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

By: Terence Creamer     Updated 6 hours ago 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... 

Implats’ R2.7bn cut of 13 000 jobs, five shafts, 230 000 oz, evokes Minister’s rebuke 

By: Martin Creamer     2nd August 2018 The drastic R2.7-billion restructure of the Impala Rustenburg mine, involving the loss of 13 000 jobs, the closure of five shafts and cutting of 230 000 oz out of yearly platinum production, has evoked a strong rebuke from the Mineral Resources Minister Gwede Mantashe, who has accused Impala... 

Implats’ R2.7bn cut of 13 000 jobs, five shafts, 230 000 oz, evokes Minister’s rebuke
Photo by Creamer Media
Implats CEO Nico Muller (left) and Implats group mining engineer Thabile Makgala

Fate of South African gold rests on one giant, loss-making mine

By: Bloomberg     30th July 2018 Three thousand meters below the plains southwest of Johannesburg, teams of miners are toiling to revive the gold industry that underpinned South Africa’s economy for generations. The South Deep mine was built to target the world’s second-biggest known body of gold-bearing ore, a deposit that... 

Fate of South African gold rests on one giant, loss-making mine

Minister decries Gold Fields’ job-cut plan at cash-burning South Deep

By: Martin Creamer     14th August 2018 They say South Deep will be the last gold mine standing, but every report coming out of it indicates that it is an extremely hard nut to crack, with production hopelessly below guidance. Since 2006, Gold Fields has pumped R32-billion into South Deep without even breaking even, let alone making a... 

Minister decries Gold Fields’ job-cut plan at cash-burning South Deep
Photo by Creamer Media
Gold Fields CEO Nick Holland

Anglo draws line in sand for thermal coal

By: Martin Creamer     27th July 2018 Anglo American has drawn a line in the sand for its thermal coal portfolio. With 14 more years of life in existing assets, the company made it clear this week that it would engage in incremental expansion where it made sense, but not in long-term growth projects. Anglo has halved its footprint in... 

Anglo draws line in sand for thermal coal
Photo by Creamer Media
Anglo CE Mark Cutifani

Voorspoed diamond mine to close after search for bidder fails 

By: Martin Creamer     31st July 2018 The Voorspoed diamond mine in the Free State is scheduled to close by year-end if the Department of Mineral Resources (DMR) is unable to secure, in the next 30 days, a suitable bid that will set the seal on the employment and community support that this Kroonstad-area mine provides. The decision... 

Voorspoed diamond mine to close after search for bidder fails

Innovation ‘coming out of the lab, into the field’ – Anglo

By: Martin Creamer     26th July 2018 The comprehensive technology and innovation programme being intensively conducted by diversified mining major Anglo American is coming “out of the lab and into the field”, the company told Mining Weekly Online on Thursday, when it reported continued performance improvement in the six months to... 

Innovation ‘coming out of the lab, into the field’ – Anglo
Photo by Creamer Media
Anglo American CE Mark Cutifani

Kumba ‘very bullish’ on exploration prospects 

By: Martin Creamer     25th July 2018 Iron-ore mining and marketing company Kumba Iron Ore is bullish about its R664-million exploration programme, that has funded more than 200 000 m of drilling. "We’re very bullish and very excited,” Kumba Iron Ore technical and projects head Glen Mc Gavigan commented to Mining Weekly Online during... 

Kumba ‘very bullish’ on exploration prospects

Govt must play role in limiting large-scale retrenchment – RBPlat 

By: Martin Creamer     7th August 2018 Government must play a role in limiting large-scale retrenchment in the platinum sector by potentially incentivising companies to curb job loss. Mineral Resources Minister Gwede Mantashe has objected strongly to the retrenchment plans of Impala Platinum in particular and Royal Bafokeng Platinum... 

Govt must play role in limiting large-scale retrenchment – RBPlat

Chinese investors plan $10bn metallurgical complex in South Africa

By: Reuters     27th July 2018 Chinese investors signed agreements to build a $10-billion metallurgical complex in South Africa during President Xi Jinping's state visit this week and hope to start construction next year, an executive involved in the project and a provincial official told Reuters. South Africa's President... 

Miners set to spend $11bn in search of the next jackpot

By: Bloomberg     7th August 2018 Miners and investors are poring over satellite images, tracking drilling rigs and quizzing company executives for clues on whether the sector’s heavyweights are close to a new jackpot discovery. As Rio Tinto Group searches Australia’s Great Sandy Desert for copper and Anglo American scours a 19... 

Miners set to spend $11bn in search of the next jackpot

Glencore closing in on oil deal, transacting with Eskom

By: Martin Creamer     8th August 2018 The local downstream oil investments of diversified mining and marketing company Glencore are expected to be concluded in the near future. Talking during a media conference after the Johannesburg- and London-listed company posted outstanding half-year results that won analyst applause, Glencore... 

Glencore closing in on oil deal, transacting with Eskom
Photo by Creamer Media
Glencore CEO Ivan Glasenberg

Metals poisoned by Turkey contagion as copper nears bear market

By: Bloomberg     15th August 2018 From Turkey’s financial crisis to China’s trade war, the emerging-market contagion is infecting metal markets. Base metals markets tumbled on Wednesday, with most contracts falling more than 2% in London. Copper sank below $6 000 a metric ton and is now approaching a bear market. Not even gold,... 

Metals poisoned by Turkey contagion as copper nears bear market

Mozambique's ruby mining goes from ‘wild west’ to big business

By: Bloomberg     13th August 2018 Sebastiao Pedro struck it lucky in 2014 when, as a 21-year-old small-scale miner, he found a large red ruby in northern Mozambique. He sold it to a buyer from Vietnam for $43 000, returned to his family 900 miles away and built a house with the proceeds. Then the money ran out. 

Mozambique's ruby mining goes from ‘wild west’ to big business

Elikhulu tailings retreatment project pours first gold; Pan African announces next big project 

By: Schalk Burger     16th August 2018 At the inaugural gold pour at its Elikhulu gold tailings retreatment project, in Mpumalanga, on Thursday, Pan African Resources announced the company's next big project, Royal Sheba, which will be built within the company's existing mining right at Barberton, Mpumalanga, before the end of 2019.... 

Elikhulu tailings retreatment project pours first gold; Pan African announces next big project

Production at world’s biggest uranium mine suspended indefinitely

By: Mariaan Webb     26th July 2018 Initially intended to be a 10-month suspension, production at McArthur River in Saskatchewan – the world’s biggest uranium mine – and the nearby Key Lake mill has been extended for an “indeterminate duration”, Canadian uranium major Cameco announced on Wednesday. President and CEO Tim Gitzel... 

Production at world’s biggest uranium mine suspended indefinitely
The McArthur Lake mine in Saskatchewan.

Anglo Platinum taking steps to reverse unjustified investor bearishness 

By: Martin Creamer     23rd July 2018 Platinum group metals (PGMs) mining, refining and marketing company Anglo American Platinum (Amplats), which on Monday delivered an outstanding set of dividend-yielding financial results for the six months to June 30, is taking steps to reverse unjustified investor bearishness. After the company... 

Anglo Platinum taking steps to reverse unjustified investor bearishness

Heavy-handed laws not needed to transform mining – RBPlat 

By: Martin Creamer     6th August 2018 The growth of the once small community-based Royal Bafokeng Platinum (RBPlat) into the fully fledged mining company that it is today, provides ample evidence that transformation is best served by collaborative partnerships rather than heavy-handed laws. “Anglo American Platinum have been an... 

Heavy-handed laws not needed to transform mining – RBPlat

Premium prices being paid for Kumba’s quality iron-ore 

By: Martin Creamer     24th July 2018 China’s flight to quality iron-ore is benefiting South Africa’s Kumba Iron Ore, which is receiving strong price premiums for high-grade ore.  Two thirds of Kumba ore is lump ore compared with the third or less of its main competitors. 

Premium prices being paid for Kumba’s quality iron-ore

Randgold looking across the Atlantic

By: Martin Creamer     10th August 2018 African gold mining company Randgold Resources is looking across the Atlantic along the northern edge of South America, which effectively hosts the same geology as West Africa, where the London-listed company has its biggest gold-mining base. This is in addition to intensifying exploration... 

Randgold looking across the Atlantic
Randgold CEO Mark Bristow (left) with Inter Oriental Builders' Feni Matsando Samuel, who built the new hydropower plant on time and on budget with an all-Congolese team.

First tin concentrate to market in Q4 – AfriTin 

By: Martin Creamer     30th July 2018 Emerging tin mining company AfriTin is on track to place its first tin concentrate into the market in the fourth quarter of this year. The Aim-listed company is going all out to put Africa, once the fourth-biggest exporter of tin but now without an industrial-scale mine, back on the global tin... 

First tin concentrate to market in Q4 – AfriTin

Ivanhoe advances projects in ‘productive’ Q2

By: Marleny Arnoldi     13th August 2018 Canadian miner Ivanhoe Mines had a productive second quarter ended June 30, with underground development at the planned initial copper mine at Kakula, in the Democratic Republic of Congo (DRC), making steady progress. The mine is expected to reach the high-grade copper mineralisation later this... 

Ivanhoe advances projects in ‘productive’ Q2
Ivanhoe's Platreef exploration

Platinum's worst may soon be over despite record bearish bet 

By: Bloomberg     26th July 2018 Platinum’s near the lowest in a decade and hedge funds have never been so bearish – and that could be good news for prices. The commodity’s had a torrid year so far amid ample supplies and as investors lost faith in precious metals. While speculators are betting on more declines, the large... 

BMI raises thermal coal price forecast to $100/t

By: Anine Kilian     24th July 2018 BMI has increased its thermal coal price forecast for this year to $100/t from $85/t previously as a result of tight supply from exporting countries and higher demand on the back of hot weather in importing countries.  The research company said in a statement on Tuesday that Newcastle coal prices... 

Glencore's poised for record profit despite horrible year

By: Bloomberg     7th August 2018 Glencore may have had a nightmarish year so far, but the world’s top commodity trader is still raking in mountains of money. The company is facing a US corruption probe, got mired in a dispute with its billionaire former partner in the Democratic Republic of Congo and has been caught in the... 

West Wits breathes life into old gold mine

By: Marleny Arnoldi     26th July 2018 ASX-listed exploration and development company West Wits Mining is reinvigorating the goldfield known as the Witwatersrand basin, near Roodepoort, which has a revised Joint Ore Reserves Committee-compliant mineral resource estimate of 3.67-million ounces of gold. The company has restarted openpit... 

West Wits breathes life into old gold mine
Photo by Dylan Slater
West Wits' opencast mine near Roodepoort

Anglo completes sale of New Largo to Seriti

By: Simone Liedtke     1st August 2018 Anglo American subsidiary Anglo American Inyosi Coal has completed the sale of the New Largo thermal coal project and the closed Old New Largo colliery, in South Africa, to New Largo Coal, which is co-owned by Seriti Resources, Coalzar and the Industrial Development Corporation. The cash... 

Anglo completes sale of New Largo to Seriti
Photo by Creamer Media
Mike Teke

$5bn Anglo copper project going ahead in Peru

By: Martin Creamer     26th July 2018 Expected payback on the $5-billion copper project that Anglo American is leading in partnership with Mitsubishi is four years after initial production, Anglo CE Mark Cutifani said on Thursday, when the company announced the go-ahead for the development of the new community-backed low-cost,... 

$5bn Anglo copper project going ahead in Peru
Photo by Creamer Media
The Anglo-Mitsubishi Quellaveco copper mining project in Peru.

Sibanye-Stillwater to swing to H1 profit

By: Marleny Arnoldi     3rd August 2018 Precious metals producer Sibanye-Stillwater’s Southern Africa platinum group metals (PGMs) operations have produced about 569 000 oz of platinum, palladium, rhodium and gold (4E) PGMs at an all-in sustaining cost (AISC) of about R10 110/oz for the six months ended June 30. This means Sibanye is... 

World's priciest precious metal set to blossom as shortage looms

By: Bloomberg     3rd August 2018 The world’s most expensive precious metal is set to get even pricier as a mining retreat in South Africa threatens a supply shortage. Rhodium – a byproduct of platinum mining that’s used in the chemical sector and by the auto industry in catalytic converters – has more than trebled in value since... 

AngloGold says there's no escaping demise of South African gold

By: Bloomberg     23rd July 2018 South Africa’s gold industry, once the world’s largest, faces an inevitable decline, according to the chairperson of the country’s biggest producer of the metal by market value. Output will continue to shrink as miners chase ever-deeper ore bodies while struggling to keep costs down, said... 

Investor bearishness on platinum needs to be turned around ­– CPM 

By: Martin Creamer     23rd July 2018 There are two things that have to happen to boost platinum. One is that there will have to be ultimately further reductions in South African platinum production which is likely to happen over the next three to five years. But the bigger aspect that needs to happen more immediately is there has to... 

Investor bearishness on platinum needs to be turned around ­– CPM

Barrick Gold cuts jobs and offices in decentralisation push

By: Bloomberg     26th July 2018 Barrick Gold, the world’s largest gold producer, cut jobs and closed offices in the second quarter as part of its strategy to decentraliSe operations. “We completed an extensive review of all positions sitting above operations, reallocating roles where appropriate, eliminating those no longer... 

Glencore darts ahead of diversified rivals

By: Martin Creamer     8th August 2018 The strength of the business model and commodity mix of mining and marketing company Glencore has been demonstrated once again by sharp increases in earnings and net income in the six months to June 30. The earnings before interest, taxes, depreciation and amortisation (Ebitda) of the 146... 

Glencore darts ahead of diversified rivals
Glencore CEO Ivan Glasenberg

Amplats buys Glencore’s stake in Mototolo JV, declares R3.74 dividend for H1

By: Marleny Arnoldi     23rd July 2018 JSE-listed Anglo American Platinum’s (Amplats’) subsidiary Rustenburg Platinum Mines has acquired diversified miner Glencore’s 39% stake in the companies’ joint venture (JV) Mototolo project, on the eastern limb of the Bushveld Complex, in Limpopo, for R1.5-billion. This solidifies Amplats’... 

Amplats buys Glencore’s stake in Mototolo JV, declares R3.74 dividend for H1
Photo by Creamer Media
Amplats CE Chris Criffith

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