Two miners have died after a section of Sibanye-Stillwater's (JSE:SGL) (NYSE:SBGL) Kloof gold operation in South Africa collapsed on Wednesday, about a week after more that 1,000 workers were trapped underground at another of the company's mines in the country.Sibanye-Stillwater has suspended production at the affected area pending an investigation into the incident with the participation of the...Read More
by Andrew Topf50M+ ounce Walker Lane Trend While most gold investors are familiar with the Carlin Trend - the largest gold-producing region in the United States - there are other, less explored parts of Nevada starting to attract a lot of attention. Specifically, the Walker Lane Gold Belt where company-making discoveries are being drilled. Located in southern Nevada, Walker Lane has some of the mo...Read More
Cyril Ramaphosa isn't even president yet and mining companies are already changing their tune on South Africa.A former mine union leader and now one of the wealthiest black South Africans, the new leader of the ruling African National Congress is seen as more willing to negotiate investor-friendly policy, according to executives attending the African Mining Indaba conference in Cape Town this week...Read More
Chile's economy is poised to improve by mid-year as rebounding copper prices and President-elect Sebastian Pinera's promise of business-friendly policies increase optimism among investors, according to a central bank survey released on Tuesday.The study, which surveyed the perceptions of more than 200 business owners and managers throughout Chile, found that many of those interviewed had launched...Read More
CALGARY, Alberta, Feb. 06, 2018 (GLOBE NEWSWIRE) -- Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX-V:CUU) (OTC:CPFXF) is pleased to provide its shareholders an outline of the 2018 program for the Schaft Creek copper-gold-molybdenum project located in northwestern British Columbia. The Schaft Creek project is managed through the Schaft Creek Joint Venture...Read More
The rebranding included renaming its project from Wellgreen to Nickel Shäw, a choice that recognises its partnership, commitment and close community ties with the Kluane First Nation as well as the fact that nickel is a fundamentally important part of the project. In the Southern Tutchone Kluane language, Shäw means big, and so the project—that hosts a measured and indicated resour...Read More
Amid carnage on stock markets Monday, the most active gold futures contract on the Comex market touched a high of $1,345 an ounce, up 0.6% compared to Friday's settlement. Volumes were massive with nearly 30m ounces of April delivery gold traded by mid-afternoon as gold pared some of its earlier gains.Gold and the US dollar usually move in opposite directions but on Monday the metal attracted buyi...Read More
Gold projects are no longer the favourite destination of private capital raised for investment in the mining sector as optimism about electric vehicle demand steer funds into battery metals.Private-equity deals in the mining industry bounced back in 2017 according to a new report by UK law firm Berwin Leighton Paisner with investment in the sector jumping by more than 30% to $2.3 billion.43% of fu...Read More
Shareholders of world's second largest miner Rio Tinto (ASX, LON:RIO) are being recruited to demand the company quit Australia's top mining lobby group.The Australasian Centre for Corporate Responsibility (ACCR) is looking to persuade about 100 investors to co-file a resolution at Rio Tinto's upcoming annual general meeting, in which it will ask the group to leave the Minerals Council of Austral...Read More
The Democratic Republic of Congo's state-owned miner, G?(C)camines, is seeking to take advantage of the country's new mining code and revise contracts with its international partners, as it claims the old rules meant foreign firms benefitted more from the country's riches than local producers.The company, which is heavily indebted and has consistently failed to meet production targets as of late,...Read More
Three years after a commodity slump left their finances in shambles, mining companies are swimming in so much cash that investors aren't sure where the industry will spend it all.With metals from zinc to palladium trading at multi-year highs, four of the world's top producers generated combined free cash flow last year of about $87 million a day. Some of the unprecedented windfall is earmarked for...Read More
Africa-focused gold producer Randgold Resources (LON:RSS) has doubled its full-year dividend after solid 2017 results, but it's warning the good times may be over soon as it's now facing demanding new regulations in Congo, one of its key jurisdictions.The company, which has five operating gold mines across west and central Africa, boosted shareholder payout by 100% to $2 a share, after a year of...Read More
Miners operating in the Democratic Republic of Congo are pulling out the heavy artillery in their fight against the country's new mining code which, they say, will stifle investment in the copper and cobalt-rich nation.Today, Africa-focused gold producer Randgold Resources (LON:RSS) issued a press release saying its executives are engaging "at the highest level" with the Joseph Kabila government t...Read More
Global investors are radically underinvested in gold today. Years of relentless stock-market rallying to endless new record highs have left this classic alternative investment deeply out of favor. But this gold-demand ebb is ending. The same central banks that fueled these extreme stock markets through epic easing are reversing to massive and unprecedented tightening. As stocks roll over,...Read More
Mining and metal companies are rediscovering the downside of rallying prices: higher costs.A sharp rebound in commodity markets in the past two years put producers in a profitability sweet spot after years of cost-cutting to cope with low prices. Now, as the upturn matures and the higher cost of energy and other materials starts to bite, some companies are beginning to struggle to maintain margins...Read More
Southern Copper Corp surprised the market by reporting a $287.5 million net loss in the fourth quarter on Friday, citing a $743.3 million one-time payment related to U.S. tax reform.Analysts had forecast a $419 million net profit for the company in the fourth quarter, according to Thomson Reuters I/B/E/S.The Arizona-based company, controlled by Grupo Mexico, said that without the tax adjustment it...Read More
Our deal to develop the underground phase of our mainstay Cannon gold mine near Kalgoorlie in Western Australia has turned a cash consuming asset into a cash-generating one.With an upfront payment, ongoing per-ounce amounts and continued upside exposure, the deal leaves us free to focus on our South Korean projects, where high-grade gold and silver have been confirmed.The Cannon deal involves our...Read More
Concerted global economic growth could hit 4% and top commodities consumer China is set to expand at a 6.6% clip this year according to the IMF and others.Factories around the world are buzzing - the global JP Morgan manufacturing PMI entered the year at its highest since February 2011.The LME index of base metals has climbed to the highest since 2014. Given its widespread use copper is considered...Read More
SANTIAGO, Feb 1 (Reuters) - The powerful union at BHP's Escondida copper mine, the world's largest, on Wednesday cast doubt on chances of starting talks on a new labor agreement with the company before formal negotiations scheduled for June.The 2,500-member Union 1, which held a strike for 43 days last year and cost BHP Billiton an estimated $1 billion, also questioned in a letter to members the l...Read More
JOHANNESBURG, Feb 1 (Reuters) - Glencore on Thursday said copper output in 2018 should rise to nearly 1.5 million tonnes as its Katanga mine in Democratic Republic of Congo ramps up to add roughly 150,000 tonnes, as well as 11,600 tonnes of cobalt.During the commodities crash in 2015, Glencore reduced output of commodities including zinc and copper and shut its Katanga operation in Congo for an up...Read More