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Exxaro confirms take-or-pay coal rail contract with Transnet

By: Martin Creamer     Updated 7 hours ago Black-controlled coal mining company Exxaro on Thursday confirmed its status as a signatory of a take-or-pay rail contract with the State-owned logistics group Transnet Freight Rail (TFR) for the railing of its coal to the Richards Bay Coal Terminal (RBCT) in KwaZulu-Natal. This follows BHP... 

Exxaro confirms take-or-pay coal rail contract with Transnet
Photo by Duane Daws
Mxolisi Mgojo

Mick Davis’s X2 Resources increases capital to $5.6bn

Private mining venture X2 Resources, which was started by former Xstrata CEO Mick Davis, has completed its initial capital raising process, securing a total of $5.6-billion in equity capital to finance the creation of a new midtier diversified mining and metals group. The funding, which the... 

Mick Davis’s X2 Resources increases capital to $5.6bn
Mick Davis

Gold recycling to remain low – World Gold Council

By: Martin Creamer The recycling of gold, which fell to a seven-year low in 2014, is expected to remain low this year, and possibly decrease further owing to substantial near-market supply being flushed out, the World Gold Council (WGC) reported on Thursday. “The decline in recycling in 2014 was widespread across... 

Gold recycling to remain low – World Gold Council
Alistair Hewitt

Exxaro records operating loss, outlook remains challenging

By: Martin Creamer Black-controlled diversified mining company Exxaro, which recorded a R3.2-billion net operating loss in 2014, expects challenging conditions to continue in 2015, the company said on Thursday. The net operating profit of the JSE-listed company, headed by CEO Sipho Nkosi, fell 192% to a loss of R3... 

Exxaro records operating loss, outlook remains challenging

Implats appoints political, industry heavyweights to board

By: Natalie Greve JSE-listed Impala Platinum (Implats) has appointed former Cabinet Minister Dr Sydney Mufamadi, former Harmony Gold CEO Bernard Swanepoel and former African Development Bank COO Dr Nkosana Moyo as independent nonexecutive directors, with immediate effect.  Mufamadi is a director of the School of... 

Ressano Garcia’s gas-to-power capacity rises to 400 MW as loop-line is completed

By: Terence Creamer     Updated 7 hours ago The $200-million ‘loop line 1’ project to expand the capacity of the gas pipeline from Mozambique to South Africa has been completed, the Republic of Mozambique Pipeline Investments Company (Rompco) has confirmed. Rompco is the gas transport joint venture set up in 2004 by JSE-listed energy and... 

Ressano Garcia’s gas-to-power capacity rises to 400 MW as loop-line is completed

Areva says SA nuclear ambitions intact despite major restructuring plan

By: Terence Creamer     Updated 7 hours ago French nuclear vendor Areva says its value proposition for South Africa’s proposed new nuclear build programme remains intact, despite far-reaching restructuring initiatives being undertaken at the troubled State-owned company, which reported a €4.8-billion loss for 2014. Areva has announced... 

Areva says SA nuclear ambitions intact despite major restructuring plan
Photo by Duane Daws
Areva South Africa MD Dr Yves Guenon

Despite ‘complete crisis’ in gold industry, Randgold remains buoyant at low prices

By: Henry Lazenby With a ten-year plan in hand that would ensure Africa-focused gold producer Randgold Resources would remain profitable at a gold price of $1 000/oz, CEO Mark Bristow on Wednesday accused the company's peers for having done a horrible job in recent years. Speaking during a breakfast presentation... 

Despite ‘complete crisis’ in gold industry, Randgold remains buoyant at low prices
Photo by Duane Daws
Randgold Resources CEO Mark Bristow.

Bannerman launches SPP to raise funds

By: Esmarie Swanepoel ASX- and TSX-listed Bannerman Resources was hoping to raise up to A$2-million through a share purchase plan (SPP), announced on Thursday. The SPP would allow eligible shareholders to subscribe for up to A$15 000 of new shares, priced at 5.2c each. The SPP would open on March 11, and would close... 

Botswana Diamonds to intensify Orapa exploration

Aim-listed Botswana Diamonds, through its 50:50 joint venture with Russian diamond miner Alrosa, would spend $1-million this year on the exploration of its licence at Orapa, Botswana. The JV partners were aiming to discover major new kimberlites during the year. 

Botswana Diamonds to intensify Orapa exploration

Kenya to embark on massive exploration campaign to spur mining investment, economic development

By: Henry Lazenby     Updated 17 minutes ago With a new regime in power, Kenya is rearing to embark on a $70-million State-sponsored exploration drive in order to spur mining investment and the inevitable economic development that follows mining progress. Kenya’s first Cabinet Secretary for Mining, Najib Balala, told Mining Weekly Online... 

BSG vows to clear its name after bribery allegations, fight for return of Guinea assets

By: Ilan Solomons     Updated 22 minutes ago Iron-ore, diamonds and ferronickel mining company BSG Resources (BSGR) is determined to clear its name and ensure that its assets in Guinea are “returned”, BSGR mining and metals CEO Marc Struik tells Mining Weekly. The two primary court cases in which the company is involved concern mining giant... 

BSG vows to clear its name after bribery allegations, fight for return of Guinea assets
Photo by Duane Daws
MARC STRUIK BSG Resources claims President Alpha Condé and the government of Guinea are guilty of “corrupt practices” and “illegal activities”

Copper faces looming supply gap – Teck Resources

By: Simon Rees     Updated 4 hours ago The level of new copper output will be unable to plug a supply gap that could develop as early as 2017, Canadian diversified miner Teck Resources’ manager for market research Michael Schwartz told an audience at the Prospectors & Developers Association of Canada 2015 convention. Teck has... 

Copper faces looming supply gap – Teck Resources

Noble picks up on Xanadu shortfall

By: Esmarie Swanepoel Diversified supply chain group Noble has increased its shareholding in ASX-listed Xanadu Mines to 9%, after taking up a subscription shortfall in the company’s recent rights issue. Noble took up more than 5.5-million shares, at 12c each, for a total investment of A$665 746. 

Woodside’s A$2.75bn Wheatstone buy gains competition approval

By: Esmarie Swanepoel The Australian Competition and Consumer Commission (ACCC) this week gave its blessing to ASX-listed Woodside’s $2.75-billion buy of Apache Corporation’s share in the Wheatstone liquefied natural gas (LNG) project. Under the sales agreement, Woodside would acquire Apache’s 13% interest in the... 

Fortescue refinances debt with $2.5bn issue

By: Esmarie Swanepoel Iron-ore major Fortescue Metals on Thursday announced a multi-billion dollar refinancing that would result in the majority of the company’s debt maturing beyond 2021. The miner launched a new $2.5-billion senior secured debt issue, and offered holders of its 2017, 2018 and 2019 senior unsecured... 

Mining remains a main contributor to Australia’s GDP growth

By: Esmarie Swanepoel The mining sector was one of the largest contributors to Australia’s 0.5% growth in gross domestic product (GDP) during the December quarter, the Australian Bureau of Statistics (ABS) revealed this week. Figures from the ABS showed iron-ore mining added about A$60.2-billion in gross value, while... 

Mining remains a main contributor to Australia’s GDP growth

EPA backs Chevron’s $10bn Gorgon LNG expansion plan

By: Esmarie Swanepoel The Western Australian Environmental Protection Authority (EPA) this week backed US major Chevron’s plans to expand the Gorgon gas development to a fourth train, which would increase liquefied natural gas (LNG) production from 15-million to 20-million tonnes a year. The $10-billion fourth train... 

Transport options deliver savings at Nowa Nowa

By: Esmarie Swanepoel Junior developer Eastern Iron on Thursday revealed that a modified transport plan for its proposed Nowa Nowa project, in Victoria, could drive down operating costs. A 2014 definitive feasibility study (DFS) estimated that a capital injection of A$33.6-million could deliver an openpit operation... 

Henty delivers more than expected - Unity

By: Esmarie Swanepoel The Henty gold mine, in Tasmania, was delivering well above expectations, owner Unity Mining said this week, with the project delivering about 30% more ounces than expected. Based on preliminary results for the first two months of the March quarter, Henty had already produced 10 414 oz of gold,... 

Resources Watch

By: Creamer Media Reporter This week: Implats moves to power its platinum refinery with platinum fuel cells. A property sale provides profitability impetus for AECI. And, AngloGold Ashanti is in mass meetings with workers ahead of wage talks. 

Resources Watch

In over-built potash sector, tiny segment commands premium

By: Reuters Excess production capacity over-hangs the price of potash, but its premium form may offer upside that investors have yet to cash in on. Sulfate of potash (SOP) is a chloride-free fertiliser suited to sensitive crops such as fruits and nuts. Standard SOP traded over five years to mid-2013 in... 

Ecuador, seeking investment, buffs up mining sector image

By: Reuters Rebranding itself as a mining-friendly jurisdiction, Ecuador has high hopes that incentives and tax benefits will polish its tarnished image and attract $5-billion worth of investment over the next five years, a senior minister told Reuters. The small Andean nation believes that incentives... 

Fort Saskatchewan, Alberta, blast caused by ruptured gas line

By: Reuters A blast in Fort Saskatchewan, Alberta, on Wednesday was caused by a contract worker accidentally rupturing a gas line, a city spokesperson said, and was not at the Sherritt International fertiliser plant as earlier reported by local media. Wendy Kinsella, communications adviser for the City of... 

PDAC to build on 'constructive activities' of 2015 convention

By: Henry Lazenby The Prospectors and Developers Association of Canada (PDAC) looks forward to building on the constructive activities that occurred at its 2015 convention, which attracted  23 578 attendees from more than 100 countries. “The provincial and federal governments in Canada are important partners in... 

Tungsten industry in transition as China's competitiveness wanes

By: Henry Lazenby Despite China having not yet made significant inroads into securing tungsten supply from outside its borders, it might only be a matter of time before teh country did, providing the incentive investors are looking for to finance several shovel-ready projects. Tungsten, or wolfram as it is also... 

Slide in Chinese coal imports to continue in 2015 – Wood Mackenzie

By: Simon Rees Oversupply continues to weigh on the performance of thermal and metallurgical coal exports into China, Wood Mackenzie senior analyst Jonathan Sultoon told an audience at the Prospectors and Developers Association of Canada’s 2015 conference. The causes of oversupply stemmed from an earlier market... 

Slide in Chinese coal imports to continue in 2015 – Wood Mackenzie

BME launches narrow-reef emulsion site at Amplats’ Tumela mine

By: Ilan Solomons Explosives company BME officially opened its first narrow-reef emulsion site and training centre at platinum miner Anglo American Platinum’s (Amplats’) Tumela underground mine in Thabazimbi, Limpopo on Wednesday. Tumela mine production manager Pierre Prinsloo said the bulk emulsions system was... 

TFR confident of settling take-or-pay deals with 36 coal exporters

By: Terence Creamer South Africa’s State-owned railways utility Transnet Freight Rail (TFR) says it remains confident of concluding take-or-pay contracts with 36 coal-line customers before the end of its financial year, which concludes on March 31. Spokesperson Sandile Simelane tells Engineering News Online that TFR... 

 TFR confident of settling take-or-pay deals with 36 coal exporters

Glencore commits to migrating first world safety to third world countries

By: Martin Creamer Diversified major Glencore, which reported 16 fatalities last year, has committed itself to migrating first-world safety practices into challenging geographies where more than 80% of the deaths took place. The London-, Hong Kong- and Johannesburg-listed company’s SafeWork programme – in which 118... 

Glencore commits to migrating first world safety to third world countries
Photo by Duane Daws
Ivan Glasenberg

Big Four squeeze gathers pace as more iron-ore flows into saturated market – CRU

By: Simon Rees Iron-ore prices will remain in the doldrums for 2015 as senior producers continue to bring new, low-cost output into the market, CRU group director of multicommodity, knowledge and information Paul Robinson told an audience at the 2015 Prospectors and Developers Association of Canada yearly... 

Big Four squeeze gathers pace as more iron-ore flows into saturated market – CRU

Guinea bets on mining for post-Ebola economic recovery

By: Reuters Guinea's economy is likely to take a $2-billion hit from a regional Ebola outbreak that has killed nearly 10 000 people, and the country is relying on mining to drive growth once the virus is contained, the finance minister said. Guinea is the world's top exporter of the aluminium ore bauxite and... 

Guinea bets on mining for post-Ebola economic recovery

Sale of Richland’s Tanzanian assets concluded

By: Creamer Media Reporter Aim-listed Richland Resources this week closed the sale of its tanzanite mining, beneficiation and tsavorite licence interests in Tanzania to Sky Associates for $5.1-million. The gemstone miner announced in November 2014 that it would exit Tanzania to focus on its sapphire operation in Australia,... 

After mini boom, Australia coal prices come down to earth

By: Reuters A rally in Australian coal prices has fizzled almost as quickly as it started, brought down to earth by oversupply and weakening Chinese demand, setting the stage for lower annual price agreements with Japanese utilities. 

Senate passes incentive to encourage greenfield exploration

By: Esmarie Swanepoel The Australian resources sector has welcomed the passing of the exploration development incentive (EDI) through the Senate. The federal government last year announced a budget of A$100-million over the next three years to fund the EDI, to support junior exploration companies conducting... 

Senate passes incentive to encourage greenfield exploration

Western Australia no longer world's best mining destination

By: Esmarie Swanepoel Western Australia is no longer the world’s top jurisdiction for mining investment, the latest survey by Canada’s Fraser Institute has shown. Moving up three spots in the survey’s investment attractiveness index, Finland is now considered the best address for mining and exploration investment.... 

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