially encouraging to continue to intersect mineralization around the perimeter and underneath the proposed openpit at Back Forty,” commented director of exploration Jeffrey Lynott.
South Africa-focused miner Atlatsa Resources remains in default of filing its mandatory interim financial statements, owing to the recently announced financial restructure plan with Anglo American Platinum (Amplats).
Atlatsa said it was uncertain when the company would be able to file its documents with the Canadian securities regulator, however, management is now subject to a cease-trade order.
WASHINGTON–(BUSINESS WIRE)–#China–In comments to the WTO, ISRI calls on China to better differentiate its definitions of “scrap” and “waste” to better facilitate legitimate trade.
ASX-listed Magnis Resources has signed a memorandum of understanding (MoU) to supply raw materials to German lithium-ion battery consortium TerraE-Holding. Under the agreement, Magnis, which mines natural flake graphite for use in lithium-ion batteries, will supply raw materials to the TerraE gigafactories. TerraE plans to build 34 GWh of production capacity across two locations in Germany. First-stage production will begin in late 2019.
Gold developer Dacian Gold has struck agreements with fellow listed APA Group and Zenith Energy for a power solution at its Mt Morgans gold project, in Western Australia.
The company selected a natural gas and gas-fired power station as the preferred option to power the A$220-million Mt Morgans project.
GRAND RAPIDS, Minn.–(BUSINESS WIRE)–ASV Holdings, Inc. (NASDAQ: ASV), a leading provider of rubber-tracked compact track loaders and wheeled skid steer loaders in the compact construction equipment market, today announced that management will participate in the Dougherty & Co. Institutional Investor Conference being held at the Millennium Hotel in downtown Minneapolis on September 19, 2017. CEO Andrew Rooke will present an update on the company’s business in a group presentation format an
Mineral sands miner Base Resources has reported a 200% increase in net profit for the full year ended June, on the back of record sales volumes.
The ASX-listed company on Monday told shareholders that the bottom line was also impacted by higher commodity prices and a continued focus on cost management at the Kwale operations, in Kenya.
ASX-listed Metals X on Monday reported a 22% increase in the mineral resource at its 50% Renison Bell underground tin mine, in Tasmania.
The project is now estimated to contain some 203 000 t of contained tin in a mineral resource of 15-million tonnes, grading 1.35% tin.
Nickel miner Poseidon Nickel has entered into a memorandum of understanding (MoU) with fellow-listed gold miner Northern Star Resources to explore gold processing at the Black Swan operations, in Western Australia.
Under the terms of the MoU, the two companies will evaluate commercial options to process Northern Star ore at the Black Swan processing facility.
Indian major Adani has announced that early work on its $16.5-billion Carmichael coal project, in Queensland, will start in October, with first shipments targeted for March 2020.
The announcement comes just days after Adani won three legal battles against the proposed 60-million-tonne-a-year project, after the Federal Court dismissed challenges by the Australian Conservation Foundation and from Adrian Barrugubba, and the Queensland Court of Appeal ruled against Burragubba’s opposition to the grant of a mining lease for the Carmichael project.
ASX-listed rare earths developer Peak Resources has flagged improved economics at its planned Ngualla project, in Tanzania, on the back of a process optimisation study.
The company on Monday told shareholders that process optimisation study had increased production from the 28 300 t/y of mineral concentrate considered in the bankable feasibility study (BFS), to 32 700 t/y.
TSX-V-listed Tsodilo Resources has started the large diameter drill (LDD) drilling programme at its wholly owned BK16 kimberlite project, within the Orapa kimberlite field, in Botswana. The diamond and metals exploration company planned to drill 14 holes, 24 inches in diameter, to a cumulative depth of just over 3 000 m, with around 2 000 t recovered by this process, spread across a 6 ha pipe and varying in depth from 96 m to 366 m, depending on the kimberlite intersections.
As rescue operations continue at Harmony Gold’s Kusasalethu mine after a fall-of-ground on Friday, Mineral Resources Minister Mosebenzi Zwane has appealed for “extra caution” to be taken on health and safety in the mines. The fall-of-ground, which was triggered by a seismic event some 3 100 m underground, had trapped five workers on Friday, with the bodies of three of the employees recovered so far. Two employees are still missing.
A new R100-million tailings retreatment project has been initiated by platinum-mining company Northam at its Booysendal South asset, acquired from Aquarius Platinum. The project, which involves hydromining and the reprocessing of the of the Booysendal South tailings storage facility (TSF), aims to extract 1.3-million tonnes of chrome product from 8.7-million tonnes of tailings, from which platinum-group metals (PGMs) will also be extracted. (Also watch attached Creamer Media video).
DUBLIN–(BUSINESS WIRE)–The “Global Tabular Alumina Market 2017-2021” report has been added to Research and Markets’ offering. The global tabular alumina market is forecast to grow at a CAGR of 7.32% during the period 2017-2021. The report, Global Tabular Alumina Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion o
Major gold miners’ profits are set to rise over the coming years as gold prices are forecast to continue increasing, encouraging a slow return to the miners’ growth strategies. Global research firm BMI on Monday noted that, following years of financial austerity, prioritising cost competitiveness and core assets, gold miners will gradually shift the focus to growth through acquisitions and increased spending.
JSE-Miranda Minerals will sell its Miranda Coal subsidiary, together with any shareholder loans advanced to Miranda Coal on loan account, to Siafa Resources for R8-million. The transaction will include all Miranda Coal’s subsidiaries, except for Sesikhona Klipbrand Colliery, which is subject to a separate sales agreement.
