The Kabanga licence had been due to expire in 2019 and was one of 11 retention licences cancelled by the Mining Commission as part of the enforcement of the country's new mining regime, Reuters reported on the weekend.Tanzanian president John Magufuli had appointed commissioners to the new body last month.Commission chairman Professor Idris Kikula said former retention licence holders should reapp...Read More
Delivering the opening keynote address at the new conference, attended by more than 400 delegates, McIntosh said Rio Tinto and its peers were heading into a very different future for the industry than the one envisaged a decade ago."If you'd asked me 10 years ago if I ever thought we'd be hosting a Hackathon, I'd have just said, ‘what on earth is that?'. And perhaps, ‘we're here to do...Read More
It said Monday it had received formal letters of no objection from the ministries for the mining licence applications for the Mahab 4 and Maqail South deposits, part of Al Fauriz Mining's Block 5.The company is now clear to complete the licensing process through discussions with the Public Authority of Mining.The company said in March, when it was waiting for the final ministerial approval, that i...Read More
As the mining expo Latin America Down Under takes place in Perth, Argentina's Deputy Secretary for Sustainable Mining, Juan Biset, is visiting Australia with the idea of strengthening bilateral relationships and attracting new investments for his country's mining sector, as well as for the renewable and nuclear energy sectors.According to state-owned news agency T?(C)lam, Biset is scheduled to mee...Read More
Nuria Men?(C)ndez, managing director of Orovalle, Orvana Minerals' subsidiary in Spain, told local newspaper La Nueva Espa??a that the company has plans to reopen the Carl?(C)s gold mine, located in the Salas municipality of the Principality of Asturias, northern Spain.According to the newspaper, Men?(C)ndez explained that the mine was put under care and maintenance last year but following some ex...Read More
Sibanye-Stillwater (JSE:SGL) (NYSE:SBGL) announced this week that one of the six employees who was hospitalised after being trapped underground for days has been discharged from the hospital and is in good health.According to the miner, the other five rescued employees remain in a stable condition and are making good progress. "The company will continue to ensure that these employees receive appro...Read More
The NuevaUnion gold and copper project in northern Chile plans to deliver its environmental impact statement by the end of 2018 after completing feasibility studies earlier this year, a source at the mine said on Friday.The project joins two mines - one belonging to Goldcorp and the other to Teck Resources - into one. The company said preliminary investment could reach $3.5 billion."The plan is to...Read More
PARIS, May 11 (Reuters) - Louis Dreyfus Company said on Friday it had completed the sale of its metals business to a Chinese investment fund for $466 million, as part of a push to revive profits by focusing on its core agricultural markets.Louis Dreyfus announced in December an agreement to sell LDC Metals to NCCL Natural Resources Investment Fund, without disclosing financial details.The metals b...Read More
(Bloomberg) - Glencore Plc and former partner Dan Gertler are trying to settle a dispute over unpaid royalties at a key Congolese copper mine, according to two people with knowledge of the matter.A scheduled hearing in a London court Friday was postponed as both sides worked to come to an amicable solution, according to the people, who declined to be identified, because the negotiations aren't pu...Read More
Chile's Caserones copper operation, majority-owned by Japan's top smelter, JX Nippon Mining & Metals, in conjunction with fellow miner Mitsui Mining & Smelting Co., and in which Mitsui Co. has a 22.63%-stake, continues to be a source of pain for the companies, as they struggle to bring it to full capacity and meet profit targets.The mine, behind schedule ever since it began producing in May 2014,...Read More
SHANGHAI, May 11 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar fell overnight after the April consumer-price inflation data came in weaker than expected. The US dollar index closed at 92.71, down 0.42%.Base metals saw mixed trading. LME copper gained 1.5% as inventories declined. LME lead nudged up while tin lost 1.6% and...Read More
The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.- - - - - EVENTS: *Rwanda releases inflation data for April.GLOBAL MARKETS Asian stocks rose on Thursday, with energy shares leading the way as crude oil prices bolted higher after U.S. President Donald Trump's decision to pull out of a nucl...Read More
The mega-cap stocks that dominate the US markets are just wrapping up a truly-extraordinary earnings season. Naturally this first quarter under Republicans' new corporate tax cuts fueled surging profits. But sales were up big too, which is no mean feat for massive companies. With sustained growth at this torrid pace impossible, peak-earnings fears are mounting. And valuations stayed extremely...Read More
BMO Capital Markets analyst Alex Terentiew visited the Cobre Panama site this week, and said First Quantum was clearly taking its time to get the mine right from the time production starts.Read More
SHANGHAI, May 11 (SMM) – Nonferrous metals futures saw mixed trading on Friday May 11. SHFE lead led the gains with a rise of over 1%. Copper grew nearly 0.7%, and aluminium inched up. Zinc, nickel, and tin went down slightly. The ferrous complex strengthened across the board with more gains in the afternoon. Coke rose nearly 3.2% from Thursday, iron ore gained almost 3%, while rebar, h...Read More
According to its 30.4% shareholder Stratex International (AIM:STI), Thani Stratex asked for a hold on its Blackrock and Cussra licences instead of a proper renewal, which was not possible under the Ethiopian mining code.Stratex handed the company $200,000 at the end of 2017 to keep working on its Egypt and Djibouti prospects.The Ethiopia prospects were not mentioned in Thani Stratex's most re...Read More
SHANGHAI, May 11 (SMM) – Both production and sales of vehicles in China saw month-on-month declines in April but maintained their stable year-on-year increases, according to data from the China Association of Automobile Manufacturers (CAAM).China’s vehicle sales reached 2.32 million units in April, down 12.7% from a month ago but up 11.5% from a year ago. This brought the January-April...Read More
An average grade of 2.3% vanadium in magnetite concentrates produced from nine drill holes was achieved by Pursuit, with the company making the point that only the Maracas and Rhovan mines in Brazil and South Africa, respectively, produce magnetite concentrates consistently grading above 2.2% vanadium - at 3% and 2.3%, respectively.Pursuit said the high-grade vanadium mineralisation at Koitelainen...Read More
The company reported a net loss for the March quarter of US$2.3 million, down from a loss of $2.7 million a year ago. The net loss per basic and diluted shares was 1c, unchanged year-on-year.Read More