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SARACEN SECURES LONG-SOUGHT BOOST FOR THUNDERBIRD WITH NEW BLIGH DEAL

Saracen’s comeback success in its quest for the Bundarra resource also delivers a significant return for international resources investor Zeta Resources. John Feary reports

ADANI MAKES FAST START TO $2.95B CARMICHAEL COAL MINE AFTER WINNING 8-YEAR BATTLE

The Australian arm of Indian energy giant Adani expects to start construction work almost immediately after finally winning the final state government approval for its 10Mtpa first stage Carmichael thermal coal mine.

NEWCREST AGREES MACMAHON DEMAND TO RENEGOTIATE ITS AT-RISK TELFER MINE CONTRACT

The mining services contract at Newcrest Mining’s Telfer gold mine that triggered a financial crisis for leading Australian contractor Macmahon two years ago has come back to bite it again, with warnings of significant impairment costs if the parties can’t agree to renegotiate the charges. John Feary reports

SHIFT TO CONTRACT MINING WOES CUT AVESORO FY19 GOLD PRODN

Troubles associated with the cost-cutting switch to contract mining at Avesoro’s 2 W African operations has forced the company to cut FY19 gold guidance and increase costs

HECLA TAKES $25M SWORD TO ITS AMERICAS OPERATIONS

Hecla Mining’s non-performing Nevada, US, assets will bear the brunt of a $25M cost cutting purge across all the company’s operations. By MBM’s North American correspondent

DISCOVERY SUPPORTS RNC GEOLOGICAL MODEL FOR MORE BETA HUNT BONANZA GOLD

Canadian miner RNC follows up its Father’s Day Vein bonanza with a second major discovery of coarse gold mineralisation at the Beta Hunt mine in Western Australia.

CHANGE OF CONTROL FLAGGED AS DACIAN CUTS FY19 PROJECTIONS AGAIN

Dacian Gold has flagged a potential “change of control transaction” after a strife-hit Q4 19 at Mt Morgans has forced the company to again cut FY19 production from 180,000oz to 136,000oz-143,000oz. By Mark Mentiplay

CASH-FLOW CRUNCH OVER DALGARANGA MINE WOES TRIGGERS GASCOYNE COLLAPSE

WA miner Gascoyne Resources appoints voluntary administrators after review that pointed to a lower-grade future for its struggling Dalgaranga gold mine. John Feary reports

JV PARTNERS BATTLE AFTER AERIS HALTS SOUTH AUSTRALIAN COPPER-GOLD DRILLING PROGRAM

Junior (30%) JV partner Argonaut Resources has fired up after Aeris Resources halted the long-awaited first stage drilling program on their giant Torrens IOCG project with only 20-25% of the planned work completed.

EARLY LOM PLAN LIFTS HUMMINGBIRD’S EARLY MALI GOLD OUTPUT

Early indications from Hummingbird’s new Yanfolila LoM plan show a 1st 3-years rise in gold output and consequent recovery from FY/CY18’s $12.8M loss

€250M TAX BILL HELPS NYRSTAR TO A FY/CY18 €618M LOSS

An array of issues, led by a €250M tax bill, lower copper-silver-gold prodn and higher costs, have seen Nyrstar fall from a FY/CY17 profit to a FY/CY18 €618M loss

NULLAGINE GUIDANCE SLASHED AS MILLENNIUM MINERALS TACKLES ISSUES SLOWING KEY UPGRADES

Major shareholder IMC Group offers a $20M working capital lifeline as WA miner Millennium Minerals works to remedy Nullagine production shortfall. John Feary reports

NEW NUMBERS FLAG 40% CODELCO COPPER MINE FALL OVER 2-YEARS

Codelco internal forecast sees 40% prodn fall from its huge Chuquicamata Copper Mine in Chile over the next 2-years as it moves underground

PFS OUTLINES A FAST PATH TO REVENUE FOR TALGA’S VITTANGI GRAPHITE PROJECT IN SWEDEN

The PFS for Talga Resources’ Vittangi graphite project in Sweden points to early revenue from a low-cost first stage development plus NPV of over $US1B for the full-scale operation.

$9.5M NICKEL MINE DEAL BOOSTS MINCOR’S KAMBALDA RESTART STRATEGY

Hard on the heels of a big resource increase and a new off-take agreement, Mincor Resources has signed $9.5M deal to buy the 32,000t nickel resource Long Nickel mine to accelerate its Kambalda nickel restart strategy. By Mark Mentiplay

BARRICK OFFERS $285M TO BUY ACACIA MINING OUT OF ITS PEACE TALKS WITH TANZANIAN GOVERNMENT

Barrick Gold acquiesces Tanzanian government demands to exclude management of Acacia Mining from negotiations to end their damaging stand-off with the regime of President John Magufuli, proposing a hostile share-swap takeover of its subsidiary.

GLOBAL MINER VEDANTA PLUNGES FROM PROFIT TO FY19 $237M LOSS

Lower commodity prices, a smelter shutdown and a major steel acquisition have helped push Vedanta Resources from a FY18 $239M profit to a FY19 $237M loss

GLOBAL LITHIUM MAJOR GANFENG INTO BACANORA FOR £22M

World lithium major Ganfeng is buying 30% of Bacanora Lithium and 22.5% of its advanced Mexican lithium project for £22M, with options for more

BIG PEA NUMBERS IN SOLGOLD’S $10B+ ECUADOR Cu-Au-Ag PROJECT

4 scenario development options have been laid out in SolGolds’ PEA for its majority- owned Cascabel copper-gold-silver project costing up to $10.5B and generating some impressive production numbers for up to 66-years. By Mark Mentiplay

WARNINGS RAISE DANGER OF THIRD MAJOR BRAZILIAN IRON ORE DAM COLLAPSE

Monitors detect material movement in a disused Vale iron ore mine that raises alarm over the potential risk of another collapse in Brazil’s Minas Gerais state.
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KEM JV PUSHES PETRA FROM PROFIT TO FY18 $203M LOSS

 

Petra Diamonds’ FY18 bottom line has been hammered by losses from its now ended KEM JV, strikes, Tanzanian export bans, impairments and FX losses, crashing to a $203M loss

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Petra Diamonds

Exchange Code: 
LSE:PDL
Website: 
http://www.petradiamonds.com

Jersey-based company holding a portfolio of eight producing diamond mines, seven in South Africa and one in Tanzania

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