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Government sells Vodacom stake to PIC to fund Eskom bail-out

By: Terence Creamer     Updated 12 minutes ago The South Africa government confirmed on Wednesday that it had sold its 13.91% stake in telecoms group Vodacom to help finance the R23-billion injection into embattled State-owned electricity utility Eskom. The shares were sold to the Public Investment Corporation (PIC), acting on behalf of the... 

Government sells Vodacom stake to PIC to fund Eskom bail-out
Photo by Duane Daws
Finance Minister Nhlanhla Nene

Indophil expects mid-July deal with Glencore on $5.9bn Philippine mine

By: Reuters     Updated 12 minutes ago Indophil Resources said a final agreement may be signed in the middle of July allowing it to take control of the long-delayed $5.9-billion Tampakan copper/gold project in the Philippines from Glencore. Indophil, previously listed in Australia until its takeover this year by the Philippines'... 

Creamer Media publishes Real Economy Insight: Coal 2015 brief

     Updated 13 minutes 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

Oban enters three-party agreement with Eagle Hill, Ryan, Corona

By: Megan van Wyngaardt Canadian mineral resource company Oban Mining has entered into a definitive arrangement agreement with TSX-listed Eagle Hill Exploration, Ryan Gold and Corona Gold, to acquire common shares of each company. Under the arrangement, each holder of Eagle Hill shares would receive ten common Oban... 

Chile copper output rises 2.1% in May

By: Reuters Chile, the world number one copper producer, had output of 508 245 t of the red metal in May from the year before, boosted by new projects and operational improvements at an unidentified "important" processing plant, government statistics agency INE said on Tuesday. Copper production increased... 

Mine mechanisation linked to local equipment retains jobs – Jourdan

By: Martin Creamer Resource development strategist Dr Paul Jourdan this week called for the local manufacture of mechanised mining equipment to neutralise job losses during the switch to machines. The former Mintek president says that even though mechanisation “massively” increases the quality of work in mines and... 

Mine mechanisation linked to local equipment retains jobs – Jourdan
Photo by Creamer Media
Paul Jourdan

Assore warns of lower FY earnings amid lower iron, manganese prices

By: Creamer Media Reporter JSE-listed mining holding company Assore expects its attributable earnings for the year to June 30 to decline to between R1.23-billion and R1.5-billion, from R4.01-billion in the prior financial year. Headline earnings were expected to fall to between R1.7-billion and R2.08-billion, from... 

Outbid in copper, Mick Davis turns to coal to try for X2's first deal

By: Reuters X2 Resources, the private equity fund set up by former Xstrata boss Mick Davis, is now in initial bilateral talks to buy some of Rio Tinto's Australian coal assets, two sources with knowledge of the situation said on Tuesday. Davis, whose X2 fund has yet to clinch its first deal, is turning his... 

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