Mining News

Zambia royalty hike to force mine closures – chamber

Zambia's decision to hike royalty rates on open pit mining from 6% to 20% will lead to shaft closures and 12 000 job losses, the chamber of mines said on Friday. Barrick Gold said on Thursday it would suspend operations at its Lumwana Copper Mine after royalty increases were passed into law in the 2015 budget. Lumwana produced around 118 000 t of copper in 2013.
(Fri, 19 Dec 2014 23:42:00 +0200)

Kazakh miner GoldBridges joins London exchange main board

GoldBridges, a small Kazakh gold miner led by a member of the well-connected Assaubayev family, on Friday joined the main board of the London Stock Exchange and is hoping to improve the image of Kazakh businesses in the mining sector. The company, which already produces about 30 000 oz/y of gold a year at its Sekisovskoye gold mine in east Kazakhstan and is exploring the Karasuyskoye field nearby, had traded until Friday on the London AIM exchange for smaller companies.
(Fri, 19 Dec 2014 23:47:00 +0200)

Benchmark ferrochrome price settled 6% lower – Merafe

The European benchmark price of ferrochrome has been settled 6% lower for the first quarter of next year, the JSE-listed Merafe Resources said on Friday. The price of $1.08/lb for the first quarter of 2015 is seven cents a pound lower than the current $1.15/lb price of the fourth quarter of 2014.
(Fri, 19 Dec 2014 11:23:00 +0200)

Barrick Gold to suspend Lumwana copper ops after Zambia passes new royalty law

Canada’s Barrick Gold Corp will suspend operations at its Lumwana copper mine, in Zambia’s Northwestern province, after the country enacted legislation that raised the royalty rate on openpit mining operations from 6% to 20%. TSX- and NYSE-listed Barrick, the world’s largest gold producer, said the new taxation regime was expected to go into effect on January 1.
(Thu, 18 Dec 2014 15:46:00 +0200)

IMF urges Zambia to resolve tax issues with mining companies

The International Monetary Fund has urged Zambia, Africa's second-largest copper producer, to quickly resolve issues with mining companies over value-added tax refunds and an increase in royalties. Lower world copper prices and the announced shift to a royalty-only min
(Fri, 19 Dec 2014 10:10:00 +0200)

Cashless home loans for migrant mineworkers on way – Teba

A system of providing incremental cashless home loans to migrant mineworkers living in distant areas is being implemented. Teba CEO Dr Graham Herbert, who spoke to Mining Weekly Online in the attached video interview on potential improvements to the much-criticised migrant labour system, says early piloting of cashless home loans has proved successful.
(Thu, 18 Dec 2014 11:23:00 +0200)

Sword of Damocles hangs over Mintails

The share price of South Africa-focused gold miner Mintails dropped by nearly 22% on Thursday on news that the company was failing to make its production targets. Mintails told shareholders on Thursday that the company’s openpit operational performance had been impacted by the failure of the East Champ D’Or pit to yield expected production.
(Thu, 18 Dec 2014 09:01:00 +0200)

First Quantum says Zambia royalties could discourage investment

Zambia's new mining royalty rate could be a "massive disincentive" for future investment if it does not come with some form of capital relief, First Quantum Minerals's president told Reuters on Thursday. President Clive Newall said the miner does not yet know the specifics of the scheme to raise royalties on open pit operations to 20 percent from six percent. Some countries offer tax breaks to miners that are still earning back their capital costs.
(Thu, 18 Dec 2014 22:04:00 +0200)

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