Operations at Aim-listed Vast Resources’ Manaila polymetallic mine, in Romania, and Pickstone-Peerless gold mine, in Zimbabwe, improved significantly quarter-on-quarter in the three months to June 30. During the second quarter, the 100%-owned Manaila mine, achieved a 41% quarter-on-quarter increase in ore mined to 27 707 t, while ore milled increased by 54% quarter-on-quarter to 28 082 t.
JSE-listed Royal Bafokeng Platinum (RBPlat) on Friday confirmed that it has made a conditional nonbinding expression of interest to Platinum Group Metals (PTM) for a “possible transaction” surrounding the Maseve business. “The company has entered into discussions in this regard, which, if successfully concluded, may have a material effect on the company’s securities,” RBPlat said in a cautionary statement.
Copper and gold miner Dundee Precious Metals has increased its 2017 production and sales guidance on the back of two strong quarters at the Chelopech mine, in Bulgaria.
The mine, which produces a copper concentrate containing gold and silver and a pyrite concentrate containing gold, increased its half-year production by 18% to 99 845 oz of gold, from 84 910 oz in the corresponding period.
DUBLIN–(BUSINESS WIRE)–The “3D Printing Metals 2018-2028” report has been added to Research and Markets’ offering. After initial commercialization in the 1990s, 3D printing metals has witnessed a flurry of interest in recent years. Key players have been quick to capitalise on this demand, enjoying exponential revenue growth since 2013 as a result. The expiration of several key powder bed fusion patents in 2016 will almost certainly drive down printer prices, which, combined with market consol
BLOOMINGTON, Ind.–(BUSINESS WIRE)–Indiana Limestone Company Sponsors Canadian Stone Carving Festival
Cash-strapped diversified miner ASA Resource Group has suspended the trading of its ordinary shares on the Alternative Investment Market, with effect from 11:00 on Friday morning. The Africa-focused miner attributed its cash constraints to currency restrictions imposed by the Reserve Bank of Zimbabwe, which have worsened since the company announced in April that, following internal investigations, significant funds had been remitted from operating subsidiaries in Zimbabwe that were not properly accounted for.
Copper-gold miner Sandfire Resources on Friday reported strong fourth-quarter production results from its DeGrussa mine, in Western Australia.
The company told shareholders that some 17 092 t of copper and 9 721 oz of gold was produced during the three months to June, compared with the 16 256 t of copper and 8 988 oz of gold in the previous quarter.
The Competition Tribunal this week approved a consent agreement with Fermel for colluding and dividing up markets for branded gear pumps. The Competition Commission followed up a February complaint outlining that Fermel and another company had entered to an agreement to divide markets by allocating customers with regard to the supply of Cassapa branded gear pumps from 1993 to 2013.
Melbourne-based miner OceanaGold has reported a decline in gold and copper production for the June quarter, owing to lower production from the Didipio mine, in the Philippines, and teething problems at the new Haile mine, in the US.
Gold production during the second quarter declined to 124 396 oz, compared with 147 956 oz in the previous quarter, while copper production declined from 5 955 t to 4 322 t.
Australian explorer Novo Litio will take its dispute with the vendor of the mineral rights to the Sepeda lithium project to the courts in Portugal, after it failed to reach an agreement with Lusorecursos over the sale of the project.
The company, which on Friday resumed its trading on the ASX, maintains that it has a binding agreement to acquire 100% of the granted licence and exploration licence applications for the Sepeda project and that Lusorecursos is required to seek Ministerial consent for the grant and transfer of the licences.
Aim- and ESM-listed Conroy Gold and Natural Resources has announced an updated resource estimate for its Clontibret gold project, in Monaghan, Ireland, including a significant increase in grades and ounces in the indicated category.
The new resource estimate, which was prepared by Tetra Tech Canada, shows that Monaghan has a total indicated resource of 4.96-million tonnes at 2 g/t gold, comprising 320 000 oz of gold.
Aim-listed Weatherly International’s Tschudi mine, in Namibia, produced 14 759 t of copper cathode in the financial year ended June 30, in line with guidance, but 13% below its 17 000 t/y nameplate capacity. C1 cash costs of $5 288/t were also in line with guidance of $5 250/t to $5 350/t.
ST. LOUIS–(BUSINESS WIRE)–Foresight Energy LP (“Foresight”) (NYSE: FELP), a Delaware limited partnership, will report its second quarter 2017 earnings before the market opens on Friday, August 11, 2017. A conference call to discuss financial results will take place on the same day at 2:30 p.m. Eastern Daylight Time. Participating on the call will be Robert D. Moore, President and Chief Executive Officer and James T. Murphy, Chief Accounting Officer. Participants may access the call using the
Indian power companies are seeking billions of dollars of federal funding to retrofit coal-fired plants to cut emissions, saying hefty tariff increases would otherwise be needed to pay for the technology, according to internal documents.
Private companies such as Reliance Power Ltd, Adani Power Ltd and GMR and state-run NTPC Ltd, have also asked for an extension to a December deadline to meet the new pollution standards.
Nickel/copper sulphide explorer Amur Minerals believes it has expanded the mining potential of its Kun-Manie mine, in Russia’s Far East, with recent drilling at the Kubuk deposit having added as much as another three years to its production.
Drilling to identify indicated resources has extended the limits of the mineralisation by about 50% from that of the February 2017 resource model, which contains 14.5-million ore tonnes and a total of 112 000 nickel tonnes (at 77%) and 30 000 t of copper (at 0.20%).
The New South Wales Planning and Assessment Commission (PAC) has raised concerns around the proposed 6.5-million-tonne-a-year Bylong coal project being developed by Korea’s Kepco.
In its review of the proposed project, which will consist of two opencut mines with an expected mine life of around 25 years, the PAC raised concerns around the “uncertainty” and “incomplete” information on the risk and benefits of the project.
DUBLIN–(BUSINESS WIRE)–The “U.S. Aluminum Foundries (Except Die-Casting) Market – Analysis And Forecast to 2025” report has been added to Research and Markets’ offering. The report provides an in-depth analysis of the U.S. aluminum foundries (except die-casting) market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, incl
BMI Research has revised its 2017 thermal coal price forecast upwards from $70/t to $75/t in the wake of strong Chinese demand, following weather disruptions at hydropower stations. Towards the end of the year, however, it is expected that the prices will ease as better weather restores Chinese hydropower capacity and the global market is better supplied by increased output from major producers.
Oil giant Halliburton Co will pay $29.2-million to settle civil charges it violated federal anti-bribery rules related to books, record-keeping and internal accounting controls while doing business in Angola, US regulators said Thursday. The Securities and Exchange Commission said Halliburton’s former vice president, Jeannot Lorenz, separately agreed to pay a $75 000 penalty in connection with the alleged violations of the Foreign Corrupt Practices Act.
Growth potential for platinum is emerging in the rapid build-up off a low base of fuel cell electric vehicle sales. Mining Weekly editor Martin Creamer speaks to Creamer Media’s Sashnee Moodley about the developments.
Marketing is immensely important for the platinum sector, which is battling a pervasive weak price environment, with the metal trading at about $925/oz, compared with the all-time high of $2 270/oz in 2008, and an oversupplied market. Marketing of the metal’s various uses has only increased in significance in recent years, says Platinum Guild International (PGI) CEO Huw Daniel.
New gold mines are being opened and old ones revived as miners seek to capitalise on high prices.
Canadian miner First Quantum Minerals has reported a comparative loss of $18-million, or $0.03 a share for the three months ended June, despite an 8% year-on-year improvement of copper output.
This contrasted the Toronto-based company’s comparative earnings of $38-million, or $0.06 a share, for the same period in 2016. The net loss attributable to shareholders was $35-million, compared with net earnings of $125-million a year earlier.
Canadian gold producer Eldorado Gold has reported lower adjusted earnings for the second quarter than last year as lower gold sales from continuing operations weighed on the TSX- and NYSE-listed miner’s financial performance.
Excluding single items, net earnings for the three months ended June 30 was $6.3-million, or $0.01 a share, compared with an adjusted net earnings of $11.7-million, or $0.01 a share, in the second quarter of 2016.
Peruvian precious metals miner Buenaventura on Thursday reported a $5.7-million loss in the second quarter, compared to its $58.5-million net profit in the same period a year earlier.
Analysts had expected the company to post a $31.5-million net profit in the quarter, according to Thomson Reuters I/B/E/S.
Brazilian miner Vale on Thursday it would seek out fresh copper mining options and stop expanding nickel production capacity after second-quarter net income plunged on forex losses, rising costs and weaker iron ore prices.
Net income tumbled 99% to $16-million from $1.1-billion a year earlier, far below an average estimate of $421-million.
Barrick Gold, the world’s largest gold miner by production, has an “open mind” and is “very positive” about talks getting underway with Tanzania to resolve an export ban, President Kelvin Dushnisky told Reuters on Thursday.
Barrick subsidiary Acacia Mining has two mines affected by a ban that Tanzania introduced in March, accounting for some 6% of Barrick’s 2017 gold production forecast. Barrick maintained its forecast for output of 5.3-million to 5.6-million ounces of gold, but cautioned that could change.
Chile state copper commission Cochilco forecast on Thursday that 2017 copper production would be 5.6-million tonnes in the South American nation, a 0.8% rise from 2016.
The body also predicted 2017 average copper prices of $2.64/lb in 2017, slightly higher than its previous estimate of $2.60, due to greater-than-expected demand in key market China. The average price for the metal in 2018 will likely rise to $2.68, Cochilco said.
Canada’s largest diversified miner Teck Resources has reported a remarkable jump in headline earnings for the three months ended June, as the steelmaking coal division benefitted from higher prices and sales volumes.
Adjusted profit attributable to shareholders in period was an eye-popping C$577-million, or C$1.00 a share, compared with C$3-million, or C$0.01 a share, in the same period last year.
Base metals company Imperial Metals plans to restart the Mount Polley mine, in British Columbia, before month-end following fire evacuation orders being downgraded for the City of Williams Lake and surrounding areas.
The TSX-listed company said it will allow time for evacuated employees to return home and that crews will be recalled to work effective July 31, with the plan being to have the mine fully operational by August 2.
Rival bidders are about to become partners, with Swiss miner Glencore striking a deal with Yancoal to acquire a 49 per cent interest in the Hunter Valley Operations coal mine, north-west of Singleton.
Higher metals prices, higher sales volumes and lower operating costs have helped push Canadian diversified miner Lundin Mining back into the black, according to the company’s financial report for the three months ended June 30, published Wednesday. Net earnings from continuing operations for the quarter totalled $64-million, compared with a net loss of $16.5-million in the second quarter of the prior year. Net earnings for the period totalled $85-million, or $0.10 a share, compared with a net loss of $787.9-million, or $1.10 a share.
