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Mining, Resources and Basic Materials News

Resource stocks (as opposed to mining stocks) tend to be companies with a resource of material, with no need to “mine” to get to it.and data on Pan European listed mining and resource stocks. Mining is a process of extraction of materials (the resource) from the earth, usually (but not always) from an ore body, vein or seam. Any material that cannot be grown from agricultural processes, or created artificially in a laboratory or factory, is usually mined.

28 Aug 2015

Nord Gold H1 net profit up 83%

Nord Gold increased its net profit in H1 2015 to US$134.7 million, up by 83% from H1 2014. EPS were US$0.33 against US$0.17 in the previous half year. EBITDA for H1 2015 was US$332.1 million, up 36%. The main reasons for the improved performance were an increase in gold production coupled with a dramatic reduction […]

26 Aug 2015

New royalty income leads to improved results at Anglo Pacific

Minerals royalty company, Anglo Pacific Group, reported a loss after tax of £8.8 million (5.8p/share) for the six months to end June 2015, an improvement from the £23.0 million loss (20.8p/share) reported in the corresponding period of 2014. Results were impacted by writedowns on the valuation of its Kestrel coal royalty (£9.1 million on lower […]

25 Aug 2015

BHP Billiton’s profits hit by lower iron ore and oil prices

BHP Billiton has posted profits for the year ended 30 June 2015 down 86% from the previous financial year to US$1.9 billion or US$0.36/share. Excluding exceptional items, attributable profit was US$7.1 billion, a reduction of 47%. Group revenue fell from US$56.8 billion to US$44.6 billion (from continuing operations) with iron ore the hardest hit sector, […]

20 Aug 2015

KAZ Minerals EBITDA down 55%

KAZ Minerals has reported EBITDA of US$88 million for H1 2015, 55% down from the corresponding period of 2014. However, the company recorded a net loss of US$0.03/share against a net loss of US$0.31/share in HI 2014 (from continuing operations). Earnings in 2014 were impacted by a US$181 million loss from devaluation of the Tenge […]

17 Aug 2015

Dalradian expands infill drilling for 2016 feasibility study

Dalradian Resources is moving directly to a feasibility at its 100%-owned Curraghinalt gold project, in Northern Ireland after originally planning to produce a pre-feasibility study by the end of 2015. The company now plans to expand its infill drilling programme and conduct underground exploration to complete a resource update in 2016. Depending on the results […]

17 Aug 2015

RAB Special Situations prepares for wind up vote

RAB Special Situations has prepared its interim accounts as though it is no longer a going concern as it prepares  itself for a wind up vote due at the end of 2015. Its NAV improved nevertheless from 11.43p to 12.61p as the underlying master fund recorded a 9.36% gain in NAV. However, since 30 June 2015, the […]

17 Aug 2015

KEFI reviewing construction and financing options for Tulu Kapi gold project

Following the publication of a definitive feasibility study in June this year on its 100%-owned Tulu Kapi gold project, in Ethopia, KEFI Minerals is now reviewing bids from prospective Engineering, Procurement and Construction Management (EPCM) contractors as well as looking at options to lower the estimated peak capital investment of US$130 million to around about […]

12 Aug 2015

Centamin’s gold production and earnings up yoy

Centamin has reported EPS of USc1.65 for Q2 2015, up 67% from the corresponding quarter of 2014, but down from the USc2.50 earned in Q1 2015. Gold production rose 32% yoy, to 108 koz, and remained broadly in line with the first quarter of 2015. On the back of the higher production  at its Sukari […]

11 Aug 2015

Stratex confirms mineralisation over 1.2 km strike at Madina Bafé prospect, Senegal

Stratex International has completed a trenching programme at the Madina Bafé prospect at its 85%-owned Dalafin gold project, in Senegal. Channel-sampling results include 4.0 m at a grade of 1.40 g/t gold and 6.0 m at 0.86 g/t gold in highly weathered material (ie potentially leached and thus lower grade than unweathered material). The company […]

10 Aug 2015

Glencore closes South African coal mine

Glencore has put a number of its opencast operations, and large portions of the coal processing plants, at its Optimum colliery, in South Africa, on care and maintenance and is retrenching 600-700 workers. This comes as the company commences “business rescue” proceedings for Optimum. Optimum supplies coal to the Hendrina power station owned by State […]

05 Aug 2015

Low iron ore price hits Ferrexpo’s H1 earnings

Ferrexpo, the iron ore pellet producer with mines in the Ukraine, has reported a 45% fall in EBITDA for H1 2015, from the corresponding period of 2014, to US$176 million, with EPS down 44% to USc19.6. Despite an 8% increase in pellet production, to a record 5.8 Mt, and a 30% reduction in cash costs, […]

04 Aug 2015

Xtract intersects new reef in Chilean mine

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 […]

31 Jul 2015

Antofagasta to pay US$1 billion for 50% of Barrick’s Zaldivar mine

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 […]

30 Jul 2015

Wolf Minerals’ UK tungsten mine on schedule for September production

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 […]

29 Jul 2015

Vedanta starts development of US$630 million zinc mine

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 […]

29 Jul 2015

Antofagasta’s copper production in H1 2015 down; full year guidance reduced

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 […]

28 Jul 2015

Aquarius Platinum increases production by 6% yoy

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 […]

27 Jul 2015

Petra grows diamond production marginally

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 […]

27 Jul 2015

Acacia’s H1 2015 earnings down 64% on lower price, higher costs

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 […]

21 Jul 2015

Shanta on course to meet 2015 gold production guidance

Shanta Gold produced 14,664 oz of gold in Q2 2015, some 8% higher than Q1 but significantly down from Q2 2014 production of 21,940 oz. Cash Costs were US$834/oz.(up 10% on Q2 2014) and All in Sustaining Costs (AISC) US$1,157/oz (up 21%). The main reasons for the decrease in production, and increase in costs, were […]

27 Mar 2015

Polo Resources awaits news on Celamin investment

Polo Resources has just published its interim results for the six months ended 31 December 2014. You might remember that it didn’t publish its NAV per share as at the end of June in its final accounts and there’s no mention of it here, although helpfully they tell us that the NAV has risen from […]

16 Mar 2015

RAB Special Situations edges closer to wind up

RAB Special Situations’ results for 2014 show its net asset value falling from 16.83p to 11.43p – almost a third. 1.36p of the fall came from preparing the accounts on the basis that the fund is no longer a going concern. This was done on the basis that the Board thinks shareholders will vote against […]

17 Feb 2015

Polo Resources investment Weatherly suspended

Polo Resources Limited announced yesterday that it has allowed its right to subscribe for a further 51,984,748 Weatherly International Plc ordinary shares at a Subscription Price of 2.925 pence per share to lapse, unexercised and in a separate announcement Weatherly said its shares would be suspended. Weatherly has no clarified its situation saying “that, in accordance […]

17 Dec 2014

Polo Resources writes down Nimini investment

Polo Resources has just got round to publishing its results for the year that ended on 30 June. In what is actually quite a comprehensive report on the current state of the business, the NAV per shares at the end of June isn’t mentioned (total equity net of all liabilities was $143.6m at the end […]

10 Nov 2014

Polo Resources invests in Weatherly International

POL : Polo Resources invests in Weatherly International Polo Resources is investing in copper miner, Weatherly International. Weatherly is an AIM traded mining development and exploration company focusing on copper in Namibia. Weatherly’s copper portfolio includes the following assets in Namibia: two mines named Otjihase and Matchless which are in production; Tschudi – an open […]

15 Aug 2014

RAB Special Situations will hold continuation vote at end 2015

RSS : RAB Special Situations will hold continuation vote at end 2015 RAB Special Situations saw an increase in its net asset value over H1 2014 – from 16.83p to 17.25p per share. The increase comes in spite of falling index values fro AIM stocks and the FTSE AIM Basic resources Index. The Board and […]

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