Top Zimbabwe Miner May Pay Suppliers in Gold

By Nicole Rashotte

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Metallon has evaluated Zimbabwe’s current economic climate and has begun looking at paying its mining equipment suppliers in gold.

Zimbabwe abandoned its currency in 2009 because of hyperinflation, and now faces a cash shortage.

Metallon, the country’s largest gold miner, requires US$400 million to buy new machinery and upgrade existing equipment as it moves to increase its production.

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CEO Mzi Khumalo said on Tuesday (September 18) that the move would allow the company to sidestep the country’s cash quandary and continue with plans to expand.

The miner has begun talks with equipment suppliers in South Africa and Canada, among other countries, to discuss using gold as payment.

“We can then enter agreements with banks, various financiers on the basis of gold-backed transactions,” Khumalo stated. He added, “[suppliers] will get their payment in gold.”

The company is proposing this idea because Zimbabwean law enables Metallon to convert leases on claims around its four mines into special mining leases that can then be used to secure financing for equipment purchases.

Despite this law, gold is not considered legal tender in Zimbabwe — if this transaction were to come to fruition, it would be the first of its kind for the African country.

Khumalo stated that last week that he met with Mines Minister Winston Chitando who told him that he would support Metallon’s efforts to boost output.

Similarly, President Emmerson Mnangagwa has pledged to revive mining and agriculture as part of a plan to achieve middle-income status within the next five years.

“In the past we operated under a government that has been very hostile to business,” he said. Mnangagwa added, “[t]he amount of money that is going to be made in Zimbabwe in the next five to ten years, measured against other emerging markets, Zimbabwe will be number one.”

Metallon currently has four mines in Zimbabwe, one of which has suspended underground mining to allow for redevelopment. The company produced 77,568 ounces of gold last year and plans to increase that to 550,000 ounces by 2023, after new equipment has been acquired.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.

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From:: Investing News Network

Ryan Ko elaborates on recent news from Corvus Gold – Tue 18 Sep, 2018

By Big Al

Figure 1 â€

Ryan Ko and Big Al elaborate on the Maiden Resource announced today for the Mother Lode Deposit

Download audio file (Ryan-use-1.mp3)

Corvus Gold Announces Maiden Resource for Mother Lode Deposit, Nevada

September 18, 2018


  • Total of 1.16Mozs of gold in the Measured and Indicated Mineral Resource categories, with 0.24Mozs gold in the Inferred Mineral Resource category. 83% of Mineral Resource is Measured and Indicated (M&I)
  • Total M&I Mill Mineral Resource of 733,000 ounces gold at avg. grade of 1.72 g/t gold in 13.2Mt & Inferred Mill Mineral Resource of 112,000 ounces gold at avg. grade of 1.6 g/t gold in 2.17Mt
  • Total M&I, oxide, Run of Mine, Heap Leach Mineral Resource of 427,000 ounces gold at avg. grade of 0.33 g/t gold in 40Mt & Inferred Mineral Resource of 129,000 ounces gold at avg. grade of 0.29 g/t gold in 14.1Mt
  • Pit constrained deposit has an overall strip ratio of 2.68-1
  • Ongoing exploration drilling continues to show potential to expand deposit to the west, north, east and at depth

Vancouver, B.C. – Corvus Gold Inc. (TSX: KOR, OTCQX: CORVF) (“Corvus” or the “Company”) announces the maiden Mineral Resource estimations incorporating all drill results from the Phase I & II drill programs at its 100% owned Mother Lode Project (“MLP”). This initial Mineral Resource remains open in several directions and Corvus is currently engaged in its Phase III drill program that is targeting Mineral Resource growth beyond this initial estimate. The Mineral Resources estimations (Measured, Indicated and Inferred) were based on economic constraints using Whittle TM software and assuming open pit mining and USD $1,250 per ounce gold price (Table 1). Figure 1 & 2 shows a plan view and a north-south long-section through the resource block model.

Table 2 illustrates the robustness of the current project at lower gold prices with a Mineral Resource estimate using a USD $1,000 per ounce gold price which still captures a measured and indicated Mineral Resource of over one million ounces.

Jeff Pontius, the Company’s President & CEO states, “The Mother Lode Deposit has delivered a robust maiden Mineral Resource that exceeded our initial expectations and enlarges the overall Corvus Gold Nevada asset base. The grade and low strip ratio of this deposit makes it an excellent addition to the North Bullfrog project (NBP) and will add to the combined NBP & MLP initial PEA study expected next month. The Mother Lode deposit remains open and continues to grow with our ongoing Phase III drill campaign building toward the next multi-million-ounce Nevada discovery. Additionally, the critical mass provided by the Mother Lode deposit for a sulfide circuit opens the door for the large, high-grade sulfide potential at the North Bullfrog project which has yet to be explored.

Table 1
Mother Lode, Measured, Indicated, and Inferred Mineral Resource Estimations constrained by Whittle TM pit at a gold price of USD $1,250 per ounce

Resource Category Mill-Sulfide
@ 0.63 g/t COG
ROM Heap Leach
@ 0.06 g/t COG
Kt Au g/t Kozs Kt Au g/t Kozs Kt Au g/t Kozs
Measured 3,292 1.41 149 20,035 0.29 185 23,327 0.45 334
Indicated 9,934 1.83 583 20,123 0.37 242 30,057 0.85 825
Total M & I 13,226 1.72 733 40,158 0.33 427 53,383 0.68 1,159
Inferred 2,168 1.60 112 14,073 0.29 129 16,241 0.46 241


  • See Cautionary Note to US Investors below
  • The Mineral Resources above are effective as of September 18, 2018
  • Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
  • Silver resources have not been included in the initial Mother Lode estimate
  • There are no known legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Resources

Table 2
Sensitivity of Mother Lode, Measured, Indicated, and Inferred Mineralization Estimations constrained by Whittle TM pit at a gold price of USD $1,000 per ounce

Resource Category Mill-Sulfide
@ 0.78 g/t COG
ROM Heap Leach
@ 0.07 g/t COG
Kt Au g/t Kozs Kt Au g/t Kozs Kt Au g/t Kozs
Measured 2,133 1.79 123 17,441 0.31 174 19,574 0.47 297
Indicated 8,650 1.96 545 14,702 0.45 213 23,352 1.01 758
Total M & I 10,783 1.93 668 32,143 0.37 387 42,926 0.76 1,054
Inferred 941 1.82 55 5,966 0.34 65 6,907 0.54 120


The Mineral Resource estimation is based on 267 drill holes with 8,296 gold composites. Geologic volumes were defined by geologic interpretations and used to define the estimation.

The resource was characterized by a high-grade core surrounded by lower grade mineralization. The high-grade core was estimated using Inverse Distance Squared. The surrounding mineralized portion of the deposit was estimated with Ordinary Kriging. To estimate the reasonable prospects of eventual economic extraction, Resource Development Associates Inc. confined the resources to mining volumes defined by Whittle TM analysis using the input parameters defined in Table 3. There are no known legal, political or environmental risks that could materially affect the potential development of the Mineral Resources.

Table 3
WhittleTM Input Parameters used for the MLP Mineral Resource Estimation (USD)

Parameter Unit MLP-Mill MLP-Heap Leach
Mining Cost total tonne $1.40 $1.40
Au Cut-Off g/t 0.63 0.06
ProcessingCost process tonne $19.50 $1.20
Au Recovery % 80.0 74.0
Ag Recovery % 0.0 0.0
Admin Cost process tonne $0.50 $0.50
Refining & Sales $/Au oz $5.00 $5.00
Au Selling Price oz $1,250 $1,250
Slope Angle Degrees 60 60
  • assumes heap leach processing of disseminated oxidized mineralization
  • assumes Pressure Oxidation mill processing of MLP sulfide mineralization
  • Au Cut-Off – break-even grade derived from Whittle input parameters at USD $1,250 per ounce gold price

Figure 1 – Plan View of Mother Lode resource block model at 970 m elevation (UTm NAD27 Z11)

Figure 2 – Long-section through Mother Lode resource block model at 531,055 m east, …read more

From:: The Korelin Economic Report

KER Politics – Tue 18 Sep, 2018

By Big Al Big Al comments on two articles release today on the Kavanaugh hearings.

Download audio file (Al-to-post.mp3)

Big Al says” please opinion on these articles and my opinion.”

Joe Biden: ‘Dregs of society’ support Donald Trump

GOPUSA Staff Washington Times 11:55 am September 18, 201823 comments
Former Vice President Joseph R. Biden assailed President Trump’s supporters during a speech Saturday at the annual Human Rights Campaign dinner in Washington, lamenting that “virulent people” and the “dregs of society” still had a friend in the White House.

Mr. Biden told an enthusiastic crowd of LGBTQ rights advocates that social conservatives at home and abroad who used religion or culture as a “license to discriminate” were committing a “crime” of prejudice.

“Despite losing in the courts and in the court of public opinion, these forces of intolerance remain determined to undermine and roll back the progress you all have made,” he argued. “This time they — not you — have an ally in the White House.

“They’re a small percentage of the American people, virulent people,” he continued. “Some of them the dregs of society. And instead of using the full might of the executive branch to secure justice, dignity [and] safety for all, the president uses the White House as a literal, literal bully pulpit, callously exerting his power over those who have little or none.”

Many conservatives on Twitter compared Mr. Biden’s remarks to Hillary Clinton calling Trump supporters “deplorables” during the 2016 presidential election.

Uncertainty swirls around crucial hearing on Trump high court nominee

WASHINGTON (Reuters) – A Republican U.S. Senate committee chairman said on Tuesday the woman who has accused President Donald Trump’s Supreme Court nominee Brett Kavanaugh of sexual assault decades ago has not yet agreed to appear at a public hearing set for next Monday.

Senator Chuck Grassley said Christine Blasey Ford, a university professor in California whose allegations have put Kavanaugh’s once-safe nomination in serious jeopardy, has not responded to attempts by the Republican-led Judiciary Committee, which oversees the confirmation process, to contact her.

Trump told reporters he remains “totally supportive” of Kavanaugh, who met with officials at the White House for a second straight day, though not with the president. Trump said Kavanaugh is “anxious” to testify.

“I don’t know about the other party,” Trump added, in an apparent reference to Ford.

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From:: The Korelin Economic Report

Top nickel miners ranked by 2017 production

By Michael Allan McCrae

Vale is the nickel king based on 2017 production totals.

Vale produced 242 kilotonnes of nickel in 2017. Note, this is nickel just derived from mines. Total excludes nickel provided by external parties.

Nickel, a key metal for lithium-ion batteries and part of the electrification drive, was on a tear for most of 2018 but has recently fallen to earth. Nickel was up 25 percent this spring when it was trading above $15,000 per tonne, but it has recently succumbed to the base metal rout and is now down to $12,400 per tonne on the LME.

Ranking based on Mining Intelligence data. Annual nickel production is compiled from publicly-traded mining companies, as well as some state-owned mines. Stock exchanges used are TSX, TSX-V, ASX, LSE, LSE-AIM, NYSE and JSE. ranking divides nickel production amongst nickel mines that are jointly owned, such as the Sorowako property that is 59% owned by Vale. and thus is attributed 59% of Sorowako’s total nickel production. Total output at Sorowako was 78 kilotonnes. Vale is attributed 59% of 78 kilotonnes or 46 kilotonnes.

Top Nickel Miners and Total Production From Mines

Vale – 243 kilotonnes – The integrated Brazilian miner is the top nickel producer. It gets a big lift from Canada where both its top-producing mines are located: Vale’s Sudbury Mine produced 62 kilotonnes of nickel in 2017, followed by Voisey’s Bay at 51.8 kilotonnes. The four other mines are Sorowako (46 kilotonnes), VNC-Goro (34 kilotonnes), Onca Puma (25 kilotonnes) and Thompson Operations (23 kilotonnes). Note that the total nickel production for Sorowako, which is 59% owned by Vale, is divided amongst mine owners. Vale also has 95% interest in VNC-Goro.

Norilsk Nickel – 163 kilotonnes – The Russian miner has some of the biggest nickel mines in the world. It’s Kola and Polar Division produced 155 kilotonnes of nickel in 2017. Note that Norilsk doesn’t split out total nickel production amongst the two mines. Production is wholly attributed to Kola. Norilsk’s other mine, Nkomati, produced 8 kilotonnes for the Russian Miner. Norilsk has a 50% interest in the mine.

Glencore – 130 kilotonnes – Glencore’s Integrated Nickel Operations in Sudbury produced 87 kilotonnes in 2017. Murrin Murrin in Australia produced 34 kilotonnes, and Konaimbo in New Caledonia produced 8.5 kilotonnes. Glencore has a 49% interest in Konaimbo.

BHP Billiton – 70 kilotonnes – BHP’s Nickel West produced 70 kilotonnes in 2017.

Anglo American – 44 kilotonnes – Anglo’s Barro Alto and Codemin produced 35 and 9 kilotonnes respectively.

South32 – 41 kilotonnes – All of South32’s production was attributed to its Cerro Matoso Mine that produced 41 kilotonnes.

Sumitomo – 32 kilotonnes – Sumitomo’s Sorowako and Ambatovy produced about 16 kilotonnes each in 2017. Sumitomo has a 21% interest in Sorowako and a 44% interest in Ambatovy.

Western Areas – 25 kilotonnes – Western Areas’ nickel came from its two mines: Spotted Quoll (15 kilotonnes) and Flying Fox (10 kilotonnes).

Lundin Mining – 22 kilotonnes – Lundin got all of its nickel from its Eagle Mine (22 kilotonnes).

Terrafame – 21 kilotonnes – The Finnish miner produced 21 kilotonnes at its Talvivaara Sotkamo mine.

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Creative Commons image of close-up of American nickel courtesy of Jesse! S?.

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From:: Infomine

Code to improve responsible sourcing in artisanal mining launched

By Resolve

The Alliance for Responsible Mining (ARM) and RESOLVE have released a code to facilitate increased responsible sourcing from artisanal miners, while contributing to improved social and environmental performance of artisanal and small scale mining sector.

Artisanal miners produce 20% of the world’s gold, but the complexities of risk management for artisanal sources often deter refiners, brands, and other customers committed to responsible supply chain management. At the same time, international norms such as the Organisation for Economic Cooperation and Development (OECD) minerals sourcing guidance encourage proactive engagement with the artisanal sector to support development. While general guidance exists, along with leadership-level standards for top-performing mines such as Fairmined and Fairtrade, there has not been a set of objective criteria for baseline “market acceptability” of artisanal gold.

The Code of Risk mitigation for Artisanal and small-scale miners engaging in Formal Trade (CRAFT) bridges this gap and can help expand trade between legitimate artisanal producers and refiners, jewelers, electronics companies, banks, and other supply chain actors. The code helps both buyers and miners to assess critical social and environmental risks – such as child labor, illicit trade, and uncontrolled use of chemicals, among others – in artisanal supply chains. The code is progressive, defining clear criteria for critical risks while assessing opportunities for – and making commitments to – mitigate risks and improve on other social, environmental and safety practices.

“For global minerals supply chains, change and market engagement is most critically needed in the places that face the greatest challenges,” said Jennifer Peyser, Director of the Ethical Resource Program at RESOLVE. “CRAFT is innovative as a multi-stakeholder vetted, open source tool to help companies support the economies of artisanal communities, while following good risk management practice and ensuring they are not contributing to illicit trade or human rights abuses.”

At the same time, CRAFT offers a road map to help artisanal miners understand practices and systems needed to engage with global markets, thereby offering access to legitimate buyers and better trading conditions. In 2017 and 2018, ARM piloted the code at two artisanal gold sites in Colombia, including a women’s association who recently completed their first CRAFT sale in July to a local refiner who supplies global refiners. The code can be used by implementing organizations to support their work in formalizing and improving conditions for artisanal miners who live in vulnerable situations and their communities.

“Our pilot with a women’s mining association in Colombia demonstrates the feasibility of entering into formal trade through better collective organization and performance. The experience illustrates the positive impacts of accessing markets, such as better revenues and livelihood conditions,” said Yves Bertan, Executive Director of Alliance for Responsible Mining. “The version 1.0 of the CRAFT Code creates a great array of possibilities of support to formalization processes and fostering better livelihoods for artisanal miners globally, extending this initial experience in other environment and producing countries.”

CRAFT was designed to closely reflect the risks outlined in the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, as well as other major issues of concern from industry and civil society.

The code was developed under guidance from artisanal miners from 5 countries; non-profit organizations like Pact and Solidaridad who work directly with miners; industry organizations such as the London Bullion Market Association, Responsible Jewellery Council, Intel, Responsible Minerals Initiative, Swiss Better Gold Association, Valcambi, and Argor-Heraeus; United Nations Environment Programme; the Initiative for Responsible Mining Assurance; and several independent technical experts.

“We see CRAFT as one of the cornerstones to drive responsible ASM mining and sourcing,” said Simone Knobloch, COO of Valcambi, a gold refinery. “It is the first industry tool that empowers miners to understand the market sourcing and due diligence requirements, assess their practices and how to address potential gaps, so that they can comply and report conformance with those needs, while providing supply chain actors with the instrument to engage with miners. It will facilitate due diligence by all along the value chain. Using CRAFT schemes, we will be able to support mines improve their practices, so they can access global market”.

“We are very excited to see the CRAFT Code being launched now, as our project mines – as well as many other ASM mines – can now be recognized as operating responsibly,” said Boukje Theeuwes, Senior Program Manager for Solidaridad. “For miners, this new code can provide the very necessary gateway into the formal market. Until now this was only possible through international certification against standards which are difficult to achieve for many ASM miners, as it requires significant financial investments, time and training.”

RESOLVE and ARM sought additional input through a global stakeholder consultation process involving over 400 individuals from industry, mining communities, civil society, and governments from over 18 countries spanning 6 continents.

Under CRAFT, buyers, governments, NGOs, and private sector companies working with artisanal supply chains can organize “CRAFT schemes,” which apply the code to reflect the specific legal and technical requirements of the geographies and minerals in which they are working. Miners will produce a CRAFT report to demonstrate conformity with the requirements of CRAFT, to support further due diligence by clients further downstream in the supply chain.

The European Partnership for Responsible Minerals (EPRM) provided funding to ARM and RESOLVE to develop and consult the CRAFT. EPRM has also pledged support for a second phase, during which ARM and RESOLVE will develop further criteria on medium and lower risk issues, and develop a “CRAFT Impact Marketplace” to help potential buyers, donors, and impact investors connect with CRAFT-conformant mines.

Susi Huisman, Advisor at RVO, the EPRM Secretariat said, “The EPRM is proud to have financed the innovative and promising CRAFT Code and believes it has the potential to bring about a systemic change for responsible mineral supply chains that EPRM believes in. The CRAFT Code is well aligned with the key objectives of the EPRM since CRAFT is facilitating market access for artisanal and small-scale miners and enables companies to source from ASM while following good risk management practices. …read more


Chris Temple from The National Investor – Tue 18 Sep, 2018

By Cory댊 US Markets Continue To Shake Off Tariffs and International Worries

With all the US markets up around 1% on a day when the tariff picture is escalating is another example of how these markets continue to be looked at the safest place to put money. We all know that will not last forever. Chris Temple and I chat about the overall strength in US equities but balance that with the news events that could play a roll in the near term.

Download audio file (2018-09-18-Chris-Temple.mp3)

Click here to visit Chris’s site for more market and economic commentary.

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From:: The Korelin Economic Report

Falcon Adds 41 More Claim Units to Coomer Lake Vanadium-Titanium Project, Northern Ontario

By Anwesha Sengupta


  • Coomer Lake property increased from 144 to 800 hectares;
  • Property encompasses a continuous strike length of 7 kilometres of favorable stratigraphy;
  • Historical diamond drilling high-grade intercept of 4.90 meters of 0.75% V2O5, 7.56% TiO2;

Falcon Gold Corp. (TSXV:FG) (“Falcon” or the “Company”) is pleased to report it has acquired through staking, a further 41 mining claim units that are contiguous with its Coomer Lake Vanadium-Titanium property in the James Bay Lowlands in the Porcupine Mining Division of northern Ontario. As announced on September 5th, 2018, Falcon has the right to earn a 100% interest in the Coomer Lake property that now comprises an area of approximately 800 hectares (“ha”).

Stephen Wilkinson, Falcon’s CEO stated: “The Vanadium-Titanium mineralization on Coomer Lake property may not be exposed at surface but is associated with a strong, arcuate magnetic anomaly. This geophysical signature has been mapped for several kilometers and our new ground covers what we consider to be the best part of a potentially high-value asset.”

The Coomer Lake V-Ti Property

The Property is located within numbered township BMA 524861 of the Porcupine Mining Division, District of Cochrane, 250 kilometres (“km”) north of the town of Nakina, Ontario, and approximately 40 km south of Noront Resources Ltd. mining leases at the Ring of Fire developments. Noront’s proposed north-south access corridor is 12 km east of the Property. The Property is accessible only by floatplane and boat. The Attawapiskat River is the main waterway and is less than 1,000 m east of the boundary of the Property.

The Coomer Lake area occurs within the Archean-age Sachigo Subprovince of Northwestern Superior Province. The Fishtrap Intrusive Complex underlies the Property and is a differentiated mafic intrusive body which for the most part does not outcrop and is covered by glacial till. A high resolution airborne magnetic survey completed in 2003 defined the banded and folded complex reflecting the fractionated lithologies of the layered intrusion.

The vanadium and titanium mineralization occurs within a magnetite-rich band within the Fishtrap intrusion. The band shows a strong geophysical anomaly that has an arcuate signature with an overall 26 km strike length. In a news release dated February 12, 2007, Northern Shield Resources Inc. reported diamond drill hole, 06HB-04, intersected massive magnetite over a width of 4.9 m that averaged 0.75% V2O5 and 7.56% TiO2. Another 13 drill holes were completed by Northern Shield on other locations of the intrusion with the objective of discovering platinum group metals and chromium mineralization. No follow-up on the vanadium and titanium occurrence have been reported despite the encouraging geophysical anomaly.

Qualified Person

The technical content of this news release has been reviewed and approved by Mr. Bob Chataway, P. Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Falcon Gold Corp.

Falcon is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Its Canadian projects include; the Central Canada cobalt, gold project and the Wabunk cobalt, copper project in N.W. Ontario, and the Burton gold property located near Sudbury, Ontario. Falcon also has an agreement to acquire seven (7) contiguous mineral concessions covering an aggregate area of 20,461 ha located within the Sierra de Las Minas District, Argentina which is known to be host to several past producing gold, copper and silver mines. The Company has 32.9 million common shares outstanding and is listed on the TSX Venture exchange with the trading symbol: “FG”. For information on the Company, please visit our website:


Falcon Gold Corp.

David Tafel

Stephen Wilkinson
CEO & Director

Telephone: 604-683-1991

Cautionary Language and Forward-Looking Statements

This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Click here to connect with Falcon Gold Corp. (TSXV:FG) for an Investor Presentation.

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From:: Investing News Network

David Erfle – Gold Market Commentary – Tue 18 Sep, 2018

By Cory댊 A Trading Strategy For The Bounce In Metals Stocks

David Erfle, Founder of The Junior Miner Junky newsletter joins me to look ahead to the Beaver Creek Conference and Denver Gold Show. We both point to the large mining companies in terms of injecting some cash into the sector through M&A activity. In terms of the metals stocks a bounce is coming but the debate is how long lasting and how high the bounce can go. David shares his strategy which I think is a good one.

Download audio file (2018-09-18-David-Erfle.mp3)

Click here to visit The Junior Miner Junky website.

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From:: The Korelin Economic Report

Sibanye -Stillwater, Lonmin still committed to merger after competition watchdog decision

By Reuters

LONDON, Sept 18 (Reuters) – Precious metals producer Sibanye-Stillwater said on Tuesday it remained fully committed to a takeover of platinum miner Lonmin after South Africa’s competition watchdog imposed conditions on the deal. Given the positive recommendation by the commission it mostly looks like a done deal.

On Monday, the competition watchdog gave the green light to the all-share transaction as it did not prevent or lessen competition in platinum markets but placed conditions because it raised “significant public interest concerns”.

Sibanye and Lonmin said in a joint statement they remained fully committed to the deal, which is expected to close by the end of the year.

“The positive recommendation by the Commission to the (Competition) Tribunal is pleasing and on terms which we believe are fair, reasonable and in the best interest of all stakeholders,” Sibanye’s chief executive Neal Froneman said in the statement.

The commission said Sibanye should embark on three short-term mining projects to avoid the loss of over 3,000 jobs, subject to platinum prices rising and costs being kept low.

It also had to implement an agricultural initiative subject to its economic viability, keep Lonmin’s existing contracts with black-owned suppliers and maintain Lonmin’s black-ownership supply deal with the Bapo ba Mogale community.

Froneman told Reuters in May that shareholders might not find the Lonmin deal attractive if the Commission imposed tough conditions.

“Given the positive recommendation by the Commission I don’t expect there to be any more problems. It mostly looks like a done deal,” said Shore Capital analyst Yuen Low.

It is now up to the Competition Tribunal, which makes the final ruling on deals, to decide whether to accept the Commission’s recommendations.

(By Zandi Shabalala; Editing by Kirsten Donovan)

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Tahoe Resources’ Guatemalan unit announces new round of layoffs

By Reuters

GUATEMALA CITY, Sept 17 (Reuters) – The Guatemalan unit of U.S. miner Tahoe Resources Inc laid off an additional 169 workers on Monday, two weeks after the country’s top court kept in place a more than 14-month suspension of operations at the company’s Escobal silver mine.

The layoffs at Minera San Rafael, Tahoe’s local unit, now total 872 employees since the company’s property was forced to halt operations last year after a Guatemalan court suspended the licenses.

An environmental organization filed an appeal alleging that the country’s Ministry of Energy and Mines did not consult with the Xinca indigenous people before awarding the Escobal mining license to Tahoe.

Earlier this month, Guatemala’s Constitutional Court upheld the suspension of licenses at the Escobal mine, meaning Tahoe must return to the Xinca for consultations to try to regain its license.

“The uncertainty in which the (Constitutional Court) has maintained the case compels us to adapt,” Andres Davila, a spokesman for the mine, said in a statement.

Reno, Nevada-based Tahoe has argued that the mine is a key driver of growth in the local economy.

(By Sofia Menchu, David Alire and Julia Love; Editing by Peter Cooney)

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