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Cashless home loans for migrant mineworkers on way – Teba

By: Martin Creamer A system of providing incremental cashless home loans to migrant mineworkers living in distant areas is being implemented. Teba CEO Dr Graham Herbert, who spoke to Mining Weekly Online in the attached video interview on potential improvements to the much-criticised migrant labour system, says... 

Central Rand Gold raising $1.85m to boost surface mining

By: Martin Creamer London- and Johannesburg-listed gold-mining company Central Rand Gold, which is currently being courted by three Chinese suitors, is taking steps to raise $1.85-million in equity capital to boost surface mining production, bring idled underground equipment to surface and reduce staff. The focus... 

Central Rand Gold raising $1.85m to boost surface mining
Photo by Duane Daws
Johan du Toit

CoAL extends mine sale deadline, capital-raise timeframe

By: Martin Creamer The deadline for the disposal of the Mooiplaats colliery by the triple-listed Coal of Africa Limited (CoAL) as well its capital-raising timeframe have been extended out. Johannesburg, London and Sydney-listed CoAL said on Wednesday that it had agreed to give suitor Blackspear Capital more time to... 

CoAL extends mine sale deadline, capital-raise timeframe
Photo by Duane Daws
David Brown

Despite gold hedge book contracting in Q3, full-year growth expected

By: Henry Lazenby A new report released on Tuesday by Societe Generale and Thompson Reuters GFMS had found that net gold hedging had declined by a net 200 000 oz in the third quarter. This was the result of a slowdown in the volume of hedging, which meant that the delivery into and the maturity of pre-existing... 

Despite gold hedge book contracting in Q3, full-year growth expected

Johnson Matthey sells gold and silver refining unit to Japan's Asahi

By: Reuters Speciality chemicals firm Johnson Matthey has agreed to sell its gold and silver refining business to Japan's Asahi Holdings for £118-million in cash, the British firm said on Monday. The business, which employs around 340 people, is a refiner of primary and secondary gold and silver, and has... 

Chrome, platinum prices likely to recover – Tharisa

By: Martin Creamer The price of chrome concentrate and the basket price of platinum group metals should recover in 2015, which could mean fourth-quarter profit for the JSE-listed Tharisa Minerals should it achieve its number-one priority of steady state production. Tharisa CEO Phoevos Pouroulis told Mining Weekly... 

Chrome, platinum prices likely to recover – Tharisa
Phoevos Pouroulis

Broke Cons Murch antimony mine begins business rescue proceedings

By: Martin Creamer The troubled antimony and gold operation Cons Murch, which is in financial distress, has begun voluntary business rescue proceedings in consultation with the Department of Mineral Resources, JSE-listed Village Main Reef said on Monday. Its decision follows the inability of unlisted Australian... 

Broke Cons Murch antimony mine begins business rescue proceedings
Photo by Duane Daws
Ferdi Dippenaar

Cobre takes lithium technology to Europe

By: Esmarie Swanepoel ASX-listed Cobre Montana has inked a memorandum of understanding (MoU) with fellow-listed European Metals to hunt for lithium resource at the Cinovec mine, in the Czech Republic. Under the MoU, Cobre would undertake test work to assess the caliber of a Joint Ore Reserves Committee Compliant... 

Has China reached peak graphite? – Benchmark Mineral Intelligence

By: Creamer Media Reporter According to a report released this week by London-based Benchmark Mineral Intelligence, China’s share of global natural graphite output will fall by 15% this year to levels not seen since the mid-1990s, when the country began exporting to international markets. This year alone the country’s... 

Impala Platinum selling shares to workers in R1.1bn deal

By: Martin Creamer South Africa’s second-largest platinum mining company is selling shares in the company’s primary operational subsidiary to employees in a R1.1-billion deal. The JSE-listed Inplats said on Thursday that it had concluded a vendor-financed equity transaction with Impala Platinum Limited, which owns... 

Impala Platinum selling shares to workers in R1.1bn deal
Photo by Duane Daws
Terence Goodlace

Tighter coal market in sight – Glencore

By: Martin Creamer A natural tightening of the coal market as a result of demand catching up with supply will happen in the near future, says Glencore Coal CEO Peter Freyberg. Freyberg, who was addressing Glencore’s investor day, made the point that coal is not in the same over-supply situation as iron-ore and that... 

Tighter coal market in sight – Glencore
Photo by Bloomberg
Peter Freyberg

Australia may export uranium and coal to Ukraine

By: Esmarie Swanepoel Australian Prime Minister Tony Abbott on Thursday raised the possibility of Australia exporting uranium and coal to the Ukraine, in an effort to relieve its reliance on Russia for gas. Abbott said in a press conference that he had discussed the possibility of exports with Ukrainian President... 

Fiscally committed oil exporters most exposed to low oil prices – Moody’s

By: Henry Lazenby Oil-exporting countries heavily reliant on oil revenues and committed to large spending programmes were most likely to have difficulty accommodating low oil prices, Moody's Investors Service said on Wednesday. In its report ‘Global oil price volatility: Oil-exporting sovereigns with limited... 

Fiscally committed oil exporters most exposed to low oil prices – Moody’s

Hochschild downgrades chairperson’s role, announces board pay cuts

By: Henry Lazenby Latin America-focused precious metals producer Hochschild Mining has downgraded the role of its chairperson and also announced cuts to its board’s pay packages. Hochschild on Wednesday announced the changes as part of its ongoing review of the board structure and its cost-cutting programme. 

Capital misallocation lowering commodity prices – Glencore

By: Martin Creamer Capital misallocation, not a lack of demand, remained the key factor in the current low level of several commodity prices, Glencore CEO Ivan Glasenberg said on Wednesday. Highlighting the need to differentiate by commodity in allocating capital, Glasenberg said at the company’s investor day in... 

Capital misallocation lowering commodity prices – Glencore
Photo by Duane Daws
Ivan Glasenberg

Strong diamond growth forecast, but funding access could pose threat

By: Sashnee Moodley The diamond industry can expect a strong demand outlook in future; however, access to diamond financing – especially for traders, cutters, polishers and jewellery manufacturers – could hinder future market growth. 

Mining on cusp of business transformation – Dassault Systèmes

By: Martin Creamer The mining industry is on the cusp of business transformation similar to what manufacturing experienced decades ago, says Dassault Systèmes VP natural resources Marni Rabassó. During the time that mining was able to ride the commodity price curve without feeling too much pressure to change, the... 

Mining on cusp of business transformation – Dassault Systèmes
Marni Rabassó

Anglo striving to end SA coal productivity lag, eyeing 40% iron-ore HQ cut

By: Martin Creamer Hugely lagging productivity in Anglo American’s South African thermal coal operations is coming under intense scrutiny and head office roles at Kumba Iron Ore may be cut by 40%. In response to Mining Weekly Online query on the accuracy of the claim that productivity on Anglo’s coal-mines in South... 

Anglo striving to end SA coal productivity lag, eyeing 40% iron-ore HQ cut
Photo by Duane Daws
Mark Cutifani

Gemfields rakes in $43m from Southern African rubies

By: Martin Creamer Coloured gemstone mining and marketing company Gemfields has achieved record revenues at a five-day ruby auction in Singapore, where the company raked in $43.3-million from the sale of rubies mined in Southern Africa. This latest value-focused auction generated $9.8-million more than the... 

Gemfields rakes in $43m from Southern African rubies
Ian Harebottle

Tigers Realm granted mining licence in Russia

By: Esmarie Swanepoel Australia-listed junior Tigers Real Coal has been granted a mining licence for Project F at its Amaam North project, in Russia. “It has taken Tigers Realm less than two years from the start of exploration on Project F at Amaam North to being granted this mining licence. Passing this most... 

Vale may seek to settle Rio Tinto lawsuit over Guinea iron-ore

By: Reuters Rio Tinto declined to comment on Monday on whether it would be willing to settle a lawsuit it brought against Brazil's Vale SA over valuable iron-ore concessions in Guinea. Vale's general counsel said last Friday the company may consider seeking a settlement with Rio Tinto, depending on a... 

Strike ends at DiamondCorp’s Lace mine, workers to return on Monday

By: Tracy Hancock A six-week protected strike by Association of Mineworkers and Construction Union (AMCU) members employed at dual-listed DiamondCorp’s Lace diamond mine, in the Free State, has ended.  The employees downed tools at the mine on October 23 in dispute of management's refusal to employ two additional... 

Miner Dalradian turns to Northern Ireland as new gold frontier

By: Reuters Burnt by past experiences in emerging countries, the Canadian mine explorer which discovered Ecuador's largest gold project is hoping to find greener pastures in the lush valleys of Northern Ireland.Dalradian Resources, a small company already listed in Toronto and admitted this week to trade on... 

Rio Tinto on path to sustainable increased shareholder returns

By: Natasha Odendaal Diversified mining giant Rio Tinto on Thursday vowed to “sustainably” increase cash returns to shareholders from next year, and for decades to come. Despite a challenging near-term outlook, the company’s Tier 1 assets, a relentless focus on financial discipline, improved earnings before interest,... 

Rio Tinto on path to sustainable increased shareholder returns

Diamonds look set to do well in 2015 – Investec 

By: Martin Creamer Strong jewellery demand over the US holiday season looks supportive of 2015 being another good year for diamond prices, Investec Securities analyst Marc Elliott said on Thursday. In a note on the strong performance of the London-listed Petra Diamonds in particular, Elliott expected rough prices... 

Diamonds look set to do well in 2015 – Investec
Rough diamonds from Gem Diamonds

Greenland parties in coalition talks, mining in focus

By: Reuters Greenland's two main parties, who disagree on mining regulations that could impact foreign investment, are in coalition talks following an election last week, one of them said on Wednesday. Greenland's 56 000 people voted on Friday in a snap election called after an expenses scandal involving... 

Galantas Gold’s shares rise on agreement to add lustre to Irish gold

By: Henry Lazenby TSX-V- and aim-listed gold producer Galantas Gold on Wednesday said it had struck an accord with TJH of Dublin, Ireland, to produce, market and sell a range of jewellery products using Irish gold sourced from its Omagh mine. Under terms of the agreement, gold sold from the Omagh stockpile would... 

Bristow emphasises equitable treatment of all stakeholders, sustainable profitability

By: Tracy Hancock Gold mining companies should not prefer one stakeholder class above another but ensure that all benefit equitably from their activities, Randgold Resources CEO Mark Bristow said on Wednesday. Speaking at the Mines and Money conference in London, he stressed that in emerging regions, where the... 

Bristow emphasises equitable treatment of all stakeholders, sustainable profitability

Secret platinum stocks declining – World Platinum Investment Council 

By: Martin Creamer The volume of vaulted platinum holdings held confidentially is declining, the recently launched World Platinum Investment Council said on Wednesday. The council, which has just published its first quarterly analysis of global platinum supply and demand fundamentals, said the platinum shortfalls... 

Secret platinum stocks declining – World Platinum Investment Council
Paul Wilson

Mineworker numbers set to fall 8% a year – Teba

By: Martin Creamer The number of mineworkers employed in gold mining and platinum mining in South Africa is expected to decline by about 8% a year in the next two years, says Teba Limited CEO Graham Herbert. Herbert, who spoke to Mining Weekly Online in the attached video interview, says his company – which is... 

Mineworker numbers set to fall 8% a year – Teba
Photo by Duane Daws
Graham Herbert (right) and Martin Creamer

Kyrgyz leader calls for deal with Centerra Gold by year-end

By: Reuters Kyrgyzstan's President Almazbek Atambayev has said his country must resolve its long-running dispute with Centerra Gold this month, because otherwise it may face the prospect of nationalising the Canadian company's gold mine. The Toronto-listed company operates Kumtor, the Central Asian nation's... 

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