Xtract Resources has intersected a second high grade gold reef system (’Reef system B’) at the Colin mining area at its developing Chepica gold and copper mine, in Chile. The new system grades 3.9 g/t over a 4.1 m width in situ and to-date the company has developed 10 m along strike. Xtract believes that […]
Antofagasta has agreed to acquire a 50% interest in Barrick Gold’s Zaldivar copper mine, in Chile, for US$1,005 million in cash. Payment terms are US$980 million in cash upon closing and five annual payments of US$5 million per year, starting in 2016. Antofagasta will fund the acquisition from its balance sheet. As at 31 December […]
Wolf Minerals reports that commissioning of its Hemerdon tungsten/tin project continues on schedule with the first ore introduced into the plant in June 2015. The company expects the engineering construction firm to complete ‘Performance Tests’ in August before handing over the operation with first product scheduled for delivery to customers in September. Thereafter Wolf will […]
Vedanta Resources has started to develop the US$630 million Gamsberg zinc project, in South Africa, located some 20 km east of its existing polymetallic underground Black Mountain mine. The open pit mine, which is expected to produce its first ore in early 2018, will produce a zinc concentrate, which it will deliver to the company’s refinery […]
Antofagasta’s copper production in H1 2015 was 303.4 kt, almost 13% lower than the same period in 2014 primarily due to lower grades (expected) and lower throughput at the Los Pelambres mine, Chile, where the company lost 8 kt of copper production in Q1 2015 as a result of disruption caused by protestors. At the […]
Aquarius Platinum’s attributable PGM production from its two operating mines and one tailings retreatment plant rose 6% in the June 2015 quarter compared with the June 2014 quarter, to 88.8 koz. Most of this increase was due to a 6% rise in production at its primary Kroondal mine, to 56.0 koz (attributable, 50%-owned), a record […]
Petra Diamonds produced 3.2 million carats in the financial year ended 30 June 2015, up 2% from the previous year and in line with company guidance. The company expects production to increase to 3.3-3.4 million carats in FY2016 and targets production of 5.0 million carats by FY2019 as mining at the Cullinan mine moves to […]
Acacia Mining’s H1 2015 earnings fell 64% from H1 the previous year to US$14.8 million. Despite increasing gold production by 6%, to 367.3 koz, the combination of a lower received gold price (US$1,200/oz against US$1,290/oz previously) and higher All-in Sustaining costs (ASIC) (up marginally to US$1,133/oz) were principally responsible for the fall in earnings. Results were also […]
The international gold price was fixed in London this morning at US$1,096.80/oz; the lowest am fixing since March 2010. The gold price declined 4% at the beginning of this week after heavy selling in thin markets. Bloomberg reports that a Goldman Sachs analyst is predicting that gold could fall below US$1,000/oz on a more positive […]
BlackRock World Mining made a $12m investment in Avanco Resources (a Brazilian copper play) in August 2014. Today it has announced the receipt of $4m from the company which is the first payment under the royalty contract. They say Avanco successfully completed an equity raising earlier in the year, which combined with the $12 million BlackRock […]
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