Mining Weekly
Ariana reports strong quarterly performance
Wed, 17 Jul 2019 11:25:00 +0200
Turkey’s Kiziltepe mine, which forms part of the Red Rabbit joint venture between Ariana Resources and Proccea Construction, had a strong second quarter, with gold production exceeding the annualised quarterly guidance. The mine produced 6 438 oz in the three months ended June, which although higher than the guidance, was below the output of the second quarter of last year, and of the first quarter of this year.
Fuel cell developments poised to transform PGM, manufacturing sectors
Wed, 17 Jul 2019 11:17:00 +0200
Global developments in the fuel cell sector, which have begun to move at a far faster pace that expected after decades of build-up, are poised to transform South Africa’s platinum group metals and manufacturing sectors, a well-attended fuel cell conference heard on Wednesday. Speakers at the Nedbank CIB Market Research conference heard global speakers repeat that some of the biggest companies in the world were now inextricably linked to the rapid advance of the fuel-cell-linked hydrogen economy as the main contributor to world demand for climate change mitigation.
Fresnillo says 2019 is challenging, cuts guidance
Wed, 17 Jul 2019 11:02:00 +0200
Mexico-based precious metals miner Fresnillo on Wednesday lowered its production guidance for 2019, citing lower-than-expected ore grades and ore throughput at the Fresnillo mine, a delay in the construction of a leaching pad at Herradura and the lower ore throughput at the dynamic leaching plant. The miner, which trades on the London exchange, reduced its silver guidance for 2019 to between 55-million and 58-million ounces, from a previous guidance range of 58-million to 61-million ounces.
Red 5 hits record quarter
Wed, 17 Jul 2019 10:45:00 +0200
Gold miner Red 5 has reported a record quarter from its Western Australian operations during the three months to June, producing 30 098 oz of gold, compared with the 24 187 oz delivered in the March quarter. Gold sales for the June quarter reached 27 406 oz, compared with the 23 444 oz sold in the March quarter, while all-in sustaining costs decreased from A$1 637/oz to A$1 331/oz in the same period.
Minerals dept issues Section 11 approval for BRPM stake transfer
Wed, 17 Jul 2019 10:45:00 +0200
The Department of Mineral Resources has granted a Section 11 approval for the transfer of Rustenburg Platinum Mine’s (RPM’s) 33% undivided interest in the mining rights attributable to the Bafokeng Rasimone Platinum Mine (BRPM) joint venture to Royal Bafokeng Platinum (RBPlat). RPM, a wholly owned subsidiary of Anglo American Platinum, in July 2018 accepted a R1.8-billion offer from RBPlat for the 33% interest in BRPM.
Warrawoona PFS proves positive for Calidus
Wed, 17 Jul 2019 10:33:00 +0200
A prefeasibility study (PFS) into the Warrawoona gold project, in the Pilbara region of Western Australia, has estimated that some 580 490 oz could be recovered over an initial six year mine life. ASX-listed Calidus Resource on Wednesday told shareholders that Warrawoona could be developed at a capital cost of A$95-million, with the PFS estimating a pre-tax net present value of A$151-million, based on a A$1 800/oz gold price.
Acacia seeks stay of intl arbitration; ordered to halt use of North Mara TSF
Wed, 17 Jul 2019 10:30:00 +0200
LSE-listed Acacia Mining’s Tanzanian operating subsidiaries, Bulyanhulu Gold Mine and Pangea Minerals, plans to seek a stay of their international arbitration with the government of Tanzania. If the Tanzanian government agrees to the stay, Acacia expects the arbitration hearing to be postponed to provide time for the government to complete its settlement discussions with Acacia’s parent company Barrick Gold.
Ontario’s First Cobalt refinery moves closer to restarting
Wed, 17 Jul 2019 10:28:00 +0200
The recommissioning of the First Cobalt refinery in Ontario edged forward this week, with the conclusion of a term sheet between TSX-V-listed company and global miner Glencore, detailing the framework for a fully funded, phased restart of the refinery. The term sheet follows on a memorandum of understanding entered into between the companies in May this year and outlines a phased approach that could see the refinery operational in less than a year and expanded to 55 t/d in 2021.
Implats strengthening balance sheet through early conversion of bonds
Wed, 17 Jul 2019 09:58:00 +0200
Platinum group metals (PGMs) producer Impala Platinum (Implats) is inviting holders of its $250-million 3.25% convertible bonds due in 2022 (USD bonds) to exercise their conversion rights. Bondholders will receive a cash payment and shares in Implats in accordance with the terms of the USD bonds.
How lithium-rich Chile botched a plan to attract battery makers
Wed, 17 Jul 2019 09:38:00 +0200
In March 2018, the Chilean government unveiled big news: Corporate investors, including South Korean electronics giant Samsung, would build three factories in Chile to produce battery parts for electric vehicles. Chile had lured the companies with an enticing offer. In exchange for helping the South American country, the world's No. 2 miner of lithium, jumpstart its own EV battery industry, the firms would get a guaranteed supply of the coveted metal at attractive prices for nearly three decades amid a global race to lock down supplies.
Kibali on track to meet full-year guidance
Wed, 17 Jul 2019 08:52:00 +0200
The Kibali gold mine, in the Democratic Republic of the Congo (DRC), remains on track to produce the guided 750 000 oz of gold for this year, Barrick Gold CEO Mark Bristow says. Randgold Resources, which was bought out by Barrick last year, bought the Moto project, which has since been developed into Kibali, ten years ago.
Zimbabwe miners told to pay utility bills in foreign currency
Wed, 17 Jul 2019 08:21:00 +0200
Mining companies in Zimbabwe will have to use foreign currency to pay for power but can make their own arrangements for imports from foreign suppliers, the country’s energy minister said. The order comes just weeks after the government outlawed foreign currency as legal tender and officially reintroduced the Zimbabwean dollar a decade after it was wiped out by hyperinflation. Units like the dollar and South Africa’s rand had been considered valid currency since 2009.
Syrah hits production bump at Balama
Wed, 17 Jul 2019 05:41:00 +0200
Minor equipment issues at the Balama graphite operation, in Mozambique, has seen ASX-listed Syrah Resources’ production fall by 8% in the second quarter ended June. The company on Wednesday said that 44 000 t of natural flake graphite was produced at Balama during the three months to June, down from the 48 000 t in the previous quarter.
Mt Cattlin breaks records for Galaxy
Wed, 17 Jul 2019 05:40:00 +0200
Lithium miner Galaxy Resources has reported a record quarter from its Mt Cattlin mine, in Western Australia, during the three months to June. The Mt Cattlin operation exceeded the production guidance of between 45 000 t and 50 000 t, producing 56 460 t of 6% lithium oxide during the quarter under review.
Vango exercises Ned's Creek option
Wed, 17 Jul 2019 05:39:00 +0200
ASX-listed Vango Mining has exercised its option to gain a 51% interest in the Ned’s Creek gold project, in Western Australia, by spending A$5-million within a three year period. Vango and fellow-listed Lodestar Minerals in May struck a binding term sheet under which Vango secured an exclusive four-month option to enter into a farm-in and joint venture (JV) agreement over Ned’s Creek, which is located some 20-km south-east of Vango’s own Marymia gold project.
Force finds offtake for prospective Tshimpala
Wed, 17 Jul 2019 05:38:00 +0200
ASX-listed Force Commodities has signed a binding offtake agreement with Swiss-based Transamine Trading SA over the lead and silver production from its Tshimpala project, in Malawi. Under the terms of the agreement, Transamine would purchase all of the high-grade lead and silver produced from the Tshimpala project on an evergreen basis, with pricing to be based on the prevailing LME benchmark price.
BHP reports solid FY19
Wed, 17 Jul 2019 05:35:00 +0200
Diversified giant BHP has exceeded its full-year production guidance for petroleum, while hitting its revised targets for both iron-ore and copper output in the year ended June. CEO Andrew Mackenzie told shareholders on Wednesday that BHP finished the 2019 financial year with an 11% increase in quarterly production, driven by strong operational performances across its portfolio, including yearly production records at a number of BHP’s petroleum, copper, iron-ore and metallurgical coal operations.
Oyu Tolgoi troubles hit Turquoise Hill share price
Tue, 16 Jul 2019 23:56:00 +0200
The share price of Vancouver-based Turquoise Hill tanked to a new one-year low on the TSX and NYSE exchanges on Tuesday, following news of a cost overrun and delays at its major mine project in Mongolia. The stock closed 43% down at C$0.79 a share in Toronto and at $0.60 a share in New York, after hitting new one-year lows on both exchanges.
Platinum helping California’s fuel cell cars to fill up with hydrogen
Tue, 16 Jul 2019 21:05:00 +0200
Thousands of fuel cell electric vehicles (FCEVs) in California obtain their hydrogen with the help of platinum from a growing number of hydrogen refuelling stations that have been established with effective government help. Independent hydrogen consultant Dr Jose Lopez Gallego, who is in South Africa to speak at Nedbank CIB Research’s FCEV conference, works with a company that builds the platinum-catalysed electrolysers that produce hydrogen from water with the help of sun-generated electricity.
Alrosa signs JV agreement with Zimbabwean miner
Tue, 16 Jul 2019 16:43:00 +0200
Russian diamond miner Alrosa has entered into a joint venture (JV) agreement with Zimbabwe national diamond miner Zimbabwe Consolidated Diamond Company (ZCDC) to develop diamond deposits in the Southern African country. The agreement was signed by Alrosa deputy CEO Vladimir Marchenko and ZCDC chairpersonn Killian Ukama in the presence of Zimbabwe President Emmerson Mnangagwa and Alrosa CEO Sergey Ivanov.   According to the terms of the agreement, ALROSA gets a 70% controlling stake for the ...