Top global producer sees surplus this year and next as mines pump out more metal and predicts decline in copper price from today's levels through 2017.
DRC Mining News
Peru's output surges, North American producers slip down the rankings and Chinese mines shut down.
Fewer than 3,800 Grauer gorillas still live in the wild, down from 17,000 in 1998 due mainly to illegal mining for coltan and other minerals, a report shows.
Randgold Resources’ annual resource and reserve declaration, shows attributable measured and indicated resources steady at 21.1 million ounces while inferred resources are marginally up to 6.7 million ounces.
The company had suspended operations last year, but work on maintenance and an $880 million modernization project to cut costs at the site was ongoing.
The casualties were carrying out maintenance at the bottom of the 250-metre pit.
Group of 42 Congolese non-governmental organizations (NGOs) say difficult market conditions do not justify further delays.
Causes of the wall collapse at the open pit KOV mine are still unclear.
The layoffs may increase to 1,800 if the metal prices don’t recover soon, said the company.
The firm also said it would continue to invest in exploration, which remains the engine that drives its business.
Randgold Resources chief executive Mark Bristow said the mine’s expansion and upgrade projects had now been completed.
Randgold Resources has expanded its operations in Congo following the success of the Kibali gold mine, which will lead to the miner exceeding its full year production guidance for the mine in 2015.
The agreement with Windmill, a private fertilizer producer in Southern Africa, is expected to bring in net revenue of $300,000.
The company will start cutting nearly 80% of its workforce at its Collinsville coal mine in March next year, as it dials back mining at the site.
The firm, debt-free despite current market conditions, mined a record 305,288 ounces in the third quarter, up from 299,320 a year earlier.
Avalon Rare Metals expects to publish the project's Preliminary Economic Assessment by the end of the month.
The stock ignored news from Zambia where President Edgar Lungu said he would not allow the firm to lay off workers at its Mopani Copper Mine, as it mothballs it for 18 months.
The Vancouver-based miner estimates that Kamoa, discovered in 2007, holds the equivalent of at least 45 million tonnes of pure copper.
The mine produced 526,627 ounces in its first full year of operation in 2014, and was expected to yield 600,000 ounces this year.
The contract will give the company, which wants to become a one-stop shop African fertilizer business, a platform to distribute the product across eastern and southern Africa.
The alleged deals involve Glencore's Collahausi mine in Chile, as well as Antamina and Antapaccay copper mines in Peru.
The share sale is set to reduce the company’s net debt by a third to around $20 billion by the end of 2016.
Mounting pressure from investors has forced the firm to come up with a $10 billion package of debt-reduction measures.
The company plans to create a vertically integrated operator to tap into a region that buys in an estimated 10 million tonnes of fertilizer a year.
New data by International Copper Study Group predicts copper mine output will grow 5.7 million tonnes by 2018 as Peru, Zambia and Mexico ramp up production.