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Africa News

Red Rock excited about second-phase DRC exploration

By: Marleny Arnoldi     Updated 4 hours ago London-listed Red Rock Resources has contracted mineral exploration associates Minex Consulting to start a second phase of exploration on its licence in the copperbelt, in the south of the Democratic Republic of Congo (DRC). The licence, which Red Rock calls the Luanshimba project, is... 

Eskom faces closure threat at biggest working power plant

By: Bloomberg     Updated 6 hours ago Eskom Holdings is battling to keep all the units of its biggest operational power plant open after being served with a compliance notice by South Africa’s environment ministry because of its high levels of air pollution. The indebted power utility has failed to fully repair pollution-abatement... 

Eskom faces closure threat at biggest working power plant

Rainbow gets $1m loan

By: Creamer Media Reporter      25th February 2020 Rare earth mining company Rainbow Rare Earths has entered into a funding agreement with one of its largest shareholders Pipestone Capital, for an unsecured $1-million loan to support the company's development and operations. The funding is intended to finance ongoing exploration, operations,... 

RBPlat expects up to 120% increase in full-year HEPS

By: Creamer Media Reporter      25th February 2020 Platinum group metals miner Royal Bafokeng Platinum (RBPlat) expects to report an 80% to 120% year-on-year increase in headline earnings per share (HEPS) to between 45c and 55c for the financial year ended December 31. This compares with HEPS of 25c reported for 2018. 

Streamlined Aveng says core units are poised to grow as disposals taper 

By: Terence Creamer     25th February 2020 Infrastructure and resources group Aveng, which is at the tail-end of a far-reaching restructuring exercise that has already resulted in disposals collectively valued at R1-billion, reports that its two remaining core businesses – Moolmans and McConnell Dowell – are both operating profitably and... 

Streamlined Aveng says core units are poised to grow as disposals taper
Photo by Creamer Media's Donna Slater
Aveng CEO Sean Flanagan

Katoro reports progress on Blyvoor JV under leadership of Graham Briggs

By: Creamer Media Reporter      25th February 2020 Gold and nickel exploration and development company Katoro Gold says the commercial and technical development of the Blyvoor joint venture (JV) project is progressing well, with former Harmony Gold CEO Graham Briggs having been appointed JV manager. Katoro in January announced that it had entered... 

Nordgold invests in skills development centre for Guinea employees

By: Creamer Media Reporter      25th February 2020 Gold miner Nord Gold (Nordgold) will, in the third quarter of this year, launch its new West Africa Training Centre, located near its Lefa mine, in Guinea. Once completed, the centre will further develop the technical skills of Nordgold’s 1 300-strong workforce in the country. 

Stakeholders join hands to improve occupational lung disease compensation system

By: Tasneem Bulbulia     25th February 2020 To further improve the administration of the State-owned administered compensation system of occupational lung diseases, the Minerals Council South Africa has entered into a three-year partnership, dubbed the co-governance model, with the Medical Bureau for Occupation Disease (MBOD) and the... 

Firestone lowers guidance for FY20, plans to delist from Aim

By: Marleny Arnoldi     25th February 2020 Aim-listed Firestone Diamonds’ share price on the LSE fell by more than 68% on Tuesday after it announced that it planned to delist from the Aim. A general meeting will be convened on March 13 for shareholders to vote on the proposed delisting. Seventy-five per cent of shareholders will need to... 

Firestone lowers guidance for FY20, plans to delist from Aim
The Liqhobong mine, in Lesotho

AECI’s Mining Solutions business boosts group profitability in 2019 

By: Marleny Arnoldi     25th February 2020 JSE-listed chemicals manufacturer AECI reported growth in all its operating segments in the year ended December 31, and managed to achieve 10% growth in its headline earnings per share (HEPS). The company declared a total dividend of R5.70 apiece, compared with the R5.15 apiece declared in the... 

AECI’s Mining Solutions business boosts group profitability in 2019
Photo by Creamer Media's Donna Slater
AECI CEO Mark Dytor

Ivanhoe rapidly progressing Kakula mine development  

By: Marleny Arnoldi     25th February 2020 TSX-listed Ivanhoe Mines has completed more than 8 km of underground development at the Kakula copper mine, in Democratic Republic of Congo. The company on Tuesday said this was 1.7 km ahead of schedule.  

More diamond sales for Lucapa

By: Esmarie Iannucci     25th February 2020 Diamond miner Lucapa has generated A$2.84-mllion in revenue from the sale of 1 223 ct of diamonds from its Lulo mine, in Angola. The ASX-listed company noted that its latest Lulo parcel had achieved an average price of A$2 324/ct. 

Gemfields Mozambique’s ruby unit reports attack on workers

By: Bloomberg     25th February 2020 Gemfields Group’s Mozambican ruby operation said attackers torched its vehicle, less than a month after 11 people died when parts of a mine pit they had forcefully accessed collapsed on them. A “large group” ambushed the truck on February 22 with pickaxes, injuring at least three workers and a... 

Gold zooms toward $1 700 as virus fuels a ‘plethora’ of concerns

By: Bloomberg     24th February 2020 Gold rose toward $1 700 an ounce, extending its rally to the highest in more than seven years, as investors pile into haven assets amid mounting worries that the coronavirus could turn into a global pandemic. Italy’s financial hub is in virtual lockdown as the outbreak spread further outside... 

Gold zooms toward $1 700 as virus fuels a ‘plethora’ of concerns

Sibanye CEO eyes future gold M&A worth as much as $5bn

By: Bloomberg     24th February 2020 Sibanye-Stillwater, the world’s top platinum miner, may consider targeting a future acquisition worth as much as $5-billion to expand its gold portfolio, potentially in North America. Once the Johannesburg-based producer resumes dividend payments and trims its debt load, it would be in a... 

Sibanye CEO eyes future gold M&A worth as much as $5bn

Amplats throws light on PGM substitution, electric vehicle prospects, community dividends  

By: Martin Creamer     24th February 2020 The platinum industry could very easily experience an original equipment manufacturer (OEM) switching from palladium to platinum in the short term, platinum group metals (PGMs) were unlikely to be used in battery electric vehicles soon and communities are sharing considerably in the latest... 

Amplats throws light on PGM substitution, electric vehicle prospects, community dividends
Amplats CEO Chris Griffith responds to Mining Weekly’s Martin Creamer. Video Editing: Nicholas Boyd. Photographs: Donna Slater. Video: Kutlwano Matlala; Editing: Nicholas Boyd.

Sasol confirms making 600 MW own-gen proposal in response to DMRE RFI  

By: Terence Creamer     24th February 2020 Sasol CEO Fleetwood Grobler confirmed on Monday that the energy and chemicals group made a submission to the Department of Mineral Resources and Energy in line with its request for information (RFI) on possible emergency electricity solutions that could be “grid-connected in the shortest time at... 

Sasol confirms making 600 MW own-gen proposal in response to DMRE RFI
Sasol CEO Fleetwood Grobler on the need for a culture change at the company following major cost overruns at its US project. Camera Work: Kutlwano Matlala. Editing: Nicholas Boyd. Recorded: 24.2.2020

Botswana Diamonds intersects kimberlite at Marsfontein

By: Tasneem Bulbulia     24th February 2020 Dual-listed Botswana Diamonds on Monday announced that kimberlite, identified by visual inspection, had been intersected at shallow depth in two out of three holes drilled at the Marsfontein project in Limpopo, South Africa. The company has been undertaking a percussion drilling campaign on... 

Industry strongly opposed to further tariff increases for Eskom 

By: Marleny Arnoldi     24th February 2020 The National Energy Regulator of South Africa (Nersa) on Monday hosted the last of its public hearings on Eskom’s regulatory clearing account (RCA) application for the 2018/19 financial year, with various organisations having expressed their opposition to the granting of further tariff increases... 

Harmony confirms Kusasalethu fatality

By: Tasneem Bulbulia     24th February 2020 Dual-listed Harmony Gold Mining Company on Monday confirmed that an employee had lost his life on Friday evening, following a scraper winch-related incident at the Kusasalethu mine, near Carletonville. “Our sincere condolences go out to our colleague’s family, friends and fellow workers. We will... 

Anglo’s giant palladium mine poses key question for new CEO

By: Bloomberg     24th February 2020 When Natascha Viljoen takes the helm of Anglo American Platinum in April, she will find a “fierce crocodile” in her in-tray. In the local Tswana language, that’s Mogalakwena, the largest palladium mine outside Russia. The metal’s surge to a fresh record is turbo-charging the giant openpit’s... 

Goldplat swings to operating profit

By: Tasneem Bulbulia     24th February 2020 Gold producer Goldplat on Monday reported a return to an operating profit of £2.21-million for the six months ended December 31, compared with an operating loss in the six months ended December 31, 2018.   According to the group’s interim results for the period, profit, excluding unrealised... 

Gemfields’ first emerald auction of 2020 hampered by coronavirus

24th February 2020 While the results of an auction of predominantly commercial-quality rough emeralds held in Lusaka, Zambia, from February 18 to 21, had been in line prior auctions of commercial-quality emeralds, and demonstrate a stable underlying market, there was evident fallout of Covid-19, or the coronavirus,... 

Kodal progresses mining licence application for Mali project

By: Simone Liedtke     24th February 2020 Mineral explorer and developer Kodal Minerals is making quick progress in its mining license application for the Bougouni lithium project, in southern Mali. Following the first technical meeting with the Direction Nationale de la Géologie et des Mines (DNGM) to review the application, the DNGM... 

Moroccan power infrastructure lowers Khemisset project costs

By: Simone Liedtke     24th February 2020 Potash project developer Emmerson has completed the full cost estimate for the capital expenditure required to ensure electricity and gas supply at its 100% owned Khemisset potash project, in northern Morocco. Khemisset is a potentially world-class potash development with low capital costs and,... 

AngloGold’s Dushnisky appointed World Gold Council chairperson 

By: Simone Liedtke     24th February 2020 AngloGold Ashanti CEO Kelvin Dushnisky has been appointed the World Gold Council’s new chairperson. He succeeds David Harquail, who has served as chairperson since 2017. 

AngloGold’s Dushnisky appointed World Gold Council chairperson
AngloGold Ashanti CEO Kelvin Dushnisky

Lucara’s strong 2019 performance positions company for further growth  

By: Tasneem Bulbulia     24th February 2020 Vancouver-headquartered Lucara Diamond Corp achieved strong operating results for the year ended December 31, a reflection of the company’s continued focus on safe, reliable operations, president and CEO Eira Thomas said in a statement. She indicated that the company’s strategy had yielded... 

Lucara’s strong 2019 performance positions company for further growth

Sasol holds back on dividend as it reports big H1 earnings slump

By: Terence Creamer     24th February 2020 Energy and chemicals group Sasol reported a 72% slump in earnings to R4.5-billion in the six months to December 31, 2019, compared with the prior period. Headline earnings a share, meanwhile, decreased by 74% to R5.94 when compared with the prior period. The board also decided not to declare an... 

Sasol holds back on dividend as it reports big H1 earnings slump

Egypt to launch bid round in March for gold exploration in Eastern Desert - official

By: Reuters     24th February 2020 Egypt plans to launch an exploration round for gold in its Eastern Desert in the first half of March, an official at the mineral resources authority said on Sunday. Investors will be bidding on blocks which will be awarded to them within four months of the bid round being launched, the official... 

With gold surging, miners face payouts versus production dilemma

By: Bloomberg     24th February 2020 As gold prices rise, miners have been boosting shareholder payouts in the face of a decline in global output. That’s worrying some investors concerned about the long-term growth prospects of an industry built on a depleting resource. The value of gold, a haven commodity, is driven more by global... 

With gold surging, miners face payouts versus production dilemma

Even without a case, Africa may be a big victim of coronavirus

By: Bloomberg     24th February 2020 Even without a single confirmed case, sub-Saharan Africa may be the region hardest hit outside of Asia by the spread of the coronavirus. The outbreak has shut down entire swathes of the Chinese economy, threatening world economic growth and curbing appetite for oil and metals that are the... 

TerraCom makes a play for African bauxite

By: Esmarie Iannucci     24th February 2020 ASX-listed TerraCom is continuing its acquisition spree in Africa, with the company signing a binding term sheet for the acquisition of bauxite developer Anglo African Minerals (AAM). AAM’s bauxite resources are located in the Republic of Guinea, consisting of three development projects,... 

Time for govt to consider new strategies to get economic growth going, says Baxter 

By: Marleny Arnoldi     21st February 2020 In what has been the longest economic downturn for the country since 1945, it has become necessary for government to consider alternative strategies and change various policies to allow business to grow the economy, Minerals Council South Africa CEO Roger Baxter said during a media briefing on... 

Time for govt to consider new strategies to get economic growth going, says Baxter
Minerals Council CEO Roger Baxter discusses the mining industry's contribution to the economy and what measures the council hopes will be announced in the upcoming National Budget to boost South Africa's economic growth. Video: Kutlwano Matlala; Editing: Nicholas Boyd.

Solar power for mines under consideration – Assore 

By: Martin Creamer     21st February 2020 A scoping study is under way into the self-generation of electricity for Assmang’s mines – but not its smelters, Assore CEO Charles Walters said on Friday, when the company reported interim results that were negatively affected by weaker chrome and manganese prices, and lower shipments of... 

Solar power for mines under consideration – Assore
Photo by Assore
Assore's mines and logisitcs routes

Gold pops as virus concerns ignite global stampede into havens

By: Bloomberg     21st February 2020 The stars have aligned for gold, as concerns that the coronavirus outbreak may damage growth, hurt risk assets and add to pressures for easier monetary policy trigger a global hunt for havens. Bullion headed for the biggest weekly gain in more than six months as prices hit a seven-year high. With... 

La Mancha now a 35% shareholder of Altus Strategies

By: Creamer Media Reporter      21st February 2020 Luxembourg‐incorporated La Mancha has completed the acquisition of 124 229 389 shares of Aim- and TSX-V-listed Altus Strategies, with the private gold investor now holding a 35.4% shareholding in the Africa-focused project company. La Mancha acquired the shares at C$0.09 each, for a total of... 

Court declares major Gupta-era coal contract with Eskom invalid 

By: News24Wire      21st February 2020 The Special Investigations Unit has secured a high court order setting aside a contract worth R3.7-billion between the formerly Gupta-owned mining group Tegeta Exploration & Resources and State power utility Eskom, according to Ministry of Justice and Correctional Services. According to the... 

 Court declares major Gupta-era coal contract with Eskom invalid

Lucapa uncovers more potential for fancy diamonds from Lulo project

By: Marleny Arnoldi     21st February 2020 ASX-listed Lucapa Diamond Company says further analysis of diamonds recovered at its Lulo project, in Angola, has confirmed the presence of rare Type IIa gems and light fancy yellow diamonds. This follows after the company earlier this week announced the recovery of 45 diamonds weighing 30.3 ct... 

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