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Nordgold Q3 production up 11% y/y, company on track to achieve upper end of full-year guidance

By: Leandi Kolver     Updated 54 minutes ago LSE-listed Nordgold on Wednesday reported a 11% year-on-year, and 2% quarter-on-quarter increase in production for the three months ended September 30, to 270 600 gold equivalent ounces. The company also noted that, for the nine months ended September 30, production had reached 746 900 oz, a 13%... 

Waterberg JV PFS on track

By: Leandi Kolver     Updated 1 hour ago The prefeasibility study (PFS) for TSX- and NYSE-listed Platinum Group Metals’ (PTM’s) Waterberg Joint Venture (JV) project on the northern limb of the Bushveld Complex is on track, with completion targeted for the second quarter of next year, PTM said on Wednesday. The company noted that an... 

Eskom to receive R20bn injection, but no other SoC bailouts

By: Terence Creamer     Updated 3 hours ago Finance Minister Nhlanhla Nene confirmed a further direct allocation to power utility Eskom of at least R20-billion. But he also stressed on Wednesday that the injection would have no impact on the Budget deficit as the capital would be raised through the sale of “non-strategic State assets”.... 

Eskom to receive R20bn injection, but no other SoC bailouts

Spending ceiling lowered, taxes to be raised as Nene holds fiscal consolidation line

By: Terence Creamer     Updated 3 hours ago Fiscal consolidation could no longer be postponed, Finance Minister Nhlanhla Nene told lawmakers on Wednesday, while also announcing a R25-billion lowering of the expenditure ceiling and flagging plans to raise an additional R27-billion through higher taxes in the coming two years. Delivering a... 

Spending ceiling lowered, taxes to be raised as Nene holds fiscal consolidation line
Photo by Bloomberg
Finance Minister Nhlanhla Nene

Capital-raise puts novel underpin on Northam Platinum’s funded R6.6bn BEE deal

By: Martin Creamer     Updated 7 hours ago Platinum mining company Northam on Wednesday concluded a fully funded ten-year R6.6-billion black economic-empowerment (BEE) equity transaction underpinned by a R4.6-billion capital raising, which has the potential to position the JSE-listed company as a fully integrated, fully empowered South... 

Capital-raise puts novel underpin on Northam Platinum’s funded R6.6bn BEE deal
Photo by Duane Daws
Northam Platinum CEO Paul Dunne

China overseas direct investment seen rising 10% a year

By: Reuters China's overseas direct investment is projected to rise at least 10% annually for the next five years, a trend that will soon make the country a net capital exporter, a senior commerce ministry official said on Wednesday. "It's only a matter of time," said Zhang Xiangchen, an assistant minister... 

Baosteel taps ex-junior miner CEO for Australia iron ore project

By: Reuters China's Baosteel has snared the former boss of Iron Ore Holdings (IOH) to lead the development of its West Pilbara Iron Ore project in Australia, in a blow to IOH's new owner, BC Iron Ltd. BC Iron said on Wednesday former IOH MD Alwyn Vorster had resigned from the board of BC Iron as he had... 

Shaw River signs offtake deal with Noble

By: Esmarie Swanepoel ASX-listed Shaw River Manganese on Wednesday announced that it had secured an offtake agreement with Noble Resources International for up to 30 000 t of manganese from its flagship Otjozondu project, in Namibia. The sales contract was structured for fixed pricing, at different product... 

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