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Gold dips to near 6-year low, set for sixth straight weekly drop

By: Reuters Gold dipped to its lowest level in nearly six years on Friday and was heading for a sixth straight weekly decline under pressure from a firm dollar and prospects of a US interest rate rise next month. Spot gold hit $1 055.99 /oz, its lowest since February 2010, and was down 1.5% at $1 057.27 by... 

Moody's, S&P ratings on South African power firm Eskom unchanged

By: Reuters Ratings firms Moody's and Standard and Poor's kept South African utility Eskom's credit status unchanged, saying recent cash injections by government had eased a funding crunch, the power firm said on Friday. Moody's affirmed the Ba1, or speculative grade, rating of state-owned Eskom's senior... 

Moody's, S&P ratings on South African power firm Eskom unchanged

Nickel's hiatus may be brief without output cuts, stronger demand

By: Reuters Nickel's spectacular fall since the middle of last year may have come to a halt, but without significant, enduring output cuts and stronger demand from China's stainless steel mills the reprieve could be brief. Benchmark nickel on the London Metal Exchange fell to $8 145 /t earlier this week,... 

AfriForum moves against fracking regulation

By: RDM News Wire AfriForum has taken its fight against fracking a step further. The group released a statement on Friday saying it had‚ together with the Treasure the Karoo Action Group (TKAG)‚ submitted documentation at the North Gauteng High Court “challenging the regulations with regard to petroleum... 

AfriForum moves against fracking regulation

Petra recovers 23 ct pink diamond in Tanzania

By: Megan van Wyngaardt Petra Diamonds has recovered a 23.16 ct pink diamond of “exceptional colour and clarity” from its Williamson mine, in Tanzania. The company said in a statement that the diamond was an example of the high-quality pink diamonds for which the mine was known and was the most significant recovery by... 

Petra recovers 23 ct pink diamond in Tanzania

Kganyago warns of ‘exaggerated’ rand reaction to likely Fed hike

By: Terence Creamer South African Reserve Bank governor Lesetja Kganyago believes the reaction of the rand to a possible hike in interest rates by the US Federal Reserve (Fed) in mid-December could be “exaggerated”, but says the bank has no plans intervene in support of the currency. Speaking to editors on Friday,... 

Kganyago warns of ‘exaggerated’ rand reaction to likely Fed hike
South African Reserve Bank governor Lesetja Kganyago

Stellar submits Tongo mining licence application

By: Creamer Media Reporter Aim-listed Stellar Diamonds has formally submitted its application for a large-scale mining licence for the Tongo project to the Sierra Leone National Minerals Agency (NMA). The application would be processed by the NMA and then forwarded to the Minerals Advisory Board, which would make a... 

Rio Tinto exec sees less of a push towards diversification

By: Esmarie Swanepoel Diversified major Rio Tinto copper and coal CEO Jean-Sébastien Jacques said this week that diversification of mining companies’ portfolios was no longer seen as a hedge against bad times. Speaking in Sydney, he predicted that there would be a shift towards a multi-specialist model, as mining... 

Anglo to close NSW mine as horse studs trump coal mining

By: Esmarie Swanepoel Mining major Anglo American said on Friday that it would wind down its Drayton South coal operation, in New South Wales, in 2016, resulting in the loss of some 500 jobs, after the Planning Assessment Commission (PAC) blocked the mine expansion. The PAC this week said that the proposed Drayton... 

Resgen gets new management team

By: Esmarie Swanepoel A new chairperson, deputy chairperson, interim CEO and company secretary have been appointed to dual-listed Resource Generation (Resgen) following a successful board spill earlier this week. Shareholders Noble Group, Altius Investment Holdings and the Public Investment Corporation on Thursday... 

Imported LNG set to kickstart gas-to-power vision

By: Sashnee Moodley Creamer Media's Sashnee Moodley speaks to Mining Weekly Editor Martin Creamer about imported liquefied natural gas initiating greater gas use in South Africa. 

Imported LNG set to kickstart gas-to-power vision

Bisha mine, Eritrea

By: Sheila Barradas A gold/copper/zinc deposit, located 150 km west of Asmara, in Eritrea. 

Bisha mine, Eritrea

Mozambique has low tax intake from mining, high-quality graphite deposit unveiled

By: Keith Campbell Although the Mozambican government has given fiscal incentives to multinational mining and hydrocarbons to encourage foreign investment in the country, its Prime Minister, Carlos Agostinho do Rosário, has recently expressed concern about the minor contribution the natural resources sector makes... 

New Australia PM begs to differ with those calling for coal mine ban, citing economic and job implications

By: Esmarie Swanepoel Australias newest Prime Minister Malcolm Turnbull has taken a practical stance on Australias coal future, despite mounting turmoil in the sector as new mines face severe environmental resistance and producers are cutting output in an effort to fight rising costs and decreased prices.   

New Australia PM begs to differ with those calling for coal mine ban, citing economic and job implications

Pan African expects to report higher H1 earnings, lower debt

By: Megan van Wyngaardt Africa-focused precious metals producer Pan African expects to report earnings per share (EPS) and headline earnings per share (HEPS) of at least 10.37c apiece for the six months to December 31. This would represent an increase of at least 85% relative to the HEPS of 5.61c reported for the six... 

CoM to engage with EFF on demands

By: Megan van Wyngaardt The Chamber of Mines (CoM) has welcomed the opportunity to meet directly with the leadership of the Economic Freedom Fighters (EFF) to discuss the matters raised in a memorandum of demands handed to the chamber in October. “While marches and memoranda play an important role in the life of any... 

South African mining now smaller than in 1994 – Chamber

By: Martin Creamer The challenged South African mining industry, which suffered an aggregated after-tax loss of R13-billion in the first half of this year, is now smaller than it was in 1994, Chamber of Mines of South Africa CEO Roger Baxter said on Thursday. Speaking at The African Mining Network end-of-year gala... 

South African mining now smaller than in 1994 – Chamber
Chamber of Mines CEO Roger Baxter

Coal of Africa shares rocket on $91m offer for Universal

By: Martin Creamer The share price of Coal of Africa (CoAL) shot up 14.81% in Johannesburg on CoAL’s takeover offer of $91-million for Universal Coal, which is also being pursued by IchorCoal. The deal is to be funded $36.8-million through loan notes, $25.7-million from internal cash resources, $18-million through... 

Coal of Africa shares rocket on $91m offer for Universal
Coal deal described as accretive.

Zambia's Lungu says won't take over struggling mines

By: Reuters Zambia does not plan to take over mines that have shed jobs after a sharp fall in global copper prices, President Edgar Lungu said on Thursday, backtracking from a warning earlier this month that the state would take over such mines. Lungu said the economy would grow at a slower pace than... 

S African mining industry future looks scary – Baleni

By: African News Agency The future looks scary in the mining industry, former National Union of Mineworkers (NUM) general secretary Frans Baleni said on Thursday. “The mining industry is in ICU [Intensive Care Unit], commodity (prices) are low. It will takes three to five years to recover. The future looks scary,” he said. 

S African mining industry future looks scary – Baleni
Photo by Duane Daws
Former NUM general secretary Frans Baleni

Obama signs revolutionary Asteroid exploration Bill into US law

By: Natalie Greve US President Barack Obama has signed into law a pioneering new Act that recognises the right of US citizens to own asteroid resources they obtain and that encourages the commercial exploration and use of resources from asteroids, providing a legislative blueprint that will guide asteroid... 

Obama signs revolutionary Asteroid exploration Bill into US law

Defiant McEwen fails to meet NYSE share price threshold

By: Natalie Greve Growing gold and silver producer McEwen Mining’s plans to regain compliance with the NYSE’s minimum share price requirement have been scuppered, with the company failing to meet the bourse’s requirement that the average closing price of a listed company's stock remain above $1 a share over a... 

CoAL launches A$126.4m competing bid for Universal Coal

By: Esmarie Swanepoel South Africa-focused coal miner Universal Coal on Thursday revealed that Coal of Africa (CoAL) is the suitor offering a competing bid to that of IchorCoal. CoAL has formally launched its takeover offer, which values Universal at about A$126.4-million. 

CoAL launches A$126.4m competing bid for Universal Coal
Photo by Duane Daws
CoAL CEO David Brown

Buffalo Coal secures additional funding

By: Megan van Wyngaardt Specialist banking group Investec has agreed to extend an existing R30-million working capital facility for Buffalo Coal Dundee to R80-million. The additional funds would be made available in two tranches of R25-million each. 

Elemental eyes quicker start at Congo mine

By: Esmarie Swanepoel Potash hopeful Elemental Minerals is contemplating the accelerated construction of its Kola sylvenite project, in the Republic of Congo, after receiving an investment proposal from Summit Private Equity. Summit is looking to invest at least $40-million into ASX-listed Elemental, taking up shares... 

Resources Watch

The Fed hike could knock gold price down to $1 000/oz; Banks offer up R12-billion in Transnet deal; And, Lets rebuild mining together says Rick Menell 

Resources Watch

B2Gold breaks ground at new Mali gold mine

By: Creamer Media Reporter Vancouver-based B2Gold on Wednesday broke ground at its Fekola mine site in Mali, where the company is building a 350 000-oz/y gold mine. Mines Ministry Chief of Staff Robert Diarra officiated the event, which was attended by national and regional government representatives, as well as community... 

Rough diamond prices need to fall – Rapaport

By: Reuters Rough diamond prices need to decrease by up to 50% to boost profitability in the trade of the stones, Martin Rapaport, whose Rapaport Group is the primary source of diamond price information, said. Manufacturers who cut and polish diamonds have in recent years found themselves caught between... 

Strong interest in making London gold market more transparent - LBMA

By: Reuters Exchanges, brokers and data vendors are interested in providing clearing or reporting services to make the gold market more liquid and transparent, the London Bullion Market Association (LBMA) said on Wednesday. Financial market transparency has been a major focus for regulators after evidence of... 

Stabilise mining as key industry feeding economy – Goldman Sachs

By: Martin Creamer South Africa can score quick wins with the right focus, Goldman Sachs Sub-Saharan Africa investment banking head Colin Coleman said on Wednesday. Speaking at the Gordon Institute of Business Science (GIBS) attended by Creamer Media’s Mining Weekly Online, Coleman put the stabilisation of South... 

Stabilise mining as key industry feeding economy – Goldman Sachs
Photo by Duane Daws
Goldman Sachs International MD Colin Coleman

Gold Fields to build 3D model of huge South Deep mine

By: Martin Creamer A three-dimensional (3D) visualisation model of the large South Deep gold mine is poised to be the high point of a series of modernisation steps taken by the Gold Fields operation, which last week helped the share price of the Johannesburg- and New York-listed gold mining company to take its... 

Gold Fields to build 3D model of huge South Deep mine
South Deep gold mine

Low copper price sees Weatherly defer loan repayment

By: Megan van Wyngaardt Aim-listed Weatherly International’s share price on the LSE dropped by more than 21% on Wednesday as the company reported that it was unable to service its debt facility with Orion Mine Finance. The current copper price of $4 515/t – a six-year low – meant that the Tschudi mine, in northern... 

Botswana set to draw water from Lesotho Highlands Project

By: African News Agency Arid Botswana has finalised a deal with South Africa and Lesotho to tap some of the water from the Lesotho Highlands Water Project. Botswana’s Minister of Mineral, Energy and Water Resources Minister, Onkodame Kitso Mokaila confirmed this at a conference in Gaborone on the diamond industry. 

Botswana set to draw water from Lesotho Highlands Project

Master Drilling expands European footprint 

By: Megan van Wyngaardt Drilling services provider Master Drilling International (MDI) has inked a €5-million deal that will see it acquire a 40% stake in Scandinavian raisebore drilling company Bergteamet Raiseboring Europe. This formed part of MDI’s long-term growth strategy and was an effective entry into the... 

Motsepe Foundation provides R117m for schools sport, culture programmes 

By: David Oliveira The Motsepe Foundation has committed about R117.5-million to the Department of Basic Education (DBE) for sports and music development at schools across South Africa. Basic Education Minister Angie Motshekga received the donation from the foundation’s cofounder and JSE-listed mining firm African... 

Motsepe Foundation provides R117m for schools sport, culture programmes
Photo by Duane Daws
Motsepe Foundation cofounder Patrice Motsepe

Gold extends gains on geopolitical tensions but US rate view drags

By: Reuters Gold added to overnight gains on Wednesday on a softer dollar and heightened tensions after Turkey shot down a Russian warplane, but the rally was capped on expectations of a US rate hike next month. Turkey shot down the Russian jet near the Syrian border on Tuesday, saying the plane had violated... 

Argonaut chairperson to retire

By: Megan van Wyngaardt Canadian mining company Argonaut Gold’s chairperson Brian Kennedy will retire, effective December 31. Kennedy chaired the board since the company went public in December 2009. Prior to that, he served as Meridian Gold chairperson. 

PNG committed to help resource companies advance projects – PM

By: Esmarie Swanepoel The Papua New Guinea government is committed to work with the mining industry to advance key resources projects, including the Frieda River copper/gold project and the Wafi-Golpu gold project, Prime Minister Peter O’Neill said this week. ASX-listed Highlands Pacific and Guangdong Rising Asset... 

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