Quebec gold miner surges after reserves update

Shares in Richmont Mines Ic (TSE:RIC, NYSE:RIC jumped on Tuesday day after the company updated mineral reserves and resources at its  Island Gold Mine in Ontario.

During lunchtime trade the Quebec-based producer was exchanging hands at $8.30, up 12.2% in New York, in higher than usual volumes. Richmont is now worth $515 million after a 26% year to date gain.

In a statement Richmont said Mineral Reserves at the producing Island Gold Mine increased by 34% (net of depletion), to 752,200 oz Au, with average grade increasing by 11% to 9.17 g/t Au. Contained ounces in both the Indicated and Inferred categories also increased by 28% and 30%, respectively.

At the underground mine located 83km northeast of Wawa on Lake Superior, the 2016 delineation drill program (48,000 metres) converted the majority of the resources blocks in the main C Zone to reserves. During 2016, 83,000 metres of exploration drilling were completed and successfully identified three new inferred resource blocks.

Richmont said its 2017 drill program should be similar in size to last year's activity ($14 million, 108,000 metres) and an update on the Island Gold Phase 2 exploration drill program will be provided in late February. Island Gold has produced some 320,000 ounces since October 2007.

The company was less successful at its other operating mine, Beaufor in Quebec, where 2016 delineation and exploration drilling failed to offset mining depletion and converted resources. Certain low-grade uneconomic blocks in the upper part of the mine was also removed. Beaufor, in the Val-d'Or region has produced 500,000 ounces since going into production two decades ago.

Richmont was founded in 1981 and kicked of commercial production ten years later. Over the years the company has operated seven mines in Quebec, Newfoundland and Ontario producing in total 1.5 million ounces.

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Freeport, Indonesia work out Grasberg deal

Shares in Freeport McMoRan Inc (NYSE:FCX), the world's largest listed copper miner, gained on Tuesday after reports that the US company's Indonesia operations will be temporarily exempt from new mining rules introduced by the Asian nation.

Freeport shares jumped as much as 2.4% in early trade in New York, bringing gains so far in 2017 to nearly 25%. The pundits favourite regularly makes the most active list on the NYSE and the Phoenix-based miner is worth $23.7 billion on the NYSE and boasts a 258% increase in market value over the past year on an improving copper price.

Freeport has not been able to ship copper concentrate from its Grasberg mine in Indonesia's remote Papua province due to a ban on concentrate exports that kicked in on January 12 as part of Indonesia's comprehensive change to mining regulations and ownership rules.

Reuters quotes  coal and minerals director general Bambang Gatot  as saying "while their special mining license is not definitive, we cannot apply (these rules) fully," when asked about the requirements of Freeport's special mining license. Yesterday Indonesia indicated it may issue a temporary export permit  within days and valid for up to six months to the company's local unit.

Freeport's Grasberg mining complex is responsible for more than a quarter of the Phoenix, Arizona-based company's total output and before the current troubles were set contribute an even greater proportion in 2017 as copper grades improve and gold production is boosted.

Other changes in Indonesia's new regulations include the requirement for all foreign investors to sell their interests down to 49% over a 10 year schedule

On Friday, ratings agency Moody's which has a positive credit rating outlook on Freeport said recent developments are credit negative for the company, but thanks to Freeport's cost reduction and asset sales undertaken last year, the company should be able to weather the latest storm surrounding the iconic mine:

Freeport must convert its so-called Contract of Work (COW) to a new IUPK (special operating license). Conversion to an IUPK would allow for the export of copper concentrate for 5 years through January 2022. FCX's current COW expires in 2021 and as per description of the contract terms contains 2 ten year extension rights subject to government approval not being unreasonably withheld or delayed.

Although FCX has advised the Indonesian Government that it is willing to convert to an IUPK, the company seeks an investment stability agreement that would afford rights and protections similar to what is in the existing COW. From the date of the new regulations FCX (and other similar copper producers in the country), has not exported copper concentrate from PT Freeport Indonesia (PT-FI).

Other changes in Indonesia's new regulations include the requirement for all foreign investors to sell their interests down to 49% over a 10 year schedule. Freeport and Indonesia have been locked in discussion over additional stake sales for year, but the two parties have made little progress on valuation of the giant mine which has been mined since the early 1970s.

Moody's warned that Freeport is "not in the same position to absorb lost revenues on no exports over the same time frame it could accommodate when the ore export bans came into effect in 2014 (FCX
did not export concentrate January 2014 through July 2014)":

Nonetheless, the North and South American mining operations are stronger contributors than in the past with the expansion at Cerro Verde also contributing to its improved cost position. We estimate that without production from Indonesia, FCX's debt/EBITDA would be 5x (using $2.25/lb copper sensitivity), a level that is acceptable.
[…]
Further, the current liquidity position, including cash of $4.2 billion at December 31, 2016 comfortably covers the $1.2 billion in 2017 debt maturities.

For each month of delay in obtaining approval to export, the Indonesian subsidiary's share of production is projected to be reduced by approximately 70m pounds of copper and 100,000 ounces of gold

Grasberg boasts some of the world's largest copper and gold reserves value at over $200 billion at today's prices and Freeport said it may have to suspend planned spending of around $1 billion per year through 2021 to transition the mine to underground operations unless exports can resume.

Freeport said consolidated sales volumes from Indonesia mining operations assuming normal operations, including the resumption of concentrate exports in February 2017 and the renewal of its smelters export license are expected to total 1.3 billion pounds of copper and 2.2 million ounces of gold for the year 2017.

But for each month of delay in obtaining approval to export, the Indonesian subsidiary's share of production is projected to be reduced by approximately 70 million pounds of copper and 100,000 ounces of gold according to Freeport.

Freeport's overall consolidated sales for 2017 are expected to be around 4.1 billion pounds of copper, 2.2 million ounces of gold and 92 million pounds of molybdenum, including 1.0 billion pounds of copper, 460,000 ounces of gold and 23 million pounds of molybdenum for first-quarter 2017.

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Caterpillar will move headquarters to Chicago

Caterpillar will be moving about 300 executives to the Chicago area and it will not be developing a new complex in Peoria, the company announced today.

Two years ago former Cat CEO Doug Oberhelman announced the company would be moving to a new six-block campus in Peoria. There was also going to be a downtown revitalization project.

But the plan was dropped by Caterpillar's board. Newly-installed CEO Jim Umpleby says the company needs a more "strategic location."

“Caterpillar’s Board of Directors has been discussing the benefits of a more accessible, strategic location for some time,” said Caterpillar CEO Jim Umpleby in a news release.

“Since 2012, about two-thirds of Caterpillar’s sales and revenues have come from outside the United States. Locating our headquarters closer to a global transportation hub, such as Chicago, means we can meet with our global customers, dealers and employees more easily and frequently.”

The company will continue to base many operations out of Peoria.

Here is the full news release from Caterpillar.

Caterpillar to Establish Global Headquarters in Chicago Area

Company will maintain significant presence in Peoria area

New location will improve access to global customers, dealers and Caterpillar’s worldwide operations, while also enhancing executive recruitment
Peoria, Illinois, area will continue to have largest concentration of employees in the world
Previously announced Peoria headquarters complex will not be built

PEORIA, Ill. – Caterpillar Inc. (NYSE: CAT) announced today it will locate a limited group of senior executives and support functions in the Chicago area later this year and reaffirmed the ongoing importance of its presence in Peoria and Central Illinois.

“Caterpillar’s Board of Directors has been discussing the benefits of a more accessible, strategic location for some time,” said Caterpillar CEO Jim Umpleby. “Since 2012, about two-thirds of Caterpillar’s sales and revenues have come from outside the United States. Locating our headquarters closer to a global transportation hub, such as Chicago, means we can meet with our global customers, dealers and employees more easily and frequently.”

“We value our deep roots in Central Illinois, and Peoria will continue to be our hometown. The vast majority of our people will remain in this important region where we have many essential facilities and functions,” added Umpleby. “The new location is also an opportunity to add to our talented team while improving the productivity of our senior leaders.”

As a result of continuing challenging market conditions and the need to prioritize resources to focus on growth, Caterpillar will not build the previously announced headquarters complex in Peoria. The current headquarters building will continue to be used for Caterpillar offices.

Over the last five years, even while facing these challenging conditions, Caterpillar, along with its employees and retirees, has contributed more than $60 million to support thousands of families, organizations and programs across Central Illinois. The company will continue its philanthropic support and deep civic involvement in the Peoria area.

“As mayor, I never want jobs moving out of the city. However, the overwhelming majority of Caterpillar employees and their families based in the Peoria area won’t be impacted by this decision. I’m pleased Caterpillar continues to call Peoria its hometown,” said Peoria Mayor Jim Ardis.

“If Caterpillar succeeds globally, we win in Central Illinois. I’m disappointed we can’t keep every job here, but if moving some of its team near Chicago helps Caterpillar thrive, it will benefit Peoria, our county and the surrounding communities,” said Peoria County Board Chairman Andrew Rand.

A limited number of senior executives will move into leased office space beginning in 2017. Once the new location is fully operational, Caterpillar expects about 300 employees to be based there, which includes some positions relocated from the Peoria area.

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Deutsche Bank won’t finance any coal projects any longer

German banking giant Deutsche Bank (FRA:DBK)(NYSE:DB) is fully walking away from coal, as it has decided not to finance any greenfield thermal coal mining or coal-fired plants any longer.

Announcing the changes to its coal financing guidelines Tuesday, the lender also said it will gradually reduce its existing exposure to the thermal coal mining sector. While it didn't specified a timeline, it is said that Deutsche Bank may just reduce its coal financing by up to 20% over the next three years.

The bank will also begin gradually reducing its existing exposure to the thermal coal mining sector.

“[Signing the Paris Pledge for Action] emphasizes the bank’s commitment to protect the climate and to contribute to the overall targets set by the Paris Agreement to limit global warming to 2 degrees above pre-industrial levels,” it said in the statement.

This is not the first step away from coal the bank has taken. In March last year, Deutsche Bank said it would phase out credit and the underwriting of debt and equity for mining companies that use contentious mountaintop removal methods to extract coal.

"We welcome the decision of Deutsche Bank to stop investing in climate-harming new coal infrastructure,” Oliver Krischer, deputy head of the German Green Parliamentarian Group, said in an e-mailed statement. “We hope that Deutsche Bank will stop all investments in the near future: 20% is only a beginning."

The institution used to be coal miners’ top financer, delivering nearly $7 billion from 2013 to 2015 alone, FT.com reported.

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Récif géant de l'Amazone : après la découverte du corail, les premières images !

Long de plus de mille kilomètres et découvert au début des années 2010, le récif situé au débouché de l'Amazone vient d'être visité par un petit sous-marin qui en a ramené les premières images, témoignant de sa biodiversité riche et originale. L'ONG Greenpeace veut avertir des risques que...

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Moon Express ready for first private lunar trip after raising another $20M

Moon Express, the first American private space exploration firm to have been granted government permission to travel beyond Earth's orbit, has just raised another $20 million to finance its trip to the moon, scheduled for the end of the year.

The fresh funds-injection brings the total amount of private investment to $45 million, co-founder and chairman Naveen Jain told CNBC on Tuesday.

Until now, only government-funded missions from the US, Russia and China have landed on the moon.

While the mission was said to be fully-funded earlier this month, the additional resources will allow Moon Express to leave room for unexpected issues related to landing its spacecraft on Earth’s only natural satellite.

For the same reason, the company will still compete for additional funds from the Lunar X Prize (GLXP), a $30 million contest set up by Google to encourage private companies to try to establish a viable business beyond our planet.

GLXP requires participants to not only reach the Moon before December 31, 2017, but also to move their vehicles at least 1,640 feet (500 metres) on the lunar surface and send the craft beam high-resolution imagery back to Earth. The funds that they use for their missions must come almost entirely from private sources.

The team that completes the full task, wins the prize.

If the mission proves to be successful, the Florida-based company will become the first private entity to leave Earth's orbit the first US spacecraft to land on the moon since 1972. It would also pave the way for several other for-profit space ventures currently in the works. These include plans to mine asteroids, track space debris, build the first human settlement in Mars, and billionaire Elon Musk's own plan for an unmanned mission to the red planet in 2018.

Watch how the company has been testing its MX-1E spacecraft here:

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Asthme : la charcuterie aggraverait les symptômes

La consommation de charcuterie est associée à une aggravation des symptômes de l'asthme, indépendamment du rôle de l’obésité dans cette affection. C’est le résultat d’une étude de l’Inserm qui a suivi 1.000 personnes durant sept années.

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Gold hits $1,200 on Trump’s immigration ban, comments on Germany

Gold was back above $1,200 an ounce on Tuesday on increased safe haven demand as US President Donald Trump‘s immigration ban shook global markets and one his advisers suggested Germany was taking advantage of the European Union and the US by using a "grossly undervalued" euro.

Spot gold climbed 0.4% to $1,200.00 per ounce in early trade, while April Comex bullion was last up $10.20 an ounce at $1,206.30, coinciding also with a weaker dollar.

Source: Kitco Live Charts.

On Sunday, Trump announced it was banning more than 218 million people from seven Muslim-majority countries from entering the US and also denying landing to all refugees. The move not only rattled the global markets, but caused top federal government lawyer Sally Yates to lose her job Monday, as she refused to defend the new travel restrictions.

The White House said Yates had “betrayed the Department of Justice by refusing to enforce a legal order designed to protect the citizens of the United States" and portrayed her actions as political.

Tensions grew deeper Tuesday, after Trump's trade adviser Peter Navarro told the Financial Times (subs. required) that Germany was using a "grossly undervalued" euro to its advantage against other nations in the EU and against the US.

Gold prices could be affected also by an scheduled two-day US Federal Reserve meeting that begins Tuesday, as the Fed has said it may hike rates as many as three times this year. No press conference is schedule for Fed Chair Janet Yellen, which may indicate rates will be kept at 0.75%, However, analysts will keep a close eye on the wording of the statement looking for clues on the future path of monetary policy.

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Lucapa adds Motahe project in Lesotho to portfolio, shares jump

Australia’s Lucapa Diamond (ASX:LOM) has secured a majority stake in the Lesotho-based Mothae project, located just 5km from Letšeng, the highest dollars-per-carat kimberlite diamond mine in the world.

The Perth-based firm said it has acquired a 70% interest in the project for $9 million payable over ten months, following a competitive international tender process. The Government of Lesotho will retain the remaining 30% stake in the project.

Motahe has existing infrastructure, a camp and a diamond processing plant in place, as it used to be owned by Canada’s Lucara Diamond. That firm, however, agreed to sell it to Paragon in 2015, but the miners never reached a final agreement and the deal fell through.

Now Lucapa wants to bring Motahe into production within a year via a staged, low-risk strategy, as opposed to large-scale mining plans previous owners had envisioned for the project.

Trial mining has identified that Mothae has large Type IIa diamonds, including individual stones up to 254 carats, as well as gem quality diamonds that have sold for up to $41,500 a carat. In total, it has an indicated and inferred resource of one million carats.

“There is only one thing better than owning one diamond mine that produces large high value diamonds – and that is owning two,” Lucapa managing director Stephen Wetherall said in the statement. “Mothae complements the producing high-value Lulo diamond mine and our highly prospective exploration assets in the advanced Lulo kimberlite project and the earlier stage Brooking and Orapa Area F projects.”

Lucapa’s stock gained one cent, or 2.56% on Tuesday, closing at 40 cents after touching an earlier high of 42.5 cents.

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Le ptérosaure géant Hatzegopteryx avait un cou de taureau

Découvert en Roumanie, le ptérosaure Hatzegopteryx, haut de 10 m, était un prédateur volant encore plus redoutable qu'on le pensait, d'après une étude de biomécanique. Son cou était trapu et si puissant qu'il pouvait saisir des animaux de grande taille. Une preuve de plus de la grande diversité...

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We Save Homeless : une application pour aider les sans-abris

Dans le cadre d’un projet de fin d’études, des étudiants d’Epitech Lille ont choisi de créer un outil innovant pour aider les personnes les plus vulnérables dans nos sociétés, celles qui vivent dans la rue. We Save Homeless est une application mobile pour smartphone qui s’adresse aux...

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Combinaison spatiale : Boeing présente sa nouvelle collection

Voici les habits que porteront les passagers du futur service de taxi de l’espace de Boeing, Starliner. Répondant aux exigences de la Nasa, la combinaison bleue présente de nombreux avantages aux yeux des astronautes, comme plus de légèreté et de souplesse.

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Leucémie : deux bébés auraient guéri grâce à l'immunothérapie

C’est une première : au Royaume-Uni, deux bébés auraient été guéris d’une leucémie grâce à des lymphocytes T génétiquement modifiés provenant du sang d’un donneur. Jusqu’à présent, ce type d'immunothérapie expérimentale, avec des cellules dites "CAR T", utilisait plutôt des cellules du...

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Nickel price picked as 2017 winner

Nickel fell to a 13-year low of $7,725 a tonne ($3.50 a pound ) in February last year; then rallied to more than $11,700 by mid-November only to fall back nearly 20% to trade at a six-month low on Friday.

Nickel, mainly used as an anti-corrosive in steel alloys, rallied in 2016 on the back of a clampdown on mines in the Philippines which took over as the main supplier to China following an ore export ban in Indonesia in place since 2014.

The market was rocked earlier this month when Indonesia abruptly announced a partial lifting of the ban allowing exports of up to 5.2 million tonnes of nickel ore this year.

In a new report Capital Economics, a London-based independent research house, believes of all industrial metals, the nickel price has the best prospects to improve adding that "the market is tightening [following years of underinvestment in new mines] and it is still too soon to say what the partial lifting of Indonesia’s ban on ore exports will mean for supply."

In addition supply from the Philippines may remain constrained. Final results of an audit of the mining sector in the Asian nation ordered by President Duterte is expected this week.

Some 11 mines have already been shut down for failing to comply to stricter environmental rules and a further 20 are under threat. Capital Economics says ultimately 50% of the country's mining capacity could be closed:

However, there are other sources of supply, notably from New Caledonia, that are chomping at the bit to take market share. In late December, the New Caledonia government approved requests from nickel miners to export over 2 million additional tonnes of ore to China. (The government restricts ore exports in a bid to encourage domestic processing.)

On the demand side Capital Economics estimated growth in 2016 at a robust 6.2%, but the firm warns that China’s stainless steel production have have ran ahead of demand last year. Demand for nickel could get a bump from fiscal stimulus in the US, but given the relatively small global share of US nickel consumption, the impact may be limited.

Notwithstanding the likelihood of slower growth in demand, Capital Economics continues to expect that the market will record another deficit in 2017 putting a floor under prices in 2017.

Capital Economics sees the price of nickel climbing to $11,500 per tonne by the end of the year (that's a 20% jump from today's price), with further upside predicted in 2018. That makes nickel the metal Capital Economics is by far the most bullish about.

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New rare earth miner lists in London, raises $10 million for Burundi project

Rainbow Rare Earths (LON:RBW) had a spectacular debut on the London Stock Exchange Monday as the newcomer raised 8 million pounds ($10 million) to dust off and restart the Gakara mine in Burundi.

The company, which only project is the former mine in the landlocked east African country, expects to begin sales to Germany's Thyssenkrupp before the end of the year, it said in the statement.

Rainbow Rare Earths expects to begin sales to Germany's Thyssenkrupp before the end of the year.

This as the project has a 10-year distribution and offtake agreement with a division of Thyssenkrupp to take 100% of production up to 5,000 tonnes and the option to take anything above that.

Gakara, which operated for 30 years until 1978, holds some high-grade rare earth elements, including lanthanum, cerium and neodymium, which are expected to become essential for the manufacturing of batteries, magnets and electric vehicles.

It is also a very cheap project — with only $2.23 million of required capital expenditure and low production costs.

“Beyond the extremely high-grade ore and low-capital expenditure associated with the initial development of the project, the company also benefits from strong support for the development of Gakara, both from the Burundi government and the local community,” CEO Martin Eales said in the statement.

"Our project boasts an in-situ grade in the range of 47-67 percent TREO (total rare earth oxide), making it one of the highest-grade rare earth element (REE) projects globally," he added.

During an initial two-year trial phase the project is expected to generate around 3,900 tonnes of concentrate before ramping up to 5,000 tonnes per year. First production from the mine is expected in the fourth quarter of the year.

Rainbow's shares were placed at 10 pence per share. They opened at 10.75 pence, hit a session high of 12.84 pence and closed at 11.62p.

The Gakara Rare Earth Project is located in the Bujumbura province of Western Burundi. (Map courtesy of Rainbow Rare Earths)

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Hedge funds have never been this bullish about copper price

On Monday copper for delivery in March declined more than 1% in New York at $2.6545 per pound or $5,855 a tonne amid a general weakness on financial markets gripped by uncertainty surrounding the Trump administration's impact on the global economy and geopolitical stability. Last week copper touched its highest level since June 2015 above $2.70 a pound.

Despite the pullback copper is still up 37% from near-six year lows struck this time last year, with most of those gains coming in the last four months. Better prospects for the bellwether metal is nowhere more evident than on derivatives markets and the shift in positioning of large-scale derivatives speculators such as hedge funds.

Source: Quandl

While continuing to reduce bullish gold bets, on the copper market hedge funds have pushed long positions – bets on higher prices in future – to new heights. According to the CFTC's weekly Commitment of Traders data up to January 24  so-called managed money investors have taken net longs to a fresh recored high of just over 91,000 lots.

That's the equivalent of nearly 2.3 billion pounds or more than 1 million tonnes worth around $6 billion at today's prices. It shatters the previous peaks achieved mid-2014 when the copper price was above $3.20 a pound and represents the equivalent of $9 billion swing from 2016 second quarter net short position (bets that copper can be bought back cheaper in future) of 1.2 billion tonnes.

Copper's recent strength has been spurred by worries over supply disruption from Indonesia where top listed copper producer Freeport's Grasberg mine facies an export ban and in the globe's main producing region in Chile. Platts reports on Monday rough seas have closed ports in northern Chile which services some of the biggest copper mines in the country for the fourth day:

The affected ports include Patache, which handles exports of copper concentrates from the giant Collahuasi mine, and Iquique, through which Collahuasi, Teck's Quebrada Blanca and BHP Billiton's Cerro Colorado mines export copper cathode.

The weather has also forced the closure of Mejillones, which handles copper cathodes from many copper mines in the region, including state-owned Codelco and Freeport McMoRan's El Abra.

The Port of Antofagasta used by BHP Billiton's Escondida mine, the world's largest copper operation, remains open

The Port of Antofagasta used by BHP Billiton's Escondida mine, the world's largest copper operation, remains open according to the report. The copper price has also been boosted by a possible production outage at Escondida.

The current collective agreement with the main union at the mine expires at the end of January and according to a Reuters report workers have rejected BHP's latest revised offer and union leaders have told members "to vote for a strike and prepare for an extended conflict."

The previous labour deal was signed four years ago when copper was trading around $3.40 a pound. BHP expects full-year production at Escondida of 1.07 million tonnes, which gives the mine a nearly 5% shares of global mine production. Given Escondida's size a prolonged outage could have a meaningful impact on the price.

BHP's copper production for the half year to end December fell 7% to 712,000 tonnes due to a power outage at its Australian Olympic Dam operations in September-October. BHP also cut full year guidance by 40,000 tonnes to 1.62m tonnes.

Chile produces 28% of the world's copper and the country's output dropped by 3.9% in 2016, mainly due to lower production at Escondida and Anglo American Sur.

Production in the South American nation is expected to grow by 4.3% according to the Chilean government forecaster adding that Escondida would account for almost all of the expected increased output.

Source: www.TradingFloor.com

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Leucémie : deux bébés auraient guéris grâce à l'immunothérapie

C’est une première : au Royaume-Uni, deux bébés auraient été guéris d’une leucémie grâce à des lymphocytes T génétiquement modifiés provenant du sang d’un donneur. Jusqu’à présent, ce type d'immunothérapie expérimentale, avec des cellules dites "CAR T", utilisait plutôt des cellules du...

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Leucémie : deux bébés auraient été guéris grâce à l'immunothérapie

C’est une première : au Royaume-Uni, deux bébés auraient été guéris d’une leucémie grâce à des lymphocytes T génétiquement modifiés provenant du sang d’un donneur. Jusqu’à présent, ce type d'immunothérapie expérimentale, avec des cellules dites "CAR T", utilisait plutôt des cellules du...

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Freeport may resume copper exports from Indonesia in ‘a day or two’ — authorities

Shares in Freeport McMoRan Inc (NYSE:FCX), the world's largest listed copper miner, were down on Monday despite reports indicating that Indonesia may issue a temporary permit valid for up to six months to the company's local unit, which could pave the way for the mining giant to resume exports of concentrate from its Grasberg mine in Papua.

The temporary permit, valid for up to six months, would pave the way for Freeport to resume exports of copper concentrate from its Grasberg mine in Papua.

The temporary authorization could be issued "in one or two days", Energy and Mineral Resources Minister Ignasius Jonan said according to Reuters. Such permit is being considered to avoid a stoppage to Freeport's exports while it completes the requirements for a new special mining licence, he noted.

Indonesia’s fresh ban on concentrate exports kicked in on January 12 as part of the South East Asian nation's comprehensive change to mining regulations and ownership rules.

Some of the freshly introduced legislation, day require Freeport to obtain new mining rights before being allowed to resume exports.

Freeport's Grasberg mining complex in the remote Papua region of Indonesia is responsible for more than a quarter of its total output and before the current troubles were set contribute an even greater proportion in 2017 as copper grades improve and gold production is boosted.

But in light of the export ban the company has said it may have to suspend planned spending of around $1 billion per year through 2021 to transition the mine to underground operations.

Last year, the iconic mine i produced more than 500,000 tonnes of copper and over 1 million ounces of gold.

Shares in the company were down 1.9% to $16.06 in New York at 11:27AM local time.

 

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Dominion Diamond CEO to step down due to family reasons

Dominion Diamond (TSX, NYSE:DDC), Canada's largest publicly traded miner of the precious gems, said Monday its chief executive officer Brendan Bell has decided to step down due to personal reasons related to the company's planned move of headquarters to Calgary from Yellowknife.

Brendan Bell, who has also stepped down from Dominion's board, has agreed to stay on as CEO until June 30 to ensure a smooth transition.

The company, which runs the iconic Ekati mine and owns 40% of Diavik mine northeast of its current head office in Yellowknife, said Bell will continue to lead the company until June 30to ensure a smooth transition.

Over the past year, Dominion — the world’s third largest producer of rough diamonds by value — has been hit by weak global diamond prices, as well as sudden challenges, including the death of the company’s founder, Robert Gannicott, and a fire at Ekati Mine which suspended processing for three months and cost the miner around $20 million in repairs.

Dominion’s move to Calgary, expected to be completed by mid-2017, follows a similar decision by De Beers Canada, which moved its headquarters from Toronto to Calgary in July last year.

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Arianespace a réussi son premier lancement de 2017, qui en verra douze

Cette année, douze lancements sont prévus depuis le Centre spatial guyanais. Soyouz a ouvert le bal samedi avec le lancement réussi d'Hispasat 36W-1. Ce satellite utilise une plateforme de télécommunications de dernière génération mise au point avec le soutien de l’ESA pour répondre à la demande...

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Newcrest Mining gold output falls, but copper rises

Australia’s biggest gold producer, Newcrest Mining (ASX:NCM) revealed Monday that gold production dropped in the last three months of 2016 as the company lowered production at one of its largest operations and sold a mine in Papua New Guinea.

The company said gold production dropped to 614,715 ounces in the quarter ended in December, from 615,498 ounces in the three months immediately prior and 620,691 ounces a year ago.

Newcrest attributed the decline in gold output partly to planned production cuts at Cadia, in eastern Australia.

Newcrest attributed the decline partly to planned output cuts at Cadia, in eastern Australia, in order to manage volumes from an underground cave to improve its shape. It also said the sale of its 50% stake in the Hidden Valley mine in Papua New Guinea to Harmony Gold  (NYSE:HMY)(JSE:HAR), weighed on the figures.

The company also noted that its Telfer mine in northern Western Australia had flooding in recent weeks due to heavy rains, although it said it still expected the mine to meet its production targets for the year.

On the bright side, Newcrest said it managed to bring down gold production costs by 4.9% peer ounce over the period.

It also had good news when it came to copper, as output of the red metal increased by 6.1% in the quarter to 25,176 tonnes, from 23,723 tonnes in the September quarter and 17,581 tonnes a year earlier.

Newcrest also said that its gold production losses were offset by an increase in output at Gosowong, in Indonesia, and Lihir, in Papua New Guinea, which reached its target of an annualized mill throughput rate of 13.0mt, a record for the site.

Shares in the company closed Monday 1.27% higher to A$21.45 in Sydney

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Énergie noire : l’univers accélère plus vite que prévu et défie les cosmologistes

Dans le cadre du modèle cosmologique standard, l'énergie noire est une vraie constante cosmologique qui ne varie pas dans le temps. Mais une nouvelle estimation de la vitesse d'expansion de l'univers observable remet cette hypothèse en question. Plus généralement, elle suggère qu'il...

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Randgold Resources hit by illegal sit-in at Tongon mine

Africa-focused gold producer Randgold Resources (LON:RSS) unveiled Monday it is negotiating with some of its workers in the Ivory Coast to end an illegal sit-in which started at the company's Tongon mine late last week.

The company, which has five operating gold mines across west and central Africa, said representatives of the government and the union, which does not support the labour action, are helping management engage the workers, who demand annual ex-gratia payments.

In a separate statement, Randgold announced that its Loulo-Gounkoto operation in Mali is set to report a new production record for the fourth quarter of the year “rounding off on a high note what has been a good year for the company's flagship operation”.

Shares in the company slipped 0.30% to £65.60 in London early afternoon trade. The gold miner will unveil its full-year production numbers next week.

 

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Énergie noire : l'univers accélère trop vite et défie les cosmologistes

Dans le cadre du modèle cosmologique standard, l'énergie noire est une vraie constante cosmologique qui ne varie pas dans le temps. Mais une nouvelle estimation de la vitesse d'expansion de l'univers observable remet cette hypothèse en question. Plus généralement, elle suggère qu'il...

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Qwant : une application Android et iOS pour le moteur de recherche européen

Le moteur de recherche Qwant vient de lancer une application mobile pour les smartphones Android et iOS. Elle se compose de trois sections, dont un « coffre-fort » qui sécurise les données personnelles des internautes.

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Des étudiants envisagent de brasser de la bière sur la Lune

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Les animatroniques, ces robots qui espionnent les animaux sauvages

La chaine BBC a fait appel à l'École polytechnique fédérale de Lausanne pour utiliser des robots lézard et crocodile très réalistes afin de pouvoir observer au plus près la faune sauvage. Au total, une trentaine de ces « animatroniques » infiltrés ont été utilisés pour ce programme...

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SN 2014C, la supernova caméléon qui étonne les astronomes

Une supernova observée sur Terre en 2014 bouleverse la théorie de l'évolution stellaire conduisant à ces explosions. SN 2014C s'est en effet manifestée d'abord comme une supernova de type SN Ia pour finalement apparaître sous l'aspect d'une SN II.

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Rob McEwen inducted into Canadian Mining Hall of Fame

Legendary mine developer Rob McEwen has been recognized for his accomplishments in Canadian mining through an induction into the hallowed halls of the Canadian Mining Hall of Fame.

The Goldcorp (NYSE:GG, TSX:G) founder was recognized at a gala dinner this past month in Toronto – an annual event that celebrates men and women whose contributions to the country's mining industry have been particularly impactful.

“He is a strategic thinker – the consummate chess player – whose every move is calculated and well ahead of his opponents”: Michael Wekerle, chairman and co-founder of Difference Capital, on Rob McEwen

“Rob is a man of rare talents, he is a natural innovator with a keen business mind,” Michael Wekerle, chairman and co-founder of Difference Capital, was quoted saying in TimminsToday – where Goldcorp continues to be one of the mining town's largest employers. “He is a strategic thinker – the consummate chess player – whose every move is calculated and well ahead of his opponents.”

In a video, McEwen said his father Donald was his life's inspiration. Told by doctors that he would never walk again after returning from the Second World War in an iron lung, Donald McEwen refused to accept their diagnosis and regained the use of his legs.

“Today, I look at challenges and obstacles I face and say this seems to pale compared to what my dad faced,” McEwen said in the video honouring his induction into the Hall of Fame. His father also inspired his son to become an avid investor, with Rob buying his first stock at the tender age of 12.

McEwen's story is well known to those who follow mining, but for those wanting a refresher, here it is again, reprised by the Canadian Mining Hall of Fame:

He is best known for transforming Goldcorp Inc. from a holding company into a global gold-mining powerhouse and revitalizing Ontario’s Red Lake gold mine through the discovery of new high-grade resources at depth. His famous “Goldcorp Challenge” in 2000, which provided open access to 50 years of proprietary geological data from Red Lake and offered prizes to anyone who could find the next six million ounces of gold, created an estimated $6 billion of value from subsequent discoveries. McEwen is also an astute investor and corporate strategist, as demonstrated by Goldcorp’s friendly merger with Wheaton River Minerals in 2005. Goldcorp shares tripled in the next 14 months as it grew through a series of mergers into one of the world’s largest gold producers. He went on to build a new flagship, McEwen Mining, while supporting many worthy causes through donations totalling more than $50 million to date.

Born and raised in Toronto, McEwen worked at his father’s investment firm after earning a B.A. from the University of Western Ontario in 1973, followed by an MBA from York University in 1978. In the 1980s, he took the reins of Goldcorp, then a gold fund, and managed its investment portfolio. In 1989, he led Goldcorp’s acquisition of Dickinson Mines and its aging and capital-starved gold mine in the famous Red Lake camp, and began building an operating company. His faith in the mine’s untapped potential was rewarded after a $10-million exploration led to a high-grade discovery in the mid-1990s. In a brilliant move, he created the “Goldcorp Challenge” and placed the mine’s geological data since 1948 on the internet and offered $575,000 in prizes for the best exploration concepts. More than 1,000 participants from 80 countries took part, resulting in more than 50 new targets, 80% of which yielded total gold resources valued at $6 billion. The Red Lake mine was transformed from a 50,000-ounce producer in 1997 to a 500,000-ounce producer in 2001, while cash costs fell from $360 per ounce to $60 per ounce over this period.

Goldcorp went on to become a star performer, with its share price appreciating at a compound annual rate of 31% between 1993 and 2004. McEwen stepped down from Goldcorp after its high-profile $2.4-billion merger with Wheaton River to focus on junior mining. After acquiring U.S. Gold and expanding its assets, he merged the junior with Minera Andes to create McEwen Mining, a gold, silver and copper producer with projects in Nevada, Mexico and Argentina.

As a philanthropist, McEwen has donated more than $50 million to encourage excellence, innovation and leadership in healthcare and education. He also contributed to the Red Lake Margaret Cochenour Memorial Hospital, the Red Lake Regional Heritage Centre, St. Andrews College Leadership Program, Rumie Initiative and most recently the McEwen School of Architecture at Laurentian University. In addition to an honorary degree from York University, McEwen has received many accolades for his achievements, including Developer of the Year for 2001, Mining Man of the Year for 2002, Most Innovative CEO in 2006, and the Order of Canada in 2007.

McEwen joins four other men inducted into this year's Canadian Mining Hall of Fame. They are James Carter, Donald McLeod, Steve Vaughan and John Zigarlick, Jr. James Carter was recognized for building Syncrude into one of the world's largest and most successful oil sands producers, while Donald McLeod, the founder of Northair Group, is best known for developing the Brandywine and Summit gold mines in B.C., and for making high-grade gold discoveries at the Brucejack project later acquired by Pretivm Resources (TSX:PVG). Steve Vaughan was involved in numerous initiatives to improve mining and investment policies in Canada, and promoting industry best practices. In the aftermath of the 1997 Bre-X debacle, he was a driving force behind the OSC/TSX Mining Standards Task Force, which called for new mining disclosure standards, later adopted as National Instrument 43-101. John Zigarlick, Jr. was a visionary mine-maker and company-builder who left an enduring legacy in Canada’s North through innovative infrastructure development and the formation of progressive Aboriginal business partnerships.

Last summer, in an interview with MINING.com, Rob McEwen said we are at the beginning of an uptrend for gold, and stated the importance of preserving the upside for shareholders. View the video here

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These 10 mines have the world's most valuable ore

Have you ever wondered which mines are blasting, shovelling and hauling the most expensive ore? While the world’s highest-value minerals are well known – this list includes precious metals and gemstones – it is more practical for mining industry stakeholders to estimate the value of minerals by looking through the lens of a mining operation. Simply put, what is the worth of an excavator/ loader bucket at a particular open pit or underground mine compared to its peers in the industry?

InfoMine’s IntelligenceMine database has a powerful tool that allows users to get a quick reserves/resources valuation based on the most recent estimates of reserves/resources and commodity prices updated on a daily basis.

The following analysis covers those currently active mining operations throughout the world that are separate reporting units and which have most recent reserves evaluation figures disclosed by the owners/operators after December 31, 2014.

Why are only reserves taken into account? Because a mineral reserve is the most accurate economic estimate of a mine's mineral resources, which can be justified under current market conditions. Therefore, ore reserves are far less speculative than ore resources and relatively precisely reflect changes in the economic “wellbeing” of mines.

In this case analysis is limited to mining operations where ore reserves have been calculated according to international standards adopted by major stock exchanges for public reporting of mineral exploration results.

Top 10 mining operations handling most expensive tonnes of ore

Source: IntelligenceMine

 

1. Cigar Lake

Cigar Lake underground uranium mine, Saskatchewan, Canada. Source: Cameco.com

The Athabasca sedimentary basin, located predominantly in Canada’s Saskatchewan province, contains the world’s highest-grade “unconformity” bonanza-type uranium deposits. Despite record low spot uranium prices, Cameco Corp’s Cigar Lake mine grabs first place in this ranking, boasting remarkable USD$8,430 of uranium contained in one tonne of ore reserves. With ~17% U3O8 grade in reserves, Cigar Lake is also the world’s highest grade uranium mine.

 

2. McArthur River

McArthur River uranium mine, Canada. "Snowmen" circulate a brine that keeps the porous rock surrounding the orebody frozen. Source: Cameco.com

Another of Cameco’s underground mines, McArthur River, is the world’s largest and second highest-grade uranium operation. With one tonne of ore reserves worth USD$5,523, McArthur River mine sits second on our list.

 

3. Fire Creek

Fire Creek gold mine, Nevada. Source: klondexmines.com

With ~42 g/t of gold in reserves, the Fire Creek mine, owned by Klondex Mines and located in Nevada, United States, is believed to be the highest-grade underground gold mine in the world. With ore reserves valued at USD$1,638/t, Fire Creek is ranked third, well behind Cameco’s uranium champions.

 

4. Macassa (South Mine Complex)

Macassa Mine Complex, Canada. Source: klgold.com

The Macassa Mine Complex in Ontario, Canada, owned by Kirkland Lake Gold Inc., is part of one of Canada’s oldest and richest mineralized systems. The Kirkland Lake Main Break system boasts gold production of 24 million ounces over a span of 86 years with an average historic grade of 16.5 g/t. At USD$883/t of ore, Macassa's South Mine Complex holds fourth place.

 

5. Sudbury Operations

McCreedy underground polymetallic mine, part of KGHM’s Sudbury Operations. Source: kghm.com

KGHM’s Sudbury Operations are located on the western border of the richly-mineralized North Range of the Sudbury Igneous Complex in Ontario, Canada, about 400 km north of Toronto. The Sudbury Complex is a unique geological structure; being the site of a 1.85 billion-year-old meteorite impact crater. Today, Sudbury is one of the most productive mining camps with one of the richest and largest polymetallic deposits in the world. Minerals are extracted by some of the biggest mining companies, including KGHM, Vale and Glencore. Valued at USD$846/t of ore, KGHM’s Sudbury Operations are fifth in this ranking. Ore value is split between gold, nickel, copper, palladium and platinum. This allows a degree of hedging when it comes to commodity price fluctuations, because the prices of precious and base metals are often counter-cyclical.

 

6. San Sebastian

Blasting operations at San Sebastian mine, Durango, Mexico. Source: hecla-mining.com

San Sebastian is Hecla Mining’s newest silver and gold mine, and began mining ore in December 2015. Hecla’s concessions at San Sebastian are located in the middle of the prolific Mexican Silver Belt and cover approximately 42,000 hectares (162 square miles). Hecla operated the underground San Sebastian mine on this property from 2001-05. Mining is currently focused on shallow, near-surface pits on the East Francine, Middle and North veins, targeting high-grade material. The pits are small, extending to a maximum of about 270 feet deep. Near-surface material is weathered and easily excavated. With USD$817/t of ore reserves split between gold and silver, the San Sebastian mine holds sixth place. In addition to exceptionally rich and valuable ores, the relatively low-cost method of mining shallow open pits puts this operation well above its peers.

 

7. Avlayakan

Khakanja mine and processing facilities, Russia. Source: wikimapia.org

The Avlayakan open-pit gold mine located in the Khabarovsk Region of the Russian Far East is part of Polymetal’s Khakanja gold/silver operations. An interesting fact: Due to the extreme remoteness of Avlayakan, high-grade ore is transported to the Khakanja processing facility by sea and roads – a route encompassing about 1,000 kilometres. In 2012, two barges carrying high-grade gold ore from Avlayakan capsized and sank in the Okhotsk Sea. This open pit mine has a remarkable ~18 g/t gold grade, and with ore reserves valued at USD$770/ t, it is ranked seventh on this list.

 

8. Toguraci

Gosowong gold/silver operation, Indonesia. Source: newcrest.com.au

Part of Newcrest’s Gosowong mine complex, the Toguraci mine is located on Halmahera Island, in Indonesia's North Maluku Province, approximately 2,450 kilometres northeast of Jakarta. The Toguraci high-grade gold mine ranks eighth on this list with USD$760 t ore reserves value.

 

9. Tambomayo

Processing facilities at Tambomayo mine, Peru. Source: sanmartinperu.pe

Recently commissioned by Buenaventura, the Tambomayo high-grade polymetallic mine produces gold, silver, lead and zinc. One tonne of Tambomayo’s ore reserves are worth USD$655, putting this mine in ninth place.

 

10. Greens Creek

Greens Creek polymetallic mine, Alaska. Source: hecla-mining.com

Hecla’s Greens Creek polymetallic mine is located in Southeast Alaska. The Greens Creek orebody contains silver, zinc, gold and lead, and lies within the Admiralty Island National Monument. Accessible by boat and served by 21 kilometres of road, the project consists of the mine, an ore concentrating mill, a dry stacked tailings facility, a ship-loading facility, camp facilities and a ferry dock. Greens Creek is one of the largest and lowest-cost primary silver mines in the world, and is the cash-generating engine for Hecla. Greens Creek mine book-ends our list of top 10 mining operations handling the most expensive tonnes of ore.

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Science décalée : calculer Pi avec… un fusil à pompe

Le nombre Pi (Π) suscite l’intérêt des mathématiciens depuis l’Antiquité. De multiples méthodes ont été utilisées pour tenter de lui donner une approximation. Des chercheurs canadiens proposent une nouvelle méthode, pas la plus efficace mais selon eux utilisable en cas d’attaque de zombies....

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Des piles en diamant faites de déchets radioactifs...

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Bébé à trois parents : une nouvelle naissance pour une technique controversée

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Science décalée : la licorne existe, nous l'avons rencontrée

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5 images de la FF 91, l'ambitieuse voiture électrique de Faraday Future

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Hikari, à Lyon, le premier quartier à énergie positive de France

Récemment inauguré à Lyon, un îlot rassemblant logements, commerces, bureaux et parkings devrait produire davantage d'énergie qu'il n'en consomme. Ce principe de « l'énergie positive » est déjà concrétisé sur une centaine de bâtiments en France mais c'est la première fois, assurent ses...

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Global gold mining output to decline further

A new report by the GFMS team at Thomson Reuters primary estimates supply of gold continued to ebb lower in the fourth quarter of last year making 2016 the first calendar year of a fall in mine output since 2008.

World gold mine supply fell by 22 tonnes or 3% year-on-year according to the GFMS Gold Survey (registration required), to total 827 tonnes in the third quarter of 2016. GFMS expects mine supply will have contracted in the fourth quarter, with the total estimated at 801 tonnes, a 2% decline year-on-year bring the annual total to 3,168 tonnes.

During the third quarter (most companies have not yet published fourth quarter data) Africa and Oceania are the only two regions that reported year-on-year gains, 6 tonnes and 1 tonne, respectively. Asia reported the biggest year-on-year loss of 15 tonnes for Q3 2016 to 225 total output, driven by top global producer of the metal China.

Source: GFMS Thomson Reuters

There are relatively few new projects and expansions expected to begin producing this year, and those in the near-term pipeline are generally fairly modest in scale, hence our view that global mine supply is set to continue a multi-year downtrend in 2017

[China's 15 tonne] loss was mainly due to a suspension of operations in some mines in Shandong, Shaanxi and Xinjiang provinces. Stricter safety and environmental regulations were other major reasons behind the 12% year-on-year drop, together with a slowdown across small operations due to permit renewals.

European output declined by 3 tonnes and at 126 tonnes, North America produced 9 tonnes less during the time period with Mexico the main culprit:

Peñasquito saw a four tonne year-on-year decline due to planned lower ore grades, which dropped from 1.08 grammes/tonne for Q3 2015 to 0.69 grammes/tonne for Q3 2016. Output from Cortez was reduced by two tonnes in Q3 2016 compared with Q3 2015, primarily due to lower underground grades as mining is advancing from the high grade Breccia zone to the lower grade Middle zone.

South America produced a total of 139 tonnes of gold in Q3 2016, a three tonne loss compared with Q3 2015 on the back of a mining and processing slowdown at Yanacocha and the depletion of surface stockpiles at Cerro Negro.

Output from Africa rose by six tonnes in the third quarter of 2016 over the same period of 2015, to total 149 tonnes according to the report:

Production from North Mara was increased by one tonne in Q3 2016 driven by a signi cant increase in head grade and improvement in recovery rates. The Sukari mine raised output by one tonne year-on-year for Q3 2016 thanks to 900 satisfactory plant throughput rates, average grades and metallurgical recoveries.

Oceania produced one tonne more in Q3 2016 than a year earlier to total 88 tonnes. Cadia delivered a one tonne year- on-year increase for Q3 2016 as the project continued to ramp up.

The authors of the report pointed out that "there are relatively few new projects and expansions expected to begin producing this year, and those in the near-term pipeline are generally fairly modest in scale, hence our view that global mine supply is set to continue a multi-year downtrend in 2017."

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Report: Freeport can ride out Grasberg storm

Shares in Freeport McMoRan Inc (NYSE:FCX), the world's largest listed copper miner, was hammered down on Wednesday after the US company announced fourth quarter earnings below expectations and warned about problems at its operations in Indonesia.

But the stock soon rallied and on Friday, Freeport was trading up 3.7% in New York, bringing gains so far in 2017 to more than 24%. The pundits favourite regularly makes the most active list on the NYSE and the Phoenix-based miner is worth $23.6 billion on the NYSE boasts a 255% increase in market value over the past year.

In a statement accompanying the financial results Freeport said it had not received approval to ship copper concentrate from its Grasberg mine as of Wednesday and in the absence of a permit, production at the mine Indonesia's Papua province would drop to roughly 40% of capacity.

A ban on concentrate exports from Indonesia kicked in on January 12 as part of the South East Asian nation's comprehensive change to mining regulations and ownership rules. Freeport's Grasberg mining complex in the remote Papua region of Indonesia is responsible for more than a quarter of its total output and before the current troubles were set contribute an even greater proportion in 2017 as copper grades improve and gold production is boosted.

The North and South American mining operations are stronger contributors than in the past with the expansion at Cerro Verde also contributing to its improved cost position

On Friday ratings agency Moody's said recent developments are credit negative for the company, but thanks to Freeport's cost reduction and asset sales undertaken last year, the company should be able to weather the latest storm surrounding the iconic mine:

Freeport must convert its so-called Contract of Work (COW) to a new IUPK (special operating license). Conversion to an IUPK would allow for the export of copper concentrate for 5 years through January 2022. FCX's current COW expires in 2021 and as per description of the contract terms contains 2 ten year extension rights subject to government approval not being unreasonably withheld or delayed.

Although FCX has advised the Indonesian Government that it is willing to convert to an IUPK, the company seeks an investment stability agreement that would afford rights and protections similar to what is in the existing COW. From the date of the new regulations FCX (and other similar copper producers in the country), has not exported copper concentrate from PT Freeport Indonesia (PT-FI).

Other changes in Indonesia's new regulations include the requirement for all foreign investors to sell their interests down to 49% over a 10 year schedule. Freeport and Indonesia have been locked in discussion over additional stake sales for year, but the two parties have made little progress on valuation of the giant mine which has been mined since the early 1970s.

Moody's warned that Freeport is "not in the same position to absorb lost revenues on no exports over the same time frame it could accommodate when the ore export bans came into effect in 2014 (FCX
did not export concentrate January 2014 through July 2014)":

Nonetheless, the North and South American mining operations are stronger contributors than in the past with the expansion at Cerro Verde also contributing to its improved cost position. We estimate that without production from Indonesia, FCX's debt/EBITDA would be 5x (using $2.25/lb copper sensitivity), a level that is acceptable.
[…]
Further, the current liquidity position, including cash of $4.2 billion at December 31, 2016 comfortably covers the $1.2 billion in 2017 debt maturities.

For each month of delay in obtaining approval to export, the Indonesian subsidiary's share of production is projected to be reduced by approximately 70m pounds of copper and 100,000 ounces of gold

Grasberg boasts some of the world's largest copper and gold reserves value at over $200 billion at today's prices and Freeport said it may have to suspend planned spending of around $1 billion per year through 2021 to transition the mine to underground operations unless exports can resume.

Freeport said consolidated sales volumes from Indonesia mining operations assuming normal operations, including the resumption of concentrate exports in February 2017 and the renewal of its smelters export license are expected to total 1.3 billion pounds of copper and 2.2 million ounces of gold for the year 2017.

But for each month of delay in obtaining approval to export, the Indonesian subsidiary's share of production is projected to be reduced by approximately 70 million pounds of copper and 100,000 ounces of gold according to Freeport.

On Wednesday, Freeport posted revenue of $4.4 billion for the fourth quarter and net income of $292m compared to a loss of $4.2bn in the same quarter 2015 due to writedowns on its oil and gas businesses. Annual revenues came in at $14.8 billion and losses for the year amounted to just over $4 billion, or $3.16 per share.

Freeport said sales totalled 1.2 billion pounds of copper, 405,000 ounces of gold and 22 million pounds of molybdenum for Q4 2016 and 4.65 billion pounds of copper, 1.1 million ounces of gold and 74 million pounds of molybdenum for the year 2016.

Consolidated sales for the year 2017 are expected to be around 4.1 billion pounds of copper, 2.2 million ounces of gold and 92 million pounds of molybdenum, including 1.0 billion pounds of copper, 460,000 ounces of gold and 23 million pounds of molybdenum for first-quarter 2017.

The post Report: Freeport can ride out Grasberg storm appeared first on MINING.com.

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« Professor Einstein », le robot qui veut éduquer les enfants

Après l'inquiétante Sophia, Hanson Robotics veut commercialiser un robot éducatif sous la forme d'une réplique miniature d'Albert Einstein. Le robot se veut un compagnon, capable de tenir une conversation, de servir de pense-bête ou bien d'enseigner des maths et de la physique aux enfants. Et...

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Lucapa Diamond in trading halt ahead of acquisition of new project notice

Trading of Lucapa Diamond (ASX:LOM) shares was halted Friday in Sydney after the company said it has acquired a new project, whose details expects to disclose soon.

The Africa-focused diamond miner said it anticipates the resumption of trading before the open on Tuesday next week, “pending the finalization of negotiations.” The stock last traded at 3.9 Australian cents.

Lucapa expects to resume trading before the open on Tuesday next week.

In the last year, the Perth-based firm has been advancing its Lulo diamond project in Angola, which has already yielded massive gems, including the 404.2-carat white rock found early this year, which is considered the largest diamond ever recovered in Angola and the biggest ever found by an Australian company.

Lucapa’s Lulo project is 150km from Alrosa's Catoca mine, the world's fourth largest diamond mine. It hosts type-2a diamonds, which account for less than 1% of global supply.

The country were its located, Angola, is the world’s No.4 diamond producer by value and No.6 by volume. Its industry, which began a century ago under Portuguese colonial rule, is successfully emerging from a long period of difficulty as a result of a civil war that ended in 2002.

Last year, the government reduced taxes and cut state ownership requirements to rekindle the industry after the global financial crisis forced mines to close.

 

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Mars : le méthane serait à l'origine du climat doux et humide de sa jeunesse

Alors que le Soleil brillait moins que de nos jours, comment Mars a-t-elle pu être plus chaude et humide dans sa prime jeunesse, il y a entre 3,5 et 4,5 milliards d’années ? Les chercheurs peinent depuis de nombreuses années à apporter des explications, à grand renfort de CO2 dans les...

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Un embryon chimère homme-cochon créé par des scientifiques

Pour la première fois, des chercheurs américains ont réussi le développement d'un embryon contenant à la fois des cellules humaines et des cellules de cochon. Le but recherché est de trouver un moyen pour créer des organes utilisables pour des greffes.

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Chronique du futur : les cités bioniques de Vincent Callebaut

Amener la production agricole dans les cités, produire l'énergie sur place, rapprocher les résidences des lieux de travail et de commerce... Ces idées sont dans l'air pour faire vivre dans le futur des milliards de citadins. Un architecte, Vincent Callebaut, explore ces pistes depuis plusieurs...

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TransCanada submits new application for Keystone XL permit

Barely two days after US President Donald Trump signed an order to move forward on the construction of the Keystone XL, blocked by former president Barack Obama in 2015, the company behind the project has submitted a new permit application to the US Department of State.

In a release issued after stock markets closed on Thursday, TransCanada’s (TSX, NYSE: TRP) president and CEO Russ Girling said Keystone XL would help the US meet its growing energy needs.

The company has spent at least $2.5 billion on the project, whose total cost if built would be at least $10 billion due to delays and permitting costs.

“Independent forecasts by the U.S. Department of State estimate that [Keystone XL] will support tens of thousands of direct and indirect jobs and associated income during construction and contribute approximately $3.4 Billion to U.S. GDP,” the company said in the statement.

The project still faces challenges. To start, when Trump signed the executive order on Tuesday he said he’d negotiate the terms, including making TransCanada use only pipelines and materials produced in the US. There also are some landowners in Nebraska who have already pursued legal and procedural avenues against the pipeline.

The US State Department, in turn, has 60 days to review the application and issue a decision, according to published reports earlier this week, a period during which new hurdles may arise.

TransCanada first applied for a permit in 2008 seeking to build the 1,897km (1,179-mile) pipeline, which would carry 800,000 barrels of crude a day from Alberta to Steele City, in Nebraska. There it could join an existing pipeline.

The company has spent at least $2.5 billion on the project, whose total cost if built would be at least $10 billion due to delays and permitting costs.

If it goes ahead, Keystone XL is expected to carry more than one-fifth of the oil Canada exports to the United States.

Keystone XL Pipeline — Overall route map. (Courtesy of TransCanada)

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South Africa blames AngloGod, Sibanye of refusing to comply with safety laws

The South African government has singled out two of the country’s biggest gold miners, Sibanye Gold (JSE:SGL) (NYSE:SBGL) and AngloGold Ashanti (JSE:ANG) (NYSE:AU), as responsible for risking workers lives by refusing to comply with mining laws.

“If companies cannot mine safely, they should not be mining at all, and should allow other potential holders,” the Department of Mineral Resources said in an e-mailed statement quoted by Bloomberg.

19 out of the 73 miners who died in South Africa last year lost their lives at operations run by AngloGold and Sibanye, the mines minister said.

But the companies argue they have significantly reduce fatalities over the past decade and believe the government has been overreacting in the past few months, rushing to temporarily shut mines over safety concerns they believe are just minor.

South Africa's fatality frequency rate — a ratio of deaths per million hours worked — fell to 0.08 in 2015 from 0.3 in 2003. That remains higher than other mining jurisdictions, such as Australia and Canada, but the gap is narrowing.

Last week mines minister Mosebenzi Zwane said the number of workers killed in the country’s mines dropped in 2016 to a new record low of 73 from 77 they year before.

However, he also said the platinum and gold industries were the two biggest contributors by sector to mine fatalities last year, adding that 19 miners died at AngloGold Ashanti and Sibanye Gold operations.

The news coincides with Sibanye’s announcement of potential job cuts at the platinum operations it acquired from Anglo American Platinum and Aquarius Platinum.

The company, South Africa’s largest gold producer, said Thursday it may have to cut up to 330 jobs at its Kroondal and Rustenburg operations.

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Google : Chrome 56 vous alerte sur les sites marchands non sécurisés

La toute dernière version du navigateur Internet de Google, Chrome 56, introduit plusieurs nouveautés importantes, dont un système d'alerte lorsque qu'un site vous demandant un mot de passe ou un numéro de carte de crédit n'est pas sécurisé.

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UN court won’t dismiss Stans Energy claims against Kyrgyz Republic

Canadian-based rare earths and lithium junior Stans Energy (TSX-V:HRE), said Thursday the UN Permanent Court of Arbitration won’t dismiss its claim for compensation from the Kyrgyz Republic for revoking its mining licences in 2014.

The decision means the $210 million arbitration against the Kyrgyz Republic will advance to the merits stage, the company said.

“We are pleased that the Tribunal has confirmed its jurisdiction in our dispute with the Republic,” the company’s President and CEO said in a statement.

The long-dragged case revolves around the company’s 20-year mining license for the past-producing Kutessay II open pit rare earth mine, which the junior acquired in 2009, as well as the rights to the Kalesay property.

A Kyrgyz parliamentary committee revoked later such permits, claiming the acquisition process was tainted.

The decision forced Stans to file a lawsuit against the Kyrgyz government, demanding $118 million plus interest in compensation and won the trial, but it has never been able to actually get the money, due to a series of legal loopholes, including a Moscow-court decision to hold off the millions Stans Energy was expecting.

Stans efforts to enforce a separate arbitral award worth $118 million were rejected twice by Canadian courts, which prevented the miner from seizing assets belonging to state-owned company Kyrgyzaltyn JSC.

In the meantime, the properties have been put up for tender again and, according to Investortel, the cost of the licences was pegged at $10 million.

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Rêver le futur : découvrez sur Planète+ un peu du monde de 2050

Ce soir démarre sur la chaîne Planète+ la deuxième saison de la série « Rêver le futur ». Du divertissement au travail, elle nous esquissera en dix épisodes ce qui pourrait être dans nos vies en 2050. Découvrez en exclusivité sur Futura des extraits choisis, coups de projecteur sur quelques...

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Grippe : l'épidémie court toujours

L’épidémie de grippe touche toutes les régions de France métropolitaine. Un excès d'au moins 8.000 décès toutes causes confondues est annoncé, sans que l'on sache quelle part la grippe représente dans cette mortalité.

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World Bank's a gold price bear

Gold dipped to a two-week low on Monday hurt by a stronger dollar and investors moving money into equities with major US stock markets continuing to trade at record levels.

Gold for delivery in February, the most active contract on the Comex market in New York, was exchanging hands at $1,187.20 in late afternoon dealings, trimming year-to-date gains for the metal to 3%.

Upside risks include geopolitical tensions, stronger demand in China and India, delayed rates hikes, and mine supply shortfall

The World Bank this week joined the chorus of gold bears forecasting a drop in the gold price to an average $1,150 an ounce in 2017 in its January Commodities Outlook. That compares to an average gold price of $1,247 an ounce last year, compared to 2015's average of $1,160, but nowhere near 2012's $1,689:

Precious metals prices are projected to fall 7 percent in 2017, mainly due to weak investment demand, prospects of a stronger dollar, and rising real interest rates.

Gold prices are expected to decline 8 percent on weak investment demand, while silver prices are expected to fall 4 percent. Platinum prices are projected to rise marginally on likely tightness in supply. Downside risks to the forecast are stronger economic growth and faster than expected increases in U.S. interest rates.

The largest gains are expected in zinc (27%) and lead (18%)

Upside risks include geopolitical tensions, stronger demand in China and India, delayed rates hikes, and mine supply shortfall.

In contrast, industrial metals producers can look forward to a bullish 2017 with prices projected to increase by 11% in 2017 "due to tightening markets for most metals, especially those facing imminent resource constraints":

The largest gains are expected in zinc (27 percent) and lead (18 percent) due to mine supply constraints brought on by permanent and discretionary closures. Double-digit gains are also expected for copper, nickel, and tin.

Upside risks to prices include stronger global demand, slower ramp-up of new capacity, tighter environmental constraints, and policy action that limits supply. Downside risks include slower demand in China and higher-than-expected production, including the restarting of idled capacity.

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Gold price: Physical demand from India, China craters

Gold ended 2016 with a gain of 8.6% after touching six-year lows at the end of 2015. But bears had the better of it in the second half of the year – the metal declined by more than 16% after hitting an intra-day high of $1,377 on July 6. 2016 was the first annual gain since 2012. For the year the average gold price came in at $1,247 an ounce, compared to 2015's average of $1,160, but nowhere near 2012's $1,689.

Mine supply continued to ebb lower, rounding off the first calendar year of drops since 2008

That the yellow metal advanced at all in 2016 is even more surprising considering a new report by industry trackers GFMS Thomson Reuters showing physical gold demand declined to a seven-year low last year. During the fourth quarter the global surplus of just less than 300 tonnes of metal was the greatest oversupply since late 2005.

That this large a surplus was recorded despite net purchases of physically-backed gold exchange traded funds reaching near record highs over the course of the year is another indication of just how significant the slump in physical demand turned out to be.

A collapse in demand from India, the backbone of the global physical trade for decades, was behind the weakness, but Chinese appetite for gold also waned significantly in 2016. According to the authors of the report the reasons behind the decline are "in a nutshell, India, China and the US dollar":

Global jewellery fabrication in 2016 was at the lowest since 1988 in volume terms

Of all the dramatic twists and turns in 2016, Prime Minister Modi’s announcement that he was set to demonetise large Indian banknotes, which were equivalent to approximately 86% of the currency, was surely the most unexpected of all. While in the long term this may have some positive implications for Indian gold demand in the short term it was yet another hurdle which crimped Indian jewellery fabrication and ensured India lost its crown to China as the largest gold consumer overall in 2016. Indeed Indian jewellery fabrication was at a 20-year low in 2016.

Meanwhile, even though China became the largest gold consumer again, this was not in anyway a reflection of strong demand there. In fact, jewellery demand in China was down 14.8% year-on-year in the final quarter of 2016 with the K-gold and gem-set gaining market share. Indeed global jewellery fabrication in 2016 was at the lowest since 1988 in volume terms.

Given all this, the surplus would have been even larger if it were not for a seasonal boost to jewellery demand and somewhat of a rebound in buying from the of official sector as Russia bought strongly on lower prices. Furthermore, mine supply continued to ebb lower, rounding off the first calendar year of drops since 2008, although this supply fall was almost exactly offset by an increase in hedging.

 

NOW READ: India's minuscule gold mining industry

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Potash Corp profit down 70% on weaker prices, expects challenging year ahead

Canada’s Potash Corp (TSX, NYSE:POT), the world’s biggest fertilizer producer, reported Thursday a massive and unexpected drop in quarterly profit, and it expects a challenging year ahead despite some positive signs in the market.

The Saskatoon, Saskatchewan-based company ’s preliminary net earnings plunged to US$59 million, or 7 cents per share, in the quarter ended Dec. 31, down from the US$201 million, or 24 cents per share, it logged a year earlier. And year-on-year earnings fell a staggering 73%.

Potash prices are currently at decade-lows and the outlook remains gloomy as several new low-cost mines are scheduled to start production in the short-term.

The depressing results were mostly a result of persistent weak prices for crop nutrients after years of oversupply that has pushed miners to lay off employees and close operations.

All three of the firm's main products — potash, nitrogen and phosphate fertilizers — were affected by plummeting prices.

Potash, in particular, is currently trading at decade-lows and the outlook remains gloomy as several new low-cost mines are scheduled to start production in the short-term, beginning this year.

Potash Corp, which is expected to complete its proposed merger with Agrium (TSX:AGU) (NYSE: AGU) later this year, said it anticipates “challenging market fundamentals” in the phosphate-fertilizer market, adding that it is currently assessing the valuation of the its phosphate assets, which may lead to writedowns.

But not everything was gloom and doom in Potash Corp.’s report. The company flagged strengthening conditions in the global potash market thanks to a recovery in demand.

“With increased demand and limited new capacity additions, we anticipate relatively balanced market fundamentals in 2017,” it said in the statement.

Shares in Potash Corp. were trading 2.66% lower to Cdn$25.28 in Toronto at 11:12AM ET, and fell almost 3.3% in New York at $19.22 11:29AM ET.

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Le premier organisme semi-synthétique stable

Où donc arrêtera-t-on la manipulation génétique ? La question peut à nouveau se poser aujourd’hui, après l’annonce faite par des chercheurs d’un institut américain. Ils sont parvenus à modifier le patrimoine génétique de bactéries en l’enrichissant de deux nouvelles bases azotées totalement...

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Des pales furtives pour le plus puissant parc éolien français

Un nouveau parc éolien, dans les Pyrénées-Orientales, est devenu le plus puissant de France, avec ses 35 turbines totalisant 96 MW. Pour éviter de perturber un radar de Météo France, les pales sont « furtives », ce qui est une première mondiale.

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Copper takes some shine off Anglo American’s results

Anglo American (LON:AAL) reported Thursday higher output for most of the commodities it mines during the fourth quarter of last year, except for copper, which output declined a staggering 19% compared to the same period a year earlier.

The significant drop in production of the red metal, down to 146,600 tonnes, was due mainly to lower grades at its flagship Los Bronces mine in Chile and the impact of strikes at that operation as well as at El Soldado, also in Chile, the company said.

Diamonds and platinum, another two key commodities for Anglo American, helped the miner’s overall results for the period.

Rough diamond production from its De Beers unit, the world's top miner of the gems by value, increased by 10% to 7.8 million carats compared with the same period in 2015, when output was reduced in response to trading conditions.

Platinum production was up only 2% to 610,100 ounces, which chief executive officer Mark Cutifani justified by saying the company keeps "mining to demand.”

Iron ore output from Kumba, a unit the company’s is trying to sell, rose 9% on the year to 11.9 million tonnes, while production from Minas-Rio jumped up 49% to 4.9 million tonnes.

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5G : Orange et Ericsson passent le cap des 10 Gbit/s de débit, en laboratoire

Orange et l'équipementier Ericsson ont réussi un test en laboratoire d'une communication 5G qui a passé le cap des 10 Gbit/s. La 5G est attendue en Europe à l'horizon 2020.

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