Mining News


Polish miner KGHM's first-half profit rise lags forecasts

Polish-based copper miner KGHM reported a 66% rise in first-half net profits on Thursday but failed to meet analysts' estimates as currency effects and increased costs offset rising copper and molybdenum prices. The state-controlled firm posted a consolidated net profit of 491-million zlotys, up from 296 -million zlotys in the same period last year. However it fell short of the average of analysts' forecasts of 637-million zlotys.
(Fri, 18 Aug 2017 01:02:00 +0200)

Glencore to start importing fuel for Mexico's domestic market in Feb – oil chief

Trading firm Glencore expects to start importing fuel for Mexico's domestic market in February 2018 through its own terminal in the southern state of Tabasco, the head of the firm's oil division, Alex Beard, said on Thursday. The executive said the fuel will be ultimately sold by a large network of gas stations operated in a distribution partnership with Mexico's Corporacion G500. The first gas station under the new brand was inaugurated on Thursday.
(Fri, 18 Aug 2017 01:00:00 +0200)

BlackRock's largest mutual fund boosts energy holdings – manager

BlackRock's largest mutual fund hiked its exposure to "select names" in energy as the sector has lagged this year, one of its portfolio managers said on Thursday. "The underperformance of energy stocks even as oil prices have stabilised creates opportunities for investors," wrote Russ Koesterich, a manager of the BlackRock Global Allocation Fund, in a note.
(Fri, 18 Aug 2017 00:56:00 +0200)

Integra Resources created to replicate Integra Gold’s success

Shell company Mag Copper has rebranded and appointed three former executives of Integra Gold, which was acquired last month for C$590-million by Eldorado Gold, to replicate the former company’s success elsewhere in the Americas. The company, to be rebranded Integra Resources, plans to acquire a project in either North or South America in the coming months, CEO George Salamis said in a news release on Thursday.
(Fri, 18 Aug 2017 00:54:00 +0200)

IHS materials index posts sixth gain in seven weeks

The materials price index (MPI) from Global Insight by IHS Markit has recovered about half the losses it suffered between February and June. The latest reading of the MPI, an index measuring the weighted average of weekly spot prices for a basket of globally traded manufacturing inputs comprising crude oil, chemicals, nonferrous metals, ferrous metals, paper pulp, lumber, rubber, fibres, tech components, and ocean-going freight rates, rose 2.7% last week, its sixth gain in the past seven weeks.
(Fri, 18 Aug 2017 00:27:00 +0200)

NexGen in a class of its own as maiden PEA catapults Arrow into the big league

There are about 30 aspects about the recently unveiled maiden preliminary economic assessment (PEA) on uranium exploration junior NexGen Energy’s Arrow deposit, part of the Rook 1 project in the south-west of Saskatchewan’s Athabasca Basin, that separates it from its development peers and even the majors. The size and high grade of the Arrow deposit, combined with its location inside competent basin rock, have not been seen in any other major discovery in the basin, and the PEA has confirmed that Arrow will, in today’s terms, be the single largest uranium mine in the world, NexGen VP of corporate development Travis McPherson told Mining Weekly Online in an interview on Thursday.
(Thu, 17 Aug 2017 23:44:00 +0200)

Samarco should be punished but not closed – Brazil mining minister

Samarco, a joint venture between BHP Biliton and Brazil's Vale, should be punished but not closed over the 2015 collapse of a tailings dam that killed 19 people, Brazil's mining and energy minister said on Thursday. "Mistakes may have been made, but it was an accident," Fernando Coelho Filho said at an event in Sao Paulo.
(Thu, 17 Aug 2017 21:30:00 +0200)

RAL, Northam partner to upgrade road in Waterberg district

Roads Agency Limpopo (RAL) and platinum producer Northam Platinum have signed a R60-million strategic partnership to upgrade the P20 road that links Sataria to the road artery that goes to Koedoeskop, in the Waterberg district. Under the terms of the agreement, RAL will contribute R37.5-million to the project and Northam Platinum will cover the difference. RAL CEO Maselaganye Matji and Northam CEO Paul Dunne signed the agreement at the platinum mining company’s headquarters, in Midrand, on this week.
(Thu, 17 Aug 2017 16:53:00 +0200)

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