Canadian uranium producer Cameco announced on Thursday that it has reached a settlement with the US Internal Revenue Service for the tax years 2009 to 2012, bolstering the company’s position that its transfer pricing arrangements are appropriate.
The settlement agreement results in a cash tax payment of about $122 000, which Cameco will book in the current quarter, compared with the originally proposed tax expense of $122-million.
It was supposed to mark a fresh start for the African business of the world’s biggest gold producer. In November 2014, African Barrick Gold would get a new name and new management to distance itself from a troublesome past and disputes with local politicians. Less than three years later, things are worse than ever.
LIMA, Peru–(BUSINESS WIRE)–Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE:BVN; Lima Stock Exchange:BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced results for the second quarter (2Q17) and six-month (6M17) period ended June 30, 2017. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$). Second Quarter 2017 Highlights: I
Investors are overlooking Zambia’s political risk and buying the nation’s assets as the price of copper, its biggest export, rises. The yield on Zambia’s $1-billion Eurobonds due April 2024 have fallen 135 basis points this year to 7.55% on Wednesday. The southern African nation’s currency has appreciated 12% against the dollar in 2017, making the kwacha the continent’s best performer after Mozambique’s metical. Copper prices are at their highest in more than two years. The metal used in plumbing and electrical wiring accounts for about 70% of Zambia’s export earnings.
The US House has approved a bill hardening sanctions against Russia, but European resistance to some of its toughest new measures means the impact on companies will be muted, according to Goldman Sachs Group and Deutsche Bank.
As it stands now, the most negative aspect of the bill for Russia, according to analysts, is that US President Donald Trump can no longer ease or revoke the sanctions unilaterally, a possibility that boosted appetite for Russian assets after his election last year.
ASX-listed Kula Gold’s major shareholder Pacific Road Capital has accepted a takeover offer from fellow-listed Geopacific Resources for its shareholding in Kula.
Geopacific is offering one of its own shares for every 1.1 Kula shares held, an increase on its previous offer from one Geopacific share for every 1.4723 Kula shares held.
ASX-listed GBM Gold has struck a deal to divest of its Kangaroo Flat gold processing plant in a deal valued at A$6.2-million.
The 600 000 t/y gold processing plant, which was constructed in 2006, has been purchased by Australian Mining Equipment Exporters, which will export the plant to a project in Guinea.
Emerging bauxite producer Australian Bauxite has secured a further 30 000 t offtake agreement at its Bauxite Hills project, in Tasmania.
The company on Thursday reported that the 30 000 t of cement-grade bauxite would be due for delivery before the end of September this year, with the ore to be shipped at the customer’s expense through the Bell Bay port of Launceston.
Diversified metals miner Metals X has hedged some 1 500 t/m of copper from its Nifty copper operations, in Western Australia, between October 2017 and July 2018.
The company said on Thursday that it has taken advantage of the recent increase in copper prices by structuring the hedge programme at no cost, by buying put options and selling call options for the production.
ASX-listed Aurora Funds Management has announced plans to make a takeover offer of 18c each for the shares in fellow-listed Molopo Energy.
Under the proposed bid, Molopo shareholders will be able to elect to receive the bid consideration in either cash, which will be capped at A$5-million in total, or in Aurora shares.
NEW YORK–(BUSINESS WIRE)–Real Industry schedules its fiscal 2017 second quarter financial results release and conference call.
MINNEAPOLIS–(BUSINESS WIRE)–Graco Inc. (NYSE: GGG), a leading manufacturer of fluid handling equipment, is pleased to announce the launch of its Electric Grease Jockey automatic lubrication system. The Electric Grease Jockey system stands up to the harsh conditions of the trucking and fleet industry. The system’s new lubrication pump features integrated controls that provide system health and status, low level alerts and motor burnout protection. The distribution meters were also overhauled,
GILLETTE, Wyo.–(BUSINESS WIRE)–Cloud Peak Energy Inc. (NYSE:CLD), one of the largest U.S. coal producers and the only pure-play Powder River Basin (“PRB”) coal company, today announced results for the second quarter and first six months of 2017. Highlights and Recent Developments Quarter Ended Year to Date (in millions, except per ton amounts) 06/30/17 06/30/16 06/30/17 06/30/16 Net income (loss) $ (6.9 ) $ 35.3 $ (27.1 ) $ (1.1 ) Adjusted EBITDA (1)
ASX-listed Marindi Metals and Rox Resources have buried the hatchet, with the two companies reaching an agreement over Rox’s sale of its interest in the Reward joint venture (JV).
Rox in August last year accepted Marindi’s A$21-million offer for its 49% share in the Reward project, subject to JV partner Teck Resources not exercising its option over the project. Teck can earn a 70% interest in the Reward project by spending A$15-million by 2018.
The underlying earnings of diversified mining company Anglo American have more than doubled in the six months to June 30, when the generation of cash in the half year was more than all of 2016. Earnings hit the $1.5-billion mark and cash flow soared to $2.7-billion.
LONDON–(BUSINESS WIRE)–#MetalsandMinerals–According to the latest study released by Technavio, the global ground calcium carbonate market is expected to grow at a CAGR of nearly 7% until 2021.
LONDON–(BUSINESS WIRE)–#MetalsandMinerals–Technavio analysts forecast the global precipitated calcium carbonate (PCC) market to grow at a CAGR of almost 6% during the period 2017-2021.
Reports emerged on Thursday that diversified miner Glencore has reached an agreement to purchase some of the Hunter Valley assets that ASX-listed Yancoal recently acquired from mining major Rio Tinto.
The reports, carried in several Australian news outlets, comes as Yancoal holding company Yanzhou Coal reported late on Wednesday that its board had approved a resolution to transfer a 16.6% interest in the Hunter Valley operations to a third party, and to establish a joint venture to operate and manage coal mining assets related to these Australian operations.
Copper and gold miner KAZ Minerals more than doubled its first half copper production to 118 000 t, paving the way for the the full-year guidance of 225 000 t to 260 000 t to be achieved.
Gold production rose from 45 000 oz in the first half of 2016 to 93 000 oz in the six months ended June 2017, the London-listed company reported on Thursday.
Stronger exchange rates on converting local currency costs to dollar, an increase in amortisation and a financial provision to potentially settle silicosis claims will result in an up to 50% year-on-year decrease in JSE- and NYSE-listed Gold Fields’s earnings per share (EPS) and headline earnings per share (HEPS) for the six months to June 30. The gold miner on Thursday warned that its EPS are expected to be between 43% and 57% lower than the $0.14 reported in the first half of 2016.
Physical gold demand globally rose to 1 895 t in the first half of 2017, up 17% from the same period last year, GFMS analysts at Thomson Reuters said. But the market saw a surplus of 138 t in the first six months compared with a balanced market in the same period last year, despite supplies shrinking more than five percent to 2,160 t. That was mainly due to physically-backed exchange traded funds, where demand fell to 145 t from 569 t.
Billy Mawasha has been appointed MD of South African mineral sands producer Richard Bay Minerals (RBM), in which Rio Tinto holds a 74% stake. He joins RBM from Kumba Iron Ore where he was executive head of operations and integration. Billy has extensive leadership experience across a number of African operations. “I’m honoured to be joining RBM, an outstanding brand with a reputation as a world leader in our industry. We are a company that is strongly focused on compassion and care for our people and the natural environments within which we operate. I’m looking forward to the opportunities and challenges ahead,” says Mawasha.
Steel producer ArcelorMittal South Africa (AMSA) will approach the National Energy Regulator of South Africa (Nersa) directly with a request for discounted electricity tariffs as part of a multi-pronged business sustainability action plan unveiled after the JSE-listed group slumped to a R1.6-billion headline loss in the six months to June 30. CEO Wim de Klerk expressed a degree of frustration on Thursday that, following more than a year of discussion with Eskom regarding a more favourable tariff dispensation, the State-owned power utility had only recently indicated that AMSA should, instead, “fight its own battle” before the regulator.
The response of South Africa’s ruling African National Congress (ANC) party at its recent policy conference, that further discussion is required on the controversial Mining Charter Three, to ensure that investment and employment levels are not negatively affected, has been described as “very constructive” by Anglo American CEO Mark Cutifani. Responding to journalists’ questions following Anglo’s posting of strong half-year earnings that hit the $1.5-billion mark and cash flow that soared to $2.7-billion, Cutifani said Anglo was supportive of the legal course of action being followed by the Chamber of Mines, with the ultimate objective being arriving at a solution that was practically implementable and that preserved and enhanced investment in what is a critically important South African industry.
Mining companies Gold Fields and Anglo American have set aside over $130-million between them for a possible settlement with miners who contracted lung diseases at work. A class action suit, mostly relating to the fatal lung disease silicosis, was filed on behalf of miners in 2012 and has further unnerved an industry that has been battling for years with rising costs and generally depressed prices.
The sale by Anglo American of its Eskom-tied coal mines to the black-owned Seriti start-up is edging forward positively, new Anglo American new financial director Stephen Pearce said on Thursday. Anglo has signed a binding sale and purchase agreement with Seriti in a transaction that has been more than two years in the making. The coal operations involved Anglo’s Eskom-tied New Vaal, New Denmark and Kriel mines, plus four closed collieries with reopening potential.
Anglo American’s diamond unit De Beers is open to buying new assets at the right price, its chief financial officer said on Thursday, after the unit reported a 3% increase in underlying earnings. The company as a whole announced the resumption of dividend payments and said it had cut debt and improved cash flow, meaning it could be positioned for growth.
Diversified mining and marketing company Glencore announced on Thursday that it had signed agreements with Yancoal Australia Limited (Yancoal) to acquire a 49% interest in the Hunter Valley Operations (HVO) coal mine in New South Wales and form a joint venture (JV) following Yancoal’s acquisition of Coal & Allied (C&A) from Rio Tinto. Glencore will pay $1 139-million cash plus a 27.9% share of $240-million non-contingent royalties over five years and 49% of price contingent royalties payable by Yancoal to Rio Tinto on production from HVO in respect of the C&A acquisition.
Billy Mawasha has been appointed MD of South African mineral sands producer Richard Bay Minerals (RBM), in which Rio Tinto holds a 74% stake. He joins RBM from Kumba Iron Ore where he was executive head of operations and integration. Billy has extensive leadership experience across a number of African operations. “I’m honoured to be joining RBM, an outstanding brand with a reputation as a world leader in our industry. We are a company that is strongly focused on compassion and care for our people and the natural environments within which we operate. I’m looking forward to the opportunities and challenges ahead,” says Mawasha.
India’s Coal Ministry has started the process of offering coal linkages to all independent power producers (IPPs) operating plants based on imported coal. Starting next month, the Ministry will auction coal linkages to imported coal-based IPPs that do not have power purchase agreements (PPAs) with power distribution companies in place yet.
A common misconception of mine closure is that it requires planning for an end-of-life event, when, in actual fact, it should be a life-long process that should be started as early as when the planning of a mine starts.
Having closed off a successful fourth quarter ended June 30, Aim-listed Goldplat expects its consolidated profit before tax to exceed market expectations for the financial year, the results of which will be announced in September. The Africa-focused gold producer, which has gold recovery operations in South Africa and Ghana, as well as a gold mine in Kenya, saw a 14% production increase for the year, from 37 666 gold equivalent ounces produced in 2016 to 42 857 gold equivalent ounces produced in 2017.
MAYFIELD HEIGHTS, Ohio–(BUSINESS WIRE)–Materion Corporation (NYSE:MTRN) today reported second quarter 2017 financial results. Second quarter 2017 earnings were $0.36 per share, diluted, compared to $0.27 per share in the second quarter of 2016. Second quarter 2017 adjusted earnings were $0.42 per share, diluted, up 35% from second quarter 2016 adjusted earnings of $0.31 per share. Net sales for the second quarter of 2017 were $295.8 million, compared to $249.8 million for the second quarter o
Throughout the first six months of this year, TSX-listed Katanga Mining has continued to advance its $437-million Whole Ore Leach (WOL) project, which is set for commissioning to start in the fourth quarter of this year. The company in September 2015 suspended the processing of copper and cobalt to allow for the construction of the WOL project.
CLEVELAND–(BUSINESS WIRE)–Cliffs Natural Resources Inc. (NYSE: CLF) today reported second-quarter results for the period ended June 30, 2017. The Company reported consolidated revenues of $569 million, an increase of 15 percent compared to the prior year’s second-quarter revenues of $496 million. Cost of goods sold increased by 5 percent to $424 million compared to $405 million reported in the second quarter of 2016. The Company recorded net income from continuing operations of $77 million in
