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Africa News

Higher export prices, weaker exchange rate to underpin Kumba’s interim financials

By: Simone Liedtke     14th May 2019 JSE-listed Kumba Iron Ore expects to deliver a stronger financial performance, underpinned by higher average iron-ore export prices and a weaker rand:dollar exchange rate for the six months ending June 30. Headline earnings and basic earnings for the period are expected to increase by 160%... 

Caledonia’s lower first-quarter production offset by FX gains, disposal

By: Marleny Arnoldi     14th May 2019 Gold miner Caledonia Mining, which owns 49% of the Blanket mine, in Zimbabwe, produced 11 948 oz of gold in the quarter ended March 31, an 8% year-on-year decrease as a result of lower grades but in line with expectations. Its consolidated operating profit before tax for the quarter, however,... 

Global energy investment out of step with security of supply, climate needs  

By: Terence Creamer     14th May 2019 A new report on global energy investment in 2018 points to an ongoing misalignment between approved expenditure on new fuel and power projects and meeting the twin goals security of supply and decarbonisation. The International Energy Agency’s (IEA’s) ‘World Energy Investment 2019’ report,... 

Global energy investment out of step with security of supply, climate needs
IEA executive director Fatih Birol

Platinum miners brace for labour clash in early Ramaphosa test  

By: Bloomberg     14th May 2019 When the world’s biggest platinum miners sit down with labour unions this month to negotiate a three-year wage deal, it could prove an early test of Cyril Ramaphosa’s new presidency in South Africa. An amicable outcome will bolster Ramaphosa -- the former mine union leader and one-time platinum... 

Platinum miners brace for labour clash in early Ramaphosa test

Gemfields warns about forced illegal mining ‘slavery’ in Mozambique

By: Marleny Arnoldi     13th May 2019 London-based Gemfields warned in a statement on Monday that illegal miners were putting their lives at risk and facing “modern slavery” in Mozambique, where the company owns 75% of Montepuez Ruby Mining (MRM). The coloured gemstones miner has observed increasing numbers of illegal miner pit... 

Copper production in Peru, Panama to offset lower output in Indonesia, Zambia

By: Marleny Arnoldi     13th May 2019 After having grown by 2.5% in 2018, global copper production is expected to remain essentially unchanged this year, but will grow by 1.9% in 2020, the International Copper Study Group (ICSG) said in its ‘Copper Market Forecast for 2019/20’, released on Monday. ICSG met with global copper... 

South Africa urged to use seasonal advantage to secure lower LNG prices from Mozambique 

By: Terence Creamer     13th May 2019 South Africa is failing to fully grasp the energy and economic significance of the impending development of the enormous gas reserves discovered in northern Mozambique since 2010, Standard Bank oil and gas specialist Paul Eardley-Taylor argues. Between 150- to 200-trillion cubic feet of gas has... 

South Africa urged to use seasonal advantage to secure lower LNG prices from Mozambique

ABM, Kalahari collaborate on Molopo Farms Complex exploration

By: Marleny Arnoldi     13th May 2019 Aim-listed African Battery Minerals (ABM) has entered into an earn-in agreement over a base metals and platinum group metals (PGMs) exploration opportunity in Botswana. ABM has acquired an 18.2% interest in Kalahari Key Mineral Exploration, which owns the Molopo Farms Complex project, for $194... 

Caledonia seeks clarity on gold support price in Zimbabwe

By: Marleny Arnoldi     13th May 2019 Caledonia Mining has requested clarity from Fidelity Printers & Refiners, in Zimbabwe, regarding a proposed new gold support price. Caledonia currently sells its gold production, through its Blanket Mine subsidiary, to Fidelity and is contractually entitled to receive a price that is derived... 

Platinum market set to move into deficit this year – Johnson Matthey 

By: Marleny Arnoldi     13th May 2019 The platinum market is expected to move into deficit this year, with a resurgence in investor activity to outweigh modest falls in industrial and jewellery demand, says Johnson Matthey in its latest platinum group metals market report. The science multinational company expects a tentative... 

Platinum market set to move into deficit this year – Johnson Matthey

Zimbabwe starts rolling power cuts, hitting mines, industry

By: Reuters     13th May 2019 Zimbabwe has started rolling power cuts lasting up to eight hours that will also hit mines, a schedule from the State power utility showed on Monday, after reduced output at both the largest hydropower plant and ageing coal-fired generators. The power cuts will add to mounting public anger... 

First-quarter platinum demand up 32% on surge in ETF holdings  

By: Nadine James     13th May 2019 Platinum demand increased by 32% year-on-year to 2.56-million ounces in the first quarter of this year, following a surge in investment demand, the World Platinum Investment Council noted in its latest ‘Platinum Quarterly’ report, released on Monday. Investment demand was high enough to offset... 

First-quarter platinum demand up 32% on surge in ETF holdings

Palladium's price gap over platinum needs to shrink – Nornickel 

By: Reuters     13th May 2019 The price gap between palladium and its sister metal platinum needs to shrink as number one platinum producer South Africa requires a higher price for the metal to keep investing in new supply, Russia's Norilsk Nickel said. Norilsk is the number one producer of palladium, accounting for more than... 

Ramaphosa's hard choice: a Cabinet to lift the South African economy   

By: Bloomberg     13th May 2019 South African President Cyril Ramaphosa’s triumph in guiding his African National Congress to a sixth straight election victory has left him with an even more formidable challenge: to pick a cabinet that can dismantle a shadow state of corruption and revive the flagging economy. His window of... 

Ramaphosa's hard choice: a Cabinet to lift the South African economy
Photo by Creamer Media's Dylan Slater
President Cyril Ramaphosa

Zambia tells Glencore to surrender copper shafts set for closure  

By: Bloomberg     13th May 2019 Zambia will order Glencore to hand local contractors control of two copper shafts that the company’s local unit has earmarked for closure. Glencore’s Mopani Copper Mines announced early on Friday that it will cease operations at the Mindola North Shaft and Central Shaft because “they have reached... 

Zambia tells Glencore to surrender copper shafts set for closure

World's coal miners may be digging themselves into another glut

By: Bloomberg     13th May 2019 A global push to dig new mines for steelmaking coal is drawing warnings that a supply glut could push the industry from a boom to a bust, mirroring the brutal 5-year price slump that ended in 2016. Coal’s use to generate electricity has declined precipitously in the US despite a revival push by... 

World's coal miners may be digging themselves into another glut

Bids open for Optimum, Koornfontein coal mines

By: Marleny Arnoldi     10th May 2019 The business rescue practitioners (BRPs) for the Optimum coal mine and the Koornfontein mines have put the assets back up for sale. The BRPs, along with major creditors, have set the closing date for the structured sales process at June 18.  

Bids open for Optimum, Koornfontein coal mines

Lonmin/Sibanye merger judgment set for Friday 

By: Martin Creamer     10th May 2019 The Competition Appeal Court judgment on the merging of Lonmin with Sibanye-Stillwater is expected to be handed down in the Cape High Court on May 17 at 10h00, Mining Weekly Online can today report. The appeal against the merger was brought by the Association of Mineworkers and Construction... 

Lonmin/Sibanye merger judgment set for Friday
Photo by Creamer Media
Lonmin-Sibanye merger seen as a perfect job-saving fit.

SSC says Vantage ‘misses’ court filing deadline in Lily, Barbrook sales dispute

By: Marleny Arnoldi     10th May 2019 Siyakhula Sonke Empowerment Corporation (SSC) on Friday reported that Vantage Goldfields South Africa had failed to file final papers in a Mpumalanga High Court proceeding on the stipulated May 3 deadline and that it had subsequently requested an extension to May 13. SSC CEO Fred Arendse... 

SSC says Vantage ‘misses’ court filing deadline in Lily, Barbrook sales dispute
Photo by Creamer Media
SSC CEO Fred Arendse

Eskom task team mulling new debt-relief options as it comes to terms with depth of crisis  

By: Terence Creamer     10th May 2019 The Eskom Sustainability Task Team – which has already had its proposal for the unbundling of the utility into three separate units accepted by government – is now finalising an updated report for President Cyril Ramaphosa which will include a financial recovery plan for the State-owned entity.... 

Eskom task team mulling new debt-relief options as it comes to terms with depth of crisis

LME appoints first female chairperson in its history

By: Reuters     10th May 2019 The London Metal Exchange (LME) has appointed Standard Chartered and ConocoPhillips board member Gay Huey Evans – the first female chairperson in its 142-year history. Evans, who is also on the board of Itau BBA International and has previously worked at Citi, Barclays Capital and the UK's... 

Abandoned gold mines a 'deadly panacea' for Zimbabwe's jobless

By: African News Agency      10th May 2019 At a small mining community in Battlefields near Kadoma, about 157 km south west of the capital, jobless people sit under trees to escape the burning sun. It is the same place where 26 artisanal gold miners perished underground when a dam upstream burst its walls and flooded tunnels. The tragedy... 

Lower chrome price, higher costs drag down Tharisa’s interim earnings

By: Marleny Arnoldi     10th May 2019 JSE- and LSE-listed platinum-group metals (PGMs) and chrome producer Tharisa expects to report basic earnings per share (EPS) and headline earnings per share (HEPS) of $0.04 apiece for the six months ended March 31. This is a decrease of 60% compared with the EPS and HEPS of $0.10 apiece... 

Low morale, management turnover hit Lonmin output

By: Martin Creamer     10th May 2019 Low morale and high management turnover hit the operational performance of Lonmin heavily in the six months to March 31. In reporting a 4%-reduced workforce to 29 812, Lonmin CEO Ben Magara reiterated his conviction that the consolidation of the company through the all-share Sibanye-Stillwater... 

Low morale, management turnover hit Lonmin output
Photo by Creamer Media
Lonmin CEO Ben Magara

Race for AngloGold assets may pit Sibanye against rival Harmony

By: Bloomberg     10th May 2019 Sibanye Gold faces competition from two rivals if it wants to buy South African gold mining assets that AngloGold Ashanti plans to sell. Sibanye, headed by South Africa’s prolific mining deal-maker, Neal Froneman, would be interested in purchasing AngloGold’s remaining mine in the country. But... 

Acacia hits back at parent Barrick in Tanzania row 

By: Reuters     10th May 2019 Acacia Mining on Thursday hit back at parent company Barrick Gold's allegation the miner was an obstacle to solving a long-running tax row in Tanzania. Barrick CEO Mark Bristow said in a results presentation on Wednesday that Acacia was not cooperating, prompting Acacia to demand clarification... 

Barrick excited about the DRC 

By: Martin Creamer     10th May 2019 Gold-mining company Barrick is excited about ongoing opportunities in the Democratic Republic of Congo (DRC), where it is making progress with the new mining code, Barrick president and CEO Dr Mark Bristow told Mining Weekly Online on Thursday. Bristow, whose Randgold Resources is now fully... 

Barrick excited about the DRC
Photo by Creamer Media
Barrick president and CEO Dr Mark Bristow

Mining industry’s image in tatters following deadly Brazilian tailings dam collapse

By: Rebecca Campbell     10th May 2019 At 1.00 PM, local time, on January 25 this year, the deactivated Tailings Dam 1 of the Córrego do Feijão (“Bean Stream”) iron ore mine, owned by Brazil’s world-renowned mining group Vale and located near the small town of Brumadinho in the Brazilian State of Minas Gerais, suddenly collapsed. The... 

Mining industry’s image in tatters following deadly Brazilian tailings dam collapse

South Africa’s mining production beats expectations

By: Simone Liedtke     9th May 2019 Even though mining production continued to contract in March, dropping by 1.1% year-on-year, the March performance is considerably better than the 7% contraction that economists forecast. The production decline softened unexpectedly against February’s 8.1% year-on-year plunge, revised upwards... 

Jubilee to maintain growth momentum with PlatCro coming into production

By: Simone Liedtke     9th May 2019 AltX- and Aim-listed Jubilee Metals on Thursday reported that the strong performance of the first quarter is expected to be maintained in the second quarter, as the PlatCro platinum group metals (PGMs) project is being brought into production at a targeted processing rate of 60 000 t/m. The... 

Exxaro sells Tronox shares for R2.9bn

By: Creamer Media Reporter      9th May 2019 NYSE-listed Tronox Holdings has bought back 14-million of its shares from South African coal miner Exxaro Resources for $200-million, or R2.9-billion, the companies confirmed on Thursday. Tronox repurchased the shares at $14.32 a share. 

PGMs operations offset strike-induced gold losses at Sibanye-Stillwater 

By: Simone Liedtke     9th May 2019 The first quarter of 2019 marked an important period for JSE- and NYSE-listed Sibanye-Stillwater, with the group having successfully navigated operational and financial challenges, including a five-month strike at its South African gold operations. The impact of the Association of Mineworkers... 

Acacia gold production rebounds at start of second quarter

By: Simone Liedtke     9th May 2019 London-listed Acacia Mining on Thursday reported a rebound in its production performance at the start of the second quarter, with the Tanzania-focused gold miner having produced 47 805 oz in April, which is 37% higher than the monthly average during the first quarter ended March. The improvement... 

AngloGold embarking on process to dispose of South African assets  

By: Martin Creamer     9th May 2019 Iconic South African gold-mining company AngloGold Ashanti said on Thursday that it was embarking on a process to review divestment options for its remaining South African assets. The company, headed by CEO Kelvin Dushnisky, said the process would consider all ownership options, with a view to... 

AngloGold embarking on process to dispose of South African assets
Photo by Bloomberg
AngloGold Ashanti CEO Kelvin Dushnisky

Gold Fields raises $1bn in two new bonds

By: Creamer Media Reporter      9th May 2019 South Africa-headquartered Gold Fields has concluded the raising of two new bonds totalling $1-billion. The new bonds comprise a $500-million, five-year bond with a coupon of 5.12% and a $500-million, ten-year bond with a coupon of 6.125%. The average coupon was 5.625%. 

Resources Watch  

9th May 2019 Mandela Mining Precinct enhancing collaboration And, Orion reawakening geological giant in Northern Cape 

Resources Watch
Resources Watch

Kinross evaluating Chile comeback, options for Mauritania expansion

By: Mariaan Webb     9th May 2019 Canada-based Kinross Gold is evaluating the potential for a return to long-term production in Chile and has completed the scoping study for the Lobo-Marte project, in the Maricunga district, about 80 km from its La Coipa mine. The scoping study results indicates that Lobo-Marte could produce... 

Job creation, energy and a new fluorspar mine make headlines  

9th May 2019 Mining Weekly Editor Martin Creamer joins me this week to unpack South Africa’s opportunities in job creation, energy transition and a new fluorspar mine.   

Job creation, energy and a new fluorspar mine make headlines
Job creation, energy and a new fluorspar mine make headlines

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