SANTIAGO, Chile–(BUSINESS WIRE)–Orosur Mining Inc. (“Orosur” or the “Company”) (TSX/AIM: OMI), a South America-focused gold producer, developer and explorer, is pleased to announce that it has conditionally raised gross proceeds of approximately C$4.0 million (US$3.2 million) through a placing and subscription of 16,740,502 new Common Shares of no par value (the “Subscription Shares” or “New Common Shares”) at a price of C$0.241 (14.7p per share*) per Subscription Share (“Subscription Price”)
Swashbuckling gamblers abound in the mining business, where billions are spent searching for mother lodes in some of the most inhospitable places on the planet. But a prolonged slump in metals and big losses on earlier solo projects are turning top producers into risk-avoiding wallflowers.
“The mining industry has lost its nerve,” said Mark Bristow, CEO of Randgold Resource, a London-listed producer of gold in Africa. “The new fad in town is joint ventures. It’s very strange if you’re a major miner. They should be comfortable in their ability.”
As thousands of high flyers in the mining and finance industry rubbed shoulders at the Diggers and Dealers Mining Forum this week, just kilometres away was a very different world.
People diagnosed with black lung lash out at global miners Glencore and Anglo after the Government threatened to close four underground coal mines in central Queensland for allegedly failing to meet dust-monitoring obligations.
TORONTO–(BUSINESS WIRE)–$TMMFF #HopeBay–TMAC’s Initial Drilling at Boston Intersects 15.3 g/t Gold Over 22.3 Metres
The newly installed coalition government of British Columbia has on Thursday outlined its plans to stop the expansion of the Kinder Morgan oil pipeline that transports Alberta crude to Vancouver.
The federal government, under Prime Minister Justin Trudeau, on November 29 approved Kinder Morgan’s C$6.8-billion Trans Mountain Expansion project, which will match the existing 1953-built Trans Mountain pipeline system between Edmonton, Alberta, and Burnaby, British Columbia. This is expected to triple Canada’s access to new crude markets, as the country looks to diversify oil exports away from the US, its largest customer.
Investors in Brazil’s Vale have overwhelmingly agreed to swap their preferred stock into common shares, handling the world’s No 1 iron ore producer a victory in a plan that will give equal votes to all shareholders and limit government meddling.
In a Thursday securities filing, Vale said a total 1.42-billion preferred shares, or the equivalent of over 72% of that class of stock in circulation, joined the plan, topping the minimum 54.09% threshold set to approve a share conversion plan.
TORONTO–(BUSINESS WIRE)–$TMMFF #HopeBay–TMAC Resources Strengthens Executive Team and Appoints Gil Lawson as Chief Operating Officer
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 today that STRACON GyM, a subsidiary of Graña y Montero Group, formalized today an extension to the contract signed in 2010 with Minera La Zanja SRL, a subsidiary of the company Buenaventura, for approximately US$ 30 million, to extend the term of mining services for an additional 12 months, counted from January 1 to Decemb
Metals-streaming pioneer Wheaton Precious Metals (WPM) has increased its quarterly dividend by 43% to $0.10 a share, as its strong cash flow of $250-million during the first half of the year, combined with ample liquidity encouraged the board to return more cash to investors.
Under the company’s dividend policy, the quarterly dividend per common share will be equal to 30%, up from 20% in previous quarters, of the average cash generated by operating activities in the previous four quarters divided by the company’s then outstanding common shares, all rounded to the nearest cent.
West Virginia Governor Jim Justice said Donald Trump is “really interested” in his plan to prop up Appalachian mining by giving federal money to power plants that burn the region’s coal. Justice, a coal and real estate mogul elected governor last year as a Democrat, announced at a West Virginia rally alongside President Trump last week that he’s becoming a Republican. Justice has recently spent a “goodly amount of time” meeting one-on-one with Trump and has liked the feedback to his pro- coal proposal. The plan calls for the Department of Homeland Security to send $15 to eastern US utilities for every ton of Appalachia coal they burn.
TSX- and NYSE-listed McEwen Mining has agreed to buy precious metals producer Primero Mining’s Black Fox mine and complex for $35-million, expanding the junior miner’s production footprint in Canada.
“Buying the Black Fox Complex provides fantastic synergies with our recently acquired Timmins deposits. Our objective is to build a long-term production platform with a robust pipeline of production, development and exploration assets, all feeding into a single processing facility,” chief owner and chairperson Rob McEwen said in a news release on Thursday.
Half the value of Canadian precious metals producer Primero Mining’s NYSE-listed stock has been wiped out on Thursday, after the company reported disappointing second quarter results indicating significant declines in output and cash flows.
The dual-listed company, with its flagship San Dimas mine, located in Mexico, reported a narrower headline loss of $2.9-million, or $0.02 a share, which was in line with market forecasts, and an improvement over the adjusted net loss of $3.5-million, or $0.02 a share in the comparable period a year earlier.
Montana-billionaire Dennis Washington has hired Patrick Evans to run Dominion Diamond Corp. after he agreed to buy the business for $1.2-billion last month. “We are pleased that Patrick will become CEO of Dominion Diamond Corp. upon closing of the transaction,” said Lawrence Simkins, president of The Washington Cos., said in an email. “Having operated a mining company in the Northwest Territories, Patrick already has a familiarity with the region and strong relationships with local officials and indigenous leaders.”
The fight between West Papuan workers and the mining giant Freeport-McMoRan intensifies with the US-owned company accused of denying health care for striking workers and education for their children.
Canadian mining development and royalty company AuRico Metals has reported record royalty revenue of $2.8-million, an increase of 39% year-over-year, for the second quarter ended June.
The company reported on Wednesday that revenue for the quarter was boosted by record gold output of 77 069 oz from the Fosterville mine, in Australia, and 47 300 oz from the Young-Davidson mine, in Ontario.
The Mt Mulgine tungsten project in the Murchison region of Western Australia has been granted environmental approval on federal and state level, ASX-listed Tungsten Mining reported on Thursday.
The environmental approval, coupled with the recent agreement to acquire a modular processing plant for Mt Mulgine, has placed the company firmly on track to produce tungsten concentrate by 2018.
The share price of dual-listed Jubilee Platinum rose by as much as 9.23% on the JSE on Thursday morning, after announcing it had secured $50-million in project funding to support the growth strategy for its metals recovery business. The company has executed a funding agreement with RiverFort Capital Group, with the funding structure modelled on Jubilee’s successful Hernic platinum and chrome recovery project, which was also financed through RiverFort.
The Indian mining giant Adani’s Abbot Point coal terminal in northern Queensland avoids a multi-million-dollar fine, but is slugged $12,000 for releasing sediment storm water during Tropical Cyclone Debbie at a level many times higher than allowed.
IRVING, Texas–(BUSINESS WIRE)–#Megaproject–Fluor’s phosphate megaproject in Saudi Arabia begins production
A crackdown on illegal mining in China is good news for the Australia’s Northern Minerals, which is developing the first hardrock dysprosium operation outside of China.
The developer of the Browns Range pilot plant project, in northern Western Australia, said on Thursday that the price of dysprosium oxide had risen by 20% over the last two weeks from ¥1 250/kg to ¥1 500/kg.
Four Queensland underground coal mines risk closure after allegedly failing to meet their dust-monitoring obligations, Mines Minister Anthony Lynham tells State Parliament.
The oil and gas unit of Murray & Roberts (M&R) has been awarded a five-year contract to perform maintenance services at a liquid ammonia plant and a technical ammonium nitrate (TAN) plant on the Burrup Peninsula, in Western Australia. Norway’s Yara International, which owns the facilities, awarded the contract to the Clough AMEC joint venture. Clough forms part of M&R’s oil and gas business platform.
Tanzanian growth slowed to 5.7% in the first quarter of this year, hurt by slower-than-expected performance of construction, transport, agriculture and the financial services sectors, the statistics office said on Thursday. Growth in the same period of 2016 was 6.8%.
Canadian potash majors Potash Corp of Saskatchewan and Agrium Inc have reported higher sales volumes for the crop nutrient for the second quarter ended June 30, pushing potash prices higher, despite a persisting market glut.
Calgary, Alberta-based Agrium has reported adjusted net earnings, which removes special items during the quarter from the balance sheet, of $566-million, or $4.09 a share, beating analyst forecasts calling for earnings of $4.03 a share, based on expected revenues totalling $6.36-billion.
Diversified mining and marketing company Glencore said “extensive efforts” to reposition its balance sheet and propel the company’s industrial asset portfolio improvements over the last two years were reflected in its strong interim financial performance. The group on Thursday published its financial results for the six months to June 30, with adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) and earnings before interest and taxes (Ebit) up 68% and 334%, respectively, year-on-year.
Independent laboratory testing recently undertaken at the Gasagwe prospect at LSE-listed Rainbow Rare Earths’ Gakara project, in Burundi, has returned an average total rare earth oxide (TREO) grade of 62.17%. This grade compares favourably with the average grade of 57% contained within mineralised veins across the Gakara project, as disclosed in January.
Exploration firm Savannah Resources has completed 16 reverse circulation drill holes at its Mina do Barroso lithium project, all of which intersected pegmatite.
The company will now sharpen its focus on three primary target areas – Grandao, Reservatorio and NOA.
DUBLIN–(BUSINESS WIRE)–The “China: Non-Ferrous Metals (Lead) – Market Report – Analysis and Forecast to 2025” report has been added to Research and Markets’ offering. The report provides an in-depth analysis of the non-ferrous metal market in China. It presents the latest data of the market size and volume, exports and imports, price dynamics and turnover in the industry. The report shows the sales data, allowing you to identify the key drivers and restraints. You can find here a strategic an
A nascent recovery in the beaten-down mineral-exploration industry is gaining momentum as metal prices trade at multi-year highs.
Global drilling rose for a fifth straight quarter in April to June, according to S&P Global Market Intelligence, and data through early August suggest the recovery is accelerating. While budgets are still way off levels at the peak of the super-cycle and aren’t evenly spread over regions or minerals, the numbers show an industry that’s starting to get back on its feet.
The Odisha provincial government, in eastern India, will recover $3.17-billion in penalties from mine owners for illegal mining and violating environmental laws. According to a senior official, the provincial government decided to issue notices to all mine owners to pay the penalty for the illegal mining of iron-ore and manganese, following a review meeting on Tuesday.
Total holdings in gold-backed exchange-traded funds (ETFs) contracted 67.7 t month-on-month to 2 245 t, or 72.2-million ounces, in July, effectively reversing the gains made in the past few months. The value of the holdings fell 1% month-on-month to $91.5-billion in July, data published by the World Gold Council (WGC) shows.
TORONTO–(BUSINESS WIRE)–Atlanta Gold Inc. (the “Company”) (TSXV: ATG; OTC Pink: ATLDF) announced the completion of the issuance of 1,298,701 common shares valued at C$0.077 per share in satisfaction of a trade payable of C$100,000. The shares issued will be subject to a four-month statutory hold period, which will expire on December 11, 2017 About the CompanyAtlanta Gold Inc. holds through its 100% owned subsidiary, Atlanta Gold Corporation (“AGC”), leases, options or ownership interests in i
