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DRDGold Q1 output rises as Ergo glitches resolved

By: Natalie Greve     Updated 1 hour 14 minutes ago Tailings gold miner DRDGold appears to have turned a corner, lifting gold output by 8% to 37 005 oz in the first quarter of the 2015 financial year. This after the gold producer experienced several successive quarters in which it battled inefficiencies, low yields and high costs associated with... 

Petra sells 232 ct diamond for $15m

By: Natasha Odendaal     Updated 1 hour 42 minutes ago The 232.08 ct white diamond recovered at London-listed Petra Diamonds’ Cullinan mine has been sold for $15.2-million to multinational diamond company Diacore. The exceptional D colour Type II high-quality diamond was recovered early in September. 

South African police fire rubber bullets at Diamondcorp strikers

By: Reuters     Updated 2 hours 46 minutes ago South African police used rubber bullets on Friday to disperse strikers from the Association of Mineworkers and Construction Union (AMCU) who were blocking the entrance to a mine operated by London-listed DiamondCorp, a police spokesperson said. Police spokesperson Stephen Thakeng told Reuters... 

South Africa platinum town, wider economy still hurting from strike

By: Reuters     Updated 2 hours 59 minutes ago Mamsi Ngobeni sat alongside the main road of the South African platinum belt town of Marikana, hunched over a table with a pile of onions, apples, loose cigarettes and tomatoes. By just after noon she had sold about R20 ($1.8245) worth of goods, well down from what she said was her usual R1 000... 

South Africa platinum town, wider economy still hurting from strike

DRA awarded first phase of Exxaro’s Belfast coal implementation project

By: Leandi Kolver     Updated 5 hours ago Engineering and project delivery company DRA has been awarded the $4.5-million first phase contract of JSE-listed Exxaro Resources subsidiary Exxaro Coal’s Belfast implementation project, in Mpumalanga. The first phase of the project would include the detailed design and engineering of a 500 t/h... 

Aquarius posts Q1 profit on back of higher production, lower costs

By: Leandi Kolver     Updated 6 hours ago Platinum miner Aquarius Platinum on Friday reported a net profit of $5.21-million for the three months ended September 30 compared with a loss of $10.19-million during the prior corresponding period. This increase was driven by a 3% rise in production, 5% higher dollar prices, lower costs and... 

Aquarius posts Q1 profit on back of higher production, lower costs
Aquarius' Everest mine

Russia kicks off South Africa’s ‘nuclear vendor parade’

By: Terence Creamer     Updated 6 hours ago The Department of Energy (DoE) reported on Thursday night that it had concluded its first “nuclear vendor parade workshop” with a delegation from the Russian Federation and that further meetings were planned with vendor countries such as France, China, South Korea, the US and Japan. The workshop,... 

Russia kicks off South Africa’s ‘nuclear vendor parade’
Rosatom logo

IFC backs Peak's rare earths project

By: Esmarie Swanepoel The International Finance Corporation (IFC) has signed on to ASX-listed Peak Resources’ Ngualla rare earths project, in Tanzania, by joining a consortium with Appian Natural Resources Fund. In September, Peak announced that Jersey-based private equity investor Appian had agreed to a total... 

BHP sets sights on another $3.5bn in yearly productivity gains

By: Esmarie Swanepoel Mining giant BHP Billiton said on Friday that it was targeting further productivity gains, with the company operating more like an advanced manufacturer than a traditional resource company. “By the end of the 2017 financial year, we are targeting at least $3.5-billion of additional annualised... 

BHP sets sights on another $3.5bn in yearly productivity gains

Mozambique eyes coal deal for tax consequences, approves power venture

By: Keith Campbell The Mozambique Tax Authority has been watching the recently concluded deal between Anglo-Australian miner Rio Tinto and Indian company International Coal Ventures Limited (ICVL), in which the former sold its subsidiary Rio Tinto Coal Mozambique (RTCM) to the latter for a reported $50-million.... 

Vale lifts Q3 iron-ore output to historic highs

By: Henry Lazenby Diversified Brazil-based miner Vale on Thursday reported record iron-ore output for the third quarter ended September 30, boosted by quarter-on-quarter gains in all its business segments. Vale said iron-ore output was 85.7-million tonnes in the period, underpinned by the ramp-ups of Plant 2 at... 

Vale lifts Q3 iron-ore output to historic highs

PotashCorp reports lower Q3 income on higher taxes, disappointing offshore investments

By: Henry Lazenby The world’s largest fertiliser company PotashCorp of Saskatchewan on Thursday reported lower third-quarter earnings for the three months ended September 30, as increased taxes and a disappointing performance from its offshore investments weighed on results. The Saskatoon, Saskatchewan-based... 

PotashCorp reports lower Q3 income on higher taxes, disappointing offshore investments

Foster Wheeler completes acquisition of MDM Engineering 

By: Leandi Kolver Global engineering and construction company Foster Wheeler on Thursday announced that an indirect wholly owned subsidiary of the company had completed its acquisition of metallurgical engineering company MDM Engineering. MDM would now become part of Foster Wheeler’s minerals and metals group. 

ABG Q3 production up 16%, AISC continues decline

By: Leandi Kolver Tanzania-focused gold producer African Barrick Gold (ABG) increased its production for the three months ended September 30, by 16% year-on-year, while all-in sustaining costs (AISC) declined for the eight successive quarter. ABG CEO Brad Gordon said the company’s production amounted to 190 986 oz... 

AMCU members down tools at Lace mine

By: Natasha Odendaal Workers at DiamondCorp’s Lace mine, in the Free State, downed tools on Thursday in an Association of Mineworkers and Construction Union- (AMCU-) led protest against the Aim-listed company’s refusal to employ two full-time salaried shop stewards. DiamondCorp said in an update to shareholders that... 

AMCU members down tools at Lace mine
Lace mine

Rise in Q2 hedging volumes not indicator of trend

By: Natasha Odendaal The significant jump in the volume of hedging activities during the second quarter of the year was not an indication of a secular shift in producer sentiment to hedge gold production, Societe Generale and Thomson Reuters GFMS said this week. The duo’s second-quarter Global Gold Hedge Book... 

Zuma says govt seriously mulling Operation Phakisa for mining sector 

By: Leandi Kolver President Jacob Zuma on Thursday reiterated that government was seriously considering a mining-focused Operation Phakisa phase. Minister in the Presidency Jeff Radebe earlier this year, at the Mining Lekgotla, noted that an Operation Phakisa for the mining sector was on its way, with... 

Zuma says govt seriously mulling Operation Phakisa for mining sector
Photo by Duane Daws
President Jacob Zuma

Less Eskom coal, fewer S African diamonds, less refined platinum, lower iron-ore sales – Anglo

By: Martin Creamer Diversified mining company Anglo American on Thursday reported 12% lower coal production for South Africa’s State electricity utility Eskom, 31% less refined platinum production, 4% lower iron-ore exports and fewer diamond carats from South African diamond mines, in the three months to September... 

Less Eskom coal, fewer S African diamonds, less refined platinum, lower iron-ore sales – Anglo
Photo by Duane Daws
Anglo CEO Mark Cutifani

South Africa's main coal terminal stops releasing export data

By: Reuters South Africa's Richards Bay Coal Terminal (RBCT), the largest in the world, has stopped publishing monthly operational updates detailing shipments of coal because it is "competitive information", its chief executive said on Thursday. "This information is commercial, it's a competitive... 

South Africa's main coal terminal stops releasing export data
Photo by Leandi Kolver
Richard Bay Coal Terminal

Kumba Q3 output up 37% y/y

By: Creamer Media Reporter Kumba Iron Ore lifted its output by 37% year-on-year and 13% quarter-on-quarter to 13-million tonnes in the quarter ended September 30. The Sishen mine produced 9.3-million tonnes of iron-ore in the quarter – up 44% on that produced in the third quarter of 2013 and 11% higher than that produced... 

Elemental halves Congo capex in refigured project plan

By: Esmarie Swanepoel Potash developer Elemental Minerals on Thursday announced a new capital estimate of $908-million for the development of its Sintoukola sylvinite (Kola) project, in the Republic of Congo. This compares with an initial capital estimate of $1.85-billion in the 2012 prefeasiblity study (PFS), which... 

Cape Lambert granted mining licence at Marampa

By: Esmarie Swanepoel ASX-listed Cape Lambert on Thursday announced that it had been granted a mining licence for its own Marampa iron-ore project, in Sierra Leone. “I am delighted that the Ministry of Mineral Resources has finally approved the grant of Marampa’s mining licence so that we can get on with the process... 

Amplats lifts FY output guidance on lower Q3 post-strike ramp-up losses

By: Creamer Media Reporter The post-strike ramp-up in production at Anglo American Platinum’s (Amplats’) Rustenburg, Union and Amandelbult mines was completed a month ahead of schedule, with normal output having resumed by September. In its third-quarter production report, released on Thursday, the platinum miner noted... 

Rio extends Walsh's contract

By: Esmarie Swanepoel The CEO of mining giant Rio Tinto, Sam Walsh, would remain at the company’s helm for the foreseeable future after the company’s board extended his tenure. Rio CFO Chris Lynch also had his tenure extended. 

Randgold CEO warns against tax hike in new Congo mining code

By: Reuters The Democratic Republic of Congo’s (DRC's) focus on maximising short-term tax revenues risks squandering long-term mining prospects, the chief executive of one of its largest mining investors warned on Wednesday. Speaking at a mining conference in Kinshasa, Mark Bristow, the CEO of gold miner... 

Lucara’s exceptional diamond tenders rake in $136m in 2014

By: Henry Lazenby Southern Africa-focused miner Lucara Diamond Corp this week reported that exceptional stone tenders had this year accounted for $136-million, reflecting a strong diamond market and robust demand for large precious gems from the company’s flagship Karowe mine, in Botswana. The TSX- and... 

Lucara’s exceptional diamond tenders rake in $136m in 2014

Nordgold Q3 production up 11% y/y, company on track to achieve upper end of full-year guidance

By: Leandi Kolver LSE-listed Nordgold on Wednesday reported a 11% year-on-year, and 2% quarter-on-quarter increase in production for the three months ended September 30, to 270 600 gold equivalent ounces. The company also noted that, for the nine months ended September 30, production had reached 746 900 oz, a 13%... 

Waterberg JV PFS on track

By: Leandi Kolver The prefeasibility study (PFS) for TSX- and NYSE-listed Platinum Group Metals’ (PTM’s) Waterberg Joint Venture (JV) project on the northern limb of the Bushveld Complex is on track, with completion targeted for the second quarter of next year, PTM said on Wednesday. The company noted that an... 

Eskom to receive R20bn injection, but no other SoC bailouts 

By: Terence Creamer Finance Minister Nhlanhla Nene confirmed a further direct allocation to power utility Eskom of at least R20-billion. But he also stressed on Wednesday that the injection would have no impact on the Budget deficit as the capital would be raised through the sale of “non-strategic State assets”.... 

Eskom to receive R20bn injection, but no other SoC bailouts

Spending ceiling lowered, taxes to be raised as Nene holds fiscal consolidation line 

By: Terence Creamer Fiscal consolidation could no longer be postponed, Finance Minister Nhlanhla Nene told lawmakers on Wednesday, while also announcing a R25-billion lowering of the expenditure ceiling and flagging plans to raise an additional R27-billion through higher taxes in the coming two years. Delivering a... 

Spending ceiling lowered, taxes to be raised as Nene holds fiscal consolidation line
Photo by Bloomberg
Finance Minister Nhlanhla Nene

Capital-raise puts novel underpin on Northam Platinum’s funded R6.6bn BEE deal

By: Martin Creamer Platinum mining company Northam on Wednesday concluded a fully funded ten-year R6.6-billion black economic-empowerment (BEE) equity transaction underpinned by a R4.6-billion capital raising, which has the potential to position the JSE-listed company as a fully integrated, fully empowered South... 

Capital-raise puts novel underpin on Northam Platinum’s funded R6.6bn BEE deal
Photo by Duane Daws
Northam Platinum CEO Paul Dunne
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