Mining & Metals: The week in 10 stories

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Friday, January 26, 2018

REGIONAL

Leagold Mining took a big step toward securing a position as a leading Latin American gold producer after announcing a planned takeover of Brazil-focused Brio Gold.

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Thomson Reuters GFMS reports that gold could pass US$1,500/oz in 2018 after hitting a 17-month high above US$1,350/oz.

ARGENTINA

Goldcorp is looking to automation to boost productivity at its Cerro Negro mine in Argentina, which has been hampered by difficulties securing labor due to its remote location and union restrictions on shift lengths, CFO Jason Attew told the CIBC 21st Annual Whistler Institutional Investor Conference in Canada.

BRAZIL

Minas Gerais state's environmental authority granted an expansion license considered crucial for phase 3 of Anglo American's Minas-Rio iron ore project in Brazil.

CHILE

A regional environmental court launched proceedings to consider an appeal by Andes Iron against the rejection of the US$2.5bn Dominga iron ore project last year.

DOMINICAN REPUBLIC

The energy and mines ministry approved a mining permit for GoldQuest Mining's US$159mn Romero gold project, drawing a line under concerns that a new mining bill and concessions disruptions could delay development.

ECUADOR

Lundin Gold's Fruta del Norte US$684mn gold project also took a step forward as the company secured a US$300mn finance facility to fund construction.

PANAMA

A stoppage by workers at First Quantum Minerals' US$5.71bn Cobre Panamá project related to changes in accommodation rules and other matters, was swiftly lifted following talks tabled by the labor ministry.

MEXICO

Fresnillo was among the precious metals forecast for higher 2018 output, with silver guidance for the year at 67-70Moz – up from 58.7Moz last year. Gold output is set for a marginal decline.

PERU

Hudbay Minerals expects copper output to rise at its Constancia mine in 2019 due to higher grades and development of a new orebody, CFO David Bryson told the CIBC event in Whistler, Canada.