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Dual-listed gold miner Endeavour Mining has reported a record gold production of 88 445 oz in the third quarter of 2013.

Production during the three months to September was up 17% on the previous quarter, with the increase driven by the Tabakoto mill expansion, in Mali.

“We are very pleased to have achieved record gold production of over 88 000 oz as we had our first full quarter with the expanded Tabakoto mill. We have continued to make progress in reducing our cost level with an all-in sustaining cost in the third quarter of A$1 057/oz,” said CEO Neil Woodyer.

He noted that year-to-date production was 237 520 oz, with all-in-sustaining costs reaching A$1 086/oz, putting the company on track to deliver within its guidance of between 315 000 oz and 330 000 oz of gold for the full year, with an all-in-sustaining cost of between A$1 055/oz and A$1 155/oz.

During the quarter under review, production at the Tabakoto mine increased by 48% on the previous quarter, owing to higher throughput on the back of the mill expansion.

Tabakoto produced 40 522 oz of gold during the three months to September.

Production at the Nzema mine, in Ghana, also improved during the quarter, reaching 27 894 oz, compared with the 24 053 oz produced in the previous quarter, as the grade of the ore milled increased.

At the Youga gold mine, in Burkina Faso, Endeavour produced 20 029 oz of gold during the quarter, which was slightly below the 23 963 oz produced in the second quarter of the year.

Endeavour noted that production at Youga was impacted by heavy rains in September, which interrupted mining activities in the main pit.

Meanwhile, construction at the Agbaou mine was also continuing, with Woodyer pointing out that the project would be operational by early 2014.

The mining arm of Russian state-owned reactor builder and supplier Rosatom, among the world’s top three uranium producers, said it would freeze expansion projects in Russia and elsewhere due to low prices.

The price of uranium, used mainly as fuel for nuclear plants, plummeted after the March 2011 meltdown at Japan’s Fukushima Daiichi atomic power plant and has shown no signs of recovery.

“We cannot discount the dramatic fall in natural uranium prices, as a result of which over 50 percent of global uranium production is currently loss-making,” Vadim Zhivov, chairperson of Atomredmetzoloto and president of Uranium One Holding, told Reuters in emailed comments on Wednesday.

“Given the unfavourable market environment, we have decided to freeze expansion projects both in Russia and abroad,” Zhivov said.

Rosatom’s mining arm comprises Atomredmetzoloto, which controls Russian assets, and Uranium One Holding, which oversees foreign assets.

Uranium One, a Canadian mining firm that Rosatom took private last month, will mothball the Honeymoon mine in uranium-rich South Australia, local media reported this week, citing high costs and unfavourable contracts with Japan’s Mitsui .

A company spokesperson confirmed on Wednesday that the mine would be put in “care and maintenance” mode.

Zhivov did not specify which of the company’s projects had been cancelled, saying the details would be announced later.

Rosatom is also developing the Mkuju River mine, in Tanzania, and several minor projects in Russia and has plans to expand its Willow Creek project in the US state of Wyoming.

Zhivov said the company was mulling production cuts at some high-cost projects but did not elaborate.

Uranium One, which claims to have the lowest production costs in the industry, said last week it planned to produce 12.5-million pounds of uranium oxide concentrate in 2013 and then reduce output to 12.4-million pounds next year.

Canadian miner Eldorado Gold has narrowed its third-quarter profit to $36.4-million, or $0.05 a share, down 52% when compared with $75.8-million, or $0.11 a share, a year earlier, as gold prices slid and partially offset increased sales.The Vancouver-based company on Friday said revenues rose 2% year-on-year to $287.3-million during the three months ended September 30, with gold sales making up $266.4-million of that. The bottom line was affected by a $12.7-million write-down.

Gold output rose 21% to 204 620 oz at an average cash operating cost of $472/oz, which was 4% lower when compared with the same period in 2012. All-in cash cost declined to $528/oz from $567/oz.”Our gold mines continue to perform to plan and generate significant cash flows. With its strong balance sheet and comparatively low-cost gold mining operations, Eldorado is well-positioned with regard to the continuing weakness in gold prices,” CEO Paul Wright said during an analyst conference call on Friday.

Last Wednesday, Eldorado, which owns projects in Turkey, China, Greece and Brazil, said it would acquire Glory Resources in a deal worth $30-million. Before announcing the transaction, Eldorado had a 20% stake in the Australian miner.Eldorado shares lost 1.76% on the TSX Friday to trade at C$6.67 apiece. The stock had lost 48% of its value from the start of the year.

US miner Brazil Minerals this week said its quarter-on-quarter rough diamond sales had increased 84% in the third quarter ended September 30.

The company said its subsidiary Mineração Duas Barras, a diamond- and gold-mining operation in Brazil, had sold 1 662.65 ct of rough diamonds in the period, compared with 902.10 ct in the previous quarter.

“This … result … underscores the quality of our mining concession and processing plant. In fact, over 95% of our diamond production is of gem quality and destined for jewellery.

“Our diamond and gold processing plant is the largest of its type in Latin America, and our operating team is highly experienced. Duas Barras is profitable and we believe that we have only begun tapping into its full potential,” chairperson and CEO Marc Fogassa said in a statement.

Brazil Minerals had started to set aside a small part of its rough diamond production for cutting and polishing, and has built an initial inventory of high-quality polished diamonds for sale.

Some of these polished gems had already been graded by the Gemological Institute of America’s laboratory, considered the industry’s standard. Polished diamonds, on a per-carat basis, can achieve many times the revenue of rough diamonds and much higher margins.

The company would report its full results before November 15.

Brazil Mining’s producing assets include a 55% ownership the Duas Barras diamond/gold operation, and the company has exploration projects for vanadium, titanium, iron, and gold, and a pipeline of other opportunities throughout Brazil.

Southern African diamond miner Lucara Diamond Corp on Friday reported better-than-expected earnings as its flagship Karowe mine, in diamond-rich Botswana, delivered more exceptional carats than thought possible.

Lucara reported revenues of $50.9-million, or an average of $625/ct during the quarter ended September 30, of which $10.9-million was received in October for its late September tender.

At average operating expenses of $110/ct, the cash operating margin for the quarter was $515/ct. Sales during the quarter included one tender of over 80 000 ct and the company’s second exceptional stone tender.

For the third quarter, Toronto- and Gaborone-listed Lucara reported net earnings of $15-million, or $0.04 a share, compared with a loss of $3.4-million or $0.01 a share a year earlier.

Full-year to date sales totalled 328 000 ct for revenues of $132.7-million, or $404/ct, which exceeded the company’s previous full-year guidance. The company had achieved a year-to-date cash-operating margin of $308/ct, based on operating expenses of $96/ct.

President and CEO William Lamb said the company’s significant revenues and strong cash operating margins had resulted in Lucara making a double payment on its $50-million debenture during the period and it had subsequently fully repaid the debenture by making the final two debenture payments during the fourth quarter.

“The resource continues to outperform management expectations with the continued recovery of significant stones including 243 special stones greater than 10.8 ct during the reporting period.

“These stones include two diamonds larger than 200 ct and a further three diamonds larger than 100 ct,” he said in a statement after market close on Friday.

Based on information and recoveries to date, Lucara has commissioned an update to the Karowe resource, which is located within the Orapa/Letlhakane kimberlite district, which it expects to publish during the first quarter of 2014.

Cliffs Natural Resources reported an increase in third quarter profit on Thursday as the miner reduced costs and iron-ore prices rose.

The Cleveland-based company, which supplies steelmakers around the world, said it expects China’s steel production to “remain a source of healthy demand.”

“Looking forward, the company expects China to maintain its healthy steelmaking pace, driven by broader economic growth and the positive impact of domestic lending policy reforms,” it said in a statement.

Miners have been pushing to cut costs in a tough market. Cliffs has cut spending on exploration, and suspended most work on its Black Thor chromite project in Canada.

Cliffs said its cost of goods sold fell 11% in the quarter, as expenses eased across its business segments. Benchmark iron-ore prices jumped 17%.

In the Asia-Pacific segment, revenue per tonne rose 28% to $108.88, thanks to improved market prices and higher-grade ore.

Gains were partly offset by Cliffs’ small coal business, hurt by lower prices and weather damage that cut production.

Net income attributable to common shareholders rose to $104.3-million, or $0.66 a share, from $85.1-million, or $0.59 , a year earlier. Revenue rose slightly to $1.55-billion from $1.54-billion.

Shares of Cliffs rose 3.1% to $24.30 in aftermarket trading.

Potential Development Project

Toronto-based rare earth company Quest Rare Minerals this week announced the results of a positive prefeasibility study for its Strange Lake deposit, in Quebec, saying the project has a net present value of $1.8-billion-billion after tax, with an after-tax internal rate of return of 21.2%.The mine would cost about $2.57-billion to construct, have a life of 30 years, and generate, on average, $1.05-billion in revenue a year. The capital costs would be repaid in 3.5 years.

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“We are very pleased with the results of this PFS; our consultants have been conservative with the assumptions used and we are satisfied that the returns are very healthy for such a capital-intensive industrial plan,” Quest president and CEO Peter Cashin said.He added that the Strange Lake project had the potential to provide an important base for establishing a significant new North American industrial sector, able to address the chronic HREE+Y supply deficit over a long period of time, and wrest a significant portion of the virtual supply monopoly from China.

Market Forecast

The company argued that the project dovetails with both Canadian federal and Quebec provincial industrial strategies and it believed that strategic North American industries from defense to automotive (electric cars) to wind turbines would benefit from a stable source of rare earth products.Quest offers a significant high-technology industrial opportunity for Quebec and Canada with potential for employing many highly-skilled technical and engineering employees.The company has another rare earths project, the Misery Lake project, located 120 km south of the Strange Lake project.The Canadian explorer’s TSX-listed shares on Thursday closed up 1.22% at C$0.83 apiece.

China National Offshore Oil Corporation in Uganda worth $2 billion won production licenses, the African country seeking to develop oil reserves discovered seven years ago, this is it approved the first license.According to Bloomberg News website reported on September 25, Ugandan Minister of State for Mineral Resources Peter Molokai in the day in the capital Kampala, said CNOOC will be developed in four years Albertina region Kingfisher blocks.The block is expected to contain 6.35 billion barrels of crude oil, of which 1.96 billion barrels are recoverable.

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Reported that Uganda by the World Bank as one of the poorest countries in the world, after the discovery of oil in 2006, it finally will usher in the oil boom.The country intends to build some of the oil transported to a refinery for processing in order to reduce energy imports. Molokai Lane said Kingfisher oil a day will produce 30000-4 barrels of crude oil.He expects there will be 40 extraction wells, and leading to the new refinery 50 km pipeline, which will be completed in 2018.Molokai says that the plant initial processing capacity of 30,000 barrels, the latter may double.Molokai says, Kingfisher oil field development will produce natural gas, natural gas will be used for power plants. Kingfisher by the CNOOC oil company, Tullow Oil of Ireland and France’s Total company jointly owned.

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Molokai where that is located in the inland of Uganda also negotiate with the oil companies, hoping to build a pipeline leading to the Kenyan port of Lamu.Ugandan President Yoweri Museveni, President of Uganda and Kenya Kenyatta June Hu Lu has agreed to build this pipeline, and said that the pipeline will bypass South Sudan.Molokai Lane said that once production begins, the Government of Uganda Kingfisher field will immediately have a 15% stake.IMF said that apart from Nigeria, Angola and South Sudan, the sub-Saharan African countries, Uganda has the largest oil reserves.