East Africa-focused Shanta Gold has cancelled its proposed £3.5-million buyout of TSX-V-listed Helio Resources. The transaction, which was announced in June, would have given Shanta control of Helio’s assets, adjacent to its own New Luika gold mine, in Tanzania.
It is common knowledge that securing investment for exploration projects, particularly for junior operators, has been “extremely challenging”, owing to the current tepid global economic climate and low commodity prices, emerging gold miner Hummingbird business development head Robert Monro tells Mining Weekly. “Despite these challenges, Hummingbird put together one of the largest fundraisers for a mining project in Africa over the past four years. This exceptional achievement is testament to the confidence the market has in our management team and project portfolio,” Monro enthuses.
The materials price index (MPI) from Global Insight by IHS Markit has recovered about half the losses it suffered between February and June.
The latest reading of the MPI, an index measuring the weighted average of weekly spot prices for a basket of globally traded manufacturing inputs comprising crude oil, chemicals, nonferrous metals, ferrous metals, paper pulp, lumber, rubber, fibres, tech components, and ocean-going freight rates, rose 2.7% last week, its sixth gain in the past seven weeks.
Shell company Mag Copper has rebranded and appointed three former executives of Integra Gold, which was acquired last month for C$590-million by Eldorado Gold, to replicate the former company’s success elsewhere in the Americas.
The company, to be rebranded Integra Resources, plans to acquire a project in either North or South America in the coming months, CEO George Salamis said in a news release on Thursday.
BlackRock’s largest mutual fund hiked its exposure to “select names” in energy as the sector has lagged this year, one of its portfolio managers said on Thursday.
“The underperformance of energy stocks even as oil prices have stabilised creates opportunities for investors,” wrote Russ Koesterich, a manager of the BlackRock Global Allocation Fund, in a note.
Once dirt tracks connecting remote communities on the Nullarbor, outback roads in Western Australia’s goldfields are crumbling under the weight of unprecedented traffic.
Trading firm Glencore expects to start importing fuel for Mexico’s domestic market in February 2018 through its own terminal in the southern state of Tabasco, the head of the firm’s oil division, Alex Beard, said on Thursday.
The executive said the fuel will be ultimately sold by a large network of gas stations operated in a distribution partnership with Mexico’s Corporacion G500. The first gas station under the new brand was inaugurated on Thursday.
Polish-based copper miner KGHM reported a 66% rise in first-half net profits on Thursday but failed to meet analysts’ estimates as currency effects and increased costs offset rising copper and molybdenum prices.
The state-controlled firm posted a consolidated net profit of 491-million zlotys, up from 296 -million zlotys in the same period last year. However it fell short of the average of analysts’ forecasts of 637-million zlotys.
There are about 30 aspects about the recently unveiled maiden preliminary economic assessment (PEA) on uranium exploration junior NexGen Energy’s Arrow deposit, part of the Rook 1 project in the south-west of Saskatchewan’s Athabasca Basin, that separates it from its development peers and even the majors.
The size and high grade of the Arrow deposit, combined with its location inside competent basin rock, have not been seen in any other major discovery in the basin, and the PEA has confirmed that Arrow will, in today’s terms, be the single largest uranium mine in the world, NexGen VP of corporate development Travis McPherson told Mining Weekly Online in an interview on Thursday.
TORONTO–(BUSINESS WIRE)–Almonty Industries Inc. (“Almonty” or the “Company”) (TSXV: AII): NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES Almonty Industries Inc. (“Almonty” or the “Company”) (TSXV: AII) announces that it has closed the second tranche of its previously announced financing (see press release dated August 11, 2017). The second tranche was a subscription for 5,175,000 common shares (“Common Shares”) of the Company at a price of $0.30 for aggre
Samarco, a joint venture between BHP Biliton and Brazil’s Vale, should be punished but not closed over the 2015 collapse of a tailings dam that killed 19 people, Brazil’s mining and energy minister said on Thursday.
“Mistakes may have been made, but it was an accident,” Fernando Coelho Filho said at an event in Sao Paulo.
ASX-listed Red River Resources is on track to restart commercial production at its Thalanga zinc project, in Queensland, early in the fourth quarter of this year. The company said on Thursday that the project commissioning will start in the third quarter, with some 85% of the plant and infrastructure refurbishment completed at the end of July.
Diamond miner Lucapa Diamond Company has recovered more large diamonds from its Lulo project, in Angola, including 83 ct and 68 ct Type IIa gems. In addition, five other 50-plus carat stones were also recovered.
ASX-listed junior Hammer Metals has acquired fellow-listed AuKing Mining’s stake in tenements in Mount Isa, forming a new joint venture (JV) with major Glencore. Hammer and AuKing in December of last year struck a deal under which Hammer would pay 1.5-million shares for a number of tenement holdings held by AuKing, including a 51% interest in the Mount Isa tenements known as the Frosty JV.
ASX-listed Atrum Coal has appointed Max Wang as its new MD and CEO, with Wang expected to assume his duties prior to the end of August.
“We are pleased to advise our shareholders that after an extensive search, we have appointed Wang to lead the company as CEO and MD. Wang is an experienced coal executive based in Canada with an extensive network in the coal and steel industry throughout North Asia, Cananda and the US,” said Atrum non-executive director Chuck Blixt.
Gold miner Evolution Mining has reported record net profit of A$217.6-million for the 2017, compared with a net loss of A$24.3-million in 2016, on the back of higher sales revenues and lower group all-in sustaining costs (AISC).
“In the 2017 financial year, we continue to deliver on our business strategy of improving the quality of our asset portfolio to build a business that prospers through the cycle. An ongoing focus on lowering costs, together with the acquisition of an economic interest in Ernest Henry copper/gold mine and the divestment of Pajingo, saw Evolution achieve another year of record high production and record low costs which contributed to a strong underlying net profit of A$206.6-million,” said Evolution executive chairperson Jake Klein.
Gold Fields posted a 25% drop in first-half normalised earnings on Thursday due to stronger exchange rates in South Africa and Australia, but maintained its full-year targets. The gold miner said normalised earnings fell to $77-million in the six months to June from $103-million a year earlier.
Coal mine workers from seven Glencore collieries in Australia returned to work on Thursday after a four-day work stoppage, with many voting to keep up pressure on the company over wages and job security.
More than 1,400 workers met in the mining hub of Singleton, New South Wales, about 200 km north of Sydney, this week and voted to continue industrial action that began in June against the Swiss-based company, according to a statement from the Construction, Forestry, Mining and Energy Union.
Diversified miner Exxaro Resources has posted headline earnings of R2.79-billion for the six months ended June 30, compared with headline earnings of R1.10-billion in the first half of 2016. Revenue rose 10% year-on-year to R10.74-billion, while group net operating profit increased by 35% to R2.91-billion.
Scientists have found an unexpected new source for lithium, a key component in battery-powered electric cars and other renewable energy technologies: supervolcanoes.
Most of the world’s lithium comes from Chile and Australia, and expanding access to the mineral is crucial for meeting demand for new green technologies to reduce carbon emissions, Stanford University scientists said on Wednesday.
Roads Agency Limpopo (RAL) and platinum producer Northam Platinum have signed a R60-million strategic partnership to upgrade the P20 road that links Sataria to the road artery that goes to Koedoeskop, in the Waterberg district. Under the terms of the agreement, RAL will contribute R37.5-million to the project and Northam Platinum will cover the difference. RAL CEO Maselaganye Matji and Northam CEO Paul Dunne signed the agreement at the platinum mining company’s headquarters, in Midrand, on this week.
Dual-listed Gold Fields will oppose the new Mining Charter Three “with everything its got” as the mining industry stands firm in the standoff with the Department of Mineral Resources (DMR). Backing the action taken by the Chamber of Mines (CoM), Gold Fields CEO Nick Holland on Thursday said that, unless the new charter was taken off the table, there would be no further discussions.
Gold mining company Harmony Gold, which spent R2.3-billion capital expenditure (capex) on its South African operations in the 12 months to June 3, will be increasing its capex to R2.7-billion for mainly the ongoing development of the Phakisa and Tshepong gold mines in the Free State. The company, which recorded a net profit of R362-million, has just concluded a new dollar funding facility of $350-million, on which only $140-million has been drawn down to date, and R300-million on its R1-billion funding facility, which places it in a good position to fund any other growth opportunities. (Also watch attached Creamer Media video).
LSE-listed Gem Diamonds, which on Thursday reported lower revenue and earnings for the six months to June 30, is considering an offer from an undisclosed party that is interested in buying its Ghaghoo mine, in Botswana, which was placed on care and maintenance earlier this year. The company in February announced that it would halt operations at the mine with immediate effect owing to the weak state of the diamond market for the category of diamonds produced at Ghaghoo. Meanwhile, revenue for the six months under review decreased to $92.9-million, compared with $109.1-million for the six months to June 30, 2016.
Engineering group Murray & Roberts (M&R), which sold its Southern African infrastructure and building units to a Southern Palace-led consortium in November, has warned that its earnings will fall by more than expected in 2017, owing to additional costs associated with four remaining building projects in the Middle East. After the Middle East business was excluded from the November disposal, the company’s board decided on an exit strategy. However, in a trading statement issued on Thursday, M&R reported that the closure would be “very costly”, owing to increased costs associated with the projects, as well as an unfavourable arbitration ruling on a project completed in 2011.
It is rated as one of the top ten chemical poisons endangering human health and the natural world. Tiny drops of this poison can be found in human teeth, in fresh fish, in light bulbs, paints, batteries and even cosmetics. And it is in the air, water and soil everywhere, in varying amounts.
DUBLIN–(BUSINESS WIRE)–The “Global Mechanical Drive Market for Mining Industry 2017-2021” report has been added to Research and Markets’ offering. The global mechanical drives market for mining industry to grow at a CAGR of 2.99% during the period 2017-2021. Global Mechanical Drives Market for Mining Industry 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
Specialty metals producer Wolf Minerals said on Thursday that the operational turnaround plan for its Drakeland openpit mine at the Hemerdon tungsten and tin project in Devon, south-west England, was making good progress.
The turnaround plan, which was announced last month, is aimed at achieving a sustainable production platform by the end of the year.
HOUSTON–(BUSINESS WIRE)–Evolving Oklahoma STACK Play Continues to Draw Interest as E&P Operators Seek Sweet Spots, IHS Markit Says
Australia’s Plymouth Minerals and joint venture (JV) partner Valoriza Mineria have selected a commercial and known sulphate calcine/roast and fresh water leach processing route for the San Jose lithium/tin deposit, in Spain. The selection of a processing route allows the JV partners to determine an estimation of operating costs, the largest component of which is the processing costs.
