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Eskom must go for stability before improvement – GE

By: Martin Creamer     Updated 5 hours ago Troubled South African State power utility Eskom should place emphasis on stability ahead of improvement, GE chairperson and CEO Jeffrey Immelt suggested on Monday. Speaking at the Gordon Institute of Business Science (GIBS) in Johannesburg, the head of the 137-year-old, 350 000-employee US... 

Eskom must go for stability before improvement – GE
Jeffrey Immelt

Social aspects of MPRDA ‘likely unconstitutional’, Presidency explains

By: Megan van Wyngaardt     Updated 6 hours ago President Jacob Zuma sent the Mining and Petroleum Resources Development Act (MPRDA) Amendment Bill back to the National Assembly last week, as the Act was “likely unconstitutional” in terms of its social aspects. In a statement made on Monday, the Presidency said that the amended legislation... 

Social aspects of MPRDA ‘likely unconstitutional’, Presidency explains
Photo by Duane Daws
President Jacob Zuma

Petra declares dividend, ups diamond production guidance

By: Martin Creamer London-listed South Africa-focused diamond-mining company Petra Diamonds, which on Monday declared its first dividend, has pushed up production guidance to 3.3-million carats for the year to June 30. Petra, which operates the Finsch, Cullinan, Koffiefontein and Kimberley Underground diamond mines... 

Petra declares dividend, ups diamond production guidance
Photo by Duane Daws
Johan Dippenaar

Zambia's new president says to keep mineral tax despite mine closure fears

By: Reuters Zambia will maintain a new mineral royalty tax despite fears that it could lead to mine closures, President Edgar Lungu said on Sunday as he was inaugurated in the nation's capital. Africa's second biggest copper producer hiked open pit mining royalties to 20% from 6% and underground royalties to... 

Zambia's new president says to keep mineral tax despite mine closure fears
Zambia President Edgar Lungu

Sable signs infrastructure development agreement with Liberia govt

By: Megan van Wyngaardt The signing of a 25-year infrastructure development agreement (IDA) between Aim-listed iron-ore explorer and developer Sable Mining Africa and the government of Liberia would allow the company to use, rehabilitate and expand the established rail line from Yekepa, in south-east Guinea, to the Port... 

Sable signs infrastructure development agreement with Liberia govt

Diamonds stolen from Prieska mine

By: Sapa     Updated 6 hours ago Sixteen men stole an undisclosed number of diamonds from a mine near Prieska on Monday morning, Northern Cape police said. "This morning at about 03:40, about 16 men stormed into a local mine near Prieska," said Lt Olebogeng Tawana. 

Village restructures board

By: Natasha Odendaal As part of its ongoing restructure and strategic review, Village Main Reef has reshuffled its board, effective February 1. Village appointed Octavia Matloa as deputy chairperson and lead independent nonexecutive director, while Godfrey Ntoele would assume the role of independent nonexecutive... 

Assets managed by ETFs to double to $5-trillion by 2020 – PwC

By: Reuters Assets under management of exchange traded funds (ETFs) will double to at least $5-trillion by 2020, consultant PwC said on Monday, as investors increase exposure to such products given their lower costs than traditional mutual funds. "Institutional investors are widely expected to be the primary... 

Assets managed by ETFs to double to $5-trillion by 2020 – PwC

Public review period for KiPower water use licence report extended

By: Sashnee Moodley     Updated 7 hours ago The public review period for the integrated water use licence application for the proposed construction of a 600 MW coal-fired independent power producer plant and associated infrastructure for Kuyasa Mining subsidiary KiPower will be extended until March 24.  

Public review period for KiPower water use licence report extended

Creamer Media publishes Base Metals 2014: A review of Africa's base metal's sector research report

In light of these developments, Creamer Media’s Base Metals 2014 Report examines the global base metals market, with a particular focus on supply and demand, and on the production of copper, zinc, nickel and lead, as well as selected base metals operations and projects in Africa. 

Creamer Media publishes Base Metals 2014: A review of Africa's base metal's sector research report

Goldman Sachs slashes base metal price forecasts, ups gold

By: Reuters Goldman Sachs Group on Friday slashed its 2015 price forecasts for several base metals including copper and aluminium while raising its estimate for gold by $62/oz. "The primary reason for the changes to our forecasts is cost deflation - driven by a combination of actual and anticipated US... 

Goldman Sachs slashes base metal price forecasts, ups gold

Peru grants environmental permit for $1.5bn Chinese-owned mine

By: Reuters The government has granted Chinese-owned Jinzhao Mining Peru the environmental permit for its proposed $1.5-billion Pampa de Pongo iron mine, estimated to produce 22.5-million tonnes per year. The energy and mines ministry said in a statement on Friday that it had also approved the company's... 

Iamgold reports localised rock burst at Westwood mine, Quebec

By: Henry Lazenby Canadian gold producer Iamgold reported late Thursday that a rock burst occurred underground in the afternoon at its Westwood mine, in Quebec, causing ground fall in a confined area. While, access for four people was initially blocked, they were not injured and were able to exit the mine safely.... 

Retreating discovery rates and exploration budget cuts to impact industry from 2016

By: Henry Lazenby Retreating discovery rates and reduced exploration will impact global output from 2016 onward. Financial information firm SNL Financial director for the metals and mining database Glen Jones this week said in the low-price environment, discovery rates were exacerbated by budget cutbacks, socio-... 

Retreating discovery rates and exploration budget cuts to impact industry from 2016

Patriot demands arbitration to resolve Northern Vertex option agreement

By: Henry Lazenby Emerging gold producer Patriot Gold has issued an arbitration demand to joint venture (JV) partner and optionee Northern Vertex Mining, citing unhappiness regarding the required scope and technical details of the bankable feasibility study (BFS) for the Moss gold/silver project, in Northwest... 

Centerra Gold’s Gatsuurt project gains 'strategic important' Mongolian status

By: Henry Lazenby Canadian gold producer Centerra Gold’s Gatsuurt project, 35 km from its operating Boroo mine, in Mongolia, has been designated as a 'mineral deposit of strategic importance' by the Mongolian Parliament. The project milestone paves the way for Centerra to move forward within the country’s Water... 

Oil up after Saudi king dies; policy pledges calm market

By: Reuters Brent crude oil rose on Friday after the death of Saudi Arabia's king added to uncertainty in oil markets, although the new ruler indicated immediately there would be no policy change. Brent crude rose to a high of $49.80/bbl, up $1.28/bbl, before easing to around $49.20/bbl by 15:15 GMT. US... 

Oil up after Saudi king dies; policy pledges calm market

Sable confirms discussions around Liberia iron-ore export deal

By: Megan van Wyngaardt Aim-listed Sable Mining on Friday confirmed that it was in “advanced discussions” with the governments of Liberia and Guinea regarding its Mount Nimba iron-ore project, in south-east Guinea. Media reports stated that the company was expected to soon sign a $1.3-billion, 25-year infrastructure... 

Iron-ore prices to dent Kumba FY earnings

By: Natalie Greve Kumba Iron Ore expects its headline earnings for the year ended December 31 to drop from R15.4-billion in the prior year to between R10.6-billion and R11.4-billion, while basic earnings are expected to narrow from R15.4-billion to between R10.2-billion and R11.02-billion over the same period.... 

Danakil DFS to potentially uplift value of Premier’s interest in Circum

Circum Minerals expects to complete the definitive feasibility study (DFS) for its Danakil potash project, in the northern margin of the Danakil depression, in Ethiopia, by mid-year and foresees the production of 2.75-million tonnes a year of saleable potash salts over a minimum of 30 years.... 

Strike impact to cut Amplats’ FY headline earnings

By: Megan van Wyngaardt As a result of the five-month strike by workers at platinum miner Anglo American Platinum’s (Amplats’) operations at the start of 2014, the company expects its headline earnings for the year ended December 31, to decrease by between 40% and 55% year-on-year to between R650-million and... 

China's 2014 iron ore imports from Australia rise 31.6%

By: Reuters China's iron ore imports from Australia rose 31.6% to 548.4-million tonnes last year, customs data showed on Friday, as soaring production by big miners drove down prices and eliminated some smaller suppliers. Giant miners such as Rio , BHP Billiton and Brazil's Vale have been ramping up iron... 

Labor raises concern over proposed New Acland overturn, Fifo ban

By: Esmarie Swanepoel The Queensland Resources Council (QRC) on Friday added to the growing concern around what a win for the Labor party in the Queensland elections would mean for the resources sector. The QRC was responding to news that the Labor government, if voted into power, would look to overturn approvals for... 

Eskom chief expects first signs of turnaround in 18 to 24 months 

By: Terence Creamer Eskom CEO Tshediso Matona believes positive results from the current turnaround plan at the embattled utility will begin showing through in the next 18 to 24 months and has committed to continue “telling it as it is and telling it like it has never been told” so that the issues facing the... 

Eskom chief expects first signs of turnaround in 18 to 24 months

Matona drawing energy from days as activist, diplomat to navigate Eskom perils 

By: Terence Creamer Apart, perhaps, from the Stoney ginger beer pick-me-up on his conference table and the queue of awaiting visitors in his reception area, there are few other signs of the pressure Eskom CEO Tshediso Matona is under. His corner office on the third-floor at Megawatt Park, in Sunninghill, provides... 

Matona drawing energy from days as activist, diplomat to navigate Eskom perils
Photo by Duane Daws
Eskom CEO Tshediso Matona

Fatality reported at AngloGold Ashanti’s Mponeng mine

By: Natasha Odendaal Stoping and development activities have been suspended at the Mponeng mine following a fatality, AngloGold Ashanti said on Thursday. A miners’ assistant was fatally injured in a fall-of-ground incident at the Carletonville-based mine on Wednesday. 

Batangas benefits from higher gold prices

By: Esmarie Swanepoel The Batangas gold project, in the Philippines, was expected to benefit from the increase in the Australian dollar gold price, and the substantial reduction in fuel costs, owner Red Mountain Mining said on Friday. Red Mountain reported that projected free cash flow from the project had increased... 

Beadell ups gold production in December quarter

By: Esmarie Swanepoel Junior gold miner Beadell Resources on Friday reported a significant increase in gold production during the three months to December, driven by record throughput at the carbon-in-leach (CIL) gold plant at its Tucano operation, in Brazil. During the quarter under review, gold production increased... 

Santos posts bumper results, revenue tops $4bn despite oil slide

By: Esmarie Swanepoel Oil and gas major Santos has reported record sales in the fourth quarter and the full year, on the back of a ramp-up in production from the Papua New Guinea liquefied natural gas (PNG LNG) project and higher production from the Cooper basin. “Notwithstanding the fall in oil prices, Santos has... 

Santos posts bumper results, revenue tops $4bn despite oil slide

Doray brings down operating costs as it boosts Andy Well output

By: Esmarie Swanepoel Gold miner Doray Minerals on Friday reported an 18% drop in cash operating costs at its Andy Well mine, in Western Australia, on the back of higher gold production. Doray earlier this month announced that the Andy Well mine’s production had reached 20 963 oz during the three months to December,... 

Arrium redesigns operations to fend off iron-ore price fall

By: Esmarie Swanepoel ASX-listed Arrium on Friday announced the redesign of its South Australian hematite operations, including mothballing its Southern Iron mining operation, as part of an initiative to combat the falling iron-ore price. The company told shareholders that the redesign was aimed at maximising cash... 

Amplats reveals roadmap to automation

By: Samantha Moolman Change is afoot in the platinum mining industry, as global leader in platinum production Anglo American Platinum (Amplats) prepares to overhaul its operations and begin the ten-year-long process of converting its mines into sustainable, mechanised mining systems. While most of South Africa’s... 

Amplats reveals roadmap to automation

Antofagasta closes C$53m Duluth Metals acquisition

By: Henry Lazenby Chile-based copper-mining group Antofagasta this week completed the C$53-million takeover of Duluth Metals, giving it exclusive control of the Twin Metals Minnesota (TMM) copper/nickel/platinum group metals project, in the Duluth Complex, in north-eastern Minnesota. Antofagasta had obtained all... 

Brazilian port licence in spotlight as Kazakh, Indian miners head to court

By: Reuters Brazil's public prosecutor is seeking an injunction on a port licence that could be central to a London court battle between two mining companies run by Kazakh and Indian tycoons. Documents seen by Reuters on Thursday showed that Brazil's Federal Prosecution Service and Office of the District... 

Iamgold completes sale of Niobec mine for $530m

By: Henry Lazenby Midtier gold miner Iamgold has completed the sale of its Quebec-based Niobec mine to a group of companies led by Magris Resources, significantly shoring-up its coffers as the company looks toward further investments. On closing, Iamgold received $500-million in cash after tax for the niobium... 

Miami precious metals refiner gains quality management system accreditation

By: Henry Lazenby Miami, Florida-based precious metals refiner Republic Metals has received the International Organisation for Standardisation’s (ISO) coveted ISO 9001:2008 registration for quality assurance and control, effective from Tuesday. Republic on Thursday reported that the third-party accreditation team... 

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