DRC threatens probe as First Quantum dispute escalates

Democratic Republic of Congo (DRC) Minister of Mines Martin Kabwelulu Labilo said on Tuesday that the government planned to investigate suspected financial misconduct by Canada-based First Quantum Minerals. Spokesperson for the DRC government,...

Outgoing Wesizwe CEO Solomon cleared of various allegations

South African junior miner Wesizwe Platinum on Wednesday cleared its outgoing CEO Mike Solomon of all allegations sprouting from an internal audit report in November 2009, through a forensic audit carried out by independent auditors Deloitte &...

Daily podcast – February 2, 2009

In today's podcast: Sentula Mining's forensic audit ucceeds in fully reconciling an errant equipment-related R68-million; and Peru's largest federation of mining unions agrees to call a nationwide strike starting on March 15th.

Forensic audit reconciles R68m but still probing mystery R24m - Sentula

Fraud-hit JSE-listed Sentula Mining said on Friday that its forensic audit had succeeded in fully reconciling an errant equipment-related R68-million, but that the source of a deposit of R24,1-million into an undisclosed account was still...

Sentula searching for missing R242m, institutes civil and criminal action

South African mining services and coal-mining company Sentula Mining has uncovered “irregular” activity involving the apparent misappropriation of R242-million. Forensic auditors have discovered “blatant overvaluation” of equipment, as...

Sentula searching for missing R242m, institutes civil and criminal action

South African mining services and coal-mining company Sentula Mining has uncovered “irregular” activity involving the apparent misappropriation of R242-million. Forensic auditors have discovered “blatant overvaluation” of equipment, as...

‘Naked potential criminality and fraud’ at Sentula, says chairperson Sam Jonah

“Naked potential criminality and fraud” appeared to have taken place within the JSE-listed, but currently suspended, Sentula Mining, Sentula chairperson Sir Sam Jonah said on Wednesday. “In all my public life, and I have been around the...

R&E's JCI claim likely to exceed R1,1bn

Gold holding company Randgold & Exploration (R&E) was to submit a statement of claim against JCI in the next few weeks, which was likely to be materially higher that the R1,1-billion ‘base claim’ laid out in a preliminary report...

R&E's JCI claim likely to exceed R1,1bn, Gray to step down if process turns adversarial

Gold holding company Randgold & Exploration (R&E) was to submit a statement of claim against JCI in the next three to four weeks, which was likely to be materially higher that the R1,1-billion 'base claim' laid out in a preliminary report arising...

JCI to oppose liquidation application

JSE-suspended mining company JCI has indicated that it will 'vigorously' oppose a High Court application for its liquidation by Trinity Holdings. Spokesperson Brian Gibson said that the company, currently headed by Peter Gray, is studying the...

JCI losses due to 'failure' of internal systems - Gray

A six-month long forensic investigation into JCI's accounts has revealed that around R500-million is missing, says CEO Peter Gray. He said that a “sustained and comprehensive failure and manipulation of the company's internal administrative,...

Harmony 'cynical' of current M&A environment

While South African gold-miner Harmony Gold may be synonymous with takeovers in South Africa, the miner has indicated that it is cynical of the current merger and acquisition environment. CEO Bernard Swanepoel has also indicated that, while the...