Новости за 14.07.2020

Chile's Candelaria copper mine, run by the Canadian firm Lundin Mining, on Tuesday rejected claims by the mine supervisors' union that it is planning to lay off workers, saying the claim relates to the offer of an early retirement package for older workers. The supervisors' union said on Monday the miner would cut 7% of its workforce in a belt-tightening exercise at a time when the mining industry is feeling the pinch from constraints placed on their operations aimed at limiting the spread of the virus. Читать дальше...

Following activities to strengthen its balance sheet and raise financing, Aim-listed Power Metal Resources says it is now in a position to move forward more aggressively. As at July 10, the company’s assets amounted to £3-million.

Investors have embraced gold as a key portfolio hedging strategy this year, particularly as expectations for a faster recovery from Covid-19 are shifting towards expectations of a slower recovery, or even potential setbacks from additional waves of infections, the World Gold Council (WGC) says. However, regardless of the recovery type, the pandemic is said to also have a likely and lasting effect on asset allocation, which the council says, “will also continue to reinforce the role of gold as a strategic asset”.

AltX-listed Chrometco expects to report a headline loss a share of between 0.97c and 1.27c for the financial year ended February 29. This represents a 16% to 36% improvement on the restated headline loss a share of 1.52c reported for the year ended February 28, 2019.

Mining production decreased by 29.8% year-on-year in May, as a result of the lockdown restrictions in South Africa. This follows April’s (revised) unprecedented plunge of 50.3% year-on-year, says Investec, with restrictions on production, global growth concerns, together with supply chain disruptions and subdued domestic demand continuing to weigh on mining activity in May.

The Democratic Republic of Congo has given copper and cobalt mining companies a month to stop confining workers on site away from their families to stop the spread of coronavirus, the labour minister said in an open letter. Workers have been told by managers to either stay and work or lose their jobs, civil society organisations said last month, citing miners and union representatives and demanding an end to the practice. "All mining companies that have confined workers to the operating site are... Читать дальше...

Development work on the Serrote copper/gold project, in Brazil, is continuing apace and the greenfield openpit mine project remains on track to reach production in the second half of next year. Construction is continuing despite Brazil being the second worst-hit country by the Covid-19 pandemic. Developer Mineração Vale Verde (MVV), which is owned by British investment adviser Appian Capital Advisory, reports that the necessary precautions are in place to ensure the health and safety of the 1 500 people working on site. Читать дальше...

Australia's Whitehaven Coal Ltd posted a 29% jump in fourth-quarter coal production on Tuesday, beating estimates, even as it warned that pricing pressure was likely to continue as the Covid-19 pandemic dents industrial activity. Whitehaven said in a filing that saleable coal output jumped to 6.2-million tonnes (mt) for the quarter from 4.8 mt for the same period a year earlier, helped by higher production at its Narrabri mine.

The largest and most technologically advanced marine diamond mining vessel, which is under construction, will be fitted with an integrated power system package supplied by electronics, automation and robotics company ABB. The newbuild will be delivered to Namibia-based marine diamond miner Debmarine Namibia – a joint venture between the government of Namibia and the De Beers Group – in 2022.

A survey by global law firm White & Case of senior mining and metals decision makers has revealed that the fear of a global recession was the top concern in the post Covid-19 economy. The survey, which included responses from a record 67 senior decision makers, also saw 39% of respondents citing global market weakness as the largest threat to the industry, in stark contrast to the sentiment echoed in January, where trade tensions were deemed the biggest risk. “After an encouraging start to the year... Читать дальше...

Copper has erased losses racked up in the early months of the coronavirus outbreak. China’s economic uptick, set to be confirmed by second-quarter figures this week, is encouraging an optimistic view of demand. Latin American supply constraints may be a bigger factor in propelling the price higher, though, with pandemic-related closures and the prospect of strikes ahead. Neither threat will ease soon. China, which accounts for roughly half of global copper demand, is certainly doing its bit to encourage bulls. Читать дальше...

US headquartered metallurgical coal producer Ramaco Resources on Monday announced the partial closure of its Berwind low-volatile development mine complex, on the border of Virginia and West Virginia to align its production with the weakened market. About 44 miners would be impacted and the personnel reductions were effective immediately, it said in a statement. "The continued deterioration of both the domestic and export metallurgical coal markets, driven in large part by the Covid-19 pandemic... Читать дальше...

Potash developer Karnalyte said on Monday that it had received a requisition for a special meeting of shareholders from a group of dissident shareholders, comprising former company directors Peter Matson, Greg Szabo and Mark Zachanowich. The shareholders are calling for the election of four individuals to the board of directors. Karnalyte, which held its annual general meeting two weeks ago, said it was reviewing the latest dissident shareholder documents and would update shareholders in due course.

ASX-listed Peninsula Energy has signed a binding purchase agreement with UG USA over 400 000 lb of uranium oxide for delivery in 2021. Peninsula currently has 450 000 lb of uranium oxide already committed for sale in 2021, with the company on Tuesday telling shareholders that the latest purchase agreement underpin a forecast net cash margin of between $6-million and $8-million on uranium sales for the next year, based on the difference between the purchase pricing and the sales price.

Base metals miner Nevada Copper has announced a C$97-million bought-deal raising, without which the company is in “serious financial difficulty”, owing to the lack of available cash and funding resources. The net proceeds of the offering will be used to fund operations, including to continue the previously-announced accelerated mine development plan and to restart and ramp-up production from its Pumpkin Hollow underground mine, in Nevada, US.

Chile's State-owned Codelco, the world's largest copper producer, has registered a total 3 215 Covid-19 infections and nine deaths owing to the pandemic, the chairman of the firm said on Monday, as pressure rises on production of the red metal. Board chairman Juan Benavides said 2 473 workers had already recovered while 37 remain hospitalised, according to comments made to a mining commission made up of lower-house lawmakers and confirmed by Codelco. Chile's copper miners have largely maintained... Читать дальше...