News Archive


Walkabout buys remaining 30% stake in Lindi Jumbo

The company had the option to acquiring the remaining stake in the prospecting licences, which it has now exercised, while terminating the existing joint venture agreement.

Walkabout executive chairman Trevor Benson said the acquisition would add value to the company and showed management was confident in the project and progression in Tanzania.

RESOURCEStocks QA: Christian Easterday, Hot Chili

RESOURCEStocks QA: Christian Easterday, Hot Chili…


Nevada Copper re-stocked, reloaded

Nevada Copper re-stocked, reloaded


RESOURCEStocks QA: John Mair, Greenland Minerals and Energy

RESOURCEStocks QA: John Mair, Greenland Minerals and…


Kin lays the foundations for Growth

Kin lays the foundations for Growth


The company is still waiting for Lindi Jumbo’s mining licence to come through, saying it has been encouraged by recent communication from Tanzania’s minister of minerals.

It met with the ministry on May 25, where it was confirmed that licence applications would be issued in large batches until the ministry had depleted its current backlog.

Benson told Mining Journal in February that he was optimistic the licence would be approved soon, as president John Magufuli had gotten involved on speeding up the application progress.

He added that Tanzania’s new mining code would not impact the company too much, as Lindi Jumbo was classified as an industrial mineral project, meaning it would not be hit by the new royalties scheme.

Walkabout was also easily able to comply with most of Tanzania’s new legislative changes, as it already had an indigenous company, a local bank account and employed local people.

Article source: http://www.mining-journal.com/m-amp-a/news/1339279/walkabout-buys-remaining-30-stake-in-lindi-jumbo

Not all beer and skittles

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Article source: http://www.mining-journal.com/view-from-the-west-end/opinion/1339278/not-all-beer-and-skittles

MMK targets operational gains through digital initiatives

The group says modelling and optimisation of production processes as part of its Big Data strategic initiative was on track for completion this year. The two-year program of developing and implementing new “mathematical models” will underpin ongoing system improvement targeted via 16 projects being undertaken across the company’s production divisions.

MMK said about 65 million rubles (RUB) was spent last year on an integrated system for managing central power station energy efficiency, and the initial phase of a power station automated control project. These initiatives were said to have produced cost savings of about RUB32 million between August 2017 and March 2018.

RESOURCEStocks QA: Christian Easterday, Hot Chili

RESOURCEStocks QA: Christian Easterday, Hot Chili…


Nevada Copper re-stocked, reloaded

Nevada Copper re-stocked, reloaded


RESOURCEStocks QA: John Mair, Greenland Minerals and Energy

RESOURCEStocks QA: John Mair, Greenland Minerals and…


Kin lays the foundations for Growth

Kin lays the foundations for Growth


“There are plans to complete five more projects in 2018, covering the blast-furnace plant, rolling mill No.10, the oxygen converter plant, and MMK’s thermal power station,” the company said.

“Work on a total of 16 projects will continue in 2018-2019.

“The approximate costs will be about RUB480 million, while they are expected to save RUB425 million a year.”

MMK said its Big Data strategic initiative would be “scaled” into its MMK Industry 4.0 program, adding “predictive technologies, the Internet of things and the robotisation of production” into the improvement mix.

 

Article source: http://www.mining-journal.com/investment/news/1339275/mmk-targets-operational-gains-through-digital-initiatives

Gascoyne marks first gold pour at Dalgaranga

After years of hard graft, Gascoyne Resources (ASX: GCY) has officially earned its place at the table set for gold producers, with the first 9.55 kilograms poured from the new Dalgaranga operation in Western Australia.

Article source: http://www.mining-journal.com/events-coverage/news/1339274/gascoyne-marks-first-gold-pour-at-dalgaranga

Hummingbird gold operation deaths reported

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Article source: http://www.mining-journal.com/politics/news/1339273/deaths-at-hummingbirds-gold-operation-in-mali

Revival Gold up, copper stocks down

The company, which was previously known as Strata Minerals, announced an earn-in to the project from a Yamana Gold subsidiary in September.

Revival put the resource at an indicated 1.2 million ounces of gold and an inferred 765,000oz.

It's back to the future for North Carolina lithium developer

It’s back to the future for North Carolina lithium…


Butcherbird poised for development

Butcherbird poised for development


Geobank 2018 - new features allow for improved usability

Geobank 2018 – new features allow for improved usability…


RESOURCEStocks QA: John de Vries, Black Rock Mining

RESOURCEStocks QA: John de Vries, Black Rock Mining…


Using analytics to drive batch haulage efficiency

Using analytics to drive batch haulage efficiency


It said significant infrastructure remained at the project, which was shuttered in 2000 when the gold price was below US$300 an ounce.

The gold price inched higher today on the spot market and was trading earlier at $1,299/oz.

The copper price headed lower however, as the stronger US dollar eclipsed news of India’s ordered closure of Vedanta’s Tuticorin copper smelter over pollution concerns, Bloomberg reported.

In the US, Freeport-McMoran (NYSE: FCX) closed 2.52% lower yesterday and Toronto’s SP/TSX Composite Index copper sector closed down 4.07%.

First Quantum Minerals (TSX: FM) posted the biggest drop of 4.52%.

In London, Rio Tinto (LSE: RIO) was down 1.14% while in afternoon Australian trade, BHP (ASX: BHP) was down slightly, around 0.4% lower, and copper-focused OZ Minerals (ASX: OZL) was off more than 0.7%.

Article source: http://www.mining-journal.com/capital-markets/news/1339265/revival-gold-up-copper-stocks-down

Trump’s auto tariff plan threatens GM’s $7 billion South Korea rescue

SEOUL (Reuters) – Fresh off a $7 billion rescue for its loss-making South Korean operation, General Motors (GM.N) faces a new threat as U.S. President Donald Trump considers higher vehicle import tariffs that could “make or break” its Asian subsidiary.

FILE PHOTO: An employee works at an assembly line of GM Korea’s Bupyeong plant in Incheon, South Korea March 29, 2018. REUTERS/Kim Hong-Ji/File Photo

Earlier this month GM agreed on the bailout package with the South Korean government in return for a pledge to stay in the country for at least 10 years, purchase more Korean-made parts and produce two new models popular in the U.S. market.

But less than two weeks later, the Trump administration launched a national security investigation into car and component imports that could lead to new U.S. tariffs similar to those imposed on imported steel and aluminum in March.

Higher tariffs would be painful for Asian automakers whose shipments accounted for one third of U.S. vehicle imports last year through heavyweights such as Toyota Corp (7203.T) and Hyundai Motor (005380.KS).

They could also have a devastating impact on smaller players such as GM Korea and its plan to become a major export hub again.

“This is a matter that could make or break GM Korea,” a person familiar with GM’s situation told Reuters.

“The success of its restructuring plan hinges on more production for exports, and the two new models to be manufactured here are primarily targeted at the U.S. market to serve that purpose,” the person said, requesting anonymity because of the sensitivity of the subject.

GM Korea, GM’s biggest production base in Asia excluding China, exported about a quarter of its vehicle output to the United States last year, and the portion is set to rise further as it shifts production toward models popular in the U.S. market following a sales pullback in Europe.

“The tariff does not make sense,” said Ko Tae-bong, an analyst at HI Investment Securities. “The (South Korean) government injected all the money into the unit, and there will be no other major markets to sell cars other than U.S. after Europe exit.”

GM Korea declined to comment.

COMPONENTS SOURCING

GM has abandoned several money-losing markets over the past three years as part of a broader strategy to boost production margins and conserve capital to fund electric and automated vehicles as well as new models for core markets in China, the U.S. and Latin America.

It also closed one of its four plants in South Korea this month, but decided to continue operating other plants to leverage the Korean unit’s core strength – RD capability and a strong supplier network. That move now looks in jeopardy as Trump considers tariffs on parts imports.

South Korean suppliers provide parts worth nearly $2 billion to GM’s factories overseas, including the United States and Mexico, according to GM Korea.

GM has about 300 first-tier suppliers and 2,000 second-tier suppliers in South Korea, including some which GM may find it difficult to replace quickly, they said.

Korea has had the second largest number of winners in GM’s suppliers’ awards program for several years, following the United States. This year, 27 South Korean suppliers known for their high-quality, affordable products have won GM Supplier of the Year awards. That represents 22 percent of total winners globally.

Park Pyong-wan, a former GM Korea executive, said GM may shift production of the Trax to the United States or produce complete kits in South Korea for final assembly in the United States to avoid the tariffs.

“It would be difficult for Trump to slap high tariffs on auto parts, because that would hit its own industry, as it sources parts from all around the world,” Park said.

NO EXPORTS?

Speaking at a closed meeting with the industry ministry late last week, GM, Hyundai and other automakers have raised concerns that a 25 percent tariff, if implemented, may force them to stop U.S. exports, a person who was at the meeting told Reuters.

“We don’t know whether Trump will take action or not. We will consider measures based on different scenarios while closely monitoring the situation,” the person said, without identifying himself because it was a closed meeting.

South Korea, which has a free trade deal with the United States, is the fourth-biggest auto exporter to the United States after Mexico, Canada and Japan.

In March, South Korea made concessions in auto trade under a proposed revision of the deal in return for getting exempting from hefty steel tariffs, but with quotas.

“The auto sector may see the repeat of the patterns seen in the steel sector,” said Heo Yoon, an international trade professor at Sogang University. “I don’t think the U.S. will exempt Korea from auto tariffs for free. That would come with a cost, whether it is a quota or something else.”

(For graphic on vehicles sold in the U.S. by Asian automakers, click: tmsnrt.rs/2xpFNxL)

Reporting by Hyunjoo Jin; Editing by Miyoung Kim and Lincoln Feast.

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/fExxizD5YyI/trumps-auto-tariff-plan-threatens-gms-7-billion-south-korea-rescue-idUSKCN1IV0H0

Orla sees solid foundation at Camino Rojo

Orla has released a resource and preliminary economic assessment for a “relatively simple” openpit oxide mine and heap leach operation, to produce about 100,000 ounces of gold a year over a 6.6-year mine life, and pointed to longer-term sulphide potential.

Article source: http://www.mining-journal.com/feasibility/news/1339261/orla-sees-solid-foundation-at-camino-rojo

Kenadyr arranges C$1.6 million backing from neighbour

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Article source: http://www.mining-journal.com/capital-markets/news/1339260/kenadyr-arranges-cusd16-million-backing-from-neighbour