Market ReportWeekly News Round-up

Proactive weekly mining round-up including Caledonia, Kibo, Tango and others

Miners had good news last week despite global economic turmoil

South African gold miner Pan African Resources did a wage deal with unions

Commodity prices may be in freefall but there was plenty of upbeat news from the mining sector this week.

Caledonia Mining (LON:CMCL) said third quarter output from its Blanket mine in southern Zimbabwe kept it on track to hit its full year production target of 42,000 ounces.

It produced 10,927 ounces of gold from the pit during the third quarter of 2015, a 5% increase on the previous quarter and a 10% increase on production in the same period in 2014.

Not far away in Tanzania, a new report on the coal mine part of Kibo Mining's (LON:KIBO) Mbeya coal-to-power project showed "significantly improved" financials.

Elsewhere in Africa, Firestone Diamonds (LON:FDI) agreed to extend the closing date of its disposal of its Botswana diamond operations to give purchaser Tango Mining (CVE:TGV) more time to raise the money.

On October 2, Tango told Firestone it had not been able to pay US$0.3mln into escrow as a deposit for the deal. The new deadline is April 8.

There was good news for workers at Pan African Resources (LON:PAF) as the South African gold miner agreed a wage settlement for the next three years with the unions at its two mines, Evander and Barberton.

On a more downbeat note, plans by Galantas Gold (LON:GAL, CVE:GAL) to go mining underground at its Omagh gold mine in Northern Ireland may have hit a snag.

Galantas said it was aware of correspondence from an individual saying they may challenge the Department of Environment Northern Ireland's approval of the company's proposal to mine beneath the existing open pit.

Savannah Resources (LON:SAV) and Rio Tinto (LON:RIO) said they needed more time to complete their Jangamo mineral sands joint venture.

The extension of the long stop date until the end of March 2016 will give the pair more time to fulfil applicable approval processes.

But Anglo Asian Mining (LON:AAU) voiced confidence about meeting its full year production target after a strong third quarter at its Gedabek mine in Azerbaijan.

Mining royalty specialist Anglo Pacific (LON:APF) also struck a brighter note, saying it expected sales this year from Narrabri coal mine in Australia to exceed its run of mine production.

Rare Earth Minerals (LON:REM) spread its wings by increasing its interest in European Metals to 11.87%.

European Metals owns the exploration rights to the Cinovec deposit, “one of the most significant lithium deposits in Europe,” the company said.


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