Growth potential for platinum is emerging in the rapid build-up off a low base of fuel cell electric vehicle sales. Fuel cell vehicle sales are expected to grow by more than 200% this year, with Japan targeting 200 000 fuel cell electric vehicles on its roads in 2025 and 800 000 in 2030.
TSX-and Aim-listed Caledonia Mining will list on the NYSE on July 27. The listing on the NYSE is intended to provide the company with greater access to US institutional and retail investors, which, in turn, is hoped will result in better overall trading liquidity, a lower cost of capital and other benefits for Caledonia and its shareholders.
Minister of Mineral Resources Mosebenzi Zwane faces treason charges after the Organisation Undoing Tax Abuse (Outa) laid charges against him on Monday. Outa said Zwane would have to answer for actively aiding State capture and damaging South Africa’s economy. Apart from treason the charges laid against Zwane at the Randburg police station in Johannesburg included corruption, extortion, fraud and theft.
Aim-listed Vast Resources has entered into a conditional heads of terms relating to a proposed investment of up to $10-million in Vast by a corporate finance and investment firm in Romania. The proposed investment will be made in two stages, with $8-million to be paid at stage one and $2-million at stage two. Stage one is a direct subscription by the investor for new shares in Vast Resources Romania (VRR), which will hold all Vast’s Romanian assets.
Opec moved on Monday to cap Nigerian oil output and called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices. Opec has agreed with several non-Opec producers led by Russia to cut oil output by a combined 1.8-million barrels per day (bpd) from January 2017 until the end of March 2018.
Ukrainian iron-ore producer Ferrexpo is raising a four-year pre-export syndicated loan of up to $350-million, banking sources said on Monday. The deal is the first time the company has tapped the syndicated loan market since discharging financial restructuring advisers in April 2016.
Russian mining giant Alrosa boosted its diamond production by 14% year-on-year in the first six months of 2017, as higher diamond grades were achieved from several pipes.
The company produced 19.3-million carats of rough diamonds from the processing of 16.9-million tons of ore and sand.
NEW YORK–(BUSINESS WIRE)–Arconic Inc. (NYSE:ARNC) today reported results for the second quarter of 2017, for which the Company reported revenue of $3.3 billion, up 1% year over year, driven by higher volumes across all business segments as well as higher aluminum prices. Adjusting for Tennessee packaging, revenues were up 5% year over year. Net income attributable to Arconic in the second quarter of 2017 was $212 million, or $0.43 per share. The results include $47 million in special items, i
Development of a new 1.35-million-tonne-a-year coal mine in Botswana has stalled due to a dispute over compensation payable to farmers holding surface rights in the proposed mining area, the company developing the mine said on Monday. The open cast mine is meant to supply coal to a new 300 MW power plant set to be built by independent power producers as part of Botswana’s plans to be self-sufficient in power generation by 2020.
Rescuers have retrieved bodies of four mine workers trapped underground during a seismic accident at Tau Lekoa mine in Orkney, North West. The incident happened over the weekend.
The European Commission is concerned about new US sanctions on Russia that could impact Europe’s energy security and has activated “all diplomatic channels” to resolve the issue.
US Republicans and Democrats reached a deal on legislation to allow new sanctions against Russia, which has led to concerns in Europe of “unintended consequences”.
Aim-listed ASA Resources’ 73%-owned subsidiary SouthernEra Diamonds will sell its Klipspringer diamond mine, in South Africa, to mining exploration company Greenhurst Mining for R23-million. Klipspringer has been making a loss of at least R1-million a month.
The controversial proposed mineral rights moratorium may very well be beyond the scope of Mineral Resources Minister Mosebenzi Zwane. Zwane last week gazetted an invitation to comment on a proposal to restrict the grating of new mining and prospecting rights applications and to restrict the renewal and transfer of any existing prospecting and mining rights, stating that it was in the national interest and promoted the sustainable development of the nation’s mineral resources.
Stung by the lack of response to the auctioning of coking coal blocks exclusively for steel companies, India’s Steel Ministry is seeking to tweak the auction rules.
The Steel Ministry has started work in conjunction with its counterparts in Coal Ministry to ensure certain auction rules are made less stringent.
Project developer Anglesey Mining on Monday published the results of its scoping study for the Parys Mountain copper/zinc/lead project, in north Wales, which demonstrates a viable mine development.
The study, which Micon International and Fairport Engineering prepared, envisages a mining rate of 1 000 t/d, to produce an average of 14 000 t/y of zinc concentrate at 57% zinc, 7 200 t/y of lead concentrate at 52% lead and 4 000 t/y of copper concentrate at 25% copper, over an initial eight-year mine life.
JSE- and NYSE-listed precious metals miner Sibanye Resources has appointed Ken Kluksdahl COO for the US region. “We welcome Kluksdahl to Sibanye’s US region executive team and look forward to his contribution,” Sibanye executive VP: US region Chris Bateman said in a statement.
With the Tongon gold mine, in Côte d’Ivoire, operating to plan, West Africa-focused gold miner Randgold Resources has shifted its focus to the discovery of additional reserves and resources. Tongon continued to ramp up production, tracking the 2017 output target of 285 000 oz of gold, CEO Mark Bristow said in a statement on Monday.
Lithium developer Pilbara Minerals has awarded several key contracts as part of its expedited construction schedule at the Pilgangoora lithium project, in Western Australia.
The ASX-listed junior on Monday said that the final contract for the Stage 2 plant construction has now been awarded, and bulk civil earthworks at the site have already started.
Mineral sands miner Iluka Resources has reported an increase in both production and sale for the three months and six months to June, as the mineral sands market improved.
The ASX-listed Iluka on Monday reported that total zircon, rutile and synthetic rutile production for the three months to June was up to 334 400 t, compared with the 220 900 t delivered in the previous quarter, while ilmenite production was up from 123 400 t to 164 100 t in the same period.
An ash pond at the Hazelwood power station and coal mine is sprayed bright green to suppress dust.
They might seem like strange political bedfellows but both the Conservation Council and One Nation are calling for the WA Labor Government to legislate for — and extend — a ban on fracking.
Turkey-focused miner Alacer Gold has completed foreign currency forward sales contracts to limit exposure to volatility of the Turkish Lira (TRY), the company announced on Friday.
Alacer, which owns an 80%-stake and operates the country’s Çöpler mine, said the hedging programme covers about 40% of the remaining sulphide expansion project capital expenditures and consigned it able to potentially reduce the overall capital cost of the $744-million project.
Glencore has signed an agreement to invest up to 66-million reais ($21-million) into Brazilian copper producer Paranapanema, the Brazilian firm said in a securities filing.
Paranapanema said the cash injection will give Glencore the right to appoint one board member and that the agreement is conditioned on Paranapanema proceeding with a reorganisation plan that will include refinancing its debt with creditors.
Donald Trump’s allies in the oil industry are warning the president that his bid to boost US steelmakers could backfire against their efforts to achieve his goal of “American energy dominance.”
The intense lobbying effort comes as the Commerce Department faces a Sunday deadline to give the president a plan to require oil and gas pipelines use American-made steel, an idea Trump embraced in the initial days of his presidency. While the US has imposed “Buy American” rules on government purchases for decades, it would be unprecedented to force those obligations on privately funded, commercial projects.
TSX-V-listed Atlantic Gold has updated the compliant mineral resource estimates for its 100%-owned Fifteen Mile Stream and Cochrane Hill gold deposits, Nova Scotia.
The company has in June completed resource definition drilling programmes on 25 m x 20 m centres with the objective of upgrading resources to measured and indicated categories at both properties.
Uranium explorer NexGen Energy has successfully closed a $110-million financing with Hong Kong-based CEF Holdings (CEF) and affiliates of its shareholders, comprising $50-million of common shares and $60-million principal amount of unsecured convertible debentures.
Under terms of the financing, NexGen issued 24.15-million shares at C$2.70 each. (US$2.07 at an exchange rate of 1.3060) per Placement Share.
Canadian project developer Prophecy Development Corp has agreed to acquire rights to a fourth vanadium project – it’s second this month.
The Vancouver-based project developer has entered a binding letter agreement with Fairmont Resources to acquire the fully permitted Buttercup iron/titanium/vanadium project, in Quebec.
An estimated 5 000 workers at the giant Grasberg copper mine operated by Freeport-McMoRan’s Indonesian unit will extend their strike for a fourth month, a union official said on Friday, in an ongoing dispute over layoffs and employment terms.
The escalating labour issue comes as Freeport, the world’s largest publicly traded copper miner, is snarled in a lengthy and costly dispute with Indonesia’s government over rights to the Grasberg copper and gold mine.
Australian uranium player Paladin Energy is on the brink of receivership as its debts outweigh potential revenues.
The ASX-listed miner, which will be stripped of its TSX-listing on August 10 for failure to meet the exchange’s ongoing listing requirements, said on Friday that it has received an independent valuation for Langer Heinrich Mauritius Holdings of $583-million.
SPOKANE, Wash.–(BUSINESS WIRE)–Gold Reserve Inc. (TSX.V: GRZ) (OTC: GDRZF) (“Gold Reserve” or the “Company”) today announced that it has given notice to its noteholders that it will redeem in full on August 10, 2017 (the “Redemption Date”) all of its remaining 11% Senior Secured Convertible Notes due 2018 (the “Convertible Notes”) and 11% Senior Secured Interest Notes due 2018 (together with the Convertible Notes,” the “Notes”), for an amount of cash equal to 120% of the outstanding principal
As the Chinese aluminium sector comes under greater pressure to moderate its capacity growth, the government is cracking down on so-called ‘illegal’ smelters, analysis by Wood Mackenzie global aluminium markets senior research analyst Ami Shivkar has found. Shivkar argues that unqualified smelters in Shandong province are likely to be targeted next. Such a move will have knock-on effects, she says, including a tighter market balance and a probable uptick in prices. Aluminium prices are now trading at $1 920/t, up 20% compared with the average price of $1604/t in 2016.
Gold and nickel miner Regis Resources on Friday reported record fourth-quarter and full-year gold production as higher grade satellite mill feed continues to have a positive impact on production at its Duketon mine in Western Australia.
Regis increased its production from 79 223 oz in the March quarter to 90 428 oz in the June quarter. All-in sustaining costs (AISC) decreased from A$1 024/oz in the third quarter to $870/oz in the fourth quarter.
Philippine President Rodrigo Duterte said on Friday the government will draft a new law for the country’s mining industry, which he said pays too little in tax and not enough in compensation for any environmental damage.
The fate of more than half of 41 mines in the Philippines, the world’s top nickel ore supplier, has been uncertain since February when then Environment Secretary Regina Lopez ordered their closure for causing environmental damage and violating laws.
