Mining News

Carbon limits to put $2tn of coal, oil, gas projects at risk – report

Up to $2-trillion in petroleum and coal projects will not be needed if the world takes action to limit warming of the planet to 2 degrees Celsius, according to a report released this week ahead of a global climate summit in Paris. The report adds to a string of studies warning investors that measures to curb carbon emissions will hit earnings at coal, oil and gas companies as the world shifts to cleaner energy.
(Wed, 25 Nov 2015 09:22:00 +0200)

Gold extends gains on geopolitical tensions but US rate view drags

Gold added to overnight gains on Wednesday on a softer dollar and heightened tensions after Turkey shot down a Russian warplane, but the rally was capped on expectations of a US rate hike next month. Turkey shot down the Russian jet near the Syrian border on Tuesday, saying the plane had violated its air space, in one of the most serious publicly acknowledged clashes between a NATO member country and Russia for half a century.
(Wed, 25 Nov 2015 11:35:00 +0200)

PNG committed to help resource companies advance projects – PM

The Papua New Guinea government is committed to work with the mining industry to advance key resources projects, including the Frieda River copper/gold project and the Wafi-Golpu gold project, Prime Minister Peter O’Neill said this week. ASX-listed Highlands Pacific and Guangdong Rising Asset Management are developing the Frieda River project, for which a feasibility study is expected before the end of 2015.
(Wed, 25 Nov 2015 10:37:00 +0200)

No reprieve: iron-ore glut defies Samarco dam disaster

Premiums for iron-ore pellets - the highest-quality steelmaking raw material - have sunk this month despite the loss of a fifth of global supplies after a Brazil mine disaster, underscoring the industry's deep glut. Even a permanent closure at the flood-hit Samarco mine would be unlikely to boost pellet premiums, analysts and traders said, with other miners able to boost supply and Chinese steel mills eager to cut costs by using cheaper ore.
(Wed, 25 Nov 2015 08:32:00 +0200)

Paladin buys back more notes

Uranium miner Paladin Energy has repurchased $11-million of its outstanding $254-million convertible bonds, which were due in 2017. The ASX and TSX-listed company reported on Wednesday that the cash expenditure for the repurchase was about $9.9-million, as the bonds were bought back at an average price of 90%.
(Wed, 25 Nov 2015 09:51:00 +0200)

Master Drilling expands European footprint

Drilling services provider Master Drilling International (MDI) has inked a €5-million deal that will see it acquire a 40% stake in Scandinavian raisebore drilling company Bergteamet Raiseboring Europe. This formed part of MDI’s long-term growth strategy and was an effective entry into the Scandinavian region. With Bergteamet’s dominant market share in Sweden, Norway and Finland, MDI would continue to diversify into the rest of the European market.
(Wed, 25 Nov 2015 12:10:00 +0200)

Motsepe Foundation provides R117m for schools sport, culture programmes

The Motsepe Foundation has committed about R117.5-million to the Department of Basic Education (DBE) for sports and music development at schools across South Africa. Basic Education Minister Angie Motshekga received the donation from the foundation’s cofounder and JSE-listed mining firm African Rainbow Minerals chairperson Patrice Motsepe at the foundation’s annual general meeting, this week.
(Wed, 25 Nov 2015 11:42:00 +0200)

Harmony declares maiden resource at Kili Teke prospect

Gold miner Harmony Gold is “thrilled” with the prospect of transforming its Kili Teke resource – the first new porphyry copper-gold deposit defined in Papua New Guinea since the Golpu discovery in the early 1990s – into a major new deposit. Following the declaration of the greenfield project’s maiden resource of four-million gold-equivalent ounces on Tuesday, CEO Graham Briggs said the initial inferred mineral resource estimate for Kili Teke represented an “extremely positive” outcome from the project’s early-stage drilling.
(Tue, 24 Nov 2015 15:14:00 +0200)

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