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Henry Lazenby is Creamer Media Sr Deputy Editor: North America for Mining Weekly.
Tel: +27 11 622 3744 / +1 647 352 1305
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Kennady embarks on 2018 winter drilling campaign
5th February 2018 Takeover target Kennady Diamonds has started work on a 10 500 m 2018 winter drilling campaign at the Kennady North diamond project, in Canada's Northwest Territories. Subject to a friendly C$176-million takeover offer by TSX- and Nasdaq-listed diamond producer Mountain Province Diamonds that was... →
Guyana Goldfields reports significant intercepts at greenfield targets
5th February 2018 TSX-listed Guyana Goldfields has reported "significant intercepts" following a 2 500 m reconnaissance-style drill campaign at its Iroma and Wynamu prospects, in Guyana, the company reported on Monday. At the Iroma prospect, which is located about 10 km northeast of the company's flagship Aurora... →
Chevron slips on Q4 earnings miss; lifts dividend
3rd February 2018 Oil giant Chevron saw its NYSE-listed equity slip more than 6% on Friday after it reported disappointing fourth-quarter earnings. The San Ramon, California-based energy company reported earnings of $3.1-billion, or $1.64 a share for the fourth quarter ended December 31, compared with just... →
Southern Copper closes lower on surprise loss
2nd February 2018 Base metals miner Southern Copper has reported a surprise loss of $287.5-million in the fourth quarter ended December 31, saying a $743.3-million one-time payment related to US tax reforms weighed on its financial results. Excluding special items, the company would have reported earnings of... →
Centerra approves further funding for European JV partner on 2017 success; gets more credit
2nd February 2018 Canadian miner Centerra Gold has approved expenditures of $1.85-million for this year to fund exploration campaigns in Sweden by its joint venture partner (JV) Erris Resources, following encouraging 2017 results. Results of the drill programmes undertaken in the second half of 2017 at the Klippen... →
Two miners die at Yamana's Gualcamayo mine, Argentina
2nd February 2018 Canadian gold producer Yamana Gold has reported the death of two contractors at its Gualcamayo mine, in Argentina, the company said on Friday. The dual-listed miner reported that the two employees of a local contractor were travelling in a light truck on an access road at the Las Vacas... →
Seabridge mulls mining Iron Cap deposit sooner
2nd February 2018 Continuous successful exploration drilling over the past two years has prompted TSX- and NYSE-listed precious metals explorer Seabridge Gold to re-evaluate its approach to mining at the flagship Kerr, Mitchell and Sulphurets project (KSM), in north-western British Columbia. Based on the... →
Prestea starts to commercial production – Golden Star
2nd February 2018 Africa-focused miner Golden Star Resources has achieved commercial production at its Prestea Underground gold mine, in Ghana, the company announced on Thursday. Project construction of Prestea Underground, including the installation of all ancillary infrastructure, is complete, with gold... →
Goldsource expands strategic Guyana landholdings; appoints exec chair
1st February 2018 Junior gold producer Goldsource Mines has entered into an option to acquire the Bishop Growler property located about 3 km from its operating Eagle Mountain gold project, in Guyana. The Vancouver-based miner's joint venture partner Kilroy Mining agreed to the option on behalf of the company,... →
British Columbia further hamstrings oil pipeline development
31st January 2018 The coalition British Columbia provincial government has moved the goal post for crude oil pipeline operator Kinder Morgan yet again, adding another hurdle to the seemingly insurmountable legal obstacles that stand in the way of the company twinning its existing pipeline between Alberta's oil... →
Premier earmarks $83m for 2018 exploration, development initiatives
31st January 2018 Canadian precious metals miner Premier Gold Mines has approved a 2018 exploration and development budget of $38.8-million, the company announced on Tuesday. The budget will be supplemented by a further $6-million to be spent at the McCoy-Cove joint venture (JV), in Nevada, funded entirely by... →
Gold juniors Minera Alamos, Corex Gold to merge
31st January 2018 Junior mining companies Minera Alamos and Corex Gold have announced a merger of the two TSX-V-listed companies on Tuesday. The merger is expected to create a new entity with a market capitalisation of about C$50-million, with about C$6-million in cash on hand and holding a portfolio of three... →
Arizona Mining finds new quality zinc zones at Hermosa; enhanced PEA lifts project to global Top 5
30th January 2018 The TSX-listed stock of Vancouver-based base metals explorer Arizona Mining has gained more than 25% since the start of the year, boosted by the release of an updated preliminary economic assessment (PEA) and the latest exploration results from the flagship Hermosa deposit, in Arizona, which... →
Brazil, Peru to lead LatAm mineral project development to 2020
30th January 2018 Boosted by higher commodity prices in general, miners are increasingly focusing on project development as healthier balance sheets allow them the opportunity to return to their long-term growth strategies. According to data supplied by Fitch-affiliated research firm BMI, two countries are... →
NexGen embarks on winter exploration programme for Rook I
30th January 2018 Uranium explorer NexGen Energy has started work on its winter 2018 drill programme at the fully owned Rook I property, in the Athabasca Basin of Saskatchewan. The winter 2018 programme will comprise about 25 000 m using eight drill rigs. →
Nautilus production equipment exceeding design specs
30th January 2018 Testing of the fleet of underwater machines that marine mining pioneer Nautilus Minerals will use to mine the Solwara 1 gold/copper project, offshore Papua New Guinea (PNG), has so far delivered results meeting or exceeding design parameters, the company recently reported. Headquartered in... →
Mountain Province to buy exploration-spinout Kennady Diamonds for C$176m
30th January 2018 TSX- and Nasdaq-listed diamond producer Mountain Province Diamonds has signed a definitive arrangement agreement whereby it will buy its exploration spinout Kennady Diamonds in an all-scrip deal worth about C$176-million, the companies announced on Monday. News of the transaction buoyed Kennady's... →
Fort Hills Energy LP reports first oil
30th January 2018 Lead shareholder and operator of Canada's newest oil sands mine Suncor announced on Monday that the new C$13.5-billion Fort Hills oil sands project, in Alberta, had started secondary extraction on Saturday. Fort Hills, which is located about 90 km north of the country's oil capital, Fort... →
Zinc, lead outlook bright but analysts expect peak pricing as soon as this year
27th January 2018 High commodity prices in 2018 are expected to sustain robust margins for zinc and lead miners this year, as supplies of both metals remain constrained. According to market research and consultancy firm CRU International, following on from record zinc deficits in 2017 in the range of 650 000 t of... →
Cameco's JV Inkai lifts 2018 guidance 25%
26th January 2018 Despite lacklustre uranium spot and contract prices, Canadian producer Cameco announced on Thursday that its joint venture (JV) over the Inkai in situ recovery uranium mine, in south Kazakhstan, with the National Atomic Company of the Republic of Kazakhstan (Kazatomprom) will lift output 25% this... →
WGC bashes cryptocurrency as 'no substitute for gold'
26th January 2018 In the wake of cryptocurrencies last year emerging as a market darling, delivering extreme gains to risk-tolerant investors, the World Gold Council (WGC) has come out in defence of gold, saying that, while cryptocurrencies may become an established part of the financial system, gold remains... →
Elkview dryer incident to cost Teck 200 000 t of coal output
26th January 2018 Canadian diversified miner Teck Resources said on Thursday that a "significant pressure event" that had interrupted operations in the coal dryer at its Elkview mine, in British Columbia, will cost the company about 200 000 t of coal output this year. The Vancouver-based miner has informed the... →
Codelco gets approval for revised El Teniente buildout
26th January 2018 Chilean State-owned copper miner Codelco has received environmental approval to implement a revised expansion plan at its El Teniente mine, which contributes the most copper to the miner's production profile. Codelco advised on Thursday that, despite the expansion project currently being executed... →
PTM widens Q4 loss as accounts due mount
26th January 2018 Precious metals project developer Platinum Group Metals (PTM) has widened its net loss for the first fiscal quarter ended November 30 to $12.44-million, or $0.08 a share, compared with a net loss of $2.45-million, or $0.03 a share a year earlier, the Vancouver-based company reported late on... →
Cliffs delivers second consecutive year of +25% Ebitda growth
25th January 2018 US iron-ore company Cleveland-Cliffs has delivered on promises to aggressively drive up growth in its earnings before interest, tax, depreciation and amortisation (Ebitda) metric, reporting growth greater than 25% for the second consecutive year. Based in Cleveland, Ohio, the company reported... →
Freeport rises on Q4 earnings beat
25th January 2018 The world's largest publicly listed copper producer Freeport-McMoRan has reported a better-than-expected headline profit for the three months ended December, as its focus on productivity, cost and capital discipline dovetailed with an improved market for copper. The Phoenix, Arizona-based miner... →
Royal Road Minerals jumps on endorsement from Barrick
25th January 2018 The TSX-V-listed stock of Royal Road Minerals jumped more than 25% on Wednesday following a major endorsement from miner Barrick Gold, which has signed a subscription agreement to increase its holdings to about 12.5% of the junior company's equity. Under the terms of the deal, Barrick will buy... →
Benchmark downplays investor fears of looming lithium oversupply, subsequent price crash
25th January 2018 London-based Benchmark Mineral Intelligence has downplayed top-level investor fears this week regarding the potential for lithium market oversupply and an inevitable price crash to follow. The energy metals-focused research company pointed out that rumours about up to 180 000 t/y of added lithium... →
Lydian International obtains cyanide permit for Amulsar
25th January 2018 Lydian Armernia, the local subsidiary of Canadian project developer Lydian International has received a certificate of compliance with the International Cyanide Management Code (ICMC) for its Amulsar gold project, in Armenia. The International Cyanide Management Institute (ICMI) administers the... →
ArcelorMittal to spend C$70m to upgrade Quebec-based Contrecoeur mill
24th January 2018 Multinational steel producer ArcelorMittal will spend C$70-million to 2020 to upgrade its Contrecoeur steel mill, in Quebec. The upgrade plans include expanding rolling capacity by 100 000 t/y by replacing two reheating furnaces at its Contrecoeur-East wire rod mill for about C$30-million, and... →
Antofagasta takes a hit on lower output, higher cost outlook
24th January 2018 London-listed and Chile-focused base metals miner Antofagasta has reported lower-than expected copper output for the fourth quarter, as lower output at Centinela offset higher production at Los Pelambres and the ramp-up of the Encuentro Oxides project. For the three months to December 31,... →
BC energy junior fined C$235 000 under the Migratory Birds Convention Act
24th January 2018 Environment and Climate Change Canada announced on Tuesday that British Columbia-based energy junior Painted Pony Energy (formerly Painted Pony Petroleum) has been fined C$235 000 under the Migratory Birds Convention Act. According to the Ministry, following a guilty plea on May 31, 2017, the... →
Canadian miners welcome agreement on Trans-Pacific Partnership
24th January 2018 Canada has agreed to a revised Trans-Pacific Partnership deal that excludes the US. "We are happy to confirm the achievement of a significant outcome on culture as well as an improved arrangement on autos with Japan, along with the suspension of many intellectual property provisions of concern to... →
Brio jumps 50% on friendly $264m Leagold takeover bid
24th January 2018 The TSX-listed equity of Brio Gold jumped 50% on Tuesday following rising precious metals producer Leagold Mining's announcement of its intention to make a friendly $264-million all-scrip offer for the company by February 28. Leagold is making good on its promise to use the April 2017 acquisition... →
Revamped Barrick harkens back to founding principles as 'new generation' of discovery, partnerships beckon
23rd January 2018 The world's largest gold producer by output Barrick Gold is looking towards a more sustainable future based on a leaner, more tightly owned portfolio, with future growth increasingly hinging on forming synergistic partnerships with former mining rivals. With the gold price off to a strong start... →
'There has never been a bigger disconnect between price and value' – VRIC 2018
22nd January 2018 "The disconnect between price and value is as stunning as I've ever seen," founder of The Stock Catalyst Report Michael Alkin told attendees at the Vancouver Resource Investment Conference (VRIC) on Sunday. Industry participants seemed to agree. →
2018 minerals-focused financings off to slow start
22nd January 2018 In the wake of a slow start to mineral-focused financing activity, analysts are predicting more of the same for at least the first four months of 2018. This year is also not expected to surpass 2017 in the number and value of mineral-focused financings undertaken at the market, data company... →
Policy advocacy, tech innovation and fact-based talks key 2018 AME BC objectives
22nd January 2018 Government policy advocacy and fostering genuine fact-based conversations among all stakeholders in the minerals exploration and mining industries are main priorities for the Association for Mineral Exploration British Columbia (AME BC) this year. "Government is increasingly getting more... →
Senator, uranium producers urge US govt to investigate reliance on Russian imports
20th January 2018 US Republican senator for Wyoming John Barrasso has called on the Commerce Department to launch an investigation into the effects of uranium imports on US national security. "For years, government-owned uranium producers in Russia, Kazakhstan and Uzbekistan have unfairly flooded American markets... →
Nevsun discovers new high-grade copper/gold deposit east of Timok Upper Zone
20th January 2018 Base metals producer Nevsun Resources announced this week that it has discovered a new high-grade copper/gold deposit about 500 m east of the Timok Upper Zone, in Serbia. Ongoing drilling has intersected new high-sulphidation epithermal (HSE) copper/gold mineralisation, similar to that found at... →
China's proposed dual-credit scheme can reshape the EV market – WoodMac
19th January 2018 China's electric vehicles (EV) market has grown exponentially to overtake the US as the world's largest EV market, thanks to heavy government subsidies to spur growth in the emerging automotive sector. However, research and consultancy firm Wood Mackenzie (WoodMac) warns that these subsidies are... →
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