miércoles, 26 de julio de 2017

Rio Tinto in search of the next Escondida mine in Chile

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Thursday 27 July 2017
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The so-called Palmani project aims to discover and characterize the mining potential of an area located in Chile's extreme north, at about at 2,100 metres of altitude.

These courses can help you identify and evaluate the risks involved in mining investments before it's too late.

It now expects adjusted earnings per share to come in at $5, significantly higher than the $3.75 it had forecast just three months ago and almost doubled the $2.90 it had originally projected for the year.

Shares collapsed on the news to close almost 21% lower in London. Barrick, which has a 64% stake in Acacia, also fell in both Toronto and New York.

A hot and dry summer in British Columbia has set forests aflame, and last week the effects of Mother Nature were felt by two prominent BC mines.

Glencore (LON:GLEN) has placed a multi-million-dollar bet on copper by investing just over US$21 million (GBP 16.16 million) into Brazilian copper producer Paranapanema (PMA).

Company will make a decision on the plan in August.

Early reports claimed that Tanzania had asked foreign workers of the gold miner to leave the country, but a spokesperson for the company denied that story.

The indefinite labour action involves 56 unions, which are protesting a government's proposed reform they see as "anti-workers".

World number one miner's Pilbara mines produce 268m tonnes for the year, but strike at Escondida sees copper output slide 16%.

JP Morgan: "We think the second-half 2017 fundamental outlook for zinc looks less supportive, easing supply constraints and questionable demand strength."

It also revised down its expected share of hard coking coal for the year to between 7.2 to 7.8 million tonnes from 7.8 to 8.4 million tonnes.

The spin-off business would go after royalty agreements in copper, zinc, nickel and cobalt, worth more than $300 million, while looking to attract a strategic partner to fund further deals.

Vutomi licences were extended into additional area of mineralization adjacent to the firm's Frischgewaagt project in South Africa.

The company identified a group 2 kimberlite pipe in an area known by its high-grade diamonds.

It means that the miner, which had revenue of $1bn last year, will pay about $31 million extra in royalties a year.

The miner said it continues to seek a "constructive dialogue" with the country's government to gain assurance that its operations will not be affected by newly enacted mining law.

The agency has proposed revoking its 2014 determination banning any large-scale mine in the area where Pebble would be built on the grounds it would damage the region's key salmon industry.

Some of the worst fires, raging in BC's interior, have grown overnight.

Zaldívar produced more than 100,000 tonnes of copper last year.

Four miners were killed in an explosion at the Zapolyarny Mine, part of the Polar Division of Norilsk Nickel.

Study shows Q2 2017 new private capital for natural resources investment dropped to lowest since 2011 and not a single mining fund were able to raise money.

Combined worth of 50 largest mining companies grow to $768 billion during first half of 2017, but a few big names drop down rankings.

President John Magufuli has also ordered the mining ministry to freeze the renewal of expired permits.

The online marketplace, named Open Mineral, will let miners put up tenders for their concentrate directly to end-users.

The company may be able to begin developing the potential open-pit Century project in Ontario by 2023.

The two new laws allow the government to force mining and energy companies to renegotiate their contracts.

Some issues still need to be resolved before the U.S. miner gets a new operating permit for its huge copper mine.

Battery costs to fall 50% – beginning to compete with gas.

Chinese data, tight supply light fire under copper price launching copper mining stocks higher – Freeport up 15%.

Philippine President Rodrigo Duterte said on Friday the country's mining industry pays too little in tax and not enough in compensation for any environmental damage.

South Africa intends to suspend the granting of applications for prospecting and mining rights as well as any renewals pending a court case to review new mining laws, the Mineral Resources Minister Mosebenzi Zwane said on Thursday.

The smelter, one of the largest in the Southern Hemisphere, has been hampered by insufficient power supplies and maintenance work since a major power outage last year shut operations for two weeks.

Kamloops city council has voted to oppose the proposed Ajax mine — again.

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