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Tanzania jails former finance, mining ministers over gold deal

By: Reuters     Updated 3 hours ago A Tanzanian court sentenced two former ministers to three years in jail on Monday over corruption charges related to the award of a gold audit tender, according to court documents. The convictions of former Finance Minister Basil Mramba and former Energy and Minerals Minister Daniel Yona... 

Tanzania jails former finance, mining ministers over gold deal

Coal India to relinquish 75% of coal blocks in Mozambique

By: Ajoy K Das     Updated 2 hours 51 minutes ago Major Coal India Limited (CIL) has decided to relinquish 75% of the acreage of two of its licensed coal blocks in the Tete province in Mozambique. According to a CIL official the decision to hand over the bulk of the area was prompted by the local government increasing the charges of holding on... 

Vast concludes 50.1% acquisition of second Romanian mine

By: Natasha Odendaal     Updated 10 minutes ago Aim-listed resource and development company Vast Resources has secured a controlling interest in Romania-based Sinarom Mining for €1 and the assumption of the Manaila polymetallic mine owner’s debt. The 50.1% acquisition of control of the Manaila mine further cemented Vast’s plan of becoming a... 

Glencore rubbishes NUM statements over job cuts 

By: Megan van Wyngaardt Multinational mining company Glencore on Monday rejected the National Union of Mineworker’s (NUM’s) allegations that the company had failed to comply with its social and labour plan regarding severance packages, as baseless, saying it was up to the Department of Mineral Resources (DMR) to... 

Graphite price index falls 3 percentage points

By: Henry Lazenby Weak end-markets had caused finer mesh grades of graphite to slip further as summer sales failed to see a seasonal upswing, London-based research house Benchmark Mineral Intelligence said in a new report on Monday. The Benchmark Graphite Index fell a further three percentage points in June, down... 

Greece, China woes trigger fresh rout, led by oil, copper

By: Reuters Commodities prices dropped to their lowest in nearly three months on Monday, dragged lower by a fresh rout in oil and copper as Greece's rejection of debt bailout terms and China's stock market woes unleashed a fresh round of selling. Gold eked out small gains, one of only five commodities to... 

African Energy to sell Botswana coal and power project to SA developer 

By: Esmarie Swanepoel ASX-listed African Energy has signed a term sheet with a South African project developer to divest of its Mmamantswe coal and power project, in Botswana. Subject to certain conditions precedent, African Energy would sell the Mmamantswe project for an initial sum of $10-million to the developer,... 

NUM opposes the sale of Kimberley Mines

By: African News Agency The National Union of Mineworkers (NUM) was totally opposed to the sale of the Kimberley Mines by De Beers Consolidated Mines (DBCM) in Kimberley, the union said on Monday. Acting NUM spokesperson Livhuwani Mammburu said De Beers announced in September last year that it was always looking into... 

Pilbara makes a play for Tabba Tabba

By: Esmarie Swanepoel     Updated 3 hours ago Strategic minerals company Pilbara Minerals has announced plans to acquire full ownership of the Tabba Tabba tantalum project, in Western Australia. Pilbara currently holds a 50% interest in a joint venture with Valdrew Nominees, trading as Nagrom & Co, over the Tabba Tabba project. 

NSW proposes change to mining project assessment policy

By: Esmarie Swanepoel     Updated 2 hours 55 minutes ago The New South Wales government on Tuesday released a proposed amendment to the Mining State Environmental Planning Policy (SEPP), which Planning Minister Rob Stokes said would remove a provision making the significance of the resource the principal consideration when determining mining... 

NSW proposes change to mining project assessment policy

Iron-ore to boost Australia economy by A$600bn in next decade – report

By: Esmarie Swanepoel     Updated 3 hours ago New research commissioned by the Minerals Council of Australia (MCA) has revealed that despite the severe fall in iron-ore prices, the Australian iron-ore sector is expected to contribute more than A$600-billion to the economy over the next decade. In the new report, titled ‘Iron Ore; The Bigger... 

Creamer Media publishes Real Economy Insight: Iron-Ore 2015 brief

This six-page brief is a synopsis of key developments in the iron-ore sector over the past 12 months, including details of the global and South African iron-ore markets, as well as prospects for the secto 

Creamer Media publishes Real Economy Insight: Iron-Ore 2015 brief

Aurelia unveils Hera expansion plan, but warns of impairment

By: Esmarie Swanepoel     Updated 3 hours ago Despite warning of a full-year impairment of between A$60-million and A$90-million, gold miner Aurelia Metals on Tuesday announced plans to expand production at its Hera gold/lead/zinc mine, in New South Wales. The Hera project poured its first gold in September last year, but the project was... 

Reed finalises Metals X deal

By: Esmarie Swanepoel     Updated 3 hours ago ASX-listed Neometals on Tuesday announced that its 70%-held subsidiary Reed Industrial Minerals had completed a deal with fellow-listed Metals X over the Mt Marion lithium project, in Western Australia. In January this year, the two companies signed a memorandum of understanding that would see... 

Saracen beats production expectations

By: Esmarie Swanepoel     Updated 3 hours ago Gold miner Saracen Mineral Holdings on Tuesday reported that gold production for the year ended June exceeded expectations, following record production in the month of June. Gold production during the full year reached 167 531 oz of gold, compared with a previously announced guidance of 160 000... 

Silver Mines reveals growth strategy

By: Esmarie Swanepoel     Updated 3 hours ago The share price of ASX-listed Silver Mines increased by 50% on Tuesday after the company announced that it would continue with an acquisition drive. Last month, Silver Mines acquired the Conrad silver project, in New South Wales, from fellow-listed Malachite for A$350 000 and the issue of A$125... 

Denison to buy uranium explorer Fission for about C$483m

By: Henry Lazenby Canadian uranium exploration and development company Denison Mines has agreed to buy rival Fission Uranium for about C$483-million, creating a new diversified Canadian uranium company with a portfolio of projects in the prolific Northern Saskatchewan mining region. Denison advised on Monday that,... 

Denison to buy uranium explorer Fission for about C$483m
Photo by Fission Uranium
Exploration at Fission Uranium's Patterson Lake South Project, in Northern Saskatchewan.

Pershing Gold lifts Relief Canyon resource 34%

By: Henry Lazenby Emerging precious metal producer Pershing Gold has lifted the measured and indicated resource at its flagship Relief Canyon mine project by 34%, reflecting improved confidence in the resource model. Reno, Nevada-based Pershing on Monday reported that an upgraded National Instrument... 

Fortune Minerals defaults on Colorado-based Revenue silver mine debt

By: Henry Lazenby Canadian miner Fortune Minerals has defaulted on a metals prepay agreement with its major financing partner, triggering all amounts and deliveries owing under the contract to become immediately due and payable. Fortune and its subsidiary Fortune Revenue Silver Mines (FRSMI), which owned the... 

White Rivers clinches deal with gas developer Windfall

By: Megan van Wyngaardt South Africa-focused mineral explorer and developer White Rivers Exploration (WRE) has signed a memorandum of understanding (MoU) with Windfall Energy to facilitate the joint exploration and development of WRE’s Heilbron and Kroonstad gas assets in the Witwatersrand basin. Under the Terms of the... 

White Rivers clinches deal with gas developer Windfall

NUM rejects gold wage offer – source

By: Reuters South Africa's National Union of Mineworkers (NUM) has rejected a wage offer from gold producers and is still pressing for pay hikes of up to around 80%, a union source said on Monday. Bullion producers including AngloGold Ashanti, Harmony Gold and Sibanye Gold offered increases last week of up... 

RBPlat suspends BRPM South shaft ops following fatality

By: Creamer Media Reporter A winch operator at JSE-listed Royal Bafokeng Holdings’ Bafokeng Rasimone Platinum Mine (BRPM) South shaft has died after being struck by a scraper rope during scraping operations. All normal underground operations at the shaft were suspended pending an investigation into the incident. 

Zuma, Mandela probed by Hawks over Aurora

By: News24Wire The nephew of President Jacob Zuma and grandson of former President Nelson Mandela are being investigated by the Hawks in connection with alleged criminal activities stemming from the Aurora case. "The Aurora issue is now in the hands of the Hawks. We are looking at the criminal element of the... 

Sierra Rutile lifts Q2 output, reduces costs

By: Creamer Media Reporter Mineral sands miner Sierra Rutile achieved a strong second-quarter performance, lifting its rutile output by 28% quarter-on-quarter and reducing its direct operating cash costs by 16% quarter-on-quarter. The Aim-listed miner produced 29 933 t of rutile in the three months to June 30, compared... 

China Molybdenum says ready to make $2.15bn mine acquisition

By: Reuters China Molybdenum Luoyang Co is poised to make an offer for an overseas mining project costing up to $2.15-billion, the latest push by a Chinese enterprise to acquire resource assets beyond its borders. Officials from China Moly, as it is known, could not be immediately contacted for further... 

China Molybdenum says ready to make $2.15bn mine acquisition

Glencore confirms production halt at NSW underground coal mine

By: Esmarie Swanepoel Diversified miner Glencore has confirmed that production at its West Wallsend underground coal mine, in New South Wales, has been halted, owing to longwall issues. Glencore in May announced that mining at West Wallsend would be completed next year, consistent with the life-of-mine planning. The... 

Glencore confirms production halt at NSW underground coal mine

Bowmore closes first tranche of private placement, board member resigns

By: Creamer Media Reporter TSX-V-listed Bowmore Exploration has closed the first $355 600 tranche of a nonbrokered private placement with Canadian investors. The precious metals-focused exploration mining company noted on Friday that the gross proceeds raised from the placement were to be used to incur Canadian exploration... 

Centerra’s Kumtor environmental permits extended to year-end

By: Creamer Media Reporter TSX-listed Centerra Gold’s Kumtor openpit gold mine, in the Issyk Kulp province of Kyrgyzstan, has received extensions until December 31 of its permits for emissions into the atmosphere and waste disposal into the tailings pond. The Toronto, Ontario, Canada-based company reconfirmed on Friday... 

Centerra’s Kumtor environmental permits extended to year-end

DiamondCorp raises £5m in oversubscribed offer

By: Natasha Odendaal Dual-listed DiamondCorp on Monday said its oversubscribed open offer had raised £5.27-million. The Southern Africa-focused diamond development, exploration and mining company last month issued an open offer for nearly 21-million new ordinary shares to eligible shareholders at 10p apiece. 

DiamondCorp raises £5m in oversubscribed offer

AGL to sell Hunter Valley CSG project, other noncore assets

By: Esmarie Swanepoel Energy major AGL Energy has warned of about A$435-million in after-tax asset impairments for the 2015 financial year as it divests of its noncore assets. The company told shareholders on Monday that the decision to divest of its noncore assets followed a comprehensive review of its upstream gas... 

Gryphon ‘significantly’ enhances Burkina Faso project economics

By: Esmarie Swanepoel An updated scoping study into the Banfora gold project, in Burkina Faso, has significantly increased the project’s economics, owner Gryphon Minerals reported on Monday. The optimised study has increased the project’s after-tax net present value from a 2014 estimate of A$90-million to... 

Poseidon declares reserve at Maggie Hays

By: Esmarie Swanepoel Nickel miner Poseidon Nickel has reported a maiden reserve estimate for the Maggie Hays deposit, within the Lake Johnston project, in Western Australia, of 1.9-million tonnes, grading 1.19% nickel for 22 600 t of contained nickel. The miner reported on Monday that the ore reserve represented an... 

Northern Iron subsidiary gets a lifeline

By: Esmarie Swanepoel Iron-ore junior Northern Iron on Monday announced that its Norwegian subsidiary Sydvaranger Gruve AS (SVG) has instigated a number of initiatives to improve the company’s financial position and to ensure the continuation of the group’s operations. SVG earlier this year admitted to its economic... 

Portia hitting targets - Havilah

By: Esmarie Swanepoel ASX-listed gold junior Havilah Resources will add a second fleet of mining equipment at its Portia gold mine, in South Australia, to double excavation capacity after hitting production targets in June. The ASX-listed miner said on Monday that some 400 000 m3 of material was moved during June... 

India announces coal supply auction methodology, faces user opposition

By: Ajoy K Das While India’s Coal Ministry has announced a methodology for auction of coal supply linkages, it is now facing opposition from small consumers on “faulty process and lack of clarity on volumes on offer”. The Coal Ministry earlier stated that all fuel supplies from producer Coal India Limited... 

Creamer Media publishes Real Economy Insight: Gold 2015 brief

This eight-page brief is a synopsis of key developments in the gold industry over the past 12 months. It provides an overview of the South African gold market, including labour- and electricity-related challenges and prospects for the sector. 

Creamer Media publishes Real Economy Insight: Gold 2015 brief

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