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Mining BEE ownership to be tested in court – Minister

By: Martin Creamer     Updated 1 hour 26 minutes ago Government, organised mining and organised labour have agreed to work collaboratively to obtain a court ruling on the crucial issue of black economic-empowerment (BEE) ownership of mines, the only sticking point of Tuesday’s Mining Charter deadline. In an interim announcement on the outcome of... 

Mining BEE ownership to be tested in court – Minister
Photo by Duane Daws
Minister Ngoako Ramatlhodi (centre), chamber's Mike Teke (left) and DMR DG Dr Thibedi Ramontja

CRG shares fall as MoU due diligence deadline extended

By: Natasha Odendaal     Updated 6 hours ago Shares in dual-listed Central Rand Gold (CRG) plunged nearly 13% on Tuesday morning after the company announced that the deadline for the sale of its Netherlands-based subsidiary would be shifted to accommodate the completion of due diligence. Prospective suitors Hiria, Shengbang Jiabo... 

CRG shares fall as MoU due diligence deadline extended

Boje steps down as Wescoal CEO

By: Natasha Odendaal     Updated 1 hour 6 minutes ago JSE-listed Wescoal CEO and director Andre Bojé has resigned, effective April 14, after 18 years at the helm, the company announced on Tuesday. Wescoal appointed Waheed Sulaiman as acting CEO as the board this week starts the process of identifying a successor. 

Unnamed player eyes AngloGold’s Mali mines

By: Natasha Odendaal     Updated 1 hour 16 minutes ago Dual-listed gold miner AngloGold Ashanti on Tuesday said it has received interest from an unnamed company for the buy-out of the gold miner’s stakes in its joint venture (JV) mines in Mali. AngloGold aimed to dispose of its 41% stake in Sadiola and its 40% stake in Yatela – both JV operations... 

Atlatsa’s Bokoni mine achieves new production record

By: Megan van Wyngaardt     Updated 28 minutes ago Triple-listed Atlatsa Resources’ Bokoni mine, in South Africa, produced 194 036 platinum, palladium, gold and rhodium (4E) platinum-group metal (PGM) ounces in the 2014 financial year – a 13.9% increase on the 170 295 oz produced the year before. This was also the mine’s highest production since... 

Paladin warns of lower output

By: Esmarie Swanepoel     Updated 7 hours ago Uranium miner Paladin Energy on Tuesday warned shareholders that damage to its pre-leach thickener and a delay in the ramp-up at its Langer Heinrich mine, in Namibia, would impact on its production for 2015. Early in March, Paladin reported the failure of the pre-leach thicker at the Namibian... 

DoE outlines next nuclear steps as it completes ‘pre-procurement phase’

By: Terence Creamer     Updated 34 minutes ago The Department of Energy (DoE) announced on Tuesday that the pre-procurement phase for South Africa’s proposed roll-out of a nuclear new build programme had been completed, following the latest in a series of workshops with vendor countries and their companies. Consultations had been held with... 

DoE outlines next nuclear steps as it completes ‘pre-procurement phase’
South Africa's only nuclear plant, Koeberg

De Beers starts three-year global sightholder sales contracts

By: Megan van Wyngaardt     Updated 2 hours 21 minutes ago Diamond mining giant De Beers Group on Tuesday initiated the 2015 to 2018 global sightholder sales (GSS) contracts that required customers to provide group accounts in line with International Financial Reporting Standards (IFRS) consolidation standards. The new contract period has been designed... 

Sylvania’s Grasvally mineral resource at 64 900 t

     Updated 5 hours ago Exploration work on the southern section of platinum processor and developer Sylvania Platinum’s Grasvally chrome project, in South Africa’s Bushveld Complex, has delivered a mineral resource of 64 900 t of high-grade chromite. Of the 64 900 t, 40.70% was chromium oxide (Cr2O3), with a... 

Lower head grades cut FY output at Blanket mine

     Updated 5 hours ago Production at dual-listed Caledonia Mining’s 49%-owned Blanket mine, in Zimbabwe, decreased to 10 417 oz in the quarter ended December 31, owing to a lower head grade. The mine had produced 11 429 oz in the fourth quarter of 2013. 

IMF backs Zambia plan to end copper tax rows, warns on deficit

By: Reuters     Updated 5 hours ago The International Monetary Fund on Tuesday applauded Zambia's efforts to resolve tax issues in its copper mining industry but warned that only further tightening of fiscal and monetary polices would contain the country's large deficits. President Edgar Lungu directed Zambia's finance and mining... 

Shanta inks $40m loan facility

By: Natasha Odendaal     Updated 4 hours ago LSE-listed Shanta Gold has secured a $40-million loan facility from the corporate and investment banking division of Investec Bank. The group, through its operating subsidiary Shanta Mining, would use one-half of the funds to refinance an existing bank loan from UK-based FBN Bank, with the... 

Kenmare, lenders agree to extend budget delivery date

     Updated 5 hours ago Titanium minerals producer Kenmare Resources has extended the date for delivery of a budget to April 30. The company on Tuesday said its project lenders and banking firm Absa have made “substantial progress” towards agreeing the prinicipal terms of a further financing amendement for the company’s... 

Ncondezi receives extension from EdM

     Updated 49 minutes ago Aim-listed energy provider Ncondezi Energy has been granted an extension for meeting certain conditions relating to the conditional commercial deal signed between it and Electricidade de Moçambique (EdM) for its 300 MW power plant. Ncondezi was establishing an integrated thermal coal mine and... 

Triton teams up with AMG in Mozambique graphite search

By: Esmarie Swanepoel     Updated 7 hours ago Graphite hopeful Triton Minerals has formed a strategic alliance with diversified critical materials company AMG Mining AG to hunt for graphite opportunities in Mozambique. The two-year alliance would see the two parties collaborate on the exploration, identification and development of graphite... 

Magnis secures binding term sheet for Tanzania project funding

By: Esmarie Swanepoel     Updated 6 hours ago ASX-listed junior Magnis Resources has inked a binding term sheet with offtake partner China National Nonmetallic Minerals Industrial Limited Corporation (Sinoma) for $150-million in funding to advance the Nachu graphite project, in Tanzania. The funding would cover the engineering, procurement,... 

Panda Hill PFS proves up

By: Esmarie Swanepoel     Updated 7 hours ago A prefeasibility study (PFS) into the Panda Hill niobium project, in Tanzania, has estimated that the project would require a capital investment of $158-million to develop. ASX-listed Cradle Resources reported on Tuesday that the base case study was centred around an openpit mine delivering... 

Tsotsi steps down to allow board to focus on the ‘core issues’

By: Terence Creamer State-owned electricity producer Eskom announced in the early hours of Tuesday morning that Zola Tsotsi had agreed to step down as a director and chairperson of the board and that Dr Ben Ngubane had been appointed acting chairperson. In a statement the utility indicated that the move, which was... 

Tsotsi steps down to allow board to focus on the ‘core issues’
Photo by Duane Daws
Zola Tsotsi

Alacer extends mine life at Çöpler, Turkey

By: Esmarie Swanepoel     Updated 7 hours ago ASX- and TSX-listed Alacer Gold has increased the expected mine life of its Çöpler gold mine, in Turkey, by four-and-a-half years, following an updated resource and reserve estimate. The miner on Tuesday announced a 44%, or 245 000 oz, increase to oxide production, and a 22%, or 555 000 oz,... 

QRC welcomes probe into in fly-in, fly-out practice

By: Esmarie Swanepoel     Updated 6 hours ago The Queensland Resources Council (QRC) has expressed hopes that a new state Parliamentary enquiry into fly-in, fly-out (Fifo) work practices would result in an evidence-based foundation for future policy. In her recent election campaign, now Premier Annastacia Palaszczuk launched plans to... 

QRC welcomes probe into in fly-in, fly-out practice

Tax breakthrough at Rio Tinto's Mongolia copper mine – source

By: Reuters     Updated 6 hours ago Rio Tinto and Mongolia have made a breakthrough in a tax dispute that has been among issues stalling development of the $6.5-billion Oyu Tolgoi copper mine, according to an official familiar with the government's position. Disputes over costs and taxes have delayed an expansion of the mine that... 

Creamer Media publishes Steel 2015: A review of South Africa's steel sector research report

By: Creamer Media Reporter      Updated 5 hours ago Creamer Media’s Steel 2015 report provides an overview of the key developments in the global steel industry and particularly of South Africa’s steel sector over the past year, including details of production and consumption, as well as the country's primary carbon steel and stainless steel... 

Creamer Media publishes Steel 2015: A review of South Africa's steel sector research report

KIOCL prodded to form alliances to participate in iron-ore auctions

By: Ajoy K Das     Updated 6 hours ago India’s Steel Ministry has proposed that KIOCL, formerly Kudremukh Iron Ore Company Limited, should ally with other government-owned mineral and metal companies to bid for iron-ore resources. According to an official in the Steel Ministry, having been unsuccessful in securing captive iron-ore... 

Ascot gets approval for Wonmunna plans

By: Esmarie Swanepoel     Updated 7 hours ago The Western Australian Department of Mines and Petroleum has given its approval for the proposed development and mine closure plan at the Wonmunna iron-ore project, owner Ascot Resources announced on Tuesday. Along with the native vegetation clearing permit, which was granted last October, the... 

Galaxy resumes trading at Jiangsu sale moves forward

By: Esmarie Swanepoel     Updated 7 hours ago ASX-listed Galaxy Resources resumed share trading on Tuesday, with the company announcing that all conditions precedent to the sale of its Jiangsu plant had been satisfied. In February, Galaxy revised its sales agreement with China’s Sichuan Tianqu Lithium Industries for the Jiangsu lithium... 

OceanaGold improves Didipio reserves

By: Esmarie Swanepoel     Updated 7 hours ago Gold miner OceanaGold has reported an increase in the proven and probable reserves at its Didipio operation, in the Philippines, despite mining depletion. The ASX- and TSX-listed gold miner on Tuesday reported proven and probable reserve of 47.6-million tonnes, at a gold grade of 1.11 g/t gold... 

Azonto weighing corporate options

By: Esmarie Swanepoel     Updated 7 hours ago West Africa-focused oil and gas hopeful Azonto Petroleum told shareholders on Tuesday that the company was weighing a number of strategic options to manage cost and preserve shareholder value, including an asset sale or a possible merger. Azonto holds a 35% interest in Vioco Petroleum, which in... 

Norton hopes for more gold in 2015

By: Esmarie Swanepoel     Updated 7 hours ago Gold miner Norton Goldfields said on Tuesday that it expected to beat its 2014 production figures during the current year, as the Paddington operations, in Western Australia, continued to prove its mettle. For 2015, Norton was expecting to produce between 182 000 oz and 190 000 oz of gold,... 

Mponeng employee killed in underground vehicle incident

Gold major AngloGold Ashanti has reported that a locomotive operator at its Mponeng mine, in Carletonville, was fatally injured in an underground vehicle incident last week. The company on Tuesday said the Department of Mineral Resources had been notified of the incident and an inspection had... 

Peru's Buenaventura says shareholders approve $500m debt plan

By: Reuters Shareholders of Peruvian precious metals miner Buenaventura on Monday approved the issuance of $500million in bonds or to seek a loan for the same amount, company's CFO Carlos Galvez told Reuters. Buenaventura, which produced 845 515 oz of gold and 19.7-million ounces of silver last year, has... 

Forbes & Manhattan congratulates Yamana Gold on decade of Jacobina ops, Brazil

By: Henry Lazenby Private merchant bank Forbes & Manhattan Inc on Monday congratulated Yamana Gold for achieving the ten-year anniversary of the first gold bar poured from the reactivation of the Jacobina mine, in Bahia State, Brazil. The Jacobina mine was acquired by Williams Resources in 1996, and subsequently... 

Guyana Goldfields on track for midyear start-up

By: Henry Lazenby Project developer Guyana Goldfields (GGI) on Monday said construction of its $249-million Aurora gold project, in Guyana, South America, was in top gear and progressing on schedule and within budget, with the first gold pour on track for mid-2015. As of December 31, the company had spent... 

Cliffs completes refinancing transactions 

By: Henry Lazenby NYSE-listed Cliffs Natural Resources has entered into a new senior secured asset-based revolving credit facility (ABL facility) and has completed a private offering of $540-million of senior secured notes due on March 31, 2020, the company announced on Monday. Cleveland, Ohio-based Cliffs... 

Chile Feb copper output falls 1.1% from year earlier

By: Reuters World No 1 copper producer Chile produced 447 810 t of copper in February, a 1.1% decrease from a year earlier, due to plant maintenance at a key project, the government said on Monday. 

Miners Teck, Antofagasta deny they are in merger talks

By: Reuters Teck Resources and Antofagasta denied on Monday that they were in talks about a merger after Bloomberg news reported that the two mining companies were in early stage talks. Teck said in statement it was not in discussions with Antofagasta "in relation to any form of transaction." 

Miners Teck, Antofagasta deny they are in merger talks

Alcoa cuts last smelting capacity at São Luís facility in Brazil

By: Henry Lazenby Aluminium and lightweight metals producer Alcoa will curtail the remaining 74 000 metric tons of smelting capacity at its São Luís facility, in Brazil. NYSE-listed Alcoa on Monday said the curtailment was part of its plans to evaluate upstream capacity for possible curtailment, closure or sale as... 

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