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Optimum mine right suspended, penalties may force R1/t coal supply

By: Martin Creamer     Updated 7 hours ago Financially stricken Optimum Coal has been hit by a double whammy – huge potential penalty claims from State electricity utility Eskom plus a suspension of its mining licence by the Department of Mineral Resources (DMR) for alleged inhumane retrenchment. In the face of these latest setbacks,... 

Optimum mine right suspended, penalties may force R1/t coal supply
Photo by Duane Daws
Clinton Ephron

‘Depressed’ PGM market cycle stalls RBPlat’s Styldrift expansion

By: Natalie Greve     Updated 7 hours ago Royal Bafokeng Platinum (RBPlat) plans to scale back on construction at its Styldrift 1 expansion project, telling investors on Tuesday that a sustained depression in the platinum group metals (PGMs) market – which is expected to continue over the medium term – was behind the imperative to reduce... 

‘Depressed’ PGM market cycle stalls RBPlat’s Styldrift expansion
Photo by Duane Daws
RBPlat CEO Steve Phiri

Jubilee in talks over R255m debt facility

By: Natasha Odendaal Following dual-listed Jubilee Platinum’s announcement that it is in advanced talks for a debt facility to fund the bulk of the R346-million needed to bring its two surface platinum processing plants into operation, the mine-to-metals specialist’s JSE share price on Tuesday afternoon contracted... 

Ivanhoe, Zijin extend Kamoa transaction completion date

By: Megan van Wyngaardt TSX-listed Ivanhoe Mines and Zijin Mining Group have extended the completion date for Zijin's planned investment in Ivanhoe's Kamoa copper project, in the Democratic Republic of Congo, to 15 business days after the satisfaction or waiver of all conditions precedent to the transaction have been... 

Merafe H1 earnings slump

By: Natasha Odendaal JSE-listed Merafe Resources on Tuesday posted a 12% rise in revenue to R2.2-billion as ferrochrome sales delivered a double-digit increase to 191 000 t during the first half of 2015. However, Merafe’s earnings before interest, taxes, depreciation and amortisation (Ebitda) from its Glencore–Merafe... 

Palabora operations hit by wave of protests

By: Natasha Odendaal Limpopo-based Palabora Copper on Tuesday confirmed that operations at its copper mine, in Phalaborwa, had been halted since Friday night, as Ba-Phalaborwa community members embarked on violence and intimidation sparked by what the company claimed was propaganda. Corporate affairs manager Hulisani... 

Shale gas laws still scaring foreign investors

By: African News Agency Concern about the free stake the South African government will take in shale gas projects continues to be the main obstacle to foreign investment in exploration in that field, mineral resources officials told MPs on Tuesday. “The definition of free carry interest in the bill lent itself to a... 

Shale gas laws still scaring foreign investors

Steinmüller Engineering’s new South Africa office to target energy prospects

By: Creamer Media Reporter Engineering and technology specialist Steinmüller Engineering has opened a branch office in South Africa, which will focus on providing services to the power and industrial markets in South Africa and sub-Saharan Africa. The company was formed in Germany in 2003 and, in June 2014, was acquired by... 

Steinmüller Engineering’s new South Africa office to target energy prospects

Turner & Townsend diversification strategy delivers R7.2bn turnover

By: Megan van Wyngaardt Global programme management and construction consultancy Turner & Townsend increased its turnover for the financial year to April 30, to R7.2-billion, with turnover in Africa up 3% to more than R290-million. The R7.2-billion was up 11% on the R6.8-billion achieved in the prior year. 

Turner & Townsend diversification strategy delivers R7.2bn turnover

AngloGold Ashanti completes $820m sale of US mine

By: Megan van Wyngaardt Dual-listed gold miner AngloGold Ashanti sold its Cripple Creek & Victor mine, in Colorado, to NYSE-listed Newmont Mining Corporation for $820-million in cash. The sale, which also included a net smelter return royalty, formed part of AngloGold’s $3.1-billion debt reduction strategy. 

AngloGold Ashanti completes $820m sale of US mine

AngloGold Ashanti to lower Oz costs, seeks partner in Ghana

By: Esmarie Swanepoel Global gold miner AngloGold Ashanti on Tuesday announced initiatives to cut costs at its Australian operations, while the miner was also hunting for project partners for its Obuasi project, in Ghana. Speaking on the sidelines of the Diggers & Dealers conference, group planning and technical... 

AngloGold Ashanti to lower Oz costs, seeks partner in Ghana

Harmony reports Kusasalethu fatality

By: Creamer Media Reporter An employee was fatally injured in a rail bound accident at Harmony Gold’s Kusasalethu mine, near Carletonville, on Monday. Harmony on Tuesday said investigations into the accident were under way, with all tramming operations on the level where the accident occurred having been stopped. Harmony’s... 

African Potash signs three-year deal with Comesa

By: Megan van Wyngaardt To create a vertical platform for the mining, production and distribution of fertiliser in the Common Market for Eastern and Southern Africa (Comesa) region, Aim-listed African Potash and Mask Africa Crowd Farm Fund (MACFF) have entered into a three-year trading agreement with Comesa. Under the... 

Avocet draws down on loan facility to continue business review

By: Megan van Wyngaardt Aim-listed Avocet Mining has drawn down further funds under the third Elliott loan facility of about $2.4-million, agreed with Manchester Securities, an affiliate of the company's largest shareholder Elliott Management Corporation. The funds would be used to meet Avocet’s corporate requirements... 

Congo gold production rises 79% in Q2 – report

By: Reuters Gold production in the Democratic Republic of Congo rose sharply in the second quarter and copper production also picked up, the central bank said on Monday, despite uncertainty about a proposed revision of the mining code. Congo, which hopes to become one of Africa's leading gold producers,... 

Outback swagger for Australian gold miners as M&A deals roll on

By: Reuters Australian gold miners are still pursuing M&A deals, defying worries that last month's dramatic slide in bullion prices would extinguish momentum in the sector. The triggers are a sliding commodity-weighted currency and a crumbling iron ore price, which has left that market to mega-miners such... 

Creamer Media publishes Real Economy Insight: Iron-Ore 2015 brief

This six-page brief is a synopsis of key developments in the iron-ore sector over the past 12 months, including details of the global and South African iron-ore markets, as well as prospects for the secto 

Creamer Media publishes Real Economy Insight: Iron-Ore 2015 brief

Former Centerra Gold CEO detained in Bulgaria on Kyrgyz corruption claims

By: Henry Lazenby     Updated 3 minutes ago A former Centerra Gold president and CEO has been detained by Bulgarian authorities while on a family holiday, apparently at the request of Kyrgyz Republic authorities, the company reported on Monday. The Canadian company distanced itself from Kyrgyz allegations that Leonard Homeniuk, who served... 

Vista Gold fully funded through 2018

By: Henry Lazenby     Updated 23 minutes ago Project developer Vista Gold is fully funded through to 2018, focused on preserving funds while biding its time to make a decision to proceed with a feasibility study on its fully owned Mt Todd, gold project, in Australia’s Northern Territory. 

Cameco’s Seitz chosen as potash cartel’s next president, CEO

By: Henry Lazenby     Updated 1 hour 47 minutes ago The world’s dominant potash cartel Canpotex, which sells the products of Canada’s biggest potash miners PotashCorp, Mosaic and Agrium to offshore markets, has appointed Canadian uranium producer Cameco’s senior VP and chief commercial officer Ken Seitz as its new president and CEO, effective from... 

Sinking gold price has changed US mining landscape during H1 – USGS

By: Henry Lazenby     Updated 2 hours 8 minutes ago The sliding gold price has contributed to a significantly changed US gold-mining landscape during the first half of 2015, contributing to a 9% year-on-year decrease in domestic output for the month of April, the US Geological Survey (USGS) said in a new mineral industry survey on the yellow... 

Evolution not averse to buying more assets

By: Esmarie Swanepoel Australia’s second-largest gold miner Evolution Mining will continue to evaluate potential acquisitions in Australia, with executive chairperson Jake Klein saying that the company could also potentially look at opportunities outside Australia. The gold miner recently wrapped up a $550-million buy... 

SouthGobi CFO resigns, successor to be announced

By: Sashnee Moodley Mongolia-focused coal miner SouthGobi Resources CFO Bertrand Troiano has resigned following a two-year secondment from mining giant Rio Tinto, which ended on July  

Codelco's Ministro Hales mine halted as protesters occupy site

By: Reuters Chile State copper producer Codelco said it had suspended operations at its Ministro Hales mine, in northern Chile, after the complex was seized by striking contract workers. Contract workers affiliated with the Confederation of Copper Workers, or CTC, have been on strike across Codelco's... 

Alpha Natural files for bankruptcy

By: Reuters Alpha Natural Resources Inc, one of the largest US coal companies, became the latest in the hard-hit industry to seek bankruptcy on Monday. The move comes as President Barack Obama is expected to unveil tough new measures to cut greenhouse gas emissions from coal-fired power plants. 

Alpha Natural files for bankruptcy
Photo by Reuters
Us President Barack Obama

Doray starts work at Deflector

By: Esmarie Swanepoel ASX-listed gold miner Doray Minerals has started site work at the Deflector copper/gold project, in the Murchison region. The Deflector project was acquired as part of a takeover offer of Mutiny Gold earlier this year, and by May, the Doray board had approved the development of the project. 

Gabriel still committed to Roşia Montană despite arbitration

By: Tracy Hancock TSX-listed Gabriel Resources remained committed to the construction and operation of a world-class mine at Roşia Montană, in Romania, noted Gabriel president and CEO Jonathan Henry on Monday. The Canadian resource company, which had been focused on permitting and developing the gold and silver... 

Optimum Coal heads for business rescue as Eskom plays hardball

By: Martin Creamer Business rescue proceedings are to begin at both Optimum Coal Holdings and Optimum Coal Mine after attempts to renegotiate a 22-year-old lossmaking supply agreement with Eskom ended in the State electricity utility asserting its rights to past and future penalty claims. The penalties sought... 

Optimum Coal heads for business rescue as Eskom plays hardball
Coal mine into business rescue

Former Centerra Gold president, CEO detained in Bulgaria

By: Sashnee Moodley Bulgarian authorities have detained former Centerra Gold president and CEO Leonard Homeniuk, apparently at the request of Kyrgyz Republic authorities. 

Brazil's Bradespar renews buyback plan for another year

By: Reuters The board of Bradespar SA, a mining and energy investment holding unit controlled by Banco Bradesco SA, renewed on Monday a plan to repurchase up to 24.8 million shares for another year after the company's two classes of stock sank an average 25% this year. Bradespar, which controls Bradesco's... 

Fresnillo to cut 2015 capex budget

By: Reuters Fresnillo, the world's biggest primary silver producer, said it would cut its planned capital expenditure for this year by 19% to $570-million, hurt by volatility in metal prices. About $90-million of the cut would come from deferred spending at its Cienega and Saucito mines, Chief Executive... 

First Nickel resumes operations at Lockerby after explosion

By: Sashnee Moodley Mining and exploration company First Nickel resumed normal operations on Monday, following an underground explosion at its Lockerby mine, south-west of Sudbury, in Ontario, on Sunday morning.  

First Nickel resumes operations at Lockerby after explosion

E&P majors oppose licence renewal terms for India oil-, gasfields

By: Ajoy K Das Oil and gas exploration and production (E&P) majors are opposing terms for the renewal of licences for 28 fields, forcing the Indian government to mull alternatives. Production sharing contracts (PSCs) for 28 oil- and gasfields, including the Panna/Mukta and Tapti fields operated by UK-based BG... 

Moore chairs new WA gold group

Former Western Australian Mines and Petroleum Minister Norman Moore has joined a number of gold miners to launch a group dedicated to promoting and championing the gold industry. Moore, who will act as chair, said on Tuesday that the Gold Industry Group would represent the interests of gold... 

Zijin aims to be global miner – Fang

By: Esmarie Swanepoel Australia’s resources sector was a key foothold in Chinese major Zijin Mining’s globalisation plans, Norton Gold Fields executive director and chairperson George Fang told journalists on the sidelines of the second Diggers & Dealers conference. He noted that Zijin, which recently took control of... 

Northern Star keeps up investments

By: Esmarie Swanepoel ASX-listed Northern Star Resources will spend A$35-million on exploration over 2016, after it’s A$50-million exploration spend in 2015 delivered massive results. MD Bill Beament told delegates attending the second day of the Diggers & Dealers conference that exploration in 2015 resulted in a 44%... 

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