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Buffalo to fight DMR’s retraction of Aviemore mining right

By: Natasha Odendaal     Updated 2 hours 17 minutes ago As JSE- and TSX-listed Buffalo Coal prepares to contest the Department of Mineral Resources’ (DMR’s) decision to withdraw its Aviemore anthracite mine’s mining right, it is moving to obtain an urgent interdict to ensure the right is not awarded to another company. The South Africa-focused coal... 

Buffalo to fight DMR’s retraction of Aviemore mining right

Eskom awards $25m Limpopo transmission contract to Abengoa

By: Terence Creamer     Updated 1 hour 26 minutes ago Spanish technology group Abengoa has announced that it has been awarded a $25-million contract by South Africa’s State-owned electricity utility Eskom for the construction of two 400 kV transmission lines spanning 174 km. The company, which is building large-scale concentrated solar power (CSP)... 

Eskom awards $25m Limpopo transmission contract to Abengoa

S Africa's trade Minister imposes steel tariffs with conditions

By: Reuters     Updated 17 minutes ago South Africa will introduce a new 10% customs duty on certain steel products, Trade and Industry Minister Dr Rob Davies said on Friday, aimed at protecting the local manufacturing industry from cheaper Chinese steel imports. Following complaints from ArcelorMittal and SAFAL Steel, Davies approved... 

S Africa's trade Minister imposes steel tariffs with conditions

Ramatlhodi mired in new mine rights row – newspaper

By: RDM News Wire      Updated 2 hours 40 minutes ago Aquila Resources‚ a subsidiary of China’s state-owned Baosteel‚ which has had a long-running battle with the Department of Mineral Resources over a manganese deposit‚ is poised to approach the courts to seek a judicial review if a resolution is not reached‚ Business Day reported. If the legal... 

Ramatlhodi mired in new mine rights row – newspaper
Photo by Duane Daws
Mineral Resources Minister Ngoako Ramatlhodi

South Africa's platinum industry 'extremely ill' – Lonmin CEO

By: Reuters     Updated 55 minutes ago Lonmin's CE said on Thursday that 80% of South Africa's platinum production was making a loss and mines were not responding to cash injections from investors. "Many mines in the platinum sector today are extremely ill and have not responded to the one single cure of cash injections," Ben Magara... 

Kenmare’s H1 losses widen

By: Natasha Odendaal     Updated 35 minutes ago London-listed Kenmare Resources reported continued widening losses for the first half of the year as reduced production and a weak market battered its performance. The company, which operates the Mozambique-based Moma titanium minerals mine, on Friday posted an operating loss of $27.2-million for... 

Cost cuts to hit mining jobs, State revenues in Congo – chamber

By: Reuters     Updated 2 hours 52 minutes ago Expected cost-cutting by mining companies in Democratic Republic of Congo is likely to lead to layoffs and reduce government revenues amid a sharp decline in metals prices, the chamber of mines said. Falling prices would not affect copper output this year, the chamber said in a report seen by... 

Tiger struggles in interim period

By: Esmarie Swanepoel     Updated 2 hours 53 minutes ago Copper cathode producer Tiger Resources has swung to a loss in the interim period ended June, despite a 111% increase in revenues. Tiger on Friday reported a net loss after tax of A$5.6-million for the six months under review, compared with a net profit after tax of A$10.3-million in the previous... 

US dollar gold price hits Resolute bottom line

By: Esmarie Swanepoel     Updated 2 hours 49 minutes ago Despite beating production and cost guidance, gold miner Resolute Mining reported a net loss after tax of A$502.6-million for the 2015 financial year. This was down from a profit of A$33.3-million in the 2014 financial year and came on the back of a A$572-million impairment charge primarily... 

De Beers renews R57m Afrox contract

By: Megan van Wyngaardt     Updated 1 hour 37 minutes ago Diamond miner De Beers Group has renewed gas and welding company Afrox’s R57-million contract for the supply of industrial and medical gases, welding consumables and bulk liquefied petroleum gas for the next five years. The contract came at a time when De Beers was investing R20-billion in... 

De Beers renews R57m Afrox contract

AngloGold Ashanti reports fatality

By: Megan van Wyngaardt     Updated 1 hour 33 minutes ago An AngloGold Ashanti employee was fatally injured following a seismic-related incident at the Mponeng mine, near Carletonville, on Thursday. Senior inspectors of the Department of Mineral Resources and Mponeng mine management conducted an on-site inspection and agreed remedial actions have been... 

Energizer’s graphite qualifies for next phase of supply chain testing

By: Henry Lazenby Two independent third parties have successfully manufactured spherical graphite from project developer Energizer Resources’ Molo flake graphite concentrate, with initial test results indicating that it has met all specifications and quality requirements for battery anode material production.... 

New US law a boost for space exploration aspirations

By: Henry Lazenby     Updated 3 hours ago The US House of Representatives took a firm stance on commercial space exploration when it passed the Space Resources Exploration and Utilisation Act of 2015 (SPACE Act) in May, providing an opportunity for companies to get off the ground and embrace a new era of space pioneering. “I think that... 

New US law a boost for space exploration aspirations

Australian officials threaten to close giant Glencore zinc mine

By: Reuters     Updated 1 hour 57 minutes ago Glencore Plc's McArthur River zinc mine in Australia could be ordered to close unless it improves its environmental record and increases a financial bond covering rehabilitation of the site, according to government officials. Residents near the zinc mine, one of the world's biggest, have... 

BHP and ExxonMobil to spend A$400m on new pipeline

By: Esmarie Swanepoel     Updated 1 hour 58 minutes ago Diversified miner BHP Billiton and its joint venture (JV) partner ExxonMobil Australia have agreed to a A$400-million spend to replace a 187-km pipeline in Victoria, which transports crude oil and condensate between the Longford and Long Island Point facilities. ExxonMobil said on Friday that... 

Saracen's record production lifts profits

By: Esmarie Swanepoel     Updated 2 hours 11 minutes ago Record gold production pushed miner Saracen Mineral Holdings’ net profit after tax up 86% and revenue by 18% in the 2015 financial year. Gold production rose 25% year-on-year to 167 531 oz, generating revenues of A$249.9-million. Net profit after tax increased from A$6-million in 2014 to... 

Ramelius to further lift output

By: Esmarie Swanepoel     Updated 2 hours 19 minutes ago ASX-listed gold miner Ramelius Resources was targeting gold production of nearly 100 000 oz/y by the second half of 2016, as the development of its Vivien and Kathleen Valley gold mines progressed. Ramelius on Friday reported that the company had sold 88 706 oz of gold in the financial year... 

Atlas shares rise as it reports lower costs

By: Esmarie Swanepoel     Updated 2 hours 28 minutes ago The share price of iron-ore miner Atlas Iron shot up by 19% on Friday on news of lower costs and increased cash flows. Atlas told shareholders that cash costs during July fell to A$55/t, from the A$66/t reported in the June quarter, as the contractor collaboration agreements implemented at its... 

Atlas shares rise as it reports lower costs

Metals X hedges gold

By: Esmarie Swanepoel     Updated 2 hours 29 minutes ago ASX-listed Metals X has entered into a hedging programme for 245 000 oz of gold, with scheduled deliveries until September 2018. The gold would be priced at A$1 631.23/oz. 

Rex gets 12-month extension at Hillside

By: Esmarie Swanepoel     Updated 2 hours 51 minutes ago Copper hopeful Rex Minerals has been granted a 12-month extension to submit its environment protection and rehabilitation programme and its social management plan for the Hillside project, in South Australia. Rex had applied to the South Australian Department of State Development for the... 

Icahn targets struggling miner Freeport-McMoran with 8.5% stake

By: Reuters Activist investor Carl Icahn disclosed an 8.5% stake in miner Freeport-McMoran, saying the company was undervalued and needed to address several corporate governance and capital issues. In a filing with the US Securities and Exchange Commission, the billionaire investor said he intends to speak... 

PDAC welcomes consultation draft to reform Canada’s fragmented capital markets

By: Henry Lazenby The Prospectors and Developers Association of Canada (PDAC) has applauded the release of a revised consultation draft of the Capital Markets Act (CMA) and initial regulations for consultation, labelling it a key milestone in the transition to a cooperative capital markets regulatory system.... 

Freeport-McMoRan again chops 2016 budget, to cut 10% of US jobs

By: Henry Lazenby US-diversified miner Freeport-McMoRan (FCX) on Thursday again laid into its 2016 capital plans, advising that falling copper prices and lower US production levels would result in about 10% of its US jobs being terminated. The Phoenix, Arizona-based miner trimmed its mining budget by 25%, or... 

Goldcorp, Teck to combine Chile projects into massive 50/50 JV

By: Henry Lazenby Gold major Goldcorp and Canadian diversified miner Teck Resources will combine their El Morro and Relincho projects, in Chile, to leverage increased financial returns and dramatically reduce capital expenditure. The miners announced on Thursday that both companies would contribute their separate... 

Goldcorp, Teck to combine Chile projects into massive 50/50 JV
Photo by Goldcorp/Teck Resources
Project Corridor, in Chile, aims to combine the El Morro and Relincho projects.

Moody's sees wider budget deficit for Botswana

By: Reuters Botswana's projected 2.6% budget deficit for the 2015/16 financial year could turn out to be much wider due to the downturn in the diamond market, credit rating agency, Moody's said on Thursday. Diamonds account for almost 40% of Botswana's budgetary revenue and around 85% of exports in dollar... 

Moody's sees wider budget deficit for Botswana

M&R holds line on resources-focused strategy despite commodity meltdown

By: Terence Creamer Engineering and construction group Murray & Roberts (M&R) says it has no intention of shifting its strategy away from the international natural resources market, notwithstanding the prevailing weak climate for commodities and a bleak immediate outlook. Speaking to investors on Thursday, CEO Henry... 

M&R holds line on resources-focused strategy despite commodity meltdown

Afrox retains R70m Amplats contract

By: Megan van Wyngaardt South African welding and gas company Afrox has again been contracted to supply mining giant Anglo American Platinum (Amplats) with its compressed gases requirements for the next five years. The contract was valued at R70-million, with gas suppllied to all Amplats operations in Rustenburg and... 

Pan African yet to determine impact of IFM SA business rescue

By: Megan van Wyngaardt JSE-listed Pan African Resources’ wholly-owned Phoenix Platinum Mining subsidiary will work closely with the business rescue practitioner for International Ferro Metals’ South African subsidiary to ensure that Phoenix’s interests are safeguarded. London-listed IFM on Wednesday announced that its... 

Metals companies mandated to undertake exploration in India

By: Ajoy K Das The Indian government has tasked three government-owned mineral and metal companies to act as specialised geological exploration agencies. Iron-ore miner NMDC, integrated steel producer Steel Authority of India Limited (SAIL) and iron-ore pelletisation company KIOCL would join the ranks of... 

Resources Watch

By: Creamer Media Reporter This week: Exxaro sets its sights on coal to revive its earnings. AngloGold harvesting its short-life mines. And, legislative changes to be supportive of offshore oil and gas drilling, says President Zuma. 

Resources Watch

S Africa mine industry job plan targets platinum as SARB reserve asset

By: Reuters South Africa's mining industry, unions and the government have committed to a broad plan to stem job losses, including boosting platinum by promoting the metal as a central bank reserve asset, according to a draft agreement seen by Reuters on Wednesday. The parties also said they would strive to... 

Evolution doubles profits

By: Esmarie Swanepoel Australian gold producer Evolution Mining has more than doubled its underlying net profit for the financial year ended June, as the company’s focus on cost reduction and improved efficiencies paid off. Underlying net profit for the year reached a record A$106.1-million, compared with the... 

Evolution doubles profits

Northern Star shines in 2015

By: Esmarie Swanepoel Gold miner Northern Star Resources has reported massive surges in revenue and profit for the financial year ended June, following the acquisition of a number of gold projects in Western Australia over the past year. Underlying net profit for the full year increased by 198% year-on-year to... 

Alkane adjusts Dubbo economics

By: Esmarie Swanepoel ASX-listed Alkane Resources has adjusted the economics of its Dubbo zirconia project, in New South Wales, following the completion of the front-end engineering design (FEED). The FEED has resulted in a capital expenditure adjustment, from the A$1-billion estimated in the 2013 definitive... 

Highfield secures finance for Muga development

By: Esmarie Swanepoel ASX-listed potash developer Highfield Resources has secured project finance facilities of up to €222-million to fund the development of its Muga potash mine, in Spain. The company on Thursday said it had agreed to a mandate with four major European commercial banks, under which the mandated lead... 

Echo gets a takeover offer

By: Esmarie Swanepoel The share price of ASX-listed junior Echo Resources increased by nearly 16.5% on Thursday, after the company announced that it had received an indicative, nonbinding takeover offer of 15c a share in cash. The company noted that the third-party proposal was conditional and subject to the... 

Glencore buys Vale coal mine

By: Esmarie Swanepoel Diversified miner Glencore has partnered with privately held Bloomfield Group to acquire the Integra coal complex, in New South Wales, from Brazilian major Vale for an undisclosed amount. Under the terms of the binding agreements already signed, Bloomfield would acquire the Integra opencut... 

Talga triples resources

By: Esmarie Swanepoel ASX-listed Talga Resources has tripled its total indicated and inferred resource inventory across Sweden with the announcement of a maiden Joint Ore Reserves Committee-compliant resource at the Jalkunen graphite project. A maiden inferred resource of 31.5-million tonnes, grading 14.9% graphitic... 

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