Mining Industry News
Posted September 4th 2015 at 11:22 pmhttp://allafrica.com/ One of the most prominent Australian miners in Africa said this week global equity markets should not under-estimate the economic powerhouse that mining can deliver to the continent. Addressing the Paydirt 2015 Africa Down Under Conference in Perth, Australia, Resolute Mining CEO, John Welborn, told delegates that the business juggernaut that is now China, […]
Posted September 4th 2015 at 11:12 pmhttp://www.reuters.com/ SAO PAULO – China’s stock market crash and currency devaluation have not dampened the optimism of mining giant Vale’s chief executive, who said he is most upbeat on the iron ore market in two years, according to a newspaper interview published Friday. China’s stock markets have little relation to its real economy and a […]
Rio Tinto shows Glencore’s Ivan Glasenberg who knows China best – by James Thomson (Australian Financial Review – September 4, 2015)
Posted September 4th 2015 at 11:10 pmhttp://www.afr.com/ Finally, a little relief for Glencore chief Ivan Glasenberg, who watched the miner’s stock climb 6.6 per cent on Thursday night after two horror days of trading that saw it fall 6.7 per cent and then 8.4 per cent. Glencore stock has hit record low after record low since Glasenberg delivered the company’s results […]
Zambia’s Copper Mining Boom Is Under Pressure – by Nicholas Bariyo (Wall Street Journal – September 4, 2015)
Posted September 4th 2015 at 11:08 pmhttp://www.wsj.com/ Weaker Chinese demand and power supply problems darken the outlook For much of the past decade, Zambia’s vast copper mines have posted bumper profits, spurred by a steady electricity supply and surging Chinese demand. Now both those growth engines are sputtering, plunging Zambia’s once-golden copper sector into its most challenging business environment for a […]
Greenpeace India Says It Will Continue Environmental Campaign – by Nida Najar (New York Times – September 4, 2015)
Posted September 4th 2015 at 11:05 pmhttp://www.nytimes.com/ NEW DELHI — Greenpeace India said on Friday that it would continue campaigning for clean air and against coal mining in protected forests in the country despite the government’s revoking its permission to receive foreign donations. In an order canceling the group’s registration under the Foreign Contribution Regulation Act, the Ministry of Home Affairs […]
Canadian miner Nevsun defends operations in Eritrea as locals flee to Europe – by Ian Bickis (Canadian Press/Canadian Business Magazine – September 4, 2015)
Posted September 4th 2015 at 11:04 pmhttp://www.canadianbusiness.com/business-news/ CALGARY – Canadian mining company Nevsun Resources is defending its operations in Eritrea following a damning report by the United Nations that accused the miner of using forced labour in the North African country. Nevsun released an updated independent human rights report this week that found no evidence of forced labour or human rights […]
Posted September 4th 2015 at 8:11 pmCurrent pressures on the mining sector is driving increased interest in the cost savings and power security advantages that renewables could provide mining operations. To this end, a record number of mining leaders would meet with renewable energy and finance experts to network and share knowledge at the third yearly Energy and Mines Toronto Summit, to be held on October 22 and 23.
Posted September 4th 2015 at 8:00 pmThe CME Group has taken another step towards challenging the London Metal Exchange's dominance of base metals trading outside China with a new European aluminium premium contract due to launch later this month. The new 25 t contract will trade on the global CME Globex platform from September 21 and will be cash settled against Metal Bulletin's assessment of aluminium spot price transactions in Europe, it said in a statement.
Posted September 4th 2015 at 7:50 pmJunior explorer Secova Metals expected to complete work on compiling historic data at the early stage Duvay project, in Quebec, within about three weeks, enabling it to build a model that would inform a planned $500 000 drilling campaign in the fall. Secova chairperson and CEO Brad Kitchen told Mining Weekly Online from Vancouver that despite the “very tough” finance market condition, it was a company’s progress shown at its properties that piqued investor interest.
Posted September 4th 2015 at 2:49 pmThe Sudbury Star is the City of Greater Sudbury’s daily newspaper. Bring on the monsoon. It may seem like a strange wish to make from a part of the world that is more likely to get a freak autumn snowfall than a drenching from rain-laden ocean winds, but it could help a domestic mining industry that has […]
Posted September 4th 2015 at 2:48 pmhttp://www.mineweb.com/ There is a big gap between the company’s assumptions and reality. HALIFAX – First let me say Canadian-junior Fission Uranium has its hands on a delightful discovery with the Triple R deposit. It’s already pretty big, high grade, and set to grow. It and predecessor companies made the find a few years back in […]
Posted September 4th 2015 at 2:46 pmThe Sudbury Star is the City of Greater Sudbury’s daily newspaper. The Metis Nation of Ontario and KGHM International Ltd. announced Thursday a deal covering development of the Victoria Mine project in Sudbury. The memorandum of understanding will guide their working relationship as the mine is being prepared for a 2017 opening. “This agreement is very important […]
Rio Tinto Expects Solid Demand for Iron Ore – by Rhiannon Hoyle (Wall Street Journal – September 3, 2015)
Posted September 4th 2015 at 2:39 pmhttp://www.wsj.com/ Mining company stays confident in China’s steel market, despite country’s slowdown SYDNEY— Rio Tinto PLC told investors it expects world-wide demand for iron ore to keep growing despite China’s economic slowdown, as the company projected a rising appetite for steel in coming years. On Thursday, Rio Tinto forecast 2.5% average annual growth in global […]
Posted September 4th 2015 at 2:28 pmPalladium's price drop to five-year lows has tarnished its reputation as the beacon of the precious metals sector, underscoring easy availability of metal to the market even after years of deficit. Above-ground stocks of palladium, chiefly used in emissions-curbing autocatalysts, are known to be plentiful and could return to the market quickly if disillusionment with price performance prompts investor liquidation.
Posted September 4th 2015 at 2:26 pmAim-listed gold producer Goldplat on Friday said the “significant progress” made on its capital projects had improved the production and efficiency of South Africa-based subsidiary Goldplat Recovery. The company had installed and was currently commissioning a new electric boiler, which was expected to have a significant impact on the treatment of backlog material and capture more of the gold recovery value chain in-house.
Posted September 4th 2015 at 2:26 pmA plan by the South African government and mining companies to stem the wave of job losses sparked by falling metal prices and rising costs is seen as likely to do little to stem layoffs as it does not include a total freeze on job losses. The ten-point jobs pact urges firms to extend consultations with workers before laying them off and set up a fund to assist laid-off miners but does not expressly prohibit firms from firing workers, and is widely seen as politically motivated.
Posted September 4th 2015 at 2:25 pmCoal producer Keaton Energy has inked a deal that will see Rutendo Mining exchanging its 26% shareholding in subsidiary Keaton Mining for 21.83% of the issued shares in Keaton Energy, the group said on Friday. Rutendo would subscribe for 63.7-million fully paid Keaton Energy shares at R2.36 a share, equaling R150.6-million, while a cash payment of R6-million, payable in six equal interest-free monthly instalments, would be made to Rutendo Mining.
Posted September 4th 2015 at 1:47 pmWhat's Glencore worth? Getting a straight answer to this question depends as much on risk appetite as it does a shrewd analysis of the bombed-out commodities sector. There are plenty of obvious risks ahead for Glencore shareholders: the miner and commodities trader is exposed to a brutal sell-off in raw materials, an emerging-markets slowdown and a poor credit outlook - courtesy of a Standard & Poor's outlook cut - that may threaten its dividend policy.
Posted September 4th 2015 at 1:21 pmSouth Africa’s Eskom is seeking 2 billion rand ($147 million)from Glencore and wants the commodity producer’s local unit to resume coal supplies to its power stations immediately, the utility’s acting […]
Posted September 4th 2015 at 9:00 amIn a few weeks, I'm heading to Brazil to speak to a large group of manufacturers on the perpetually-topical subject of innovation in a time of crisis.