Quarterly revenues were about half of the revenues posted in the year-ago quarter.
Africa Mining News
Despite producing less gold, Kinross Gold (TSX:K) made more revenue in the first quarter and is proceeding with an aggressive plan that will slash costs and increase production at its Tasiast gold mine in Mauritania.
The top 10 largest mines in the world by value produced are estimated to represent 58% of global production.
Despite the drop in production, the gold miner kept guidance unchanged for its 2017 financial year at 540,000 ounces.
Industrial and precious metals, coal, oil, as well as natural gas, collectively accounted for just 6.2% of foreign direct investment into the continent last year.
Government officials’ comments add bitterness to the already resentful locals, following wave of negative coverage of Chinese mining practices in the Ghanian media.
Entrepreneur, financier and company-maker.
Deal creates one of the largest diamond mines in West Africa.
The Russian miner wants to recover $271 million it lost when a state-backed company failed to complete the acquisition of a 50% stake in its Nkomati mine in South Africa.
Net income totalled $2.5 billion, compared with profit of $525 million in the prior three months and almost $1.8 billion a year earlier.
In a first for Madagascar, Sherritt International’s Ambatovy operation has commissioned their CYBERMINE heavy equipment, operator training simulators.
The Africa-focused diamond producer aims to recover 300,000 carats from its Liqhobong mine by the end of the financial year.
The Morila operation continues to deliver value in its post-mining phase while progressing plans to develop the site into a commercial agricultural hub after its closure in 2019, Randgold Resources chief executive Mark Bristow said at an on-site media briefing today.
Shareholders voted overwhelmingly in favour of the cash takeover, which will make the South African firm the world's No.3 palladium producer and No.4 platinum group metals miner.
BMI Research expects prices to continue sliding for at least the next five years on rising supplies from Australia and Brazil and expectations for a surplus.
World number two gold miner increases output to 1.23m ounces in the first quarter – Ghana expansion will add more ounces from next year.
Both iron ore and diamond output rose in the first quarter thanks to a continued ramping-up of the company's Minas Rio mine in Brazil and improvements in the gem market.
Africa-focused gold producer has confirmed "multiple opportunities for extending the life of the operation beyond the current four-year horizon."
A family-run Yorkshire firm has just dispatched its largest order – nearly three miles of hoses to a diamond mine in Angola.
Production for the first three months of the year slumped 37% compared with the same period of 2016.
Kal Tire’s Mining Tire Group, a world leader in mining tire services and a global independent tire dealer, expands its presence in South Africa through the acquisition of the South Africa operations of Tyre Corporation.
Production of the steelmaking raw material jumped 11% to 86.2 million tonnes in the January-March period, compared to the same quarter a year earlier.
Another 5% iron ore price drop Tuesday slashes $30 billion from top 5 producers' market value in one month.
The Kibali gold mine’s underground operation, which will significantly increase production, is on track to start commissioning in the third quarter of this year, Randgold Resources chief executive Mark Bristow said at a media briefing here today.
The latest chapter in the Simandou case.