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Lower metals prices weigh on materials price index – IHS
Published: 23 Sep 17
The materials price index (MPI) from Global Insight by IHS Markit has slipped 0.1% last week, the first decline in four weeks, as metal markets finally began to slide, the firm advised on Friday. The strength of the last few weeks has been mainly attributable to a surge in metal prices and the aftermath of Hurricane Harvey and its impact on chemicals and energy markets. Indeed, the latter two are still seeing price growth as the longer-run impacts of the hurricane continue to oscillate around markets, the research firm advised.
Argonaut adds resources at its two operating assets
Published: 23 Sep 17
On the heels of pouring first gold at its brand-new San Agustin project earlier this week, Mexico-focused miner Argonaut Gold has also increased the pit-constrained resources at its two operating mines, the company has advised. At El Castillo, the Toronto-based miner added about 328 000 oz of gold, after it acquired the adjacent San Juan concession in February. Subsequent resource expansion drilling programmes, has lifted the compliant measured and indicated resources to about 814 000 oz of gold, the company said.
Offer for Rockwell affiliates flops on BRP haste; orderly wind down still planned
Published: 23 Sep 17
Bankrupts alluvial diamond miner Rockwell Diamonds advised on Friday that it has received two offers which, when combined, would have been able to buy out the Canadian company’s distressed South African subsidiaries. However, an untimely motion to place the affiliates into provisional liquidation placed too much pressure on negotiations, causing the deal to fall through.
Tahoe dials up gold guidance as Escobal impasse drags on
Published: 23 Sep 17
Precious metals miner Tahoe Resources has increased its guidance for expected gold output while its flagship Escobal mine, in Guatemala, continues to languish in care and maintenance, despite holding a valid licence to mine. The Vancouver-headquartered company announced after market close on Thursday that it now expects to produce between 400 000 oz and 450 000 oz of gold in 2017, up from previous estimates of 375 000 oz to 425 000 oz.
Zanaga upbeat on iron-ore market fundamentals
Published: 22 Sep 17
Although the global iron-ore market continues to demonstrate better-than-expected fundamentals from a demand perspective, particularly in relation to pricing for higher-quality products, Aim-listed Zanaga Iron Ore remains concerned about the continuing build-up in Chinese iron-ore port stocks. In the company’s half-year report for the six months to June 30, published on Friday, chairperson Clifford Elphick said higher Chinese iron-ore port stocks may have a negative effect on iron-ore pricing through the end of the year if Chinese steel mill consumption slows. Further, the company expects substantial production expansions to enter the market in the second half of the year, with only a small number of these being replacement projects for mines entering the final phases of their lives.   
Opec says winning battle to curb oil glut
Published: 22 Sep 17
Output cuts by Opec and other oil producers are clearing a supply glut that has weighed on crude prices for three years, ministers said at a meeting on Friday to review the pact that expires in March 2018. The Organization of the Petroleum Exporting Countries, Russia and several other producers have cut production by about 1.8-million barrels per day (bpd) since January.
Hernic Ferrochrome in business rescue – Mitsubishi
Published: 22 Sep 17
Ferrochrome producer Hernic has been placed in business rescue, Mitsubishi Corporation said on Friday. The businessrescue of the Japanese subsidiary, Mitsubishi Corporation said in a release to Creamer Media’s Mining Weekly Online, is taking place under the Companies Act, following a comprehensive assessment of financial alternatives by Hernic's board of directors.
Gold Fields says KPMG still external auditors
Published: 22 Sep 17
South African gold mining company Gold Fields said on Friday that KPMG remains its external auditor but it will continue to monitor future developments. "The Gold Fields board of directors has considered the matter and will be closely following future developments in this area. KPMG remain the company's external auditors," the company said in a statement.
Exxaro, NUM wage agreement halts strike
Published: 22 Sep 17
Coal mining company Exxaro Coal and the National Union of Mineworkers (NUM) have reached a three-year wage agreement, which brings the current wage strike at its Grootegeluk and Leeuwpan mines to a conclusion.  “We are pleased that the parties were able to resolve the dispute speedily,” Exxaro executive head of strategy and stakeholder engagement Mzila Mthenjane told Mining Weekly Online in a media release. 
Central Asia Metals to buy Lynx Resources for $402.5m Central Asia Metals to buy Lynx Resources for $402.5m
Published: 22 Sep 17
Aim-listed base metals miner Central Asia Metals will buy Bermuda-based Lynx Resources for $402.5-million. Lynx, which is owned by Bermuda-based fund Orion Co-Investments III and Swiss private equity firm Fusion Capital, owns the SASA zinc/lead mine in Macedonia.
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