Mining Weekly
Strike impacts Freeport's Grasberg mine, workers 'resigned'
Thu, 25 May 2017 19:25:00 +0200
Freeport McMoRan said on Thursday that mining and milling rates at its Grasberg copper mine, in Papua, Indonesia, have been affected as some 9 000 workers stage an extended strike, and a "large number" of approximately 4 000 absentee workers were deemed to have resigned. Escalating tensions with workers is a further disruption for Freeport, entangled in an ongoing dispute with Indonesia over rights to the giant mine, which has cost both sides hundreds of millions of dollars.
Up to 6% of Barrick’s 2017 output impacted by Tanzania ore export ban
Fri, 26 May 2017 04:02:00 +0200
The world’s largest gold producer by volume, Canada’s Barrick Gold, on Thursday revealed that up to 6% of its attributable output could be affected by the ongoing ban on mineral concentrate exports affecting the operations of its 63.9% subsidiary Acacia Mining, in Tanzania. Acacia’s Bulyanhulu and Buzwagi operations are affected by the Tanzanian concentrate export ban.
Forevermark celebrates diamond inscription milestone
Thu, 25 May 2017 15:41:00 +0200
The De Beers’ Forevermark diamond brand has inscribed its two-millionth diamond – a 3.48 ct round brilliant, bearing ‘2,000,000’. The diamond was mined, cut and polished in Namibia and inscribed at the Forevermark Diamond Institute in Surat, India. It will be set in a piece of jewellery at the Forevermark Design and Innovation Centre in Milan, Italy.
OceanaGold enters option accord for Mirasol's La Curva project, Argentina
Thu, 25 May 2017 22:55:00 +0200
Midtier miner OceanaGold has signed an option agreement with prospect generator Mirasol Resources, under which it to acquire up to 75% of the project in five stages. The definitive agreement requires multinational OceanaGold, with operations in New Zealand, Australia and the US, to make a first-year commitment of $1.25-million in exploration expenditures, complete 3 000 m of drilling, and make a $100 000 option payment to Mirasol on inking the accord.
Savannah aims to tap into European lithium market with 'strategic' Portugal acquisition
Thu, 25 May 2017 10:44:00 +0200
Multicommodity company Savannah Resources has announced an agreement to buy a series of highly prospective lithium prospects in Portugal, including an advanced project,as the company seeks to tap into the world’s second-largest lithium market after China. As part of the transaction to buy a 75% interest in four projects in the north of the country, Savannah will acquire the Mina do Barroso prospect, which the company sees as one of the most advanced lithium development projects in Europe.
LBMA launches code of conduct for precious metals markets
Thu, 25 May 2017 10:04:00 +0200
The London Bullion Market Association (LBMA) is launching a code of conduct aimed at boosting confidence in the $5-trillion a year London gold market, it said on Thursday, following years of heightened regulatory scrutiny of the city's financial sector. The guidelines set out best practice in ethics, governance, compliance and risk management, information sharing and business conduct, the bullion market's trade association said in a statement.
Arconic shareholders elect three Elliott nominees to board
Fri, 26 May 2017 04:10:00 +0200
Specialty metals producer Arconic Inc said its shareholders had elected three of Elliott Management Corp's nominees to its board of directors, based on a preliminary vote count following the company's annual meeting on Thursday. Elliott, a New York hedge fund run by billionaire Paul Singer, struck a deal with Arconic on Monday, ending a prolonged battle for control of the company's board.
Peru allows Bear Creek to recover Corani tax
Fri, 26 May 2017 03:31:00 +0200
TSX-V-listed project developer Bear Creek Mining has signed an agreement with the Peru Ministry of Energy and Mines (MEM) and ProInversion (an agent for the Peru government) that allows the company to recover, at its option and on an accelerated basis, the 18% taxes applied to engineering and construction costs incurred during the future development of the proposed Corani silver/lead/zinc mine. The agreement provides that Bear Creek can recover certain taxes associated with the initial capital expenditures (capex) to develop Corani and covers a three-year development period, during which detailed engineering, permitting, construction, commissioning and project ramp-up is expected to take place.