Uranium miner Cameco said on Friday that the Canada Revenue Agency (CRA) had appealed the September 26 Tax Court ruling, which found in favour of the miner for the 2003, 2005 and 2006 tax years. This means that it will take at least another two years before the case reaches finality.
Uranium miner Cameco said on Friday that the Canada Revenue Agency (CRA) had appealed the September 26 Tax Court ruling, which found in favour of the miner for the 2003, 2005 and 2006 tax years. This means that it will take at least another two years before the case reaches finality.
It’s been labeled “blood gold,” a jarring phrase that ties one of the world’s most valuable metals with brutal mining practices and illicit profits that legitimate miners and refiners are rushing to end. With miners facing increasing pressure to guarantee the provenance of gold, the group that oversees the world’s largest bullion market is seeking new ways to securely track each step from the mine to the jewelry store. The goal: Stop the metal’s use as a convenient financing tool for South American guerrillas... Читать дальше...
Canadian gold and silver miner Yamana Gold will sell its Gualcamayo mine, in San Juan, Argentina, to Colombia-based Latin American gold producer Mineros and has granted that company an option to acquire up to 51% of its La Pepa project in Chile. Yamana will receive $30-million in cash upon closing the transaction and an additional $30-million upon the declaration of commercial production at the Deep Carbonates project. It will also receive a 2% capped net smelter return royalty (NSR) at Gualcamayo and a 1.5%... Читать дальше...
China’s Tianqi Lithium cleared a major hurdle in its bid to buy a $4.1-billion stake in SQM, the world’s second-largest producer of the mineral used in electric-vehicle batteries. On Thursday, Chile’s constitutional court declared inadmissible a suit questioning whether an agreement between Tianqi and Chile’s antitrust agency FNE went far enough to protect SQM’s trade secrets against its Chinese competitor.
Aim-listed Metal Tiger’s joint venture (JV) with ASX-listed MOD Resources, situated in the Kalahari copperbelt in Botswana, has been granted two-year extensions on its prospecting licences by the Botswana licensing authority. These licences were due for renewal by December 31, and hold the T3 copper project, T3 expansion project and the A4 dome.
Aim-listed Afarak Group has been granted a Section 11 approval for its Zeerust chrome mine, by the Department of Mineral Resources (DMR), and preparations are under way to start operations during the fourth quarter. The Section 11 approval allows Afarak to start mining and to secure an own-supply of high-quality ore for its smelter in Mogale.
Global diversified miner Glencore, which is led by CEO Ivan Glasenberg, produced 1.06-million tonnes of copper in the third quarter ended September 30 – a 12% year-on-year improvement. Additionally, the company produced 28 500 t of cobalt, which is 44% higher than that produced in the third quarter of 2017.
JSE- and NYSE-listed precious metals miner Sibanye-Stillwater on Friday announced the conclusion of a transaction with Regulus Resources and the newly formed Argentinian subsidiary of Regulus, Aldebaran Resources, which was established to unlock value at its Altar copper/gold project, in San Juan province, Argentina. Sibanye and Regulus entered into a strategic partnership on June 29.
Canadian base metals miner Nevsun Mining, which is being taken over by China’s Zijin Mining, has increased its 2018 zinc and copper guidance for the Bisha mine, following a strong third-quarter performance. The mine, in Eritrea, produced 69.6-million pounds of zinc in concentrate, compared with 51.3-million in the second quarter and 57.8-million in the prior-year quarter. Copper in concentrate production increased to 10.2-million pounds from 8.6-million pounds in the second quarter and 4-million pounds in the third quarter of 2017.
Vancouver-based Leagold has completed an updated feasibility study for the Santa Luz project that it acquired in the recent Brio takeover, which demonstrates the potential for restarting 100 000 oz/y mine at a cost of $82-million. However, the company’s first priority remains to optimise its three operating mines in Brazil, before it will make a decision on the restart of Santa Luz, which a previous owner shut down in 2014.
JSE-listed Wescoal on Friday reported that it was in advanced negotiations with Ata Resources to join the consortium of investors that has submitted an indicative offer to acquire the entire issued share capital of ASX-listed Universal Coal, for A$0.35 a share. Wescoal previously signed a memorandum of understanding with Ata to join the consortium, by way of an equity contribution to the special purpose bidding company that Ata is using for the proposed buyout of Universal.
Diversified miner Vedanta is investing up to $800-million in a zinc smelter in South Africa, the head of its zinc unit Deshnee Naidoo said at an investment summit in Johannesburg on Friday. Andile Sangqu, executive head of Anglo American South Africa, added at the same summit that his firm would invest R71.5-billion ($4.88-billion) in South Africa over the next five years.
Saudi Arabian Mining Co (Ma'aden), the Gulf's largest miner, is actively looking for investment opportunities overseas that would complement and strengthen its business inside the kingdom, the company's CEO said on Thursday. Ma'aden, which mines gold and copper and has in recent years expanded into the production of aluminium and phosphates, is key to Saudi Arabia's plan to diversify its economy away from hydrocarbons. The government aims to more than triple mining's contribution to the nation's economic output by 2030.
Brazil's Vale, the world's top iron-ore producer, is expecting major improvement in the performance of its base metals division in 2020 but said that production cuts would remain effect this year and next while prices remain low, executives said on Thursday. CEO Fabio Schvartsman forecast a major jump for the segment in 2020. Base metals are non-precious metals that contain no iron.
Coal miner Cokal has flagged possible financial irregularities and fraudulent activities that could have impacted the company’s financial statements for the 2018 financial year. The ASX-listed miner on Friday said that the company’s board was currently investigating the irregularities and activities, which concern Cokals CFO and seven employees having received monies from a supplier of barging services to the company in Indonesia.
Earthmoving equipment manufacturer Volvo Construction Equipment on Thursday launched a new 95 t rigid hauler for the coal and bulk commodities industries in Southern Africa. Its local partner, construction equipment company Babcock Equipment, would provide the support and services for the machines, said Volvo Construction Equipment president of Europe, Middle East and Africa sales Carl Slotte.
South Africa-focused coal miner Universal Coal on Friday told shareholders that a possible takeover offer from a consortium of investors, led by privately held Ata Resources, was one step closer. In September this year, Universal received a conditional, non-binding indicative offer from Ata, of A$0.35 in cash for each Universal share.
Gold major Barrick Gold chairperson John Thornton has urged shareholders to vote in favour of its $6.1-billion transaction with Africa-focused Randgold Resources, telling investors that the combined entity will have five of the world’s ten so-called tier-one assets and that this could be expanded in a short space of time. In a conference call discussing the group’s third-quarter results, Thornton outlined how the merged company could add another four mines to its list of tier-one assets, defined as those producing more than 500 000 oz/y... Читать дальше...
The merger between Barrick Gold (domiciled in Canada and dual-listed on the New York and Toronto Stock Exchanges) and Randgold Resources (domiciled in Jersey and dual-listed on the London and Nasdaq Stock Exchanges), announced last month and still awaiting shareholder and regulatory approvals, will create a “superpower” in the gold industry. This is the view of Fitch Solutions Macro Research, which is part of the Fitch Group.
Mining equipment and services provider Sandvik Mining and Rock Technology has expanded its high-pressure down-the-hole (DTH) drill rig offering with the new Sandvik Leopard DI650i model. The company unveiled its first intelligent DTH surface drill rig for the first time at Electra Mining Africa which took place at the Nasrec Expo Centre, in Johannesburg, from September 10 to 14.
There is a need for effective change management in the opencast mining industry to assist clients in adapting to new technologies and technological capabilities, says equipment supplier Epiroc surface and exploration drilling business line manager Hedley Birnie. “Challenges facing the South African market regarding technology are change management and the perception that automation will take away jobs,” he tells Mining Weekly.
The rapid developments around the concept of the mine of the future and the Fourth Industrial Revolution (4IR) are sending mixed reactions over jobs in what is a struggling sector. However, stalling or adopting what is inevitable, in a slow fashion, will deliver penalties for the economy on an unimaginable scale, with the consequences of ignoring untapped opportunities disastrous for mining towns, peripheral sectors and South Africa’s economy.
Diversified mining company Rio Tinto and its Pilbara joint venture (JV) partners Japanese group Mitsui and steel producer Nippon Steel & Sumitomo Metal have approved a $1.55-billion investment to sustain production capacity at two iron-ore projects that form part of the Robe River JV, in Western Australia. Rio Tinto’s 53% share of expenditure will amount to $820-million. The company’s Pilbara operations include an integrated network of 16 iron-ore mines, four independent port terminals, a 1 700 km rail network and related infrastructure.
Diversified miner Exxaro Resources’ Leeuwpan opencast coal mine, in Mpumalanga, was at risk of running out of coal, until last month a new road gave it access to coal reserves. “Leeuwpan needed to develop an area where it could mine another 5.1-million tons a year to extend its life by a further ten years,” says Exxaro group projects manager Mervin Govender.