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Mining Industry News

Time to reignite Ring of Fire – by Erin O’Toole (Sudbury Star – February 25, 2017)

Posted February 25th 2017 at 2:18 pm

http://www.thesudburystar.com/ Erin Michael O’Toole is the MP for Durham and served as minister of Veterans Affairs. He is a retired Royal Canadian Air Force officer, lawyer and candidate for Leader of the Conservative Party of Canada. The Ring of Fire has been heralded as not only a world-class deposit of chromite but also the only […]

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Copper not expected to hit $3/lb until mid-year

Posted February 25th 2017 at 12:24 am

Bank of America Merrill Lynch (BofAML) does not expect the copper price to rally to $3/lb at least until mid-year, as a softer Chinese copper market and global policy uncertainty weighs. After rallying by 28% in the fourth quarter of 2016, copper prices have held up into the first quarter, rallying to a 52-week high of $2.79/lb on February 14.

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High noon approaches for Centerra, Kyrgyz disputes as cash reserves dwindle

Posted February 24th 2017 at 11:24 pm

Resolution of the drawn-out dispute between Canadian gold producer Centerra Gold, the Republic of Kyrgyzstan and Kyrgyz State miner Kyrgyzaltyn is potentially possible by mid-year, the multinational miner said late Thursday. Having filed with the Permanent Court of Arbitration early in January a request for partial award, or in the alternative, interim measures, against the Kyrgyz Republic, Centerra is seeking an award ordering that the Kyrgyz Republic withdraw or to suspend its claims relating to environmental, dividend and land use accusations, and related decisions and court orders.

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UPDATE 5-Vale intensifies CEO search as Ferreira to quit -sources – by Guillermo Parra-Bernal and Tatiana Bautzer (Reuters India – February 25, 2017)

Posted February 24th 2017 at 11:07 pm

http://in.reuters.com/ Feb 24 Vale SA has stepped up the search for a new chief executive officer as Murilo Ferreira announced his departure, signaling efforts by some top shareholders to shield the world’s No. 1 iron producer from political interference, three people with direct knowledge of the situation said on Friday. Earlier in the day, Rio […]

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Mick Davis’s X2 Said to Give Up London Office in Deal Drought – by Dinesh Nair, Firat Kayakiran and Jack Sidders (Bloomberg News – February 24, 2017)

Posted February 24th 2017 at 11:06 pm

https://www.bloomberg.com/ X2 Resources, the $5.6 billion private equity firm founded by former Xstrata Plc Chief Executive Officer Mick Davis, is giving up the lease on its London office and putting a hold on investments amid higher commodity prices, according to people familiar with the matter. The firm, which Davis founded in 2013 with former executives […]

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The future of forever: A report from De Beers’s new diamond mine (The Economist – February 25, 2017)

Posted February 24th 2017 at 11:03 pm

http://www.economist.com/ NORTHWEST TERRITORIES, CANADA – GAHCHO KUÉ is too far north for trees. In the few snowless months, its surroundings in Canada’s Northwest Territories resemble a sprawling archipelago, as much lake as land, dark ponds stretching flat to the horizon. Wolverines roam, as well as bears, foxes, hares and caribou, though the herds have dwindled. […]

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Mining exploration spending drops to 11-year low – by Frik Els (Mining.com – February 23, 2017)

Posted February 24th 2017 at 11:01 pm

http://www.mining.com/ A new report by SNL Metals and Mining on Corporate Exploration Strategies in 2016 shows an industry still caught in a deep downturn after four years of sharp declines. According to SNL, part of S&P Global Market Intelligence, 2016 exploration budgets at the 1,580 companies covered by the study totalled $6.9 billion, the lowest in […]

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Q&A-How Freeport’s row over its Indonesian mining contract has escalated – by Fergus Jensen (Reuters U.S. – February 24, 2017)

Posted February 24th 2017 at 11:00 pm

http://www.reuters.com/ Feb 24 U.S. mining giant Freeport-McMoRan Inc warned this week that it could take the Indonesian government to arbitration and seek damages over a contractual dispute that has halted operations at the world’s second-biggest copper mine. Marking a sharp escalation in the row, the government also said it would go to arbitration if no […]

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Vale, Glencore back in the black – by Staff (Sudbury Star – February 24, 2017)

Posted February 24th 2017 at 10:33 pm

http://www.thesudburystar.com/ Two of Sudbury’s most important employers reported healthy profits on Thursday. Brazilian miner Vale SA said it made a net profit of US $3.98 billion in 2016, while Glencore made US $1.99 billion. The results are a dramatic turnaround for both companies, which have struggled with low commodity prices and high debt in recent […]

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Vale CEO Ousted as Brazil Seeks New Blood Before Reorganization – by Sabrina Valle and Peter Millard (Bloomberg News – February 24, 2017)

Posted February 24th 2017 at 10:26 pm

https://www.bloomberg.com/ Brazil is moving to cast off the last shackles of government influence at iron-ore giant Vale SA — but not before replacing the CEO with someone more politically palatable. Murilo Ferreira’s six-year contract won’t be renewed when it expires in May, the Rio de Janeiro-based company said in a statement Friday. The announcement came […]

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Province provides $203,206 for Indigenous business initiatives

Posted February 24th 2017 at 10:00 pm

Animbiigoo Zaagi'igan Anishinaabek, Eabametoong First Nation, and Missanabie Cree First Nation are the recipient communities.

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In sweeping move, Trump puts regulation monitors in US agencies

Posted February 24th 2017 at 9:19 pm

President Donald Trump signed an executive order on Friday to place "regulatory reform" task forces and officers within federal agencies in what may be the most far reaching effort to pare back US red tape in recent decades. Trump signed the directive in the Oval Office with chief executives of major US corporations standing behind him including Dow Chemical, Lockheed Martin and US Steel.

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Vale intensifies CEO search as Ferreira to quit, sources say

Posted February 24th 2017 at 9:06 pm

Vale has stepped up the search for a new CEO as Murilo Ferreira announced his departure, signalling efforts by some top shareholders to shield the world's No 1 iron producer from political interference, three people with direct knowledge of the situation said on Friday. Earlier in the day, Rio de Janeiro-based Vale said Ferreira will step down as CEO when his term expires on May 26. In a securities filing, Vale did not name a potential replacement for Ferreira or detail how a transition will happen.

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Resolute finds a North Shore partner

Posted February 24th 2017 at 8:21 pm

Red Rock Indian Band signs commercial forestry agreement

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“Chinese money looking for a home”, Mining Analyst reveals soul on Mining Indaba and South Africa (InvestorIntel.com – February 22, 2017)

Posted February 24th 2017 at 6:08 pm

https://investorintel.com/ Last week I returned from the Mining Indaba in Cape Town. Tracy Weslosky has asked me whether I would write a piece, or “my take” on Indaba and I’ve managed to put it off hoping she would forget about it. However, Tracy, for those who have had the pleasure to work with her, does […]

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Ivan Glasenberg keen to tell the world he is back on top – by Neil Hume and David Sheppard (Financial Times – February 24, 2017)

Posted February 24th 2017 at 6:00 pm

https://www.ft.com/ The morning after announcing a return to profit that capped a dramatic turnround for Glencore, you could have forgiven Ivan Glasenberg, the mining and trading company’s billionaire chief executive, for enjoying a lie in. Not so. By 5.45am on Friday, the 60-year-old was in the lobby of his hotel in London’s Park Lane, limbering […]

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Mutual decision leaves Primero looking for new leadership

Posted February 24th 2017 at 5:19 pm

Precious metals producer Primero Mining announced late Thursday that the company and president and CEO Ernie Mast have reached a mutual decision that Mast will leave the company by no later than March 6. He will be replaced by former CEO Joseph Conway in the interim. Mast will help with the transition process and will leave no to pursue other opportunities.

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Change at the top for Primero Mining

Posted February 24th 2017 at 3:09 pm

Joseph Conway appointed interim president-CEO

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Endeavour lifts Karma mine’s reserves

Posted February 24th 2017 at 12:38 pm

An infill drill programme Endeavour Mining’s North Kao deposit, located at the Karma gold mine in Burkina Faso, has confirmed the continuity of the previous inferred resource, resulting in a maiden indicated resource of 314 000 oz amenable to heap leaching and a subsequent conversion of 262 000 oz to reserves. The programme was completed last year and comprised 68 core holes of 7 571 m and 488 reverse circulation holes of 39 554 m. The sections were spaced by 50 m, with 35 m between holes.

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Amplats gets leaner and meaner

Posted February 24th 2017 at 10:35 am

Anglo American Platinum (Amplats) this week consummated the last major transaction on its way to becoming a far smaller, but more profitable, company. Like other parts of the Anglo American […]

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