Month: July 2018

BHP, Rio deals show lack of options beyond shareholder returns: Russell

Two recent deals by the world’s two biggest mining companies both looked positive for shareholders, but also underscore the challenges facing major commodity producers. BHP Billiton last week agreed to sell its U.S. shale oil and gas assets for $10.5...

/ July 31, 2018

De Beers ready to begin South Africa’s Voorspoed mine closure

De Beers, the world’s largest rough diamond producer by value, said Tuesday it had decided to proceed with the closure and rehabilitation of its Voorspoed diamond mine in South Africa. The Anglo American unit said the move followed an extensive...

/ July 31, 2018

Russian scientists discover new mineral

An iron meteorite that was found in 2016 in Buryatia, southern Russia, provided the keys for the discovery of a new mineral called ‘uakitite,’ which is associated with sulfides, schreibersite and magnetite. The discovery was made by researchers from the...

/ July 31, 2018

Brazil studying auction of rights to six unexplored mining areas in 2019

Brazil’s geological service is studying auctioning off mining rights in 2019 to six previously unexplored areas that have significant potential output of copper, gold, phosphate and other minerals, the head of the organization told Reuters on Monday. The geological service...

/ July 31, 2018

Lucapa’s mine in Lesotho continues to yield special diamonds

Australia’s Lucapa Diamond (ASX:LOM) announced Monday the recovery of yet another special diamond from its 70 per cent-owned Mothae diamond mine in Lesotho. The 11.88-carat diamond was recovered from the North zone and, according to Lucapa, it is the first...

/ July 31, 2018

Union official at Chile's Escondida mine predicts 'overwhelming' vote against BHP offer

The union at BHP’s Escondida mine in Chile, the world’s largest copper mine, is expected to overwhelmingly reject the final contract offer from the Anglo-Australian miner, increasing the likelihood of a strike, a union leader told Reuters on Monday. Union...

/ July 31, 2018

First Quantum extends copper hedging, even as trade war clips prices

TORONTO, July 30 (Reuters) – Canadian base metal miner First Quantum Minerals Ltd said on Monday it had extended its hedging program for copper sales, as trade war worries push prices lower despite “excess demand” for its production. The miner,...

/ July 31, 2018

Copper price bears shrug $280B China stimulus package

Copper was trading down for a third day on Monday as metal traders in New York shrug off the increasing likelihood of a strike at the world’s largest copper mine and the impact of fiscal stimulus in top metal consumer...

/ July 31, 2018

US State Department sees ‘minimum’ impact from Keystone XL new route

TransCanada Corp. won a small, but important battle Monday after the U.S. State Department released a somewhat positive review for the company’s proposed $8 billion Keystone XL oil pipeline, predicting “moderate” environmental impacts from its construction and operation. The alternate...

/ July 31, 2018

Randgold to revise full-year forecast as readies Tongon mine for restart

Randgold Resources’ (LON:RSS) said Monday it was seeking to restart mining and processing operations at its Tongon gold mine in the Ivory Coast, where production was halted two weeks ago due to a strike. The Africa-focused gold producer said it has engaged in...

/ July 31, 2018

Fate of South African gold rests on giant, loss-making mine

(Bloomberg) — Three thousand meters below the plains southwest of Johannesburg, teams of miners are toiling to revive the gold industry that underpinned South Africa’s economy for generations. The South Deep mine was built to target the world’s second-biggest known body...

/ July 31, 2018

Anil Agarwal given more time to make firm offer for Vedanta Resources

Billionaire Anil Agarwal has been given more time to make a firm offer or walk away from a deal to buy out minority shareholders in Vedanta Resources for 778 million pounds ($1 billion), the London-listed miner said on Monday. Agarwal’s...

/ July 31, 2018