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Anglo concludes R2.3bn sale of Eskom-tied mines to Seriti

By: Anine Kilian     1st March 2018 Anglo American has completed the sale of its Eskom-tied thermal coal operations to broad-based, majority black-owned and -controlled South African mining company Seriti Resources, which is led by CEO Mike Teke, for R2.3-billion. The acquisition includes the New Vaal, New Denmark and Kriel mines,... 

2018 presents best prospects in a decade for African mining – Standard Bank

By: Anine Kilian     6th February 2018 Sustained commodity price growth and reduced costs are likely to present Africa’s mining sector with the best prospects in over a decade. “The centrality of mining to the development of the continent means that 2018 is likely to be a watershed year in Africa’s ongoing growth story,” Standard Bank... 

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’ Voorspoed diamond mine on market

By: Martin Creamer     27th November 2017 The decision of diamond giant De Beers to place its Voorspoed diamond mine on the market opens the way for a lower-cost operator to buy the mine and potentially extend its life, the company said on Monday, when it invited expressions of interest from prospective buyers and appointed Standard Bank... 

Merafe cuts net debt by 50% in H1

By: Natasha Odendaal     7th August 2017 JSE-listed Merafe Resources has ended the first six months of this year on a stronger financial basis after reducing its net debt by 49% to R207.8-million, from R409.3-million in the six months to December 2016. During the six months under review, Merafe continued to repay the bulk of its head... 

Zinc, tin, nickel, platinum evoke most optimism at Junior Indaba 

By: Martin Creamer     8th June 2017 UK market intelligence firm CRU is most optimistic about the prospects for zinc, tin, nickel and, to a certain extent, platinum over a 12-month time horizon and named copper, bauxite, nickel and gold as good commodities to be in over the longer term. CRU principal consultant Ben Jones told the... 

Sibanye gets positive boost from ratings agencies

By: Megan van Wyngaardt     7th June 2017 JSE-listed platinum and gold miner Sibanye on Wednesday received a Ba2 rating from Moody’s Investors Service with a stable outlook and a B+ rating with a positive outlook from Standard & Poor’s (S&P’s) Global Ratings. In assigning the Ba2 corporate family rating to Sibanye, Moody’s noted that it... 

Gupta-owned Oakbay Resources loses JSE sponsor over associated risk

By: African News Agency      5th June 2017 Oakbay Resources and Energy, which is owned by the controversial Gupta family, on Monday lost its JSE sponsor, River Group, after being given notice of the termination of their appointment as sponsor. River Group is a JSE sponsor, designated adviser and international corporate finance boutique... 

Merger expands value of expo

By: Nica Schreuder     2nd June 2017 This year is the first time Caminex and the Copperbelt Mining Trade Expo and Conference (CBM-TEC) will be held as a combined event from June 6 to 8 at the Kitwe showgrounds, in Zambia, to create a more valuable trade expo by combining the shows’ resources and strengths. From 2018, the exhibition... 

Alphamin appoints Swanepoel, Baloyi to board; starts mine boxcut construction

By: Megan van Wyngaardt     20th April 2017 TSX-listed Alphamin Resources, which is developing the Bisie tin project, in the Democratic Republic of Congo, has appointed Bernard Swanepoel and Paul Baloyi to its board. Swanepoel currently also serves on the boards of miners Impala Platinum, Zimplats, eXtract Limited, African Rainbow Minerals... 

Pan African capital raise puts gold project on fast track  

By: Martin Creamer     13th April 2017 Midtier gold mining company Pan African Resources has successfully raised R705-million in a share placing, the net proceeds of which will be used, together with a R1-billion seven-year debt facility, to fast-track the high-return Elikhulu gold tailings project in Mpumalanga. Pan African CEO Cobus... 

Pan African outlines funding package for gold project

By: Martin Creamer     12th April 2017 The announcement by midtier gold mining company Pan African Resources of a mixed placement-and-debt funding package for its R1.7-billion Elikhulu gold tailings project was followed by a surprising fall in the company's share price. The funding package is aimed at fast-tracking the development of... 

R2.3bn Anglo coal sale to Seriti may hit Eskom ownership snag 

By: Martin Creamer     10th April 2017 A new aspirant South African mining champion on Monday announced its intention to purchase Anglo American’s Eskom-tied domestic thermal coal operations in South Africa, which would position the majority black-owned start-up as the potential second-largest provider of coal to the State electricity... 

Strong outlook for recovering ferrochrome industry – Merafe

By: Martin Creamer     31st March 2017 Ferrochrome and chrome ore prices recovered from rock bottom in the first quarter of last year to levels twice and four times higher in 2017, a year in which a shortage of electricity supply has ceased to be a constraining factor, ferrochrome company Merafe reports. Despite market volatility in... 

EIUG supports Eskom plan for new pricing deals with power-intensive firms 

By: Terence Creamer     22nd March 2017 The Energy Intensive User Group of Southern Africa (EIUG) believes there is policy, legislative and regulatory space to introduce new electricity pricing arrangements to help restart of idle mining and process-industry activities, as well as encourage new investments to absorb Eskom’s surplus,... 

Strong outlook for recovering ferrochrome industry – Merafe

By: Martin Creamer     8th March 2017 Ferrochrome and chrome ore prices recovered from rock bottom in the first quarter of last year to levels twice and four times higher respectively in 2017, a year in which a shortage of electricity supply has ceased to be a constraining factor, ferrochrome company Merafe reports. Despite market... 

Global mining-sector resurgence predicted 

By: Ilan Solomons     24th February 2017 Given that the global economy is expected to grow by 3.4% this year and 3.5% in 2018, the health of global macroeconomics is good, which bodes well for a resurgence in the global mining industry during the course of this year. This is according to Standard Bank mining and metals research head Tim... 

Stillwater deal advances as Sibanye grasps $2.6bn bridge finance nettle

By: Martin Creamer     13th February 2017 Precious metals mining company Sibanye on Monday announced that it had successfully closed the syndication of the bridge facilities to support its acquisition of Stillwater Mining Company of the US. Sibanye said in a Johannesburg Stock Exchange news service announcement that the syndication... 

Bank upbeat about mining sector in 2017, predicts steady commodity price uptick 

By: Ilan Solomons     30th January 2017 Given that the global economy is expected to grow by 3.4% this year and 3.5% in 2018, the health of global macroeconomics is good, which bodes well for a resurgence in the global mining industry during the course of this year. This is according to Standard Bank mining and metals research head Tim... 

BLSA appoints Mabuza as chair as it unveils new leaders

By: Creamer Media Reporter      21st October 2016 Business Leadership South Africa (BLSA) has announced the appointment of Telkom’s Jabu Mabuza as its new chairperson and Shell South Africa’s Bonang Mohale as its deputy chairperson after a council meeting, which also approved a new board of directors for the big business grouping. Mabuza and... 

Guptas list why Gordhan's application is fundamentally flawed

By: News24Wire      18th October 2016 The Guptas said Finance Minister Pravin Gordhan’s court application is fundamentally flawed and will assist them in clearing their name, their lawyer said in a statement on Tuesday. “We are delighted to have received this application,” the Guptas’ lawyer Van Der Merwe Associates said on behalf of... 

The Joburg Indaba, Investing in Resources and Mining in Africa – Johannesburg – 5-6 October 2016

     5th October 2016 The Joburg Indaba has become a critical platform for industry leaders to engage in conversations on the mining industry, with participants across resource and mining companies; investors; government representatives, policy makers and regulators; stock and commodity exchanges; financiers; and... 

The Joburg Indaba, Investing in Resources and Mining in Africa – Johannesburg – 5-6 October 2016

     5th October 2016 The Joburg Indaba has become a critical platform for industry leaders to engage in conversations on the mining industry, with participants across resource and mining companies; investors; government representatives, policy makers and regulators; stock and commodity exchanges; financiers; and... 

Kibo appoints Absa as Mbeya Project’s financial adviser

By: African News Agency      22nd September 2016 Kibo Mining on Thursday said it had signed an advisory engagement letter with Absa Bank laying out the scope of work and terms under which it will act as financial advisor on the Mbeya Coal to Power Project (MCPP). Kibo is developing a 250 MW to 350 MW mouth-of-mine thermal power station in its... 

Gordhan met Gupta-owned Oakbay on banks 4 months ago 

By: News24Wire      9th September 2016 Finance Minister Pravin Gordhan admitted meeting with Oakbay Investments in May this year. In a parliamentary question posed by the Democratic Alliance’s (DA's) David Maynier, Gordhan said he had met with Nazeem Howa, CEO of Oakbay Investments on 24 May. He was accompanied by National Treasury... 

Merafe expects to benefit from brighter demand prospects for ferrochrome

By: Creamer Media Reporter      1st August 2016 JSE-listed Merafe Resources expects to benefit from renewed positive ferrochrome demand trends, as well as from the fact that only four of seven South African ferrochrome producers are currently in production. Reporting on its results for the six months ended June 30, the company, which generates... 

Govt to intervene as Oakbay attempts to restore bank accounts

By: Natasha Odendaal     21st April 2016 Minister in the Presidency for Planning, Monitoring and Evaluation Jeff Radebe has insisted that, despite the appointment of three Ministers to engage the banks that cut ties with private Gupta-linked Oakbay Investments amid allegations of State capture, government was not interfering in matters... 

Guptas' staff appeal to banks to save their Oakbay jobs 

By: News24Wire      20th April 2016 About 7 500 employees at Oakbay Investments will lose their jobs at the end of May if the Gupta-owned company’s bank accounts remain closed, staff at the company wrote in an open letter to banks on Wednesday. In a letter addressed to Barclays Africa CEO Maria Ramos, FNB CEO Jacques Celliers,... 

Banks obliged to ensure that clients abide by the law, says Basa

By: Samantha Herbst     14th April 2016 In an attempt to clarify ongoing speculation following Standard Bank and Nedbank’s move last week to sever ties with the Gupta-linked Oakbay Resources, the Banking Association of South Africa (Basa) on Thursday released a statement to account for the regulatory considerations that all banks... 

Zim probes Rio Tinto’s Murowa share disposal

By: News24Wire      8th April 2016 Zimbabwe is probing Rio Tinto’s disposal of its stake in two mines in Zimbabwe, charging that disposed shares were held offshore, hence the justification to investigate them and determine if due procedure was followed. Rio Tinto disposed of its 78% stake in the Murowa diamond mine and also sold... 

Women making progress in South African mining industry, but barriers remain

By: Ilan Solomons     1st April 2016 Diamond company De Beers Consolidated Mines (DBCM) contends that it is “boldly confronting” its and the industry’s 140 year legacy of male domination in mines and in corporate structures by executing a strategy to ensure equal opportunities for women in its own business.   DBCM director and the... 

Implementation of Uganda phosphate, steel venture set to start next month

     11th March 2016 China's Guangzhou DongSong Energy Group plans to start implementation of its multifaceted Sukulu phosphate and steel project, in Uganda, next month, after securing $240-million in funding, which forms part of the staggering $620-million required to implement the entire project. The project... 

Bank provides exposure to locally produced PGMs

By: Dylan Slater     5th February 2016 To complete its suite of available exchange-traded funds (ETFs) across the platinum-group metals (PGMs) space, financial services provider Standard Bank has introduced Africa’s first rhodium-supported ETF, the AfricaRhodium ETF, . The AfricaRhodium ETF, launched in December, is also the second... 

Sibanye concludes WCC due diligence, revised term sheet expected

By: Natasha Odendaal     2nd February 2016 A revised term sheet for Sibanye Gold’s proposed refinancing of Waterberg Coal Company (WCC) is expected to emerge after the gold producer completed its legal, technical and financial due diligence. WCC on Tuesday said in a quarterly update that Sibanye remained “desirous” of the deal; however,... 

De Beers: Kimberley Mines sale won't result in lay-offs

By: News24Wire      6th January 2016 De Beers Consolidated Mines has held “numerous” meetings with the National Union of Mineworkers (NUM) about the fate of Kimberley Mines, De Beers spokesperson Tom Tweedy said on Wednesday. This follows NUM’s claim on Tuesday that it had not been consulted on the sale of the mine to Ekapa... 

Waterberg requests extension of ASX share suspension

By: Natalie Greve     18th December 2015 JSE-listed The Waterberg Coal Company has made a request to the ASX for an extension to its current voluntary suspension in the trading of its securities, which expires prior to the start of trade on December 21. This would, it outlined in a statement on Friday, allow it time to finalise a... 

Lonmin rights issue undersubscribed

By: Natalie Greve     11th December 2015 Dual-listed Lonmin’s shares were trading lower on the JSE and LSE on Friday morning, after it announced that its $407-million rights issue had been undersubscribed. The platinum miner had received valid acceptances in respect of 19.15-billion new shares, representing 70.93% of the total number of... 

Developer in bid to conclude prepurchase deals for $400m Malawi niobium project

By: Marcel Chimwala     11th December 2015 Africa-focused resources group Globe Metals & Mining is seeking buyers for the niobium it will eventually mine at its project at Kanyika, in the district of Mzimba, in Malawi, which which it is looking for development finance. Globe Metals & Mining GM Neville Huxham tells Mining Weekly that the... 

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