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Sumitomo predicts record loss as covid-19 hits nickel project
Sumitomo predicts record loss as covid-19 hits nickel project Japanese trading house Sumitomo Corp on Friday forecast a record net loss of 150 billion yen ($1.4 billion) for the year to March due to hefty one-off losses including a writedown on its Ambatovy nickel project in Madagascar a...Read more -
Pretium posts strong Q2 results
Pretium posts strong Q2 results Pretium Resources‘ Brucejack underground mine, 65 km north of Stewart, produced 90,419 oz. of gold in the second quarter, close to the previous year’s figure of 90,761 oz., in spite of the covid-19 pandemic. The company, which has not seen any significant ...Read more -
Coronavirus case emerges at second mine in Papua New Guinea
Coronavirus case emerges at second mine in Papua New Guinea The novel coronavirus has been detected at a second mine in Papua New Guinea, after an employee at the Lihir Mine owned by Newcrest Mining Ltd tested positive for the disease. The 30-year-old male, who flew in from Port Moresby ...Read more -
Russia on track to become world’s top gold producer by 2029 – report
Russia on track to become world’s top gold producer by 2029 – report Despite some disruptions caused by the covid-19 pandemic, Russia is expected to surpass China as the world’s top gold producer by 2029, achieving average annual growth of 3.7% y-o-y between 2020 and 2029. This forecast...Read more -
Conquest’s acquisition of Canadian Continental Exploration greenlighted
Conquest’s acquisition of Canadian Continental Exploration greenlighted Conquest Resources (TSXV: CQR) has received conditional acceptance from the TSX Venture Exchange for the acquisition of Canadian Continental Exploration and a private placement financing of up to $3 million. In a pre...Read more -
Lucara ends second quarter with $14 million loss
Lucara ends second quarter with $14 million loss Canada’s Lucara Diamond (TSX:LUC) saw revenues fall 82% in the three months to June 30 from the same period last year after it decided to hold back the sale of larger stones amid pandemic-fuelled uncertainty in an already weak global diamond marke...Read more -
Endeavour Mining considers London listing
Endeavour Mining considers London listing Canada’s Endeavour Mining (TSX:EDV), West Africa’s top gold producer, is said to be considering whether to dual list in London or New York in the wake of its merger with smaller rival Semafo. “We are going to move to one or the other,” Chief exec...Read more -
Cypress reports resource boost at Nevada lithium project
Cypress reports resource boost at Nevada lithium project Cypress Development (TSXV: CYP) on Tuesday released an updated mineral resource estimate for its Clayton Valley lithium project in Nevada, showing an approximate 55% increase in total resources over the estimates found in the May 2...Read more -
PNG to lift lockdown despite surge in covid-19 cases
PNG to lift lockdown despite surge in covid-19 cases Papua New Guinea Prime Minister James Marape is pressing ahead with plans to lift lockdown measures in the Pacific nation this week, even as a recent sharp spike in coronavirus infections worries health officials. Marape said a two-wee...Read more -
Mining M&A deals over $8.8 billion in Q2 – report
Mining M&A deals over $8.8 billion in Q2 – report A total of $8.86 billion worth of M&A deals were struck in the metals and mining industry globally during the second quarter of 2020, according to the latest report from GlobalData. This value represents an increase of 29.1% over ...Read more -
Hudbay posts $51.9 million loss, cuts Peru guidance
Hudbay posts $51.9 million loss, cuts Peru guidance Canadian miner Hudbay Minerals (TSX, NYSE: HBM) posted a $51.9 million loss in the three months to June 30, after an eight-week suspension of its Constancia copper mine in Peru weighed on the results. The Toronto-based company revised d...Read more -
China’s booming copper imports an echo of the last crisis
China’s booming copper imports an echo of the last crisis China’s imports of industrial metals are booming. Refined copper imports hit an all-time high of 494,000 tonnes in June and accelerated again in July with the preliminary trade figures implying another record high of 530,000 tonnes...Read more