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Centamin lowers FY18 production guidance

By: Anine Kilian     25th May 2018 Aim-listed Centamin's share price on the LSE fell by more than 15% on Friday after the miner lowered its production guidance for the full year to between 505 000 oz and 515 000 oz. It had previously expected to produce 580 000 oz of gold for the full year, however, it said in a statement on... 

Centamin reports higher Q1 earnings, strong production

By: Marleny Arnoldi     3rd May 2018 Gold miner Centamin’s first-quarter results have provided a “solid” foundation to build upon throughout this year, says CEO Andrew Pardey.  

Centamin boasts solid start to the year with 14% y/y increase in Q1 output

By: Simone Liedtke     9th April 2018 Gold mining company Centamin boasted a solid start to this year, with a 14% year-on-year increase in gold production, to 124 296 oz, at its flagship Sukari mine, in Egypt. Production for the quarter was, however, lower than planned owing to the transitional zone of the openpit delivering... 

Fluor Awarded Front-End Engineering and Design and Project Management Consultancy Contract for Phosphoric Acid Production Facility in Egypt

By: Creamer Media Reporter      4th April 2018 IRVING, Texas & CAIRO--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that it was awarded the front-end engineering design (FEED) contract by Egypt’s state energy firm Enppi for the offsites and utilities portion of the main plant complex and support services for the Waphco... 

Barminco makes strong turnaround

By: Megan van Wyngaardt     2nd February 2018 Underground hard-rock mining contractor Barminco on Friday reported earnings before interest, taxes, depreciation, and amortisation (Ebitda) of $75.6-million for the half year ended December 31, 2017, up 12.2% from the prior year. Barminco CFO Peter Bryant said the result was a significant... 

Centamin exceeds FY17 production guidance, aims for solid 2018 growth

By: Mia Breytenbach     10th January 2018 LSE- and TSX-listed Centamin achieved “a strong operational finish” to 2017, with the company’s Sukari mine, in Egypt, having produced 154 298 oz of gold in the fourth quarter, resulting in full-year gold production of 544 658 oz – exceeding guidance of 540 000 oz. “All sections of the mine... 

Stratex invests more in Thani Stratex

By: Mariaan Webb     6th December 2017 London-listed Stratex International on Wednesday announced that it would invest another $200 000 in Thani Stratex Resources (TSR), which is exploring for gold in Africa and the Middle East. The investment will increase Stratex’s holding in TSR from 29.8% to 30.1% and forms part of TSR’s share... 

South Africa must prepare for oil and gas supply gap

By: Robyn Wilkinson     1st December 2017 South Africa needs to bridge the growing supply and demand gap in its oil and gas sector, says global research and consultancy group Wood Mackenzie research associate Jon Lawrence. 

South Zambezi delivers Engineering services: for Africa by Africans 

By: Tracy Hancock     1st December 2017 South Zambezi corporate director Sikanyisiwe Phiri and Makoko Makgonye discuss its role in developing Africa 

Stratex terminates CEO employment following blocked Crusader deal

By: Mariaan Webb     7th November 2017 Aim-listed Stratex International has confirmed that Marcus Engelbrecht is no longer CEO. In an update to shareholders following the results of last week’s general meeting where shareholders passed a resolution to remove Engelbrecht from the junior miner’s board, Stratex confirmed on Monday that... 

Centamin lifts Q3 Ebitda by 57% q/q

By: Creamer Media Reporter      2nd November 2017 Egypt-focused Centamin’s earnings before interest, taxes, depreciation and amortisation (Ebitda) increased by 57% quarter-on-quarter to $103.6-million for the third quarter ended September 30. The higher Ebitda was the result of an increase in gold sales to 150 273 oz and a higher average... 

Global steel production for 9 months to Sept up 5.6% y/y

By: Anine Kilian     23rd October 2017 Global crude steel production for the first nine months of this year reached 1.27-billion tonnes – a 5.6% year-on-year increase. The World Steel Association (worldsteel) on Monday reported that Asia had produced 876.3-million tonnes of crude steel in the first nine months of this year, an... 

Product tackles inclement conditions, improves productivity

By: Nadine James     13th October 2017 One of the biggest challenges facing the mining industry with regard to its motors, gear drives and belt drives is protection from adverse weather conditions and the resulting ingress of dust and moisture, says pumps manufacturer Australian Pumps, commonly known as Aussie Pumps. “In the Pilbara,... 

Centamin maintains FY production guidance after record Q3 output

By: Anine Kilian     9th October 2017 LSE- and TSX-listed Centamin’s Sukari mine, in Egypt, produced 156 533 oz of gold in the third quarter of this year – a 26% quarter-on-quarter and a 5% year-on-year improvement and a new quarterly record. “All sections of the mine continued to perform well during the third quarter, contributing... 

Resource exports boost mining equipment

By: Marleny Arnoldi     11th August 2017 The mining industry is Australia’s prime driver of export growth, says pumps and pressure cleaners manufacturer Australian Pump Industries, commonly known as Aussie Pumps.  

Stratex swings to profit as it sells Turkey mine

By: Mariaan Webb     3rd August 2017 Aim-quoted Stratex International on Thursday reported a half-year profit after the sale of its interest in the Altıntepe gold mine, in Turkey, helped to boost its coffers. The developer posted a profit of £880 216 in the six months ended June, which compares with a loss of £1.98-million in the... 

Centamin’s Q2 profit falls 48% y/y

By: Creamer Media Reporter      3rd August 2017 LSE- and TSX-listed Centamin’s pretax profit fell by 48% year-on-year to $37.82-million in the second quarter of the year, as a result of lower gold production. Output at the company’s Sukari mine, in Egypt, fell by 11% year-on-year to 124 641 oz in the second quarter. 

Norsk Hydro rides aluminium price, divisions underperform

By: Reuters     25th July 2017 Overall profit growth at Norsk Hydro was overshadowed on Tuesday by below-forecast performances from several businesses including rolled products, knocking the aluminium producer's shares. Norsk Hydro's stock was down 3.04% at 12:01 GMT, lagging an Oslo benchmark index, and CEO Svein Richard... 

FDI key for mining growth in North Africa, Middle East

By: Anine Kilian     14th July 2017 State-owned miners will continue to drive mining output in the Middle East and North Africa (Mena), with governments slowly encouraging foreign direct investment (FDI) into the sector, however, political instability will keep investment rates relatively low compared with other regions, according... 

Centamin maintains FY output target despite 11% y/y drop in Q2 production

By: Anine Kilian     10th July 2017 LSE- and TSX-listed Centamin’s Sukari mine, in Egypt, produced 124 641 oz of gold in the second quarter of the year, an 11% decrease on the 140 306 oz produced in the second quarter of 2016. Production was, however, 14% higher than the 109 187 oz produced in the first quarter of this year. 

Resolute turns eye to Egypt

By: Esmarie Swanepoel     6th July 2017 Gold miner Resolute Mining has been awarded two large scale exploration concessions in Egypt, advancing the company’s strategy of building a portfolio of exploration and development assets in highly prospective regions. “We are pleased to have been successful in our application for these... 

India seeks to extend LNG, energy cooperation with Qatar

By: Ajoy K Das     21st June 2017 Despite Qatar being pushed into diplomatic and economic isolation by its neighbours, India is deepening economic cooperation in liquefied natural gas (LNG) and energy with new proposals and initiatives. The Indian government has proposed a fresh long-term LNG purchase agreement, while the Qatari... 

Gold makes run toward $1 300 as risk flares from UK to Mideast

By: Bloomberg     7th June 2017 Gold’s taking aim at $1 300 an ounce. The metal has rallied to the highest since November as investors position themselves for the outcome of the UK election and potential drama of former FBI Director James Comey’s testimony, while also tracking tensions in the Middle East. Bullion for immediate... 

Earth observation satellites starting to bring benefits to mining sector

By: Keith Campbell     2nd June 2017 At last month’s International Symposium on Remote Sensing of the Environment, held at the Council for Scientific and Industrial Research (CSIR), in Pretoria, one of the very many topics addressed was the use of remote sensing, particularly from earth observation (EO) satellites, to support the... 

Earth observation satellites starting to bring benefits to mining sector

By: Keith Campbell     2nd June 2017 At last month’s International Symposium on Remote Sensing of the Environment, held at the Council for Scientific and Industrial Research (CSIR) in Pretoria, one of the very many topics addressed was the use of remote sensing, particularly from Earth observation (EO) satellites, to support the... 

Africa’s overreliance on extractive industries hampering sustainable development

By: Ilan Solomons     2nd June 2017 Economic history has shown that without diversification into manufacturing and services and away from simple resource extraction, the long term development prospects of countries are always bleak. The need for economic diversification in the Africa is high, more so given that the growth cycle is... 

Carlyle's $700m Africa fund is eyeing two deals in Egypt

By: Bloomberg     1st June 2017 Carlyle Group, one of the world’s largest private equity firms, sees two buying opportunities in Egypt this year after a commodity rout depressed prices in the region. The Washington, DC-based investor’s $700-million Sub-Saharan Africa Fund will spend between $30-million and $100-million on each,... 

Stratex commits further funding to TSR venture

By: Megan van Wyngaardt     19th May 2017 Gold focused exploration and development company Stratex International on Friday agreed to continue funding exploration planned by joint venture (JV) company Thani Stratex Resources (TSR) at its Anbat gold prospect, in Egypt. In 2014, Stratex and Thani Emirates Resource combined their assets in... 

Lower output hits Centamin’s Q1 earnings

By: Natasha Odendaal     3rd May 2017 Lower gold production rates and a decrease in gold sales have impacted the first-quarter earnings of dual-listed Centamin. The company on Wednesday reported that basic earnings per share (EPS) after profit share decreased by 63% quarter-on-quarter and 67% year-on-year to $0.0116, while EPS before... 

Centamin reports lower Q1 output in line with guidance

By: Natasha Odendaal     10th April 2017 London- and Toronto-listed Centamin on Monday reported a 20% quarter-on-quarter and 13% year-on-year decline in total gold production from its Sukari gold mine, in Egypt, for the first quarter of 2017. In line with Centamin's forecast, preliminary total gold production for the three months to... 

BMI forecasts change in commodity demand up to 2050

By: Anine Kilian     7th April 2017 Structural macroeconomic and industry shifts will contribute to changing demand patterns for various commodities over the coming decades, says research firm BMI. “We believe demand for commodities such as coal, iron-ore, steel and fertilisers will slow over the years to 2050, while demand for... 

Stakeholder engagement key to African development success

By: Henry Lazenby     7th March 2017 Capital for development ebbs and flows with global economic cycles, pushing to the fore the need for long-term regulatory security when it comes to multinational miners developing projects in Africa, said Ashanti Gold CEO and director Tim McCutcheon during a panel discussion on Africa’s mining... 

Coal punted as 'possible solution' to Egypt's power challenges

By: Ilan Solomons     3rd March 2017 With Egypt’s energy consumption increasing at about 7% a year, along with its low crude oil and gas production rates, coal-fired power generation is increasingly being touted as a possible solution to the country’s electricity challenges, says Egyptian commodities trader Protrade MD Afifi Afifi.... 

Centamin to focus on growth projects amid good free cash flow, higher FY earnings

By: Megan van Wyngaardt     1st February 2017 Gold producer Centamin on Wednesday reported a 357% increase in its pre-tax profit to $266.8-million for the year ended December 31. This translated into earnings a share increasing from $0.04 in 2015, to $0.23 in the period under review. 

Egypt risks no interest in gold tender as Centamin won’t bid

By: Bloomberg     23rd January 2017 Egypt is at risk of getting no participation in its first exploration tender in gold since 2009 after Centamin, which operates the nation’s only active gold mine, Sukari, and two other companies in the country said they won’t bid. Terms being offered “result in an effective tax rate that is by... 

Crippled Zimbabwe the leading African lithium producer

By: Kimberley Smuts     20th January 2017 Zimbabwe, a country which is facing a food security disaster, high levels of unemployment, skilled and semiskilled emigration and a cash-starved economy, having issued its own bond notes in November to solve its liquidity crisis, is leading Africa in lithium production. Bikita, a district in... 

Investors still confident of return on investment in Africa

By: Kimberley Smuts     20th January 2017 The level of investment activity in Africa is still good, but there are high risks involved, says legal firm Hogan Lovells. Despite these risks, various investors remain confident in the return on investment that Africa can offer and are subsequently taking greater risks, but Hogan Lovells... 

New laboratories opened based on demand

By: Kimberley Smuts     20th January 2017 Oil and fuel analysis expert WearCheck has shown considerable growth in Africa in 2016 establishing three new laboratories around the continent’s mining hotspots, a move largely driven by demand from mining operations looking to cut operational costs. As a result of this expansion, the company... 

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