"The mining industry fared reasonably well in 2017. Higher prices for some metals, in particular gold and copper, stimulated mineral exploration and increased overall output at the region's mines," partner at professional services firm KPMG, Stan Mitchell said this week.Mitchell pointed to the Barkerville Gold Mines' Bonanza Ledge gold mine, east of Quesnel, which re-opened in 2017 after being shu...Read More
LUBUMBASHI, Democratic Republic of Congo, June 14 (Reuters) - Democratic Republic of Congo state miner Gecamines has called on its foreign partners to renegotiate the terms of joint ventures it considers to be unfair, its chairman said on Thursday.Heavily in debt and with dwindling output, Gecamines has long complained about its joint venture terms. It launched a contracts audit in 2016 and is now...Read More
(Bloomberg) -The Democratic Republic of Congo plans to start work this year on the frequently delayed Inga 3 hydropower project, after receiving a joint bid from two previously competing consortia of investors.One group led by China Three Gorges Corp. and another including Actividades de Construccion y Servicios SA of Spain submitted a joint bid on June 6 for the $13.9 billion project that will pr...Read More
NEW DELHI, June 14 (Reuters) - Vedanta Resources is considering options including lay-offs for some of the 2,000 employees of its iron ore business in southwest India that was shut down by a court, two sources said, as it struggles with a series of setbacks in the country.The Supreme Court in February cancelled all iron ore extraction permits in the southwestern state of Goa and ordered mining to...Read More
Most mining companies have the word "gold" in their name, according to a study of Mining Intelligence company names.There are over 1,000 mining companies that use a variant of the word "gold" in their moniker. Some examples would be Barrick Gold (TSE:ABX) or Condor Gold (TSE:COG).Data comes from Mining Intelligence, which tracks over 13,000 mining companies.The second and third most popular commod...Read More
Canada's Nevsun Resources (TSX, NYSEMKT:NSU) is extending the life of its flagship copper-zinc Bisha mine in Eritrea to the end of 2022 - 18 months later than the planned end of operations announced by the company last year.The open-pit extension would add 3.3 million tonnes of high-grade ore to the mill, resulting in additional production of 470 million pounds of zinc and 52 million pounds of cop...Read More
Canada's Erdene Resource Development (TSX:ERD), one of the very few companies that has successfully navigated Mongolia's ever-changing policies on foreign mining investment, became Thursday the first cross-listed firm on the Asian nation stock exchange.The Halifax, Nova Scotia-based miner's common shares will trade on the Mongolian Stock Exchange (MSE) under the same symbol it has in Canada - E...Read More
Brazil's President Michel Temer signed Tuesday a decree instituting the new Mining Code Rules. This adds up to the set of Federal Government initiatives targeted at overhauling and updating the Brazilian regulatory framework for the mineral industry, and supervenes the current rules that have been in place for nearly 50 years by now.The erstwhile Mining Code Rules (instituted by Decree No. 62,934...Read More
Anglo American (LON:AAL) has agreed to a $600-million transaction with Mitsubishi Corp. that will increase the Japanese company's stake in the vast Quellaveco copper project in Peru to 40%.Chief executive Mark Cutifani, who has long expressed his preference for joint ventures or partnerships to develop big projects and so spread the risk and cost, said the sale of a further 21.9% of Quellaveco was...Read More
SHANGHAI, Jun 14 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index hit a high of 94.05 overnight following the Federal Reserve Board’s decision to hike interest rate for the second time this year and indication that two more increases are likely in 2018. The index, however, lost some gains later.This move pushed t...Read More
(Bloomberg) -- Nelson Pizarro wants to remain at the helm of the world’s biggest copper company until he can cut the ribbon on a project to convert its flagship pit into a giant underground mine.He’s been in mining for most of his 77 years, with the last four spent guiding state-owned Codelco through a painful downturn. With a change of government in Chile this year and a return to pro...Read More
* FTSE 100 end flat* Just Eat leads fallers on competition worries* Glencore gains after Congo settlement (Adds closing prices)By Danilo MasoniMILAN, June 13 (Reuters) - The FTSE 100 ended flat on Wednesday as a weaker pound supported export-oriented shares, helping offset a fall in Just Eat on fresh competition worries and weaker energy stocks.The index .FTSE fluctuated within a tight range a...Read More
(For a live blog on European stocks, type LIVE/ in an Eikon news window)* FTSE 100 up 0.1 pct* Just Eat lead fallers on competition worries* Glencore gains after Congo settlementBy Danilo MasoniMILAN, June 13 (Reuters) - The FTSE 100 edged up on Wednesday as a weaker pound supported the export-oriented index, helping offset a heavy fall in Just Eat on fresh competition worries and a drop in oi...Read More
(Adds futures, company news)June 13 (Reuters) - Britain's FTSE 100 futures FFIc1 were down 0.31 percent ahead of the cash market open on Wednesday.* South African miner Tharisa THST.L on Wednesday deepened its exposure to Zimbabwe, saying it had bought a 26.8 percent shareholding in Karo Mining Holdings for $4.5 million. British leather handbag maker Mulberry MUL.L said retail like-for-like sales...Read More
This, according to CEO Marz Kord, has allowed the Toronto-headquartered company to complete rehabilitation work without delay and start ramp development and underground diamond drilling as part of a 35,000-tonne bulk sample and an underground exploration programme of the Quebec-based asset. The ramp is on track to reach the next, 5195 level, where ore production is scheduled to start from the...Read More
International diamond specialist Meeus is a founding member of the KP, former head of the CAR's KP monitoring team, former president of the Dubai Diamond Exchange and former director general of the Antwerp World Diamond Centre.He will advise and assist the implementation of the process, propose performance-enhancing measures and promote the country's diamond sector in the aim of make its diamond p...Read More
SHANGHAI, Jun 14 (SMM) – Nonferrous metals futures, except for nickel, fell on Thursday June 14. SHFE tin slumped over 1.5%, lead dipped 1%, aluminium closed 0.78% lower, and zinc, copper inched down. Nickel rose 0.44%. Meanwhile, the ferrous metals rose, except for coking coal. Coke closed nearly 2.4% higher, and rebar gained nearly 0.9%. Iron ore rose 0.85%, and hot-rolled coil edged...Read More
The Vancouver-based project developer says a bench-scale metallurgical study has produced high-purity uranium oxide, or yellowcake, using peroxide and magnesium oxide to produce a product that meets - and in some cases - exceeds market standards. Read More
The Vancouver-headquartered company has received a big boost by way of an endorsement from major precious metals royalty firm Sandstorm Gold Royalties, as well as another undisclosed royalty partner. Both royalty companies have agreed to subscribe for 10 million common shares for an investment of C$2.5 million each, in exchange for a 1% net smelter return royalty on Progress' entire current portfo...Read More