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Eskom CEO resigns for health reasons

26th May 2019 The chief executive of South Africa’s struggling power utility Eskom, Phakamani Hadebe, said on Friday he was stepping down for health reasons after leading efforts to stabilise the highly indebted state firm. Eskom is regularly cited by ratings agencies as one of the main threats to the... 

Barrick's offer for control of Acacia Mining reflects risk – CEO

24th May 2019 Barrick Gold's offer to buy the rest of Acacia Mining reflects the risk the Canadian-listed mining company faces in increasing its exposure to Tanzania, its chief executive said on Friday. Barrick, which owns 63.9% in London-listed Acacia, on Tuesday proposed to buy out the minority shareholders... 

Vedanta-Konkola liquidation case adjourned to June 4

24th May 2019 A court hearing between Vedanta, its Konkola Copper Mines business (KCM) and the Zambian government over control of KCM, was adjourned on Friday until June 4, a lawyer said. Vedanta is fighting the government's attempt to seize KCM, which is one of the biggest employers in Zambia, Africa's second... 

Stoppage at Newmont Goldcorp mine costs Mexico millions daily - Minister

24th May 2019 Ongoing stoppages at Newmont Goldcorp Corp's Penasquito gold mine in Mexico are costing "millions" every day to both public coffers and the company, a Mexican Minister said on Thursday, urging a solution that will restart operations. Speaking to reporters in Mexico City, Francisco Quiroga, the... 

Zambia's mines minister orders regular audits at all mines

24th May 2019 Zambia will carry out regular audits at all mines to avoid any repeat of the situation at Vedanta unit Konkola Copper Mines (KCM), which has breached the terms of its licence, the mining ministry said on Thursday. Zambian President Edgar Lungu said on Monday the government planned to strip KCM of... 

Zambia's Chamber of Mines warns of 'drastic' fall in copper output

23rd May 2019 Zambia's 2019 copper output could be as much as 100 000 t lower than last year as changes to mining tax drive miners to cut production, the Chamber of Mines said on Thursday. "Present forecasts are that copper production, both concentrate and finished copper, will now be drastically lower than... 

Barrick's buyout offer for Acacia unit irks minority shareholders

23rd May 2019 Barrick Gold's proposal to take full control of its Acacia Mining Plc unit to resolve a long-standing tax dispute with Tanzania has drawn the ire of Acacia's minority shareholders, who may have the ultimate vote on a deal. Barrick's offer values Acacia at $787-million, a near 11% discount to its... 

Zimbabwe awards platinum concession to firm linked to Nigerian billionaire

23rd May 2019 Zimbabwe has awarded a concession to explore for and mine platinum to a company linked to a Nigerian billionaire as the country speeds up investment in a mining sector it hopes will transform the country's struggling economy. The concession comes just over a year after President Emmerson... 

Gold miners must focus on returns, mergers to attract investment - Barrick CEO

22nd May 2019 Gold miners must focus on maximising returns and more mergers to attract investors seeking to diversify after years of under-investing in mines, Barrick Gold's chief executive said on Wednesday. "The industry is in decline and we have put ourselves in a very a tight spot because we haven't... 

Zimbabwe mine output subdued in first quarter as dollar crunch bites

22nd May 2019 Zimbabwe's mining sector was subdued in the first quarter due to a severe dollar crunch that affected production, with gold the most hit, the mining chamber said, adding some bullion miners had experienced recently introduced power cuts. Mining generates most of the export earnings for the... 

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