News Archive


Gold Fields acquires 45% stake in Asanko gold mine

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Article source: http://www.mining-journal.com/m-amp-a/news/1335087/gold-fields-acquires-45-stake-in-asanko-gold-mine

Blackham survives funding trauma

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Article source: http://www.mining-journal.com/from-the-capital/opinion/1335086/blackham-survives-funding-trauma

Avanco makes key appointments

One division will focus on Carajas Copper and the other on CentroGold, with both having a dedicated general manager and being supported by the technical services group, which has been reinforced to accommodate growing exploration and development commitments.

Under Carajas Copper, Otávio Monteiro has been promoted to general manager after being general manager of the Antas mine. Mike Sousa was also promoted to exploration manager from a senior exploration geologist role, while Bianca Cabral was hired as environmental engineer from Brazil’s Secretary of State for Environment and Sustainability.

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At CentroGold, Jailson Araujo was named as general manager after being Avanco’s exploration manager and Sebastião Siqueira was hired as project manager.

Avanco founding director and head of projects Wayne Phillips was moved to general manager of technical services, with Roberto Mialarete named as project controller to support him.

Dr Owen Hatton was hired as the company’s chief geoscientist and Júlio Rocha was formally named project manager of the Pedra Branca copper project where he will manage all engineering and technical input.

Article source: http://www.mining-journal.com/leadership/news/1335085/avanco-makes-key-appointments

Silver still looking for an identity

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Article source: http://www.mining-journal.com/research/news/1335019/silver-still-looking-for-an-identity

Red Eagle looks for cash flow updraft

“The company’s ability to continue operations in the normal course of business is dependent upon establishing sufficient cash flows from gold and silver production at the San Ramon gold mine and mill which re-commenced operation in January 2018,” they said this week after Red Eagle announced its latest annual results.

“… or on the receipt of additional debt or equity financing.

Cerro Blanco puts Bluestone on production runway

Cerro Blanco puts Bluestone on production runway


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“The nature and significance of these conditions, along with the working capital deficiency and the requirement to satisfy the current portion of long-term debt outstanding, cast significant doubt about the appropriateness of the going concern assumption.”

The company said its 2017 net loss increased compared with 2016 ($6.9 million).

Its share price has drifted down from C35c to 26-27c since the start of this year. It was 77c at the end of March last year, before falling off a cliff when Red Eagle said it had geotechnical, production dilution and mine development issues at San Ramon.

The company raised more than C$40 million of equity finance at 35c in the latter part of last year, to “fund mine development, infill drilling, and to provide working capital before gold production resumes”.

“The company’s operations to date have been financed by issuing equity, the sale of a royalty over a portion of the Santa Rosa property, and the use of proceeds from [a] credit facility,” Red Eagle said.

“During February [2018], the mine produced over 600 tonnes per day and the mill processed over 750 tonnes per day utilizing stockpiles.

“With most of the new equipment having arrived at site through February and March and the final scoops due for delivery in April the mine is planned to ramp up to 750 tonnes per day in Q2 2018. The additional underground development and infill drilling will allow consistent production resulting in an estimated 45,000 ounces of gold produced during 2018.”

 

Article source: http://www.mining-journal.com/profit-amp-loss/news/1335084/red-eagle-looks-for-cash-flow-updraft

Battery Minerals almost triples Balama Central indicated resource

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Article source: http://www.mining-journal.com/resource-definition/news/1335083/battery-minerals-almost-triples-balama-central-indicated-resource

Lured by rising SUV sales, automakers flood market with models

NEW YORK (Reuters) – Demand for sport utility vehicles in the United States is booming, but the number of new models vying for a share of that market is growing even faster, threatening the fat profits automakers have enjoyed.

At the New York Auto show this week, automakers will unveil another flock of SUVs ranging from a revamped Toyota RAV4, Toyota Motor Corp’s (7203.T) top-selling model in 2017, to flashy new luxury Cadillac and Lincoln SUVs. Premium brands such as Fiat Chrysler Automobiles NV’s (FCHA.MI) Maserati that once dealt exclusively in low-slung sports cars are getting into the game.

“I think everyone has read the same tea leaves – right now there seems to be insatiable demand,” said General Motors Co’s (GM.N) Johan de Nysschen, referring to SUVs and crossovers.

De Nysschen, the head of GM’s Cadillac luxury division, spoke to Reuters on Wednesday while standing next to the brand’s new XT4 crossover model. “Everyone is going into these segments with compelling new entries,” he said, “and that means there are going to be winners and there are going to be losers.”

He added: “We aim to be amongst the winners.”

According to data from automotive consultancy LMC Automotive, by the year 2023 there will be 90 mainstream SUV and crossover models on the U.S. market, as well as 90 luxury models, compared with the 2017 levels of 65 mainstream SUV and crossover models and 53 luxury models.

Premium automakers like BMW AG (BMWG.DE) and Mercedes Benz and Volkswagen AG’s (VOWG_p.DE) Audi brand are expanding their U.S. sport utility vehicle plants.

U.S. sales of mainstream and luxury SUVs and crossovers alike have more than doubled since 2010 and rose 5 percent and 7 percent, respectively, last year – even though overall industry sales declined 2 percent in 2017.

LMC Automotive forecasts that growth will slow for SUVs and crossovers in 2018 and every year through 2025, even as the number of models on the market is set to rise.

For an interactive graphic on “The Rise of the SUV,” see: (tmsnrt.rs/2I6YBSX)

“There are still some legs left to grow in the SUV market, but growth is slowing and will eventually level off,” said Jeff Schuster, LMC’s senior vice president of forecasting. “This is a bright spot in the market, which is why everyone is flocking to it with new product.”

Over the next few years millions of nearly new SUV and crossover models will come off lease and return to market, providing cheap competition for new models.

Around 40 percent of the roughly 4 million nearly new vehicles that will come off lease in 2018 in the United States will be SUVs and crossovers, rising to 44 percent in 2019 and 47 percent in 2020, according to Cox Automotive forecasts.

Slideshow (6 Images)

“Now that you’re seeing more SUVs starting to come off lease, that will automatically put pressure on new SUV pricing,” said Karl Brauer, executive publisher for automotive research firm Kelley Blue Book (KBB).

‘SIMPLE MATH’

Sam Fiorani, vice president of global vehicle forecasting with AutoForecast Solutions, has a more optimistic view of the automakers’ chances. Just as a wide variety of niches has developed in the passenger car market, as SUV and crossover sales continue to grow there is room for automakers to roll out an assortment of sizes, limited editions and sporty models.

“The market is not yet saturated and there are all kinds of niches that have yet to be filled,” Fiorani said. “We’re five or 10 years from even thinking about market saturation.”

Automakers also maintain that there is room for many more options as long as they can stand out in a crowd.

“There are clearly a lot of entrants, but we are going to differentiate ourselves with a completely different look to our brand,” Joy Falotico, head of Ford Motor Co’s (F.N) luxury Lincoln division, said in an interview on Tuesday.

Ford’s new midsize SUV with three rows of seats, the Aviator, will hit the U.S. market in 2019. Rather than the aggressive or dominant forms adopted by Lincoln’s competitors, Falotico said the Aviator’s form is meant to evoke “beauty and calmness.”

But according to KBB’s Brauer, “Simple math suggests that you’ll have more models with lower volume.”

“You can’t have that many SUVs on the market and have all of them grow volume,” he said. “Some of them are going to have to give.”

Brauer points to average vehicle prices in the SUV and crossover market for an indication of what is happening in the segment. Cumulatively, prices rose just 4 percent from 2012 to 2017.

But the average price dipped 0.5 percent to $35,991 in 2017 from $36,163 in 2016, according to KBB data.

Faced with more competition in a slower-growing market, automakers will likely be forced to resort to consumer discounts to boost sales, which will cut in to profit margins.

“The idea that you’re going to make the same profit as you did three years ago is probably unlikely,” Brauer said. “The good news is that they have room to lower margins.”

Reporting by Nick Carey; Editing by Matthew Lewis

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/ifijEymKuPQ/lured-by-rising-suv-sales-automakers-flood-market-with-models-idUSKBN1H50KI

CME Group to buy Britain’s NEX for $5.5 billion

(Reuters) – U.S. exchange operator CME Group (CME.O) said it had reached an agreement to buy Michael Spencer’s NEX Group (NXGN.L), valuing the British company at about 3.9 billion pounds ($5.49 billion) and creating a cross-border trading powerhouse.

Men enter the CME Group offices in New York, U.S., October 18, 2017. REUTERS/Brendan McDermid

As part of the deal, NEX shareholders will receive 500 pence in cash for each NEX share and 0.0444 new CME shares. Each NEX share will be valued at 1000 pence, CME said.

“At a time when market participants are seeking ways to lower trading costs and manage risk more effectively, the acquisition will allow us to create significant value and efficiencies for our clients globally,” CME’s Chairman and CEO Terry Duffy, said.

Reporting by Noor Zainab Hussain in Bengaluru. Editing by Jane Merriman

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/5nneBhcXqU0/cme-group-to-buy-britains-nex-for-5-5-billion-idUSKBN1H50NZ

Tesla returned to German subsidies list, ending row

FRANKFURT (Reuters) – A German government agency has agreed to offer car buyers subsidies for Tesla (TSLA.O) vehicles again, ending a dispute with the U.S. company over whether the Model S was too expensive to qualify for the scheme.

A charging point is seen at a Tesla dealership in West Drayton, just outside London, Britain, February 7, 2018. REUTERS/Hannah McKay

The German Federal Office for Economic Affairs and Export Controls (BAFA) said on its website it had returned Tesla to the list of electric cars eligible for subsidies on March 6.

The agency had taken the carmaker’s vehicles off the list in December, citing as the reason that customers could not order the Model S base version without extra features that pushed the car above the 60,000 euro ($74,000) price limit.

Tesla had denied at the time that no-frills versions of the Model S were not available.

Germany in 2016 launched the incentive scheme worth about 1 billion euros, partly financed by the German car industry, to boost electric car usage. A price cap was included to exempt premium models.

Under the subsidy scheme, buyers get 4,000 euros off their all-electric vehicle purchase and 3,000 euros off plug-in hybrids.

“The manufacturer proved with an independent assessment that a base version of the Model S is available on the market for less than 60,000 euros,” German daily newspaper Die Welt on Thursday quoted Bafa as saying.

It said, however, that the agency was reviewing previously approved applications for subsidies as it was unclear whether Tesla had stuck with the price limit in the past.

Reporting by Maria Sheahan; Editing by Jacqueline Wong

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/eOy_MVBTf_A/tesla-returned-to-german-subsidies-list-ending-row-idUSKBN1H50KQ