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Ncondezi calls off joint development agreement with SEP

By: Megan van Wyngaardt     26th May 2017 Mozambique-focused coal miner and energy developer Ncondezi Energy will engage with new strategic partners who have expressed an interest in helping to develop its integrated thermal coal mine and 300 MW power plant in the country’s Tete province. This comes after the company on Friday suspended... 

Arconic shareholders elect three Elliott nominees to board

By: Reuters     26th May 2017 Specialty metals producer Arconic Inc said its shareholders had elected three of Elliott Management Corp's nominees to its board of directors, based on a preliminary vote count following the company's annual meeting on Thursday. Elliott, a New York hedge fund run by billionaire Paul Singer,... 

‘Attractive’ copper project advances on back of $50m loan

By: Simone Liedtke     26th May 2017 Copper miner Cupric Canyon Capital has secured $50-million to develop its Khoemacau underground mine in north-west Botswana and bring the copper-silver project into production. 

Ecsponent Development Fund improving BEE procurement in the Mining Sector

     25th May 2017 JSE-listed African financial services company, Ecsponent Limited, says that its unique Ecsponent Development Fund (EDF) provides large corporate business with an effective way of managing preferential procurement and improving reliable delivery whilst ensuring true social upliftment and skills... 

Peru FTA to unlock opportunities for Australian exporters

By: Esmarie Swanepoel     25th May 2017 The Minerals Council of Australia (MCA) has welcomed a possible free trade agreement (FTA) with Peru, saying Australia’s mining and mining services sectors could benefit from the agreement Australian Trade, Tourism and Investment Minister Steven Ciobo this week launched FTA negotiations with his... 

Sibanye appoints Maziya as nonexecutive director

By: Henry Lazenby     24th May 2017 JSE- and NYSE-listed Sibanye Gold has appointed Savannah Maziya as a nonexecutive director following the resignation of Christopher Chadwick with effect from Tuesday. The South African multinational miner selected Maziya for her wealth of experience in the finance, mining, infrastructure and... 

IDC approves R218m loan for development of Free State natural gas project 

By: Terence Creamer     24th May 2017 South Africa’s State-owned Industrial Development Corporation (IDC) has approved R218-million in loan finance to support the further development of a natural gas resource in the Free State through the creation of a 107-km pipeline network and associated gas processing facilities. The funding,... 

Graphex agrees to terms with Chinese partner

By: Esmarie Swanepoel     24th May 2017 Junior Graphex Mining has agreed to the terms of a joint venture (JV) and offtake agreement over its Chilalo graphite project, in Tanzania, with a Chinese syndicate led by CN Docking Joint Investment and Development Co. The syndicate would be required to make an equity investment of between... 

Company climate risk disclosure could become mandatory in a few years

By: Reuters     23rd May 2017 Companies' disclosure of risks to their business from climate change could become mandatory in a few years as investor pressure gathers pace, climate finance experts said on Tuesday. Investors have urged companies, particularly those operating in the oil, gas and coal sectors, to disclose the... 

Minister says S Australia plans magnetite strategy

By: Esmarie Swanepoel     23rd May 2017 The South Australian government has unveiled plans for a magnetite strategy, similar to its copper strategy, to unlock the 14-billion tonnes of ore present in the state. Minister for Mineral Resources and Energy Tom Koutsantonis said in Adelaide on Tuesday that the soon-to-be released magnetite... 

Rio Tinto seeks to reduce debt through $2.5bn bond buyback

By: Megan van Wyngaardt     22nd May 2017 Global mining giant Rio Tinto on Monday launched a $2.5-billion bond buyback plan to reduce its gross debt. Under the plan, Rio Tinto has issued a redemption notice for $1.72-billion of its 2019 and 2020 dollar-denominated notes and started cash tender offers, through Rio Tinto Finance, to buy up... 

Move over Tesla, Europe's building its own battery gigafactories

By: Bloomberg     22nd May 2017 Battery-making gigafactories are about to arrive in Europe, challenging a lead Tesla is building at a plant in Nevada and opening the way for a quicker shift toward green power for both cars and utilities. German Chancellor Angela Merkel on Monday is scheduled to break ground at a €500 million... 

Zambia, First Quantum seen resolving $1.4bn dispute in June

By: Reuters     21st May 2017 A row that saw a State-owned Zambian company sue Canadian miner First Quantum Minerals for $1.4-billion is likely to be resolved by June, the southern African nation's Presidency said on Saturday. First Quantum asked a Zambian court in February to dismiss the suit from Zambia Consolidated Copper... 

Miners ask Congo to adjust tax repayments for franc slump

By: Bloomberg     19th May 2017 Mining companies in the Democratic Republic of Congo asked the government to adjust pending value-added tax repayments for a slump in the franc that could cost them as much as $210-million collectively. Federation des Entreprises du Congo, the country’s largest business lobby group, sent the... 

India, Japan to push for One Belt, One Road counter at AfDB conference 

By: Ajoy K Das     19th May 2017 India will unleash its highest level of economic diplomacy at next week’s African Development Bank (AfDB) conference in the western city of Ahmedabad, with the aim of setting quantifiable targets of international economic and trade cooperation between the continents in a bid to counter China’s... 

Inflated base case prices could dent confidence in mine development

By: Henry Lazenby     19th May 2017 Project valuations based on elevated price assumptions in the absence of more reasonable scenarios to provide a more balanced view to the market is potentially damaging to the credibility of management teams, their consultants and the mining industry as a whole, London-based boutique investment... 

Bushveld completes Vametco acquisition, progresses towards integrated vanadium platform

By: Ilan Solomons     19th May 2017 Diversified mineral development company Bushveld Minerals has completed the acquisition of a 78.8% shareholding in Strategic Minerals Corporation (SMC), the ultimate holding company of Vametco Alloys, from the Evraz Group. Bushveld CEO Fortune Mojapelo notes that one of the acquisition highlights... 

Shanta completes €2.1m equipment financing deal

By: Anine Kilian     18th May 2017 Aim-listed Shanta Gold has completed a €2.1-million finance agreement with Sandvik Mining and Construction for the purchase of underground mobile equipment for its Tanzania-based New Luika gold mine. The financing is repayable quarterly, in two tranches, over respective 36 month periods. 

Zambian government says close to agreement with mines on electricity price rises

By: Reuters     18th May 2017 Zambia is close to reaching an agreement with mining companies over its plans to increase electricity prices, Finance Minister Felix Mutati said on Wednesday. The government last month proposed introducing a flat tariff of $0.093/kWh backdated to January for mining companies, instead of... 

W Resources applies for govt grant for La Parrilla expansion

By: Mariaan Webb     17th May 2017 Aim-listed W Resources has submitted a grant application to the Junta de Extremadura government for funding for its La Parrilla tungsten and tin mine expansion project in Spain. If approved, the regional government could fund up to 30% of the €19.5-million plant and facilities package for the La... 

W Resources seeking $24m in debt financing for Spain expansion

By: Mariaan Webb     16th May 2017 Tungsten miner W Resources has started negotiations with multiple debt financiers to raise $24-million for the expansion of its La Parrilla tin and tungsten mine in the Extremadura region of Spain. The Aim-listed miner has appointed specialist debt advisory group BurnVoir Corporate Finance to... 

DoE won’t appeal nuclear ruling, but Kubayi leaves door open for new nuclear determination ahead of IRP update 

By: Terence Creamer     13th May 2017 Energy Minister Mmamoloko Kubayi announced on Saturday that government would not appeal the April 26 ruling of the Western Cape High Court, which declared the processes hitherto used to procure new nuclear capacity to be unconstitutional and illegal, along with three nuclear-related... 

Brown defends shock Molefe reinstatement, as Koko takes leave amid forensic probe 

By: Terence Creamer     12th May 2017 Public Enterprises Minister Lynne Brown has defended her decision to accept the Eskom board’s much-criticised recommendation that Brian Molefe be reinstated as CEO and see out his five-year contract to 2020 on the basis that it offered “better value” than the alternative of paying him a... 

Export iron-ore prices boost Kumba’s interim earnings

By: Megan van Wyngaardt     11th May 2017 Kumba Iron Ore expects its headline earnings and basic earnings for the six months to June 30, to be at least R602-million, or 20%, higher than the R3-billion it reported for the six months to June 30, 2016. The company said in a statement on Thursday that the higher earnings were as a result of... 

Philippines FinMin says mining should be encouraged, not suppressed

By: Reuters     11th May 2017 Extractive industries like mining should be promoted, not curbed, the Philippines' finance minister said on Thursday, promising investors there will be no more arbitrary suspensions of operations and more transparency in regulation. President Rodrigo Duterte's government has been taking a less... 

Zambia President orders case against First Quantum to be dropped

By: Bloomberg     10th May 2017 Zambian President Edgar Lungu has instructed that the fraud case the State investment company brought against the country’s biggest copper producer and some of its directors be dropped, his spokesman said. Arbitration over the matter will continue in London. First Quantum Minerals, based in... 

Endeavour reports higher headline earnings as Q1 output rises

By: Henry Lazenby     9th May 2017 Intermediate Canadian gold producer Endeavour Mining has reported an adjusted loss for the three months ended March 31, as higher year-on-year output benefited from relatively strong realised prices and low, yet slightly higher, all-in sustaining costs (AISC). The London, England-headquartered... 

Colombia urges blood diamond-style controls for gold buyers

By: Bloomberg     9th May 2017 Colombia is calling for tougher controls over international gold purchases to curb the amount of illegally-mined metal entering mainstream markets, following similar moves by the diamond industry. “There’s a responsibility on the part of buyers to make certain what the origin of the gold is that... 

Talisman and Sandfire’s Monty a step closer to development

By: Esmarie Swanepoel     5th May 2017 ASX-listed Talisman Mining has executed a debt finance mandate with Taurus Mining Finance Fund for the A$23-million required to develop the Monty copper/gold project, in Western Australia. Talisman holds a 30% interest in the Monty project, with fellow-listed Sandfire Resources holding the... 

Tiger extends its loan repayments

By: Esmarie Swanepoel     5th May 2017 Copper miner Tiger Resources has reached an agreement with the senior lender group of its $162.5-million financing facility to extend the repayment date. Tiger on Friday said that both the first repayment installment of $1.625-million and the second scheduled repayment of $812 500 would now only... 

Aim-listed explorer and developer changes name as it refocuses vision

By: Ilan Solomons     5th May 2017 Aim-listed natural resource exploration and development company Pembridge Resources – which was known as China Africa Resources up to April 10 – is shifting its focus from being only a developer of mining projects to a company that also provides project financing. Pembridge Resources CEO David... 

Drilling specialist to receive training accreditation

By: Marleny Arnoldi     5th May 2017 Mining industry drilling services provider Rosond is in the process of becoming an accredited Manufacturing, Engineering and Related Services Sector Education and Training Authority (Merseta) training provider.  

Emilie Ditton

By: Martin Creamer     5th May 2017 This week we feature Emilie Ditton, the research director energy and worldwide mining practices of International Data Corporation, Asia and Pacific  

Atlatsa CFO resigns, acting CFO appointed

By: Creamer Media Reporter      4th May 2017 Boipelo Lekubo has resigned as CFO of Atlatsa Resources to pursue new opportunities. Financial controller Reinhardt van Wyk has been appointed acting CFO, effective June 1. 

Second review of Philippine mines to go ahead – finance official

By: Reuters     4th May 2017 The Philippine government will move forward with a second review of the country's mines despite the removal of Regina Lopez as environment minister, a finance official said on Thursday. The Mining Industry Coordinating Council (MICC), an inter-agency panel that includes the finance and... 

The growth of a diversified economy through the development of mining and energy at ZIMEC 2017!

By: Creamer Media Reporter      3rd May 2017 Lusaka, Zambia – April, 2017 - With around 70% of Zambia’s earnings currently depending on copper mining, the Zambian government aims to diversify mining activities and strive towards a sustainable and viable mining sector.  

Hummingbird Resources subsidiary set to open Mali gold mine this year

By: Reuters     2nd May 2017 A subsidiary of UK mining firm Hummingbird Resources is on course to start production at an $88-million opencast gold mine in Mali this year, its director and Mali's Minister for Mines told Reuters. The Komana mine south of the capital Bamako is operated by the Société des Mines de Komana (SMK)... 

Peru hikes 2017 trade surplus forecast on higher commodity prices

By: Reuters     1st May 2017 Peru's government on Monday sharply raised its trade balance forecast for this year to a surplus of $3.71-billion from a $776-million surplus expected previously, due to higher commodity prices. In an update to its official macroeconomic forecasts, the Economy and Finance ministry confirmed its... 

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