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Indonesia amends contracts with 13 coal mining companies
Published: 15 Nov 17
Indonesia has amended contracts with 13 coal mining companies, including some of the country's biggest producers of the fossil fuel, as part of a shift towards a new mining permit system it expects to boost government revenues. Indonesia's 2009 mining law requires companies to transfer from so-called contracts of work, long-term agreements with specific rules including on taxes, to newer special mining permits that generally follow prevailing law.
Glencore is said close to creating mining royalty company Glencore is said close to creating mining royalty company
Published: 15 Nov 17
Glencore is close to finalising a $700-million deal with the Ontario Teachers’ Pension Plan to create a new base-metals royalty company, according to people familiar with the matter. The Swiss commodity giant will bring royalty agreements from about 10 mines, while Ontario Teachers’ will contribute about $350-million in capital to allow the company to buy further royalty streams from other projects. Glencore and Ontario Teachers’ will each have a 50% stake in the new vehicle and the deal is expected to close in the next few weeks, the people said, asking not be to identified as the talks are confidential.
Trevali stock takes a dip on surprise Q3 loss
Published: 15 Nov 17
Zinc producer Trevali Mining has had a tough day on the TSX, seeing its stock dive as deep as 7.3% during intraday trading after the company reported a net loss of $7.8-million, or $0.01 a share for the three months ended September. The Vancouver-based zinc producer attributed the net loss mainly to one-time transaction expenses related to the acquisition of Glencore’s African zinc mines.
Osisko Mining hits 301 g/t gold over 6.2 m at Lynx
Published: 15 Nov 17
Gold explorer Osisko Mining has reported more high-grade intercepts at its show-stopping Windfall Lake property, in Urban Township, Quebec, this time hitting 301 g/t gold over 6.2 m at the Lynx zone. The intercept was made in drill hole OSK-W-17-909, which forms part of an ongoing 800 000 m drill campaign that combines definition, expansion and exploration drilling in and around the main Windfall gold deposit and the adjoining Lynx deposit, located immediately northeast of Windfall.
Paulson holds stake unchanged in SPDR Gold Trust Q3 – filing
Published: 15 Nov 17
Paulson & Co held its stake unchanged in the world's biggest gold exchange-traded fund in the third quarter, a 13F filing with the US Securities and Exchange Commission showed on Tuesday. New York-based Paulson & Co, led by longtime gold bull John Paulson, kept its stake in SPDR Gold Trust at 4.36-million shares with a value of $530-million at the end of September, the filing showed.
Gowest aims to unlock refractory gold potential of legendary Timmins Camp Gowest aims to unlock refractory gold potential of legendary Timmins Camp
Published: 14 Nov 17
Little-known exploration and development company Gowest Gold is preparing to become the newest gold producer in the legendary Timmins Gold Camp, which, since its discovery in the early 1900s, has produced almost half of all the gold mined in Canada. The TSX-V-listed company is moving its North Timmins gold project – host to the Bradshaw deposit – through the permitting process, with a view to start commercial production during the first quarter of 2019. It expects to ship first ore to a nearby plant before the end of the year as part of a 30 000 t bulk sample.
Brazil-focused Serabi to bolt-on Anfield’s Coringa gold project for $22m Brazil-focused Serabi to bolt-on Anfield’s Coringa gold project for $22m
Published: 14 Nov 17
Dual-listed mining and development company Serabi Gold is looking to double output with the acquisition of the Coringa gold project, located in the Tapajos gold province of Para state, in Brazil. The LSE Aim- and TSX-listed miner announced early on Tuesday morning that it will acquire the outstanding equity and intercompany debt of Chapleau Resources, a subsidiary of Anfield, for about $22-million, spread across several payments.
Court allows parties to join CoM’s application for Mining Charter review
Published: 14 Nov 17
The High Court has granted a request by the Centre for Applied Legal Studies (CALS) and Lawyers for Human Rights (LHR), which represent certain mining community organisations, to join the Chamber of Mines’ (CoM’s) application for a review of the third iteration of the Mining Charter. The CoM had earlier said it did not support the move by CALS and LHR to join its application, as there were material differences in the parties’ grounds for seeking a review of the charter.
Mining Charter could hinder South Africa’s economic growth – Solidarity
Published: 14 Nov 17
Trade union Solidarity says that 25 177 jobs have been affected by retrenchments in the mining industry in 2017 and points to the much-talked-about contentious Mining Charter Three as a major contributing factor. “The Mining Charter puts a damper on the industry and is conducive to mining companies withholding investment at a time when a favourable investment environment should rather be created,” states Solidarity research industry head Connie Mulder. Speaking to Mining Weekly Online on Wednesday, he said that the charter would have a ripple effect that could sink the mining industry’s future.
Atlatsa incurs $292m loss Atlatsa incurs $292m loss
Published: 14 Nov 17
Toronto- and Johannesburg-listed platinum-mining company Atlatsa, which has platinum assets on the northern and eastern limbs of the Bushveld Complex, incurred a net loss of $292.6-million in the nine months to September 30, when its liabilities exceeded its assets by $142.5-million. The main reasons for the loss were a decrease in production volumes at Atlatsa’s Bokoni Mine as well as the impairment of property, plant and equipment.
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