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Budget’s withholding tax rise may alter Sibanye’s dividend stance

By: Martin Creamer     Updated 4 hours ago The change in the withholding tax position introduced in Wednesday's Budget may result in precious metals mining company Sibanye changing its stance on dividends. Up to now, Sibanye’s first call on free cash after stay-in-business capital expenditure has been to pay dividends amounting to at... 

Budget’s withholding tax rise may alter Sibanye’s dividend stance
Photo by Duane Daws
Sibanye CEO Neal Froneman

Sibanye reports record operating profit, soaring earnings, good dividend

By: Martin Creamer     Updated 6 hours ago Precious metals mining company Sibanye on Thursday reported record operating profit of R10.5-billion for the six months and year ended December 31, 2016, a 60% increase on the previous year. Group operating profit of R5.1-billion for the second half of 2016 was 29% higher than for the comparable... 

Sibanye reports record operating profit, soaring earnings, good dividend
Photo by Duane Daws
Sibanye CEO Neal Froneman

Trans Hex sees strong sales, production from local operations

By: Megan van Wyngaardt     Updated 6 hours ago Improved market conditions have resulted in diamond mining company Trans Hex posting improved sales of R201.1-million from the group’s October 2016, December 2016 and February tender sales of diamonds recovered at its South African operations. Some 16 447 ct of diamonds were sold at the tenders... 

Petmin highlights delays in accessing new mining areas at Somkhele

By: Anine Kilian     Updated 4 hours ago JSE-listed Petmin’s normalised earnings decreased by 43% to 8.49c a share for the six months to December 31. The company attributed the lower earnings to lower average selling prices for anthracite exports and 12% higher operating costs as a result of delayed access to new mining areas at its... 

Edenville secures wash plant, crusher for Rukwa

By: Natasha Odendaal     Updated 5 hours ago Aim-listed Edenville Energy is embarking on the next phase of development at its Rukwa coal project, in western Tanzania, as it acquires a coal washing plant and crusher and appoints a wash plant engineer. The start of the process to ship and assemble the wash plant, in anticipation of starting... 

Guinea raises bauxite target to 60Mt by 2020

By: Reuters     Updated 4 hours ago Guinea aims to more than treble bauxite production to 60-million tonnes by 2020, investing heavily to meet strong demand for the raw material from China, its mines minister said on Wednesday. The West African naion has about a third of the world's bauxite reserves, which are refined and smelted... 

Impairment, rehabilitation provisions push Iluka into FY loss

By: Esmarie Swanepoel     Updated 6 hours ago Mineral sands miner Iluka has reported a full-year net loss of $224-million, compared with a net profit of $53.5-million in the previous financial year, on the back of a noncash impairment of $140.7-million and an increase in rehabilitation provisions for closed sites of $42.1-million. “Iluka... 

Hummingbird appoints GM for Yanfolila

By: Megan van Wyngaardt     Updated 3 hours ago Aim-listed Hummingbird Resources has appointed Kevin Moxham GM of its Yanfolila gold project, in Mali. An engineer by profession, Moxham has over 30 years’ experience in the effective management and commissioning of mining projects in jurisdictions including Ghana, Eritrea, Tanzania and South... 

Resources Watch  

     Updated 1 hour 27 minutes ago Gold Fields set for ‘year of reinvestment’, announces R2.28bn South Deep growth plan; DRDGold spends R26m in six months on environmental restoration; And, Kumba applying exploration-to-beneficiation technology 

Resources Watch

South African mines need to adopt new mining methods 

     Updated 5 hours ago At this year’s Mining Indaba Chamber of Mines VP Neal Froneman stressed the need for new mining methods to boost mine life. Mining Weekly editor Martin Creamer explains. 

South African mines need to adopt new mining methods

Australia business investment slips again, outlook uninspiring

By: Reuters     Updated 5 hours ago Australian business investment has fallen for the fourth straight quarter as miners continue to cut back, but other sectors narrowly upgraded their spending plans for the year in tentative signs of recovery. Thursday's figures from the Australian Bureau of Statistics showed investment slipped... 

Philippines' minister says Duterte agrees with ban on mining in watershed areas

By: Reuters     Updated 5 hours ago The Philippines' environment minister on Thursday said that President Rodrigo Duterte had supported her decision to bar mining in watershed areas at a meeting earlier this week. "He said, 'I agree with you. Don't worry, you are my cabinet secretary and I also believe that there should be no... 

Commission warns South32’s Metropolitan acquisition may harm Australian steelmakers

By: Esmarie Swanepoel     Updated 6 hours ago The Australian Competition and Consumer Commission (ACCC) has raised concerns around diversified miner South32’s $200-million acquisition of the Metropolitan mine. South32 in November 2016 struck a deal with US miner Peabody Energy to acquire the Metropolitan mine, as well as Peabody’s 16.67%... 

PAC again rejects Drayton South project

By: Esmarie Swanepoel     Updated 6 hours ago The New South Wales Planning and Assessment Commission (PAC) has again rejected Anglo American’s Drayton South coal project, maintaining that it could not coexist with nearby stud farms. The PAC recommendation comes despite the Department of Planning and Environment in September 2016 announcing... 

PAC again rejects Drayton South project

Atlas returns to profit in H1

By: Esmarie Swanepoel     Updated 6 hours ago Iron-ore miner Atlas Iron has swung back to a profit for the six months to December 31, on the back of increased underlying earnings before interest, taxes, depreciation and amortisation (Ebitda) and higher exports. Net profit for the interim period reached A$18.9-million, compared with a loss of... 

Regis adds 1Moz to resource base

By: Esmarie Swanepoel     Updated 6 hours ago Gold miner Regis Resources has struck a deal with fellow listed Aeris Resources to acquire the Blayney exploration project, in New South Wales, for A$3.25-million. The Blayney project covers 493 km2 and contains two gold deposits with a combined mineral resource of more than one-million ounces. 

MCA welcomes WTO trade facilitation agreement

By: Esmarie Swanepoel     Updated 6 hours ago The Minerals Council of Australia (MCA) has welcomed the entry into force of the World Trade Organisation’s (WTO's) trade facilitation agreement (TFA) as a significant milestone for the multilateral trading system. The WTO this week announced that more than 110 countries had ratified the TFA,... 

Oz profits fall as blackout reduces output

By: Esmarie Swanepoel     Updated 6 hours ago Copper-gold miner Oz Minerals has reported a fall in underlying net profit for the full year to December, compared with the previous corresponding period, as revenue fell. Underlying net profit reached A$134-million, compared with A$140-million for 2015. 

Industrial unrest brewing at CIL, risks production target

By: Ajoy K Das     Updated 6 hours ago Industrial unrest is once again brewing at Coal India Limited's (CIL's) operations with major trade unions threatening to disrupt the production and transportation of coal from mines across the country. The trade unions have opened up two fronts for direct action against CIL management and the... 

St Augustine certain Philippine mineral sharing accord will withstand legal scrutiny

By: Henry Lazenby     23rd February 2017 TSX-listed St Augustine Gold and Copper (SAGC) this week said its mineral production sharing agreement (MPSA), which covers the King-king copper/gold project in Mindanao, Philippines, will withstand legal scrutiny after authorities earmarked the permit for cancellation. The Philippine Department... 

Brazil's Vale to redeem next month $792m in bonds maturing in March 2018

By: Reuters     23rd February 2017 Vale, the world's largest iron-ore producer, will redeem next month €750-million of bonds that mature in March 2018. The company said in a securities filing on Wednesday the bonds will be redeemed on March 27. The early repayment is consistent with the company's debt reduction strategy, the... 

Global refined copper market saw wider deficit in November – ICSG

By: Henry Lazenby     23rd February 2017 The International Copper Study Group reports a global copper market deficit of about 90 000 t in November, up from the 64 000 t deficit in October. The November deficit was mainly attributable to a 3.5% increase in apparent Chinese demand in the first 11 months of 2016, the Lisbon, Portugal-based... 

Global refined copper market saw wider deficit in November – ICSG

Hudbay narrows loss as metals prices rise

By: Henry Lazenby     23rd February 2017 Canadian base metals producer Hudbay Minerals has reported a loss of $47.3-million, or $0.20 a share, for the three months to December 31, compared with a loss of $255.5-million for the comparable period a year earlier. For the full 2016, its loss narrowed to $35.2-million, $0.15 a share,... 

Lithium X's JV receives Argentinian pond construction permit

By: Henry Lazenby     23rd February 2017 Junior lithium explorer and project developer Lithium X's joint venture (JV) with Salta Exploraciones (SESA), at the flagship Sal de los Angeles project, in Argentina, has received permits to build an initial ponding facility. The Vancouver-based company this week said the initial ponding... 

BHP in for the long haul on Escondida strike as it eyes 30-day wait

By: Reuters     22nd February 2017 BHP Billiton's decision this week to give up its legal right to replace striking workers at the Escondida copper mine, in Chile, is a move aimed at sacrificing some output to undermine the union's position, analysts said Wednesday. The strike began on February 9, after workers voted... 

Primero’s shares fall on announcement of drop in contained reserves

By: Henry Lazenby     22nd February 2017 The TSX-listed stock of Canadian precious metals producer Primero Mining on Wednesday took a 10% knock after the company announced a 24% year-over-year decrease in gold reserves. The Vancouver-based company, which operates mines in Canada and Mexico, also reported a 20% year-on-year decrease in... 

Juniors struggling to survive amid several stumbling blocks

By: Dylan Slater     22nd February 2017 Various challenges are threatening the existence of junior miners in South Africa, mining and resources growth specialist company To-The-Point Growth Specialists partner Bernard Swanepoel told guests at the thirty-fifth edition of mining networking platform, Africa Mining Network (AMN), on... 

Juniors struggling to survive amid several stumbling blocks
Photo by Duane Daws
Bernard Swanepoel

Chamber notes Gordhan’s bemoaning of Section 54 stoppages 

By: Martin Creamer     22nd February 2017 The Chamber of Mines of South Africa has described Finance Minister Pravin Gordhan as having done an effective job of maintaining fiscal discipline with a budget deficit of 3.1% in these most trying of times. The chamber comments that the 2017/18 Budget demonstrates the truism that sustaining and... 

Pan African CEO accuses union of ‘blatantly false’ safety statements 

By: Martin Creamer     22nd February 2017 The CEO of the London Aim- and Johannesburg-listed precious metals and coal mining company Pan African Resources on Wednesday accused the National Union of Mineworkers (NUM) of making statements that were “blatantly false” on safety practice at the Evander gold mine in Mpumalanga. “I will not say... 

Mining Weekly Online’s Martin Creamer on results presentation of Pan African Resources by CEO Cobus Loots. Photographs: Duane Daws. Video: Nicholas Boyd. Video Editing: Lionel da Silva.

Perseus adjusts life-of-mine plan at Edikan

By: Megan van Wyngaardt     22nd February 2017 An updated life-of-mine plan at dual-listed Perseus Mining’s Edikan gold mine, in Ghana, has forecast a weighted average all-in site cost, including all direct production costs, royalties, waste stripping costs and sustaining capital expenditure, of $875/oz for the five-year period between July... 

Goldman says commodities need proof of demand to rally more

By: Bloomberg     22nd February 2017 Commodity markets will probably stay in a “holding pattern” until there are hard data showing real demand and shrinking stockpiles to support the recent price rally, according to Goldman Sachs Group, which expects such evidence to emerge in the second quarter. “Market positioning is now extremely... 

Eskom and Transnet need to borrow billions more

By: News24Wire      22nd February 2017 Eskom and Transnet need to borrow billions more than anticipated in 2016, National Treasury revealed in its 2017 Budget Review on Wednesday. Even as Eskom’s financial performance improved in 2015/16 as a result of a 12.7% tariff hike and a revenue increase by R10.5-billion to R161-billion, it... 

Eskom and Transnet need to borrow billions more

Transnet exec suspended after tender report

By: News24Wire      22nd February 2017 A senior Transnet executive has been put on special leave following a News24 report on a R10-million tender the State-owned company awarded to the executive's former boss. Transnet confirmed on Wednesday that Sandile Simelane, the head of Transnet Freight Rail's (TFR) corporate affairs... 

Congo said to get $100-million to clear China Moly purchase

By: Bloomberg     22nd February 2017 The Democratic Republic of Congo’s state mining company received $100-million as part of a settlement to drop its objections to the sale of the country’s biggest copper mine to Chinese buyers, according to people with knowledge of the agreement. The cash payment was made last month after... 

Pan African ups earnings, pays record dividend

By: Martin Creamer     22nd February 2017 Precious metals and coal producer Pan African Resources on Wednesday announced higher earnings and revenues, and a record dividend pay-out of R300-million, despite lower gold production in the six months to December 31. Earnings per share increased by 33.4% to 16.58c a share and the board... 

Pan African ups earnings, pays record dividend
Photo by Duane Daws
Pan African CEO Cobus Loots

Australia wage growth stays stubbornly weak, building bounces back

By: Reuters     22nd February 2017 Australian wage growth stayed stuck at record lows last quarter amid subdued demand for labour, a drag both on household spending power and on the course of inflation. The Australian Bureau of Statistics said on Wednesday that its wage price index rose just 0.5% in October-December, in line with... 

India’s iron-ore production poised for five-year high

By: Ajoy K Das     22nd February 2017 With the current financial year drawing to a close in little over a month, India's iron-ore production is poised to hit a five-year high. While official aggregate production data is not yet available, granular province-wide iron-ore production data indicate that India's iron-ore production for... 

Western Areas swings back to profit

By: Esmarie Swanepoel     22nd February 2017 Nickel miner Western Areas has swung back to profit in the half-year ended December 31, as earnings before interest, taxes, depreciation and amortization (Ebitda) improved by 58% over the previous corresponding period. Ebitda for the half-year reached A$29.5-million, resulting in net profit of... 

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South African mines need to adopt new mining methods

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Gold Fields set for ‘year of reinvestment’, announces R2.28bn South Deep growth plan

DRDGold injects R26m into environmental restoration, communities

DRDGold spends R26m in six months on environmental restoration

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