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FINANCING

Fortune secures $36m to complete Revenue mine deal on sweetened terms

Canadian project developer and owner of 12% of the Revenue Silver Mine (RSM), in south-west Colorado, on Wednesday announced that it had secured a series of financings totalling $36-million, and clinched an amended agreement with the vendors to...
20th August 2014
 
PRECIOUS METALS

Americas-focused Hochschild narrows H1 profit

Despite lower realised precious metals prices, Central and South America-focused Hochschild Mining on Wednesday reported a narrower net profit for the six months ended June 30, as the company’s cost-cutting initiatives gained traction and silver...
20th August 2014
 
DIAMONDS

Gem Diamonds on track for maiden dividend

Letseng A strong first-half financial and operational performance by London-listed Gem Diamonds “bodes well” for a maiden dividend in March. The diamond miner ended the six months to June with a cash position of $114-million – a jump from the...
20th August 2014
 
DIVERSIFIED MINERS

Upbeat Glencore’s shares rise as dividend lifts, share buyback kicks off to analyst adulation

Glencore CEO Ivan Glasenberg Upbeat diversified miner and marketer Glencore, which declared an 11% higher dividend for the six months to June 30 on the back of above-consensus half-year results, has put a $1-billion share buy-back programme under starter’s orders, which has...
20th August 2014
 
INVESTOR RELATIONS

Chinese paper calls for retaliation over Australia tycoon attack

An influential Chinese newspaper called for retaliation against Australia on Wednesday after Australian mining mogul and politician Clive Palmer described China's government as "bastards" who shoot their own people. The Australian government has...
20th August 2014
 
IRON-ORE

Fortescue profit surges 56% to $2.73bn

Iron-ore major Fortescue Metals has reported a 56% increase in profit for the year ended June, as revenue surged on the back of increased production. Fortescue reported a record net profit of $2.73-billion, up from the $1.7-billion reported in...
20th August 2014
 
OIL & GAS

Woodside reports record profits in H1

Oil and gas producer Woodside Petroleum has reported record half-year after-tax net profit for the six months ended June, underpinned by record production and record operating revenue. ASX-listed Woodside on Wednesday reported that after-tax net...
20th August 2014
 
MINING SERVICES

Macmahon faces trouble in Mongolia

ASX-listed project house Macmahon Holdings on Wednesday reported it had suspended work at the Tavan Tolgoi coal mine, in Mongolia, owing to a disagreement with the client, Erdenes Tavan Tolgoi (ETT). Macmahon has been operating at the Tavan...
20th August 2014
 
MINING FINANCE

Resgen secures funding for mobile fleet

South Africa-focused Resource Generation (Resgen) has secured a loan facility of up to $113-million for the mobile equipment fleet with Komatsu Financial, for its Boikarabelo coal project, in the Waterberg. “This agreement represents several...
20th August 2014
 
CORPORATE ACTIVITY

Karoon launches major share buy-back

ASX-listed Karoon Gas on Wednesday announced that it would undertake a share buy-back valued at some A$92-million. The oil and gas explorer told shareholders that over the next 12 months, the company would aim to buy back more than 25.1-million...
20th August 2014
 
GOLD

Bassari identifies cost savings at Makabingui

Junior gold developer Bassari Resources has identified potential cost reductions in capital and operating expenditure at its Makabingui gold project, in Senegal. The company reported on Wednesday that it had identified significant improvements to...
20th August 2014
 
DIAMONDS

Dominion Diamond Corp’s Q2 output ahead of plan

Canadian precious gem producer Dominion Diamond Corp on Tuesday said output from its two producing mines, in Canada’s Northwest Territories, was “substantially ahead of plan” owing to higher-than-expected grades and boosted by operational...
19th August 2014
 
 
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