World's No.1 miner BHP (ASX:BHP) revealed Tuesday the hefty financial burden caused by three separate incidents that affected its iron ore and copper operations in the October-December 2018 quarter.The Perth-based mining giant said the forced derailment of a fully-laden iron ore train in the Pilbara and unplanned production outages at Olympic Dam and Spence copper mines would cost it $600 million....Read More
Likely Shadary win in DR Congo threatens further squeeze on miners' profitsSPONSOREDverisk maplecroftAlderan unlocking Frisco potentialSPONSOREDalderan resourcesRhyolite Ridge PFS beats expectationsSPONSOREDioneerElement 25 targeting clean entry into high-growth marketSPONSOREDelement 25The three incidents occurred during the December 2018 half, impacting volumes by 4 million tonnes of iron or...Read More
PolarX builds bigger, richer Zackly pictureSPONSOREDpolar x limitedElement 25 targeting clean entry into high-growth marketSPONSOREDelement 25The enlarged miner, which completed its merger with Randgold Resources on January 1, said it had made detailed proposals to the government about a partnership approach, to provide the state with an improved share in the economics without overburdening the mi...Read More
A former CEO of the Mining Association of British Columbia has withdrawn from providing a keynote address January 26 to mining students at the University of British Columbia (UBC), after the Alberta Securities Commission implicated his company in a widespread share distribution scandal.This week, Michael McPhie, a prominent voice and advocate for the province's mining sector, told Scott Dunbar, he...Read More
The copper price came under renewed pressure on Monday after headline figures showed a slowdown in the Chinese economy to annual rates of growth not seen in nearly three decades.In thin holiday trade in the US, copper for delivery in March slumped 1.6% compared to Friday's close to $2.7655 per pound ($5,897 a tonne) on the Comex market in New York wiping out the metal's gains for the year.Data rel...Read More
Australian copper miner MOD Resources said on Monday larger rival Sandfire Resources' A$0.38 a share offer undervalued the company, but said it was willing to engage with its suitor to come to a "compelling price".Earlier in the day, Sandfire confirmed media reports about its A$88 million ($62.97 million) bid for MOD, as per Reuters calculations, which represents a 73 percent premium to MOD's last...Read More
Gold giant Barrick (TSX:ABX)(NYSE:GOLD) said Monday that while it continues to engage with the Zambian government and community stakeholders about a mutually-beneficial way forward for its Lumwana copper mine, it would consider selling the operation given the "challenging conditions" it's facing.Barrick said finding a win-win solution between the industry and government would increase investor con...Read More
Australian copper junior MOD Resources (LON:MOD) rejected on Monday fellow rival Sandfire Resources' (ASX:SFR) A$88 million ($63m) all-share takeover offer saying it undervalued the firm and its assets.The exploration and development company, which focuses on copper projects in the central and western Kalahari Copper Belt in Botswana, noted it was willing to engage with its suitor if it came back...Read More
Gold investment demand reversed sharply higher in recent months, fueling a strong gold rally. The big stock-market selloff rekindled interest in prudently diversifying stock-heavy portfolios with counter-moving gold. These mounting investment-capital inflows into gold are likely to persist and intensify. Both weaker stock markets and higher gold prices will continue to drive more investment...Read More
PolarX builds bigger, richer Zackly pictureSPONSOREDpolar x limitedElement 25 targeting clean entry into high-growth marketSPONSOREDelement 25Sandfire said it had written to MOD to express its interest in a potential combination, but said any such transaction would be conditional on due diligence and the recommendation of MOD's board.Read More
For big exporters of the steel-making material, a group that includes Rio Tinto, Vale, BHP, Anglo American and Fortescue Metals, the disappearance of the iron ore surplus is good news, if it lasts.Read More
The company has continued to build on its solid reputation, working for emerging miners to contractors and industry majors, with a past and present client list including Barrick Gold, Goldfields and Rio Tinto.Among the company's success stories are a 19% productivity improvement on all excavators at an Indonesian coal mine, a 23% increase in development rates at an Australian underground coal mine...Read More
Pancontinental Resources (TSXV: PUC) entered into a binding letter of intent with Pelangio Exploration (TSXV: PX) to acquire up to a 75% interest in the Strachan Ni-Co-Cu project, located 65 kilometres northwest of Timmins, Ontario.Strachan covers 2,280 hectares within the Montcalm Greenstone Belt and sits approximately 5 kilometres south of Pancon's Gambler project, 10 kilometres east of Pancon's...Read More
Chile's President Sebasti??n Pi??era announced this week the appointment of Robert Mayne-Nicholls as the new Vice President of the National Mining Company, known for its initials in Spanish Enami.Enami is the state-owned mining development corporation that supports small and medium-sized mines with technical and financial support and by buying and processing their mineral. Up until December 2018,...Read More
PolarX builds bigger, richer Zackly pictureSPONSOREDpolar x limitedElement 25 targeting clean entry into high-growth marketSPONSOREDelement 25Tabeart, the former senior WMC executive who's headed PolarX for the past 18 months, is confident investors will get a higher definition view of the upside at Alaska Range in the coming months as the company adds high-value data to its exploration and resour...Read More
Markets went into a tailspin in the second half of 2018. File image.Private capital tracker Preqin says in an update that contrary to expectations, 2018 was another bumper year for the industry, particularly for natural resources investments.Fundraising by unlisted funds for investment in natural resources - oil and gas, timberland, farmland, water and mines - set a fresh record in 2018 and is lik...Read More
Glencore Plc tightened its grip on Katanga Mining Ltd. by appointing new executives and entering a management services contract to run its troubled Congo copper and cobalt unit.The head of the commodity trader's African copper business, Danny Callow, has been made chief executive officer of Katanga, while Glencore's head of strategy Paul Smith was appointed chief financial officer of the unit.Key...Read More
Jiangxi Copper Co, one of China's top copper producers, on Friday named provincial government official Zheng Gaoqing as its new general manager.The appointment, confirmed at a board meeting during the day, marks the end of a six-month void in Jiangxi Copper's management team following the departure of company veteran Wu Yuneng in July last year.Zheng, in his early 50s, joins Jiangxi Copper from th...Read More
Oyu Tolgoi is expected to produce 125,000 to 155,000 tonnes of copper and 180,000 to 220,000 ounces of gold in concentrates this year, Turquoise Hill Resources (TSX: TRQ; NYSE: TRQ) reports.Last year the Mongolian copper-gold mine produced 159,100 tonnes of copper, up 1.1% from 2017, and 285,000 ounces of gold, up 150% from 2017.The government of Mongolia owns 34 percent of Oyu Tolgoi with the r...Read More
China Molybdenum, which bought the giant Tenke Fungurume copper and cobalt mine from Freeport-McMoRan in 2016, is buying a holding company for $1.14 billion that will give it an 80%-stake in Democratic Republic of Congo's operation.The Chinese miner, which has spent almost $5 billion in the past two years on an acquisition rampage, said it had agreed to buy BHR Newwood DRC Holdings Ltd, a holdin...Read More