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Premier subsidiary buys Nevada project

By: Mariaan Webb     11th August 2020 Toronto-listed Premier Gold Mines on Monday announced that its Delaware subsidiary would buy a project in the Getchell gold belt, near Winnemucca, Nevada, for $50-million. The Getchell project is located at the intersection of the Getchell gold belt and the Battle Mountain-Eureka trend... 

Uncertain when Milnerton oil refinery will come back on stream ­ 

By: Martin Creamer     11th August 2020 Astron Energy’s oil refinery in Cape Town, where a fire broke out last month killing two people and injuring seven others, remains closed while a full investigation into the incident is carried out. The former Chevron 100 000 bbl/d Milnerton refinery – which with the Caltex brand now fall under... 

Eastplats lifts second-quarter revenue

By: Tasneem Bulbulia     7th August 2020 JSE-listed Eastern Platinum’s (Eastplats') revenue for the six months ended June 30 increased by 49% year-on-year to $23.5-million. Its operating loss, however, remained flat at $2.2-million, despite the production lost owing to measures implemented to halt the spread of Covid-19. 

Trevali accelerates T90 programme as its bolsters liquidity

By: Mariaan Webb     7th August 2020 Base metals miner Trevali has secured additional liquidity of up to $45-million from its long-term syndicate of lenders and its largest shareholder, Glencore. The Vancouver-headquartered company, which owns mines in Namibia, Burkina Faso, Peru and Canada, entered into a second amendment and... 

Glencore holds back on dividend, accelerates net debt reduction 

By: Martin Creamer     6th August 2020 Notwithstanding its cash-generative business and secure liquidity positions, the board of Glencore has concluded that it would be inappropriate to make a distribution to shareholders in 2020, Glencore CEO Ivan Glasenberg said on Thursday. Instead the London- and Johannesburg-listed diversified... 

Glencore’s strong first-half positions it for top-end marketing earnings 

By: Martin Creamer     31st July 2020 Diversified mining and marketing company Glencore has delivered an overall strong  first-half operating performance amid the unprecedented challenges presented by  Covid-19. “This reflects both the ability and dedication of our teams to adapt to these difficult conditions,” said Glencore CEO Ivan... 

Lundin Mining operations perform well in second quarter

By: Simone Liedtke     30th July 2020 Base metals miner Lundin Mining performed well in the second quarter, with copper output at all its operations higher than in the prior-year comparable quarter, despite the impact of the Covid-19 pandemic. The company increased copper output by 37% year-on-year to 65 285 t in the quarter under... 

Diamcor sells 2 427 ct, delays publication of financial statements

By: Simone Liedtke     30th July 2020 Junior diamond miner Diamcor Mining recently completed the tender and sale of 2 427 ct, generating gross revenues of $271 263, representing an average price of $111.87/ct. The TSX-V-listed miner says it is also continuing efforts to implement short-term operational changes and cost reduction... 

Cameco to restart Cigar Lake in early September

By: Mariaan Webb     29th July 2020 Canadian uranium major Cameco on Wednesday announced the planned restart of the Cigar Lake mine, in northern Saskatchewan. The mine will resume operations at the beginning of September, having been placed on care and maintenance on March 23, owing to the Covid-19 pandemic. CEO Tim Gitzel said... 

Eskom’s gross debt level increases to R480bn

By: Bloomberg     24th July 2020 Eskom Holdings' gross debt surged to R480-billion, after the struggling State-owned power utility borrowed from its lines of credit, documents seen by Bloomberg show. The increase, from a previously disclosed level of R454-billion, comes as the company struggles to meet running costs, including a... 

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