Gold miner Doray Minerals has reported a new mineral resource estimate of 2.83-million tonnes, grading 6.2 g/t gold and 0.7% copper for its Deflector project, in Western Australia.
The company said on Thursday that the project was estimated to host some 569 000 oz of gold and 18 400 t of copper, after mining depletion.
ASX-listed Geopacific Resources has increased its shareholding in takeover target Kula Gold to 69.3%, after another major shareholder accepted its offer.
Geopacific on Thursday reported that RMB Australia and RMB Resources, which collectively held a 13.07% interest in Kula, had accepted the increased takeover offer.
Diversified major Rio Tinto on Thursday provided more details of the $1-billion share buyback programme, announced in its interim results a day earlier.
The $1-billion buyback is in addition to the $500-million buyback programme announced in February this year. Some $300-million of the original buyback has been completed.
India’s gold imports will likely drop in the second-half of the year from the first six months after jewellers rushed to stock up ahead of new taxes introduced on July 1, the World Gold Council (WGC) said on Thursday.
Faltering appetite in a country where gold is used in everything from investment to wedding gifts could rein in a rally in global prices, trading near their highest level in seven weeks.
The revolution in electric vehicles set to upturn industries from energy to infrastructure is also creating winners and losers within the world’s biggest metals markets.
While some of the largest diversified miners like Glencore argue fossil fuels such as coal and oil still play a crucial role supplying energy needs, they’ll also benefit the most from a move to electric cars, requiring more cobalt, lithium, copper, aluminum and nickel.
BROOKWOOD, Ala.–(BUSINESS WIRE)–Warrior Met Coal, Inc. (NYSE:HCC) (“Warrior” or the “Company”) today announced results for the second quarter ended June 30, 2017. Warrior is the leading dedicated U.S. based producer and exporter of high quality metallurgical (“met”) coal for the global steel industry. Warrior reported second quarter 2017 net income of $129.9 million, or $2.46 per diluted share, compared to $108.3 million, or $2.06 per diluted share, in the first quarter of 2017. Excluding cer
OVERLAND PARK, Kan.–(BUSINESS WIRE)–Compass Minerals (NYSE:CMP) today announced the appointment of James “Jamie” Standen to the position of chief financial officer effective immediately. Standen had been serving as interim CFO and treasurer since April 25, 2017. “After undergoing a thorough external and internal search, I am delighted to have Jamie assume this key role at Compass Minerals on a permanent basis. During his time as interim CFO, he has made critical contributions to our senior le
Harmony Gold Mining’s long-running talks to buy AngloGold Ashanti’s South African assets have stalled because of uncertainty over the country’s new mining regulations, according to people familiar with the matter. The discussions, which started two years ago, recently hit a snag as South Africa’s government and the mining industry wage a court fight over the Mining Charter, according to two people, who asked not to be identified because the proposed deal isn’t public. The charter calls for increased black ownership of assets and imposes extra costs on mining companies.
JSE- and NYSE-listed Sibanye may cut as many as 7 400 jobs as it moves to restructure its Beatrix West and Cooke gold operations. The company on Thursday announced that it will enter into consultation with relevant stakeholders in terms of Section 189A of the Labour Relations Act regarding the restructuring of these operations.
Swiss-headquartered Ferrexpo expects demand for high-quality iron-ore, especially pellets, to remain strong in the second half of 2017, underpinned by an improvement in the global economy, as well as drive by steel mills to reduce their emissions and improve the quality of their final product.
The London-listed company, which operates in the Ukraine, said on Thursday that global steel mill profitability had reached the highest level since the 2008 financial crisis, which supported demand for higher grade iron-ore, including pellets, in the first six months of the year.
The response from the National Union of Mineworkers and the ruling African National Congress on the value-destructive Mining Charter Three with regard to its impact on South Africa’s deflated mining industry and economy has been described by mining companies as very encouraging and constructive. Mining Weekly editor Martin Creamer joins senior deputy editor Tracy Hancock in studio to discuss this further.
FORT WORTH, Texas–(BUSINESS WIRE)–Black Mountain Sand LLC announces it has entered into a new multi-year supply contract with Diamondback Energy, Inc. beginning in 2018.
The exploration team of Randgold Resources, which on Thursday reported a 53% leap in half-year profits, plus cash on hand of $572.8-million even after the $94-million dividend payout, has defined a large target in Côte d’Ivoire, which is considered to be “potentially the most exciting gold prospect in West Africa”. The 13 000-employee London-listed, Africa-focused gold mining company, which had an exceptionally good second quarter of increased production and lowered costs, has underlined Côte d’Ivoire’s prospectivity through its latest discovery at Boundiali in the Fonondara corridor.
A wholly owned subsidiary of the Australian Stock Exchange-listed mining company Red 5 has bought the Darlot gold mine in Western Australia from South Africa’s Gold Fields for A$18.5-million. In the past three years, Darlot produced more than 241 000 oz of gold.
Aim-quoted Stratex International on Thursday reported a half-year profit after the sale of its interest in the Altıntepe gold mine, in Turkey, helped to boost its coffers.
The developer posted a profit of £880 216 in the six months ended June, which compares with a loss of £1.98-million in the same period of 2016.
LONDON–(BUSINESS WIRE)–#Construction–Technavio has announced the top five leading vendors in their recent global mining truck market report from 2017-2021.
Nokeng Fluorspar Mine has broken ground at the site of its R1.7-billion fluorspar mine, near Rust de Winter, in Gauteng. This is the first new fluorspar mine to be built in Gauteng in 12 years, Sepfluor chairperson Dr Lelau Mohuba noted at the groundbreaking ceremony on Thursday, while Sepfluor CEO Rob Wagner highlighted the mine was one of only three new fluorspar mines in the world.
Owing to the success of its polished diamond auctions in June, JSE-listed De Beers’ auction sales business will run its next two polished diamond auctions on August 10 and August 24. Headlining the events is a 15 ct internally flawless fancy vivid yellow rectangle brilliant, as well as a 2 ct fancy pinkish purple cushion. Customer response to the initial auctions in June was positive, with the diamonds polished directly from De Beers-mined rough diamonds drawing the most interest and resulting in the most lots sold.
Greece plans to start an arbitration process in August to settle its differences with Canada’s Eldorado Gold Corp. over a gold mine development, the energy ministry said on Thursday. Energy Minister George Stathakis met Eldorado’s management in Athens on Wednesday and the two sides discussed the issue, the ministry said in a statement.
Following recent changes to the regulatory, operating and fiscal environment in Tanzania, Aim-listed Shanta Gold has decided to refocus its strategy on cost control and shareholder returns. In line with the new strategy, Toby Bradbury will retire as CEO and will be succeeded by CFO Eric Zurrin with immediate effect.
Aim-listed Botswana Diamonds has raised £868 576 through the issue of 79.48-million new ordinary shares to take its Vutomi project, at Frischgewaagt, in South Africa, to inferred resources status and to continue its exploration activities Pursuant to the receipt of conversion notices from holders of 31.24-million warrants, the company issued 31.24-million shares at a price of 0.85p a share, to raise £265 576.
DANBURY, Conn.–(BUSINESS WIRE)–$PX–Praxair, Inc. expanded its Praxair Skills Pipeline™ Workforce Development Program and will be working with Ivy Tech Community College in Indianapolis.
The Department of Mineral Resources (DMR) on Thursday said Minister Mosebenzi Zwane had not yet taken any decision to implement a moratorium on the processing of mining or prospecting right applications. This follows after the Chamber of Mines (CoM) reported that the DMR head office had instructed all DMR regional offices to stop processing any Section 11 new mining right or prospecting right applications submitted after July 19.
Soaring cobalt prices are prompting Asia’s top battery makers to tweak the recipe for lithium-ion batteries used to power electric cars and mobile phones – reducing the amount of cobalt and adding more nickel.
With forecasts for electric vehicle (EV) battery demand to jump 20-fold over the decade to 2025, manufacturers are looking to cut back on more expensive components. Cobalt has more than doubled in price over the past year on strong demand and a supply shortage.
Junior silver miner Great Panther Silver reported a 20% decrease in revenue for the six months ended June 30, 2017, primarily attributable to the 14% decrease in metal sales volumes, which had the effect of reducing revenue by $3.1-million. Metal sales volumes were lower, despite the increase in production during the second quarter of 2017.
Fitch group company BMI has lowered its forecast for Russian nickel production in 2017, and says the outlook for the country’s domestic production over the next five years looks bleak.
BMI stated this week that Russia’s nickel production would remain on a negative trend this year, following a contraction of 4.8% year-on-year in 2016, citing ongoing operational challenges at Norilsk Nickel mines, which account for more than 80% of domestic output.
After securing an 80.5% interest in TSX-listed Exeter Mining in June, Canadian gold mining major has acquired the remaining issued and outstanding Exeter shares for 0.12 of a common share of Goldcorp for each outstanding Exeter share. Dual-listed Goldcorp will issue an aggregate of up to 1.896-million Goldcorp shares to former Exeter shareholders, who now hold 0.22% of the Goldcorp shares issued.
Building on its successes from 2016 and using the first half of 2017 to capitalise on rising copper prices, TSX- and NYSE-listed Taseko Mines has, over the past nine months, generated $192-million of cash flow from operations as well as $147-million in earnings from its mining operations, before depletion and amortisation. “With the copper price recently increasing to two-year highs, combined with nearly $100-million of cash on hand, plus our long-term debt reduced and termed out five years, we are in a very good position to continue investing in and advancing our pipeline of projects,” said Taseko president and CEO Russell Hallbauer in a note to shareholders published Wednesday,
CLEVELAND–(BUSINESS WIRE)–Olympic Steel Reports Better Than Expected Second-Quarter Results
Multi-disciplinary global engineering group DRA has appointed Pierre Julien to lead the company’s global origination team as executive VP origination. With more than 22 years of senior level industry experience, Julien has been tasked with identifying and accessing new business channels, seeking opportunities for growth into adjacent sectors and developing innovative ways to enhance the company’s service offering to clients. DRA Group Holdings CEO Wray Carvelas said in a release to Creamer Media’s Mining Weekly Online that the appointment follows the conducting of an extensive talent search, in which Julien distinguished himself as a thought leader with the required skills and experience to help the company realise its global growth strategy.
After a strong second quarter with consistent operational results, Canadian gold major Kinross Gold remains on track to meet its yearly production guidance of between 2.5-million and 2.7-million gold equivalent ounces and a production cost of sales guidance of between $660 and $720 per gold equivalent ounce. The company also expects to remain within its all-in sustaining cost (AISC) target of $925/oz to $1 025/oz of gold equivalent and within its capital expenditure guidance of $900-million (about 5%).
Gold miner Saracen Mineral Holdings has struck a deal with a subsidiary of fellow-listed Red 5 to dispose of the King of the Hills project in a deal valued at A$16-million.
Saracen on Thursday told shareholders that the sale of the King of the Hills mine, which Saracen acquired from St Barbara in 2015, was consistent with the company’s strategic focus on its core production and exploration assets at Carosue Dam and Thunderbox.
LSE- and TSX-listed Centamin’s pretax profit fell by 48% year-on-year to $37.82-million in the second quarter of the year, as a result of lower gold production. Output at the company’s Sukari mine, in Egypt, fell by 11% year-on-year to 124 641 oz in the second quarter.
An updated definitive feasibility study (DFS) on the Cloncurry copper/gold project, in Queensland, has delivered a number of improvements compared with the 2014 DFS, including a longer mine life, a higher net present value (NPV) and internal rate of return (IRR).
While both the DFS and updated DFS estimated production of 39 000 t/y of copper and 17 200 oz/y of gold from a seven-million-tonne-a-year operation, the updated DFS increased the mine life from 11 years to 14 years.
Gold miner Northern Star Resources has tripled its reserves to 3.5-million ounces, following exploration work at its Jundee and Kalgoorlie operations, in Western Australia.
The ASX-listed miner on Thursday reported that total reserves increased by 2.3-million ounces, to 3.5-million ounces, despite a depletion of 546 000 oz in the 2017 financial year.
