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Asanko achieves solid quarter at Ghana mine

By: Megan van Wyngaardt     Updated 2 hours 36 minutes ago A solid quarterly performance was recorded at NYSE-listed Asanko Gold’s eponymous mine in Ghana, which produced 51 550 oz in the fourth quarter of 2017. Asanko CEO Peter Breese on Thursday noted that this helped the company achieve its revised 2017 guidance, with full-year production of 205 047 oz. 

Aspire progresses path to feasibility for Nuurstei project

By: Natasha Odendaal     Updated 4 hours ago Mongolian metallurgical coal explorer and infrastructure company Aspire Mining has completed several key steps as it works towards providing the foundation for the start of a feasibility for its Nuurstei coking coal project. The company appointed Neil Wilson as project manager for the Nuurstei... 

Polyus launches $250m bond offering

By: Creamer Media Reporter      Updated 5 hours ago Russian gold miner Polyus on Friday announced a $250-million offering of senior unsecured guaranteed convertible bonds, the proceeds of which it would use for debt refining and other general corporate purposes. The bonds, to be issued by Polyus Finance, are due in 2021. 

S Africa may lose out to other African gas sectors

By: Victor Moolman     19th January 2018 Several major international independent power producers and power generation developers are interested in South Africa’s gas-to-power programme (GPP), for which direction in the form of request for quotations and request for proposals from the Department of Energy (DoE) is keenly awaited.... 

Top China nickel producer joins BHP in prepping for EV boom

By: Bloomberg     18th January 2018 China’s top nickel supplier aims to boost output of a material used in car batteries by 40% this year, joining the ranks of global producers ramping up operations to meet demand from electric vehicles. Jinchuan Group Co expects to raise production of nickel sulphate to 70 000 metric tons from 50... 

Eskom challenges need to be addressed urgently, or South Africa will sink – Gigaba

By: Megan van Wyngaardt     18th January 2018 Finance Minister Malusi Gigaba on Thursday painted a grim picture of the financial challenges facing power utility Eskom, stating that the national fiscus would be unable to bail the State-owned enterprise (SOE) out in the event of a default. Speaking at a pre-World Economic Forum (WEF)... 

New indaba seeks to clear logistics, infrastructure challenges

By: Megan van Wyngaardt     16th January 2018 The Cross-Border Mining Services Africa Indaba, which aims to bring senior-level professionals from mining companies, as well as mining contractors; engineering, procurement and construction management companies; logistics companies; third- and fourth-party logistics providers; and finance and... 

De Beers turns to blockchain to track diamond origins and purity

By: Reuters     16th January 2018 Anglo American's diamond unit De Beers aims to launch the first industry-wide blockchain this year to track gems each time they change hands starting from the moment they are dug from the ground, its chief executive said on Tuesday. De Beers, the world's biggest diamond producer by the value of... 

At Mining Indaba 2018, Caterpillar presents broad range of machines, technology and services to support African mining

     15th January 2018 Caterpillar will present its unmatched range of innovative technologies and services at Mining Indaba, February 5-8 in Cape Town, South Africa. With a focus on optimizing operations, whether surface or underground, large or small, Caterpillar and Cat® dealers are dedicated to working with mining... 

Blackham secures $14.3m loan from key mining contractor Maca

By: Natasha Odendaal     15th January 2018 ASX-listed Maca on Monday provided a secured $14.3-million loan, on commercial terms, to support the recapitalisation of Blackham Resources. The proceeds of the loan have been applied by Blackham to repay the Orion mine finance term loan, which was due to mature on December 31, and subsequently... 

A new era of batteries spells trouble for gas in America

By: Bloomberg     12th January 2018 California, the state that helped birth the global boom in battery-toting electric vehicles, is trying to spark a similar transformation for utilities. And that spells trouble for power plants all across the U.S. that run on natural gas. The California Public Utilities Commission approved an... 

Indonesia lays groundwork for transfer of Grasberg mine to local control

By: Reuters     12th January 2018 Indonesian regional and central government officials on Friday signed an agreement with state holding company PT Inalum that lays the foundation for the transfer of Freeport-McMoRan's giant Grasberg copper mine to local control. Indonesia and Papua have long pushed for greater control over... 

Indonesia hopes to finalise Freeport contract talks by June

By: Reuters     11th January 2018 Indonesia hopes to finalise contract talks with Freeport McMoRan over the Grasberg copper mine by June, although divestment issues are still unresolved, a mining ministry official said on Thursday. Indonesia and Freeport formed a framework agreement in August to transfer the company's rights to... 

Liberty House makes binding offer for Rio Tinto's French aluminium smelter

By: Reuters     10th January 2018 Liberty House, the industrial arm of British steel tycoon Sanjeev Gupta's GFG Alliance, said on Wednesday it had made a binding offer for miner Rio Tinto's, aluminium smelter in Dunkerque, France, the largest in Europe. The group did not disclose an offer price but said the move was part of a... 

Rosneft decides against bid for Alrosa's gas assets for now

By: Reuters     10th January 2018 Rosneft has decided against bidding for gas assets being sold by diamond miner Alrosa, at least for now, the Russian energy company said on Wednesday, saying the auction terms were unacceptable. The world's largest producer of rough diamonds plans to sell its gas assets in Russia's Yamalo-Nenets... 

Adani Australia port must refinance soon or face rating cut

By: Bloomberg     9th January 2018 An Australian deep water port linked to one of the world’s biggest planned coal mines should lock in refinancing within six months of a loan maturing in November to safeguard credit ratings on its debt, according to S&P Global Ratings. Adani Abbot Point Terminal in Australia’s Queensland state,... 

Nautilus secures bridge loans, inks new funding mandate

By: Henry Lazenby     9th January 2018 Marine mining hopeful Nautilus Minerals has arranged bridge financing of about $7-million from Deep Sea Mining Finance, to assist the company's immediate working capital requirements. The loans will also allow the Canadian company to make the payments required to continue with the development of... 

Premier eyes alternative funding for RHA; mulls separate listing of lithium project

By: Natasha Odendaal     8th January 2018 Premier African Minerals is in discussions with the Zimbabwe’s National Indigenisation and Economic Development Fund (NIEEF), which has an interest of 51% in the RHA Tungsten mine, to agree alternative financing options for the cash-strapped operation. Continuing operations at RHA are now... 

Glencore sells Australian coal mine to Gupta's GFG Alliance

By: Reuters     2nd January 2018 Glencore has agreed to sell one of two Australian coal mines it put up for sale last year to British industrialist Sanjeev Gupta's GFG Alliance for an undisclosed sum, the two companies said separately on Tuesday. The acquisition follows Gupta's purchase last year of the financially troubled... 

Champion ramps up Bloom Lake activity, first train to roll by March

By: Henry Lazenby     30th December 2017 Activities are ramping up at the Bloom Lake mine, in near Fermont, Quebec, with preparations well under way towards the ultimate goal of sending off the first fully laden train of iron-ore by the end of February, or early March. “The highlights have been coming thick and fast this year,” Champion... 

Glencore completes sale of majority stake in oil storage assets

By: Reuters     29th December 2017 Diversified miner Glencore announced on Friday that it has completed the sale of a 51% interest in HG Storage International (HGSI) to HNA Innovation Finance Group, subject to certain regulatory approvals and closing conditions by US authorities. HGSI is a new vehicle which has consolidated... 

Renova sells its stake in Russian gold miner Petropavlovsk

By: Reuters     27th December 2017 Russian billionaire Viktor Vekselberg's Renova Group has sold its stake in Russian gold producer Petropavlovsk, Renova spokesperson Andrey Shtorkh told Reuters on Wednesday. "The deal is closed, we are not disclosing the details," Shtorkh said. He declined to disclose the price of the deal and... 

Mining group Vast Resources says H1 revenue up 5% from Romania, Zimbabwe mines 

By: Reuters     22nd December 2017 Mining group Vast Resources said on Friday its revenue rose five% to $14.9-million in the half year to September 2017 from its two operational mines in Romania and Zimbabwe. The company also reported a 45% decrease in overhead expenses to $2.5-million and a loss before taxation of $12.6-million... 

Africa development body, funds see opportunity in mining infrastructure

By: Reuters     22nd December 2017 With some mining companies increasingly reluctant to own outright the infrastructure that keeps their projects going, an African development institution is linking up with investment funds to help fill the gap. The Nigerian-based Africa Finance Corporation has already expanded its debt or equity... 

SP Angel outlines key 2018 trends as battery raw materials heat up

By: Creamer Media Reporter      21st December 2017 London-based brokerage SP Angel has outlined the key trends that characterised the basket of energy metals during 2017 and the the outlook for 2018 in its new ‘Battery Raw Material Review, Outlook – SP Angel Commodity Research Book’ published on Wednesday. The report pointed out that the... 

Chad, Glencore talks to renegotiate $1bn loan fail again

By: Reuters     20th December 2017 A delegation from Chad and commodities trader Glencore failed to reach a deal to restructure a more than $1-billion oil-backed loan after another round of talks in Paris that ended this week, a source familiar with the matter said. Glencore lent the west African country's state oil firm SHT... 

Alderon resolves Kami’s Sept-Îles take-or-pay headache

By: Henry Lazenby     20th December 2017 Iron-ore project developer Alderon Iron Ore has reached an agreement with the Sept-Îles Port Authority to resolve a take-or-pay obligation for reserved annual iron-ore loading capacity. In lieu of any further take-or-pay obligations, the port authority will hold on to the C$20.46-million security... 

Eldorado agrees to extend Greek arbitration period

By: Henry Lazenby     20th December 2017 Canadian miner Eldorado Gold has agreed to extend the 90-day arbitration period by 60 days to April 6, 2018. The Greek arbitration panel hearing a complaint by the country’s Finance, and Environment and Energy Ministries against the company's subsidiary Hellas Gold requested the extension. 

Proposed carbon tax ‘least-cost manner’ to ensuring greenhouse-gas reduction – Treasury 

By: Schalk Burger     15th December 2017 The National Treasury released the Second Draft Carbon Tax Bill for public comment on Friday and averred that it “seeks to give effect to the polluter pays principle . . . and will assist, in a least-cost manner, in reducing greenhouse-gas (GHG) emissions and ensuring that South Africa meets its... 

Europe’s coal plants will bleed more cash by end of 2020s

By: Bloomberg     15th December 2017 Almost all coal plants in the European Union will be outspending their income by the end of the next decade, relying on subsidies to stay open to back up wind and solar generation. About 54 percent of the region’s plants already fail to break even, according to a report by London-based Carbon... 

Programme to position Ghanaian firms to gain greater share of mineral sector procurement 

By: Tracy Hancock     15th December 2017 Marking a significant point in Ghana’s quest to domesticate the provisions in the Africa Mining Vision (AMV) into its own Country Mining Vision (CMV), the Ghanaian government officially launched its National Suppliers Development Programme (NSDP) in 2 November 2017. The NSDP builds and expands on... 

UK billionaire Gupta to form listed company with Atlantis Resources

By: Reuters     14th December 2017 Sanjeev Gupta's GFG Alliance has struck a deal with tidal power firm Atlantis Resources that marks the British billionaire's first step into the stock market. GFG Alliance, the $10-billion turnover consortium that runs metals group Liberty House and energy and commodities group SIMEC, said in a... 

Biggest Australian business lender to stop new coal mine funding

By: Bloomberg     14th December 2017 National Australia Bank (NAB) pledged to stop funding new thermal coal mine developments and boost lending to renewable energy projects as part of global efforts to tackle climate change. “While we will continue to support our existing customers across the mining and energy sectors, including... 

Separate stock exchange listing for Aura’s Sweden project

By: Mariaan Webb     13th December 2017 Dual-listed uranium and gold focused Aura Energy has started the process to list its Häggån project in Sweden separately on multiple international exchanges to “maximise the value of the battery metal content” of the project. The project contains vanadium, molybdenum, cobalt, neodymium, nickel... 

Newcrest sells Bonikro gold mine for $81m

By: Mariaan Webb     13th December 2017 Australian gold major Newcrest has agreed to sell its 89.89% interest in the Bonikro gold mine, in Côte d'Ivoire, for $81-million, the company announced on Wednesday. A consortium comprising Forbes & Manhattan Group and the Africa Finance Corporation has picked up the asset, which produced 128... 

IDC sues Gupta-linked firms to recover debt

By: Bloomberg     13th December 2017 South Africa’s Industrial Development Corporation (IDC) is suing four companies linked to the politically connected Gupta family after they failed to repay a loan that the state-owned development financier canceled because it suspected illegal activity. The Guptas’ Oakbay Resources and Energy,... 

Macron's climate summit draws pledges to make coal a risky bet

By: Bloomberg     13th December 2017 Some of the world’s biggest investors turned their backs on US President Donald Trump’s plan to revive the coal industry, pledging to divest from fossil fuels at a conference organised by French President Emmanuel Macron. The One Planet Summit in Paris was designed to galvanise support for the... 

Agrium expands retail reach in Australia with Macrofertil acquisition

By: Henry Lazenby     12th December 2017 TSX- and NYSE-listed fertiliser giant Agrium Inc has reached a definitive agreement with Louis Dreyfus Company (LDC) for the acquisition of Macrofertil, a fertiliser distribution business in Australia with about $120-million in yearly sales. Agrium subsidiary Landmark Operations will take control... 

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