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Corruption scandal keeps growing for Brazilian oil giant Petrobras

By: Simon Rees Putting the ‘B’ in BRICS, the group of five major emerging national economies of Brazil, Russia, India, China and South Africa, it seemed as if Brazil was finally fulfilling its destiny to become South America’s global powerhouse in the latter half of the 2000s. As an added fillip, vast offshore... 

Corruption scandal keeps growing for Brazilian oil giant Petrobras

Consol Energy's thermal coal unit files for IPO

By: Reuters     Updated 3 hours ago CNX Coal Resources, Consol Energy's thermal coal business formed as a master limited partnership (MLP), filed for an initial public offering with US regulators on Wednesday, as Consol shifts focus to boosting natural gas production. Coal miners have been weighed down by a switch by US utilities... 

Iamgold in talks to buy AngloGold's stakes in two Mali mines

By: Reuters     Updated 5 hours ago Canadian gold miner Iamgold is in talks with AngloGold Ashanti on buying AngloGold's stakes in two gold mines in Mali in which they are partners, Iamgold said late on Tuesday. Iamgold and AngloGold each own 41% of the Sadiola mine in southwestern Mali. The two miners also each own a 40% stake in... 

Goldcorp’s Éléonore declares commercial production

By: Henry Lazenby     Updated 5 hours ago The world’s largest gold miner by market capitalisation Goldcorp on Wednesday announced that it had declared commercial production at its Éléonore mine, located in the James Bay region of Quebec. The mine poured its first gold on October 1 last year and was expected to produce between 290 000 oz... 

Alpha Natural Resources cuts debt by about $379m

By: Henry Lazenby     Updated 6 hours ago US coal producer Alpha Natural Resources has reduced its total debt by about $379-million, after it successfully completed the repurchase of various notes. Alpha bought back about $593-million in principal amount of its unsecured notes, including the $82-million principal amount of its 3.75%... 

Antofagasta restarts mines in northern Chile after heavy rains

By: Reuters     Updated 6 hours ago Copper miner Antofagasta said on Wednesday its Michilla, Antucoya and Centinela copper mines in northern Chile had resumed work after they were closed due to heavy rains last month. The London-listed company said it was working to minimise the loss of production caused by the rains. 

Brazil's Vale concludes sale of 49% stake in Belo Monte dam

By: Reuters     Updated 6 hours ago Brazilian miner Vale on Wednesday said it had concluded a deal with power utility Cemig Geração e Transmissão to sell 49% of its stake in the massive Belo Monte hydroelectric dam, following through on a December 2013 accord. Vale's remaining participation in the Norte Energia consortium running... 

Iron-ore extends losing streak as spot hits $49

By: Reuters Spot iron-ore prices tumbled below $50/t on Wednesday while Chinese iron-ore futures dropped a sixth straight session to a contract low on persistent worries that output cuts at steel mills would eat into demand for the raw material. Sluggish steel consumption and soaring environmental costs have... 

Creamer Media publishes Steel 2015: A review of South Africa's steel sector research report

By: Creamer Media Reporter Creamer Media’s Steel 2015 report provides an overview of the key developments in the global steel industry and particularly of South Africa’s steel sector over the past year, including details of production and consumption, as well as the country's primary carbon steel and stainless steel... 

Creamer Media publishes Steel 2015: A review of South Africa's steel sector research report

Aquila Resources closes $20.75m financing

By: Henry Lazenby     Updated 5 hours ago TSX- and Frankfurt-listed Aquila Resources has closed a private placement and a silver purchase agreement for total funding of $20.75-million with Orion Mine Finance. The development-stage company, which was focused on developing the 100%-owned Back Forty gold/zinc project, in Michigan's Upper... 

Brown insists Eskom is on ‘solid ground’, as 827 MW in short-term purchases are renewed

By: Terence Creamer State-owned power utility Eskom and Public Enterprises Minister Lynne Brown confirmed on Wednesday that contracts under the so-called short-term power purchase programme (STPPP) had been renewed ahead of the March 31, 2015, expiry date. Eskom told Engineering News Online separately that the... 

Brown insists Eskom is on ‘solid ground’, as 827 MW in short-term purchases are renewed

Kibo kicks off next stage of Rukwa definitive feasibility study

By: Natasha Odendaal Dual-listed Kibo Mining has started Phase 2, Stage 1 of the definitive mining feasibility study (DMFS) for its flagship Rukwa coal-to-power project (RCPP). This followed the confirmation by Minxcon Projects’ technical experts of the conclusion of the Phase 1, Stage 1 part of the process and the... 

Despite labour strife, Medupi Unit 6 to be at full power by ‘end-May’

By: Terence Creamer State-owned power utility Eskom said on Wednesday that full power from Medupi Unit 6 should be reached by the end of May and that it was working to ensure that the completion of the remaining five units was not undermined by further technical or labour problems. The first 800 MW unit was... 

Despite labour strife, Medupi Unit 6 to be at full power by ‘end-May’

Shanta welcomes new CEO

By: Natasha Odendaal London-listed Shanta Gold has appointed Dr Toby Bradbury CEO and director, following the resignation of Mike Houston in December. The 55-year-old Bradbury, who was appointed COO in January, had 30 years’ experience in corporate, strategic and operational roles. 

Stellar looking to further Tongo development

By: Megan van Wyngaardt Aim-listed Stellar Diamonds has started an application process for a mining licence at its 100%-owned, 1.45-million-carat Tongo Dyke-1 kimberlite project, in eastern Sierra Leone. The company would need to invest $20-million in capital expenditure (capex) to bring the mine into production and to... 

Nayega resource rises to 14Mt – Ferrex

Aim-listed manganese and iron-ore developer Ferrex on Wednesday reported that its Nayega manganese project’s resource has increased to 14-million tons at 12.4% manganese. The company said this was a significant milestone for the mine, in northern Togo, which the company was developing into a 250... 

Village buy-out by Chinese suitors given CompCom go-ahead

By: Natasha Odendaal The Competition Commission has unconditionally approved Chinese venture capital, private equity and private wealth management firm Heaven-Sent’s acquisition of JSE-listed Village Main Reef. Heaven-Sent in February made an exclusive offer to acquire embattled Village for R12.25 a share, with the... 

Azure cashed up for exploration - MD

By: Esmarie Swanepoel Despite having a busy exploration schedule at its Mexico projects in 2015, ASX-listed junior Azure Minerals would have no need to tap capital markets, MD Tony Rovira said this week. Speaking to Mining Weekly Online, Rovira noted that a March share purchase plan had resulted in about... 

Implats surges ahead with platinum fuel cell power

By: Martin Creamer Impala Platinum (Implats) CEO Terence Goodlace is championing the marketing of platinum by surging ahead with plans to use platinum fuel cells to produce electricity at the Implats platinum refinery in Springs, on Gauteng’s East Rand. JSE-listed Implats, which is heavily supported by the strong... 

Implats surges ahead with platinum fuel cell power
Photo by Duane Daws
Terence Goodlace

Productivity Commission cautions against gas reservation policies

By: Esmarie Swanepoel The Australian Petroleum Production & Exploration Association (Appea) has called for the withdrawal of market interventions such as domestic gas reservation policies, after the Productivity Commission released a report stating that such measures were unlikely to be effective or efficient in the... 

Productivity Commission cautions against gas reservation policies

Triton soars on $2bn offtake deal

By: Esmarie Swanepoel The share price of graphite hopeful Triton Minerals soared by nearly 65% on Wednesday, as the company announced that it had signed a binding offtake agreement worth $2-billion. Under the terms of an agreement inked with China’s Yichang Xincheng Graphite Company, Triton would supply 100 000 t/y... 

Sandfire moves to restructure debt

By: Esmarie Swanepoel Copper/gold miner Sandfire Resources has amended the repayment schedule for its DeGrussa project finance facility with financier ANZ Banking Corporation. Following a A$5-million repayment at the end of March this year, the current balance of the DeGrussa project facility would reduce to... 

BC Iron takes up govt royalty offer

By: Esmarie Swanepoel The Western Australian state government has granted iron-ore miner BC Iron royalty assistance at its Nullagine joint venture. The assistance would be in the form of a deferral of 50% of the iron-ore royalties paid between December 2014 and September 2015, subject to BC Iron’s free-on-board price... 

Millennium completes Beaton Creek sale

By: Esmarie Swanepoel Gold miner Millennium Minerals has completed the sale of its Beatons Creek tenements, in Western Australia, with the company receiving the asking price of A$3.8-million and the necessary consent for the transfer of assets. In March, Millennium announced the divestment of the Beatons Creek... 

Balamara readies for ASX withdraw

By: Esmarie Swanepoel Coal developer Balamara Resources has received all the necessary approvals to cease share trading on the ASX, with the company expecting to halt trading by May 1. The Poland-focused developer told shareholders this week that the company would trade as a public unlisted company. Once Balamara has... 

South Africa presidency receives 'Marikana massacre' inquiry report

By: Reuters South Africa's presidency said on Tuesday it had received a report on an inquiry into the police shooting of 34 striking mine workers in 2012, the deadliest security action since the end of apartheid. The inquiry, headed by retired judge Ian Farlam, was set up by President Jacob Zuma to look into... 

South Africa presidency receives 'Marikana massacre' inquiry report

Segue gets JV partner for Pardoo

By: Esmarie Swanepoel ASX-listed junior Segue Resources has inked a joint venture agreement that could result in Port Exploration acquiring a majority stake in the Pardoo project, in the Pilbara. Under the terms of the agreement, Port could acquire a 51% in the project area by spending A$250 000 on exploration,... 

Carpenter Technology to cut 200 jobs as weak oil prices hurt

By: Reuters Alloys maker Carpenter Technology said on Tuesday that it will cut about 10% of its salaried workforce, or 200 jobs, to reduce costs amid weak oil and gas prices. The company, which makes corrosion-resistant stainless steel, nickel-base and titanium alloys used in onshore and offshore fields,... 

Scotiabank’s commodity price index rallies in February as oil and gas rebound somewhat

By: Henry Lazenby The Bank of Nova Scotia’s ‘commodity price index’ rallied by 2.4% month-over-month in February, after falling in January to the lowest level since early 2007. The third-largest Canadian bank said on Tuesday that its ‘oil and gas index’ rebounded in February, with Alberta light- and heavy-crude... 

Scotiabank’s commodity price index rallies in February as oil and gas rebound somewhat

Brazil's Petrobras will not sell distribution arm – board member

By: Reuters Petrobras, Brazil's state-run oil company, will not sell its fuel distribution arm as part of its ongoing asset sale plan, company board member Silvio Sinedino said on Tuesday. In a live speech broadcast on Youtube, Sinedino said Aldemir Bendine, CEO of the company, officially Petroleo... 

Class action to proceed against Baja Mining

By: Henry Lazenby London, Ontario law firm Harrison Pensa is proceeding with a class action under the Class Proceedings Act, 1992, against Baja Mining Corp, certain of its former directors and officers and the company's auditor, PwC. The action alleged that from November 1, 2010, to April 23. 2012, the defendants... 

First Majestic completes new technical report for La Guitarra, Mexico

By: Henry Lazenby Mexico-focused miner First Majestic Silver has completed a new Canadian National Instrument 43-101-compliant technical report on its La Guitarra silver mine, in Mexico, which validated the reason the company bought the property from Silvermex Resources in 2012. President and CEO Keith Neumeyer... 

Atlatsa’s Bokoni mine achieves new production record

By: Megan van Wyngaardt Triple-listed Atlatsa Resources’ Bokoni mine, in South Africa, produced 194 036 platinum, palladium, gold and rhodium (4E) platinum-group metal (PGM) ounces in the 2014 financial year – a 13.9% increase on the 170 295 oz produced the year before. This was also the mine’s highest production since... 

DoE outlines next nuclear steps as it completes ‘pre-procurement phase’

By: Terence Creamer The Department of Energy (DoE) announced on Tuesday that the pre-procurement phase for South Africa’s proposed roll-out of a nuclear new build programme had been completed, following the latest in a series of workshops with vendor countries and their companies. Consultations had been held with... 

DoE outlines next nuclear steps as it completes ‘pre-procurement phase’
South Africa's only nuclear plant, Koeberg

Ncondezi receives extension from EdM

Aim-listed energy provider Ncondezi Energy has been granted an extension for meeting certain conditions relating to the conditional commercial deal signed between it and Electricidade de Moçambique (EdM) for its 300 MW power plant. Ncondezi was establishing an integrated thermal coal mine and... 

Boje steps down as Wescoal CEO

By: Natasha Odendaal JSE-listed Wescoal CEO and director Andre Bojé has resigned, effective April 14, after 18 years at the helm, the company announced on Tuesday. Wescoal appointed Waheed Sulaiman as acting CEO as the board this week starts the process of identifying a successor. 

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