South Africa’s mining production decreased by 9.1% year-on-year in August, Statistics South Africa reported on Thursday. The decrease was driven by lower output in the iron-ore, gold and platinum group metals (PGMs) sectors.
Base metals junior Solaris Copper, which was recently spun out of Equinox Gold, reported on Thursday that US miner Freeport McMoRan would earn up to 80% in its early stage Ricardo property, in Chile. Freeport would be required to incur gross expenditures of $130-million or $30-million plus the delivery of a feasibility study for a mine at Ricardo to earn its interest.
Base metals junior Solaris Copper, which was recently spun out of Equinox Gold, reported on Thursday that US miner Freeport McMoRan would earn up to 80% in its early stage Ricardo property, in Chile. Freeport would be required to incur gross expenditures of $130-million or $30-million plus the delivery of a feasibility study for a mine at Ricardo to earn its interest.
This week Mining Weekly editor Martin Creamer unpacks South Africa’s synfuels know-how, Transnet’s manganese production train and Morila mine’s agribusiness conversion.
Plea for government to awaken to massive economic potential of mining and, Chinese delegation to witness proudly South African logging system
Mining companies operating in Zambia will still meet their operational costs even after the government imposes higher taxes in Africa's No.2 copper producer, its finance minister said on Wednesday. Zambia plans to introduce new mining duties, replace Value Added Tax with sales tax and increase royalties to help bring down mounting debt, Finance Minister Margaret Mwanakatwe said while delivering the 2019 budget speech last month.
Diversified miner South32 on Thursday reported a record quarter at its Australian manganese operations, while metallurgical coal production was up 39% on the previous quarter. “Annual production guidance is maintained for all our operations, with Australia manganese achieving another quarterly record and total manganese ore production increasing by 8%,” said South32 CEO Graham Kerr.
Alcoa reported third-quarter earnings that were double estimates and announced its first share buyback in more than a decade in a sign that the top US aluminum producer is weathering the trade war. Shares jumped 4.8% at 5:05 p.m. in New York as the company said it would buy $200-million of its stock, the first repurchase since 2007, when the manufacturer was still a combined commodity and metal-parts maker, according to data compiled by Bloomberg. Alcoa split from its auto- and jet-components business in late 2016.
Mongolia-focused Xandu Mines will list on the TSX on Thursday, as part of the company’s efforts to develop a broader awareness of its porphyry copper/gold discovery in Mongolia’s south Gobi. “The listing will further build the profile of the company and understanding of its potential among North American investors. Our TSX listing is timely given the substantial amount of activity planned, including the resource upgrade and preliminary economic assessment on our Kharmagtai project, which is due in... Читать дальше...