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Namibia may scrap black ownership requirements for mining companies – minister
Published: 25 Apr 18
Diamond and uranium producer Namibia may scrap requirements for black ownership in the mining sector as it seeks to woo investors to an industry that is rebounding with the commodities cycle, its new mines minister said on Tuesday. Regional peers such as Angola and Zimbabwe are also trying to kickstart their mining sectors by easing investment rules at a time when other African countries such as Democratic Republic of Congo are embracing resource nationalism and hiking taxes and royalties.
US aluminium trade group calls on Trump to avoid quotas
Published: 25 Apr 18
A US aluminium trade group said US manufacturers rely on foreign metal and called on the US government to avoid quotas on nations exempted from tariffs on aluminium imports. US President Donald Trump last month announced a 10% tariff on aluminium imports to counter what he has described as unfair international competition, but granted temporary exemptions to Canada, Mexico and other allies.
Union at BHP's Escondida copper mine in Chile says no advance deal likely
Published: 25 Apr 18
The union of workers at BHP's Escondida copper mine, in Chile, the world's largest, told Reuters on Tuesday it had made little progress on an early contract deal with management, making it "highly likely" that no agreement would be struck before official talks begin in June. The union accepted an offer to begin early negotiations with the Anglo-Australian miner in March in an effort to avoid another strike at the northern Chile mine. Failure to reach a labour deal caused a 44-day strike at the mine last year, jolting the global copper market.
Freeport stock tanks on disappointing Q1 earnings, Indonesia fears
Published: 25 Apr 18
US diversified miner Freeport McMoRan’s (FCX’s) NYSE-listed stock lost as much as 17% on Tuesday following disappointing first-quarter financial results and a lowered copper production outlook. Phoenix, Arizona-based Freeport’s president and CEO Richard Adkerson expressed shock and disappointment at new environmental claims from the Indonesian Environment and Forestry Ministry, at a time when the company is locked in drawn-out negotiations with the government to secure long-term export rights for its copper/gold concentrates produced at the giant Grasberg mine, believed to be the world’s second-largest mine by output.
Teck profit rises on strong copper, zinc price and volume gains
Published: 24 Apr 18
Higher copper and zinc prices and improved copper sales volumes that were driven by higher output, have contributed to lift Canada’s largest diversified miner’s first-quarter profit by 15%, the company announced on Tuesday. Adjusted profit attributable to shareholders, which typically excludes special items during a period, was $753-million, or $1.31 a share, compared with $655-million, or C$1.13 a share, in the comparable quarter a year earlier. This was a miss when compared with average Bay Street analyst estimates calling for quarterly earnings of C$1.34 a share, according to Thomson Reuters data.
Caterpillar ups profit outlook on doubling Q1 headline profit, record earnings Caterpillar ups profit outlook on doubling Q1 headline profit, record earnings
Published: 24 Apr 18
Global mining and construction equipment manufacturer Caterpillar has reported record first-quarter profit as strength in many of its end-markets and a strong emphasis on cost control boosted margins. The Deerfield, Illinois-based company reported adjusted profit of $2.82 a share – up 120% compared with $1.28 a share a year earlier. This beat the average analyst forecast for earnings a share of $2.07.
Gécamines says was forced to seek dissolution of Katanga’s Kamoto
Published: 24 Apr 18
State-owned La Générale des Carrières (Gécamines) says it was forced to take legal action to dissolve TSX-listed Katanga Mining’s Kamoto Copper Company (KCC) for failure to restore shareholders’ equity within the legal time period. The State-owned miner has initiated court proceedings to seek the dissolution of KCC in the Democratic Republic of Congo (DRC), after Katanga failed to reduce billions of dollars of intercompany debt that has limited Gécamines’ share of profits.
Chaarat makes offer for Kyrgyz mine but Centerra not interested Chaarat makes offer for Kyrgyz mine but Centerra not interested
Published: 24 Apr 18
Aim-listed miner Chaarat Gold on Tuesday confirmed that it had made a proposal to buy the Kumtor mine from TSX-listed Centerra Gold as part of a proposed three-way transaction between the companies and the Kyrgyz State consortium, Kyrgyzaltyn. However, the Canadian mining company said that neither it, nor the Kyrgyzstan government were interested in the transaction that Chaarat is proposing.
Aton’s wooing of M&R shareholders continues
Published: 24 Apr 18
As it continues to seek support from Murray & Roberts (M&R) shareholders for its R15 a share buyout offer, German investment company Aton on Tuesday released salient information related to its buyout offer to address “stakeholder concerns”.
Goldplat increases gold equivalent sales
Published: 24 Apr 18
Aim-listed Goldplat sold and transferred 28 534 gold-equivalent ounces during the nine months ended March 31, compared with the 27 714 oz sold and transferred in the nine months to March 31, 2017. Gold-equivalent production for the nine months under review, however, decreased to 27 212 oz, compared with the 28 063 oz produced in the prior comparable period.
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