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Henry Lazenby
Henry Lazenby is Creamer Media Sr Deputy Editor: North America for Mining Weekly.
Tel: +27 11 622 3744 / +1 647 352 1305
Email: newsdesk@engineeringnews.co.za / henry@miningweekly.com
Anglogold ups Pure Gold stake to 14.9% in parallel with C$10m Pure Gold private placement
30th April 2018 South Africa-based multinational gold producer Anglogold Ashanti has agreed to lift its ownership stake in Canadian project developer Pure Gold to 14.9% through a C$7.4-million investment. The deal comes on the back of a parallel private placement led by Sprott Capital Partners as lead... →
Contura Energy, Alpha Natural Resources to rejoin forces
30th April 2018 Coal producers Contura Energy and Alpha Natural Resources have signed a definitive deal to merge the two entities that were split after Alpha filed for Chapter 11 bankruptcy protection in August 2015. The move is expected to create the largest US metallurgical coal producer, which on a pro forma... →
MGX looking forward to booking first revenue by Oct as commercial petrolithium plants deploy
28th April 2018 Budding energy metals producer MGX Minerals is looking forward to generating its first revenues later this year as the first commercial petrolithium extraction systems deploy to sites in Utah and Alberta. “It’s a liability until it becomes an asset,” president and CEO Jared Lazerson says of the... →
Cameco swings into the black as it focuses on what it can control – Gitzel
28th April 2018 Canadian uranium major Cameco is settling into a more relaxed pace of business as it rides out the uranium price doldrums, with two of its best assets languishing on care and maintenance. President and CEO Tim Gitzel noted on Friday that “unprecedented noise in the political economy” are yet to... →
BC govt court case another ‘stall tactic’ to block Trans Mountain expansion – CAPP
27th April 2018 A reference court case brought by the environment-focused minority provincial government of British Columbia that seeks a confirmation of the province's constitutional rights to defend against the risks of a bitumen spill has been criticised by Canada’s petroleum producers as “just another stall... →
OceanaGold’s q-o-q profit cut in half on weak output
27th April 2018 Multinational miner OceanaGold’s TSX-listed equity tread water on Thursday after the company on Thursday reported a 50% drop in first-quarter profit over the prior period. The TSX- and ASX-quoted miner said gold output fell 24% for the March quarter to 125 646 oz, which the company noted was... →
Vale achieves best-ever quarterly sales in Q1
27th April 2018 Brazilian diversified miner Vale has reported its best first-quarter iron-ore sales ever despite production of the iron-making ingredient slipping somewhat during the three-month period. The company reported that output during the quarter ended March 31 slipped 4.9% year-on-year to 81.95-million... →
Nevada Copper hires new CEO
26th April 2018 Development company Nevada Copper has appointed former Barrick Gold senior executive Matthew Gili as its new president and CEO, the company announced on Wednesday. The TSX-listed company’s flagship Pumpkin Hollow project was recently re-engineered and the company expects to be in production... →
Peabody shares trade lower as profit declines; board expands $1bn share buyback plan
26th April 2018 US coal producer Peabody Energy has reported a 10% slide in first-quarter earnings, despite a 10% improvement in revenues and a board decision to expand the share buyback programme from $500-million to $1-billion, the company announced on Wednesday. The company’s NYSE-listed equity fell as much... →
New Gold tumbles as Rainy River issues rain on Q1 earnings parade
26th April 2018 Canadian miner New Gold has reported disappointing first-quarter earnings as lower-than-expected gold grade, gold recovery and ore throughput at Rainy River combined with higher than expected milling costs at the Ontario-based processing facility weighed on the bottom line. The Toronto-based... →
Vale’s Q1 earnings slump despite record sales volumes, as price tumbles
26th April 2018 Brazilian diversified miner Vale – the world’s largest producer iron-ore – has reported a bigger than 36% drop in profit attributable to shareholders for the three months ended March 31. The Rio de Janeiro-based multinational blamed a 12.4% slide in iron-ore prices to $66.41/t in the period for... →
Goldcorp earnings slide on lower output, sales
26th April 2018 Canadian mining major Goldcorp has reported a sharp drop in first-quarter profit, as higher gold prices failed to offset lower production, sales and rising costs. The Vancouver-based miner reported profit of $67-million, or $0.08 a share, which was far removed from the $170-million, or $$0.20 a... →
Sherritt narrows Q1 loss as metals prices jump
26th April 2018 Canadian diversified miner Sherritt International has reported a narrower first-quarter headline loss of C$14.7-million, or C$0.04 a share, compared with a loss of C$82.7-million, or C$0.28 a share, for the same period of 2017, mainly as higher metals prices made up for lower output. Sherritt... →
N American oil & gas, mining sectors released a third of total 2013 pollution – report
25th April 2018 A new report that fine-combed the national pollutant release and transfer registers (PRTRs) of Canada, the US and Mexico to explore pollutant data reported by industrial facilities, has pointed to the critical need to standardise the way information is collected across the three jurisdictions,... →
Freeport stock tanks on disappointing Q1 earnings, Indonesia fears
25th April 2018 US diversified miner Freeport McMoRan’s (FCX’s) NYSE-listed stock lost as much as 17% on Tuesday following disappointing first-quarter financial results and a lowered copper production outlook. Phoenix, Arizona-based Freeport’s president and CEO Richard Adkerson expressed shock and disappointment... →
Teck profit rises on strong copper, zinc price and volume gains
24th April 2018 Higher copper and zinc prices and improved copper sales volumes that were driven by higher output, have contributed to lift Canada’s largest diversified miner’s first-quarter profit by 15%, the company announced on Tuesday. Adjusted profit attributable to shareholders, which typically excludes... →
Caterpillar ups profit outlook on doubling Q1 headline profit, record earnings
24th April 2018 Global mining and construction equipment manufacturer Caterpillar has reported record first-quarter profit as strength in many of its end-markets and a strong emphasis on cost control boosted margins. The Deerfield, Illinois-based company reported adjusted profit of $2.82 a share – up 120%... →
Barrick beats Q1 earnings call; halves debt in 3yrs
24th April 2018 Canadian mining major Barrick Gold's Porgera Joint Venture mine, in Papua New Guinea, is still operating at only 25% of capacity following a 7.5 magnitude earthquake that struck the island on February 26, the company announced on Monday in its first-quarter earnings release. The earthquake... →
eCobalt preconstruction activity ramps up
23rd April 2018 Preconstruction activities for eCobalt Solutions’ Idaho Cobalt Project (ICP) are ramping up with components for the water treatment plant starting to arrive on site, the company reported on Monday. The Vancouver-headquartered company has awarded contracts for the water treatment plant’s... →
Ivanhoe reaches Platreef Shaft 1 milestone 750 m below surface
23rd April 2018 Blockbuster mine developer Ivanhoe Mines has reached a significant development milestone at its Platreef platinum/palladium/ gold/nickel/copper discovery on the northern limb of South Africa’s Bushveld Complex, after Shaft 1 has reached a depth of 750 m. Lateral development will take place from... →
BHP, Vale given a further 66 days to resolve Samarco dam failure dispute
23rd April 2018 A Brazilian federal court has given mining giants BHP and Vale an additional 66 days to resolve a multibillion-dollar settlement regarding their joint venture Samarco mine’s tailings dam failure in 2015, that killed 19 people and is billed as the country’s worst environmental disaster. BHP and... →
First Centenera drill hole hits strong Cu/Au mineralisation at Esperanza
23rd April 2018 The maiden drill hole at junior explorer Centenera Mining's Esperanza project, in Argentina, has hit strong copper and gold mineralisation from surface to about 166 m. The Vancouver-based company reported the results of the first 166 m of the 387-m-deep drill hole 18-ESP-025, returning 166 m... →
Workers down tools at Tahoe’s La Arena mine
23rd April 2018 Dual-listed precious metals producer Tahoe Resources has reported that a labour strike at its La Arena mine, in Peru, has impacted the operation since Friday. According to the Vancouver-based miner, it is actively engaging the La Arena Union, which represents about 65% of the mine’s work force. →
Motlanthe joins Ivanhoe board
20th April 2018 Former South African President Kgalema Motlanthe has joined the board of project developer Ivanhoe Mines with immediate effect, the company announced on Tuesday. In his new nonexecutive capacity, Motlanthe is expected to bring a “new dimension” to the company’s strategic evaluations, consensus... →
Mining equipment supplier Weir buys US market leader Esco in $1.3bn tie-up
19th April 2018 UK-based mining equipment dealer Weir has signed a binding $1.29-billion accord to buy Portland, Oregon-based Esco – a local market leader in the mining, construction and industrial markets. "We are acquiring a high-quality business at the right time, with the market in the early stages of its... →
Denison outlines more high-grade mineralisation at Gryphon
19th April 2018 Uranium explorer and development company Denison Mines has discovered more high-grade uranium ore 600 m and 1 km to the northeast of the Gryphon uranium deposit, on the company’s 63.3%-owned Wheeler River project, in northern Saskatchewan, the company reported on Wednesday. With the 21 153 m... →
Phoenix Global PEA lifts Idaho-based Empire mine output 16%
19th April 2018 A preliminary economic assessment (PE) of LSE-quoted project developer Phoenix Global Mining’s historic Empire mine, in Idaho, has outlined a 16% improved production scenario over previous estimates, taking only the openpit copper oxide resource into consideration. The PEA shows an average copper... →
Semafo’s Boungou mine 91% complete
19th April 2018 Montreal-based miner Semafo reported on Thursday that construction of the Burkina Faso-based Boungou mine, in Burkina Faso, is 91% complete, and 10% of the equipment has already been commissioned. Commissioning exercises started in February, focusing first on the crushing circuit equipment and... →
B2Gold’s Fekola update continues to demonstrate potential for larger openpit
19th April 2018 Gold producer B2Gold has extended mineralisation at its Fekola mine 1 km to the north, with the positive drill results continuing to indicate potential for a larger openpit operation, that could justify a relatively low capital cost plant expansion from 5.5-million tonnes a year to about... →
Kinder Morgan pipeline expansion investment untenable – CEO
19th April 2018 The CEO of Kinder Morgan Steven Kean has conceded that the C$7.4-billion twinning of the existing Kinder Morgan crude oil pipeline between Alberta and British Columbia “may be untenable for a private party to undertake”. He made the comments during the company’s first-quarter conference call on... →
Hochschild shares rise on higher Q1 output
18th April 2018 LSE-listed Hochschild Mining has reported higher-than-expected first-quarter production, as record output at the Inmaculada mine, as well as a strong result from the Pallancata mine – both located in Peru – buoyed output. During the three months ended March 31, Hochschild reported attributable... →
Union workers reject Rio-owned IOC offer
18th April 2018 The United Steelworkers Union (USW) Local 5795/6731, in Labrador City, rejected the latest labour offer proposed by Rio Tinto’s majority-owned Iron Ore Company of Canada (IOC) and the USW negotiations teams. The union represents about 1 400 workers of whom 90% voted in favour of downing tools... →
Poll shows divided British Columbia opinions for/against Kinder Morgan pipeline expansion
18th April 2018 A slim majority of Canadians and British Columbians have come forward in favour of the proposed twinning of Kinder Morgan’s diluted bitumen pipeline connecting Canada’s Alberta oil patch with new markets in the Far East, via the West Coast. A new survey conducted by the nonprofit Angus Reid... →
Northcliff hopeful of ‘timely conclusion’ of Sisson permitting
18th April 2018 Project developer Northcliff Resources is hopeful for a timely conclusion of the amendment process of the applicable metal mining effluent regulations, in consultation with all stakeholders and led by Environment Canada and Climate Change, for its Sisson tungsten/molybdenum mine, in New... →
Callinex lifts Nash Creek resources in New Brunswick’s Bathurst Camp
17th April 2018 Base metals-focused Callinex Mines has reported a substantial resource increase at the near-surface Nash Creek deposit, in New Brunswick’s Bathurst Mining Camp. The Canadian National Instrument 43-101-compliant indicated resource rose 74% over prior estimates to 963-million pounds of zinc... →
Star Diamond’s Saskatchewan projects shine with C$2bn after-tax NPV
17th April 2018 The TSX-quoted equity of project developer Star Diamond (formerly Shore Gold) closed in the black on Monday after a preliminary economic assessment (PEA) on its fully-owned Star-Orion South kimberlite projects reported strong metrics. The PEA reported an after-tax net present value on a... →
Vale achieves best-ever quarterly sales in Q1, despite slide in iron output
17th April 2018 Brazilian diversified miner Vale has reported its best first-quarter iron-ore sales ever despite production of the iron-making ingredient slipping somewhat during the three-month period. The company reported that output during the quarter ended March 31 slipped 4.9% year-on-year to 81.95-million... →
Copper Mountain lifts Q1 output 10%
16th April 2018 British Columbia-focused miner Copper Mountain Mining has reported strong results for the first calendar quarter, as it battled abnormal volumes of snow and a brief power outage to keep production on course with 2018 guidance. The eponymous mine produced 23.2-million pounds of copper equivalent,... →
Largo eyes 25% Maracás Menchen capacity increase, plant improvements
16th April 2018 Vanadium producer Largo Resources is looking to increase the production capacity at its flagship Maracás Menchen mine, in Brazil’s Bahia state, by 25% from the current 800 t/m to 1 000 t/m, it said in a statement on Monday. These improvements translate to a 200 t of additional vanadium pentoxide... →
Nemaska secures $150m streaming deal with private lender Orion
16th April 2018 Quebec-based lithium producer Nemaska Lithium has secured a $150-million streaming financing deal with private lender Orion Mine Finance Group. Under terms of the streaming deal, Orion will take 14.5% of the lithium hydroxide and lithium carbonate produced at Shawinigan and that are sold to third... →
Gensource offtake MoUs signal supply malaise in N American potash market
14th April 2018 The fact that junior Canadian start-up Gensource Potash has been able to secure two memoranda of understanding (MoUs) from separate US offtake partners that support the establishment of a new and independent supply of potash, speaks to a certain malaise in the continent’s crop nutrient market.... →
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