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Zambia's 2017 copper output expected to top 850 000 t
Published: 22 Jun 17
Copper production in Zambia, Africa's No.2 producer of the metal, is expected to rise to 850 000 t in 2017 from 770 597 t last year, the nation's vice president said on Thursday. "Copper production is poised to continue increasing owing to the expansion projects at existing mines and greenfield projects that are ongoing," Vice-President Inonge Wina said at a mining and energy conference.
Ortac gets go ahead to restart Slovakian gold project
Published: 22 Jun 17
The Slovakia Main Mining Bureau will re-issue an underground mining permit for Ortac Resources’ Šturec gold project. This will allow for a restart of the mine, which had historically been mined by State-owned companies.
Trans-Siberian secures a further $5m
Published: 22 Jun 17
Trans-Siberian Gold’s wholly owned subsidiary ZAO Trevozhnoye Zarevo (TZ) on Thursday entered into a three-year agreement with VTB Bank for an additional $5-million debt facility. The company on Wednesday secured a five-year $15-million facility with the bank, aimed at repaying two existing loan facilities amounting to $14.8-million and to provide additional funds for working capital and other corporate purposes.
Freeport Indonesia says giant copper mine running as normal despite strike
Published: 22 Jun 17
Operations at the world's No.2 copper mine in Indonesia are "running as normal", a spokesman for the local unit of Freeport-McMoRan Inc said, despite thousands of workers extending a strike for another month. Riza Pratama said in a text message on Thursday that "around 25 000 workers and contractors" continued to work at the Grasberg mine, a key supplier to buyers including top metals consumer China.
Firestone increases guidance as Liqhobong throughput rises
Published: 22 Jun 17
Firestone Diamonds now expects to recover around 360 000 ct of diamonds in the financial year ending June 30, against April’s guidance of 300 000 ct, owing to operational ramp-up at its Liqhobong mine, in Lesotho, achieving nameplate throughput capacity on multiple occasions since the start of operations. The Aim-listed diamond miner has also started quarterly repayments under the terms of its $82.4-million Absa debt facility and made its first capital ...
Evolution signs up for South Gawler
Published: 22 Jun 17
Gold miner Evolution Mining has entered into a farm-in joint venture (JV) agreement with a subsidiary of fellow-listed Terramin Australia over the South Gawler gold project, in South Australia. Under the terms of the agreement, Evolution could earn a 70% interest in the project by spending A$4-million on exploration over the next four years. The ASX-listed company could earn an additional 10% by spending a further A$2-million over two years, after which a pro-rata period would operate.
Carpentaria weighing expanded Hawsons project
Published: 22 Jun 17
The demand for ASX-listed junior Carpentaria Exploration’s Hawsons supergrade product has significantly increased, with Taiwanese conglomerate Formosa Plastics Group increasing its uptake. Formosa has now increased its nonbinding letter of intent to purchase Hawsons supergrade product from 2-million tonnes a year to 2.6-million tonnes a year, for an initial period of ten years.
Kasbah shakes tin can for funding
Published: 22 Jun 17
Tin hopeful Kasbah Resources is aiming to raise about A$5.2-million through a fully underwritten accelerated nonrenounceable rights issue. Shareholders will be offered one new fully paid ordinary share for every two shares held, at an issue price of 1.5c each. The offer price represents a 7.14% premium to the company’s last trading price on the ASX, and a 4.33% discount to the ten-day volume-weighted average price.
$140m EBRD loan for Polymetal’s Kyzyl gold mine
Published: 22 Jun 17
Precious metals miner Polymetal has secured a $140-million loan to finance the remaining capital expenditure for its Kyzyl project, paving the way for operations at the 300 000 oz/y Kazakhstan gold mine to start in the third quarter of 2018. The loan agreement with the European Bank of Reconstruction and Development (EBRD) has a five-year tenor and will mature in December 2022.
New Mining Charter a catalyst for more inclusive economy, says Zwane
Published: 22 Jun 17
Mineral Resources Minister Mosebenzi Zwane has said the controversial 2017 Mining Charter gazetted last week was meant to be a catalyst that provides practical expression to the country’s goal of a more inclusive economy. “We encourage the young people who are the future of this country to embrace the Mining Charter by exploiting the opportunities to be unleashed by this instrument of change,” Zwane said.
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