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Brazil gov't names Vale CEO Ferreira to head Petrobras board

By: Reuters Brazil's government has selected Murilo Ferreira, the CEO of miner Vale, to head the board of embattled state-run Petroleo Brasileiro, according to a filing from the oil company on Friday. The other nominations for the board responsible for steering Petrobras through a massive corruption probe... 

Bauba makes first chrome shipment in platinum exploration funding move

By: Martin Creamer The JSE-listed Bauba Platinum, which is mining and selling chrome ore to fund its platinum exploration, this week shipped the first run-of-mine output from its maiden chrome horizon blast at the Moeijelik operation. Bauba last year entered into a two-year chrome-ore supply agreement with ASA... 

Bauba makes first chrome shipment in platinum exploration funding move
Photo by Duane Daws
Syd Caddy

Rio Tinto dismisses 'harebrained' Fortescue iron ore plan

By: Reuters The head of the world's second-largest iron ore miner dismissed as "harebrained" a suggestion by smaller rival Fortescue Metals Group that miners should cap output of the steelmaking raw material to boost prices. Rio Tinto Chief Executive Sam Walsh said on Thursday there would be no benefit to... 

ACCC wants Forrest to explain call for iron-ore production cap

By: Esmarie Swanepoel The Australian Competition and Consumer Commission (ACCC) has called on mining magnate Andrew Forrest to explain his calls for iron-ore producers to work together to cap production to halt the fall of the iron-ore price. “The ACCC will be looking closely at Forrest’s comments and the context in... 

Northern Iron needs more help to secure financial future

By: Esmarie Swanepoel Despite implementing a number of contract renegotiations, iron-ore miner Northern Iron on Thursday told shareholders that more work would be required to secure the company’s financial future. The company in January warned that more funding would be required if Northern Iron was to continue as a... 

India’s MMTC sets up subsidiary in South Africa

By: Ajoy K Das India’s government-owned and -operated MMTC Limited is planning to float a fully-fledged trading company in South Africa to leverage the region’s mineral assets and offset falling iron-ore exports at home. According to a strategic plan drawn up by the country’s largest trading house, the South... 

Fortescue MD defends Andrew Forrest’s call for Pilbara production cap 

By: Esmarie Swanepoel Iron-ore major Fortescue MD Nev Power has defended remarks by chairperson Andrew Forrest that major iron-ore producers in the Pilbara should put a cap on production in an effort to stop the decline of iron-ore prices. The Australian on Wednesday quoted Forrest as saying at a business dinner in... 

CITIC takes HK$13.7m hit on WA iron-ore project

By: Esmarie Swanepoel Chinese major CITIC has reported a HK$13.7-billion noncash impairment on the Sino iron-ore project, in Western Australia, during the full year ended December. As a result, the miner reported a drop in profit attributable to shareholders from HK$48.4-billion to HK$39.8-billion. 

New contract to lower costs - BC Iron

By: Esmarie Swanepoel ASX-listed iron-ore miner BC Iron is expecting to save between A$2/t and A$3/t in C1 cash costs at the Warrigal hub, at its Nullagine joint venture (JV), in Western Australia, following the award of a A$40-million mining, crushing and screening contract to fellow-listed Viento Group. “Our... 

Seize opportunity to improve mining tax, pleads KPMG’s Saloojee

By: Martin Creamer South Africa should seize the current timely opportunity to amend its mining taxation in a manner that encourages foreign investment, stimulates prospecting, gets mining companies to start dealing with marginal mines and gives enough back to the fiscus for the benefit of this country's people,... 

Seize opportunity to improve mining tax, pleads KPMG’s Saloojee
Muhammad Saloojee

Cameroonian investor pumps $5m into IMIC, joins board

By: Natalie Greve Aim-listed iron-ore miner International Mining & Infrastructure Corporation (IMIC) has received a $5-million capital injection by Cameroon-based investment vehicle Caisse Capital, through a convertible bond. Caisse was controlled by Cameroonian businessperson and MTN Cameroon chairperson Colin... 

Dome completes PFS on iron sands project

By: Esmarie Swanepoel A prefeasibility study (PFS) into the Sigatoka iron sands project, in Fiji, has placed a $83.2-million price tag on the development, said owner Dome Gold Mines on Tuesday. With a pay-back period of less than two years, the project was expected to have a net present value of $236.9-million and an... 

Pluton board regains control of company

By: Esmarie Swanepoel ASX-listed project house Watpac has given fellow-listed Pluton Resources two months in which to pay its debts, after the miner retired its receivers and managers. The Pluton administrators ordered Watpac in November last year to limit the scope of work being undertaken at the Cockatoo Island... 

Stellar upgrades Heemskirk financials

By: Esmarie Swanepoel A metallurgical optimisation upgrade at the Heemskirk tin project, in Tasmania, has resulted in a 34.2% increase in the project’s net present value (NPV), owner Stellar Resources reported on Tuesday. A 2013 prefeasibility study had estimated that a $114-million investment would be required to... 

Noront Resources consolidates position in Ontario’s Ring of Fire for a bargain 

By: Henry Lazenby Northern Ontario’s emerging minerals-rich Ring of Fire (RoF) mining camp has a new champion after US-focused iron-ore producer Cliffs Natural Resources agreed to bow out of the prospective region by selling its claims to explorer Noront Resources for $20-million. Noront, which was currently in... 

Noront Resources consolidates position in Ontario’s Ring of Fire for a bargain

Pallinghurst shares rise on triple performance in troubled times 

By: Martin Creamer The shares of diversified mining company Pallinghurst rose by more than 4% in Johannesburg on Monday after the company reported a rise on the performance of its platinum, manganese and coloured gemstones business units during troubled times. In the 12 months to December 31, the JSE-listed... 

Pallinghurst shares rise on triple performance in troubled times
Photo by Duane Daws
Arne Frandsen

Iron-ore miner Fortescue says no urgent need to refinance debt

By: Reuters Australian miner Fortescue Metals Group on Monday played down worries about the need to refinance its debt, saying its mines are still making money despite a slump in iron ore prices to their lowest level since 2008. The company had a number of options to refinance, including seeking a new term... 

India's Parliament passes Bills to allow mine auctions

By: Reuters India's Parliament passed two bills on Friday to auction mines that produce minerals such as coal, iron-ore and bauxite, in a boost for Prime Minister Narendra Modi's bid to kickstart an industry that has languished for years. The Mines and Minerals Development and Regulation, and Coal Mines... 

Scotiabank sues Cliffs Natural for breach of loan terms

By: Reuters Canada's Bank of Nova Scotia sued Cliffs Natural Resources, saying the US iron-ore miner had breached terms of a loan agreement when it filed for creditor protection for its Canadian operations. Cliffs in January stopped production at its Bloom Lake mine, in Quebec, where costs exceeded... 

Zuma affirms Transnet’s OEM aspirations, reveals AU support for SA’s rail-champion role 

By: Terence Creamer President Jacob Zuma has described Transnet's first domestic production of electric locomotives in partnership with a Chinese railways group as a “significant step” in the evolution of Transnet Engineering into an original equipment manufacturer. He has also revealed that the African Union Heads... 

Zuma affirms Transnet’s OEM aspirations, reveals AU support for SA’s rail-champion role
Photo by Duane Daws
President Jacob Zuma tours Koedoespoort rail-engineering facility

Glencore opts for squeaky clean

By: Martin Creamer Mining and marketing giant Glencore on Thursday took the unprecedented step of signing a major human rights commitment with a top human rights body, in a bid to keep its activities beyond reproach and squeaky clean. In its latest step of many recent steps to keep the company firmly on mining's... 

Glencore opts for squeaky clean
Photo by Duane Daws
Ivan Glasenberg

Ansteel's Karara iron-ore mine in Australia to cut 70 jobs

By: Reuters The Karara iron-ore mine in Australia will cut 70 jobs this week, or 15% of its workforce, as it struggles with falling prices of the raw material, a mine spokesman said. Karara is a joint venture between Gindalbie Metals and Chinese steel maker Ansteel. 

Zinc metal deficit expected to intensify – Glencore

By: Martin Creamer The zinc metal market’s 2014 deficit is expected to intensify this year, Glencore says in its latest annual report. The 200-page document, in which CEO Ivan Glasenberg notes slower than expected post-financial-crisis normalisation, positions the company as one able to react quickly and benefit... 

Zinc metal deficit expected to intensify – Glencore
Photo by Duane Daws
Ivan Glasenberg

Fortescue pulls $2.5bn bond issue

By: Esmarie Swanepoel Iron-ore major Fortescue Metals on Wednesday scrapped the $2.5-billion senior secured note offering and refinancing plan, blaming volatile credit markets. Fortescue had planned to launch a $2.5-billion senior secured debt issue, and offered holders of its 2017, 2018 and 2019 senior unsecured... 

Kasbah improves Achmmach economics

By: Esmarie Swanepoel An enhanced definitive feasibility study (DFS) into the Achmmach tin mine, in Morocco, has delivered a 35% increase to the project’s net present value (NPV), while reducing expected preproduction capital costs by 18%. The 2014 DFS had estimated that a capital investment of $181-million would be... 

Probe Metals starts trading on the TSX-V

By: Henry Lazenby After closing the plan of arrangement that saw gold major Goldcorp acquire explorer Probe Mines last week, a new exploration company Probe Metals started trading on the TSX-V on Tuesday under the ticker PRB. Goldcorp bought Probe in an all-scrip deal, which valued the company at about... 

Coal-rich South32 keen to help Eskom solve power issues – Kerr

By: Martin Creamer The BHP Billiton spin-off company South32, with large South African energy coal resources, would be keen to help State power utility Eskom solve some of its primary energy issues, South32 CEO-elect Graham Kerr said on Tuesday. Kerr was speaking to the media in a London teleconference call in... 

Coal-rich South32 keen to help Eskom solve power issues – Kerr
Photo by Bloomberg
Graham Kerr

Fortescue launches $2.5bn note offering

By: Esmarie Swanepoel Iron-ore miner Fortescue on Tuesday launched a $2.5-billion senior secured note offering to fund the repayment of its 2017, 2018 and a portion of its 2019 senior unsecured notes. The miner told shareholders that the new senior secured note offering would extend the company’s debt maturity profile. 

Owendale proves up for Platina

By: Esmarie Swanepoel The Owendale scandium project, in New South Wales, could deliver 30 t of 99.9% purity scandium oxide over 70 years, ASX-listed Platina Resources reported on Tuesday. A scoping study into the Owendale project considered a simple openpit mining operation producing about 50 000 t/y of ore for... 

Future lies in governments creating exciting legislative empowerment – Motsepe 

By: Martin Creamer Southern Africa’s economic future lies in the creation by governments of exciting legislative, regulatory and fiscal empowerment that stimulates private sector investment. That is the view of Patrice Motsepe, executive chairperson of South Africa’s black-controlled African Rainbow Minerals (ARM)... 

Future lies in governments creating exciting legislative empowerment – Motsepe
Photo by Duane Daws
Patrice Motsepe

ARM’s Motsepe urges serious govt intervention on Eskom let down

By: Martin Creamer Patrice Motsepe, chairperson of the black-controlled diversified mining company African Rainbow Minerals, on Monday urged the government to intervene seriously to establish Eskom as a competitive, cost-effective, reliable provider of electricity. Speaking at ARM’s presentation of interim results,... 

ARM’s Motsepe urges serious govt intervention on Eskom let down
Photo by Duane Daws
Patrice Motsepe
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