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Excitement palpable as SATC 2017 nears

     27th June 2017 Now just two weeks away, the 36th edition of the SATC (Southern African Transport Conference), promises to delight attendees, exhibitors, speakers and students alike.   This year’s theme, ‘Southern African Solutions to Public Transport Challenges’ will no doubt provide much food for thought and... 

Glencore's long hunt for Rio Tinto's coal mines slips away

By: Bloomberg     27th June 2017 Glencore’s years-long pursuit for a bigger Australian coal business was delivered another setback on Monday after Rio Tinto Group passed on the company’s offer for a second time. Now the mining giant run by a former coal trader is running out of time to come back with a better offer or lose out... 

Shorts pile into cash-strapped Lonmin as platinum flounders

By: Bloomberg     27th June 2017 The last time there was so much short-selling on Lonmin Plc, the platinum miner was weeks away from a life-saving rights issue. At 14% of the total outstanding shares, Lonmin is the seventh-most-shorted stock on the 645-member FTSE All-Share Index, according to data compiled by Markit. That... 

Mkango aims for rare earths production from 2020

By: Reuters     27th June 2017 Canada's Mkango Resources , one of a handful of rare earth miners outside China, aims to start production in Malawi in 2020 to catch an expected leap in demand for the metals that are used in electric vehicles and other new technologies. Demand for rare earths, which range from neodymium used in... 

Gold plunges as 1.8Moz traded in a New York minute

By: Bloomberg     26th June 2017 Gold sank like a stone at 09:00 in London after a huge spike in volume in New York futures that traders said was probably the result of a "fat finger," or erroneous order. Trade shot up to 1.8-million ounces of gold in just a minute, a level not reached even with the surprise election of US... 

Yancoal said to add new incentives to offer for Rio coal assets

By: Bloomberg     26th June 2017 China-controlled Yancoal Australia added new incentives to its offer for Rio Tinto Group’s Australian coal assets to fend off a last-minute challenge by rival Glencore, according to a person with knowledge of the situation. Yancoal submitted a revised offer and will release details of the... 

Workers at South Africa's Illovo sugar farms to strike over pay

By: Reuters     26th June 2017 Around 1 000 workers at sugar producer Illovo are set to go on strike over wages and other benefits after talks with employers broke down, the trade union representing the staff said on Sunday. "The Food and Allied Workers Union and employers from eight Illovo farms in Kwa-Zulu Natal province... 

Banks balk at risk of funding South Africa Mining Charter deals

By: Bloomberg     26th June 2017 South Africa’s plan to force mining companies to give the black majority a bigger stake in the nation’s mineral wealth faces a major obstacle: convincing  banks to back billions of dollars of fresh deals in an industry in decline. Mineral Resources Minister Mosebenzi Zwane said on June 15 that... 

Cobalt 27 aims to tap electric car revolution with $150m IPO

By: Reuters     23rd June 2017 Minerals company Cobalt 27 Capital made its debut on Canada's Venture Exchange on Friday, raising C$200-million in a listing that offers investors exposure to cobalt, a key metal for batteries in electric cars. Cobalt 27's initial public offering highlights the burgeoning market for cobalt as the... 

Highest number of Renewable Energy installations in SA

     23rd June 2017 Specialist electrical contractor, Brand Engineering SA (Pty) Ltd, has carried out the highest number of utility scale solar Renewable Energy (RE) installations in the RE industry in South Africa.  It has become a key construction partner for RE developers, and is responsible for the generation of... 

Venezuela lawmaker asks SEC to probe Goldman's PDVSA bond deal

By: Bloomberg     23rd June 2017 The head of Venezuela’s National Assembly asked US authorities to investigate a $2.9-billion bond deal involving Goldman Sachs Group and Nomura Securities, saying the transaction fleeced the country for the benefit of political elites. Julio Borges, an opponent of President Nicolas Maduro,... 

Fortune shuffles management

By: Henry Lazenby     23rd June 2017 Multicommodity project developer Fortune Minerals this week announced the appointment and promotion of several staff members in preparation for construction of its C$589-million Nico cobalt/gold/bismuth/copper project, in Canada’s Northwest Territories (NT). The London, Ontario-based junior on... 

Disaster on different continents

By: Terry Mackenzie-hoy     23rd June 2017 It is storms and rain in Cape Town. I have been in countries where natural disasters have occurred and have been reported on the television (okay, clever clogs, they have been reported on radio, newspaper, the Internet and by word-of-mouth at the local pub but, in this column . . . television). 

You must be choking all over again

By: Riaan de Lange     23rd June 2017 It is a balmy London Sunday afternoon. It is June 11. It is Groundhog Day. Well, for me it is. Just a few hours ago, an unwelcome event recurred. You might even say that it was “It's deja vu all over again”, to quote Yogi Berra. Yes, Yogi Berra, and not Yogi Bear. (Yogi Berra was an American... 

Peter Hambro ousted from his gold mining company Petropavlovsk

By: Reuters     22nd June 2017 Shareholders voted for four new board members at Russian-focused gold miner Petropavlovsk on Thursday, ousting Peter Hambro who has run the company since he founded it in 1994. Rebel shareholders, holding around 40% of the company, backed nominees to replace four out of six of the board at... 

First Cobalt on the rise as it consolidates cobalt exploration portfolio

By: Henry Lazenby     22nd June 2017 Toronto-based First Cobalt (FCC) has positioned itself to become the world’s largest cobalt exploration company under pending deals to merge with ASX-listed Cobalt One and acquire fellow TSX-V-listed CobalTech Mining. Based on FCC's C$30-million market cap, plus the market caps of Cobalt One... 

Centrica to miss out on silver lining from rough sales

By: Bloomberg     21st June 2017 Centrica won’t have much change left after selling all the spare fuel it keeps at a North Sea gas facility it’s decided to close. The so-called cushion gas, sitting in a reservoir 29 km off the English coast, is worth about £750-million pounds, according to Lakis Athanasiou, a utilities analyst... 

Ferrum Crescent appoints technical consultant to advance Spain project

By: Creamer Media Reporter      21st June 2017 Lead/zinc explorer Ferrum Crescent has appointed Myles Campion as a technical consultant to assist in progressing its exploration portfolio in northern Spain. Campion, which has extensive experience in resource delineation, both as a geologist and a resources fund manager, will oversee all... 

Pallinghurst lowers acceptance condition for Gemfields takeover

By: Megan van Wyngaardt     21st June 2017 Pallinghurst Resources on Wednesday lowered the minimum acceptances required for its proposed takeover of Gemfields from 75% to 60%. The company had received valid acceptances from shareholders holding about 14.16% of Gemfields shares, which, with its own Gemfields shareholding of 47.09%, pushed... 

Russia's Rusal may cancel Paris listing, head to London – sources

By: Reuters     21st June 2017 Russian aluminium producer Rusal is considering cancelling its Euronext listing in Paris and instead moving to a technical listing in London, two sources close to the company said. The move would not require new shares to be placed. 

Gold hits 4-week low on firm dollar, Brexit talks lend support

By: Reuters     19th June 2017 Gold hit four-week lows on Monday as the dollar held firm and the market waited for comments from a top Federal Reserve official on US monetary policy, but prices were supported by the start of talks on the terms of Britain's departure from the European Union. Spot gold was down 0.2% at $1 251 an... 

Amplats' exit from Brazil platinum prospect sparks London listing

By: Martin Creamer     19th June 2017 The withdrawal of South Africa’s Anglo American Platinum (Amplats) from a platinum group metals (PGM) project in Brazil has opened the way for Jangada Mines to acquire the asset and head for the London Aim to raise an initial £2-million in equity capital to fund the project. Jangada chairperson... 

Transformational deal as Newcrest puts a further $40m into SolGold at significant premium

By: Henry Lazenby     16th June 2017 Ecuador-focused explorer SolGold has announced the placement of $41-million worth of new shares at 41p apiece – a significant premium to the company’s Aim-listed price on Friday morning – with Australian major Newcrest Mining investing another $40-million into the junior, and a further... 

New Russia sanctions impact muted even as energy shares sag

By: Bloomberg     16th June 2017 For investors in Russia’s energy and metals sectors, the US Senate’s bill to expand sanctions was a blow. Whether it will hurt Russian companies targeted by the legislation is less certain. The Senate bill proposes adding restrictions to banks’ and energy companies’ ability to raise capital, and... 

Composites cluster charts way forward for basalt in composites

By: Irma Venter     16th June 2017 Nelson Mandela Bay Composites Cluster MD Andy Radford says the cluster has mapped the value chain for the production and application of basalt in composites. He says the cluster is at an advanced stage of securing local and global beneficiators and buyers for the mineral for use in composite... 

Funding a thorny issue as Gautrain boss pushes for 150 km network expansion

By: Irma Venter     16th June 2017 Gauteng faces large-scale urbanisation pressure, says Gautrain Management Agency CEO Jack van der Merwe. “Around 547 people arrive in the province every day. At this rate, Gauteng’s population will far exceed 19-million people in 2037. Current population is around 13.5-million people. 

Local airline announces new routes after public survey

By: Keith Campbell     16th June 2017 South African low cost carrier FlySafair announced at the beginning of the month that it was launching new routes on its network. These will be between Durban and East London and Durban and Port Elizabeth. The new routes will be in operation by the end of November. The decision to implement these... 

Rebel Petropavlovsk shareholders not acting together – UK Takeover Panel

By: Reuters     15th June 2017 There is no legal requirement for a formal takeover bid for Russian-focused gold miner Petropavlovsk and three out of four board nominees put forward by rebel shareholders are independent, Britain's Takeover Panel said on Thursday. The watchdog assessed resolutions from shareholders seeking to... 

De Beers, Namibia launch world's biggest diamond exploration ship

By: Reuters     15th June 2017 Anglo American's diamond unit De Beers on Thursday launched the world's largest diamond exploration vessel off the coast of Namibia as it looks to maintain high production levels until 2035. The 12 000 t, 113-m-long SS Nujoma was built at a cost of $157-million and is named after Sam Nujoma,... 

Miners tumble as South Africa escalates black ownership rules

By: Bloomberg     15th June 2017 Companies including Anglo American and Sibanye Gold dropped after South Africa increased the minimum black ownership requirement for local mines and set a 12-month deadline for compliance with the new rules. The Department of Mineral Resources will raise the requirement from the current 26% to... 

From Tesla cars to underwear, metal makers seek new markets

By: Bloomberg     15th June 2017 The world’s biggest mining companies would like you to put more zinc in your zucchini and copper in your socks and dental floss. While builders and manufacturers remain the biggest metals users, producers are confronting the end of a Chinese industrial boom that fueled surging global demand and... 

Russia's Polyus sets price range for share offer in London, Moscow

By: Reuters     15th June 2017 Russia's top gold producer Polyus said on Thursday it had set a price range for the offering of between 7 and 9% of its shares, including new shares, in London and Moscow. Polyus expects to raise $400-million from the sale of new shares. Further proceeds from existing equity will go to its... 

Crusader pulls the trigger on Stratex merger

By: Esmarie Swanepoel     15th June 2017 Brazil-focused Crusader Resources has put into action an earlier nonbinding heads of agreement with Aim-listed Stratex International, announcing on Thursday that the two companies would merge. ASX-listed Crusader has now entered into a binding scheme implementation deed with Stratex, which would... 

Funding a thorny issue as Gautrain boss pushes for 150 km network expansion

By: Irma Venter     15th June 2017 Gauteng faces large-scale urbanisation pressure, says Gautrain Management Agency (GMA) CEO Jack van der Merwe. “Around 547 people arrive in the province every day. At this rate, Gauteng’s population will far exceed 19-million people in 2037. The current population is around 13.5-million people. 

Shareholder adviser ISS changes recommendations on Petropavlovsk board nominees

By: Reuters     14th June 2017 Shareholder advisory group ISS on Wednesday changed its recommendation ahead of Petropavlovsk's annual general meeting next week, saying shareholders should oppose the reappointment of Peter Hambro, who has led the company for decades. It had previously recommended rejecting changes proposed by... 

Shareholders DE Shaw, M&G, Sothic say Petropavlovsk needs change

By: Reuters     14th June 2017 Shareholders DE Shaw, M&G and Sothic said in a statement on Wednesday London-listed gold miner Petropavlovsk's board needs an overhaul, but they have no intention of taking control of the company. Shareholders, including M&G and Sothic, have put forward resolutions ahead of the company's annual... 

Jincom EHS: Continuing their winning ways

     14th June 2017 Earlier this year Jincom EHS reaffirmed its position as a global leader in HSE communications with their second Beaumont Safety Trophy award in two successive years. The Beaumont Safety trophy is awarded in recognition of ‘Innovation in Health and Safety’ in the UK, and is presented by the... 

Exploration needed to sustain Botswana diamond history

By: Martin Creamer     13th June 2017 The only way that Botswana can have a long and continued proud history of diamond mining is to spend money on diamond exploration, Botswana Diamonds MD James Campbell said on Tuesday, when he urged the country to consider adopting the Canadian flow-through incentive scheme to boost exploration... 

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