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South32 to pay inaugural dividend despite significant revenue drop

By: Samantha Herbst     25th August 2016 Despite a 25% drop in revenue for the 2016 financial year, diversified mining major South32 announced on Thursday that it would pay an inaugural shareholder dividend of $0.01 a share, reflecting the company’s belief in its operations and the flexibility of its balance sheet. With revenue down... 

South32 to pay inaugural dividend despite significant revenue drop
Photo by Bloomberg
South32 CEO Graham Kerr

Safety dominates Sibanye results presentation as 125% profit surge takes back seat 

By: Martin Creamer     25th August 2016 Top performing precious-metals mining company Sibanye Gold, dismayed by an uncharacteristic spate of mineworker fatalities, began its presentation of high-cash results for the half-year with a safety moment as a mark of its determination to up its safety performance. The 125% surge in profits in... 

Sibanye Gold presentation attended by Mining Weekly Online’s Martin Creamer. Photographs, Video and Video Editing: Darlene Creamer

Newcrest, Harmony JV apply for Wafi-Golpu special mining lease

By: Megan van Wyngaardt     25th August 2016 The Wafi-Golpu joint venture (WGJV) on Thursday submitted an application for a special mining lease (SML) for its gold/copper/silver project in Papua New Guinea. The WGJV is one of three unincorporated JVs between subsidiaries of Australia’s Newcrest (50%) and South Africa’s Harmony Gold (50%),... 

Release coal docs at your own peril, Guptas warn Treasury

By: News24Wire      25th August 2016 Four days before the Guptas’ business chiefs ambushed Finance Minister Pravin Gordhan on a radio station, their company Tegeta threatened Treasury over a report into coal contracts with Eskom. The threat occurred when Democratic Alliance MP David Maynier submitted a request under the Promotion of... 

South32’s local coal expansion projects progressing to feasibility stage

By: Samantha Herbst     25th August 2016 While diversified mining major South32’s South Africa-based thermal coal expansion projects are yet to be approved, CEO Graham Kerr remains optimistic about developments at its South Africa Energy Coal operation, noting that both proposed expansion projects are progressing well into the... 

South32’s local coal expansion projects progressing to feasibility stage
South32 COO Africa Mike Fraser

Nersa confirms appeal of court’s RCA judgment

By: Terence Creamer     25th August 2016 The National Energy Regulator of South Africa (Nersa) confirmed on Thursday that it would appeal the August 16 North Gauteng High Court judgment setting aside its approval of Eskom’s third multiyear price determination (MYPD3) Regulatory Clearing Account (RCA) adjustment for the 2013/14 financial... 

Nersa confirms appeal of court’s RCA judgment

Despite commodity slump, M&R bets future on resources

By: Terence Creamer     25th August 2016 Murray & Roberts (M&R) CEO Henry Laas says the decision to sell its infrastructure and building unit, as well as Genrec, to create a multinational project company focused on oil and gas, underground mining, as well as power and water has created an entity that no longer fits neatly within the... 

Despite commodity slump, M&R bets future on resources
Photo by Duane Daws
Murray & Roberts CEO Henry Laas

Australian police probe Sundance over Congo corruption allegations

By: Reuters     25th August 2016 Sundance Resources said on Thursday Australian police are investigating allegations that the company may have bribed politicians in Congo Republic to win permits to pursue a major iron-ore project. Sundance said the allegations dated back to meetings held between 2006 and 2008, as reported by... 

Kibo, Sepco ink new contractual deal on Mbeya

By: Natasha Odendaal     25th August 2016 AltX- and Aim-listed Kibo Mining has signed a new, redefined agreement with China-based contractor Sepco III, which can now earn the right to become the sole bidder for the engineering, procurement and construction (EPC) contract to build the power plant component of Kibo’s Mbeya coal-to-power... 

Paladin narrows FY net loss, to lower output amid low price environment

By: Henry Lazenby     25th August 2016 Falling uranium prices are forcing dual-listed uranium miner Paladin Energy to cut back production even further. The TSX- and ASX-listed miner on Wednesday announced that it was working on a proposed plan to reduce mining and mill throughput at the Langer Heinrich Mine (LHM), in Namibia, with... 

Paladin narrows FY net loss, to lower output amid low price environment

Bushveld raises cash for Vametco costs, other projects

By: Creamer Media Reporter      25th August 2016 Diversified mineral development company Bushveld Minerals has raised £580 000 through the issue of 38.67-million shares at 1.5p apiece. The proceeds will be used for general working capital purposes, continuing costs associated with the Vametco transaction, ongoing work in respect of subsidiary... 

Syrah awards construction contract for Mozambique project

By: Creamer Media Reporter      25th August 2016 Engineering and construction company Kentz Engineers and Contractors has won the structural, mechanical and piping construction contract at Australian firm Syrah Resources’ Balama graphite project, in Mozambique. Kentz, which is a member of the SNC-Lavalin Group, has successfully operated in... 

DoL to host workshop on explosives regulations amendments

By: Anine Kilian     25th August 2016 The Department of Labour (DoL), in partnership with the University of South Africa (Unisa), will, on August 29, host a day-long workshop to sensitise explosives industry stakeholders to explosives regulations amendments. DoL deputy director of explosives Rudzani Ramabulana says the regulations... 

Samarco to sound out bondholders for debt plan, sources say

By: Reuters     25th August 2016 Samarco Mineração, the Brazilian iron-ore joint venture that stopped operations after a dam burst last year, plans to seek bondholder consent to change terms on $2.2-billion of securities or pursue an exchange offer, two people with knowledge of the situation said on Wednesday. According to one... 

Iron-ore at risk as China veteran warns steel output to drop

By: Bloomberg     25th August 2016 Steel production in China, the world’s biggest supplier, will probably contract this year and shrink further in 2017 as local demand slows, hurting the outlook for iron-ore, according to Li Xinchuang, a vicechairperson at the China Iron & Steel Association. “There will be significant declines in... 

Venezuela ordered to pay $2.17bn to Russian junior for 2011 project expropriation

By: Henry Lazenby     23rd August 2016 The government of the Bolivarian Republic of Venezuela has been ordered to pay a Russian-owned junior mining company nearly $2.2-billion in compensation and interest for illegally expropriating the company’s assets without compensation in 2011. Following the news, Rusoro Mining’s TSX-V-listed... 

Venezuela ordered to pay $2.17bn to Russian junior for 2011 project expropriation

Codelco places bond on local market at historic low price

By: Reuters     Updated 2 minutes ago Chilean state copper producer Codelco said it placed $390-million worth of bonds on the local market on Thursday, fetching an historically low effective rate of 2.09%. The world's top copper miner Codelco is raising the money for refinancing and investment purposes, at a time when a fall in the... 

Brazil's Vale expects Samarco to restart mid-2017

By: Reuters     Updated 3 minutes ago Brazilian miner Vale expects Samarco, an iron-ore joint venture it owns with BHP Billiton, to restart operations in the middle of 2017, a company executive said on Thursday. Samarco's mine has been shut since November when a tailings dam on the site burst, killing 19 people and causing Brazil's... 

Noront expands RoF landholdings, outlines exploration and development strategies

By: Henry Lazenby     Updated 1 hour 2 minutes ago Northern Ontario-focused project developer Noront Resources has increased its position as the dominant landholder in the prospective Ring of Fire (RoF) mining camp after closing the acquisition of 75% of Macdonald Mines’ claims in the region, the company said this week. Through the transaction... 

Arbitrary licence cancellation a thing of the past as Kenya establishes oversight board

By: John Muchira     Updated 1 hour 4 minutes ago Investors in Kenya’s mining sector will no longer face the risk of arbitrary cancellation of their licences, as the country has established a body to oversee the licensing of prospecting and mining activities and the leasing of mining tenements. Moreover, companies planning to invest in the... 

SA urged to grasp opportunities afforded by platinum and gold resurgence, rising coal exports

By: Dylan Slater     Updated 1 hour 4 minutes ago According to consulting engineers and scientists SRK Consulting South Africa, the fact there are signs of resurgence in platinum, a stronger gold price and growing coal exports to India should be triggers for South Africa’s mining leadership to grasp the opportunities it missed in the last... 

SA urged to grasp opportunities afforded by platinum and gold resurgence, rising coal exports
MARCIN WERTZ Strong leadership is vital to ensure the next mining upturn can be capitalised upon

Ivanhoe expands Kakula mineralisation as Kamoa construction gathers pace

By: Henry Lazenby     Updated 3 hours ago Africa-focused explorer and project developer Ivanhoe Mines has reported further intercepts of greater than 10% copper, at a 3% cut-off, highlighting the high-grade nature of the thick, flat-lying, shallow, chalcocite-rich core of the Kakula Discovery zone, near the Kamoa copper project in the... 

Anglo Pacific reports strong interim results as royalty income rises

By: Henry Lazenby     Updated 4 hours ago Royalty streaming firm Anglo Pacific Group has reported strong results for the first half of 2016, more than doubling free cash flow and narrowing its net loss, which was helped by a weaker pound and higher royalty income. For the interim period ended June 30, the London, UK-based firm reported a... 

Nickel price hurts Western Areas' 2016 results

By: Mariaan Webb     25th August 2016 A significant reduction in the nickel price has dented Perth-based miner Western Areas’ revenue in the 2016 financial year, pushing the company into an after tax loss of A$29.78-million. The 2016 loss compares with a profit of A$35.01-million in the 2015 financial year, Western Areas, which is... 

Resources Watch 

     25th August 2016 This week: Gold Fields lifts full-year production guidance as South Deep, Australian operations perform in first half; Harmony back in the black, eyes acquisitions; And, DRA enjoying rise in gold project share, eyeing more gold opportunities 

Resources Watch

Strike at world’s biggest coal miner seen blunted by Indian glut

By: Bloomberg     25th August 2016 India’s ample coal stockpiles may blunt the power of unions planning a strike at Coal India, the world’s biggest miner of the fuel. Labor groups including All India Coal Workers’ Federation are demanding the company start early wage talks and begin recruiting to fill vacancies, as well as calling... 

Mineral sands miner Iluka sinks to half-year loss

By: Mariaan Webb     25th August 2016 Mineral sands miner Iluka Resources plunged to a net loss of $20.9-milllion in the first half of 2016, compared with a profit of $20.4-million a year earlier, owing to lower revenue growth. Mineral sands revenue dipped from $349.6-million in the six months ended June 30, 2015, to $338.4-million... 

Mineral sands miner Iluka sinks to half-year loss
Iluka MD David Robb

Middle Island sets timetable for restarting WA gold mine

By: Megan van Wyngaardt     25th August 2016 Australian gold miner Middle Island is set to restart operations at the Sandstone project, in Western Australia, by September 2017. The company acquired the 480 000 oz project from Black Oak Minerals in May for A$2.5-million. The project includes a 600 000 t/y carbon-in-pulp processing plant,... 

Neighbours Pilbara, Altura formalise cooperation agreement

By: Megan van Wyngaardt     25th August 2016 Australian lithium developer Pilbara Minerals has signed two agreements with ASX-listed Altura Mining, formalising a framework for ongoing cooperation in the development of their adjoining lithium/tantalum deposits. This access agreement will assist Pilbara in its strategy to fast-track the... 

DRA upbeat on gold project outlook 

     25th August 2016 Mining project company DRA has shared its excitement about new gold project opportunities opening up in South Africa, as well as Central and West Africa. Mining Weekly editor Martin Creamer joins senior deputy editor Tracy Hancock in studio to shed light on the company’s enthusiasm. 

DRA upbeat on gold project outlook

Investors keen to spend money but Australia should give them reason to invest – QRC

     25th August 2016 The green shoots that are sprouting in the resources sector should signal a green light for governments to weed out the red tape and grow investment opportunities, says Queensland Resources Council CEO Michael Roche. Speaking at the 2016 Mining Convention in Brisbane, on Thursday, he said that... 

Investors keen to spend money but Australia should give them reason to invest – QRC

Free-falling Mongolia won’t be saved by commodity revival

By: Bloomberg     25th August 2016 The commodity super-cycle that peaked in 2011 powered Mongolia to world-beating growth. Then came the bust and China’s recent economic slowdown that’s pushed the land of Genghis Khan into an unprecedented economic crisis this summer. Yet even though the commodity market finally has a pulse again... 

Sibanye Gold declares R785m dividend

By: Martin Creamer     25th August 2016 Johannesburg- and New York-listed precious metals mining company Sibanye Gold on Thursday reported strong financial results for the six months ended June 30, driven mainly by a higher rand gold price and underpinned by solid production from both the gold and platinum divisions. Sibanye's... 

Sibanye Gold declares R785m dividend

Fission finds more uranium to the west of PLS’s Triple R deposit

By: Henry Lazenby     25th August 2016 Explorer Fission Uranium has found uranium pathfinder elements and strong radioactivity in two new drill holes completed to the west of the western-most deposit at the Patterson Lake South (PLS) project, in Canada’s Athabasca basin. The Kelowna, British Columbia-based junior on Wednesday... 

Section 52 of MPRDA a ticking time bomb in terms of labour, say lawyers

By: Megan van Wyngaardt     24th August 2016 Section 52 of the Mineral and Petroleum Resources Development Act (MPRDA), which states that the holder of a mining right is required to give notice to the Mineral Resources Minister “in the prescribed manner” in terms of downscaling of operations, is a ticking time bomb. Speaking during a... 

Exxaro’s sale of Inyanda given green light

By: Natasha Odendaal     24th August 2016 The Competition Commission on Wednesday gave an unconditional green light for the buyout of diversified miner Exxaro Coal’s Inyanda colliery business, in Mpumalanga, by joint venture (JV) partners Lurco Group and Burgh Group. The JV, Inyanda Mining Holdings, also titled Main Street, will take... 

Tightening supply should bode well for commodity prices – Glencore

By: Martin Creamer     24th August 2016 Diversified mining and marketing company Glencore, now with a significantly reduced debt profile, is producing its key commodities at exceptionally low operational cost, exemplified by the unit cost of the zinc it produced in the six months to June 30 coming in at the negative unit cost figure of... 

Tightening supply should bode well for commodity prices – Glencore
Photo by Bloomberg
Glencore CEO Ivan Glasenberg

Liquidation order against Platfields set aside

     24th August 2016 The High Court of South Africa has set aside a provisional liquidation order against JSE-listed Platfields. The company on Wednesday said it, however, remained in settlement negotiations with the company that had implemented the liquidation proceedings against it. 

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