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Brown to set up Eskom corruption probe headed by retired judge

By: Terence Creamer     Updated 7 hours ago Public Enterprises Minister Lynne Brown has announced that she will institute a “broad scope” investigation into allegations of corruption currently hanging over State-owned electricity producer Eskom. The terms of reference and form of the investigation were still to be finalised, but Brown... 

Brown to set up Eskom corruption probe headed by retired judge
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

CompCom approves AMSA’s buyout of Thabazimbi mine

By: Megan van Wyngaardt     Updated 4 hours ago The Competition Commission has recommended the Competition Tribunal approve ArcelorMittal South Africa’s (AMSA’s) proposed acquisition of the Thabazimbi mine, in Limpopo. Kumba Iron Ore in February agreed to transfer the mine to AMSA. Until 2014, the mine was a captive mine owned and run by Kumba... 

Move over Tesla, Europe's building its own battery gigafactories

By: Bloomberg     22nd May 2017 Battery-making gigafactories are about to arrive in Europe, challenging a lead Tesla is building at a plant in Nevada and opening the way for a quicker shift toward green power for both cars and utilities. German Chancellor Angela Merkel on Monday is scheduled to break ground at a €500 million... 

Move over Tesla, Europe's building its own battery gigafactories

Mgojo elected president as chamber heads for new beginning, new name, rebranding

By: Martin Creamer     24th May 2017 It is an organisation that is more relevant today than it has ever been in its 128-year history. Its role is so much more than mining. It operates in a changing environment and needs to contemplate its own new identity and name. 

Mgojo elected president as chamber heads for new beginning, new name, rebranding
Photo by Duane Daws
New Chamber of Mines of South Africa president Mxolisi Mgojo

Pallinghurst share price leaps on value unlock outline

By: Martin Creamer     19th May 2017 The share price of mining investment fund Pallinghurst leapt in Johannesburg after the company outlined its plans to swop its investment fund shawl for a diversified miner’s mantle, unlock value through full absorption of its coloured gemstone associate and target a possible listing of the... 

Pallinghurst share price leaps on value unlock outline
Photo by Duane Daws
Arne Frandsen (left) and Brian Gilbertson at Pallinghurst's listing on the JSE ten years ago

Paladin fights to maintain TSX listing

By: Esmarie Swanepoel     19th May 2017 The TSX has given uranium miner Paladin Energy 90 days to comply with all the requirements for continued listing, including its financial solvency. If the company could not demonstrate that it met the bourse's requirements before August 14, the company’s securities will be delisted 30 days later. 

Northam Platinum hunting for quality South African mines to buy

By: Reuters     19th May 2017 South African miner Northam Platinum is searching for mines to buy but is struggling to find high-quality, mechanised operations for sale in South Africa, its chief executive said. The midtier producer, which has been bolstered by a strong balance sheet that is rare in the embattled industry, is... 

Vedanta hits production high spot at Black Mountain

By: Martin Creamer     24th May 2017 Diversified mining company Vedanta has achieved its highest quarterly production in four years at Black Mountain in South Africa, where the Gamsberg zinc project is on track to begin production towards the middle of next year. In addition, mobilisation on the Skorpion pit layback, in neighbouring... 

Vedanta hits production high spot at Black Mountain
Photo by Bloomberg
Vedanta chairperson Anil Agarwal

Anglo said to have bids in for New Largo from Seriti

By: Bloomberg     22nd May 2017 Anglo American has received bids for its New Largo project, in South Africa, as the company continues efforts to exit operations in the country that supply coal to local power plants, according to two people familiar with the process. Seriti Resources, which agreed last month to buy thermal coal... 

Acacia’s shares fall as Tanzania committee says it under-declared concentrate exports

By: Creamer Media Reporter      24th May 2017 Acacia Mining’s share price on the LSE fell by more than 20% on Wednesday after it reported that a Tanzanian Presidential Committee that was set up to investigate if mining companies are paying their fair share of taxes, had found that the gold miner had not fully declared all minerals contained... 

Zambia, First Quantum seen resolving $1.4bn dispute in June

By: Reuters     21st May 2017 A row that saw a State-owned Zambian company sue Canadian miner First Quantum Minerals for $1.4-billion is likely to be resolved by June, the southern African nation's Presidency said on Saturday. First Quantum asked a Zambian court in February to dismiss the suit from Zambia Consolidated Copper... 

Steinmetz said to skip $1.2bn Vale hearing, risking loss

By: Bloomberg     19th May 2017 Billionaire Beny Steinmetz’s mining company may be asked to pay as much as $1.2-billion to former partner Vale after choosing not to attend an arbitration hearing in London in a dispute over one of the world’s richest mineral assets, two people with knowledge of the case said. The decision by... 

Rockwell succeeds in having subsidiaries placed in business rescue

By: Megan van Wyngaardt     22nd May 2017 An application to have Rockwell Diamonds’ three subsidiaries placed under business rescue, as opposed to liquidation, has been granted by a court in Kimberley. C-Rock Mining (CML) had previously applied to have the three subsidiaries – Rockwell Resources, HC van Wyk Diamonds and Saxendrift Mine –... 

Rockwell succeeds in having subsidiaries placed in business rescue

Gem Diamonds recovers 98 ct diamond at Letšeng

By: Megan van Wyngaardt     23rd May 2017 LSE-listed Gem Diamonds on Tuesday reported recovering a 98.42 ct high-quality D-colour Type II diamond at its 70%-owned Letšeng mine, in Lesotho. CEO Clifford Elphick commented that it had recovered 25 479 ct of diamonds at Letšeng at a grade of 1.53 carats per hundred tonnes (cpht), against an... 

Gem Diamonds recovers 98 ct diamond at Letšeng

Firestone to shed Botswana assets in $5.1m deal

By: Natasha Odendaal     24th May 2017 Aim-listed Firestone Diamonds has entered into a conditional option agreement to potentially sell its Botswana assets to Gareth Penny- and Diacore Diamond-led special purpose vehicle Amulet Diamond for $5.1-million in cash. The option, effective from June 1 for up to 14 months, included... 

Freeport Indonesia workers to strike for second month - union

By: Reuters     21st May 2017 An estimated 9 000 workers at the giant Grasberg copper mine operated by the Indonesian unit of Freeport McMoRan Inc will extend a strike for a second month, a union official said on Saturday, in an ongoing dispute over employment terms and layoffs. Freeport is at loggerheads with Indonesia over... 

Glencore predicts Opec insulated from electric vehicle impact

By: Reuters     23rd May 2017 Opec nations that deliver some of the lowest cost production will be relatively insulated from an early peak in oil demand caused by any faster-than-expected roll-out of electric vehicles, Glencore's chairman said on Monday. Members of the Organization of the Petroleum Exporting Countries meet... 

Glencore predicts Opec insulated from electric vehicle impact
Glencore chairperson Tony Hayward

Cape Lambert buys into Zambia cobalt project

By: Esmarie Swanepoel     22nd May 2017 ASX-listed Cape Lambert has signed a binding term sheet to acquire a 70% interest in the Kitwe cobalt/copper tailings project, in Zambia. Under the terms of the agreement, Cape Lambert will pay $25 000 on the execution of a term sheet to acquire a majority shareholding in Zambian firm Australian... 

Thos Begbie’s global quality status boosted by on-the-spot Dekra 

By: Martin Creamer     23rd May 2017 The same-site working relationship that Thos Begbie has established with global quality inspectorate Dekra Industrial RSA is giving the prolific exporter of copper castings a commercial edge in its global dealings with mining and smelter-related customers worldwide. Thos Begbie now hosts the... 

Thos Begbie’s global quality status boosted by on-the-spot Dekra

IDC approves R218m loan for development of Free State natural gas project 

By: Terence Creamer     24th May 2017 South Africa’s State-owned Industrial Development Corporation (IDC) has approved R218-million in loan finance to support the further development of a natural gas resource in the Free State through the creation of a 107-km pipeline network and associated gas processing facilities. The funding,... 

IDC approves R218m loan for development of Free State natural gas project
Photo by Duane Daws
Renergen CEO Stefano Marani

From Yukon to Patagonia, gold explorers stir after sleep

By: Bloomberg     19th May 2017 From Canada’s Yukon to southern Patagonia, outbreaks of gold-rush fever are popping up as bullion markets stage a tentative recovery. The number of holes drilled at gold deposits has been rising steadily for more than a year, according to S&P Global Market Intelligence. 

From Yukon to Patagonia, gold explorers stir after sleep

CoM worried about Welkom mine deaths

By: Anine Kilian     19th May 2017 The Chamber of Mines (CoM) on Friday said it is deeply concerned that 31 people have died in what appears to have been an underground methane explosion at the closed Eland mine shaft, in the Free State. This follows an investigation into the death of 11 illegal miners, whose bodies were initially... 

KZN coal mine supplying communities’ water needs and more, mulls output expansion 

By: Ilan Solomons     19th May 2017 The Zululand region of KwaZulu-Natal was afflicted by what the Department of Water and Sanitation described as the “worst drought in a century” in 2016 and is still one of the water-scarce areas of the country. Helping neighbouring communities survive this disaster, investment company Menar... 

KZN coal mine supplying communities’ water needs and more, mulls output expansion

Inflated base case prices could dent confidence in mine development

By: Henry Lazenby     19th May 2017 Project valuations based on elevated price assumptions in the absence of more reasonable scenarios to provide a more balanced view to the market is potentially damaging to the credibility of management teams, their consultants and the mining industry as a whole, London-based boutique investment... 

Inflated base case prices could dent confidence in mine development

Congo plans to reintroduce mining code revision next week

By: Reuters     19th May 2017 Democratic Republic of Congo's government plans to reintroduce legislation in Parliament next week to revise the mining code a year after withdrawing it amid fierce opposition from mining companies, the mines minister told Reuters on Friday. The government of Africa's largest copper producer... 

India, Japan to push for One Belt, One Road counter at AfDB conference 

By: Ajoy K Das     19th May 2017 India will unleash its highest level of economic diplomacy at next week’s African Development Bank (AfDB) conference in the western city of Ahmedabad, with the aim of setting quantifiable targets of international economic and trade cooperation between the continents in a bid to counter China’s... 

India, Japan to push for One Belt, One Road counter at AfDB conference
Indian Prime Minister Narendra Modi

Kinross swaps Yukon-based White Gold project for junior equity interest

By: Henry Lazenby     19th May 2017 Canadian gold major Kinross Gold has agreed to acquire a 19.9% stake in Yukon Territory-focused junior explorer White Gold by selling its 100% interest in the White Gold exploration project to the company. TSX- and NYSE-listed Kinross said Thursday the strategic ownership in White Gold will... 

Orocobre balance sheet bolstered

By: Henry Lazenby     19th May 2017 ASX- and TSX-listed Orocobre has received a welcome financial boost in the form of a value added tax (VAT) refund and by the release of further cash security deposits in Australia, which back subsidiary Sales de Jujuy’s (SDJ's) Argentine working capital facility. The Brisbane, Australia-based... 

Zimbabwe plans 'use it or lose it' mine-permit programme for gold

By: Bloomberg     19th May 2017 Zimbabwe may confiscate unused mining licenses from companies and liberalize gold trading as ways to boost output. Large mines are “sitting on lots of unused claims,” the southern African country’s Chamber of Mines said in a document outlining initiatives of the proposed Command Mining program.... 

Despite production disruptions, copper saw February surplus of 150 000 t

By: Henry Lazenby     24th May 2017 Analysis of the latest data published by the International Copper Study Group (ICSG) showed global surplus copper output of 150 000 t in February, despite disruptions at massive key mines in Chile and Indonesia. The ICSG ascribed the surplus mainly to a sharp decline in Chinese apparent demand,... 

Despite production disruptions, copper saw February surplus of 150 000 t

Champion signs on offtake partner for Bloom Lake

By: Henry Lazenby     19th May 2017 Canadian iron-ore project reviver Champion Iron on Thursday announced that subsidiary Quebec Iron Ore (QIO) had signed an offtake agreement and arranged bridging financing for the restart of the Bloom Lake iron-ore mine, located about 400 km north of the Port of Sept-Îles, in Quebec. Japanese... 

Ivanhoe receives final instalment from Zijin for Kamoa stake

By: Creamer Media Reporter      23rd May 2017 TSX-listed Ivanhoe Mines has received the final installment of $41.2-million owing from a subsidiary of Zijin Mining Group as part of a strategic codevelopment agreement under which Zijin acquired 49.5% of Ivanhoe’s majority stake in Kamoa Holding for $412-million. Kamoa Holding has an indirect... 

Anglo American appoints Ian Ashby to board

By: Megan van Wyngaardt     23rd May 2017 Anglo American has appointed Ian Ashby as a nonexecutive director, effective July 25. With 37 years of experience in the mining industry, including 25 years in a variety of roles with BHP Billiton, ultimately leading the company’s iron-ore business, Anglo American chairperson John Parker noted... 

Iron stockpiles hit record in China as quality gets scrutiny

By: Bloomberg     22nd May 2017 he record heap of iron-ore on China’s doorstep just got even bigger, with the increase in holdings so far this year eclipsing the build up seen over all of 2016 as mills produce unprecedented amounts of steel. Stockpiles at ports rose 1.3% to 136-million metric tons, expanding for a fourth week,... 

Petmin to delist by June as Bidco buyout becomes unconditional

By: Natasha Odendaal     23rd May 2017 JSE-listed Petmin on Tuesday announced that it was on track for a June delisting from the Johannesburg bourse as newly incorporated public company Bidco’s acquisition of all or a portion of its issued ordinary shares becomes unconditional. Petmin expected to terminate its listing of shares on the... 

Gold miners slowly shift focus to growth

By: Natasha Odendaal     23rd May 2017 Gold miners are gradually shifting their focus to growth and renewed investments after years of financial austerity measures and the prioritisation of cost competitiveness and core assets. While firms will remain committed to lowering costs to improve their competitiveness and reducing debt to... 

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