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Platinum prices hit Sylvania’s earnings

By: Natasha Odendaal     Updated 1 hour 4 minutes ago Despite record levels of platinum-ounce production and contained unit costs, low-cost platinum group metals (PGMs) processor and developer Sylvania Platinum on Wednesday said capitulating metal prices had battered its earnings in the fourth quarter of the year. Group earnings before interest,... 

Platinum prices hit Sylvania’s earnings

Sunbird gets buyout offer from S African power infrastructure firm

By: Esmarie Swanepoel     Updated 2 hours 14 minutes ago South Africa-focused Sunbird Energy on Wednesday confirmed that it had received a takeover offer from South African power infrastructure company Glendal Power. The company told shareholders that a trading halt had been necessitated on July 27, after the company received an indicative nonbinding... 

Sunbird gets buyout offer from S African power infrastructure firm

Wescoal’s Elandspruit delivers first coal

By: Natalie Greve     Updated 1 hour 38 minutes ago Coal producer Wescoal’s Elandspruit mine, in Mpumalanga, has delivered its first batch of coal to customers after it was processed at Wescoal’s nearby beneficiation plant. “The beneficiated product was in line with expectations and sales to customers in the domestic and export markets have... 

JSW sells off 26% of SACMH to black-owned company

By: Creamer Media Reporter      Updated 6 minutes ago Controlling shareholder JSW Energy Natural Resources South Africa has sold 26% of its holdings in South African Coal Mining Holding (SACMH) to black-owned and -controlled Comogen. JSW now had a direct beneficial interest in SACMH of 8.79% and an indirect beneficial interest of 67.25%. 

Study shows 20-yr mine life potential at Sable’s Nimba play

By: Natalie Greve     Updated 6 minutes ago Detailed mine scheduling conducted as part of metallurgical testwork at the Plateau 2 area of Sable Mining Africa’s 205.2-million-ton Nimba iron-ore project, in Guinea, has indicated a life-of-mine of more than 20 years and highlighted the operation’s ability to sustain production of high-quality... 

Zimbabwe misses H1 tax target, mining royalties plunge

By: Reuters     Updated 28 minutes ago Zimbabwe's tax collections were six% below target during the first half of the year while mining royalties and value added tax plunged, reflecting a struggling economy, the tax agency said on Wednesday. The southern African country's economy, where mining contributes around 17% to gross domestic... 

Zimbabwe misses H1 tax target, mining royalties plunge

Gold One eyes Goliath Gold buyout

By: Natasha Odendaal     Updated 4 hours ago JSE-listed Gold One Africa has made a nonbinding expression of interest to acquire the remaining shares it does not already own in Goliath Gold for up to R66-million. Gold One, which currently held 72% of the issued share capital of Goliath Gold, planned to table a firm intention to proceed once... 

Canadian miner Sherritt posts wider loss as nickel prices drop

By: Reuters     Updated 3 hours ago Canadian miner Sherritt International Corp reported a bigger loss for the second quarter, hurt by lower nickel prices. The Toronto-based company said on Tuesday its adjusted net loss from continuing operations widened to C$75.2-million ($58.2-million), or C$0.25 a share, in the three months ended... 

SA mineral riches traced to ancient volcanoes

By: News24Wire      Updated 3 hours ago South Africa’s extensive bounty of valuable minerals can be traced to ancient super volcanoes, according to a researcher. “The super volcanoes of the past 2.7-billion years left us with something unique in the world – after all the drama, our part of the continent was full of diamonds and... 

Thermal coal prices fall amid worries over Chinese demand

By: Reuters     Updated 1 hour 3 minutes ago Physical coal prices in Australia and Europe continued to fall over the past week, pushed lower by concerns over demand in China after a massive rout in the country's stock market. Cargoes for delivery into Europe's main ports at Amsterdam, Rotterdam and Antwerp in August last closed at $57.40 a... 

Weak market conditions prompt Freeport-McMoRan to look for cost cuts

By: Henry Lazenby Multinational diversified miner Freeport-McMoRan has started a comprehensive review of its mining and oil and gas businesses to target significant capital spending and operating and administrative cost cuts in response to weak market conditions for its significant products. These plans would... 

Creamer Media publishes Real Economy Insight: Coal 2015 brief

     Updated 7 hours ago This ten-page brief is a synopsis of key developments in the coal industry over the past 12 months. It provides an overview of the global and South African coal markets and the role of coal in South Africa’s economy, with a particular focus on the role of coal in the generation of electricity. 

Creamer Media publishes Real Economy Insight: Coal 2015 brief

Kyrgyzstan launches Taldy-Bulak gold venture with China

By: Reuters     Updated 1 hour 47 minutes ago Kyrgyzstan on Wednesday opened a gold mine at the Taldy-Bulak Levoberezhny deposit, a joint venture with China and so far the second "world-class" gold project with foreign investors. The field, discovered by Soviet geologists, lies in the Taldy-Bulak Gorge in the Tien Shan mountains some 120... 

$750m Dugald River gets the go-ahead

By: Esmarie Swanepoel     Updated 2 hours 13 minutes ago Hong Kong-listed MMG has approved the updated development plan for the Dugald River zinc/lead/silver project, in Queensland, bringing the project on line at a time when global zinc supply is expected to dissipate with the closure of a number of mines. In April this year, MMG flagged that it was... 

$750m Dugald River gets the go-ahead
Photo by Reuters
MMG CEO Andrew Michelmore

Southern Gold considering bigger Cannon mine

By: Esmarie Swanepoel     Updated 2 hours 22 minutes ago ASX-listed Southern Gold is considering the development a larger project at its Cannon gold mine, in Western Australia, after project partner Metals X spent some A$4.5-million on an adjacent smaller project. Southern Gold told shareholders that the Georges Reward acquisition had placed the Cannon... 

Mincor beats FY output target

By: Esmarie Swanepoel     Updated 2 hours 31 minutes ago Australian nickel miner Mincor has exceeded its production target of 8 500 t, producing 8 632 t of nickel-in-ore during the financial year ended June 30. For the quarter ended June, nickel sales reached 1 468 t, compared with the 1 651 t sold in the previous quarter, as the Mariners mine, in... 

DeGrussa delivers on copper production target

By: Esmarie Swanepoel     Updated 2 hours 32 minutes ago Copper and gold miner Sandfire Resources has exceeded its production expectations for the fourth quarter ended June, with the miner producing some 18 637 t of copper and 9 499 oz of gold. Copper production exceeded the expected 17 000 t forecast at the end of the March quarter, and was also above... 

Beach to cut back on capital spend in 2016

By: Esmarie Swanepoel     Updated 2 hours 43 minutes ago ASX-listed Beach Energy has lowered both its capital spend and production expectations for the 2016 financial year, as low oil prices impacted the company’s bottom-line. Beach on Wednesday said the 2016 capital expenditure (capex) programme had been prepared under the assumption of a continuing... 

Pilbara's Tabba Tabba gains further approvals

By: Esmarie Swanepoel     Updated 2 hours 45 minutes ago The Western Australian Department of Minerals and Petroleum has given its approval of the mine plan and mine closure plans of the proposed Tabba Tabba tantalum project. Project owner Pilbara Minerals on Wednesday reported that the approval allows for construction and commissioning of the... 

Hillgrove costs fall in June quarter

By: Esmarie Swanepoel     Updated 2 hours 47 minutes ago Despite recording a decrease in production for the quarter ended June, copper miner Hillgrove Resources also reported record throughput at its processing facility and record low C1 cash costs. Copper production for the quarter reached 4 138 t, compared with the 5 013 t produced in the previous... 

Independence secures A$550m for Sirius buy

By: Esmarie Swanepoel     Updated 2 hours 50 minutes ago ASX-listed Independence Group has secured A$550-million in financing from a number of Australian banks to fund its takeover of fellow listed Sirius Resources. In May, the two companies announced merger plans that would see Sirius shareholders issued with 0.66 of an Independence share for every... 

Taseko strikes participation and cooperation accord with Aboriginal group

By: Henry Lazenby Base metals producer Taseko Mines has formalised a participation and cooperation agreement between the Gibraltar mine, in British Columbia, and its next-door neighbour, the Soda Creek Indian Band (Xat'sull). "We are pleased to formalise a relationship with Taseko regarding the Gibraltar mine.... 

Codelco says Chuquicamata copper mine operational again

By: Reuters Codelco's Chuquicamata copper mine returned to normal operations on Tuesday afternoon after a contract workers' strike caused a halt earlier in the day, the company said in a statement. All projects except the small Salvador mine were operational, although there had been "various difficulties"... 

Peabody shares rally despite missing earnings forecast, suspending dividend

By: Henry Lazenby Extended low-cycle conditions prompted American coal producer Peabody Energy on Tuesday to suspend the quarterly dividend on its common stock, curtail metallurgical coal output and cut jobs as it turned to aggressive cost-cutting measures to survive market headwinds. Peabody was implementing a... 

Peabody shares rally despite missing earnings forecast, suspending dividend

Consol Energy halts steelmaking coal IPO as low coal, oil prices dent Q2 earnings

By: Henry Lazenby US oil, gas and coal producer Consol Energy has put the planned initial public offering (IPO) of its metallurgical coal business on hold, citing the continued degradation of metallurgical coal prices on Tuesday. The MetCo IPO of up to 20% of the subsidiary's equity was expected to occur early in... 

Mozambique coal: boom to bust to wait it out

By: Reuters Mozambique's coal rush is officially over and the government is now looking offshore to a gas bonanza, according to analysts at a coal conference this week in the capital Maputo. Just a few years ago, billions of dollars poured into Mozambique, one of the world's poorest nations, in a twin... 

Eskom says open to coal imports for new power stations 

By: Reuters South African power utility Eskom is open to importing coal for plants it still plans to commission, a coal conference heard on Tuesday. Willem Theron, business development manager of Eskom's southern Africa transmission group, said the state-run utility planned to install an additional 6 250 MW... 

Eskom says open to coal imports for new power stations

Despite weakest demand since 2009, GFMS raises 2015 gold price forecast slightly 

By: Terence Creamer Amid the prevailing gloom about prospects for the gold price, the latest GFMS Gold Survey forecasts an average price of $1 135/oz for the third quarter of 2015, which it also describes as “the nadir”, before a recovery to an average price of $1 175/oz for the fourth quarter. The second quarter... 

Despite weakest demand since 2009, GFMS raises 2015 gold price forecast slightly

AECI H1 earnings rise 45% on bulk property sale

By: Megan van Wyngaardt Explosives and specialty chemicals company AECI’s R400-million bulk property sale, in Somerset West, paired with a maintained market share, despite a difficult environment, pushed its headline earnings for the six months to June 30, up 45% to R632-million, compared with R436-million in the first... 

AECI H1 earnings rise 45% on bulk property sale
Photo by Duane Daws
AECI CEO Mark Dytor

CoM, Village Main Reef reach wage agreement

By: Megan van Wyngaardt The Chamber of Mines (CoM) has concluded a wage agreement with the representative unions at JSE-listed Village Main Reef’s gold mining operations. The two-year agreement allowed for increases of R1 000 and R800 for Category 4 to 8 underground and surface employees respectively, and increases of... 

Aquarius delivers Q4 production record

By: Natasha Odendaal Despite facing significant headwinds and a quarter that ended with weak commodity prices, both of platinum producer Aquarius Platinum’s operating mines achieved record fourth-quarter production levels, as well as lower costs. The JSE-listed group’s overall attributable production from its... 

China's gold imports to plunge as financing deals unwind – Valcambi

By: Reuters China's gold imports could fall as much as 40% this year as demand for bullion used to back domestic financing deals decreases, the world's biggest refiner Valcambi said. A lot of the gold China imported in the last three years was used to secure cheaper loans due to a liquidity crunch, but that... 

Zambia power cuts hit Canada's First Quantum, Barrick 

By: Reuters Power cuts in north-western Zambia, Africa's second-biggest copper producer, have affected production at mines run by Canada's First Quantum Minerals and Barrick Gold, an industry body said on Tuesday. Zambian power utility Zesco Ltd is limiting power it supplies to customers, including mining... 

Base reports record sales, lower costs in Q4

By: Esmarie Swanepoel Kenya-focused mineral sands miner Base Resources has reported record sales volumes across all of its products for the three months to June, while operating costs declined. During the quarter, some 121 727 t of ilmenite, 25 382 t of rutile and 7 621 t of zircon was sold. The record sales volumes... 

Mining study shows Peru copper project's potential

By: Esmarie Swanepoel A mining study on the Los Calatos copper project, in Peru, has estimated that the project could produce up to 45 000 t/y of concentrate over a 17-year mine life. ASX-listed Metminco this week said the six-million-tonne-a-year underground mining operation would require a capital investment of... 

Mt Magnet delivers lower output, higher costs in Q4

By: Esmarie Swanepoel Gold miner Ramelius Resources has reported lower production and higher costs at its Mt Magnet operation, in Western Australia, during the three months to June, owing to lower grades and a scheduled reline of the semi-autogenous grinding and ball mills. Gold production for the quarter declined to... 

Mt Magnet delivers lower output, higher costs in Q4
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