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Mining Bulletin

The full story: In-depth news and analysis

FREEPORT MCMORAN PLUNGES TO FY19 $239M LOSS

Global miner Freeport-McMoRan has fallen to a FY19 $239M loss from a FY18 $2.6B profit, with all commodities down

SIERRA METS LOOKS TO EVEN BETTER FY20 AFTER INCREASED FY19

Miner Sierra Metals expects to top a FY19 that saw increases in all its commodities production with an even better FY20

NEW CIL PROJ LIFTS ENDEAVOUR’S FY19 GOLD PRODN TO 651,000oz

The ramping Ity CIL project was about the only bright spark in Endeavour Mining’s FY19 6% production jump to 651,000oz

ANGLO AMERICAN FY20 OUTLOOK FLAT AFTER FY19 FALLS

High commodity production falls easily surpassed any gains for Anglo American in FY19, with metallurgical coal the only big winner and diamonds taking the biggest hit

LUNDIN FLAGS STEADY 2020, AFTER FY19 COPPER LIFT

Lundin Mining is expecting a similar FY/CY20 as 2019, which saw copper production up, but zinc/nickel down

GWALIA EXPANSION CONSTRAINTS IMPACT ST BARBARA FY20 GOLD PRODUCTION FORECASTS

The impact of capacity constraints as it juggles mining and development activities at depth at its flagship Gwalia mine in Western Australia have contributed to St Barbara reducing its June 2020 year gold production guidance.

MMG FY19 COPPER DOWN, ZINC UP

MMG’s FY/CY20 copper production is expected to fall still further as the blockade spectre hangs over Las Bambas as a 14% FY19 zinc jump puts Aussie operations in the spotlight

AUSTAR WITHDRAWAL FROM CENTENNIAL DEAL ENDS VICTORIAN CONSOLIDATION HOPES

Australian gold miner AuStar has withdrawn from its proposed acquisition of under-administration Centennial Mining, ending its hopes of consolidating a portfolio of mining and exploration assets in Victoria’s historically prolific alpine gold belt.

GOLD MINER TMAC CONSIDERING SELLOUT ON DISAPPOINTING FY19

TMAC Resources has launched a strategic review that will consider its sale/merger, a J/V on its Hope Bay Mine and a new major shareholder

ANGLO AMERICAN £405M CASH BID FOR SIRIUS MINES’/UK POTASH PROJ

Anglo American’s £404.9M cash bid for Sirius Mines’ world class UK potash project comes with a warning that failure could lead to bankruptcy. By MBM’s UK correspondent

MANDALAY FLAGS BIG FY20 IMPROVEMENT FROM FY19 FALL

Mandalay Resources is expecting a big improvement in FY2020 gold production after an Aussie-led fall in FY19

RIO TINTO BACKS MORE GLOBAL STABILITY TO SUPPORT HIGHER FY2020 IRON ORE FORECAST

World iron ore leader Rio Tinto predicts 3% increase in Pilbara shipments after first-half weather and operational challenges restrict FY2019 production.

IAMGOLD FY19 PRODN PLUNGE, WITH COSTS UP

IAMGOLD sees some new light after FY19 gold prodn fall to 762,000oz, with 2020 expecting about the same, but 2021 hoping for the top end of 760,000oz-840,000oz

RESOLUTE MINING TIGHTENS FOCUS ON AFRICA AFTER $300M RAVENSWOOD MINE SALE

Specialist Australian resources-focused private equity group EMR Capital has added a third Queensland mine to its international portfolio of eight major mines and projects with its up to $A300M acquisition of the Ravenswood gold mine in north Queensland from Resolute Mining.

2020 VISION SEES HALF-MILLION-OUNCE BREAKTHROUGH FOR RESOLUTE MINING

After a disappointing 2019, Resolute Mining is ready to cash in on strong production growth, lower operating costs and reduced capital demands in the coming 12 months. John Feary reports

CONZINC PREPARES FOR COMPLEX $1.3M FIGHT OVER SACKING OF MEXICAN CONTRACTOR

Consolidated Zinc admits it has been blindsided by the launching of complex legal proceedings launched by contractor Ganti over the termination of its mining contract at the Plomosas zinc-lead-silver mine in northern Mexico.

SIEMENS TO HONOUR AUSSIE ADANI COAL DEAL

Big German engineer Siemens says that while it will honour its contract to participate in the Adani Group’s controversial Carmichael thermal coal project in Australia, it should have been wiser at the outset.

‘LOST’ RESOURCES LEAVE EVOLUTION FACING 25,000oz GOLD SHORTFALL AT MT CARLTON MINE

Australian miner Evolution has drastically worsened production and cost forecasts at its Mt Carlton gold mine in North Queensland after drilling significantly reduced ore resources it had expected to be mining over the next six months.

€52M LOAN ALLOWS GULF MANGANESE TO BRING KUPANG SMELTER INTO PRODUCTION THIS YEAR

The long wait for funding is over, with the finalisation of a €52M structured loan facility allowing Gulf Manganese to complete development of the first two smelters at its Kupang Smelting Hub project in the West Timor province of Indonesia.

DFS HIGHLIGHTS POTENTIAL MUNGLINUP ROLE IN GLOBAL GRAPHITE SUPPLY STRATEGY

Australian-based miner Mineral Commodities advances a vertically integrated strategy supplying graphite concentrate to key battery markets through its Munglinup project in Western Australia and Skaland project in Norway. John Feary reports
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AUSTAR GOLD: DEBT DEAL ADVANCES CENTENNIAL ACQUISITION PLAN

 

Melbourne, Jan 13

Australian miner AuStar Gold has confirmed its intention to acquire under-administration Centennial Mining, despite withdrawing a $A2.4M cash plus 25M shares offer for the owner of the A1 gold mine in Victoria.
AuStar says it’s reached agreement now to acquire all the debt owed by Centennial and subsidiary Maldon Resources, which fell into administration in March 2019 after failing in their attempts to improve the mine’s performance.
The company’s aim continues to control a portfolio of high-grade mining and processing assets in the historic Woods Point-Walhalla Goldfield.

AuStar Gold Limited (Mantle Mining Corporation)

Exchange Code: 
ASX:AUL
Website: 
http://www.austargold.com

Brisbane-based emerging gold miner with projects in Queensland and Victoria, Australia.
Feb 2018: Name change from Mantle Mining Corporation Limited

Centennial Mining Limited (A1 Consolidated Gold)

Exchange Code: 
ASX: CTL
Website: 
http://www.centennialmining.com

Perth-based company holding the A1 and Union Hill gold mines and the Porcupine Flat processing plant in Victoria.
Dec 2016: Name change from A1 Consolidated Gold Limited

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