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Randgold keen on DRC mining code review, partnerships to develop young industry

By: Creamer Media Reporter      23rd June 2017 LSE-listed Randgold Resources on Friday said the mining industry would welcome a review of the Democratic Republic of the Congo's (DRC’s) existing mining code in a “young” industry still open to development. However, this review needs to be subject to an inclusive debate, with government and the... 

Glencore increases offer for Rio Tinto’s C&A assets

By: Megan van Wyngaardt     23rd June 2017 In light of reports on Tuesday that diversified miner Rio Tinto urged its shareholders to vote in favour of the sale of its wholly-owned subsidiary Coal & Allied Industries (C&A) to Yancoal Australia, as opposed to electing the counter offer from Glencore, the latter has raised its offer to... 

Mining Charter violates shareholder rights – Hogan Lovells

By: Martin Creamer     23rd June 2017 Mining Charter Three’s arbitrary increase of empowerment shareholding to 30% violates the property rights of shareholders, and the new charter’s requirement to pay 1% of yearly turnover is not expected to survive challenges under the Companies Act and the Constitution. Property rights under the... 

Bobcat Equipment South Africa to grow rental, aftermarket offering

     23rd June 2017 Bobcat Equipment South Africa, part of the Goscor Group, will leverage its main complementary brands to drive growth in the rental and aftermarket segments, according to incoming Managing Director Barry Owen. With close over 100 machines on rental in the Johannesburg area alone, Owen highlights... 

West African Resources secures C$15m for exploration drilling at Sanbrado

By: Megan van Wyngaardt     23rd June 2017 Dual-listed West African Resources has entered into an agreement with Sprott Capital Partners to act as lead underwriter for the purchase of 46.8-million ordinary shares at C$0.32 apiece, to raise C$15-million. The underwriters will also have the option to acquire up to an additional... 

BMR Group raises funds to further fund Kabwe construction

By: Megan van Wyngaardt     23rd June 2017 BMR Group has, through the placement of 9.3-million new ordinary shares at 3.75p apiece, raised £350 000 before expenses. The Aim-listed company will use the proceeds to further its Kabwe lead and zinc mine, in Zambia, where civil construction works are under way. 

Global aviation industry increasing focus on cyber threats

By: Keith Campbell     23rd June 2017 The global aviation industry is increasingly focusing on cybersecurity. “Cybersecurity … has become a  major concern,” highlighted International Air Transport Association (Iata) regional VP: Africa and the Middle East Muhammad Ali Albakri at a recent media briefing at OR Tambo International... 

Glencore paid $4bn in taxes, royalties in 2016

By: Natasha Odendaal     23rd June 2017 Triple-listed Glencore on Friday reported it had paid some $4-billion in taxes and royalties to governments in 2016. Some $1.78-billion related to payments in respect of the extractive activities under the reporting requirements of the European Union (EU) directive, the mining giant’s yearly... 

Red Rock acquires 30% stake in Bosnia alloy producer

By: Megan van Wyngaardt     23rd June 2017 Red Rock Resources has entered into agreements to acquire a 30% interest in strategic alloy producer Steelmin and to fund the completion of refurbishment and recommissioning of Steelmin’s ferrosilicon smelter in Jajce, Bosnia. Red Rock has agreed to provide Steelmin with a €3.8-million... 

Ncondezi secures funding while it seeks a new JV partner

By: Megan van Wyngaardt     23rd June 2017 Aim-listed coal miner Ncondezi Energy has raised an additional $582 000 from existing lenders and senior management to fund the search for a new partner and to provide working capital for the group. The miner, which is developing the Ncondezi coal mine, in Mozambique’s Tete province, is seeking a... 

Poland thermal coal output to bounce back but EU emissions cap poses a risk

By: Mariaan Webb     23rd June 2017 Poland’s thermal coal sector is set for several years of growth, supported by a commitment to expand coal-fired power generation capacity. However, the outlook for coking coal is less rosy, owing to waning demand from the steel industry. BMI Research states in a research note that thermal coal,... 

Q3 ferrochrome price settles at 110c/lb – Merafe

By: Natasha Odendaal     23rd June 2017 JSE-listed Merafe Resources on Friday announced a decrease in the third quarter ferrochrome price. The European benchmark ferrochrome price decreased 28.6% from 154c/lb for the second quarter to 110c/lb for the third quarter. 

Much progress in mineworker housing delivery but more needs to be done

By: Ilan Solomons     23rd June 2017 Many migrant employees do not want to permanently settle in mining towns, but prefer to maintain their homes in the rural areas and return to them, says the Chamber of Mines (CoM) of South Africa, citing its research and experience in the industry. “Providing permanent urban dwellings, as well as... 

Norman Seymore

     23rd June 2017 This week we feature Norman Seymore, CEO of Chryso Southern Africa and abe Construction Chemicals, as well as executive VP of Chryso Group, responsible for Africa and the Middle East. The group specialises in construction chemicals and construction systems   

Company to expand its fastener market share

By: Robyn Wilkinson     23rd June 2017 Industrial equipment supplier Rutherford’s fastener division FTS Fasteners and Fixings is working steadily to expose its customers to its new product range and aims to increase its South African fastener market share by increasing the product range, improved stockholdings as well as through... 

Infrastructure development key to accelerating growth, Gama avers

By: Mia Breytenbach     23rd June 2017 Industrialisation and the provision of infrastructure will accelerate Africa’s economic growth, says State-owned logistics provider Transnet CEO Siyabonga Gama. Speaking at the International Heavy Haul Association (IHHA) Conference promotion breakfast, in Johannesburg, earlier this month, he... 

Salga calls on municipalities to comply with audit outcomes

By: Anine Kilian     22nd June 2017 The South African Local Government Association (Salga) has reiterated its call for action to be taken against municipalities that do not comply with audit outcomes, stating that municipalities that have irregular outcomes should face consequences. The latest municipal audit outcomes of local... 

Civil society takes Atha-Africa to court

By: Megan van Wyngaardt     22nd June 2017 A coalition of eight civil society and community organisations has launched proceedings in the Pretoria High Court against India-owned mining company Atha-Africa Ventures, asking the court to stop the miner from starting any activities inside the Mabola protected environment, located outside... 

Maile’s 2017 budget to focus on jobs

By: Natasha Odendaal     22nd June 2017 Gauteng will continue its focus on intervening decisively to resolve the bottlenecks facing various industry sectors to save and create jobs at a time when the unemployment rate in the province remains high. Economic Development and Agriculture and Rural Development MEC Lebogang Maile on Thursday... 

Golden Saint recovers 14 diamonds from Tongo

By: Megan van Wyngaardt     22nd June 2017 West Africa-focused diamond and gold exploration company Golden Saint has recovered 14 diamonds, weighing a total of 10.46 ct, from its Tongo licence, in Sierra Leone. The diamonds range from 0.25 ct to 2.15 ct apiece, while some 23.62 g of alluvial gold was also recovered from the gravels treated. 

Afarak Mogale shuts down furnaces for maintenance

By: Megan van Wyngaardt     22nd June 2017 Vertically integrated specialty alloys producer Afarak Mogale is temporarily shutting down its P1 furnace at the Mogale Alloys processing plant for unscheduled maintenance. The dual-listed company said on Thursday that the furnace would not be operational between July 24 and the end of August;... 

South32 awards R158m coal contract to 100% black-owned mining firm

By: Martin Creamer     22nd June 2017 Diversified mining company South32 has awarded a three-year, R158-million contract at the Wolvekrans Middelburg Complex to 100% black-owned Modi Mining, which aims to source up to 90% of its labour from the nearby communities. The award marks an advance on the ASX- and JSE-listed company’s plans... 

Oakbay faces possible JSE suspension

By: Megan van Wyngaardt     22nd June 2017 Gupta-owned investment holding company Oakbay Resources and Energy is facing a possible suspension in the trading of its shares on the JSE, owing to the resignation of an independent nonexecutive director and audit committee chairperson, as well as the resignation of its sponsor and transfer... 

Ortac gets go ahead to restart Slovakian gold project

By: Megan van Wyngaardt     22nd June 2017 The Slovakia Main Mining Bureau will re-issue an underground mining permit for Ortac Resources’ Šturec gold project. This will allow for a restart of the mine, which had historically been mined by State-owned companies. 

Trans-Siberian secures a further $5m

By: Megan van Wyngaardt     22nd June 2017 Trans-Siberian Gold’s wholly owned subsidiary ZAO Trevozhnoye Zarevo (TZ) on Thursday entered into a three-year agreement with VTB Bank for an additional $5-million debt facility. The company on Wednesday secured a five-year $15-million facility with the bank, aimed at repaying two existing loan... 

Novo Litio in trading halt pending Sepeda news

By: Mariaan Webb     22nd June 2017 Lithium project developer Novo Litio entered into a trading halt on the ASX on Thursday, pending the outcome of news regarding the status of its Sepeda project, in Portugal. The trading halt will be in place until Monday at the latest. 

The story behind the partial restart of Highveld Steel 

     22nd June 2017 There are some signs of life at the vast Highveld Steel complex, in Mpumalanga, where all production at was halted in 2015 after the country’s second-largest steelmaker was placed into business rescue. 

WG Wearne, Elcu transaction deemed fair

By: Megan van Wyngaardt     22nd June 2017 The sale of JSE-listed WG Wearne’s Brandvlei Sand Quarry and its ancillary business to Elcu Pumps has been declared fair by BDO Corporate Finance, WG Wearne said on Thursday. The companies in April entered into the R7-million transaction, which forms part of WG Wearne’s restructuring plan to sell... 

Firestone increases guidance as Liqhobong throughput rises

By: Megan van Wyngaardt     22nd June 2017 Firestone Diamonds now expects to recover around 360 000 ct of diamonds in the financial year ending June 30, against April’s guidance of 300 000 ct, owing to operational ramp-up at its Liqhobong mine, in Lesotho, achieving nameplate throughput capacity on multiple occasions since the start of... 

$140m EBRD loan for Polymetal’s Kyzyl gold mine

By: Mariaan Webb     22nd June 2017 Precious metals miner Polymetal has secured a $140-million loan to finance the remaining capital expenditure for its Kyzyl project, paving the way for operations at the 300 000 oz/y Kazakhstan gold mine to start in the third quarter of 2018. The loan agreement with the European Bank of... 

New Mining Charter a catalyst for more inclusive economy, says Zwane

By: African News Agency      22nd June 2017 Mineral Resources Minister Mosebenzi Zwane has said the controversial 2017 Mining Charter gazetted last week was meant to be a catalyst that provides practical expression to the country’s goal of a more inclusive economy. “We encourage the young people who are the future of this country to... 

Armadale trenching programme Intercepts high-grade graphite

By: Anine Kilian     21st June 2017 A trenching programme at Aim-listed Armadale Capital’s Mahenge Liandu graphite project, in Tanzania, has intersected high-grade, coarse-flake mineralisation over a width of 73 m.   Three additional trenches are being excavated to support structural modelling of the deposit and prioritise... 

Black Mountain Resources raises $1m for Uganda mine

By: Megan van Wyngaardt     21st June 2017 Vermiculite miner Black Mountain Resources has raised $1-million, with the funds to be immediately deployed to delivering operational improvements at its Namekara mine, in Uganda. The ASX-listed miner said the funds were raised through the placement of 25-million fully paid ordinary shares at... 

eXtract Group, enX provide further details of restructure

By: Megan van Wyngaardt     21st June 2017 As part of its restructure and recapitalisation, contract miner eXtract Group’s wholly-owned subsidiary MCC Contracts will remain indebted to enX Group for R250-million, with the remaining R1.87-billion MCC owes to enX to be repaid by enX subscribing for new ordinary shares in MCC. enX then plans... 

Resgen draws down Noble facility, progresses funding talks

By: Natasha Odendaal     21st June 2017 JSE- and ASX-listed Resource Generation (Resgen) has confirmed the payment of $2.74-million through its second drawdown under the extended facility agreement with Noble Resources International, while work continues to secure project funding. In March, Resgen obtained an extension of its... 

Mining Charter exposing South African economy to GATT angst  

By: Martin Creamer     21st June 2017 The procurement rules of the new Mining Charter may violate South Africa’s obligations under the General Agreement on Tariffs and Trade (GATT), exposing the country to challenges by other member states of the World Trade Organisation (WTO), Herbert Smith Freehills lawyers Peter Leon and Patrick... 

AMSA’s shareholding in CoAL decreases to below 5%

By: Megan van Wyngaardt     21st June 2017 Coal of Africa Limited (CoAL) on Wednesday said ArcelorMittal South Africa (AMSA) was no longer classified as a substantial shareholder in the miner. AMSA’s shareholding in CoAL has decreased to 126-million ordinary shares, or 4.93% of CoAL’s shares. 

City Power again urges citizens to report meters that have been tampered with

By: Megan van Wyngaardt     21st June 2017 The window of opportunity for Johannesburg residents to register an electricity meter that has been tampered with will close on June 30, City Power warned on Wednesday. The Johannesburg-based power utility urged customers who have such meters to register these at its head office, or at their... 

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