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Wesizwe concludes early termination of Bakubung contract with Aveng

By: Natasha Odendaal     Updated 4 hours ago Emerging miner Wesizwe Platinum concluded an amicable agreement with appointed shaft sinking contractor Aveng Mining for an early termination at its Bakubung platinum mine, in Rustenburg. The agreed handover will be concluded by May 2017, when Phase 1 main shaft commissioning, which was initially... 

Wesizwe concludes early termination of Bakubung contract with Aveng

Govt calls for elimination of mining deaths, halt to spread of occupational diseases

By: Ilan Solomons     Updated 7 hours ago The mining sector must strive to achieve zero harm by doing everything possible to prevent fatalities, injuries and the spread of diseases among workers at South African mines. This is the plea of Department of Mineral Resources (DMR) acting mines chief inspector Xolile Mbonambi, who spoke at the... 

Govt calls for elimination of mining deaths, halt to spread of occupational diseases

Exxaro concludes Mayoko disposal

By: Natasha Odendaal     Updated 6 hours ago Diversified resources group Exxaro Resources has concluded the exit of its Congo-based iron-ore assets. The transfer of ownership of the Mayoko iron-ore project to Congolese company Sapro SA was concluded last week. The JSE-listed South African group, which acquired the project in 2012, put the... 

Eskom’s role and outstanding generation plan key to nuclear RFP delay

By: Terence Creamer     Updated 3 hours ago The issue of Eskom’s role in the procurement process for South Africa’s nuclear new build programme is said to lie at the heart of Cabinet’s surprise decision to delay the release of the controversial nuclear request for proposals (RFP), which was due for dissemination on September 30. However,... 

 Eskom’s role and outstanding generation plan key to nuclear RFP delay
Photo by Duane Daws
Statue at Eskom's head office in Johannesburg

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

By: Reuters     29th September 2016 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%... 

Gemfields auction nets $11.1m

By: Creamer Media Reporter      Updated 28 minutes ago Aim-listed Gemfields’ latest auction of emerald and amethyst has netted revenue of $11.1-million. The auction, held in Jaipur, India, from September 26 to 29, included commercial-quality rough emerald extracted at Gemfields’ 75%-owned Kagem mine, in Zambia, and higher-quality amethyst mined by... 

The diamond magnate at the heart of Och-Ziff’s Africa ambitions

By: Bloomberg     Updated 4 hours ago Dan Gertler, an Israeli diamond tycoon, gave Och-Ziff access to some of the richest mineral deposits in Africa. Using his close ties to the president of the Democratic Republic of Congo, Gertler developed a virtual monopoly in the country’s diamond exports for a time. He then expanded into other... 

India to change rules governing captive coal mines

By: Ajoy K Das     Updated 5 hours ago India’s Coal Ministry is finalising a new coal policy aimed at liberalising rules governing captive and merchant coal mines against a backdrop of surplus availability of the dry fuel in the domestic market. The new policy is expected to be unveiled within the next month, after the Indian... 

Mining Weekly iPhone and Android Apps available for free download 

     Updated 7 hours ago Creamer Media’s readers continue to be part of the mobile revolution.  Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers a MiningWeekly.com app for iPhone and Android users.  These apps offer... 

Mining Weekly iPhone and Android Apps available for free download

Kirkland Lake to acquire Newmarket Gold in growth push

By: Reuters     Updated 6 hours ago Canada's Kirkland Lake Gold will acquire Australian miner Newmarket Gold for about C$1-billion ($764-million) in stock, creating a midtier producer poised to grow, the companies said on Thursday. The transaction is somewhat of an outlier, as gold mining executives say the rising price of bullion... 

Kirkland Lake to acquire Newmarket Gold in growth push
Newmarket's Fosterville mine

$1 coal mines turn to jackpots as China’s cuts power rally

By: Bloomberg     Updated 6 hours ago Buying bargain-bin coal mines amid the worst commodity slump in a generation has turned into a savvy bet as prices of the fuel surge. Stanmore Coal bought the Isaac Plains metallurgical coal mine in Australia for A$1 in July 2015 from Brazilian miner Vale SA and Japan’s Sumitomo when the price... 

Philippines says may not freeze all 20 mines facing suspension

By: Reuters     Updated 6 hours ago The Philippines said on Friday it may not halt operations at all 20 mines facing suspension for environmental violations and will give them time to address problems – a softening of a tough stance that has seen 10 mines shut and a spike in nickel prices. Asked if it was possible that not all 20... 

Rio gets approval for Western Turner Syncline

By: Esmarie Swanepoel     30th September 2016 The West Australian government has given mining major Rio Tinto approval to develop its Western Turner Syncline mine. Rio was expected to spend some A$18-million on construction, with 40 jobs to be created during construction. 

Rio gets approval for Western Turner Syncline

Silver Mines eyes development at Bowdens project

By: Esmarie Swanepoel     30th September 2016 ASX-listed Silver Mines is hoping to complete the feasibility study and lodge the environmental impact-statement on the Bowdens silver project, in New South Wales, by 2017. Silver Mines said on Friday that initial pit optimisation and cost estimation work had been completed to prefeasibility... 

CuDeco halts trading as it waits on refinancing news

By: Esmarie Swanepoel     30th September 2016 Copper miner CuDeco has halted share trading as it finalised the refinancing of its China Minsheng Banking Corporation finance facilities. Under the refinancing proposals being considered, the $4.9-million Facility B will be repaid by the end of October this year, while the $60-million Facility... 

BBM underground study proves positive

By: Esmarie Swanepoel     30th September 2016 A scoping study into an underground mine at the Bumi Barito Mineral (BBM) coal project, in Indonesia, has indicated that the project is feasible. In March, Cokal reported a coal resource of 266-million tonnes over four coal seams, of which some 19.5-million tonnes are considered measured and... 

BBM underground study proves positive

Pilbara-MinRes issue to go before independent expert

By: Esmarie Swanepoel     30th September 2016 ASX-listed Pilbara Minerals has issued a notice of dispute to fellow-listed Mineral Resources (MinRes) over the sale of lithium from the Pilgangoora project, in Western Australia. The dispute notice concerns MinRes’s right of first refusal, and the Pilbara Minerals sale notice that was issued in... 

RNI raises funds for copper-gold exploration

By: Esmarie Swanepoel     30th September 2016 Junior miner RNI plans to raise some A$3-million in a share placement and entitlement offer to fund exploration activities at its copper and gold targets in the Bryah basin. RNI told shareholders on Friday that the company had received firm commitments from institutional and sophisticated... 

Cash optimisation, capital access and productivity top EY’s 2016/17 business risks

By: Creamer Media Reporter      30th September 2016 Capital considerations dominate the top three business risks in the mining and metals sector, according to professional services firm EY’s latest ‘Top 10 business risks facing mining and metals 2016-2017’ report. “Much like our global counterparts, Canadian mining and metals companies are facing... 

Cash optimisation, capital access and productivity top EY’s 2016/17 business risks

Alcoa board OKs split, sets Nov 1 effective date

By: Henry Lazenby     30th September 2016 The board of US-based aluminium and lightweight alloys producer Alcoa has given the green light for its demerger into two publicly traded companies, setting November 1 as the effective date. Spearheaded by CEO Klaus Kleinfeld, the separation will see the company's upstream aviation and specialist... 

Alcoa board OKs split, sets Nov 1 effective date

Brazil's Vale taps Bartolomeo to board, replacing Coutinho

By: Reuters     30th September 2016 Brazilian mining company Vale has nominated Eduardo de Salles Bartolomeo as board member, according to a securities filing Thursday. Vale said Bartolomeo will replace Luciano Galvão Coutinho, former president of state lender BNDES, who stepped down. 

Steelworkers ratify agreement with Cliffs

By: Henry Lazenby     30th September 2016 The United Steelworkers (USW) union has ratified a new three-year labour contract at US iron-ore producer Cliffs Natural Resources’ Tilden and Empire mines, in Michigan, and its United Taconite and Hibbing Taconite mines, in Minnesota. The four local unions represent about 2 000 workers under... 

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

Lily mine inspection aborted, conditions deemed unsafe

By: Creamer Media Reporter      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... 

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. 

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

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... 

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... 

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... 

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,... 

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... 

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... 

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... 

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... 

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... 

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... 

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