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Minergy to list coal project in Botswana, also eyeing JSE

By: Martin Creamer     20th February 2017 Coal and energy company Minergy said on Monday that it will list on the Botswana Stock Exchange in the first half of this year and is also planning a Johannesburg Stock Exchange listing in 2017’s latter half. In the initial capital raising ahead of the listing of its Masama coal project, Minergy,... 

Minergy to list coal project in Botswana, also eyeing JSE
Minergy CEO Andre Boje

Pan African shares fall on fatality-linked mining suspension at Evander

By: Martin Creamer     20th February 2017 The share price of Pan African Resources fell by more than 8% in early trade on Monday after the company issued a stock exchange news service notice announcing a fatality-linked 55-day mining suspension of the Evander shafts where studies recently identified critical infrastructure issues... 

Pan African shares fall on fatality-linked mining suspension at Evander
Photo by Duane Daws
Pan African Resources CEO Cobus Loots

Petra posts strong interim results, lifts production 24% y/y

By: Anine Kilian     20th February 2017 FTSE 250 miner Petra Diamonds’ production increased by 24% year-on-year to two-million carats for the six months ended December 31.  Revenue rose 48% to $228.5-million, while earnings before interest, taxes, depreciation and amortisation were up 80% to $87.1-million. 

Stellar to enter into tribute mining agreement with Octea

By: Megan van Wyngaardt     20th February 2017 Stellar Diamonds has terminated discussions with Octea Mining around the acquisition of the Tonguma kimberlite diamond project, in eastern Sierra Leone. Instead, Stellar and Octea intend to enter into a tribute mining agreement, which will allow Stellar to fund and mine the Tonguma licence area,... 

Edenville raises £2m to advance Rukwa project to production

By: Megan van Wyngaardt     20th February 2017 Aim-listed Edenville Energy has raised £2-million through an oversubscribed subscription of 250-million new ordinary shares at 0.8p apiece. The company also issued 125-million warrants to the subscribers on the basis of one warrant for every two new ordinary shares, exercisable at 1.08p per... 

Goldplat maintains H1 profitability

By: Anine Kilian     20th February 2017 Aim-listed Goldplat has continued to improve its profitability during the six months to December 31, with pre-tax profit up 238% year-on-year to £1.33-million. “At the operating level the profit was £1.01-million. Cash and cash equivalents at the end of the period stood at £885 000,” chairperson... 

Metallon reports 40% y/y Ebitda improvement

By: Anine Kilian     20th February 2017 Zimbabwe-focused gold producer Metallon Corporation grew its earnings before interest, taxes, depreciation and amortisation (Ebitda) by 40% to $18.6-million in 2016, from $13.3-million in 2015.  “2016 was a year of positive progress for Metallon. The business delivered an outstanding Ebitda . . .... 

Harmony reports fatality at Bambanani

By: Natasha Odendaal     20th February 2017 JSE-listed Harmony Gold on Monday reported a fatality at its Bambanani mine, in Welkom, in the Free State An investigation is under way after a winch driver was fatally injured in a fall-of-ground incident on Friday. 

Sanbrado proves positive for West African

By: Esmarie Swanepoel     20th February 2017 A feasibility study into the Sanbrado gold project, in Burkina Faso, has estimated that the project could produce about 93 000 oz/y over a nine-year mine life. ASX-listed West African Resources has revealed that, over the first three years of production, the mine is expected to produce 150 000 oz/y. 

De Beers' Forevermark diamonds to add 10% more outlets in 2017, says CEO

By: Reuters     18th February 2017 Diamond jewellery retailer Forevermark, part of the Anglo American mining group, has expanded to 2 000 outlets globally and expects a further 10% rise this year, CEO Stephen Lussier said on Friday. The number of new Forevermark outlets, which sell selected De Beers diamonds, rose by 14% last... 

Petmin expects lower interim HEPS; basic earnings to increase by 216%

By: Anine Kilian     20th February 2017 JSE-listed Petmin expects its basic earnings a share for the six months ended December 31, to be about 216% higher year-on-year at 8.3c, compared with a loss of 7.15c for the six months ended December 31, 2015. Petmin had incurred a R115-million impairment on the investment in the Veremo project... 

Higher costs, lower prices impact on First Quantum's Q4 net earnings

By: Henry Lazenby     18th February 2017 Base metals producer First Quantum Minerals' net earnings from continuing operations decreased to $12-million for the three months ended December 31, compared with $111-million posted for the fourth quarter of 2015, as higher costs and lower metals prices weighed on the bottom line. For the full... 

Sherritt to ramp up 2017 capex as it resumes oil & gas drilling, Ambatovy charges

By: Henry Lazenby     18th February 2017 Diversified miner Sherritt International says it expects to increase capital expenditure (capex) on new mining development and fleet upgrades this year. The Toronto-headquartered company said the majority of its $129-million capex budget for this year will be focused on completing the first Block... 

New-look M&R to transfer listing to Diversified Industrials board from Heavy Construction

By: Terence Creamer     20th February 2017 Murray & Roberts (M&R) has confirmed that its application to transfer its listing from the ‘Construction and Materials’ sector of the JSE to the ‘General Industrials’ sector has been approved and that the change will become effective from Monday, March 20. From that date, the company will trade... 

New-look M&R to transfer listing to Diversified Industrials board from Heavy Construction
Photo by Duane Daws
CEO Henry Laas

India’s Coal Ministry prods ICVL to speed up coal production, acquisitions

By: Ajoy K Das     20th February 2017 India’s Coal Ministry has directed International Coal Ventures Limited (ICVL) not to waste time in operationalising existing overseas coal blocks or delay the acquisition of new assets. It also warned ICVL that delays in achieving these objective were "unacceptable". 

Yellen can't halt Trump gold rally that funds bet against

By: Bloomberg     20th February 2017 They should’ve had more faith. Hedge funds reduced their wagers on a bullion rally for the first time in three weeks, just before prices neared a two-month high and capped a third straight week of gains. Not even Federal Reserve Chair Janet Yellen’s outlook for higher US interest rates has been... 

Yellen can't halt Trump gold rally that funds bet against

Vale scraps controlling bloc, merges shares in major transparency move

By: Reuters     20th February 2017 Vale SA plans to become a company with no defined controlling shareholder as soon as possible, in a landmark step aimed at enhancing transparency and equal rights for all shareholders in the world's largest iron-ore producer. In a Monday statement, Vale said controlling shareholders grouped under... 

Freeport Indonesia says could seek arbitration over mining contract violations

By: Reuters     20th February 2017 Freeport-McMoRan Inc's Indonesian unit said on Monday it hoped to resolve a dispute with the government over its mining contract, but reserved the right to start arbitration against the government and seek damages. Freeport has submitted a notification to Indonesia's mining ministry describing... 

Philippines minister stands by call to shut mines ahead of review

By: Reuters     20th February 2017 The Philippines' environment minister said on Monday she stands by her decision to shut more than half the country's operating mines and bar mining in watershed zones ahead of an inter-agency meeting later in the day to review the move. The government's Mining Industry Coordinating Council will... 

CuDeco to update Rocklands health, safety management system as ops suspended

By: Esmarie Swanepoel     20th February 2017 Operations at the Rocklands copper mine, in Queensland, have been temporarily suspended by order of the Department of Natural Resources and Mines, pending the submission of an updated safety and health management system. ASX-listed CuDeco said on Monday that a desktop audit by the Queensland... 

South32, AusQuest partner on exploration in Australia, Peru

By: Esmarie Swanepoel     20th February 2017 Diversified miner South32 has struck a strategic alliance agreement (SAA) with ASX-listed AusQuest to develop a pipeline of exploration opportunities. Under the terms of the SAA, AusQuest will generate and secure prospective early-stage exploration opportunities, which will then be offered to... 

South32, AusQuest partner on exploration in Australia, Peru

Northern Star interim net profit rises 61% y/y

By: Esmarie Swanepoel     20th February 2017 Gold miner Northern Star Resources has reported a 61% year-on-year surge in net profit to A$104.6-million for the six months to December 31. The miner told shareholders on Monday that the increase in net profit was driven by the A$19.9-million profit from discontinued operation, which included a... 

Higher prices, volumes boost Beach's interim profits

By: Esmarie Swanepoel     20th February 2017 Oil and gas producer Beach Energy has doubled its net profit to A$103.4-million for the interim period to December 31, as a result of higher prices and volumes. Revenue was up 26% year-on-year to A$354.4-million. 

Freeport declares force majeure at Indonesia copper mine

By: Reuters     18th February 2017 Freeport-McMoRan said on Friday it cannot meet contractual obligations for copper concentrate shipments from its Grasberg mine in Indonesia following a five-week export ban, the second big producer in a week to declare force majeure. Production at Freeport's giant mine in Papua, Indonesia, came... 

Anglo to suspend copper mining at El Soldado in Chile

By: Reuters     18th February 2017 Anglo American will temporarily suspend operations at its El Soldado copper mine in Chile after failing to receive regulatory approval for a redesign that would have helped keep output flowing, the company said on Friday. Chilean mining regulator Sernageomin has rejected the permit request for... 

Mokonyane gives thumbs-up as Eastern Basin plant treats 94 Mℓ/d of AMD 

By: Ilan Solomons     17th February 2017 Water and Sanitation Minister Nomvula Mokonyane has lauded the successes achieved at the Eastern Basin acid mine drainage (AMD) treatment plant, in Springs, in Gauteng. The R1-billion plant, which started operations in June 2016, was completed under the instruction of State-owned water management... 

Water and Sanitation Minister Nomvula Mokonyane discusses the importance of the Eastern Basin acid mine drainage treatment plant. Camerawork: Nicholas Boyd. Editing: Lionel da Silva.

Asa delivers mixed quarter as Trojan weighs on performance

By: Natasha Odendaal     17th February 2017 London-listed Asa Resources has delivered a mixed performance in the third quarter as commodity prices declined and some lingering operational difficulties persisted at its Trojan nickel mine, in Zimbabwe. However, the company has implemented several mitigating measures to deal with the... 

New CEO to restructure, refocus Miranda Minerals

By: Anine Kilian     17th February 2017 JSE-listed Miranda Minerals has appointed Theo Botoulas as its new CEO. “Botoulas has been appointed as CEO with the specific mandate to restructure and refocus the company and to create for it a sustainable future in the minerals space,” Miranda chairperson Dr Lelau Mohuba said in a statement on... 

Afarak upbeat on prospects for 2017 after tough 2016

By: Anine Kilian     17th February 2017 After a difficult trading 2016 financial year, LSE-listed Afarak says it is well-positioned to benefit from an upswing in the market that started in the three months ended December 31. The group on Friday posted earnings before interest, taxes, depreciation and amortisation of €5.5-million for... 

Outa calls for judicial enquiry into Eskom’s affairs 

By: Natasha Odendaal     17th February 2017 The Organisation Undoing Tax Abuse (Outa) on Friday called for a full judicial commission of enquiry into State-owned Eskom's affairs, following the release of a redacted version of the so-called Dentons report into corruption at the parastatal. International legal firm Dentons conducted a... 

New Draft White Paper suggests standard gauge network for freight rail 

By: Irma Venter     17th February 2017 A new national rail strategy, proposed to become legislation in 2018/2019, will give policy direction to the rail sector for the first time in 150 years, says Department of Transport deputy director-general rail Jan-David de Villiers. The policy – currently a Draft White Paper – comes as South... 

New Draft White Paper suggests standard gauge network for freight rail

CoAL to convert $10m YBI loan to equity

By: Anine Kilian     17th February 2017 Yishun Brightrise Investment (YBI) will soon hold 19.28% of Coal of Africa Limited’s (CoAL’s) share capital, following the conversion of a $10-million loan repayment into equity. CoAL in September 2015 entered into a loan agreement with YBI for $10-million. In May 2016, CoAL and YBI amended the... 

Qld grants Olive Downs coordinated project status

By: Esmarie Swanepoel     17th February 2017 The Queensland government has awarded the A$1-billion Olive Downs coal mine coordinated project status, allowing the independent Coordinator-General to efficiently coordinate the environmental assessment process for the coal mine across both state and federal agencies. Minister for State... 

Philippine miner ordered shut says to ship nickel ore in March

By: Reuters     17th February 2017 Philippine miner Marcventures Mining and Development Corp, whose nickel mine was one of 23 ordered to close by the environment ministry, said on Friday it will take legal action to overturn the ruling and plans to ship out ore next month. Marcventures' mine in southern Philippines was among... 

Shandong Tianye buys Hanking Australia for A$330m

By: Esmarie Swanepoel     17th February 2017 China’s Shandong Tianye Group has acquired unlisted Hanking Australia and its Southern Cross gold project, in Western Australia, for A$330-million. Hanking Australia, which is a subsidiary of Hong Kong-listed China Hanking Holdings, acquired the Southern Cross mine in 2013. The project is... 

Shandong Tianye buys Hanking Australia for A$330m

Santos reports massive loss on GLNG impairment, lower oil prices

By: Esmarie Swanepoel     17th February 2017 Oil and gas major Santos has recorded a net loss of more than $1-billion for 2016, on the back of a $1.1-billion impairment charge on its Gladstone liquefied natural gas (GLGN) asset and lower oil prices. Excluding impairments and other significant items, the company reported an underlying profit... 

Ramelius sees 22% increase in earnings

By: Esmarie Swanepoel     17th February 2017 Gold miner Ramelius Resources has reported a 22% increase in earnings before interest, taxes, depreciation and amortisation (Ebitda) to A$49-million for the six months to December 31, compared with Ebitda of A$40.3-million in the six months to December 2015. Revenue was up 38% to A$106.3-million... 

Gascoyne raises cash for Dalgaranga build

By: Esmarie Swanepoel     17th February 2017 Junior Gascoyne Resources will raise up to A$55-million through a share placement and share purchase plan (SPP) to develop its Dalgaranga gold project, in Western Australia. The ASX-listed company on Friday announced that it had successfully completed a bookbuild to raise up to A$50-million... 

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