http://www.miningweekly.com
R/€ = 13.78 Change: -0.09
R/$ = 13.02 Change: -0.12
Au 1255.15 $/oz Change: -1.92
Pt 1031.00 $/oz Change: 3.00
 
Close

Email me free daily news

Email address

Price weakness stemmed from excess capital dole out – Glencore

By: Martin Creamer     Updated 5 hours ago The commodity price weakness from 2012 to 2015 was the result of an over-allocation of capital from 2006 to 2012, Glencore CEO Ivan Glasenberg told an American audience on Monday. In an address to the BMO Metals and Mining Conference, in Miami, Glasenberg said that capital over-allocation in the... 

Price weakness stemmed from excess capital dole out – Glencore
Glencore CEO Ivan Glasenberg

Froneman shows Sibanye off in US as Stillwater deal advances

By: Martin Creamer     Updated 6 hours ago Sibanye CEO Neal Froneman on Monday showed off the low-cost performance of this gold and platinum-mining company to a top-level audience in America at a time when the South African company’s proposed acquisition of Stillwater Mining Company of the US is edging forward. In an address to the BMO... 

Froneman shows Sibanye off in US as Stillwater deal advances
Photo by Duane Daws
Sibanye CEO Neal Froneman

Sasol says relations with Moz in ‘good space’ as new oil-find notice is issued

By: Terence Creamer     Updated 6 hours ago Sasol joint president and CEO Stephen Cornell has described the group’s relations with the Mozambique government as being in a “good space”, despite the country’s current fiscal difficulties, as well as periodic criticism that the country is not benefiting fully from the South African energy and... 

Sasol says relations with Moz in ‘good space’ as new oil-find notice is issued
Drilling in Mozambique

Stronger rand flagged by Sasol as a key earnings risk for second half

By: Terence Creamer     27th February 2017 Fuels and chemicals group Sasol has cautioned that ongoing rand/dollar volatility could pose an earnings risk for the second half its 2017 financial year, but reports that hedges are already in place to protect it from any downward oil price pressures. The JSE-listed group reported a 38% fall in... 

Stronger rand flagged by Sasol as a key earnings risk for second half
Photo by Duane Daws
Sasol joint presidents and CEOs Bongani Nqwababa and Stephen Cornell

Cupric secures $50m to help fund Botswana mine development

By: Megan van Wyngaardt     Updated 6 hours ago Copper miner Cupric Canyon Capital’s wholly owned subsidiary, Khoemacau Copper Mining (KCM), has entered into a $50-million, term loan facility agreement with Red Kite Mine Finance to provide funding for KCM's Khoemacau copper-silver project, in Botswana. Proceeds from the loan will be used to... 

CRG acquires concentrator circuit

By: Megan van Wyngaardt     Updated 6 hours ago Central Rand Gold (CRG) has placed an order for a 60 000 t/m concentrator circuit to upgrade the gold grade of mine waste dumps materials before further metallurgical processing. The circuit will comprise four centrifugal concentrators, two scrubbers, a high-speed agitator, a dewatering screen,... 

Mining starts at Alecto’s Mowana mine

By: Anine Kilian     Updated 5 hours ago Africa-focused gold and copper exploration company Alecto Minerals has started mining operations at the Mowana copper project, in Botswana. “The arrival of our mining contractor and the earthmoving equipment on site marks the beginning of a very exciting three-month period, which will be... 

Buffalo Coal concludes shares-for-debt agreement

By: Megan van Wyngaardt     Updated 6 hours ago Embattled South Africa-focused coal miner Buffalo Coal on Monday said it had completed a shares-for-debt arrangement with one of its creditors STA Coal Mining Company. Buffalo issued 4.28-million common shares to STA, at a deemed issuance price of $0.05 apiece, in settlement of about $214 345 in... 

Botswana Diamonds raises funds as exploration activities gain momentum

By: Anine Kilian     27th February 2017 Aim-listed Botswana Diamonds has raised £525 000 through the placing of 35-million new ordinary shares at 1.5p a share. The net proceeds of the placing will be used to fund ongoing kimberlite drilling at its Frischgewaagt property in South Africa, drilling in Botswana, exploration work in South... 

Maiden high-grade resource declared at Acacia’s West Kenya project

By: Natasha Odendaal     27th February 2017 With a maiden National Instrument (NI) 43-101-compliant inferred mineral resource estimate of 1.31-million ounces of gold at 12.1 g/t published for the West Kenya project, London-listed Acacia Mining plans to spend $12-million on exploration on a 45 000 m drilling programme for the Liranda... 

Anglo American to appoint Nolitha Fakude to the board

By: Natasha Odendaal     27th February 2017 Anglo American has appointed Nolitha Fakude as nonexecutive director, effective April 24. The appointment, which is subject to shareholder approval, will follow the conclusion of Anglo American’s annual general meeting. 

Anglo American appoints new group general counsel

By: Megan van Wyngaardt     Updated 5 hours ago Global diversified miner Anglo American has appointed Richard Price as group general counsel and as a member of Anglo American’s group management committee, effective May 1. He will be based in London and will report to Stephen Pearce, who will take up the role of FD on April 24. 

Perseus swings to loss in H1; chairperson to retire

By: Creamer Media Reporter      Updated 7 hours ago Dual-listed Perseus Gold has posted a A$25.61-million net loss for the six months ended December 31, compared with a profit of A$11.97-million in the six months to December 31, 2015. The net loss was largely the result of a $20-million settlement of a legal dispute with Bayswater Construction &... 

Barclays Africa plans Kenya gold ETF listing early this year

By: Chanel de Bruyn     Updated 7 hours ago Barclays Africa Group is preparing to list its NewGold ETF on the Nairobi Securities Exchange after receiving regulatory approval to begin trading the securities. “We expect the listing to take place early this year,’’ Michael Mgwaba, head of exchange traded products at Johannesburg-based... 

Erwin Mayr named as new CEO of German copper group Wieland

By: Reuters     27th February 2017 Erwin Mayr will become CEO of German copper products group Wieland on April 1 when the company's long-serving head Harald Kroener retires, the company said on Monday. Mayr, aged 47, was previously president of Novelis Europe, the European arm of giant US aluminium group Novelis and joined Wieland... 

Escondida copper mine strike nears 3rd week; union denies new talks

By: Reuters     Updated 7 minutes ago A strike at the Escondida copper mine, in Chile, the world's largest, appeared far from ending on Monday as the conflict neared its third week, with the union denying a news report that it had returned to talks with mine owner BHP Billiton. Escondida's about 2 500 workers began a strike on... 

Shareholders tell miner Freeport to get tough with Indonesia

By: Reuters     Updated 12 minutes ago Shareholders are pressuring miner Freeport-McMoRan to stand up to the Indonesian government over changes the Southeast Asian country wants to make in the US miner's contract, Freeport's chief executive officer said on Monday. Rio Tinto, which is a partner in Freeport's massive Grasberg copper... 

China iron-ore, steel resume rally amid steel curbs, demand pickup

By: Reuters     Updated 6 hours ago Iron-ore and steel futures in China jumped more than 4% on Monday, resuming their rally, amid planned curbs in steel production in key areas and a pickup in seasonal demand. Rebar prices pushed to a fresh three-year high and iron-ore neared a record peak, as both commodities benefited from... 

Fortescue, Apollo said to bid for Wesfarmers coal assets

By: Bloomberg     27th February 2017 Fortescue Metals Group and Apollo Global Management are among bidders for Wesfarmers’s Australian coal operations, according to people with knowledge of the matter. Apollo submitted an indicative offer for Wesfarmers’s stakes in the Curragh and Bengalla mines by a deadline around the end of last... 

Lithium Australia, Lepidico reach settlement

By: Esmarie Swanepoel     27th February 2017 ASX-listed Lithium Australia and takeover target Lepidico have settled litigation for the right to exploit a lithium extraction process called SiLeach. Lithium Australia last year launched legal proceedings against a subsidiary of Lepidico in the Supreme Court of Western Australia, resulting in... 

Aus gold production reaches 17-year high

     27th February 2017 Australian gold production rose to its highest levels since 1999 in 2016, at 298 t, gold mining specialist Surbiton Associates reported. Gold production in 2016 was worth some A$15-billion at the current gold price of A$1 600/oz, and was up 10 t, or 3.5% from 2015 production levels. During the... 

AMEC welcomes increase in Australia’s greenfield exploration

By: Esmarie Swanepoel     27th February 2017 The Association of Mining and Exploration Companies (AMEC) has welcomed new data from the Australian Bureau of Statistics (ABS) that confirmed mineral exploration was on the upturn. The ABS on Monday reported that total mineral exploration expenditure had increased by 3.4%, or A$12-million, in... 

AMEC welcomes increase in Australia’s greenfield exploration

WA miners contribute massively to economy – survey

By: Esmarie Swanepoel     27th February 2017 New data by the Western Australian Chamber of Minerals and Energy (CME) has shown that the resource sector contributed A$32-billion to wages, salaries, business purchases, community contributions and government payments in 2015/16. CME CEO Reg Howard-Smith on Monday said the survey results,... 

MMG narrows losses in 2016

By: Esmarie Swanepoel     27th February 2017 Metals miner MMG has warned shareholders of a likely net loss of some $100-million for the 2016 financial year. This compares with a net loss of more than $1-billion for 2015. 

Macmahon urges shareholders to reject Cimic bid

By: Esmarie Swanepoel     27th February 2017 Takeover target Macmahon has urged shareholders to reject an "inadequate and opportunistic" takeover offer from fellow-listed Cimic. Macmahon told shareholders on Monday that an independent expert has concluded that Cimic’s A$0.145 a share offer was neither fair nor reasonable, with Macmahon... 

Pilgangoora gets another nod

By: Esmarie Swanepoel     27th February 2017 The Western Australian Department of Mines and Petroleum has approved the project management plan for the Pilgangoora lithium project. ASX-listed Altura Mining on Monday said the additional approval, following last week’s approval of the mining proposal, marked a further significant milestone for... 

Waitsia Stage 2 gets offtake partner

By: Esmarie Swanepoel     27th February 2017 The joint venture (JV) partners in the Waitsia gas project, in Western Australia, have signed a nonbinding term sheet with AGL Wholesale Gas (AGL) for the first gas from the Stage 2 Waitsia project. ASX-listed AWE on Monday said the term sheet set out the commercial terms for the sale of 15 TJ/d,... 

Carpentaria boosts Hawsons resource

By: Esmarie Swanepoel     27th February 2017 Junior Carpentaria Exploration has reported a near four-fold increase in the indicated resource at its Hawsons iron-ore project, on the border of New South Wales and Victoria. Drilling at the Hawsons project has added some 119-million tonnes to the total resource, bringing the resource to... 

Pricing holds key to launch of private coal mining in India

By: Ajoy K Das     27th February 2017 The extent of pricing freedom for private commercial coal miners is likely to be revealed by India’s Coal Ministry next month. According to a government official, the Ministry will, at the end of March, publish the framework for opening the coal mining sector up to private miners for the first... 

Russian nuclear deal places massive liability on South Africans

By: News24Wire      27th February 2017 A nuclear agreement with Russia has far-reaching consequences for the budget the Western Cape High Court heard on Friday, as it places all liability for a nuclear accident on South Africa, while indemnifying Russia completely. David Unterhalter, SC, appearing for Earthlife Africa and the Southern... 

Copper not expected to hit $3/lb until mid-year

By: Henry Lazenby     25th February 2017 Bank of America Merrill Lynch (BofAML) does not expect the copper price to rally to $3/lb at least until mid-year, as a softer Chinese copper market and global policy uncertainty weighs. After rallying by 28% in the fourth quarter of 2016, copper prices have held up in the first quarter of this... 

High noon approaches for Centerra, Kyrgyz disputes as cash reserves dwindle

By: Henry Lazenby     25th February 2017 A resolution to the drawn-out dispute between Canadian gold producer Centerra Gold, the Republic of Kyrgyzstan and State miner Kyrgyzaltyn could potentially be reached by mid-year, the multinational miner said in its year-end results statement issued late on Thursday. Centerra, which in January... 

High noon approaches for Centerra, Kyrgyz disputes as cash reserves dwindle

In sweeping move, Trump puts regulation monitors in US agencies

By: Reuters     24th February 2017 President Donald Trump signed an executive order on Friday to place "regulatory reform" task forces and officers within federal agencies in what may be the most far reaching effort to pare back US red tape in recent decades. Trump signed the directive in the Oval Office with chief executives of... 

Vale intensifies CEO search as Ferreira to quit, sources say

By: Reuters     24th February 2017 Vale has stepped up the search for a new CEO as Murilo Ferreira announced his departure, signalling efforts by some top shareholders to shield the world's No 1 iron producer from political interference, three people with direct knowledge of the situation said on Friday. Earlier in the day, Rio... 

Conway to step in as Primero interim CEO

By: Henry Lazenby     24th February 2017 Precious metals producer Primero Mining announced late on Thursday that the company and president and CEO Ernie Mast have agreed that Mast will leave the company by no later than March 6. He will be succeeded by former CEO Joseph Conway in the interim. Mast will help with the transition process... 

Elliott raises stake in Arconic, pushes harder for CEO ouster

By: Reuters     24th February 2017 Hedge fund Elliott Management said on Thursday it had raised its stake in specialty metals maker Arconic Inc to about 13% and stepped up pressure for the ouster of CEO Klaus Kleinfeld. Elliott also made a big push for hiring Larry Lawson, former CEO of aircraft parts maker Spirit AeroSystems... 

Bushveld signs BEE deal to complement Vametco acquisition

By: Megan van Wyngaardt     24th February 2017 Aim-listed Bushveld Minerals has agreed to facilitate a change in the ownership of one of Evraz Vametco's black economic empowerment (BEE) partners. Bushveld will support Jaxson 640's acquisition of a controlling interest in the BEE shareholdings in Vametco, which will take place alongside its... 

Kibo, Metal Tiger call it quits on JV projects

By: Megan van Wyngaardt     24th February 2017 Dual-listed Kibo Mining has terminated joint venture (JV) activities with Metal Tiger at the Pinewood and Morogoro mines, in Tanzania. The companies will also relinquish the mine licences back to the local authorities. 

Latest News  by  

more

Sponsored Post

more

Latest Videos and Audio

On-The-Air (24/02/2017)

Hefty H1 losses paint depressed picture for Implats

Resources Watch

South African mines need to adopt new mining methods

Pan African CEO accuses union of ‘blatantly false’ safety statements

Mokonyane gives thumbs-up as Eastern Basin plant treats 94 Mℓ/d of AMD

On-The-Air (17/02/2017)

Gold Fields set for ‘year of reinvestment’, announces R2.28bn South Deep growth plan

more

Services News

Consulting Engineers

Contract Mining

Crushing and Screening

Drilling and Tunnelling

Earthmoving

Energy Services

Explosives

Furnaces and Kilns

Materials Handling

Opencast/Quarries

Pumps

Valves

Company Announcements

more

Research Reports

Projects

Press Office

more

RSS Feed

About

Mining Weekly is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Research Channel Africa
Polity

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on MiningWeekly.com is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Close