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Mining sector unloved as investors find it hard to trust

By: Reuters     17th February 2018 Investors are shunning the mining sector, data from Thomson Reuters shows, as they struggle to forget the string of multi-billion dollar takeovers and expensive development projects that left them empty handed. A decade-long commodity boom coincided with years of economic growth when China took... 

Acacia Mining says valuing Tanzania mines for possible sale

By: Reuters     17th February 2018 Gold miner Acacia Mining confirmed on Friday it had begun to value its Tanzanian operations for a potential sale after expressions of interest from Chinese buyers. "The company is engaging with a small number of potential investors, the process remains at a very early stage and there can be no... 

Petropavlovsk announces CFO resignation

By: Creamer Media Reporter      16th February 2018 London-listed miner Petropavlovsk has initiated a search for a new CFO, following the resignation of Audrey Maruta, who will depart from the company on April 1. Maruta will leave after the 2017 audited accounts are approved and will also provide consultancy services to Petropavlovsk for several... 

Russia's mining billionaires are back to fighting over Nornickel

By: Bloomberg     16th February 2018 The billionaire owners of Russia’s biggest mining company have revived a years-old feud. Oleg Deripaska, one of the top shareholders of MMC Norilsk Nickel, wants to stop Roman Abramovich from selling a stake in the company that may worth $1.5-billion, according to three people familiar with... 

Sound policy, low risk key to attracting mining investment

By: Henry Lazenby     16th February 2018 Gobal equity markets have been extremely volatile in recent weeks, extending a frantic sell-off of US stocks, which culminated in the steepest plunge for the Dow Jones Industrial Average in six-and-a-half years. While commodities were not spared from the rout, American multinational investment... 

Top banks' 2017 commodities revenue drops 42% to lowest since 2006

By: Reuters     16th February 2018 Commodities-related revenue at the 12 biggest investment banks fell by 42% last year to its lowest since at least 2006, a report by financial industry analytics firm Coalition said on Friday. 

East London plant’s performance-car production journey continues

By: Irma Venter     16th February 2018 Mercedes-Benz South Africa (MBSA) on the very last  day of Januaryproduced its first Mercedes-AMG C 63 S at the East London plant, in the Eastern Cape, following a R200-million investment to allow for the assemblyof three Mercedes-AMG models for the export and local markets. MBSA announced last... 

'Off to the races' for South African assets as Ramaphosa steps in

By: Bloomberg     15th February 2018 Stocks surged the most since December 2014, the rand rallied to a three-year high and bond yields fell to a level last seen more than two years ago as market favorite Cyril Ramaphosa took the helm of Africa’s most industrialized economy. “This is the Cyril bonus,” said Wayne McCurrie, the head of... 

Stratex strikes exploration deal in Turkey

By: Mariaan Webb     15th February 2018 Aim-quoted Stratex has signed an exploration agreement with a local Turkish company TET Madencilik (TET), which has committed to spend up to $1.5-million on exploration and drilling at the Hasançelebi and Doğala projects in the next two years. The projects have been noncore to Stratex’s portfolio... 

Polyus’ 2017 performance reflects strength of assets – CEO

By: Mariaan Webb     15th February 2018 Russia’s largest gold mining company Polyus on Thursday reported a 7% increase in its adjusted net profit to $1.02-billion, boosted by higher production and sales. The miner, which is listed in London in June last year, produced and 2.16-million ounces of gold in 2017, at an average realised... 

Chile's Antofagasta receives approval for Los Pelambres upgrade

By: Reuters     15th February 2018 Chilean mining company Antofagasta received environmental approval for a major $1.1-billion revamp of its Los Pelambres copper mine, the regional government of Coquimbo said on Wednesday. The three-stage infrastructure upgrade, unveiled in 2016, seeks to maintain the mine's copper output at... 

Platinum market set for another surplus in 2018 – Johnson Matthey

By: Reuters     14th February 2018 The platinum market is set for another surplus this year after recording oversupply of 110 000 oz in 2017, Johnson Matthey said in a report on Wednesday, although its sister metal palladium is tipped to see another deficit. Platinum demand fell nearly 7% last year, with sharp falls seen in... 

Eastern Cape matric walks the long road to his dream job

     14th February 2018 Eastern Cape matriculant Lutho Jimana did not let his long daily walk to school, his overcrowded home where it was difficult to study, nor financial constraints due to his mother’s unemployment get in the way of studying towards his childhood dream job.   This month Lutho began his studies at... 

Tailings tailwind bolsters Pan African as rand gold price falls 

By: Martin Creamer     13th February 2018 The tailings retreatment tailwinds blowing strongly into Pan African Resources are poised to ameliorate the blow that the low rand gold price is delivering to the company's more cost-intensive underground operations. Coming in brilliantly ahead of schedule and below budget is the Eilikhulu... 

Amur enters into $10m convertible loan for Russia mine

By: Mariaan Webb     13th February 2018 Base metals company Amur Minerals has entered into a convertible loan with Cuart Investments and YA II PN to progress development of the Kun-Manie nickel/copper sulphide project in Russian Far East. The investors, which were arranged by RiverFort Global Capital, will lend the company up to... 

Mugabe's fall has veteran miners jockeying for Zimbabwe comeback

By: Bloomberg     13th February 2018 Robert Mugabe’s fall as Zimbabwe president is setting the scene for the return of a London mining listing for Andrew Groves and his long-term business partner – and former England cricketer – Phil Edmonds. Groves is preparing to relist the pair’s Zimbabwe coal, chrome and gold assets in London... 

Cobalt cannot be eradicated from electric car batteries – Umicore

By: Reuters     13th February 2018 Makers of electric vehicle batteries will have to keep using scarce, expensive cobalt in their products for the foreseeable future despite a push towards higher nickel compositions, materials technology company Umicore said on Monday. Manufacturers have been trying to increase the proportion of... 

Top mining companies' value increased by 15.5% y/y

By: Megan van Wyngaardt     12th February 2018 The 25 top global mining companies were worth an aggregate $818.2-billion at the end of January, a 15.5% increase compared with their value in the corresponding month in 2017, when the same companies held a value of $708.5-billion, research firm S&P's Global Market Intelligence said on Monday. A... 

Canada's Thor Explorations may raise up to $35m in a London listing

By: Reuters     12th February 2018 African miner Thor Explorations will most likely choose London's junior AIM market to list its shares this year in its bid to raise up to $35-million, its chief executive said on Friday. Thor, which is already listed in Toronto's TSX Venture Exchange (TSX-V), will use the proceeds of the new... 

Collective bargaining to determine wages above set minimum wage – labour dept

By: African News Agency      9th February 2018 The department of labour says wages above the national minimum wage will be increased through collective bargaining once the remuneration target comes into force on May 1. The national minimum wage (NMW) agreed at the National Economic Development and Labour Council (Nedlac) is pegged at R20 an... 

Bacanora proposes to domicile to the UK, delist from TSX-V

By: Simone Liedtke     9th February 2018 Lithium company Bacanora Minerals said on Friday that it would restart the process of changing its domicile of jurisdiction from Canada to the UK. The company had sought shareholder approval to effect the redomicile in September 2016, but failed to obtain the requisite approval. 

Relief for Cape Town as mining indaba proceeds despite water shortage

By: African News Agency      9th February 2018 The acute water shortage in South Africa’s tourism capital Cape Town almost cost it crucial revenue when the organisers of an annual international mining conference considered scrapping this year's event in the city. But the Investing in African Mining Indaba went ahead this week despite strict... 

Shrinking gems are a headache for the diamond industry

By: Bloomberg     9th February 2018 The diamond industry has a size problem. Instead of splashing out on a ring or necklace featuring one big, bright diamond, shoppers are increasingly choosing pieces with several, smaller gems, which are often lower quality. And selling jewellery with smaller stones has been a good way for... 

'Rarest white diamond ever' to be auctioned in London

By: Reuters     8th February 2018 A flawless diamond, the size of a large strawberry, is expected to fetch a world record price when it goes on sale at Sotheby's in London this month. Weighing just over 102 ct, the round, brilliant white stone is smaller than a 163-ct oval diamond sold in Hong Kong in 2013, which currently holds... 

Vedanta assessing impact of Goa suspension

By: Mariaan Webb     8th February 2018 Diversified mining company Vedanta Resources confirmed on Thursday that its mines would be affected by the Indian Supreme Court ruling that cancelled 88 mining leases in the iron-ore producing province of Goa. Mining operations would stop on March 16, Vedanta said, adding that operations would... 

Randgold could lose $10m a year under proposed Congo mining code

By: Reuters     8th February 2018 Randgold Resources could lose $10-million per year if a proposed change in the Democratic Republic of Congo is signed into law, Chief Executive Mark Bristow said. "At the top end it would be $10-million a year," Bristow told Reuters, referring to the financial impact of the new law. 

Petropavlovsk names external candidate as new CEO

By: Creamer Media Reporter      8th February 2018 London-listed miner and explorer Petropavlovsk has completed its external search for a CEO and on Thursday announced the appointment of Roman Deniskin as CEO and director with effect from April 16. The company said that Deniskin had extensive experience at strategic and senior operating levels... 

Exxon's silent treatment on earnings is rankling Wall Street

By: Bloomberg     8th February 2018 Wall Street wants answers from Exxon Mobil. For at least a decade, Exxon’s top executives haven’t taken questions from Wall Street analysts during quarterly conference calls. Instead, Exxon only fields its VP for investor relations, a unique practice among the top ten S&P 500 Index companies and... 

Strongbow to seek Aim listing to help revive Cornish tin

By: Reuters     7th February 2018 Strongbow Exploration, the Canadian company that is seeking to revive tin production in Cornwall, southwest England, plans to list this year on London's Aim exchange for growing companies to raise development funding, its CEO said. Cornwall historically was a mining hub for metals such as tin and... 

China's war on noxious smog stokes rally in minor metals

By: Reuters     7th February 2018 China's environmental crackdown is curbing supplies of minor metals such as steel-making ingredient vanadium and defence equipment material germanium, and fuelling an already potent price rally which shows no sign of abating. Strict environmental rules and inspections to ensure standards are... 

Highland Gold publishes PFS results for Belaya Gora

By: Mariaan Webb     7th February 2018 London-listed Highland Gold Mining has published the results of a prefeasibility study (PFS) for its youngest mine, Belaya Gora, and the nearby greenfield Blagodatnoye deposit, in the Khabarovsk region of Russia’s Far East. The PFS, which was prepared by SRK Consulting, puts forward new mining... 

Rio Tinto's blowout cash puts dividends and deals in focus

By: Bloomberg     7th February 2018 Rio Tinto Group’s best profit in three years and a record dividend is yet another sign that miners are reaping the benefits of a surge in commodity prices. Yet the sheer size of Rio’s cash flow is starting to raise another question: how else will the world’s second-biggest mining company invest... 

Congo seeks more cobalt control as batteries drive boom

By: Bloomberg     6th February 2018 The Democratic Republic of Congo will seek greater control of the global cobalt market by engaging directly with car and battery manufacturers, according to its largest State-owned mining company. "I find it scandalous that when cobalt is discussed, and the explosion of electric vehicles, only... 

Bacanora appoints CFO and new board member

By: Creamer Media Reporter      6th February 2018 London- and Canada-listed lithium company Bacanora Minerals has appointed former Gemfields finance chief Janet Boyce as its CFO with immediate effect. Boyce is replacing Derek Batorowski, who is stepping down to pursue other business interests. Batarowski will continue to serve as Bacanora... 

Elliott sees $22bn uplift in value with a simpler BHP

By: Bloomberg     5th February 2018 Activist investor Elliott Management Corp has called on BHP Billiton to immediately review its dual structure after commissioning research that argues reorganizing as a single company in Australia would add more than $22-billion in value to the miner’s shareholders. Creating a unified company,... 

Pile-of-cash dilemma for mining industry once crippled by slump

By: Bloomberg     5th February 2018 Three years after a commodity slump left their finances in shambles, mining companies are swimming in so much cash that investors aren’t sure where the industry will spend it all. With metals from zinc to palladium trading at multi-year highs, four of the world’s top producers generated combined... 

Cape Town's water crisis hitting tourism – officials

By: Reuters     2nd February 2018 A chronic drought that could leave South Africa's Cape Town without water within weeks is hurting visitor numbers and knocking a rare economic bright spot, officials said on Friday. With experts predicting Cape Town will run out of water in mid-April, residents have been told to limit usage to 50... 

Strong zinc output from Black Mountain, Skorpion – Vedanta

By: Martin Creamer     2nd February 2018 Diversified mining company Vedanta Resources said on Friday that its Vedanta Zinc International subsidiary had delivered strong zinc production at Black Mountain in the Northern Cape and at Skorpion in Namibia in the three months to the end of December, and that the $400-million Gamsberg zinc... 

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