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Implats shares fall on R4bn equity raising plans

By: Martin Creamer     Updated 2 hours 46 minutes ago The share price of mining company Impala Platinum (Implats) first fell heavily and then recovered considerably after the company announced plans to raise R4-billion equity capital in an accelerated bookbuild. Reporting 58% lower earnings a share to 36c in the 12 months to June 30, in spite of key... 

Implats shares fall on R4bn equity raising plans
Photo by Duane Daws
Terence Goodlace

Amplats in discussions with Sibanye

By: Martin Creamer     Updated 1 hour 12 minutes ago Both platinum mining major Anglo American Platinum (Amplats) and gold mining company Sibanye Gold confirmed in separate notices on Thursday that they were in discussions on the sale of Amplats’ Rustenburg platinum operations. However, JSE-listed Amplats cautioned that the discussions by... 

CCMA reserves consolidation decision

By: Creamer Media Reporter      Updated 1 hour 55 minutes ago The Commission for Conciliation, Mediation and Arbitration (CCMA) has reserved its decision on the consolidation of the gold wage negotiation conciliation process. The Chamber of Mines (CoM), on behalf of gold producers, applied for the consolidation of referrals of disputes between the CoM and... 

S African govt not worried about legislative 'uncertainty'

By: Esmarie Swanepoel The South African government remained confident that recent legal challenges against ownership elements of the Mining Charter would not influence investment confidence in the country. The Mining Charter called for a 26% black economic-empowerment (BEE) participation in South African mining... 

PwC warns against overtaxation in Africa's resources sector

By: Esmarie Swanepoel     Updated 7 hours ago Advisory firm PricewaterhouseCoopers (PwC) has warned African nations against overtaxing investments in the resources sector. Launching a new report on the second day of the Africa Downunder conference, PwC African practice leader and resource sector partner Ben Gargett said taxation and fiscal... 

China the biggest external risk to Africa’s growth outlook - Ncube

By: Terence Creamer     Updated 1 hour 59 minutes ago The slowdown in China and the associated ending of the commodity super cycle is having a major influence on the immediate growth prospects for Africa, with the former African Development Bank chief economist forecasting that growth rates will come under pressure this year and next. Professor... 

China the biggest external risk to Africa’s growth outlook - Ncube
Photo by Duane Daws
Professor Mthuli Ncube

S&P's cuts Glencore outlook to negative on weak commodities

By: Reuters Standard & Poor's (S&P's) on Thursday cut its outlook for Glencore Plc to 'negative' from 'stable' after slashing its price forecasts for metals and amid uncertainties about China's economic outlook. The mining and commodities firm posted a 29% slump in first-half earnings in August and cut its... 

Buffalo secures rights to continue operations

By: Natasha Odendaal     Updated 1 hour 42 minutes ago JSE- and TSX-listed Buffalo Coal has been granted immediate relief to allow mining operations to continue after the Department of Mineral Resources (DMR) last week withdrew its Aviemore anthracite mine’s mining right. The South Africa-focused coal miner’s 2013 Mining Right 301 (MR301), as well as... 

Wescoal appoints acting CFO

By: Megan van Wyngaardt Coal junior Wescoal has appointed Izak van der Walt as acting CFO, effective immediately, following the resignation of executive director and CFO Morne du Plessis. “Du Plessis wished to explore other opportunities and, in order to remove any uncertainties about this important company role, it was... 

Wescoal appoints acting CFO
Wescoal acting CFO Izak van der Walt

Acacia looks to reduce operating costs in Tanzania

By: Esmarie Swanepoel Africa-focused gold miner Acacia Mining is targeting a group all-in sustaining cost (AISC) of less than $900/oz within the next five years, head of exploration Peter Spora said on Thursday. Speaking at the second day of the Africa Downunder conference, in Perth, he noted that Acacia had been... 

Madagascar considers taking stakes in mining projects, increasing royalty fees

By: Reuters     Updated 6 hours ago Madagascar plans to increase royalty fees and claim 10% stakes in mining concessions, under proposed changes to its mining code, according to a draft document seen by Reuters on Wednesday. One of Africa's poorest countries, Madagascar hopes to accelerate economic growth by developing natural... 

Peak targets Ngualla investment decision by 2016/17

By: Esmarie Swanepoel ASX-listed rare earths developer Peak Resources is hoping to pull the trigger on its $367-million Ngualla rare earths project, in Tanzania, by 2016/17, with MD Darren Townsend saying on Thursday that the company is working on reducing capital expenditure on the project. “We are looking at a... 

African Potash signs third fertiliser supply deal

By: Megan van Wyngaardt     Updated 2 hours 46 minutes ago Aim-listed African Potash has signed its third memorandum of understanding (MoU) to supply 150 000 t of fertiliser to a Zimbabwe-based fertiliser supply company. This trading agreement followed the signing of a landmark trading agreement with the Common Market for Eastern and Southern Africa... 

R&D tax incentive, pay cuts boost Tawana’s cash balance

By: Megan van Wyngaardt     Updated 1 hour 42 minutes ago Dual-listed Tawana Resources has received $379 004 from the Australian Taxation Office for research and development (R&D) conducted last year. The R&D Tax Incentive provided a tax rebate to support Australian companies to undertake R&D. 

Anglo American entrepreneur interns graduate

By: Zandile Mavuso     Updated 2 hours 27 minutes ago Twenty-one early-stage growth entrepreneurs graduated from the second phase of global miner Anglo American’s Entrepreneur Internship Programme (EIP) on Thursday morning. 

Toshiba agrees to extend early redemption right of GoviEx uranium bond

By: Henry Lazenby The strategic partner of Canadian Stock Exchange-listed GoviEx Uranium, Toshiba Corporation, one of the world's largest nuclear reactor vendors, has agreed to extend an early redemption right of its $10-million uranium loan (B Bond) by two years  to December 31, 2017. "By agreeing to this... 

EMED completes Rio Tinto Phase 1 development ahead of schedule, below budget

By: Henry Lazenby Europe-focused copper miner EMED Mining has completed site development work for Phase 1 of its flagship Rio Tinto mine, in Spain’s Andalucía region, ahead of schedule and below budget, achieving first copper concentrate production on July 31. “Having attained our goal of starting production well... 

CIL mulls e-auction supply tweaks amid falling prices

By: Ajoy K Das     Updated 7 hours ago Falling international coal prices may prompt Coal India Limited (CIL) to tweak the supply side of e-auctions as a means to ensure higher sales realisations. According to a senior CIL official, declining international coal prices and easy availability of supply have sharply narrowed the price... 

Rio targets further cost cuts in the Pilbara

By: Esmarie Swanepoel Mining giant Rio Tinto on Thursday revealed a push to further drive down operational costs across its Pilbara iron-ore operations. Speaking in Sydney, Rio Tinto iron-ore CEO Andrew Harding said more than 400 initiatives were under way across the Pilbara operations to identify further cost savings... 

Rio targets further cost cuts in the Pilbara

Chile's Andina mine plan redesign to take about 2 years – Codelco

By: Reuters     Updated 3 hours ago The redesign of the approximately $7.5-billion Andina mine in Chile will take around two years and involve a new procedure in the application for its environmental permit, Codelco told Reuters on Thursday. State-run Codelco, the world's No 1 copper producer, said last week, without giving... 

Australia's Port Hedland iron-ore exports to China soar 15% in Aug

By: Reuters Iron-ore exports to China from Australia's Port Hedland rose 15% to 33.9-million tonnes in August from July, as BHP Billiton and Fortescue Metals Group operated at maximum production rates despite a softening market, figures released on Thursday showed. The August increase over July sent total... 

Sirius–Independence merger gets shareholder nod

By: Esmarie Swanepoel The shareholders of ASX-listed Sirius Resources on Thursday voted in favour of a takeover offer from fellow-listed Independence Group. In May, the two companies announced merger plans that would see Sirius shareholders issued with 0.66 of an Independence share for every one Sirius share held,... 

Implats earnings down 58%, no dividend

By: Martin Creamer Platinum mining major Implala Platinum (Implats) on Thursday reported 58% lower earnings a share for the 12 months to June 30 as well as an operational response plan premised on a lower-for-longer platinum price environment. The company, headed by CEO Terence Goodlace, reported that its... 

Implats to raise R4bn equity capital

By: Martin Creamer Platinum mining major Impala Platinum (Implats) said on Thursday that it intended raising up to R4-billion through the sale of new Implats ordinary shares using an accelerated bookbuild process. The company, headed by CEO Terence Goodlace, said that shareholder approval would be sought in order... 

Implats to raise R4bn equity capital
Photo by Duane Daws
Implats CEO Terence Goodlace

WPG waits for public comment on Tarcoola

By: Esmarie Swanepoel The Tarcoola gold project’s mineral lease proposal has been thrown open for public comment. Owner WPG Resources on Thursday said the proposal had been accepted by the South Australian Department of State Development and that the public had until October 8 to make submissions. 

FIRB won't oppose Evolution's play for Phoenix

By: Esmarie Swanepoel The Foreign Investment Review Board (FIRB) has given its approval for gold miner Evolution Mining’s off-market takeover offer for fellow-listed Phoenix Gold. Evolution, which currently holds a 19.8% stake in Phoenix, was offering 0.06 of its own shares, along with 6c in cash for each Phoenix... 

Metanor improves balance sheet after paying off $7m loan

By: Henry Lazenby TSX-V-listed Metanor Resources crossed a critical milestone in improving its balance sheet on Wednesday, when it paid back a $7-million loan from Ressources Quebec. The company, which operated the Bachelor gold mine, in Desmaraisville, 250 km north-east of Val d'Or, also announced that mining... 

Nearctic Nickel sues Quebec government for taking three claims

By: Henry Lazenby Nearctic Nickel Mines has sued the Quebec Ministry of Energy and Natural Resources for allegedly taking three territories from the Expo Ungava property, in 2008, to create three mining leases issued to Canadian Royalties Nearctic subsidiary, Ungava Mineral Exploration (UMEI), had recently taken... 

Brazil's Vale says permitted to restart Onca Puma nickel mine

By: Reuters Brazil's Vale said on Wednesday it had received a ruling allowing it to restart operations at the Onca Puma nickel mine, in Para state. A federal court last month ordered operations stopped due to a dispute over payments to local indigenous communities. 

Freeport lays off 650, slows operations at Chile's El Abra mine

By: Reuters Arizona-based mining company Freeport-McMoRan said on Wednesday it was dismissing some 650 workers at its El Abra copper mine, in Chile, and partially suspending operations at the complex until mid-September as it cuts mining rates in half. Last week, Freeport, which owns a 51% stake in the mine... 

Proxy advisory firms support Lake Shore Gold’s Temex takeover offer

By: Henry Lazenby Independent proxy advisory firms Institutional Shareholder Services (ISS) and Glass, Lewis & Co have backed Lake Shore Gold’s binding proposal to buy project developer Temex Resources. The company explained on Wednesday that under the terms of the proposal, Temex shareholders would receive, for... 

Obama heads to Arctic community on last day of Alaska tour

By: Reuters President Barack Obama on Wednesday will become the first sitting US president to visit a community north of the Arctic Circle, a trek the White House hopes will bring into focus how climate change is affecting Americans. After meeting tribal leaders and fishermen in Dillingham, home to the... 

Obama heads to Arctic community on last day of Alaska tour
Photo by Reuters
US President Barrack Obama views a receding glacier on a trip to Alaska.

Canada's Conservatives to extend mining tax credit if re-elected

By: Reuters Canada's ruling Conservatives, seeking to retain power in a federal election on October 19, promised on Wednesday to extend exploration tax credits available to mining firms by three years starting in 2016/17. Canada is a major centre for the world's metal and mineral exploration companies.... 

Trafigura buys iron mines from MMX, ships first ore from Sudeste

By: Reuters Swiss trading house Trafigura said on Wednesday it has agreed to buy two iron-ore mines from MMX Sudeste Mineracao, the Brazilian mining firm run by fallen tycoon Eike Batista and under bankruptcy protection. Trafigura did not give the price, but said in an email that under the deal, it would... 

Oakbay optimistic about future of uranium mining industry

By: Ilan Solomons JSE-listed investment holding company Oakbay Resources & Energy is upbeat about the long-term prospects for the uranium industry. "It is estimated that uranium demand will grow to 266-million pounds a year by 2030, up from the current 140-million pounds a year. Uranium prices are also forecast to... 

Oakbay optimistic about future of uranium mining industry

Moody’s affirms S Africa’s rating, says country will avoid recession

By: Megan van Wyngaardt The South African government on Wednesday welcomed Moody’s Investors Service’s decision to affirm South Africa’s sovereign ratings and maintain a stable outlook on the rating. Moody’s affirmed the government bond ratings at ‘Baa2’, based on the expectation that the fiscal consolidation path... 

Moody’s affirms S Africa’s rating, says country will avoid recession

Sibanye Gold says workers end underground sit-in

By: Reuters More than 1 000 South African workers at a Sibanye Gold mine have ended a two-day sit-in to protest against the deaths of colleagues, a union and company officials said on Wednesday. South Africa's mines are the deepest and among the most dangerous in the world. Mining companies are required to... 

Sibanye Gold says workers end underground sit-in

Zambia's kwacha falls to record low as copper price tumbles

By: Reuters Zambia's kwacha fell more than 5% to a record low against the dollar on Wednesday, dragged down by the sharp decline in the price of copper and worries about electricity supply. The kwacha, currency of Africa's second largest copper producer, plunged to 9.4900 per dollar, extending its losses... 

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