R/€ = 15.52 Change: 0.02
R/$ = 13.92 Change: -0.06
Au 1416.90 $/oz Change: -10.80
Pt 852.80 $/oz Change: 2.32

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Kumba's interim dividend at 98% of HEPS 

By: Marleny Arnoldi     23rd July 2019 JSE-listed Kumba Iron Ore has declared a dividend of R30.70 a share for the six months ended June 30, which adds up to R9.9-billion in shareholder returns. CEO Themba Mkhwanazi on Tuesday said the payout represents a ratio of 98% of headline earnings per share (HEPS), above the company’s base... 

Kumba's interim dividend at 98% of HEPS
Photo by Creamer Media's Dylan Slater
Kumba CEO Themba Mkhwanazi

Zambia presses on with liquidating Vedanta unit assets despite ruling 

By: Reuters     23rd July 2019 Zambia said on Tuesday it was proceeding with the liquidation of Vedanta Resources’ Konkola Copper Mines (KCM) even after South Africa's High Court granted the firm an urgent interdict halting the liquidation until a final decision is made through arbitration. Mines Minister Richard Musukwa said... 

Mboweni warns extra R59bn allocated to Eskom comes at 'huge' cost to fiscus 

By: Kim Cloete     23rd July 2019 Finance Minister Tito Mboweni has allocated an additional R26-billion to debt-ridden Eskom for 2019/20 and R33-billion for 2020/21 in a bid to help the utility meet its financial obligations. “Eskom’s funding plan is dependent on Eskom raising additional finance from the market, which in turn... 

Mboweni warns extra R59bn allocated to Eskom comes at 'huge' cost to fiscus
Finance Minister Tito Mboweni

Transnet and IFC team up in effort to catalyse Richards Bay LNG PPP  

By: Terence Creamer     23rd July 2019 The International Finance Corporation (IFC) has made a $2-million cost-sharing commitment to support the completion, by Transnet, of a feasibility study into the development of a liquefied natural gas (LNG) storage and regasification terminal at the Port of Richards Bay, in KwaZulu-Natal by 2024.... 

In this video, IFC and Transnet officials outline the central role that the private sector is expected to play in the construction and operation of new liquefied natural gas (LNG) infrastructure at the Port of Richards Bay, in KwaZulu-Natal. The proposed project is the subject of a feasibility study that is being jointly funded by the two organisations. It is proposed that the LNG infrastructure be developed by a private-sector-led special purpose vehicle, which will emerge following a competitive bidding process. Camera Work & Editing: Darlene Creamer. Recorded: 23.7.2019

Guinea seeks developers for Simandou iron-ore deposit

By: Reuters     23rd July 2019 Guinea has launched an international tender for blocks 1 and 2 of Simandou, giving companies until August 2 to outline their bids, as the country seeks to revive interest in the world's largest undeveloped iron ore deposit. Guinea's aspirations to develop Simandou have foundered because of the... 

Guinea seeks developers for Simandou iron-ore deposit

Universal reports 19% rise in production

By: Esmarie Iannucci     23rd July 2019 Coal miner Universal Coal has reported a 19% increase in production during the three months to June, compared with the previous corresponding period, on the back of the integration of the North Block Complex, in South Africa. Run-of-mine production for the quarter reached 2.4-million tonnes,... 

BHP to invest heavily in climate change research

By: Esmarie Iannucci     23rd July 2019 Diversified major BHP will spend $400-million, over a five-year period, on a climate investment programme to develop technologies to reduce emissions from mining operations. “Over the next five years this program will scale-up low carbon technologies critical to the decarbonisation of our... 

BHP to invest heavily in climate change research
BHP CEO Andrew MacKenzie

Walkabout aims for Lindi Jumbo project to be in production by end-2020

By: Simone Liedtke     23rd July 2019 Graphite project developer Walkabout Resources is planning to have its flagship Lindi Jumbo graphite project, in Tanzania, in production towards the end of 2020, following completion of a total funding package, which is expected to occur within the next quarter. The funding package, CEO Trevor... 

Walkabout aims for Lindi Jumbo project to be in production by end-2020
Walkabout Resources' flagship Lindi Jumbo graphite project, in Tanzania

Sanbrado mining convention falls into place

By: Esmarie Iannucci     23rd July 2019 ASX-listed West African Resources has received a mining convention for its Sanbrado gold project from Burkina Faso’s Council of Ministers. MD Richard Hyde on Tuesday said that the finalisation of a mining convention marked a significant milestone for the development of Sanbrado, and sets the... 

Shanta’s Ilunga underground mine achieves commercial production

By: Simone Liedtke     23rd July 2019 Aim-listed Shanta Gold’s Ilunga underground mine, at the New Luika gold mine (NLGM), in Tanzania, has achieved commercial production on schedule and within budget, the East Africa-focused gold miner has announced. Ilunga underground has a probable ore reserve of 660 500 t at 5.56 g/t for 118 000... 

Canyon raises A$4m for bauxite PFS

By: Esmarie Iannucci     23rd July 2019 Junior Canyon Resources has raised A$4-million through a share placement to sophisticated and professional investors to fund a prefeasibility study at its Minim Martap bauxite project, in Cameroon. The company placed 25-million shares, at a price of 16c each, to raise the capital, with the... 

IronRidge receives ‘high-grade’ gold results at Côte d'Ivoire project

By: Simone Liedtke     23rd July 2019 Aim-listed IronRidge Resources on Tuesday announced that “high-grade” gold results have been returned from its Zaranou gold licence in Côte d'Ivoire. COO Len Kolff said receiving consistent and high-grade channel and rock-chip sampling results from an early-stage reconnaissance programme over the... 

PIC lost $333m through 'poor investment' in Erin Energy

By: Bloomberg     23rd July 2019 The former head of Africa’s largest money manager said the company lost $333-million after a “poor investment” in Erin Energy Corporation, accusing the US oil explorer of deliberately withholding information about its prospects ahead of a listing in Johannesburg. South Africa’s Public Investment... 

Aspiring rare-earth producers should focus on niche products – F&S

By: Creamer Media Reporter      23rd July 2019 Aspiring rare earth material producers aiming to compete with the likes of Australia’s Lynas Corporation and Iluka Resources will have to focus on manufacturing customised products for clients to break into the market. This is according to research and consulting firm Frost and Sullivan (F&S),... 

Greece seeks to kickstart stalled Eldorado gold mine investment

By: Reuters     Updated 34 minutes ago Greece's recently-elected government wants a stalled gold mine investment by Canada's Eldorado to be revived, its energy minister said on Tuesday after meeting company executives. Vancouver-based Eldorado has two operating mines and two development projects in northern Greece but has struggled... 

Grupo Mexico says expects no operational impact from Guaymas suspension

By: Reuters     Updated 35 minutes ago Mining and transport firm Grupo Mexico said on Tuesday that it does not expect its operations to be impacted by the partial closing of its Guaymas facility on the Gulf of California. Mexico's environmental prosecutor Profepa said on Saturday that it had ordered the partial and temporary closure... 

US Interior Secretary visits Nevada Gold Mines

By: Creamer Media Reporter      Updated 41 minutes ago US Secretary of the Interior David Bernhardt on Tuesday visited Nevada Gold Mines’ Cortez mine where he saw first-hand the Deep South expansion project, a highlight of the department’s expedited permitting process The Deep South project will extend the life of Cortez, which has been in... 

The world’s top gold miner has a new CEO from Oct 1

By: Creamer Media Reporter      Updated 1 hour 2 minutes ago Gold major Newmont Goldcorp on Tuesday announced that former COO Tom Palmer would succeed Gary Goldberg as president and CEO on October 1. Palmer, who is currently president, was previously named as successor to Goldberg, who will retire after more than seven years of service to the gold major. 

The world’s top gold miner has a new CEO from Oct 1
Tom Palmer

Bristow meets Senegal President to discuss Massawa

By: Mariaan Webb     Updated 1 hour 14 minutes ago Toronto-headquartered miner Barrick Gold is “committed to delivering” the Massawa gold project and is working with the Senegal government on “how best to bring the gold project to account”, CEO Mark Bristow said on Tuesday. His comments follow a meeting with Senegal President Macky Sall earlier... 

Bristow meets Senegal President to discuss Massawa
Barrick CEO Mark Bristow

DBSA issues statement on departure of Breytenbach as IPP Office head

Updated 6 hours ago Below is the full statement, released by the Development Bank of Southern Africa (DBSA), following news that Karen Breytenbach had been asked to leave her post as head of the Independent Power Producers Office. 

SilverCrest announces C$22m financing, SSR to maintain interest

By: Creamer Media Reporter      23rd July 2019 Precious metals exploration company SilverCrest has announced that it will raise C$22-million in bought deal financing, the proceeds of which will be used for advancing the Las Chispas project, in Sonora, Mexico, to feasibility study level. SilverCrest, which trades on the TSX-V, entered into an... 

Aluminium producers in Canada cash in on US tariff exemption

By: Reuters     23rd July 2019 Canada's exemption from US tariffs on imports of aluminium metal has boosted earnings at the Canadian operations of companies such as Rio Tinto and Alcoa, but has not cut costs for US consumers. In May, the US lifted the Section 232 tariff of 10% imposed on Canadian imports of aluminium, a vital... 

Aluminium producers in Canada cash in on US tariff exemption

Iamgold intersects 'bonanza' grades at Monster Lake JV

By: Mariaan Webb     23rd July 2019 Canadian gold major Iamgold on Tuesday announced the assay results from 16 drill holes completed in the 2019 winter drilling programme at the Monster Lake joint venture that it shares with TomaGold near Chibougamau, Quebec, including “bonanza-grade intersections”. The 2019 drilling programme set... 

Condor granted extra time to acquire land for project in Nicaragua

By: Creamer Media Reporter      23rd July 2019 Dual-listed Condor Gold has been granted an extension to the timeframe to acquire land in Nicaragua or to reach legal agreements with landowners for a new mine producing 80 000 oz/y to 100 000 oz/y. Condor Gold in August last year received an environmental permit to operate a mine processing up... 

Trump enlists Pentagon on rare-earth magnets amid Chinese threat

By: Bloomberg     23rd July 2019 President Donald Trump on Monday ordered the US Defense Department to spur the production of a slew of rare-earth magnets used in consumer electronics, military hardware and medical research, amid concerns China will restrict exports of the products. Trump invoked the 69-year-old Defense... 

Fission studies underground-only option at PLS

By: Mariaan Webb     23rd July 2019 Mineral exploration company Fission Uranium is studying the merits of an underground-only approach at its flagship Patterson Lake South (PLS) project, in Saskatchewan, the Kelowna, British Columbia-based firm announced on Tuesday. Potential benefits of an underground-only approach include low... 

South African court orders Zambia to halt liquidation of Vedanta unit assets

By: Reuters     23rd July 2019 South Africa's High Court on Tuesday granted Vedanta Resources an urgent interdict halting the liquidation of its Konkola Copper Mines (KCM) unit in Zambia until a final decision is made through arbitration. Vedanta has been locked in a dispute with the Zambian government since May when it... 

Bulletin buys Lake Rebecca

By: Esmarie Iannucci     23rd July 2019 ASX-listed Bulletin Resources has reached an agreement with Matsa Resources to acquire an 80% stake in the Lake Rebecca gold project, in Western Australia. Bulletin will make a cash payment of A$125 000 to Matsa, and has agreed to a 1% net smelter royalty on all minerals produced at the... 

Shanshan takes greater stake in Altura

By: Esmarie Iannucci     23rd July 2019 Chinese firm Ningbo Shanshan has increased its stake in ASX-listed Altura Mining from 11.8% to 19.4%, through a further A$22.4-million investment. Altura on Tuesday told shareholders that it will issue Shanshan 200-million fully paid ordinary shares at a price of 11.2c each, making the Chinese... 

SSR buys partner’s stake in Argentina mine

By: Creamer Media Reporter      23rd July 2019 Nasdaq- and TSX-listed silver miner SSR Mining will buy the remaining 25% shareholding in the Puna operation, in Argentina, from TSX-V-listed Golden Arrow Resources for $34-million. Upon closing of the transaction, SSR will own 100% of Puna – a joint venture that was formed through the... 

Oz on track with full-year plans

By: Esmarie Iannucci     23rd July 2019 Copper and gold miner Oz Minerals is on track to reach full year production, with its Carrapateena project scheduled for first concentrate delivery in the fourth quarter of this year. Oz Minerals on Tuesday reported that copper production for the second quarter ended June had reached 28 525 t,... 

Blackham sells Lake Way assets

By: Esmarie Iannucci     23rd July 2019 ASX-listed gold miner Blackham Resources has struck a A$10-million deal with fellow-listed Salt Lake Potash to sell its Lake Way tenements, in Western Australia, cancel its brine royalty and provide certain water rights. The two companies have been cooperating on their respective projects in... 

Blackham sells Lake Way assets

Auris earns majority stake in Cheroona JV

By: Esmarie Iannucci     23rd July 2019 Junior base metals explorer Auris Minerals has earned a 70% stake in the Cheroona joint venture (JV), in Western Australia, with gold miner Northern Star Resources. The farm-in agreement was struck in 2013, with Auris sole funding an initial A$500 000 to earn a 51% interest. The company has now... 

Power Metal concludes field exploration at Cameroon project

By: Tasneem Bulbulia     22nd July 2019 Aim-listed battery metal exploration and development company Power Metal Resources (PMR) has concluded field activities for a pitting, mapping and sampling programme at its 100% owned cobalt/nickel project in Cameroon. PMR in 2018 acquired licence interests in south-eastern Cameroon, including... 

Grindrod recovers locomotives from Sierra Leone

By: Tasneem Bulbulia     22nd July 2019 JSE-listed freight and financial services company Grindrod has, this month, taken delivery of 20 of its locomotives that had been recovered and transported from Sierra Leone to the Port of Durban. The locomotives had been contracted in 2012 for hauling iron-ore from the Tonkilili mine to Pepel... 

Grindrod recovers locomotives from Sierra Leone

Brits inland terminal moved 100 000 t of chrome in June

By: Marleny Arnoldi     22nd July 2019 State-owned Transnet Port Terminals’ (TPT’s) Pendoring inland terminal, in Brits, exceeded its monthly average throughput, moving 100 000 t of chrome, in June. TPT said in a statement on Monday the terminal generally moves about 90 000 t a month of chrome.  

Coal to Newcastle: Residents say mine puts them in danger

By: News24Wire      22nd July 2019 Residents of Blaauwbosch village in Newcastle, who live near an old coal mine where informal mining takes place, say they are fed up with empty promises by the government and local politicians. They told GroundUp they want to be moved elsewhere. The residents say the walls of their houses are... 

Amplats targeting largest fuel cell truck, mulling renewable energy   

By: Martin Creamer     22nd July 2019 Platinum group metals mining and marketing company Anglo American Platinum, which recorded a spectacular 120% increase in half-year headline earnings per share, is screening the opportunities to use fuel cell trucks in its fleet. The cash-rich company has declared an interim dividend of... 

Anglo American Platinum first-half results presentation covered by Mining Weekly Online’s Martin Creamer. Video: Creamer Media’s Nicholas Boyd. Photographs: Creamer Media’s Dylan Slater

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