R/€ = 15.63 Change: -15.48
R/$ = 13.93 Change: -13.79
Au 1322.68 $/oz Change: 0.71
Pt 1029.00 $/oz Change: 0.00

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Wescoal lifts black ownership to 59% in ‘transformational milestone’

By: Anine Kilian     29th September 2016 JSE-listed Wescoal has entered into a subscription agreement that will raise its black ownership to about 59%. The company’s long-term coal supply agreement with State-owned Eskom requires it to increase its black economic empowerment (BEE) ownership to more than 51% by end December 2016. 

Wescoal lifts black ownership to 59% in ‘transformational milestone’
Wescoal CEO Waheed Sulaiman

Cash-strapped S African miners look internally to ride out lower-for-longer downcycle

By: Natasha Odendaal     29th September 2016 South African mining companies are increasingly shifting their focus from maximising volumes to ensuring more profitable production to remain sustainable as margins continue to shrink. PwC's latest ‘SA Mine’ report, released on Thursday, shows that mining companies have experienced flat revenues... 

Lily mine inspection aborted, conditions deemed unsafe

By: Natasha Odendaal     29th September 2016 Attempts to inspect the localised geological conditions underground at the troubled Lily gold mine, in Barberton, have been aborted. A Mine Rescue Service (MRS) risk assessment this week revealed deterioration along the 600 mm rescue shaft and the original ventilation shaft, rendering it unsafe... 

Unique MOR diamond deposits offer ‘considerable potential’ 

By: Anine Kilian     29th September 2016 The Middle Orange River (MOR) alluvial diamond deposits between Hopetown, Douglas and Prieska, along with deposits along the Riet river and the Vaal river, in the Northern Cape, represent three unique sinks or repositories of high-quality gem diamonds, says geologist Lyndon de Meillon. Speaking... 

Geologist Lyndon De Meillon talks to Mining Weekly about the Middle Orange River alluvial diamond deposits

Not all diamonds enjoy recovery as budget stones get left behind

By: Bloomberg     29th September 2016 The recovery in diamond prices is leaving out the smallest and lowest-quality gems. For the smallest diamonds, prices are down 15% this year, data compiled by Bloomberg show. That compares with an average 7% increase for all stones yet to be cut and polished. The overall market is recovering... 

South32 sees coal rally threatened if China increases work days

By: Bloomberg     29th September 2016 A surge in coal prices driven by Chinese demand would be jeopardised should the nation reverse restrictions on working days, boosting domestic production, according to South32. “We had the Chinese government start cracking down on the factories and mines and restricting work days” to 276 a year,... 

Syrah testwork proves up at Balama

By: Esmarie Swanepoel     29th September 2016 Testwork at the Balama graphite project, in Mozambique, has revealed that a significant improvement in total graphitic carbon could be achieved through the addition of a liberation circuit. Owner Syrah Resources said on Thursday that the results of a 100 t pilot plant test programme, in Brazil,... 

Edenville raises £500 000

By: Natasha Odendaal     29th September 2016 Aim-listed Edenville Energy has raised £500 000 through an oversubscribed placing to new and existing shareholders to advance commercial mining operations at its Rukwa coal-to-power project, in south-west Tanzania. The raising will also be used to continue the project’s technical and regulatory... 

New Namibian uranium mine says to start production next month

By: African News Agency      29th September 2016 Swakop Uranium has announced that production at its Husab mine in Namibia would commence late next month. Local media reports said the planned operationalisation of the mine was disclosed by company CEO Zheng Keping when he paid a courtesy call on VP Nickey Iyambo in Windhoek on Wednesday. 

Anglo American eyes job cuts at Australian coal mine

By: Reuters     29th September 2016 Global miner Anglo American on Thursday said it had opened talks with workers and unions on a proposal to cut 90 jobs at its Capcoal coking coal mine in Australia, where industrial work stoppages have been under way since August. Anglo American, in the process of selling off its coal mining... 

China auto boom is warning to world miners facing scrap age

By: Bloomberg     29th September 2016 China is on the cusp of a scrap wave that will return metal from ageing cars and expired fridges to the supply chain in a growing threat to mining companies, according to  Chiho-Tiande Group , a top recycler, which is taking over one of the biggest and oldest names in Europe’s scrap business. The... 

Surplus coal to halt India coal block auctions

By: Ajoy K Das     29th September 2016 Surplus coal is likely to delay the auction of more coal blocks and is casting doubt over India’s plans to produce one-billion tons a year by 2020. Officials in the Coal Ministry and at Coal India Limited (CIL) say it will be futile to put more coal reserves on the block, given the adverse... 

Brazil's Vale agrees to new terms with Mitsui for Mozambique coal asset

By: Reuters     Updated 4 hours ago Brazilian miner Vale said on Thursday it has agreed to new terms with Japan's Mitsui & Co for the sale of a stake in its Moatize coal mine and connected railway, in Mozambique. Under the new terms, Mitsui will contribute up to $450-million for a 15% stake in the mine and $348-million for a 50%... 

China punishes coal, steel companies in overcapacity cut drive

By: Bloomberg     29th September 2016 China has punished coal and steel companies for illegal production or unsafe operations as part of the government’s efforts to reduce industrial overcapacity. Following safety checks at 4 624 coal mines, the regulator revoked the licences of 28 and halted production at 286, the National... 

Wescoal enters R211m deal to lift black ownership to 59%

     29th September 2016 JSE-listed Wescoal has entered into a subscription agreement that will raise its black ownership to about 59%. A black economic empowerment (BEE) special purpose vehicle (SPV), whose shareholders comprise a consortium of existing Wescoal shareholders – Muthanyi Robinson Ramaite, Simeka Capital... 

Wescoal enters R211m deal to lift black ownership to 59%

Lynas warns on debt in low-price environment

By: Mariaan Webb     29th September 2016 The high level of debt on Lynas’ balance sheet continues to be a challenge in the low-price environment, the loss-making rare earths miner said on Thursday. The company raised caution about its ability to meet its financial obligations and stated that it would require either amendments to the... 

Turnbull steps up attack on renewables after South Australia blackout

By: Bloomberg     29th September 2016 Australia’s Prime Minister Malcolm Turnbull stepped up his government’s attack on renewable energy by seizing on a storm-driven blackout in the mainland state that’s most reliant on wind and solar generation. South Australia, which draws 41% of its energy from renewable energy, is working to... 

Protesters block access to Mexican mine owned by Goldcorp

By: Reuters     29th September 2016 Protesters in northern Mexico said they have blocked access to the Penasquito mining complex operated by Goldcorp, threatening to interrupt production at the country's biggest gold deposit. The protesters, which include landowners and truck drivers, began their blockade on Monday and are... 

Canadian miner's affiliate holds off Philippine IPO plan as mine faces suspension

By: Reuters     29th September 2016 A Philippine nickel miner, partly owned by Canada's TVI Pacific Inc, said it has put on hold a plan to list on the local stock exchange after the government said its mine may be suspended for environmental violations. TVI Resource Development (Philippines) Inc (TVIRD) holds a 60% stake in Agata... 

South Australia storm wipes out Prominent Hill power

By: Esmarie Swanepoel     29th September 2016 Copper/gold miner Oz Minerals has suspended production at its Prominent Hill mine, in South Australia, following severe state-wide storms, which resulted in power interruptions. The entire state of South Australia suffered a black out on Wednesday afternoon as the region faced one of the most... 

Metaliko/Echo merger confirmed

By: Esmarie Swanepoel     29th September 2016 Juniors Echo Resources and Metaliko Resources have confirmed speculation, with the two companies on Thursday announcing a merger to create a substantial gold business with a mineral resource of more than 800 000 oz. Under the terms of the agreement, Echo will acquire all of the issued shares of... 

Metaliko/Echo merger confirmed

Alt buys Chameleon

By: Esmarie Swanepoel     29th September 2016 Junior Alt Resources has entered into an agreement with fellow ASX-listed Minotaur Exploration to acquire the Chameleon gold deposit in Western Australia. The project is estimated to host an inferred resource of 1.1-million tonnes, grading 2.1 g/t gold for 77 000 oz of gold, and has substantial... 

Court approves Teranga takeover of Gryphon

By: Esmarie Swanepoel     29th September 2016 Takeover target Gryphon Minerals has gone into a trading halt after the Federal Court of Australia approved a takeover offer from dual-listed Teranga Gold Corporation. Teranga in June made a play for Gryphon, offering Gryphon shareholders 0.169 common shares of Teranga, or 0.169 Teranga shares... 

Gold Road spends A$18m on early works at Gruyere

By: Esmarie Swanepoel     29th September 2016 Limited early work is set to start at the Gruyere project, in Western Australia, following the grant of several key miscellaneous licences by the Department of Mines and Petroleum. ASX-listed Gold Road Resources told shareholders on Thursday that the receipt of these licences would allow the... 

TerraCom secures funding for Blair Athol restart

By: Esmarie Swanepoel     29th September 2016 ASX-listed TerraCom has announced plans to raise $12-million in new funding to support the commissioning of the recently acquired Blair Athol coal mine, in Queensland. The company has secured the funding in the form of a financing facility, which will be drawn down on a schedule linked to... 

Breaker raises funds for exploration

By: Esmarie Swanepoel     29th September 2016 Explorer Breakaway Resources will raise A$12.4-million through a share placement to fund resource definition drilling and exploration work at the company’s Lake Roe project, in Western Australia. Breaker reported on Thursday that the company had received binding commitments from institutional and... 

Breaker raises funds for exploration

Dundee signs $50m forward gold sale

By: Henry Lazenby     29th September 2016 Canadian firm Dundee Precious Metals has amended the $80-million Tranche C component of its revolving credit facility (RCF) to align with the improved construction and commissioning schedule of the Krumovgrad gold project, in Bulgaria, after it received the final construction permit early last... 

New explorer Ocean Minerals to look offshore Cook Islands for REEs

By: Henry Lazenby     29th September 2016 Recently formed US-based exploration company Ocean Minerals is heading to the exclusive economic zone of the Cook Islands, in the Southern Pacific, to look for rare earth elements (REEs) and scandium on the deep ocean floor. The Houston, Texas-based company on Wednesday joined the likes of... 

Ontario govt awards Boart Longyear C$1.37m to improve safety, reduce costs

By: Henry Lazenby     28th September 2016 Multinational drilling equipment and services provider Boart Longyear has received an award of C$1.37-million from the Ontario government to help improve safety at mineral exploration drilling sites and the efficiency of drilling systems technology. The Salt Lake City, Utah-headquartered company... 

Vale says expects current iron-ore price equilibrium to continue

By: Reuters     28th September 2016 Brazil's Vale, the world's largest iron-ore exporter, said on Wednesday it expects balanced supply and demand in the iron-ore market to continue with Brazil adding most of the world's new seaborne supply in 2017. Brazil will add 28-million tonnes of ore to the seaborne market in 2017, 58% of the... 

Argentina judge to rule on suspended Barrick mine soon – local govt

By: Reuters     28th September 2016 Barrick Gold's Veladero mine, in Argentina, could reopen in coming days if a report confirms repairs were made after a leak of processing solution containing cyanide earlier this month, a provincial government said. San Juan province Mining Minister Alberto Hensel said in a statement on Tuesday... 

Canada approves Pacific NorthWest LNG project, but investment decision 'far from certain'

By: Henry Lazenby     28th September 2016 The Canadian federal government has approved the C$11-billion Pacific NorthWest liquefied natural gas (LNG) project, a proposed LNG facility and marine terminal near Prince Rupert, on British Columbia's North Coast. Majority owned by Malaysia-based Petronas, the project approval is the result of... 

Canada approves Pacific NorthWest LNG project, but investment decision 'far from certain'
Photo by Pacific NorthWest LNG
A rendering of the Petronas Pacific NorthWest LNG plant, in Prince Rupert, BC

StratMin secures $1.5m loan

By: Anine Kilian     28th September 2016 Aim- and ASX-listed StratMin Global Resources has arranged a $1.5-million nonrecourse loan facility secured against the company's holding of 75-million ordinary shares of Bass Metals. Working with a corporate investor that is an existing stakeholder in ASX-listed Bass, StratMin has agreed to... 

Armadale, AMS to form JV to develop DRC project

By: Anine Kilian     28th September 2016 Aim-listed Armadale has entered into a binding heads of agreement (HoA) with African Mining Services (AMS) to form a joint venture (JV) to develop and operate the Mpokoto gold project in the Democratic Republic of Congo’s (DRC's) Katanga province. Mpokoto has an established resource of 678 000 oz... 

AMSA insists R2.27bn empowerment deal meets highest governance standards

By: Terence Creamer     28th September 2016 Steel producer ArcelorMittal South Africa (AMSA) has unwrapped its long-awaited R2.27-billion broad-based black economic empowerment (BBBEE) transaction, which chairperson Mpho Makwana insists meets the highest standards of probity and governance. An earlier 2010 attempt by the JSE-listed company... 

AMSA insists R2.27bn empowerment deal meets highest governance standards
AMSA's Wim de Klerk and Mpho Makwana with Likamva's Noluthando Gosa and Leslie Maasdorp

Wescoal secures long-term coal export business

By: Martin Creamer     28th September 2016 Coal mining and marketing company Wescoal has finalised a series of coal contracts in line with its stated intention of supplying a million tonnes of coal a year into the export market. The coal purchase confirmations, which involve the supply of more than five-million tonnes of coal from... 

Wescoal secures long-term coal export business
Photo by Duane Daws
Wescoal CEO Waheed Sulaiman

Firestone Diamonds one step away from completing Lesotho diamond mine

By: Megan van Wyngaardt     28th September 2016 Aim-listed Firestone Diamonds has “one more item” left before its one-million-carat-a-year Liqhobong project, in Lesotho, enters production in the fourth quarter. During a media briefing, in Johannesburg, on Wednesday, CEO Stuart Brown said the company had around 90 000 t of ore stockpiled and... 

Firestone Diamonds one step away from completing Lesotho diamond mine
Photo by Duane Daws
Firestone CEO Stuart Brown

Kenya to pick contractor for minerals survey by December – Minister

By: Reuters     28th September 2016 Kenya will appoint a company by December to conduct a year-long airborne survey to map its mineral deposits to attract mining explorers to the nascent sector, Mining Cabinet Secretary Dan Kazungu said on Wednesday. Kazungu said the ministry has initial funding of three-billion shillings... 

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