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BSG vows to clear its name after bribery allegations, fight for return of Guinea assets

By: Ilan Solomons Iron-ore, diamonds and ferronickel mining company BSG Resources (BSGR) is determined to clear its name and ensure that its assets in Guinea are “returned”, BSGR mining and metals CEO Marc Struik tells Mining Weekly. The two primary court cases in which the company is involved concern mining giant... 

BSG vows to clear its name after bribery allegations, fight for return of Guinea assets
Photo by Duane Daws
MARC STRUIK BSG Resources claims President Alpha Condé and the government of Guinea are guilty of “corrupt practices” and “illegal activities”

Perseus invests in diesel power for Ghana mine

By: Esmarie Swanepoel Dual listed gold miner Perseus has spent $3.3-million on four new diesel driven generators to combat expected power cuts at its Edikan gold mine, in Ghana. Perseus and five other international mining companies accepted a 25% reduction in their electricity allocation from the Ghanaian national... 

NUM says would oppose Eskom asset sales

By: Reuters South Africa's National Union of Mineworkers (NUM) said on Friday it would oppose any attempt by cash-strapped power utility Eskom to sell assets, especially its finance company which helps provide home loans to employees. Eskom CE Tshediso Matona told the Reuters Africa Investment Summit on... 

NUM says would oppose Eskom asset sales

Economies of Sierra Leone, Guinea and Liberia hit by outbreak but severity of impact on mining debatable

By: Ilan Solomons As of February 4, more than 22 400 confirmed Ebola cases had been reported – with about 9 000 of these being fatal – mostly in the West African nations of Sierra Leone, Guinea and Liberia, reports the World Health Organisation. The World Bank released a report in January, ‘The Economic Impact of... 

Economies of Sierra Leone, Guinea and Liberia hit by outbreak but severity of impact on mining debatable

Kenya to embark on massive exploration campaign to spur mining investment, economic development

By: Henry Lazenby With a new regime in power, Kenya is rearing to embark on a $70-million State-sponsored exploration drive to spur mining investment and the inevitable economic development that follows mining progress. Kenya’s first Cabinet Secretary for Mining, Najib Balala, told Mining Weekly Online that with a... 

Iron-ore at record low on China mill closures

By: Reuters Iron ore hit a record low below $60/t on Friday and posted its biggest weekly fall since mid November as China's anti-pollution battle threatens to shut more steel mills, cutting demand. The closure of steel mills in an industrial city in eastern China, which sparked fears of a wider crackdown,... 

Magnis raises cash for Tanzanian graphite

By: Esmarie Swanepoel ASX-listed junior Magnis Resources has raised A$6.5-million through a share placement to sophisticated and institutional investors to advance its Nachu graphite project, in Tanzania. Magnis placed 26-million shares, at 25c each, to raise the funding. 

Mining companies increased scrutiny under US anti-corruption investigations

By: Simon Rees     Updated 1 hour 11 minutes ago The threat of anti-corruption investigation and possible prosecution by US authorities against extractive companies has continued to grow, with investigations becoming more transnational in scope, audience members at the Norton Rose Fulbright’s Latin America mining breakfast heard on Tuesday.... 

Mining companies increased scrutiny under US anti-corruption investigations

Alcoa's warning of smelter closures shows impact of falling premiums

By: Reuters     Updated 1 hour 19 minutes ago A warning by Alcoa that it may reduce smelting capacity is the first concrete sign that lower delivery premiums for aluminium are threatening producers amid low futures prices, traders and industry sources said. The vertically integrated aluminium company announced Friday it would review 14% of... 

Alcoa's warning of smelter closures shows impact of falling premiums

Codelco sees copper price around $2.80/lb by end of 2015

By: Reuters     Updated 1 hour 21 minutes ago Codelco, the world's biggest copper producer, forecasts prices for the base metal to end 2015 at around $2.75/lb or $2.80/lb, the company's CEO said on Friday. The state-run Chilean company had previously expected prices of about $3/lb. "In the long term I still think it will be that number,"... 

Greater consistency and transparency in Africa could spur investment

By: Henry Lazenby     Updated 1 hour 29 minutes ago Investors are often naive when it comes to their perception of Africa as an investment destination, but despite the continent having significant challenges to deal with, there had in recent years been remarkable changes taking place that set the scene for increased mining investment. VP and MD of... 

Goldsource Mines starts construction of its Guyana flagship

By: Henry Lazenby     Updated 6 hours ago TSX-V-listed Goldsource Mines has started construction of its $5.9-million Eagle Mountain gold project, in Guyana. The first phase of the openpit mine project entailed building a 1 000 t/d gravity plant, which was expected to deliver gold at a cash operating cost of $480/oz over the eight-year... 

Nevada Zinc starts trading on TSX-V under new name, ticker

By: Henry Lazenby     Updated 7 hours ago Explorer Goldspike Exploration on Friday started trading on the TSX-V under its new name, Nevada Zinc, and a new ticker symbol, ‘NZN’. The company has completed a vertical amalgamation between Goldspike its former subsidiary Nevada Zinc. 

Walter Energy stands to lose New York listing

By: Henry Lazenby Metallurgical coal producer Walter Energy could lose its NYSE-listing after the exchange notified the ailing company that its common stock did not currently satisfy one of the NYSE's continued listing standards. The NYSE required that the average closing price per share of a listed company's... 

Canadian companies flouting CSR best practises risk withdrawal of government support

By: Simon Rees Mining companies that flout voluntary corporate social responsibility (CSR) standards and recognised best practises could lose the support and advocacy of the Canadian government, Trade Commissioner Service-Operations and Trade Strategy Bureau director general Duane McMullen told an audience at... 

Karara awarded first royalty rebate

By: Esmarie Swanepoel The Western Australian state government on Friday announced the first magnetite royalty rebate payment to ASX-listed Gindalbie Metals for its Karara project. Mines and Petroleum Minister Bill Marmion said that the first magnetite royalty rebate payment highlighted the state government’s... 

NSW planning commission clears Rio Tinto coal expansion

By: Esmarie Swanepoel The New South Wales Planning Assessment Commission (PAC) has backed major Rio Tinto’s plans to expand the Mount Thorley Warkworth coal mine. The PAC this week formally recommended that the Minister for Planning should approve the project, subject to the provision of additional information on a... 

NSW planning commission clears Rio Tinto coal expansion

Regis’ March quarter output to fall, FY target unaffected

By: Esmarie Swanepoel The share price of gold miner Regis Resources traded 27% lower on Friday as the miner warned of weaker March-quarter production at its Western Australian operations. The ASX-listed miner explained that lower head grades during January and February had hampered gold production at the Garden Well... 

Accident claims life at St Barbara's Simberi

By: Esmarie Swanepoel Gold miner St Barbara has reported a fatality at its Simberi operations, in Papua New Guinea. The miner said on Friday that a local contractor was fatally injured during tree clearing activities on site. 

KBL debt recalled

By: Esmarie Swanepoel ASX-listed KBL Mining’s debt holder Capri Trading has called for the immediate repayment of all monies owed to the company, including a A$12.6-million debt, alleging technical events of default. Capri Trading regained A$12.6-million in KBL debt from ASX-listed Kidman Resources in January this... 

Canada tops mining-deal volume list in 2014 – EY

By: Henry Lazenby Canada was the most prolific buyer of mining and metals assets in terms of volume last year and a close contender in terms of value. Despite that, overall deals globally continued to decline on both a volume and value basis in the sector compared with 2013, advisory firm EY said this week. “A few... 

Canada gold assets regaining lost luster, helped by soft C$

By: Reuters Canadian gold projects once shunned by miners in favour of more alluring opportunities overseas are regaining their sheen, as a weaker currency, new tax breaks and greater security of tenure are wooing miners to return home. In the gold rush during the last decade, Canadian miners had largely... 

Copper faces looming supply gap – Teck Resources

By: Simon Rees The level of new copper output will be unable to plug a supply gap that could develop as early as 2017, Canadian diversified miner Teck Resources manager for market research Michael Schwartz told an audience at the Prospectors & Developers Association of Canada 2015 convention. Teck has... 

Copper faces looming supply gap – Teck Resources

Ressano Garcia’s gas-to-power capacity rises to 400 MW as loop-line is completed

By: Terence Creamer The $200-million ‘loop line 1’ project to expand the capacity of the gas pipeline from Mozambique to South Africa has been completed, the Republic of Mozambique Pipeline Investments Company (Rompco) has confirmed. Rompco is the gas transport joint venture set up in 2004 by JSE-listed energy and... 

Ressano Garcia’s gas-to-power capacity rises to 400 MW as loop-line is completed

Areva says SA nuclear ambitions intact despite major restructuring plan 

By: Terence Creamer French nuclear vendor Areva says its value proposition for South Africa’s proposed new nuclear build programme remains intact, despite far-reaching restructuring initiatives being undertaken at the troubled State-owned company, which reported a €4.8-billion loss for 2014. Areva has announced... 

Areva says SA nuclear ambitions intact despite major restructuring plan
Photo by Duane Daws
Areva South Africa MD Dr Yves Guenon

Exxaro confirms take-or-pay coal rail contract with Transnet

By: Martin Creamer Black-controlled coal mining company Exxaro on Thursday confirmed that it has signed a take-or-pay rail contract with the State-owned freight logistics group Transnet Freight Rail (TFR) for the railing of its coal to the Richards Bay Coal Terminal (RBCT) in KwaZulu-Natal. This follows BHP... 

Exxaro confirms take-or-pay coal rail contract with Transnet
Photo by Duane Daws
Mxolisi Mgojo

Implats appoints political, industry heavyweights to board

By: Natalie Greve JSE-listed Impala Platinum (Implats) has appointed former Cabinet Minister Dr Sydney Mufamadi, former Harmony Gold CEO Bernard Swanepoel and former African Development Bank COO Dr Nkosana Moyo as independent nonexecutive directors, with immediate effect.  Mufamadi is a director of the School of... 

Marketing cushions Glencore during commodity downturn

By: Creamer Media Reporter Creamer Media's Shannon de Ryhove speaks to Mining Weekly editor Martin Creamer about diversified major Glencore's marketing arm, which helped the company weather the commodities price downturn. 

Marketing cushions Glencore during commodity downturn

Mick Davis’s X2 Resources increases capital to $5.6bn

Private mining venture X2 Resources, which was started by former Xstrata CEO Mick Davis, has completed its initial capital raising process, securing a total of $5.6-billion in equity capital to finance the creation of a new midtier diversified mining and metals group. The funding, which the... 

Mick Davis’s X2 Resources increases capital to $5.6bn
Mick Davis

Botswana Diamonds to intensify Orapa exploration

Aim-listed Botswana Diamonds, through its 50:50 joint venture with Russian diamond miner Alrosa, would spend $1-million this year on the exploration of its licence at Orapa, Botswana. The JV partners were aiming to discover major new kimberlites during the year. 

Botswana Diamonds to intensify Orapa exploration

Noble picks up on Xanadu shortfall

By: Esmarie Swanepoel Diversified supply chain group Noble has increased its shareholding in ASX-listed Xanadu Mines to 9%, after taking up a subscription shortfall in the company’s recent rights issue. Noble took up more than 5.5-million shares, at 12c each, for a total investment of A$665 746. 

Woodside’s A$2.75bn Wheatstone buy gains competition approval

By: Esmarie Swanepoel The Australian Competition and Consumer Commission (ACCC) this week gave its blessing to ASX-listed Woodside’s $2.75-billion buy of Apache Corporation’s share in the Wheatstone liquefied natural gas (LNG) project. Under the sales agreement, Woodside would acquire Apache’s 13% interest in the... 

Fortescue refinances debt with $2.5bn issue

By: Esmarie Swanepoel Iron-ore major Fortescue Metals on Thursday announced a multi-billion dollar refinancing that would result in the majority of the company’s debt maturing beyond 2021. The miner launched a new $2.5-billion senior secured debt issue, and offered holders of its 2017, 2018 and 2019 senior unsecured... 

Mining remains a main contributor to Australia’s GDP growth

By: Esmarie Swanepoel The mining sector was one of the largest contributors to Australia’s 0.5% growth in gross domestic product (GDP) during the December quarter, the Australian Bureau of Statistics (ABS) revealed this week. Figures from the ABS showed iron-ore mining added about A$60.2-billion in gross value, while... 

Mining remains a main contributor to Australia’s GDP growth

EPA backs Chevron’s $10bn Gorgon LNG expansion plan

By: Esmarie Swanepoel The Western Australian Environmental Protection Authority (EPA) this week backed US major Chevron’s plans to expand the Gorgon gas development to a fourth train, which would increase liquefied natural gas (LNG) production from 15-million to 20-million tonnes a year. The $10-billion fourth train... 

Transport options deliver savings at Nowa Nowa

By: Esmarie Swanepoel Junior developer Eastern Iron on Thursday revealed that a modified transport plan for its proposed Nowa Nowa project, in Victoria, could drive down operating costs. A 2014 definitive feasibility study (DFS) estimated that a capital injection of A$33.6-million could deliver an openpit operation... 

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