De Beers sells $490m of rough diamonds in cycle two

Diamond miner De Beers on Tuesday reported that the value of its rough diamond sales for cycle two of the year was $490-million, compared with $500-million in cycle one and $563-million in cycle two of 2018. This brings the provisional total for rough diamond sales to date this year to $990-million.

Orion mulls solar, wind energy generation options for Prieska project

ASX-listed Orion Minerals on Tuesday announced that it had signed a renewable energy generation collaboration agreement with Juwi Renewable Energies South Africa to investigate the renewable energy generation potential at the Prieska zinc/copper project, in South Africa’s Northern Cape province. The preliminary scope of the collaboration is to assess the feasibility of a dedicated 35 MW solar and wind hybrid power plant for the project.

Basic engineering, design completion on Kamoa-Kakula project anticipated for mid-2019 – DRA

Engineering management group DRA Global’s basic engineering services contract on the Kakula mine portion of the greater Kamoa-Kakula copper project, in the Democratic Republic of Congo (DRC), is progressing well and is anticipated to be complete by mid-2019. The mine is being developed by Kamoa Copper – a joint venture between Ivanhoe Mines, Zijin Mining Group and the DRC government.

Newmont rejects Barrick offer, says it will ‘reduce not enhance’ stockholder value

NYSE-listed Newmont Mining Corporation’s board of directors has unanimously determined that NYSE- and TSX-listed Barrick Gold Corporation made an unsolicited, all-stock negative premium proposal to acquire Newmont, which was not in the best interest of shareholders. The Newmont board undertook a comprehensive review of the offer, in consultation with its financial and legal advisers, and found that Barrick’s proposal does not constitute a superior proposal, as is defined in the arrangement agreement between Newmont and NSE- and TSX-listed Goldcorp.

End of Woodlawn construction fast approaching

ASX-listed Heron Resources on Monday announced that wet commissioning had started at the process plant of its Woodlawn base metals project, in New South Wales. The only remaining step in commissioning the project was to feed ore through the plant. Once completed, the company would transition to a producer of base metal concentrates.

New Canada mining plan unveiled

Natural Resources Minister Amarjeet Sohi on Sunday unveiled the Canadian Minerals and Metals Plan (CMMP), but it failed to win the support of Ontario and Saskatchewan. Sohi described the plan as a “generational initiative”, which would raise Canadians' awareness of the importance of the minerals and metals sector, respond to challenges and help position Canada to play a pivotal role in supplying minerals and metals to power a cleaner global economy.

ARM’s H1 headline earnings up 13% y/y

Diversified miner African Rainbow Minerals (ARM) achieved a 13% increase in headline earning to R2.2-billion for the six months ended December 31, 2018, compared with R1.9-billion in the six months ended December 31, 2017. The company, which is led by chairperson Patrice Motsepe and CEO Mike Schmidt, on Friday reported headline earnings a share of R11.49, compared with R10.23 in the prior comparable period.

Pure Gold PEA for zones around Madsen confirm longer life potential

A preliminary economic assessment (PEA) conducted by TSX-V-listed Pure Gold Mining for its Fork, Russet South and Wedge deposits has demonstrated the potential to add about $51-million to the Madsen gold project’s after-tax net present value. As a result of high gold grades, near surface resources and use of existing infrastructure, mining of these zones will yield a 39% after-tax internal rate of return.