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Transnet results eclipsed by irregular expenditure, qualified audit and State capture

By: Terence Creamer     20th August 2018 A surge in irregular expenditure to over R8-billion triggered a qualification of Transnet’s 2018 financial results, all but eclipsing an otherwise strong financial and operational performance by the State-owned group. The irregular expenditure related primarily to procurement undertaken by... 

Transnet results eclipsed by irregular expenditure, qualified audit and State capture

M&R announces new appointments for underground mining platform

By: Simone Liedtke     20th August 2018 Mike da Costa was appointed CEO of Murray & Robert’s (M&R’s) global underground mining platform, effective August 1, mining contracting company M&R Cementation reported on Monday. The M&R underground mining platform covers six continents and its service offering spans the project value chain... 

AngloGold moves to avoid 2 000 job losses in South Africa region

By: Martin Creamer     20th August 2018 The once overwhelmingly dominant South Africa segment of gold mining company AngloGold Ashanti has been reduced to a mere loss-making shadow of its former self. In the six months to June 30, South Africa produced a mere 10% of the company’s gold unprofitably. 

AngloGold moves to avoid 2 000 job losses in South Africa region

Fortescue profit hit by China demand, 60% iron content product to be launched in FY19

By: Mariaan Webb     20th August 2018 China’s demand for higher grade iron-ore has hit Australian miner Fortescue’s pocket hard, with the company on Monday reporting that its net profit had more than halved in the 2018 financial year, ended June 30. Fortescue’s net profit after tax decreased from $2.09-billion in the 2017 financial... 

Fortescue profit hit by China demand, 60% iron content product to be launched in FY19
Fortescue CEO Elizabeth Gaines

Semafo implements new transport measures for expats in Burkina Faso

By: Simone Liedtke     20th August 2018 Following two armed incidents at TSX-listed gold mining company Semafo’s Mana and Boungou mines, in Burkina Faso, which claimed the lives of eight people in the last two weeks, the company is now transporting all expatriate employees to the mine sites by helicopter. In addition, a ground military... 

Challenge on to develop new deep-level rock drill by early next year

By: Schalk Burger     20th August 2018 The Mandela Mining Precinct (MMP) on Monday launched an open-innovation challenge to rapidly develop a new deep-level mining rock drill by the beginning of next year. MMP co-director Alastair McFarlane explains that, for South Africa to retain its comparative advantage obtained through the mining... 

Higher mineral sands prices underpin Kenmare’s strong interim performance

By: Simone Liedtke     20th August 2018 LSE-listed Kenmare Resources achieved strong financial results for the six months to June 30, with the titanium and zircon producer having generated $48.4-million in operating cash flow through the shipment of 589 t at increased prices. The miner further recorded a 37% increase in revenue, as a... 

Higher mineral sands prices underpin Kenmare’s strong interim performance
Kenmare Resources MD Michael Carvill

Lucara subsidiary to collaborate with diamond tech company

By: Creamer Media Reporter      20th August 2018 Lucara Diamond Corporation’s Clara Diamond Solutions subsidiary has entered into a collaboration agreement with diamond industry technology developer Sarine Technologies. Clara, a digital sales platform acquired by Lucara in February, will be the exclusive, worldwide customer for customised... 

Turnbull to cap power prices amid dissent over energy plan

By: Bloomberg     20th August 2018 Prime Minister Malcolm Turnbull has vowed to cap power prices in Australia in an urgent policy rejig aimed at winning over critics within his own party for the government’s energy plan. Amid reports he faces a revolt from backbench lawmakers over his National Energy Guarantee, Turnbull said the... 

Artemis, Platina target gold mineralisation at Munni Munni JV project

By: Creamer Media Reporter      20th August 2018 ASX-listed Artemis Resources has invested the required $750 000 to earn a 70% interest in the Munni Munni project, in the West Pilbara, from fellow ASX-listed Platina Resources. The joint venture (JV) partners will now target gold mineralisation within the Munni Munni land package. 

AngloGold ups half-year earnings, cash flow

By: Martin Creamer     20th August 2018 Solid production and cost performances helped gold-mining company AngloGold Ashanti to deliver higher earnings and cash flow in the first half of this year. The increase in headline earnings of $85-million compared with a loss of $93-million in the first half of 2017 for the company, which is... 

AngloGold ups half-year earnings, cash flow
Photo by Creamer Media
Outgoing AngloGold CEO Srinivasan Venkatakrishnan

Plateau Energy Metals appoints CEO

By: Creamer Media Reporter      20th August 2018 Canadian lithium and uranium exploration company Plateau Energy Metals, which is advancing projects in the Macusani Plateau in south-eastern Peru, has a new CEO. The company announced on Monday that its board had appointed Alex Holmes, who most recently was a partner and cofounder of Oxygen... 

Browns Range pilot plant achieves mechanical completion

By: Creamer Media Reporter      20th August 2018 The Browns Range pilot plant, in Western Australia, has achieved mechanical completion, with the process plant components having been installed, powered up and tested as part of the commissioning process, heavy rare earths developer Northern Minerals reported on Monday. 

Resgen continues pursuit of tandem funding solution for Boikarabelo

By: Simone Liedtke     20th August 2018 ASX- and JSE-listed Resource Generation (Resgen) plans to continue pursuing a tandem approach to finding a funding solution for the development of its Boikarabelo coal mine, in South Africa, but warned that further delays are likely. Delays, the energy resources company pointed out on Monday,... 

Kore announces maiden sylvinite mineral resource estimate for Dougou extension

By: Simone Liedtke     20th August 2018 Potash development company Kore Potash has declared a maiden sylvinite mineral resource estimate for its Dougou extension deposit, at the flagship 97%-owned Sintoukola (Kola) potash project, in the Democratic Republic of Congo (DRC). Sylvinite is a rock type comprised primarily of the potash... 

Implats expects wider FY18 losses

By: Simone Liedtke     20th August 2018 Platinum producer Impala Platinum (Implats) expects its headline loss to widen by 18% to 36% year-on-year to between R1.1-billion and R1.3-billion for the financial year ended June 30. Its headline loss a share is also expected to widen to between 162c and 186c. 

Black Mountain warns Poseidon about ‘highly dilutive’ capital raising

By: Mariaan Webb     20th August 2018 US group Black Mountain Metals on Monday warned Poseidon Nickel that it would terminate its takeover proposal if the company pursued a “highly dilutive” capital raising. This is in response to Poseidon’s request that the ASX halted trading in its shares to “discuss and announce a material fund... 

Nutrien steers potash recovery as BHP waits in the wings

By: Reuters     20th August 2018 Canada's Nutrien, the world's biggest potash miner by capacity, has helped engineer a surprising price rebound for the fertilizer by idling capacity. Now the trick will be keeping prices from appreciating too much to ensure a major would-be competitor, BHP Billiton, stays on the sidelines. 

Nutrien steers potash recovery as BHP waits in the wings

India’s OVL and Sudan seek to settle default payments through fresh talks

By: Ajoy K Das     Updated 6 hours ago ONGC Videsh Limited (OVL), the overseas arm of India’s national oil, gas exploration and production major ONGC, has agreed with the government of Sudan to work out a mechanism to settle the $400-million outstanding dues of the Indian oil company. The decision to find a solution through... 

Bass sells first concentrate from Madagascar graphite mine

By: Creamer Media Reporter      20th August 2018 ASX-listed Bass Metals has achieved another milestone in the development of the Graphmada mine in Madagascar, with the company announcing on Monday that it had achieved its first sales revenue from the sale of concentrates from the large flake graphite mine. Bass, which earlier this month... 

Polymetal ships first concentrate from Kyzyl

By: Creamer Media Reporter      20th August 2018 LSE-listed Polymetal has shipped first concentrate from its Kyzyl mine, in Kazakhstan, to a buyer China, bringing the company closer to achieving cash flow from the asset. The company said that 2 000 t of gold concentrate was shipped by rail. 

First Quantum reports fatality at Cobre Panama

By: Creamer Media Reporter      Updated 6 hours ago TSX-listed miner First Quantum said on Monday that a worker at its Cobre Panama project had passed away and that a second worker was injured while constructing an electrical transmission line in the tailings management facility. The second worker has been transferred to hospital. 

Liontown expands prospective lithium footprint with new acquisition

By: Creamer Media Reporter      20th August 2018 ASX-listed Liontown has entered into an agreement to acquire a new project immediately west of its Buldania lithium project, extending its exploration footprint in the Eastern Goldfields of Western Australia to about 400 km2. Liontown announced on Monday that it entered into a sale agreement... 

China's Tianqi Lithium seeks up to $1bn in Hong Kong listing - sources

By: Reuters     20th August 2018 China's Tianqi Lithium Corp is looking to raise up to $1-billion in its Hong Kong stock market flotation, despite this year's fall in lithium prices, two people close to the deal told Reuters. The company, the world's second largest lithium producer by sales, on Friday filed plans for Hong... 

Oposura scoping study nears completion

By: Creamer Media Reporter      20th August 2018 ASX-listed Azure Minerals is nearing completion of a scoping study for its Oposura zinc/lead/silver project, in Mexico. The study remains on schedule for completion in the third quarter of this year. 

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