Friday, June 26, 2009.
From Creamer Media in Johannesburg, I’m Mariaan Webb.
Making headlines today:
Chamber of Mines techno economics assistant adviser Dick Kruger says the interim increase in electricity tariffs will add an additional 2-billion-rand in costs to the South African mining industry.
However, Kruger says that the chamber accepted that there appeared to be justification for the requested interim price increase.
The Chamber of Mines has also called on government to delay the implementation of the 2c/kWh environmental levy, which will be implemented on July 1, until the economic conditions are more conducive.
On Friday, gold major Harmony was selected as the preferred bidder for acquiring the Free State mining assets of the provisionally liquidated Pamodzi Gold.
Lead liquidator Enver Motala of SBT Trust says the selection remained subject to the formal approval from the major secured creditor, the State-owned Industrial Development Corporation, and the major trade unions and the relevant fulfilment of all conditions.
Also making headlines:
Metorex sells its gold holding for 386-million-rand to fund Ruashi and reduce debt.
Teck sees lower copper output after the Highland Valley pit wall movement.
Transnet says that South African coal exports are unlikely to breach 65-million tons this year.
And, a storm erupts over a production halt at Sierra Grande mine.
That’s a round up of news making headlines today. For more on these and other stories please visit miningweekly.com.
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Daily podcast – June 26, 2009
Friday, June 26, 2009.
By: Terence Creamer
State-owned electricity producer Eskom plans to make an early fourth multiyear price determination (MYPD4) application to the National Energy Regulator of South Africa (Nersa) and also extend the tariff horizon in the submission to ten years, CFO Anoj Singh said on Tuesday. The current MYPD3 determination runs for five years and is scheduled to continue until March 31, 2018. Speaking during the utility’s interim results presentation, Singh said the new application – which would follow on the back of a failed attempt for a partial reopening of the MYPD3 earlier in the year – would be pursued in “parallel” with two Regulatory Clearing Account (RAC) submissions to claw back unrecovered revenue for 2013/14 and 2014/15. →
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