Mining Weekly
New signs of hope for junior miners, says Minerals Council’s Chabana
Fri, 22 Mar 2019 16:04:00 +0200
Despite the sector having been relatively unorganised and with junior mining companies rarely given an opportunity to influence national mining policy, Minerals Council South Africa public affairs and transformation senior executive Tebello Chabana believes there are “new signs of hope and progress” for junior and emerging miners in South Africa. He says junior and emerging miners have felt frustration for a long time at the lack of support for the junior mining sector and their exclusion from mining policy debates.
Sheppard appointed Konkola CEO – Business Day
Fri, 22 Mar 2019 15:57:00 +0200
Business Day on Friday reported that Chris Sheppard had been appointed CEO of Vedanta Resources’ Konkola Copper Mines (KCM) subsidiary, in Zambia. Sheppard was the former head of AngloGold Ashanti’s South African business.
India’s crude oil imports from Iran, Venezuela come under US pressure
Fri, 22 Mar 2019 15:14:00 +0200
India is negotiating with the US for exemptions from “extended sanctions” to maintain its current level of crude oil imports from Iran, but the country is also under pressure from the US administration to halt all crude purchase from Venezuela. According to officials here familiar with ongoing negotiations, India has reduced crude oil purchase from Iran since the US administration imposed sanctions on Iran, but is seeking an extension of exemptions granted earlier to maintain its current lower level of 1.25-million tons a month crude purchase from the Persian Gulf nation.
Mkango files technical report for Songwe Hill
Fri, 22 Mar 2019 15:13:00 +0200
Malawi-focused Mkango Resources has filed a National Instrument 43-101-compliant technical report for the Songwe Hill rare earths project resource update announced on February 4. With the filing of the technical report, Mkango has fulfilled the condition for Talaxis to advance the next £7-million tranche of investment, in accordance with the definitive agreements signed by the parties in 2018.
Italy’s SME Ekoplant floats Indian subsidiary
Fri, 22 Mar 2019 14:53:00 +0200
To tap into the rapidly growing Indian ferrous and non-ferrous metals processing industry and stricter air quality monitoring norms, Milan-headquartered SME Ekoplant has set up shop in the country, floating a 100% wholly-owned subsidiary Eko Air Filtration India Private Limited (EAFIPL). “For Indian industries using combustible processes and gaseous emissions, finding the right technology that enables them to meet legally stipulated air pollution norms within acceptable limits has been a headache for long,” SME Ekoplant sales director Antonio Zocch tells Mining Weekly Online.
Jubilee set to acquire Sable Zinc refinery
Fri, 22 Mar 2019 14:23:00 +0200
Dual-listed Jubilee Metals on Friday announced that it has executed a share purchase agreement for the acquisition of the Sable Zinc refinery in Kabwe, Zambia. The refinery is situated immediately adjacent to the large stockpiles of zinc, lead and vanadium that Jubilee has contracted from BMR Group.
Kibo progresses Benga power plant development
Fri, 22 Mar 2019 12:50:00 +0200
Kibo Energy has noted progress with the development of its Benga power plant project, in Mozambique. A definitive feasibility study (DFS) has been completed ahead of schedule and the final review is in progress.
South32’s Mozal pledges $250 000 to aid Cyclone Idai recovery efforts
Fri, 22 Mar 2019 12:48:00 +0200
South32’s Mozal Aluminium smelter, which is located in the Mozambique capital Maputo, has pledged a $250 000 donation to support recovery efforts following the devastating impact of Cyclone Idai in the country. Commenting in a statement on Friday, Mozal VP Samuel Samo Gudo said the company had committed to making a difference to the communities impacted by the event, especially those in the city of Beira, which has become partially isolated from other parts of the country.
Impairments, fair value losses to push Gemfields to a loss for 2018
Fri, 22 Mar 2019 11:17:00 +0200
Gemfields expects to report a net loss of $60.4-million for the year ended December 31, 2018, compared with the net profit of $45.1-million reported for 2017. In rand terms, the net loss is expected to be R801-million, compared with a R600-million net profit the year before.
Guinea risks 'conflict and confusion' with mining eviction policy
Fri, 22 Mar 2019 10:44:00 +0200
Civil society groups rejected Guinea's first policy seeking to protect people displaced by mines and dams on Thursday, saying it would worsen poverty and conflict in the mineral-rich nation. Seven human rights and development organisations asked the government not to adopt the proposed national standards for relocating and compensating displaced communities, and to spend the next six months consulting with local people instead.
Exxaro terminates Group 5 contracts
Fri, 22 Mar 2019 10:44:00 +0200
Exxaro has decided to terminate its agreement with Group Five Construction subsidiary, Group 5 Projects, with effect from March 21, following Group Five’s announcement that it has embarked on business rescue proceedings. Exxaro in April 2017 appointed Group 5 Projects to build a new small coal plant as part of the Grootegeluk Plant 6 (GG6) expansion project at its Grootegeluk mine, near Lephalale, in Limpopo.
Now BHP will earn into Luminex projects in Ecuador
Fri, 22 Mar 2019 10:27:00 +0200
Canadian junior Luminex Resources has brought in another major miner to earn into its projects in Ecuador, announcing a letter of intent to enter into a farm-in and joint venture (JV) agreement with BHP over the Tarqui 1 and 2 mining concessions. BHP will have the right to earn up to a 70% ownership interest in the property by investing an aggregate amount up to $75-million and making up to $7-million of cash payments to Luminex.
Glencore suspends Australian zinc mine as cyclone nears
Fri, 22 Mar 2019 09:59:00 +0200
Commodity giant Glencore on Friday said it had suspended operations at its McArthur River zinc mine in northern Australia as a cyclone approaches. Authorities have declared a state of emergency in the region as Tropical Cyclone Trevor nears, with the nation's weather bureau on Friday saying the storm was intensifying and warning of a "severe impact" ahead of landfall on Saturday morning.
Palladium rally is seen fading this year
Fri, 22 Mar 2019 09:59:00 +0200
Palladium has been one of the hottest commodities for a while now, but analysts think this year may be the time to book profits. Prices have rallied to fresh records on tighter supplies of the material mainly used in gasoline vehicle autocatalysts. But analysts surveyed by Bloomberg see the metal ending the year 16% lower than now, partly as shortages are priced in and car sales in key markets slow.
Hudbay wraps up Rosemont permitting process
Fri, 22 Mar 2019 09:58:00 +0200
TSX- and NYSE-listed Hudbay Minerals has wrapped up the permitting process for the Rosemont mine in Arizona, having received the approved mine plan of operations (MPO) from the US Forest Service. The issuance of the MPO is the final administrative step in the permitting process.
Galena gets A$10m injection
Fri, 22 Mar 2019 09:51:00 +0200
ASX-listed junior Galena Mining will raise A$10-million through a subscription agreement with Kingfisher Capital. Kingfisher Capital would invest the funds over two tranches of A$5-million each, subscribing for shares priced at 40c each. On the completion of each tranche, Galena would also issue 2.5-million unlisted options, of which half will have a strike price of 50c each and the other half will have a strike price of 60c each.
Macarthur finds buyer for Lake Giles iron-ore
Fri, 22 Mar 2019 09:50:00 +0200
Canada’s Macarthur Minerals has inked a binding $4-billion life-of-mine offtake agreement with diversified major Glencore over the iron-ore at its Lake Giles project, in Western Australia. the terms of the agreement, Glencore would acquire an average of four-million tonnes a year of Lake Giles iron-ore, over an initial ten-year period, with the option to extend for a following ten years for all future tonnes.
Doray shareholders agree to Silver Lake takeover
Fri, 22 Mar 2019 09:48:00 +0200
The shareholders of gold miner Doray Minerals on Friday approved a merger with fellow-listed Silver Lake Resources. Under the proposed merger, Doray shareholders will receive 0.6772 Silver Lake shares for every Doray share held. Silver Lake shareholders will hold a 62.7% interest in the combined company, and Doray shareholders a 37.3% share.
St Barbara slumps on production downgrade, Gwalia trucking announcement
Fri, 22 Mar 2019 09:39:00 +0200
The share price of ASX-listed St Barbara fell by nearly 30% on Friday after the company lowered its production forecast and announced plans to continue trucking at its Gwalia gold mine, in Western Australia. A feasibility study into the Gwalia mass extraction (GMX) project identified an optimised trucking case as the preferred option to haul ore from the mine, despite having evaluated other haulage methods, including hydraulic hoisting using positive displacement pumping, and hydraulic hoisting using three chamber pipe feeder.
Vital suspends Burkina Faso activities on security concerns
Fri, 22 Mar 2019 09:38:00 +0200
Junior Vital Metals has suspended exploration activities in Burkina Faso, citing security concerns. The ASX-listed company, which owns the Nahouri gold project in that country, on Friday noted the ongoing security concerns for Burkina Faso, where a state of emergency has been declared for several of the northern provinces, which will remain in place until July this year.