R/€ = 14.86 Change: -0.04
R/$ = 13.22 Change: 0.03
Au 1260.58 $/oz Change: 8.87
Pt 948.50 $/oz Change: 10.00

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Rockwell succeeds in having subsidiaries placed in business rescue

By: Megan van Wyngaardt     22nd May 2017 An application to have Rockwell Diamonds’ three subsidiaries placed under business rescue, as opposed to liquidation, has been granted by a court in Kimberley. C-Rock Mining (CML) had previously applied to have the three subsidiaries – Rockwell Resources, HC van Wyk Diamonds and Saxendrift Mine –... 

Rockwell succeeds in having subsidiaries placed in business rescue

Anglo said to have bids in for New Largo from Seriti, top execs

By: Bloomberg     Updated 6 hours ago Anglo American has received bids for its New Largo project, in South Africa, as the company continues efforts to exit operations in the country that supply coal to local power plants, according to two people familiar with the process. Seriti Resources, which agreed last month to buy thermal coal... 

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... 

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

By: Megan van Wyngaardt     Updated 7 hours ago 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... 

Cape Lambert buys into Zambia cobalt project

By: Esmarie Swanepoel     22nd May 2017 ASX-listed Cape Lambert has signed a binding term sheet to acquire a 70% interest in the Kitwe cobalt/copper tailings project, in Zambia. Under the terms of the agreement, Cape Lambert will pay $25 000 on the execution of a term sheet to acquire a majority shareholding in Zambian firm Australian... 

Hummingbird reaches new Yanfolila milestone

By: Natasha Odendaal     22nd May 2017 Aim-listed Hummingbird Resources on Monday announced the delivery of its longest lead time item – the ball mill – to the under-construction Yanfolila gold project, in Mali. "As the longest lead time item, the delivery of the ball mill (shipped from Europe) to site is a significant milestone for... 

Shanta receives power station equipment financing

By: Anine Kilian     22nd May 2017 Aim-listed Shanta Gold has received $10-million in financing from Exim Bank Tanzania following the commissioning of a 7.5 MW power station, at its New Luika gold mine, in Tanzania. The four-year term loan will amortise quarterly, bearing variable interest at 7.25% a year. 

Avocet completes first closing on Tri-K project

By: Anine Kilian     Updated 7 hours ago West Africa-focused Avocet Mining completed the first closing of its Guinea-based Tri-K project. The company received a Presidential decree this month, formalising a mining convention for the project, paving the way for a partial sale to Morocco-based Managem. 

Vast, SSA extend funding agreement to June 2

By: Megan van Wyngaardt     22nd May 2017 A financing agreement between Aim-listed miner Vast Resources and SSCG Africa Holdings (SSA) has been extended once again, pending approval by the Reserve Bank of Zimbabwe. In January, the parties entered into an $8-million agreement, comprising a $4-million long-term loan and a $4-million... 

Trump woe seen double-edged sword for gold if inflation ebbs

By: Bloomberg     22nd May 2017 For gold, the biggest crisis of Donald Trump’s Presidency could cut both ways. While prices may continue to rise as investors seek a “safety trade", they could also drop if the turmoil ends up damping inflation risks as growth expectations are disappointed, according to Michael Cuggino,... 

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... 

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

Greenland province shows significant ilmenite promise – Bluejay

By: Anine Kilian     22nd May 2017 A study by the Geological Survey of Denmark and Greenland has determined that the Dundas province, in Greenland, where Aim- and FSE-listed Bluejay Mining’s Pitiffuk titanium project is located, represents a significant ilmenite province. The provincial level study estimates ten-billion tonnes of... 

Russia-focused Highland to explore two greenfield sites for gold

By: Creamer Media Reporter      22nd May 2017 Aim-listed Highland Gold has set aside $1-million for preliminary prospecting work at two greenfield sites adjacent to the existing licence areas for the Mnogovershinnoye mine (MNV), in Russia’s Far Eastern district. Potential mineralisation was previously identified in both of the licence areas,... 

Iron stockpiles hit record in China as quality gets scrutiny

By: Bloomberg     22nd May 2017 he record heap of iron-ore on China’s doorstep just got even bigger, with the increase in holdings so far this year eclipsing the build up seen over all of 2016 as mills produce unprecedented amounts of steel. Stockpiles at ports rose 1.3% to 136-million metric tons, expanding for a fourth week,... 

Metminco secures funding to progress feasibility study

By: Megan van Wyngaardt     22nd May 2017 Dual-listed Metminco on Monday reported that it now has sufficient funding to advance a feasibility study on its Miraflores gold project, in Colombia, during the third quarter, after it obtained loans from two sources. The proceeds will also be used for general working capital. 

Adani defers Australian coal project investment decision

By: Reuters     22nd May 2017 India's Adani Enterprises on Monday deferred a final investment decision on its long-delayed Australian Carmichael coal project as the Queensland state government has yet to sign off on a royalty deal for the mine. The company had been planning to make a final investment decision (FID) on the... 

Mining magnet Andrew Forrest’s A$400m philanthropic donation lauded

By: Esmarie Swanepoel     22nd May 2017 Mining magnate Andrew Forrest has become Australia’s largest living philanthropist, donating A$400-million of his own fortune to fund a number of social and scientific causes, including cancer research, equality, higher education and ending ‘modern-day slavery’. Prime Minister Malcolm Turnbull... 

Mining magnet Andrew Forrest’s A$400m philanthropic donation lauded
Australian mining magnate Andrew Forrest stands with PM Malcolm Turnbull and actor Russell Crowe as they attend a ceremony announcing his pledge in Canberra.

Australia to benefit from ‘TPP minus one’ free trade deal – MCA

By: Esmarie Swanepoel     22nd May 2017 The Minerals Council of Australia (MCA) has welcomed the revival of the Trans-Pacific Partnership (TPP), saying Australia would stand to gain significant economic benefits from the regional trade agreement. Eleven Asia-Pacific countries, including Australia, over the weekend agreed to revive the... 

Australia to benefit from ‘TPP minus one’ free trade deal – MCA

Horizonte undertakes sustainability studies for Araguaia project

By: Megan van Wyngaardt     22nd May 2017 Dual-listed nickel development company Horizonte Minerals is moving closer to obtaining an installation licence for its 100%-owned Araguaia project, on the eastern margin of the State of Pará, north-eastern Brazil. The award of the licence, together with mining concessions, will allow for... 

Metallica appoints contractor in Qld

By: Esmarie Swanepoel     22nd May 2017 Junior bauxite developer Metallica Minerals has appointed contactor LCR Group to undertake all mining an haulage operations at the Urquhart bauxite project, in far north Queensland. LCR will be responsible for the supply of all mining equipment and personnel, and will perform all short-term... 

Thor adds to Pilot Mountain resource

By: Esmarie Swanepoel     22nd May 2017 Junior Thor Mining has reported a 55% increase in the tungsten resource at its Pilot Mountain project, in Nevada, following recent drilling. The ASX-listed company said on Monday that a maiden resource of 1.83-million tonnes, at an average grade of 0.36% tungsten trioxide has been declared for... 

Mining starts at Penny's Find

By: Esmarie Swanepoel     22nd May 2017 Mining is well under way at the Penny’s Find gold project, in Western Australia, with owner Empire Resources saying that the mining contractor has now mobilised its equipment and is operating according to schedule. Mining infrastructure, including the fuel facility, is in place to allow for a... 

Freeport Indonesia workers to strike for second month - union

By: Reuters     21st May 2017 An estimated 9 000 workers at the giant Grasberg copper mine operated by the Indonesian unit of Freeport McMoRan Inc will extend a strike for a second month, a union official said on Saturday, in an ongoing dispute over employment terms and layoffs. Freeport is at loggerheads with Indonesia over... 

IPP Office to be incorporated into overhauled Central Energy Fund 

By: Terence Creamer     19th May 2017 South Africa’s highly respected Independent Power Producer (IPP) Office, which has overseen nearly R200-billion-worth of renewable-energy investment since 2011, is to be incorporated into the Central Energy Fund (CEF), which itself is to be overhauled. Energy Minister Mmamoloko Kubayi announced... 

IPP Office to be incorporated into overhauled Central Energy Fund
DoE director-general Thabane Zulu seconded to SFF as acting CEO

Eurasia Mining secures $2m in funding

By: Anine Kilian     19th May 2017 Aim-listed Eurasia Mining has entered into new funding facilities for about $2-million with three parties, including its existing funding provider Sanderson Capital Partners. The funds will be used for working capital. 

From Yukon to Patagonia, gold explorers stir after sleep

By: Bloomberg     19th May 2017 From Canada’s Yukon to southern Patagonia, outbreaks of gold-rush fever are popping up as bullion markets stage a tentative recovery. The number of holes drilled at gold deposits has been rising steadily for more than a year, according to S&P Global Market Intelligence. 

From Yukon to Patagonia, gold explorers stir after sleep

CoM worried about Welkom mine deaths

By: Anine Kilian     19th May 2017 The Chamber of Mines (CoM) on Friday said it is deeply concerned that 31 people have died in what appears to have been an underground methane explosion at the closed Eland mine shaft, in the Free State. This follows an investigation into the death of 11 illegal miners, whose bodies were initially... 

Pallinghurst share price leaps on value unlock outline

By: Martin Creamer     19th May 2017 The share price of mining investment fund Pallinghurst leapt in Johannesburg after the company outlined its plans to swop its investment fund shawl for a diversified miner’s mantle, unlock value through full absorption of its coloured gemstone associate and target a possible listing of the... 

Pallinghurst share price leaps on value unlock outline
Photo by Duane Daws
Arne Frandsen (left) and Brian Gilbertson at Pallinghurst's listing on the JSE ten years ago

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... 

Steinmetz said to skip $1.2bn Vale hearing, risking loss

By: Bloomberg     19th May 2017 Billionaire Beny Steinmetz’s mining company may be asked to pay as much as $1.2-billion to former partner Vale after choosing not to attend an arbitration hearing in London in a dispute over one of the world’s richest mineral assets, two people with knowledge of the case said. The decision by... 

Stratex commits further funding to TSR venture

By: Megan van Wyngaardt     19th May 2017 Gold focused exploration and development company Stratex International on Friday agreed to continue funding exploration planned by joint venture (JV) company Thani Stratex Resources (TSR) at its Anbat gold prospect, in Egypt. In 2014, Stratex and Thani Emirates Resource combined their assets in... 

Eskom questions timing of Ramatlhodi’s claims

By: Megan van Wyngaardt     19th May 2017 Eskom chairperson Ben Ngubane on Friday said former Mineral Resources Minister Ngoako Ramatlhodi’s claims that he was placed under pressure by the parastatal to carry out certain decisions were “barefaced lies”. Earlier this week, Ramatlhodi said Eskom CEO Brian Molefe and Ngubane had, in 2015,... 

ASA reports mixed Q4 performance

By: Megan van Wyngaardt     19th May 2017 Aim-listed ASA Resource Group on Friday reported an increase in earnings before interest, taxes, depreciation and amortisation to $20.5-million for the fourth quarter ended March 31, against a loss of $300 000 in the three months to March 31, 2016. This improvement came despite lower production... 

Authorities 'rely heavily' on info from illegal miners after gas explosion

By: News24Wire      19th May 2017 Authorities say they have relied heavily on the information from illegal miners at Harmony Gold’s Eland mine in Welkom, Free State, after a gas explosion on Thursday last week. Major General Lerato Molale said on Friday that the search was still continuing. 

Congo plans to reintroduce mining code revision next week

By: Reuters     19th May 2017 Democratic Republic of Congo's government plans to reintroduce legislation in Parliament next week to revise the mining code a year after withdrawing it amid fierce opposition from mining companies, the mines minister told Reuters on Friday. The government of Africa's largest copper producer... 

Zimbabwe plans 'use it or lose it' mine-permit programme for gold

By: Bloomberg     19th May 2017 Zimbabwe may confiscate unused mining licenses from companies and liberalize gold trading as ways to boost output. Large mines are “sitting on lots of unused claims,” the southern African country’s Chamber of Mines said in a document outlining initiatives of the proposed Command Mining program.... 

Northam Platinum hunting for quality South African mines to buy

By: Reuters     19th May 2017 South African miner Northam Platinum is searching for mines to buy but is struggling to find high-quality, mechanised operations for sale in South Africa, its chief executive said. The midtier producer, which has been bolstered by a strong balance sheet that is rare in the embattled industry, is... 

Edenville signs LoI with potential Rukwa customer

By: Megan van Wyngaardt     19th May 2017 Aim-listed coal miner Edenville Energy has signed a letter of intent (LoI) to initially supply just over 1 000 t/m of coal to a customer, from its Rukwa operations in Tanzania. The supply volumes could potentially rise to 7 000 t/m as the operation expands. 

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