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Bloomberg

Gupta's South African mining assets attract R3bn bid

12th December 2018 A South African consortium called Project Halo has submitted the winning bid of R3.05-billion for three major assets of Tegeta Exploration & Resources, the Gupta family-linked mining company under administration since February. Project Halo will buy Optimum Coal Mine, for a maximum of... 

BHP stuck with small copper mine as would-be buyer backs out

12th December 2018 The sale of BHP Group’s smallest copper mine in Chile has been called off after the would-be buyer, EMR Capital Advisors, failed to come up with the money on time. The two parties ended their agreement for the Cerro Colorado mine, with Melbourne-based EMR unable to meet a funding deadline for... 

Big coal wants consumers to pay for fixing its pollution problem

11th December 2018 Some of the world’s biggest fossil-fuel producers are calling on taxpayers to help them kick their pollution habit. The world’s biggest oil, natural gas and mining companies are stepping up their campaign to deploy carbon capture and storage, or CCS, as way to slow global warming. But with a... 

In Eskom's case, does Mboweni feel a photo is worth 1 000 words?

11th December 2018 Not long after Eskom told fund managers in London that the troubled power utility planned to ask South Africa’s National Treasury to assume R100-billion of its debt, the country’s new Finance Minister Tito Mboweni tweeted a picture of a sieve. The tweet, two days later, may have been a simpler... 

Oil holds drop on doubts over Opec curbs and US supply threat

11th December 2018 Oil held its biggest loss in two weeks as uncertainty over how the Opec+ coalition will implement its output cuts and the prospect of surging US supplies kept investors wary. Futures in New York were little changed, after Monday’s 3.1% drop erased gains following last week’s pact between Saudi... 

Zambian mines warn tax changes could lead to 21 000 job losses

11th December 2018 Zambia’s planned mining royalty increases could lead to more than 21 000 job losses and operators cutting $500-million in capital spending over the next three years, an industry lobby group said. Members of the Chamber of Mines, which represents companies including Glencore, First Quantum... 

Angola to hold first diamond auction in January, Sodiam says

10th December 2018 Angola will conduct its first diamond auction in January as part of the southwest African country’s plan to open its economy to foreign investors, state-owned diamond-trading company Sodiam said. Seven gemstones from the Lulo mine, located in the northeast, will come under the hammer, Sodiam said... 

CEO joins executive exodus at Dominion Diamond

10th December 2018 Dominion Diamond CEO Patrick Evans has left the company, marking at least the third high-profile departure in less than a year at the Canadian miner, which is owned by billionaire Dennis Washington. Evans confirmed that he departed on December 5. Shane Durgin, who was COO, took over as CEO... 

US delays Rusal sanctions as talks with Deripaska continue

10th December 2018 The US Treasury Department delayed imposing sanctions on Russia’s largest aluminum producer, United Co. Rusal, for the fifth time, as it seeks to strike a deal that would allow the company to escape the penalties. Treasury said in a notice Friday that licenses allowing Rusal to continue doing... 

South African gold industry enters final phase of slow death

10th December 2018 Back in 1987, South African President Cyril Ramaphosa – then a 34-year-old labor union leader – led 300 000 black miners in a strike that symbolized resistance to the apartheid regime. Now, striking gold workers face a less politically charged battle, but one they can’t win. The nation’s... 

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