Mining Industry News
Posted August 22nd 2017 at 4:16 pmStakeholders ready to reap the benefits of Far North development
Posted August 22nd 2017 at 12:39 pmSouth Africa’s Harmony Gold has announced an 18% decrease in its net debt of R1 billion to R887 million, and a 35% increase in headline earnings for the year ended […]
Posted August 22nd 2017 at 10:53 amDiversified mineral development company Bushveld Minerals’ Bushveld Vametco subsidiary has agreed with Wogen Resources to retire the $3-million prepayment facility entered into, in March, to help fund the acquisition of a 78.8% interest in Strategic Minerals Corporation (SMC) from Evraz Group. SMC is the holding company of the Vametco Alloys operation, near Brits, which has the capacity to produce about 3 000 t of vanadium in the form of Nitrovan – a vanadium product used in the steel industry – and modified vanadium oxide.
Posted August 22nd 2017 at 10:27 amIncreased shipments, higher average received prices and lower unit costs have contributed to a turnaround in mineral sands miner Kenmare Resources’ earnings before interest, taxes, depreciation and amortisation (Ebitda) in the six months to June 30. The miner, which operates the Moma mine, in Mozambique, on Tuesday posted Ebitda of $29.8-million for the six months under review, compared with a $10.7-million loss before interest, taxes, depreciation and amortisation in the first six months of 2016.
Posted August 22nd 2017 at 10:12 amMozambique's government plans to set up a sovereign investment fund where taxes paid on sales of the country's minerals will be used to finance development projects, State-run AIM news agency said on Monday quoting the finance minister. Minister of Economy and Finance Adriano Maleiane said the new fund would have capital gains taxes paid on the sales of shares in the country's mineral resources as the main source of funding.
Posted August 22nd 2017 at 10:07 amThe removal of the lossmaking ounces will result in a vibrant and sustaining future for the remaining mines in the South African region of AngloGold Ashanti, into which capital expenditure (capex) of $200-million is currently being injected. In outlining this to Creamer Media’s Mining Weekly Online at a media round table, AngloGold CEO Srinivasan Venkatakrishnan said that by eliminating losses at the old Kopanang, TauTona and Savuka mines, the company was securing a vibrant future of the remaining Mponeng, Moab Khotsong and Mine Waste Solutions operations.
Posted August 22nd 2017 at 9:16 amNet profit at Polish coal mines stood at 1.45-billion zlotys ($400.06-million) in the first half of the year compared to a 800-million zlotys loss a year earlier amid higher coal prices and restructuring, data from a state agency showed on Tuesday. Data by the Industrial Development Agency (ARP), quoted by state-run news wire PAP, said the average price, including thermal and coking coal, rose by 38% year-on-year in the first half of the year to 317.09 zlotys per tonne.
Posted August 22nd 2017 at 9:03 amThe Jan Karski coking coal project has cleared another hurdle with the Polish Agriculture Ministry approving the rezoning of 56 ha of agricultural land for industrial use, which will allow for the construction of a mine. The approved spatial development plan is considered a “significant” milestone towards ASX- and Aim-listed Prairie Mining obtaining a mining concession for Jan Karski, and follows the recent approval of the project’s deposit development plan (DDP).
Posted August 22nd 2017 at 8:33 amAim- and AltX-listed Kibo Mining will, in the coming weeks, hold formal negotiations with infrastructure investors that have expressed an interest in making an equity investment in the Mbeya coal-to-power project (MCPP), in Tanzania. Kibo, which is headed up by CEO Louis Coetzee, expects to work towards the finalisation of a comprehensive funding arrangement for the MCPP in the weeks ahead.
Posted August 22nd 2017 at 8:14 amJSE-listed Impala Platinum (Implats) expects to swing to a headline loss a share of between 125c and 150c for the financial year ended June 30, compared with the headline earnings per share (HEPS) of 12c reported in the 2016 financial year. The company attributed the decline in HEPS to the posting of a gross loss and the fact that its income tax credit was negatively impacted on by higher profits for its Zimplats subsidiary, in Zimbabwe, and a nonrecurring tax credit on a bad debt in the prior year.
Posted August 22nd 2017 at 12:29 amRing of Fire road agreement jumpstarts Noront Resources’ development plans
Tanzania’s 55% share of mine revenue ‘pretty generous’ – AngloGold – by Martin Creamer (Mining Weekly.com – August 21, 2017)
Posted August 21st 2017 at 10:54 pmhttp://www.miningweekly.com/ JOHANNESBURG (miningweekly.com) – The share of revenues that the government of Tanzania has received from the Geita gold mine is “pretty generous” when compared with what shareholders have received, AngloGold Ashanti CEO Srinivasan Venkatakrishnan said on Monday when the company reported an adjusted headline loss of $93-million, which includes retrenchment provision of $47-million and […]
AUDIO: Ontario pledges ‘support’ for year-round road access to 3 remote First Nations (CBC News Thunder Bay – August 21, 2017)
Posted August 21st 2017 at 10:44 pmhttp://www.cbc.ca/news/canada/thunder-bay/ Province says it’s working with Webequie, Nibinamik and Marten Falls on year-round road projects The provincial government says it’s working with three remote northwestern Ontario First Nations to develop year-round road access that will link the communities to Ontario’s highway system. The partnership between the province, Webequie, Nibinamik and Marten Falls will also facilitate […]
Posted August 21st 2017 at 10:42 pmhttp://business.financialpost.com/ Climate derangement has claimed another celebrity astrophysicist. Last month, Stephen Hawking, author of A Brief History of Time, declared that Donald Trump’s withdrawal from the Paris agreement meant that earth could become like Venus, where it rains sulphuric acid and temperatures reach 250 C. Now Neil DeGrasse Tyson, “science communicator” and host of the […]
Freeport Indonesia copper mine access to resume after clashes – by Sam Wanda (Reuters U.S. – August 20, 2017)
Posted August 21st 2017 at 10:38 pmhttps://www.reuters.com/ TIMIKA, Indonesia (Reuters) – Limited access to the giant Grasberg copper mine in eastern Indonesia is expected to resume on Monday, its operator said, after hundreds of former workers blockaded the site and clashed with police. Trouble erupted at the mine, which is operated by the Indonesian unit of Freeport McMoRan Inc, during a […]
FMG profits surge, Andrew Forrest books $445m in dividends as iron ore bounces back – by Graeme Powell (Australian Broadcasting Corportation – August 20, 2017)
Posted August 21st 2017 at 10:37 pmhttp://www.abc.net.au/ Mining entrepreneur Andrew ‘Twiggy’ Forrest has pocketed a $445 million dividend cheque after his company Fortescue Metals Group posted a more than 100 per cent net profit jump on the back of stronger than expected iron ore prices. Australia’s third-largest iron ore producer released its full year figures to the market this morning and […]
Electrifying everything: After electric cars, what more will it take for batteries to change the face of energy? (The Economist – August 12, 2017)
Posted August 21st 2017 at 10:36 pmhttps://www.economist.com/ No need for subsidies. Higher volumes and better chemistry are causing costs to plummet ABOUT three-quarters of the way along one of the snaking production lines in Nissan’s Sunderland plant, a worker bolts fuel tanks into the chassis of countless Qashqais—the “urban crossover” SUVs which are the bulk of the factory’s output. But every […]
Posted August 21st 2017 at 10:34 pmhttps://www.economist.com/ “HUMAN inventiveness…has still not found a mechanical process to replace horses as the propulsion for vehicles,” lamented Le Petit Journal, a French newspaper, in December 1893. Its answer was to organise the Paris-Rouen race for horseless carriages, held the following July. The 102 entrants included vehicles powered by steam, petrol, electricity, compressed air and […]
Posted August 21st 2017 at 9:51 pmhttps://www.reuters.com/ LONDON (Reuters) – Zinc on Monday morning hit a fresh decade high of $3,180.50 per tonne on the London Metal Exchange (LME). Zinc bulls have been waiting a long, long time for this moment. A slow-fuse narrative of a looming supply crunch has been simmering for years but has finally burst into explosive price […]
Posted August 21st 2017 at 9:13 pmhttp://www.mining.com/ Often silver is outshone by gold, with most market participants paying attention to the yellow metal. At the same time, silver has many characteristics that makes the precious metal an attractive commodity and irreplaceable component in many applications – particularly for industry-related companies and their investors. Silver boasts a multitude of properties that make […]