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Capital-raise puts novel underpin on Northam Platinum’s funded R6.6bn BEE deal

By: Martin Creamer Platinum mining company Northam on Wednesday concluded a fully funded ten-year R6.6-billion black economic-empowerment (BEE) equity transaction underpinned by a R4.6-billion capital raising, which has the potential to position the JSE-listed company as a fully integrated, fully empowered South... 

Capital-raise puts novel underpin on Northam Platinum’s funded R6.6bn BEE deal
Photo by Duane Daws
Northam Platinum CEO Paul Dunne

Eskom to receive R20bn injection, but no other SoC bailouts

By: Terence Creamer Finance Minister Nhlanhla Nene confirmed a further direct allocation to power utility Eskom of at least R20-billion. But he also stressed on Wednesday that the injection would have no impact on the Budget deficit as the capital would be raised through the sale of “non-strategic State assets”.... 

Eskom to receive R20bn injection, but no other SoC bailouts

Spending ceiling lowered, taxes to be raised as Nene holds fiscal consolidation line

By: Terence Creamer Fiscal consolidation could no longer be postponed, Finance Minister Nhlanhla Nene told lawmakers on Wednesday, while also announcing a R25-billion lowering of the expenditure ceiling and flagging plans to raise an additional R27-billion through higher taxes in the coming two years. Delivering a... 

Spending ceiling lowered, taxes to be raised as Nene holds fiscal consolidation line
Photo by Bloomberg
Finance Minister Nhlanhla Nene

BHP reports record production, says no major projects under way

By: Esmarie Swanepoel Mining giant BHP Billiton has reported record production across four commodities and eight operations during the quarter ended September, including from its Pilbara iron-ore operations. Iron-ore production for the three months under review increased by 1% on the previous quarter, and 17% on the... 

BHP reports record production, says no major projects under way
Photo by Bloomberg
BHP CEO Andrew Mackenzie

Cape Lambert to fund Timis Mining’s Marampa buy

By: Esmarie Swanepoel Resource investment company Cape Lambert on Wednesday announced that it had entered into a term sheet with Timis Mining to provide that company with about $20-million for its planned acquisition of the Marampa iron-ore project, in Sierra Leone, from the administrators of London Mining. Under the... 

Shaw River signs offtake deal with Noble

By: Esmarie Swanepoel ASX-listed Shaw River Manganese on Wednesday announced that it had secured an offtake agreement with Noble Resources International for up to 30 000 t of manganese from its flagship Otjozondu project, in Namibia. The sales contract was structured for fixed pricing, at different product... 

Waterberg JV PFS on track

By: Leandi Kolver The prefeasibility study (PFS) for TSX- and NYSE-listed Platinum Group Metals’ (PTM’s) Waterberg Joint Venture (JV) project on the northern limb of the Bushveld Complex is on track, with completion targeted for the second quarter of next year, PTM said on Wednesday. The company noted that an... 

Nordgold Q3 production up 11% y/y, company on track to achieve upper end of full-year guidance

By: Leandi Kolver LSE-listed Nordgold on Wednesday reported a 11% year-on-year, and 2% quarter-on-quarter increase in production for the three months ended September 30, to 270 600 gold equivalent ounces. The company also noted that, for the nine months ended September 30, production had reached 746 900 oz, a 13%... 

Sibanye maintains FY output guidance

By: Creamer Media Reporter Gold miner Sibanye Gold has maintained its output guidance for 2014 at 1.61-million ounces. The company, which would release an operating update for the third quarter on October 28, on Tuesday said total cash costs for the year to end December 31 would be about $850/oz, while all-in sustaining... 

China overseas direct investment seen rising 10% a year

By: Reuters China's overseas direct investment is projected to rise at least 10% annually for the next five years, a trend that will soon make the country a net capital exporter, a senior commerce ministry official said on Wednesday. "It's only a matter of time," said Zhang Xiangchen, an assistant minister... 

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BC introduces new two-tier tax on income from LNG facilities

By: Henry Lazenby     Updated 2 hours 26 minutes ago The province of British Columbia had this week introduced its much-anticipated legislation for a new two-tier tax on net income from liquefied natural gas (LNG) facilities. The legislation, which was originally announced in the provincial budget in February, introduced a two-tier income tax that... 

BC introduces new two-tier tax on income from LNG facilities

MBAC stock surges on loan maturity extensions, liquidity update

By: Henry Lazenby     Updated 4 hours ago The TSX-listed stock of Brazil-focused fertiliser producer MBAC Fertilizer on Wednesday jumped by as much as 157%, or C$0.11, after the struggling company reported that it had signed final agreements with its senior lenders to extend the maturity of its loans and defer related interest and... 

Nautilus Minerals steps closer to releasing PNG funding

By: Henry Lazenby     Updated 5 hours ago Prospective seafloor miner Nautilus Minerals had satisfied one of the conditions precedent to releasing $113-million, which project partner the Papua New Guinea (PNG) government had paid into escrow in May, representing the balance of the State’s 15% share of capital required to complete the... 

Quebec govt and miners to undertake Labrador Trough rail feasibility

By: Henry Lazenby     Updated 5 hours ago The Quebec government had formed a partnership with mining companies Champion Iron and Lac Otelnuk Mining to undertake a feasibility study on building a multi-user railway linking the port of Sept-Îles with the Labrador Trough, a 1 600 km-long geological belt rich in iron-ore deposits. The... 

Lucara’s exceptional stone tenders rake in $136m in 2014

By: Henry Lazenby     Updated 6 hours ago Southern Africa-focused miner Lucara Diamond Corp this week reported that exceptional stone tenders had this year accounted for $136-million, reflecting a strong diamond market and robust demand for large precious gems from the company’s flagship Karowe mine, in Botswana. The TSX- and... 

Lucara’s exceptional stone tenders rake in $136m in 2014

Fortress Minerals to buy stalled Ecuador project for $240m from Kinross

By: Henry Lazenby TSX-V-listed Fortress Minerals had agreed to buy the stalled Fruta del Norte (FDN) gold/silver project, in Ecuador, for $240-million in cash and scrip from TSX- and NYSE-listed Kinross Gold. Kinross last year booked a $720-million charge related to the discontinued FDN. Kinross shelved the... 

Fortress Minerals to buy stalled Ecuador project for $240m from Kinross

Baosteel taps ex-junior miner CEO for Australia iron ore project

By: Reuters China's Baosteel has snared the former boss of Iron Ore Holdings (IOH) to lead the development of its West Pilbara Iron Ore project in Australia, in a blow to IOH's new owner, BC Iron Ltd. BC Iron said on Wednesday former IOH MD Alwyn Vorster had resigned from the board of BC Iron as he had... 

MCA pushes for greater policy reform

By: Esmarie Swanepoel While complementing the Tony Abbott-led government on its policy reforms aimed at reducing the red tape burden on Australian businesses, the Minerals Council of Australia (MCA) on Wednesday called for an even greater reform. On the Spring Repeal Day, the Abbott government introduced legislation... 

Sumatra signs documents for Tembang finance

By: Esmarie Swanepoel Gold hopeful Sumatra Copper & Gold has executed the documentation for its $45-million funding facility for its Tembang gold project, in Indonesia. Earlier this month, Sumatra announced that it had secured the senior debt facility with Nomura Singapore and Indonesia Eximbank. 

OceanaGold hopeful on Blackwater economics

By: Esmarie Swanepoel A preliminary economic report on dual-listed gold miner OceanaGold’s Blackwater gold project, in New Zealand, has indicated an economically robust project. In a report released on Wednesday, the ASX- and TSX-listed miner stated that Blackwater could be mined at a rate of 120 000 t/y, to produce... 

Mincor assets deliver in Sept quarter

By: Esmarie Swanepoel Nickel miner Mincor Resources has exceeded its production expectations during the September quarter, as both its operating mines, in Western Australia, exceeded yearly production targets. During the three months under review, Mincor increased production to 2 515 t of nickel-in-ore, up 5%... 

Speculation arises around Mutiny/Doray tie-in

By: Esmarie Swanepoel The shares of gold miners Doray Minerals and Mutiny Gold went into a trading halt on Tuesday, pending announcements of a potential corporate combination. Doray’s trading halt would lift on Friday, while Mutiny was expected to resume trading on Thursday. 

Silver Lake sells Lakewood assets

By: Esmarie Swanepoel ASX-listed Silver Lake Resources has announced the sale of its Lakewood mill assets, in Western Australia, in a deal worth A$5.5-million. The company would receive a 2% gross revenue royalty on all minerals mined or recovered from two mining leases. 

Norton delivers record results and lower cash costs

By: Esmarie Swanepoel Gold miner Norton Gold Fields has reported a slight increase in gold production during the three months to September, compared with the previous quarter, as productivity and cost reduction initiatives delivered results. Production during the three quarters under review reached 46 957 oz, at a C1... 

Global REE supply threatened after reports that 40% of Chinese supply is illegal

By: Henry Lazenby China, the world's most prolific producer of rare earth elements (REE),  has revealed that 40% of its supply is from illegally mined sources in the country, market-focused research house Benchmark Mineral Intelligence analyst Simon Moores reported on Tuesday. Industrial Minerals Company of... 

Global REE supply threatened after reports that 40% of Chinese supply is illegal

PEA outlines significant extra cash flow for True Gold’s Karma project

By: Henry Lazenby A preliminary economic assessment (PEA) on TSX-V-listed True Gold’s North Kao deposit has outlined an extra $118-million in after-tax free cash flow for the project developer’s Karma gold project, in Burkina Faso. The report, released on Tuesday, also found that – as a result of its high gold... 

Treasury Metals files EIS for Goliath gold project, Ontario

By: Henry Lazenby TSX-listed project developer Treasury Metals on Tuesday announced that it had achieved a significant milestone in developing its flagship Goliath Gold project, in north-western Ontario, after filing an environmental-impact statement (EIS) with the Canadian Environmental Assessment Agency (CEAA).... 

Chieftain Metals reports strong project feasibility optimisation

By: Henry Lazenby The proponent of the Tulsequah Chief polymetallic project, in British Columbia, Chieftain Metals, late on Monday published the results of an optimised feasibility study, aimed at improving the financeability of the project in the current difficult market. The 2014 feasibility update, prepared by... 

Chieftain Metals reports strong project feasibility optimisation

Drilling at Cameroon iron-ore play reveals upside potential

By: Natalie Greve A reconnaissance drilling programme at West African Minerals’ South Sanaga iron-ore license, in Cameroon, has intersected multiple coarse-grained magnetite gneiss packages with grades and thicknesses sufficient to initiate a follow-up drill programme designed to deliver a maiden mineral resource... 

Brown outlines State company board costs

By: Creamer Media Reporter Public Enterprises Minister Lynne Brown has released details of the remuneration of the chairpersons and nonexecutive directors of the various State-owned company boards falling under her Ministry. The remuneration figures, which are attached, are based on figures published by the companies as of... 

Brown outlines State company board costs
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Production restored at MDL’s Senegal mineral sands project

By: Natalie Greve Mining operations are back in ramp-up mode at Australia-based Mineral Deposits Limited’s (MDL’s) Grande Côte mineral sands project, in Senegal, after being interrupted in August following impellor failures of the main dredge pump. The group said in a third-quarter operations review that mining... 

Yaoure 2014 drilling programme confirms presence of high-grade areas

By: Leandi Kolver The 2014 drilling programme at West Africa-focused gold mining company Amara Mining’s Yaoure gold project, in Côte d'Ivoire, has confirmed the presence of high-grade areas in the Yaoure central zone and demonstrated strong continuity in the high-grade CMA zone. Amara chairperson and CEO John... 

Grindrod unveils new cost-effective shunting, short-haul locomotive

By: Natasha Odendaal JSE-listed Grindrod’s rail division on Tuesday vowed to make rail operations more cost-effective in Africa, as Grindrod Locomotives unveiled its new, cost-effective fit-for-purpose shunting and short-haul locomotive. The new GS7, launched at Rovos Rail in Pretoria, boasted 80% local content and... 

Grindrod unveils new cost-effective shunting, short-haul locomotive
Photo by Duane Daws
Grindrod rail divisional CE James Holley

Second drill hole at Lac Dinga confirms potash mineralisation

By: Natalie Greve Sub-Saharan Africa-focused African Potash has intersected multiple potash seams at the second exploration drill hole at its Lac Dinga potash project, in the Republic of Congo. The latest drill hole, which was completed at one of two delineated target locations, intersected a 112-m-thick salt... 

Sentula sells DRC-based drilling assets amid exploration crunch

By: Natalie Greve Sentula Mining subsidiaries Sentula Mining Services and Senex have inked a deal to offload idle property, plant, equipment and associated inventory held in the Democratic Republic of the Congo (DRC) to Orezone Drilling Mauritius and its DRC-focused drilling subsidiary Orezone Drilling DRC for... 

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