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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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Tahoe suffers $18m Q4 loss as Escobal shutdown saga drags on
24th February 2018 Precious metals producer Tahoe Resources has recorded an $18-million loss for the fourth quarter ended December 31, as its flagship Escobal silver mine, in Guatemala, lingers on care and maintenance. The TSX- and NYSE-listed miner reported an adjusted comparative loss of $17.7-million, or $0.06 a... →
Centerra equity rises on strong Q4 earnings, revenue
24th February 2018 Midtier miner Centerra Gold's TSX-listed equity gained more than 8% on Friday after it reported much stronger-than-expected earnings and revenues for the three months ended December 31. The Toronto-headquartered company reported adjusted profit, which typically excludes special items in a given... →
Champion Iron Ore sends off first loaded train
23rd February 2018 TSX- and ASX-listed miner Champion Iron Ore has dispatched its first loaded train of iron-ore from subsidiary Quebec Iron Ore's (QIO's) flagship Bloom Lake mine, near Fermont. The train load comprised 16 500 t of high-grade 66% iron concentrate and is destined for the Sept-Îles port, from where... →
Alberta govt accepts olive branch as BC seeks reference case on rights over oil exports
23rd February 2018 The political impasse over the much-needed expansion of crude oil export capacity from Alberta through Canada's West Coast seems to have been temporarily resolved. Alberta, which is host to the bulk of Canada's significant oil reserves, on Thursday said it would suspend a ban on the sale of... →
Finland takes top spot for mining-friendly investment
23rd February 2018 Finland has ousted Saskatchewan as the top international jurisdiction for mining investment, Canada's Fraser Institute announced on Thursday. Canada's leading independent think-tank, the Fraser Institute, administers its Annual Survey of Mining Companies and ranks jurisdictions around the world... →
Hudbay swings back into black as higher copper, zinc prices lift Q4 profit
23rd February 2018 Canadian base metals producer Hudbay Minerals has reported higher fourth-quarter earnings and sales as higher copper and zinc prices pushed the miner back into the black, the company reported on Wednesday. The TSX- and NYSE-listed miner said a 32% year-on-year rise in copper prices and 29% higher... →
Cobalt 27 buys royalty on Dumont nickel/cobalt project
23rd February 2018 Canadian cobalt investment vehicle Cobalt 27 has bought a 1.75% net smelter return royalty (NSR) on all future output of nickel and cobalt from Canadian diversified miner RNC Minerals' Dumont project, in the Abitibi region of Quebec, for $70-million. Dumont is thought to contain the world's... →
Torex ramps up ELG throughput; reports Q4 loss
23rd February 2018 TSX-listed intermediate Canadian gold producer Torex Gold has reported a net loss of $25-million, or $0.31 a share for the three months ended December, after the flagship El Limón Guajes mining complex (ELG) was forced to shutter following a road blockade. In what can very well be termed an... →
OceanaGold shares rise on record output, revenues, profit
23rd February 2018 TSX- and ASX-listed gold producer OceanaGold has reported record profit for 2017, as record output and subsequent record revenues lifted the bottom line. The Melbourne, Australia-based company reported a full-year net profit of $172-million, or $0.28 a share, up 26% year-on-year from... →
Newmont beats Q4 earnings forecast; output on par with largest gold producer Barrick
22nd February 2018 US gold miner Newmont Mining has reported market-beating earnings for the three months ended December 31, and reported production that is on par with that of leading gold producer Barrick Gold. The Denver, Colorado-based miner reported headline earnings for the fourth quarter of $216-million, or... →
Barrick guides for lower output for longer as it works to bolster production profile
22nd February 2018 Major miner Barrick Gold has outlined a lower production profile in the coming years as it focuses on developing four major new projects that are expected to lift output by about one-million ounces from 2021 onwards. The Toronto-based company expects to produce between 4.2-million and 4.6-million... →
Newmont maintains steady reserve base as resources grow
22nd February 2018 NYSE-listed US gold major Newmont Mining has replaced all the gold reserves it unearthed in 2017 and managed to grow its global resource base too, it announced on Wednesday. Gold reserves now total 68.5-million ounces for 2017, unchanged from 2016 as additions and revisions fully replaced... →
New Gold beats Q4 earnings forecast as it records record output
22nd February 2018 TSX- and NYSE American-listed Canadian gold producer New Gold has reported a headline profit of $32.5-million, or $0.06 a share for the three months ended December 31, as record gold output boosted the bottom line. This was a marked improvement on the miner's performance in the comparable quarter... →
Lucara's FY17 profit dips 8% on lower sales
22nd February 2018 Southern Africa-focused miner Lucara Diamond Corp has reported an 8% drop in full-year profit as lower production and the sale of fewer special diamonds weighed on the bottom line. The Vancouver-based miner, which operates its flagship Karowe mine, in Botswana, reported net income of... →
Pipeline delays 'impose demonstrable, substantial economic costs on the Canadian economy' – Scotiabank
22nd February 2018 The price received for Western Canadian oil will remain vulnerable to service disruptions in current transportation channels, given the excess of production over takeaway capacity up to about 2020, a new report by the Bank of Nova Scotia (Scotiabank) has found. In a report published on Tuesday,... →
BC extends provincial flow-through tax credit for a year; resumes fight against Canadian oil
21st February 2018 The British Columbia provincial government has released its Budget 2018 plan, confirming that the provincial flow-through exploration tax incentive will be extended for another year until the end of this year. The mining flow-through share programme is seen as critical to reinforcing the... →
eCobalt launches up to C$30m financing
21st February 2018 Canadian clean cobalt project developer eCobalt has launched a C$26-million bought-deal financing. The Vancouver-based company has signed an agreement with a syndicate of underwriters led by TD Securities, under which the underwriters have agreed to buy, on a bought-deal basis, 20-million units... →
World refined copper deficit widens to 195 000 t – ICSG
21st February 2018 The global refined copper balance for the first eleven months of 2017 indicates a deficit of about 195 000 t, some 27% wider than at the same time a year earlier, the latest data from the Lisbon-based International Copper Study Group (ICSG) shows. The think tank attributed the widening deficit to... →
Nautilus rises as vessel construction passes 75% completion mark
20th February 2018 The TSX-listed equity of marine mining pioneer Nautilus Minerals has gained nearly 44% since the start of the year, adding about 7% on Tuesday alone on news that construction of its production support vessel has passed the 75% completion mark. Under construction at the Fujian Mawei Shipyard, in... →
Athabasca exploration juniors reveal voluminous resource increases
20th February 2018 Junior explorer Fission Uranium has reported an increase of about 30% in the total compliant indicated and inferred resources at its flagship Triple R deposit, in North-Western Saskatcewan. The Kelowna, British Columbia-based company on Tuesday said the resource estimate for the Triple R deposit... →
Sound policy, low risk key to attracting mining investment
16th February 2018 Gobal equity markets have been extremely volatile in recent weeks, extending a frantic sell-off of US stocks, which culminated in the steepest plunge for the Dow Jones Industrial Average in six-and-a-half years. While commodities were not spared from the rout, American multinational investment... →
Tahoe lifts global gold reserves by 400 000 oz
16th February 2018 Canadian precious metals miner Tahoe Resources has increased its global gold reserve base by about 12% or 399 000 oz in 2017, to about 3.7-million ounces of yellow metal, the company announced on Thursday. Vancouver-based Tahoe advised that, in 2017, it added 888 000 oz of new gold mineral... →
Canada's oil sands output to grow despite record-low investment, export bottlenecks
16th February 2018 Canada's oil sands output is expected to continue on its upwards trajectory despite investment in the sector lagging behind historical levels, a recent report has found. Oil sands production in Canada's oil patch of Alberta is expected to grow through the next decade, albeit at a slower rate than... →
Volatility, improving supply erase year-to-date index gains
16th February 2018 The Materials Price Index (MPI) from Global Insight by IHS Markit has fallen back to levels at which it started the New Year, as a return of volatility shook markets again last week, dampening appetites for risk and souring the exuberant mood that has prevailed this year. The MPI plunged 3% last... →
Nautilus completes production tools sea trials in PNG
16th February 2018 Marine mining pioneer Nautilus Minerals has successfully completed submerged trials for its seafloor production tools (SPTs), in Papua New Guinea. "The overarching objective of the trials was to ensure that all three machines met the requirements of their respective functional design... →
Sound policy, low risk key to attracting mining investment
16th February 2018 The global equity markets have been extremely volatile in recent weeks, extending a frantic selloff in US stocks that culminated in the steepest plunge for the Dow Jones Industrial Average in six-and-a-half years. While commodities were not spared from the rout, American multinational investment... →
Bar one exception, Canadian gold majors' Q4 headline earnings tread water on lower output
15th February 2018 Canada's gold majors reported fourth-quarter and full-year 2017 financial results on Wednesday following market close, with headline earnings coming in flat or lower year-on-year, as companies work with smaller, more streamlined production portfolios. The exception was Goldcorp, which put in a... →
Osisko Mining outlines C$3m work programme for Garrison project; C$100m in QC
14th February 2018 Canadian gold project developer Osisko Mining has earmarked C$3-million to be spent on exploration at its Garrison project, in Ontario, in 2018. The work includes a resource estimate that will likely be published in July, infill and exploration drilling, and metallurgical work. →
Anaconda starts work on expanded second phase of Goldboro drilling
14th February 2018 Junior gold producer Anaconda Mining has started work on an expanded 7 000 m second-stage drilling campaign at its Goldboro project, in Nova Scotia. The 4 500 m drilling programme will focus on the East Goldbrook and Boston Richardson gold systems of the Goldboro deposit. →
Despite reporting a Q4 earnings miss, Teck equity rises on record revenue, cash flow
14th February 2018 Canadian diversified miner Teck Resources has reported fourth-quarter headline earnings slightly below analyst expectations, as lower metallurgical coal sales and prices offset metal price improvements in the three-month period to December 31. Adjusted profit attributable to shareholders in the... →
Iamgold lifts gold reserves 86% as exploration investments pay off
14th February 2018 TSX- and NSYE-listed miner Iamgold has made significant gains to its reserve base in 2017, lifting it 86% after accounting for depletion. "In 2017, we were able to crystallise significant gains in reserve ounces within the company, carrying on from our great work in 2016 to advance our high... →
Mountain Province's diamond sales start the year on a high note
14th February 2018 Mountain Province Diamonds' first diamond tender of the year broke all records in terms of revenue and customer activity. The TSX- and Nasdaq-listed company said the sale of 351 000 ct of rough diamonds has resulted in Mountain Province's highest revenue result to date, with total sale proceeds... →
Tahoe burnishes CSR profile in undertaking to develop indigenous peoples policy
14th February 2018 Embattled Canadian miner Tahoe Resources has given itself until the end of the year to formalise a comprehensive new indigenous peoples policy as it deals with community protests in Guatemala, that has shuttered operations at its flagship Escobal silver mine for months. The policy is aimed at... →
Sherritt narrows headline loss as cost savings, higher metal prices boost bottom line
14th February 2018 Canadian diversified miner Sherritt International has narrowed its headline loss for the 12 months ended December 31, as lower costs and higher commodity prices boosted the bottom line. The Toronto-based miner, which produces nickel, cobalt and oil in Cuba, and nickel and cobalt at the Ambatovy... →
First Quantum lifts Cobre Panama capacity 15%; swings to FY17 loss
13th February 2018 Base metals producer First Quantum Minerals will expand the capacity of its massive Cobre Panama copper project, in Panama, by 15% to 85-million tonnes a year. The Toronto-based miner on Monday also said it has sanctioned upgrades to certain areas to accommodate a further capacity expansion to... →
Integra declares maiden resource at Florida Mountain
9th February 2018 Development company Integra Resources has declared a maiden resource at its Florida Mountain gold/silver project, located 8.5 km east of Integra's DeLamar deposit, in southwestern Idaho. The Vancouver-based company reported a Canadian National Instrument 43-101-compliant inferred resource of... →
Cameco's 2017 headline earnings dive 59%; contracting to remain 'discretionary' in 2018
9th February 2018 Long-term contracting, which is usually borne out of the requirement for power utilities to secure long-term uranium supplies, is not expected to see an uptick in 2018, as the market remains awash with too much uranium, Canada's Cameco said on Friday. In 2017, excess uranium supply continued to... →
Industry, environment lobby cautiously optimistic as Canada tables new enviro review rules
9th February 2018 Ottawa on Thursday tabled new legislation to improve the federal environmental assessment process for mining projects. The legislation is aimed at strengthening and restoring the credibility of Canada's environmental laws. →
Cameco appoints new chairperson
9th February 2018 Canada's largest uranium producer Cameco has announced that board member Ian Bruce will succeed Neil McMillan as chairperson of the board immediately following the annual general meeting scheduled to be held on May 16. McMillan is retiring from the board after five years as chairperson, and 16... →
'Every area of mining ripe for innovation' – Goldcorp
9th February 2018 Every conceivable area of mining is in dire need of technological innovation, major miner Goldcorp tells Mining Weekly Online in an interview. "We are not exactly the most advanced industry in the world, and we're slow in adopting new technologies. Every area is ripe for innovation," Goldcorp's... →
'Canada-Mexico relationship more important than ever' – Quebec Mines Minister
8th February 2018 Against the backdrop of heated North Atlantic Free Trade Agreement (Nafta) negotiations between trading partners Mexico, the US and Canada, relations between Mexico and Canada are more important than ever, Quebec Energy and Natural Resources Minister Pierre Moreau told an audience at the Mexico... →
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