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Reuters

EFF says in election manifesto to nationalise mines

4th February 2019 South Africa's radical leftist Economic Freedom Fighters (EFF) will nationalise all mines by 2023 if elected this year, the party said in its election manifesto launched on Saturday. The party is using an anti-corruption, jobs creation and state control of the economy platform to challenge the... 

India's Vedanta says Anglo American stake buy meets governance requirements

4th February 2019 Indian miner Vedanta said on Monday that its foreign unit Cairn India Holdings Limited's investment in Anglo American met all governance requirements. Vedanta's statement comes days after its shares plunged on Friday, as investors were skeptical of the merits of the investment and questioned the... 

Zambia fires CEO of State mining investment arm ZCCM-IH

1st February 2019 Zambia has fired Dr Pius Kasolo, the CE of State mining investment arm Zambia Consolidated Copper Mines Investment Holding (ZCCM-IH), Mines Minister Richard Musukwa said on Friday, without giving a reason. On Monday, Kasolo said the government should quickly resolve its tax row with mining... 

Japan's Mitsui trims FY profit outlook, to keep stake in Vale

1st February 2019 Mitsui & Co on Friday cut full-year profit forecast by 2% due to the absence of a dividend from Vale, but the Japanese trading house does not plan to change its holding in the Brazilian miner, a company executive said. With 110 people confirmed dead and another 238 missing, according to... 

Codelco reaches deal with two Chuquicamata unions

1st February 2019 Chile's Codelco's, the world's top copper miner, said on Thursday it had reached an agreement on the contract for two unions at its sprawling Chuquicamata copper mine in the north of the country. The agreement, which covers 611 workers, includes a salary increase of 1.2% and signing bonuses for... 

India's Vedanta sinks 20% to 2-1/2-year low

1st February 2019 Shares of India’s Vedanta slumped to a two-and-a-half-year low on Friday after analysts expressed concerns over an investment by the parent company of the conglomerate in African miner Anglo American. Vedanta said on Thursday its foreign unit Cairn India Holdings had paid $200-million to buy a... 

Polymetal to shun M&A in 2019, focus on asset sales

1st February 2019 Russian gold and silver producer Polymetal said on Thursday it will focus on asset sales in 2019 rather than getting involved in industry consolidation. "The pressure from at least some of our shareholders has been to grow smaller or to grow more focused to reduce the number of assets in our... 

Record output drives revenue at Russia's Polymetal up 11% in Q4

31st January 2019 Russian gold and silver producer Polymetal reported on Thursday an 11% rise in fourth quarter revenue, compared to a year earlier, on record high production following a full ramp-up at its mine in Kazakhstan. The London-listed firm, part-owned by businessman Alexander Nesis, launched the Kyzyl... 

Anglo American lays off 180 workers at Chile copper mine

31st January 2019 Global miner Anglo American laid off 180 workers at its flagship Los Bronces mine in central Chile, part of a plan to boost productivity at the deposit that has raised the ire of some of its unionized workers. The layoffs were necessary to combat rising costs at the mine, Anglo American said in... 

South Africa's largest labour union plans nationwide strike over mass layoffs

30th January 2019 South Africa's largest labour union group, with more than a million and a half members, said on Wednesday it would stage a nationwide strike on Feb. 13 over large-scale layoffs at ailing state-owned firms and at private companies. The decision by the Congress of South African Trade Unions... 

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