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WFDB backs full disclosure synthetic diamond trading

By: Natasha Odendaal Although each of the World Federation of Diamond Bourses’ (WFDB’s) 30 affiliated members has the right to take a decision on trading in synthetic diamonds, the WFDB is in support of trade in synthetic diamonds, as long as this is fully disclosed. This followed the India-based Bharat Diamond... 

Share prices soar as Sibanye bids R4bn cash for Aquarius Platinum

By: Martin Creamer The share prices of both Aquarius Platinum and Sibanye Gold rose sharply on Tuesday after precious metals mining company Sibanye offered R4-billion cash for the entire issued share capital of Aquarius - a bid Aquarius' board has unanimously endorsed. By close, Aquarius share price had risen by... 

Share prices soar as Sibanye bids R4bn cash for Aquarius Platinum
Photo by Duane Daws
Neal Froneman

Canada becomes founding partner of historic Trans-Pacific Partnership, to boost resource sectors

By: Henry Lazenby Canada on Monday became one of the 12 founders of the historic Trans-Pacific Partnership (TPP) free-trade agreement (FTA) that could ensure an increase in Canadian exports and investment to member countries, supporting jobs for Canadians at home and abroad. The TPP was a multilateral trade... 

Canada becomes founding partner of historic Trans-Pacific Partnership, to boost resource sectors
Photo by Reuters
Canada's Prime Minister Stephen Harper speaks during a news conference on the TPP trade agreement, in Ottawa.

Suncor launches $6.6bn hostile bid for Canadian Oil Sands

By: Henry Lazenby The TSX-listed stock of Canadian Oil Sands (COS) closed more than 55% higher at C$9.60 apiece on Monday, after rival Suncor Energy launched a C$4.3-billion hostile takeover bid. Under terms of the offer, each COS shareholder would receive one-quarter of a Suncor share, or about C$8.84, for each... 

PotashCorp withdraws bid for German rival

By: Henry Lazenby The world’s largest potash miner Potash Corporation of Saskatchewan (PotashCorp) on Monday retracted its offer to buy German rival K+S Aktiengesellschaft, citing declining macroeconomic conditions and a lack of interest from K+S management to pursue a deal. K+S had previously rejected the... 

Alcoa inks $1bn fastening systems deal with Airbus

By: Henry Lazenby US-based speciality alloys company Alcoa has struck a $1-billion contract with Airbus to supply multimaterial aerospace fastening systems for use on the European aircraft manufacturer's latest aircraft. NYSE-listed Alcoa said the deal was its largest fastener contract ever with the aircraft... 

Glencore shares surge on agriculture asset sale hopes

By: Reuters Shares in beleaguered trader and miner Glencore Plc rose on Monday on hopes it was on track with its debt-cutting plans with a sale of a stake in its agricultural assets. Glencore's share price has lost more than 60% this year, battered by a collapse in global commodity prices over the past year... 

Volatility spikes may be unintended consequence of EU commodities rules

By: Reuters Energy traders are at odds with new European Union rules designed to halt speculation in commodities, arguing that companies won't be able to efficiently manage risk and market volatility could in fact spike. The European Securities and Markets Authority (ESMA) this week announced its final rules... 

Illegal blockade halts work at B2Gold’s El Limon mine

By: Henry Lazenby Access to triple-listed gold miner B2Gold's El Limon mine, in Nicaragua, has been blocked by an illegal barricade since last Monday. The Canadian miner explained that access to the El Limon operation and process facility had been blocked by a small group of workers, community members, and other... 

MinQuest explores Wolverine infrastructure opportunities

By: Esmarie Swanepoel While ASX-listed MinQuest has been forced to abandon its plans to buy the Wolverine zinc mine, in Canada, the company on Tuesday said it would continue to “vigorously” explore opportunities to use the Wolverine infrastructure to process the Kona mineral resource from its own Fyre Lake copper... 

Erin Energy finds substantial energy resource in Ghana

By: Megan van Wyngaardt Dual-listed oil and gas explorer Erin Energy Corporation has estimated that the tenements that make up the expanded shallow water Tano (ESWT) block, in Ghana, would deliver about 500-million barrels of oil and 282-billion cubic feet of gas. The company recently completed resource volume... 

Erin Energy finds substantial energy resource in Ghana

Creamer Media publishes Liquid Fuels 2015: A review of South Africa's liquid fuels sector research report

Creamer Media’s Liquid Fuels 2015 Report examines these issues in the context of South Africa’s business environment; oil and gas exploration; fuel pricing; the development of the country’s biofuels industry; the logistics of transporting liquid fuels; and environmental considerations, with a... 

Creamer Media publishes Liquid Fuels 2015: A review of South Africa's liquid fuels sector research report

Antofagasta Minerals to cut workforce as copper price bites

By: Reuters     Updated 17 minutes ago Chilean copper mining company Antofagasta Minerals said on Tuesday it was reducing its workforce by around 7% in order to cut costs, the latest victim of the recent rout in the copper market. Like its peers, Antofagasta, the operational division of London-listed Antofagasta, is battling a slide... 

Cliffs terminates pellet supply agreement with Essar Algoma

By: Henry Lazenby     Updated 19 minutes ago US iron-ore producer Cliffs Natural Resources has effective from October 5, cancelled a pellet supply agreement with primary steel producer Essar Algoma. According to Cliffs, Essar Algoma had committed multiple and material breaches under the sale and purchase agreement. 

Scathing report faults EPA’s handling of Alaska's Pebble project

By: Henry Lazenby     Updated 30 minutes ago An independent review of the US Environmental Protection Agency's (EPA’s) decision-making process regarding potential mining in southwest Alaska's Bristol Bay watershed has concluded that the agency’s actions were not fair to all stakeholders, raising a series of concerns about potential EPA... 

Scathing report faults EPA’s handling of Alaska's Pebble project
Photo by Northern Dynasty Minerals
Pebble, Alaska.

Implats moves to raise R4bn

By: Martin Creamer     Updated 7 hours ago Mining company Impala Platinum (Implats) on Tuesday announced its placing of new shares to raise up to R4-billion through a bookbuild offering run by UBS as acting underwriter. This follows Mining Weekly Online’s report last month in which Implats CEO Terence Goodlace outlined the company’s... 

Implats moves to raise R4bn
Implats CEO Terence Goodlace

IMF trims South Africa’s growth outlook again ahead of Nene’s mini-Budget

By: Terence Creamer     Updated 7 hours ago The International Monetary Fund (IMF) has again lowered its growth outlook for South Africa for 2015, projecting in its October World Economic Outlook (WEO) that the economy would expand by only 1.4% this year and 1.3% in 2016. The forecasts represent a 0.6 and a 0.8 percentage point downgrade... 

IMF trims South Africa’s growth outlook again ahead of Nene’s mini-Budget

Numsa calls for nationalisation of steel companies, mining

By: Megan van Wyngaardt     Updated 7 hours ago The National Union of Metalworkers of South Africa (Numsa) on Tuesday called on the National Treasury to investigate the noncompliance of the Preferential Procurement Policy Framework Act and its local content regulation as part of its list of demands ahead of its anticorruption march, in... 

Numsa calls for nationalisation of steel companies, mining

Cash-pumping Glencore spells out enhanced liquidity position

By: Martin Creamer     Updated 7 hours ago Diversified mining and marketing company Glencore on Tuesday released a funding fact sheet that showed enhanced liquidity, a plethora of undrawn credit facilities and a business that is pumping free cash. Giving chapter and verse of its financing arrangements, the London-, Hong Kong- and... 

Cash-pumping Glencore spells out enhanced liquidity position
Photo by Duane Daws
Ivan Glasenberg

Sentinel development on track, as First Quantum takes steps to maintain financial stability

A stabilising electricity supply situation in Zambia is leaving dual-listed First Quantum Minerals hopeful that its Sentinel project will ramp up to commercial production by the end of this year. The project’s ramp-up had been affected by the limited power supply available in the country, as... 

Diamcor posts double-digit sales and revenue rise

By: Natasha Odendaal Diamcor Mining on Tuesday posted a 70% rise in carat sales and a nearly 50% hike in revenue for the second quarter of the year. The junior diamond miner sold 4 845.93 ct through one rough diamond tender generating revenue of $676 835.08 during the three months to September. 

Resgen’s request for meeting requisition withdrawal denied

By: Megan van Wyngaardt South African investment fund Altius Investment Holdings has declined JSE-listed Resource Generation’s (Resgen’s) request to withdraw its requisition for a general meeting to remove current directors and appoint new directors.  Altius subsidiary Shinto Torii, which held a 10.7% stake in Resgen,... 

Acacia lowers FY guidance on lower Q3 gold output

By: Natasha Odendaal London-listed Acacia Mining has lowered its production guidance for the 2015 financial year after lower-than-expected output for the third quarter of the year. The company expected 2015 gold production from its Tanzanian assets to stay at the 2014 level of around 718 000 oz – well short of the... 

Sibanye Gold bids $294m for Aquarius Platinum

By: Reuters South Africa's No.3 gold producer by value, Sibanye Gold, has offered $294 million to buy Aquarius Platinum, in its latest thrust into the platinum sector which has been hammered by falling prices and rising costs. Under the deal announced on Tuesday, Sibanye offered 19.5 US cents, or 2.66 rand,... 

Sibanye Gold bids $294m for Aquarius Platinum

Firestone’s Liqhobong on track for Q4 2016 completion

By: Megan van Wyngaardt Aim-listed Firestone Diamonds on Tuesday reiterated that it would complete its Liqhobong project, in Lesotho, in the fourth quarter of 2016, with the project having been 49% complete as at September 30. Outlining its results for the year ended June 30, the company stated that the project remained... 

Resolve mining disputes speedily – Minister

By: SANews, SA government news service Mineral Resources Minister Mosebenzi Zwane has urged stakeholders in the mining industry to work together to resolve labour disputes as speedily as possible. “Mineral Resources Minister Mosebenzi Zwane has appealed to stakeholders in the mining industry to work together in the current wage... 

Sudan expects to hit record gold production in 2015

By: Reuters Sudan said it expects to produce 80 t of gold in 2015, its minister of minerals said on Tuesday, topping last year's record-high production in the war-torn African nation. "In the first three quarters of the year we produced about 72 t so we are on track for our target of producing 80 t for... 

Indonesia's Antam may borrow $1.5bn from China bank for alumina refinery project

By: Reuters Indonesia's State-Owned Enterprise Minister said talks are underway with China Development Bank for a $1.5-billion loan for an alumina refinery project being undertaken by state-owned diversified miner Aneka Tambang (Antam). "We are in talks with CDB for the development of a refinery with... 

Ascot to delist from ASX, slows Wonmunna development

By: Esmarie Swanepoel Iron-ore hopeful Ascot Resources has placed the development of its Wonmunna iron-ore project, in Western Australia on hold, given market conditions, with the company also seeking an official delisting from the ASX. Ascot said on Tuesday that since acquiring the Wonmunna project in 2014, the... 

St Barbara reports near-record quarterly production

By: Esmarie Swanepoel Gold miner St Barbara has fallen just short of record production for the September quarter. The miner on Tuesday announced that output had reached 111 039 oz of gold for the three months ended September – just 0.2% below the March quarter record of 111 288 oz. 

St Barbara reports near-record quarterly production

Straits divests of NSW assets

By: Esmarie Swanepoel Copper developer Straits Resources has inked an agreement with fellow-listed Sandfire Resources to buy its wholly owned Temora and Currumburrama exploration projects, in New South Wales, for A$2.5-million worth of Sandfire shares. The Temora project comprises two exploration tenements and the... 

Metalicity launches Admiral Bay scoping study

By: Esmarie Swanepoel Metalicity has launched a scoping study into its Admiral Bay zinc project, in Western Australia. The company, previously known as PLD Corporation, has made a number of appointments, including a project management consultant and a new exploration manager to oversee exploration on both the Admiral... 

Oz unveils new plan for Carrapateena

By: Esmarie Swanepoel Copper miner Oz Minerals has launched a scoping study at its Carrapateena project, in South Australia, after the identification of a 61-million-tonne high-grade resource, grading 2.9 g/t copper equivalent. Oz Minerals in February suspended its hunt for a joint venture partner for the Carrapateena... 

Hastings upgrades Yangibana resource

By: Esmarie Swanepoel ASX-listed junior Hastings Rare Metals has reported a 29% increase in the Joint Ore Reserves Committee-compliant resource for its Yangibana project, in Western Australia. The project was now estimated to host a resource of 12.36-million tonnes, grading 10.7% total rare earth oxide, for 132 500 t... 

Lucapa shares surge on kimberlite confirmation

By: Esmarie Swanepoel Diamond miner Lucapa Diamond Company's share price closed more than 27% higher on Tuesday on confirmation of kimberlite next to its alluvial diamond field at the Lulo project, in Angola. At the end of August, Lucapa started a systematic pitting programme at a kimberlite target, which involved... 

The ball is in miners' court, say NUM coal strikers

By: News24Wire The coal companies affected by the National Union of Mineworkers’ (NUM’s) strike will meet on Tuesday to “chart a way forward”, according to the Chamber of Mines. On Sunday thousands of workers affiliated to NUM went on strike for higher wages, affecting operations at several coal companies which... 

The ball is in miners' court, say NUM coal strikers

Zambia power firm aims to more than double electricity cost

By: Reuters Zambia's State power utility Zesco Ltd has applied to the regulator to allow it to more than double the cost of electricity for all customers except mining firms to attract investors to build power plants, it said on Monday. Zambia's economy is likely to grow by less than 5% in 2015 due to a... 

Zambia power firm aims to more than double electricity cost

South Africa's last bullion bluechip battles relegation

By: Reuters The Johannesburg stock market, the capitalist heart of South Africa's 'City of Gold', is close to relegating the last bullion producer in its bluechip index, the latest sign of the precious metal losing its place in an economy it once dominated. In its latest quarterly review of stocks on its... 

South Africa's last bullion bluechip battles relegation

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