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US gold bullion exports jump 83% in Q4; South African imports on the rise

By: Henry Lazenby The US Geological Survey (USGS) on Friday revealed that total US gold exports for the fourth quarter 2014 were 58% greater than in the third quarter, owing to an 83% increase in fourth-quarter bullion exports when compared with third quarter exports. The USGS’s most recent mineral industry survey... 

IMIC concludes bond restructuring to increase cash flexibility

By: Megan van Wyngaardt Aim-listed International Mining & Infrastructure Corporation (IMIC) has concluded a bond restructuring process at a cost of about $100 000, which IMIC chairperson Ethelbert Cooper said on Friday increased its cash flexibility over the next few years. The restructuring, which reflected a rate of... 

CoM pledges safe working environment amid xenophobic upheaval

By: Natalie Greve The Chamber of Mines (CoM) has, on behalf of its members, expressed its condolences to the families of South Africans and foreign nationals that have died or been displaced as a result of the ongoing xenophobic attacks, committing in a statement that member companies would continue to provide a... 

CoM pledges safe working environment amid xenophobic upheaval
Photo by Duane Daws
CoM president Mike Teke

CompComm blocks proposed Andalusite, Imerys deal

By: Natalie Greve The Competition Commission (CompComm) has prohibited the proposed acquisition of andalusite miner Andalusite Resources by counterpart Imerys South Africa, outlining on Friday that the transaction would result in the removal of an effective competitor in the market for fine- and medium-grade... 

Hummingbird’s Mali project on track for construction start

By: Megan van Wyngaardt A recent optimisation study has not only expanded the Yanfolila mine plan, but also highlighted robust economics for the development of the one-million-ton-a-year low-cost high-grade gold project, in Mali, says Hummingbird Resources. The study had defined a path to production, the Aim-listed... 

AECI appoints acting CEO for mining subsidiary

By: Natalie Greve Explosives and specialty chemicals group AECI has appointed Edwin Ludick as acting MD of subsidiary AEL Mining Services, with effect from May 15, until the process to appoint a permanent candidate has been completed. Ludick is a member of the AECI executive committee and an executive of the... 

Brown moves to stabilise Eskom leadership with appointment of Molefe as acting CEO

By: Terence Creamer Public Enterprises Minister Lynne Brown announced that Transnet's Brian Molefe had been seconded as acting CEO of Eskom, with immediate effect. Brown said the appointment formed part of government efforts to stabilise the Eskom leadership, following the suspension of four senior executives,... 

Brown moves to stabilise Eskom leadership with appointment of Molefe as acting CEO
Photo by Duane Daws
Minister Lynne Brown (in foreground) with Brian Molefe (far left) and Deputy Minister Bulelani Magwanishe at the Eskom announcement

RBPlat warns of load-shedding impact as Q1 output falls 6% y/y

By: Megan van Wyngaardt JSE-listed platinum miner Royal Bafokeng Platinum (RBPlat) on Friday reported that its milled tonnes, for the quarter ended March 31, had increased by 6% to 540 000 t, with Merensky and upper group two (UG2) volumes up 2% and 58% respectively. However, the built-up head-grade reduced by 10% to... 

African Potash raises £1.2m to fund projects

By: Megan van Wyngaardt Exploration company African Potash has secured £1.2-million in funding through the placing of new ordinary shares with Cornhill Capital. Placing proceeds would enable the company to redeem the outstanding convertible securities held by financier Bergen Opportunity Fund and to fund ongoing working... 

Kwale performance keeps up - Base

By: Esmarie Swanepoel Mineral sands miner Base Resources has reported another solid quarter from its Kwale project, in Kenya, with heavy mineral concentrate (HMC) production up 24% over the previous quarter, from 166 000 t to 206 000 t. The miner said on Friday that a focus on debottlenecking the wet processing... 

Kibaran raises funds to advance Epanko

By: Esmarie Swanepoel Graphite developer Kibaran Resources has raised A$4.1-million through a share placement to fund the continued development of the Epanko project, in Tanzania. Kibaran on Friday announced that the company had received firm commitments to raise the funds through the placement of 24.4-million... 

South32 spin-off from BHP turns bearish

By: Creamer Media Reporter Creamer Media's Shannon de Ryhove speaks to Mining Weekly editor Martin Creamer about the planned spin-off of South32 from BHP Billiton turning bearish, with an unprecedented number of ‘sell’ recommendations by analysts. 

South32 spin-off from BHP turns bearish

Walsh says Rio Tinto to continue with low-cost iron-ore expansions

By: Esmarie Swanepoel Diversified giant Rio Tinto has told shareholders that the group will continue to push on with its iron-ore expansion in the Pilbara, despite the declining iron-ore price. CEO Sam Walsh said in London this week that the company would continue with a low-capital brownfield expansion as part of... 

Walsh says Rio Tinto to continue with low-cost iron-ore expansions
Photo by Bloomberg
Rio Tinto CEO Sam Walsh

Mozambique plans more infrastructure to benefit coal miners and others

By: Keith Campbell The Mozambican government has confirmed its plan to construct a new port and railway for the export of coal from the Moatize coal basin in the inland Tete province. This was done by Prime Minister Carlos Agostinho do Rosario when he presented the government’s programme for the five years... 

DoE prepares to take cogen, gas-to-power procurement steps

By: Terence Creamer A request for proposals (RFP) for cogeneration power projects will be released in April 2015, Energy Minister Tina Joemat-Pettersson has announced, adding that preferred bidders would be named during the third quarter of 2015. In line with Gazetted determinations, government would be seeking to... 

DoE prepares to take cogen, gas-to-power procurement steps

Diamcor sold 4 619 ct in Q4

By: Megan van Wyngaardt TSX-V-listed Diamcor Mining sold 4 619 ct of rough diamonds, worth $842 419, in the three months to March 31. The company, which owned the Krone-Endora at Venetia mine, in South Africa, had recovered an additional 650 ct of rough diamonds in the fourth quarter of the 2015 financial year, prior to... 

Mwana Africa lifts Q4 output despite challenges

By: Megan van Wyngaardt Despite numerous challenges, Aim-listed Mwana Africa increased gold production at its Freda Rebecca mine and nickel concentrate output at its Trojan mine, in Zimbabwe, during the three months ended March 31. The diversified miner noted in a statement to shareholders on Thursday that it had... 

Sudan buys Sawiris stake in Ariab Mining Company for $100m

By: Reuters Sudan has taken full ownership of Ariab Mining Company after purchasing a 44% stake from Egyptian billionaire Naguib Sawiris in a $100-million deal, the country's minister of mining said on Wednesday. Ahmed Sadiq al-Karouri told Reuters the government had already paid half of the sum and would... 

Apart from Big 3, iron ore miners face 'existential' threat -Goldman

By: Reuters Up to half of iron-ore output by miners outside the three mega producers in Australia and Brazil is at risk of closure with global demand set to peak at about 1.4-billion tonnes next year, Goldman Sachs said. Production volumes among top miners - Vale, Rio Tinto and BHP Billiton - was not at... 

Petra Diamonds share price tumbles on grade woes

By: Martin Creamer The share price of Petra fell sharply on Thursday on grade variability issues and 31% lower overall revenue in the three months to March 31. In the absence of the previous corresponding quarter’s $25.6-million “exceptional stone” as well as product-mix changes and lower grades, revenue fell to... 

Petra Diamonds share price tumbles on grade woes
Photo by Duane Daws
Johan Dippenaar

Tiger upgrades Kipoi reserves

By: Esmarie Swanepoel Copper miner Tiger Resources has added some 23 000 t of copper to the ore reserves of its Stage 2 Kipoi project, in the Democratic Republic of Congo. The miner said on Thursday that the ore reserve estimate for the Stage 2 project had increased from 666 000 t at the end of December 2013, to 689... 

Resources Watch

By: Creamer Media Reporter This week: Cash-fixated Gold Fields cleans up on marginal mining. And, South Deep’s problems should ease in the second half. 

Resources Watch

Sherritt International confirms strike action at Madagascar plant

By: Henry Lazenby Diversified Canadian miner Sherritt International confirmed on Wednesday that certain employees were partaking in strike action at its Ambatovy nickel/cobalt plant, near Toamasina, Madagascar. The strike followed a short similar action at the Ambatovy mine last month, which, together with... 

Goldman Sachs bullish on South Africa as favourable investment destination 

By: Martin Creamer Leading global investment banking, securities and investment management firm Goldman Sachs is bullish on South Africa, which it regards as a favourable destination for fund managers because of the depth of its capital market and the scarcity of other emerging market options. Goldman Sachs... 

Goldman Sachs bullish on South Africa as favourable investment destination
Photo by Duane Daws
Colin Coleman

Solidarity vows to protect members amid Evraz business rescue

By: Natalie Greve Trade union Solidarity said on Wednesday that it would protect the interests of its members at Evraz Highveld Steel and Vanadium, in eMalahleni, after the company announced on Tuesday that it had entered into business rescue proceedings. Solidarity, which represented 350 of the company’s 2 400... 

Solidarity vows to protect members amid Evraz business rescue

Brown eager for ‘deep dive’ Eskom probe to begin, warns of two-year load-shedding reality 

By: Terence Creamer Public Enterprises Minister Lynne Brown has reiterated the need for a “deep dive” into Eskom’s operational and financial problems, while warning that load-shedding is likely to remain an ever-present threat over the coming two years as the State-owned utility takes action to address its... 

Brown eager for ‘deep dive’ Eskom probe to begin, warns of two-year load-shedding reality
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Commission gives Northam’s acquisition of Everest mine the nod

By: Natalie Greve The Competition Commission has recommended to the Competition Tribunal that the acquisition of the mothballed Everest platinum mine, in Mpumalanga, by Northam Platinum subsidiary Micawber be approved, without conditions. Micawber intended to acquire and take cession of the mining right associated... 

Commission recommends approval of Assore, DCM deal

By: Natalie Greve The Competition Commission has recommended to the Competition Tribunal that it approve, without conditions, a transaction that would see mining holding group Assore acquiring African Rainbow Minerals’ 50% stake in the Dwarsrivier chrome mine (DCM), in Mpumalanga. Post-merger, Assore would have... 

Botswana Diamonds, Alrosa JV awarded exploration licences

By: Natalie Greve The government of Botswana has awarded three prospecting licences to Sunland Minerals, the exploration joint venture (JV) company owned by Aim-listed Botswana Diamonds and Russian diamond producer Alrosa. Botswana Diamonds said on Wednesday that the centrally located licence areas, which cover 46... 

Copper supply surplus to linger into 2016 – report

By: Natalie Greve Citing rising production and softer demand growth, Thomson Reuters GFMS forecasts a copper market surplus of 399 000 t this year, following on last year’s 316 000 t oversupply, as stronger contributions from ramp-up operations make a positive impact and new mines boost global volumes.  The group... 

Copper supply surplus to linger into 2016 – report

Edenville refining mining licence application package

By: Natalie Greve Aim-listed Edenville Energy continues to refine its mining licence application package for the Tanzania-based Rukwa coal project following the release last month of its power plant feasibility study. Edenville outlined in a project update on Wednesday that it was finalising the compilation of... 

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