Mining Industry News
Posted July 22nd 2016 at 6:01 pmhttp://fortune.com/ The commodities behemoth faced a crisis last year as prices of metals, grains, and petroleum products—as well as the company’s stock price—plummeted. A rare inside look at how the secretive Swiss giant survived and how it plans to thrive again in a post-boom world. Shimmering below our eight-seater plane in the dazzling African light […]
Posted July 22nd 2016 at 4:00 pmSilicon Valley is the capital of venture capital and the acknowledged headquarters of disruptive ideas, fierce determination and hard work.
Posted July 22nd 2016 at 3:21 pmKomatsu Ltd. of Tokyo has signed a definitive agreement with Joy Global Inc. of Milwaukee, WI, under which its subsidiary Komatsu America will acquire 100% of Joy Global. Today, Komatsu’s annual revenue of US$4.29 billion from mining equipment business is generated…
Posted July 22nd 2016 at 12:53 pmFollowing a strong second-quarter performance, LSE-listed Acacia Mining expects its production for the full-year to reach or exceed guidance of 750 000 oz to 780 000 oz. It also expects its full-year all-in sustaining costs (AISC) to come in at the lower end of guidance of $950/oz to $980/oz.
Posted July 22nd 2016 at 9:12 amWorkers at TSX-listed Dynasty Metals & Mining subsidiary Elipe’s Zaruma mine will return to work and continue mining activities, following an agreement reached this week. In April, an unexpected walkout by workers at the gold mine in Ecuador resulted in the temporary suspension of all activities at the mine.
Posted July 22nd 2016 at 9:00 amA Waterloo, Ont., technology company, Ignis Innovations, has inked a deal with LG Display to allow the Korean screen manufacturer to license its organic light-emitting diode (OLED) screen technology.
Posted July 22nd 2016 at 8:35 amHalf-year sales from dual-listed royalty company Anglo Pacific Group’s private royalty lands are expected to be in the range of 35% to 40%, the group announced earlier this week, after receiving notification from British-Australian multinational Rio Tinto of the invoiced payable tons for the second quarter. This represents a significant increase on the previously guided range of 20% to 25%, noted Anglo Pacific on Wednesday, adding that, while the group's guidance for 2016 remains unchanged at 60% to 65%, the latest information suggested that this could be at the upper end of this range.
Posted July 22nd 2016 at 8:24 amA higher gold price and weaker currencies have contributed to AngloGold Ashanti swinging back into profit for the six months ended June 30. The gold miner, led by CEO Srinivasan Venkatakrishnan, expects to report headline earnings of between $87-million and $99-million and headline earnings a share of between 22c and 24c for the six months, compared with a headline loss of $128-million and a headline loss a share of 31c in the six months to June 30, 2015. Basic earnings for the six months under review are expected to be between $45-million and $59-million, compared with a loss of $143-million in the prior comparable period.
Posted July 22nd 2016 at 7:16 amNewmont Mining Corp, the world's second biggest gold miner by market value, hinted on Thursday that it will boost its quarterly dividend later this year, reflecting a 25% jump in bullion prices so far this year. Newmont, which posted market-beating quarterly profits on Wednesday reflecting price, production and cost gains, will review its gold price-linked dividend at an October board meeting.
Posted July 22nd 2016 at 6:07 amThe World Gold Council (WGC) believes that an “entirely new class of gold investor” could emerge because of the significant global increase in the interest in gold stocks, following the Brexit vote – the British exit from the European Union (EU). “As a high-quality, liquid asset, we believe gold will provide investors with a hedge against market uncertainty, as well as economic, political and intervention risk,” states the WGC, adding, however, that there are no precedents for an economic scenario such as Brexit.
Posted July 21st 2016 at 10:46 pmhttp://www.reuters.com/ LONDON – Zinc is this year’s investment pick of the base metals traded on the London Metal Exchange (LME). The price of LME zinc for three-months delivery has risen by 42 percent since the start of January to a current $2,235 per tonne. It is by a wide margin the strongest year-to-date performance among […]
First Nations contractor digs into gold project – by Ian Ross (Northern Ontario Business – July 21, 2016)
Posted July 21st 2016 at 8:44 pmhttp://www.northernontariobusiness.com/ A First Nation-owned construction company is cutting its teeth on a new gold mine project under development in northwestern Ontario. Onikaajigan Construction Limited Partnership is running a 600-man camp for the construction workforce that’s building New Gold’s Rainy River open-pit gold mine, 65 kilometres northwest of Fort Frances. It’s a temporary work camp at […]
Posted July 21st 2016 at 8:34 pmBRITISH COLUMBIA – Pretium Resources of Vancouver must be pleased with the infill drill program at its Valley of the Kings deposit. The results have allowed the company to increase its reserve estimate as it prepares the underground gold mine…
Posted July 21st 2016 at 8:32 pmBRITISH COLUMBIA – Junior Ascot Resources of Surrey, BC, is drilling bonanza grades – 88.4 g/t Au and 9,640.0 g/t Ag over 1.55 metres – at its Premier advanced exploration project near Stewart. The assays came from hole P16-1016 in…
Posted July 21st 2016 at 8:31 pmONTARIO – Monarques Gold Corp. of Quebec City has received approximately $685,000 from the Quebec ministry of energy and natural resources (MERN) with which it will begin engineering design for a 25 kW power transmission line at its Croinor gold…
Posted July 21st 2016 at 8:29 pmToronto-based Excellon Resources has named Denis Flood to the post of VP technical services. His previous undertaking was to improve mine design and process efficiency at the Resolution copper mine. He has also done similar work at the Musselwhite, Kidd,…
Posted July 21st 2016 at 8:25 pmVANCOUVER — Ascot Resources (TSXV: AOT) is reconsidering plans on how to best advance its flagship Premier gold-silver project, 20 km northeast of Stewart, BC, now that mining and exploration financier Eric Sprott wants to inject $20 million into the company. The placement,…
Gold miner Newmont cuts cost forecast, beats market – by Nicole Mordant (Reuters U.S. – July 20, 2016)
Posted July 21st 2016 at 5:43 pmhttp://www.reuters.com/ Newmont Mining’s (NEM.N) adjusted net income in the second quarter blew past market expectations on Wednesday and the world’s second biggest gold miner by value also cut its gold cost forecast, sending its shares higher after hours. Greenwood Village, Colorado-based Newmont kicked off the reporting season for large North American gold miners, which are […]
Miners juggle debts rather than sell assets cheap – by Marcus Leroux (The Australian – July 21, 2016)
Posted July 21st 2016 at 5:42 pmhttp://www.theaustralian.com.au/ The Times – Three years ago, Ivan Glasenberg issued a characteristically blunt assessment of where the mining industry had gone wrong. “The big guys really screwed up,” the Glencore boss told an industry conference. “We’ve always been wanting to keep building and keep putting the cash which we generate into new assets.” In the […]
Platinum Prices Might Explode If Unions And Miners Can’t Agree – by Dave Forest (Oil Price.com – July 21, 2016)
Posted July 21st 2016 at 5:41 pmhttp://oilprice.com/ It’s crunch time for global platinum. With events kicking off this week that could radically change the outlook for supply — and prices — over the coming weeks and months. That critical happening is wage negotiations between South Africa’s mineworkers and the world’s biggest platinum producing companies. Which got underway Tuesday — with some […]