Mining Weekly

Copper prices halve Sandfire profits

ASX-listed Sandfire Resources has seen its interim profit after tax halved during the six months to December, compared with the previous corresponding period, as lower copper prices impacted on its earnings.

Sibanye displays new mining machine at Joburg Indaba

Precious metals mining company Sibanye Gold on Wednesday wheeled a new mining machine into the Joburg Indaba conference room to display the steps it is taking to modernise mining.

Sibanye Gold says workers end underground sit-in

More than 1 000 South African workers at a Sibanye Gold mine have ended a two-day sit-in to protest against the deaths of colleagues, a union and company officials said on Wednesday.

India’s Supreme Court orders auction of 15 Karnataka iron ore mines

India’s Supreme Court has directed that 15 iron-ore mines in the southern province of Karnataka will have to be put up for auction and the process completed within the next 32 weeks.

Botswana government defers royalties to help hard-pressed mining companies

The government of Botswana is bringing relief to profit-squeezed mining companies in the country by allowing them to defer the payment of mineral royalties. via Botswana government defers royalties to help hard-pressed mining companies.

India’s higher potash import price threatens volumes

Having failed in a bid to avoid a price hike in the first two potash import deals for the financial year, fertilizer producers in India expected inward shipments of fertiliser minerals to drop during 2015/16.

Tahoe Resources to appeal employee detention

Vancouver-based Tahoe resources this week said Guatemala subsidiary Minera San Rafael (MSR) would appeal the court-ordered confinement of an employee pending the investigation of a 2012 environmental claim.

Samco to share in spoils after Argentinian arbitrator quantifies damages against Yamana

Latin America-focused explorer Samco Gold on Friday announced that it would receive $88.4-million under a participation-and-option agreement, after an Argentinean court-appointed expert arbitrator had quantified damages in the matter between one of Samco’s directors and Northern Orion Resources (GNOR), now named 0805346 BC and owned by Yamana Gold.

Mexico-focused precious metals miners poised for significant upside

Analysts at Desjardins Capital Markets say they expect Mexico to continue to rank as one of the more competitive jurisdictions to attract mining investment.

Diamond market sentiment 'cautiously positive' – Rockwell

Diamond market sentiment was currently “cautiously positive”, says Rockwell Diamond CEO James Campbell.

Barrick upbeat on Pueblo Viejo despite protests

The miner expects protests against its $3.8-billion joint venture Pueblo Viejo to gradually decline as more people become aware of the economic benefits the gold mine will provide.

Octéa Diamond Group launched at Koidu diamond mine

Mining company Octéa Diamond Group, a private company owned by Beny Steinmetz Group (BSGR), was officially launched at a gala event at the group’s flagship Koidu diamond mine, in Sierra Leone’s Kono district.

Botswana cuts taxes, gives private sector scope

Botswana is setting out to lower the fiscal burden on resources investors in a charm offensive that separates it from the mining jurisdictions that are currently looking to increase mining taxes.

Glencore, Lexshell consortium owns 71% of Optimum Coal

A consortium comprising commodities trader Glencore and South African businessperson Cyril Ramaphosa’s Lexshell 849 has increased its shareholding in black economic-empowered Optimum Coal to just over 70%.

Mozambique, Ncondezi Coal sign framework agreement for 4.7 billion ton coal project

Exploration and development company Ncondezi Coal has signed a framework agreement with Mozambique’s Ministry of Mineral Resources for its 4.7-billion-ton Joint Ore Reserves Committee-compliant Ncondezi coal project, in the Tete province.

South Africa’s diamond industry no longer sparkling

The South African diamond industry faces serious challenges upstream and downstream, where job creation, wealth creation and the beneficiation of raw diamonds are not concerns for regulatory authorities, says diamond polishing company African Romance CEO Mohseen Moosa.

South African diamond beneficiation profitable – Trans Hex

The beneficiation of diamonds locally is not only proving a profitable business but also has the indirect benefit of keeping in place the diamond tender system, which the company favours, says Trans Hex CEO Llewellyn Delport.

Gold producers, Indian cutters might fund Canada’s newest diamond mines

With positive feasibility studies in hand, companies aim to start building at least three new diamond mines in Canada by the third-quarter of next year, at a combined cost of around $3.4 billion.

Shale gas can contribute to greener economy in South Africa– Econometrix

If South Africa was to realistically achieve the objective of lowering its carbon emissions, the southern Karoo’s shale gas deposits had to be thoroughly investigated, Econometrix MD Rob Jeffrey said on Tuesday.

Russian billionaire Prokhorov files for copper-nickel Toronto IPO

Move over Mark Zuckerberg. Russia’s Mikhail Prokhorov, who Forbes ranks as the 58th richest person globally, has filed a prospectus to list his Intergeo MMC in Toronto, announcing it the day before Facebook goes public.

Western Australia to review state royalties

The Western Australian government on Thursday reported that it would be conducting a review on its royalty system over the next three years.

Paladin’s Malawi mine still not at full production after strike

Full production at ASX- and TSX-listed Paladin Energy’s Kayelekera uranium mine in Malawi eluded the company’s grasp as workers continued to strike, it said on Thursday.

Trans Hex to return to profit as production grows

Diamond miner Trans Hex said on Tuesday it expected a net profit of about R208-million for the twelve months ended March, compared with a loss of R45.1-million the previous year.

Mali gold mine resuming operations after political strife

A few weeks after explorer Pearl Gold officially inaugurated its Kodieran gold mine, in Mali, a delegation comprising the company’s management and supervisory board visited the project to inspect the effect of recent political unrest in the country on operations.

NovaGold shareholders OK copper spin-out

TSX-listed NovaGold shareholders on Wednesday gave a big thumbs up to the spinout of NovaCopper, with less than 1% of them voting against the deal at a meeting in Vancouver.