Mining Industry News
Posted October 2nd 2015 at 10:27 pmThe world’s largest gold producer by market capitalisation, Goldcorp, has reported a work stoppage led by a local labour union at its newest gold mine Cerro Negro, in Argentina. The TSX- and NYSE-listed miner advised that the work stoppage by miners represented by the Asociacion Obrera Minera Argentina, started on September 30, and that the company had now approached the Ministry of Labour for support at the federal level to request a conciliation period of fifteen working days, during which time the parties would expect to negotiate and work towards a resolution.
Posted October 2nd 2015 at 10:14 pmDespite navigating a challenging third quarter, base metals producer Taseko Mines has increased copper output from its Gibraltar copper/molybdenum mine by 16% year-on-year to 41-million pounds, with quarterly sales hitting the same volume. "During the quarter, planned maintenance was performed on both SAG [semi-autogenous grinding] mills, as well as other key circuits in the mill, resulting in daily mill throughput of 82 000 t. This was 3.6% below design capacity and below the 88 000 t/d achieved in the previous quarter. With the maintenance work now behind us, we expect to be back to the higher throughput levels in the fourth quarter,” president and CEO Russell Hallbauer commented.
Posted October 2nd 2015 at 9:40 pmAs a direct result of German automaker Volkswagen’s (VW’s) admission that it has violated US emission regulations, diesel propelled vehicles stood to lose market share, removing a source of demand growth and sending platinum prices falling. On 18 September the US Environmental Protection Agency (EPA) issued a ‘notice of violation’ to VW, after determining that the company had equipped vehicles with turbocharged direct injection (TDI) diesel engines with software programming that enabled their nitrogen oxides (NOx) emissions controls only during laboratory emissions testing.
Posted October 2nd 2015 at 9:02 pmhttp://www.nytimes.com/ LONDON — Shares of Glencore, the giant Swiss-based mining and trading company, may have recovered from a panic sell-off this week, but few analysts consider the company out of danger. Glencore still has a heavy debt load, and investors remained worried about global economic trends and some management missteps. And the slowing Chinese economy […]
COLUMN-Australia takes cautious, maybe premature, bullish iron ore view – by Clyde Russell (Reuters U.S. – October 1, 2015)
Posted October 2nd 2015 at 9:00 pmhttp://www.reuters.com/ Oct 1 (Reuters) – – It’s a brave analyst these days who would call a bottom in the iron ore price, which makes the call for better times by 2017 from the normally cautious Australian government forecaster all the more interesting. While any forecast for iron ore prices to rise is worth more than […]
‘Blood diamonds’ dug from African mines by children as young as 11, gold taken from 25m underwater by kids aged 9: The slave labour scandal behind the jewellery hanging around your neck – by Imogen Calderwood (Daily Mail – October 1, 2015)
Posted October 2nd 2015 at 8:59 pmhttp://www.dailymail.co.uk/ Children as young as 11 are working alongside adults in the ‘blood diamond’ trade in the Central African Republic The chain of supply crosses so many country borders that most people don’t know where their diamonds originated Thousands of children as young as nine work in ‘absolutely terrifying’ conditions in gold mines in the […]
Posted October 2nd 2015 at 8:59 pmCanada's Eldorado Gold can temporarily resume mining operations in northern Greece until a final court ruling is made, Greece's top administrative court said on Friday. Eldorado had appealed to Greece's top court to overturn a ban on its plans to develop a gold mine in a forested area of northern Greece, in a case widely seen as a test of the leftist government's approach to foreign investment.
Posted October 2nd 2015 at 8:51 pmDeep sea mining pioneer Nautilus Minerals is making light of an environmentalist attack on its flagship Solwara 1 copper/gold/zinc/silver project, in the Bismarck sea, earlier this week, characterising a critique released on Monday as being unscientific and full of errors and misunderstandings. As steel cutting for Nautilus’ production support vessel started in China last week, environmentalists on Monday ramped up the ideological battle against the sea floor mining project by publishing a critique entitled ‘Indefensible Flaws’, at the Asia Pacific Deep Sea Mining Summit, held in Singapore.
At Glencore, a Mining Emperor Tries to Save His Realm – by Scott Patterson and John W. Miller (Wall Street Journal – October 1, 2015)
Posted October 2nd 2015 at 4:28 pmhttp://www.wsj.com/ CEO Ivan Glasenberg struggles to reassure investors amid a rout in commodity prices LONDON—The morning he closed the biggest mining deal in history, Ivan Glasenbergpulled out a map dotted with mines around the world. The hard-charging chief executive of Glencore PLC was jubilant. It was May 3, 2013, and his trading company had just […]
Posted October 2nd 2015 at 4:27 pmhttp://www.motherjones.com/ After 29 men died in his company’s mine, Don Blankenship is fighting to stay out of prison. But he’s already won the battle to convert coal country to his brand of conservative politics. THE PEOPLE OF the Kentucky and West Virginia borderland, where Don Blankenship’s family has lived for generations, have always clustered, out […]
Chief Economist indicates the bottom of the mining bust – by Cole Latimer (Australian Mining – October 2, 2015)
Posted October 2nd 2015 at 3:20 pmhttp://www.australianmining.com.au/ A report from the Department of Industry Innovation and Science’s Office of the Chief Economist states the bottom of the mining bust is here. The report outlined an overall drop of around 12 per cent in Australia’s resources export earnings year on year, noting the commodity price decline playing a large part in the […]
Canadian firm fights gold mine ban by leftist Greek government – by Angeliki Koutantou (Reuters Canada – October 2, 2015)
Posted October 2nd 2015 at 3:19 pmhttp://ca.reuters.com/ ATHENS (Reuters) – A Canadian company appealed to Greece’s top court on Friday to overturn a ban on its plans to develop a gold mine in a forested area of northern Greece, in a case widely seen as a test of the leftist government’s approach to foreign investment. Vancouver-based Eldorado’s venture to extract gold […]
Iron Ore Seen Below $40 by Citi as Roy Hill `Whale’ Starts – by Jasmine Ng (Bloomberg News – September 28, 2015)
Posted October 2nd 2015 at 3:17 pmhttp://www.bloomberg.com/ New supply from Gina Rinehart’s Roy Hill iron ore mine will contribute to a slump below $40 a metric ton next year, according to Citigroup Inc., which said lower steel output in China would also hurt the commodity. The project in Australia’s ore-rich Pilbara is poised to start shipments in October, and its expansion […]
Philippine Activists Call for End to Foreign Mining – by Jason Strother (Voice of America – October 01, 2015)
Posted October 2nd 2015 at 3:16 pmhttp://www.voanews.com/ MARINDUQUE, PHILIPPINES—The Philippines has suffered numerous disasters from its mining industry over the decades, creating a legacy of health problems that continue to the present day. Now there is a proposal to reopen one foreign-owned mine with a checkered history, and the backlash from activists who are trying to stop it. When a typhoon […]
Posted October 2nd 2015 at 3:11 pmThe National Post is Canada’s second largest national paper. In a predictable display of stakeholder democracy and sustainable development, native leaders, environmentalists, governments and industry all participated in a historic breakthrough this week – an agreement to build a pipeline carrying tar sands oil from Alberta through the Rockies and the British Columbia interior to the Pacific […]
Posted October 2nd 2015 at 3:04 pmTrade unions, the National Union of Mineworkers (NUM), Solidarity and Uasa on Friday accepted the latest gold wage offer tabled by gold producers AngloGold Ashanti and Harmony Gold. However, the Association of Mineworkers and Construction Union (AMCU) had rejected the three-year agreement, effective July 2015 to June 2018, and been granted certificates of nonresolution by the Commission for Conciliation, Mediation and Arbitration over a dispute with AngloGold, Harmony and Sibanye.
Posted October 2nd 2015 at 2:00 pmIn the boom times when the price of gold was soaring, Ebenezer Sam-Onuawonto had a dream job and a dollar salary many times the national average in this mining town in southwestern Ghana. When the price fell, he lost his job as human resources chief at a mining company that closed its local operations and could only find work in a construction firm in another city, far from the house he built in Tarkwa for his wife and six children.
Posted October 2nd 2015 at 12:12 pmIt all boils down to two things: Ensure your company stays relevant and don't put all your money back into the business
Posted October 2nd 2015 at 12:12 pmCanada is positioned well and leading in many areas, but it needs a more active government – especially at the startup level – if it’s going to compete and lead globally.
Posted October 2nd 2015 at 11:43 amAnglo American has closed its office in Mozambique, 18 months after calling off the R5.2bn purchase of a majority stake in a coal asset in the country, as the company seeks […]