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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
Ivanhoe Mines appoints new executive vice chair
8th February 2018 Africa-focused explorer and project developer Ivanhoe Mines has appointed veteran mining analyst Egizio Bianchini as its new vice chairperson, effective March 12. Bianchini was most recently employed as the vice chairperson and co-head of BMO Capital Markets' Global Metals & Mining Group for 29... →
Maverix achieves Q4 production record
8th February 2018 Mining royalties investment vehicle Maverix Metals has hit a new fourth-quarter production record, reporting 4 000 oz of attributable gold-equivalent output, which reflects a 40% year-on-year improvement. Total attributable output for fiscal 2017, the company's first full year of operations, is... →
Copper Mountain hits lower-end of guidance
8th February 2018 British Columbia copper producer Copper Mountain has hit the lower-end of its 2017 guidance and expects a 27% year-on-year price improvement to bode well for the full-year financial results, which it plans to release on February 20. In the fourth quarter of 2017, the Copper Mountain mine's mill... →
eCobalt lifts flagship Idaho Cobalt resource 12.5%
8th February 2018 Canadian clean cobalt project developer eCobalt has reported a 12.5% increase in the compliant measured and indicated resources at its Idaho Cobalt Project (ICP), in Idaho, following further geotechnical work. Compared with the previous resource model dated September 2017, total measured and... →
Aquila lifts Back Forty zinc resource 12%
8th February 2018 Michigan-focused project developer Aquila Resources has announced an updated resource estimate for its flagship Back Forty gold/zinc project, lifting the combined measured and indicated zinc resource by 12%, while the contained gold resource climbed 4%. Based on information gained from 22 further... →
Freeport-McMoRan reinstates quarterly dividend
7th February 2018 The world's largest publicly listed copper producer Freeport-McMoRan has reinstated a cash dividend of $0.05 on its common stock, citing an improved balance sheet, stronger market conditions and a positive outlook for cash flow generation. That would add up to a yearly dividend of $0.20 a share,... →
Advantage Lithium stock gains 11% on positive pump-flow tests
7th February 2018 The TSX-V-listed equity of lithium explorer Advantage Lithium gained more than 11% on Tuesday, after the company released the positive results of recent drilling and pump tests on the flagship Cauchari lithium brine joint venture (JV), in Argentina. The latest exploration results include the... →
Barrick to book $429-million Q4 charge on mired Pascua-Lama
7th February 2018 Major miner Barrick Gold expects to book a pre-tax impairment in the fourth quarter ended December 31 of about $429-million at its stalled Pascua-Lama copper/gold project, which straddles the border between Chile and Argentina. The NYSE- and TSX-listed company advised that it is reclassifying... →
Lithium Chile expands Helados lithium brine property
7th February 2018 Junior explorer Lithium Chile has added a further 5 900 ha of prospective land to its Helados lithium brine property, where near-surface brine samples have assayed up to 1 280 mg/ℓ lithium. In a news release on Tuesday, Lithium Chile stated that near-surface brine sample lithium assays from this... →
US Army Corps of Engineers selects third-party contractor to complete Pebble EIA
6th February 2018 The TSX-listed equity of copper/gold project proponent Northern Dynasty Minerals gained about 11% on Tuesday, after the US Army Corps of Engineers (USACE) announced that it had appointed a third-party contractor to undertake an environmental-impact assessment for the controversial Pebble project,... →
Tahoe joins UNGC corporate sustainability initiative
6th February 2018 Precious metals miner Tahoe Resources has signed the United Nations Global Compact (UNGC), the world's largest corporate sustainability initiative. As an official participant of the UNGC, Tahoe joins other international businesses, including a number of industry-leading mining companies, in... →
Nutrien racks up $40m in synergies since merger
6th February 2018 Fertiliser giant Nutrien on Monday reported full-year and fourth-quarter results for its constituent entities Agrium and Potash Corporation of Saskatchewan, saying both firms had benefitted from improving potash pricing as growers continue to focus on increasing productivity by using crop inputs... →
Centerra partially restarts Mt Milligan mill
5th February 2018 Canadian midtier miner Centerra Gold has partially restarted its Mount Milligan operation, in British Columbia, after unexpectedly cold weather in December caused a water shortage, halting operations. Toronto-based Centerra said in a statement on Monday that the mill is using a single ball mill... →
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... →
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