The second quarter of 2017 marked Ghana-focused Golden Star Resources’ fifth consecutive quarter of production growth, according to a trading update published Tuesday. The New York-, Toronto- and Ghana-listed midtier miner saw a 51% year-on-year increase in gold production in the quarter to 64 176 oz. This included record quarterly production of 31 689 oz at the Prestea openpit operation, in Ghana, for the fourth consecutive quarter, as well as a 16% quarter-on-quarter increase in production of 31 288 oz at Wassa underground mine, also in Ghana, where operations are ramping up.
DENVER–(BUSINESS WIRE)–Summit Materials, Inc., a leading vertically integrated construction materials company, today announced results for the second quarter 2017.
Zinc producer Nyrstar on Wednesday reported a core profit above estimates for the first half of 2017, aided by higher zinc prices and a resurgence in profitability at its remaining mining operations.
Nyrstar has sold all of its mines in South America, but it has invested in its North American raw material assets and will restart operations at a Canadian site in August 2017.
Based on strong operating and financial results for the first half of 2017, dual-listed gold producer Kirkland Lake has favourably revised its production guidance for the year to between 570 000 oz and 590 000 oz, up from between 530 000 oz and 570 000 oz previously. This follows record results at the miner’s Australia-based Fosterville mine, in Victoria state, during the first half of the year, when mill grades exceeded expected levels by a significant margin. For the full-year, production at Fosterville is now expected to total 250 000 oz to 260 000 oz, compared with the previous guidance of 200 000 oz to 225 000 oz.
NEW YORK–(BUSINESS WIRE)–Polished diamond trading was seasonally slow in July as the US wholesale market closed for summer vacation. Polished prices softened as midstream inventory levels increased due to the slowdown in demand and increased supply. The RapNet Diamond Index (RAPI™) for 1-carat, GIA-graded, RapSpec A3+ diamonds fell 0.7% during July, and was down 3.2% since the beginning of the year. RapNet Diamond Index (RAPI™) JulyJul. 1, 2017 – Aug. 1, 2017 YTDJan. 1, 2017 – Aug.
DUBLIN–(BUSINESS WIRE)–The “Global Aluminum Casting Market 2017-2021” report has been added to Research and Markets’ offering. The analysts forecast the global aluminum casting market to grow at a CAGR of 5.87% during the period 2017-2021. Global Aluminum Casting 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
Coal India’s sales outpaced production by a record last month as the world’s biggest miner continued its efforts to reduce stockpiles.
Shipments in July rose 6.9% from the same month a year ago to 44.33-million metric tons, the ninth straight year-on-year gain, while production eased a fourth month, sliding 0.3% to 36.64-million, according to Bloomberg calculations based on an exchange filing by the company Tuesday. Sales surpassed output by 7.69-million tons, the widest margin on record.
Odebrecht SA, the Brazilian conglomerate selling assets in the wake of a corruption scandal, has agreed to sell a 16.4% stake in the world’s No. 4 diamond mine to a partner, a person with direct knowledge of the transaction said on Tuesday. According to the person, Odebrecht exited Sociedade Mineira de Catoca Lda to meet terms of a 12-billion-real ($3.84-billion) asset sale goal. State-run Empresa Nacional de Prospecção, Exploração, Lapidação & Comercialização de Diamantes de Angola, commonly known as Endiama, bought out the stake with the help of other partners in Catoca, the person added.
Junior explorer Minotaur Exploration and fellow-listed Oz Minerals have jointly launched new ground electro-magnetic (EM) geophysical surveys near the Prominent Hill copper-gold mine, in South Australia.
The EM survey will assess sections of the Skylark shear zone across areas ranging between 10km and 25km from the mining operations.
Rio profit rebounds on stronger demand for iron ore and coal, lining shareholders’ pockets with a big increase in interim dividends.
ASX-listed juniors Thor Mining and Terramin Australia will jointly investigate the development of the Kapunda copper deposit, in South Australia, through a joint venture with partner Environmental Copper Recovery (ECR).
Thor on Wednesday told its shareholders that it would invest in ECR, initially through a convertible loan note worth up to A$1.8-million, which would be used to fund field test work and feasibility activities at Kapunda over the next three years.
A federal court in Argentina has ruled that the country’s Supreme Court should take up a case related to a government request to suspend operations at Barrick Gold Corp’s Veladero mine, a court filing showed. Argentina’s environment ministry in April asked a federal court to suspend operations at Veladero until Barrick can guarantee there will be no environmental damages following a spill of cyanide solution in March, its third such incident in 18 months.
The Queensland Resources Council disputes documents that say they urged experts not to consider climate change while planning the response to coral bleaching in the Great Barrier Reef.
COEUR D’ALENE, Idaho–(BUSINESS WIRE)–Hecla Mining Company to present at the Jefferies Industrials Conference on August 8, 2017.
A Tasmanian mining expert raises concerns about the future of the industry in the state, saying it could end in the next 10 years if the current trends continue.
NEW YORK–(BUSINESS WIRE)–Arconic Inc. (NYSE: ARNC) announced today that Interim Chief Executive Officer David Hess will present at the Jefferies 2017 Industrials Conference on Tuesday, August 8, 2017, in New York. Mr. Hess’ presentation will begin at 10:40 AM EDT. The presentation will be available through a live audio webcast on Arconic’s website at www.arconic.com. Presentation materials will be available for viewing starting at 10:25 AM EDT on August 8 here and on the “Investors/Events and
Discussions to compensate Marikana mineworkers are continuing with the State, their lawyer said on Monday. “We are busy in discussions with the State in relation to quantifying our claims. The State has conceded that they are going to make [the] payments, all we need to do is to differentiate the extent of compensations vis-à-vis the extent of injuries,” said Andries Nkome.
Iron-ore miner Fortescue Metals has moved to repurchase the Solomon power station from TSX-listed TransAlta Corporation.
The company in 2012 sold the Solomon power station to TransAlta and entered into a power purchase agreement (PPA) for the power station’s entire capacity, which is providing power to the Solomon mining hub.
Gold developer Kin Mining has acquired a 2.5 MW ball mill for less than A$1-million for its Leonora gold project, in Western Australia, boosting up-front mill throughput at the project.
Kin on Tuesday said that the installation of a 2.5 MW ball mill would provide single-stage primary grinding of the Cardinia ores, at a throughput rate of 1.2-million tonnes a year.
Preliminary results from an expansion study of the Nullagine gold operation, in Western Australia, have pointed to the economic advantages of an alternative processing route for the 850 000 oz of fresh ore resources.
ASX-listed Millennium Minerals said on Tuesday that the new processing solution would involve integrating a flotation circuit capable of treating sulphide ores through the existing two-million tonne a year carbon-in-leach (CIL) plant.
Junior S2 Resources has struck a deal with TSX-V listed Renaissance Gold to earn a 70% interest in three highly prospective gold exploration properties in Nevada. At each of the properties, S2 will be required to spend a minimum of $200 000 within two years, and could earn a 70% stake in each property by spending $3-million within five years.
ASX-listed junior Intermin Resources has launched feasibility studies on its Stage 2 and Stage 3 developments at its Teal gold project, in Western Australia.
“The potential for further stages of the Teal gold mine have always been part of our future mining project pipeline and the excellent performance of Teal Stage 1 to date has provided additional confidence to move forward with the Stage 2and Stage 3 feasibility studies,” said Intermin MD Jon Price.
LONDON–(BUSINESS WIRE)–#MetalsandMinerals–Technavio has announced the top five leading vendors in their recent global zinc oxide market report from 2017-2021.
South African Reserve Bank governor Lesetja Kganyago warned on Tuesday that the country’s economic recession could deepen unless there was policy certainty on mining and agriculture, the two sectors that contributed to growth in the first quarter. “At the moment these two sectors are facing policy uncertainty, which means we can go into an even deeper recession unless certainty is restored.
Caterpillar is looking for a new CFO just nine months after the largest maker of construction and mining equipment announced the departure of its long-serving CEO. The Peoria, Illinois-based company has started a global search to replace Brad Halverson, who will retire early next year to help ensure a smooth transition, it said in a statement Tuesday.
Royal Bafokeng Platinum CEO Steve Phiri said on Tuesday that he was “very encouraged” by the stance taken the day before by the National Union of Mineworkers (NUM) and the ruling African National Congress (ANC). “We can only improve the situation if we work together and not against each other,” Phiri outlined to Mining Weekly Online in an interview after the company reported a R31.9-million loss in the first six months of this year. (Also watch attached Creamer Media video).
ATLANTA–(BUSINESS WIRE)–Ciner Resources LP (NYSE: CINR) will release second quarter 2017 financial results after the market closes on Monday, August 7, 2017 and will host a conference call on Tuesday, August 8, 2017 at 8:30 a.m. EDT to discuss the results. Those wishing to participate should call one of the following numbers and reference confirmation 55179225: Domestic (Toll Free): 1-866-550-6980 International: 1-804-977-2644 Passcode: 55179225 The conference call will be made available via
The first alluvial mining will start at Xtract Resources’ Manica project, in Mozambique, before the end of this month. Xtract has, in recent months, signed mining contractor agreements with Omnia Mining and Sino Minerals Investment Company for the exploitation of alluvial gold deposits at the Manica concession.
CHICAGO–(BUSINESS WIRE)–#energy–BDO’s 2017 Oil & Gas RiskFactor Report examines the top risks cited by the largest 100 publicly traded U.S. oil & gas companies in their 10-K filings.
AngloGold Ashanti expects first half losses after its earnings were hit by impairments at some of its South African operations and provisions for a possible settlement with workers who contracted lung diseases at its mines. Africa’s biggest gold miner forecast a headline loss per share of between 19c and 23c for the six months to the end of June compared to the same period last year.
Energy Minister Mmamoloko Kubayi on Tuesday refuted a media report stating that she had suspended the Central Energy Fund (CEF) board. The Minister confirmed, however, that board members had been handed letters in July 26 requesting “an explanation on concerns”. No details were provided, however, as to the nature of these concerns.
Coal developer Cokal Coal has reported a coal reserve estimate of 20.2-million tonnes of run-of-mine (ROM) coal for its Bumi Barito Mineral (BBM) project, in Indonesia.
The ROM reserve estimate included 13-million tonnes classified as proven, with a further 7.2-million tonnes classified as probable. A total marketable reserve of 16.9-million tonnes has been confirmed as metallurgical coal.
Precious metals miner Fresnillo said profit for its first half nearly doubled boosted by higher gold and silver prices and increased silver output from its San Julian and Fresnillo mines.
Fresnillo’s average realised prices for silver rose 5.2% to $17.4/oz in the first half, while the average realised gold price rose slightly to $1 250.3/oz.
Rio Tinto subsidiary Turquoise Hill Resources has recorded a lower net income attributable to shareholders of $23.8-million in the quarter ended June 30, compared with $29.8-million during the corresponding quarter in 2016. In a trading statement released on Monday, the company attributed its $6-million loss in net income to lower copper prices and lower gold sales, which were partly offset by adjustments made in recognition of additional deferred tax assets.
COLUMBUS, Ind.–(BUSINESS WIRE)–Cummins Inc. (NYSE: CMI) today reported results for the second quarter of 2017. Second quarter revenues of $5.1 billion increased 12 percent from the same quarter in 2016. Higher demand for trucks and construction equipment in North America and China, and stronger sales to mining, and oil & gas customers were the main drivers of revenue growth. Currency negatively impacted revenues by approximately 1 percent compared to last year, primarily due to the apprec
