Capital considerations dominate the top three business risks in the mining and metals sector, according to EY's Top 10 business risks facing mining and metals 2016-2017 report."Much like our global counterparts, Canadian mining and metals companies are facing challenges amid prolonged volatility in the sector," says Bruce Sprague, EY's Canadian Mining & Metals Leader. "Companies who proactively m...Read More
Companies had no choice but to cut back on new developments, re-focus on profitable production rather than maximum production and to save costs.2016 marked another challenging year for SA's mining industry in the wake of subdued commodity prices, an increase in short-term volatility, increased pressure on operating models and regulatory uncertainty.These are some of the highlights from PwC's (www....Read More
A massive blackout in South Australia forced the world's largest miner BHP Billiton to suspend production at its Olympic Dam copper mine. The power outage was the product of strong winds and heavy rain caused by what has been called "the most extreme weather system" that has hit the area in decades.Given this situation, BHP decided it was best to stop activities at the country's biggest undergroun...Read More
A new report by BMI Research, a Fitch company, forecasts subdued growth for the mining industry in Africa through 2020.BMI says Sub-Saharan Africa's mining sector growth will remain slow as a muted recovery of mineral prices will continue to put pressure on profit margins of metal producers.The authors of the report "expect some growth bright spots, the region will continue to face both significa...Read More
Blue River Resources' Mazama Copper Project in Washington's Methow Valley is facing yet another challenge. This time, the U.S. Forest Service is taking a central role in supporting the Methow Headwaters campaign, which is run by a coalition of 2,000 residents, 130 local businesses, and other organizations and aims at fighting the possibility of future copper mining in the upper Methow Valley.Testi...Read More
The world's number five diversified mining company, Anglo American announced a "radical portfolio restructuring" at the end of last year. The company with roots going back more than a hundred years to South Africa's gold and diamond fields said it's reducing the number of mines it operates from 55 to as few as 16 to focus on diamonds, copper and platinum because of better long-term potential. Its...Read More
DENVER, Sep. 28 - Newmont Mining Corporation (NYSE: NEM) (Newmont or the Company) welcomed the public release of an independent report examining the ongoing land dispute in Peru between members of the Chaupe family and Yanacocha."The complex land dispute between members of the Chaupe family and Yanacocha remains a concern for us, and we believe it is important to be truthful and transparent about...Read More
Rising demand for hard-to-find rare earths (REEs) needed for high tech gadgets, green energy and batteries used by hybrid vehicles continues to push mining companies to scour the ocean floors.The latest of them is Ocean Minerals LLC, a deep sea mining firm based in Houston, Texas, which announced Wednesday that it has inked an agreement with the Cook Islands government for exclusive prospecting an...Read More
In May Freeport-McMoRan Copper & Gold (NYSE:FCX) announced the sale of its Tenke Fungurume copper mine in the Democratic Republic of the Congo to China Molybdenum (CMOC) for up to $2.65 billion, a crucial part of the Phoenix-based company's debt reduction program.But exiting the DRC is proving to be as complicated as operating a mine in the troubled central African country.China Molybdenum would l...Read More
During the first Mining Forum ever held in Kenya, Mining Cabinet Secretary Dan Kazungu said his country will strive to have more organized mining sector.Among the first steps the government will implement to work towards that goal is conducting a year-long airborne survey to map mineral deposits. With an initial funding of approximately $29.64 million, the objective of the study is to attract mini...Read More
Shares in Freeport-McMoRan Copper & Gold (NYSE:FCX) reacted negatively to reports the number one publicly-held copper producer's sale of oil and gas assets could be in trouble.Bloomberg reports Freeport bondholders want greater protection and hold out for more money following the deal with Anadarko Petroleum to buy Freeport's deepwater Gulf of Mexico assets for a total of $2 billion. The p...Read More
The current lithium frenzy will end badly while gold bugs should look at the riper opportunities available in copper and platinum, according to mining financier Robert Friedland.In a sprawling, exuberant and at times politically incorrect speech at the Mines and Money Americas conference in Toronto, the veteran promoter demonstrated he hasn't lost his sales mojo as he ticked off all the reasons wh...Read More
Scientists from the Centre for Solar Energy and Hydrogen Research Baden-W? 1/4 rttemberg (ZSW), Karlsruhe Institute of Technology (KIT) and imec have fabricated a thin-film solar module stack made up of perovskite and Copper Indium Gallium Selenide (CIGS) with a conversion efficiency of 17.8%. For the first time, this tandem module surpasses the highest efficiencies of separate perovskite and CIG...Read More
Ben Kramer-Miller, the chief analyst at miningWEALTH, discusses ways of investing in resource companies that go beyond the "explore-develop-produce" model.My readers will notice that I often favor resource companies that have unconventional business models:Terraco Gold Corp. (TEN:TSX.V; TCEGF:OTCPK) (gold royalty)Medallion Resources Ltd. (MDL:TSX.V; MRD:FSE; MLLOF:OTCQX) (rare-earth processing fro...Read More
The Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) has failed for the first time to produce its state o accounts for March 31, this year due to non availability of information from investor companies, according to the company secretary's office Friday.But then the Lusaka Stock Exchange (LuSE) has since ordered the state holding company for the mining industry to publish an interim...Read More
Ten years ago this Saturday, a global mining gem slipped out of Canadian fingers.On Sept. 24, 2006, Canadian nickel miner Inco agreed to be bought by Brazil's Vale in a $19-billion takeover. The announcement of the acquisition came just weeks after fellow nickel giant Falconbridge was acquired by Xstrata of Switzerland (now part of Glencore) in an $18-billion deal. The previous year, Falconbridge...Read More
A cave-in at a copper and silver mine owned by KGHM Polska Miedz SA in Poland has resulted in two deaths and one serious injury. The injured worker was hospitalized.According to a company spokesperson, the incident occurred on Friday night at the Polkowice-Sieroszowice mine when part of a ceiling collapsed.Fatalities at KGHM's mines and copper mills in Poland this year have now reached six, sa...Read More
Caterpillar, the world's No.1 heavy machinery maker, injected some much-needed optimism in the global mining industry this weekend by saying it is finally seeing growing signs of improvement.The Peoria, Illinois-based company, which held a special press event before the upcoming MINExpo in Las Vegas, revealed it has had more discussions about potential sales in recent months than in the last two...Read More
Canada's Ivanhoe Mines announced results from another sixteen holes of the ongoing 2016 drilling campaign at the Kakula Discovery on the company's Tier One Kamoa Copper Project -a joint venture with China's Zijin Mining- near Kolwezi, in the Democratic Republic of Congo. According to Ivanhoe, the latest results reinforce the exceptional grades and shallow, flat-lying geometry of the Kakula mineral...Read More
Vancouver-based Casino Mining Corp., a subsidiary of Western Copper and Gold, and Selwyn Chihong Mining Ltd., have signed a memorandum of understanding with Calgary-based Ferus Natural Gas Fuels Inc. to build a $200 million LNG plant in Fort Nelson, British Columbia.The idea is to power the Casino copper-gold mine in the Yukon using LNG instead of diesel to reduce costs and eliminate 140,000 ton...Read More