Kumba Iron Ore appoints new chairman

Iron ore prices in China reached a record high on Tuesday as market participants wrestled two dilemmas, namely the weather-related disruptions from Australia and the safety outages in Brazil.

The Lamaque underground gold mine in Val d’Or, Quebec, is expected to produce up to 135,000 ounces of the precious metal a year in 2020 and 2021.

The world’s No. 3. gold producer may have contravened black economic empowerment rules tied to its mining rights when it awarded a 4.5 percent stake to employees instead of 6 percent.

Data shows West Africa has the biggest growth rate in the yellow metal’s resources in the world.

The Vancouver-based company will make an advance payment of $7.5 million for the right to purchase 22.5% of the silver produced from El Mochito mine.

The discovery comes less than a month after Petra found a 100.83 carat gem-quality diamond at the same mine.

The company has increased its overall reserves by 6%, net of mining depletion.

Recent exploration in Southern Madagascar has identified the Ampanihy structure zone as what could soon become a global hub of battery-suitable graphite.

South African mining companies are challenging parts of a government charter aimed at redistributing the country’s mineral wealth, saying it will deter new investment in the industry.