Thursday, August 18, 2016

Botswana declines option to raise De Beers stake

July 31, 2012 by · Leave a Comment 

Botswana said on Tuesday it had declined an option to lift its stake in diamond giant De Beers, leaving global miner Anglo American with the full $5.1-billion price tag for a buy-out of the remaining shares owned by the Oppenheimer family.

Diamond-rich Botswana had a right to raise its shareholding in the company to 25% from 15%, a move that would have cost it $1.3-billion at a time when it is striving to contain government spending.

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Resgen says banks undertaking due diligence for project finance

July 31, 2012 by · Leave a Comment 

ASX-and JSE-listed Resource Generation (Resgen) on Tuesday said that banks had started due diligence studies for project finance to develop its coal mine in the Waterberg.

This follows the signing of a haulage contract with Transnet in June, as well as securing regulatory approvals for development of its Boikarabelo min

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Canadian industrial prices drop 0.3% in June

July 31, 2012 by · Leave a Comment 

Lower fuel prices offset increases for cars and other products and helped pull down the Canadian producer price index by 0.3% in June from May, the second consecutive decline, Statistics Canada said on Tuesday.

Statscan revised the figures for the May industrial product price index to a decline of 0.1% from a 0.1% gain previously.

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Trapped worker rescued at Harmony’s Kusasalethu

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Harmony Gold said on Tuesday it had successfully rescued a mineworker trapped in a rockfall incident at its Kusasalethu mine, near Carletonville.

The miner was trapped after a seismic event on Monday, measuring 1.4 magnitude.

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Wescoal sells Vlaklaagte to Xstrata, buys Elandspruit

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JSE-listed Wescoal announced on Tuesday that it would sell its Vlaklaagte mining rights to diversified miner Xstrata for R81.1-million, while it would buy the Swiss-listed group’s Elandspruit rights for R93.8-million.

The transactions were in line Wescoal’s stated goal of securing and retaining only high-quality coal resources that could be mined by the opencast method to increase production and stability, CEO André Bojé said.

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Beacon Hill accelerates Minas Moatize expansion

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Coal junior Beacon Hill Resources (BHR) will accelerate its Phase 2 expansion at the Minas Moatize mine, in Mozambique, and has already started work on a Phase 3 expansion, the ASX- and Aim-listed company reported on Tuesday.

The Phase 2 expansion, which involves the $5-million upgrade of the existing wash plant to increase coking coal recoveries, would result in its run-of-mine coal feed capacity tripling from 600 000 t/y to 1.8-million tons a year.

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ENRC secures licence for controversial DRC mine

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Miner ENRC has bought a licence to operate the Frontier mine in the Democratic Republic of Congo (DRC), a deposit held by Canada’s First Quantum until it was confiscated two years ago and which has since been at the centre of controversy over the role of offshore companies in mining.

The $101.5-million deal, which allows ENRC to press ahead with plans to restart production at what was once Congo’s third-largest copper mine, is part of the Kazakh group’s efforts to simplify its Congolese assets and capitalise on its strength in the country.

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Gold investors fed up with ‘jam tomorrow’ – Gold Fields

July 31, 2012 by · Leave a Comment 

Gold miners had done badly over six key metrics and investors were fed up with the industry’s ‘jam tomorrow’ approach, Gold Fields CEO Nick Holland said on Tuesday.

Addressing the Melbourne Mining Club in Australia, Holland said gold miners had not performed well in growing production volume, expanding margins, optimising capital, providing balance sheet leverage with debt finance, returning free cash flow through dividends and enjoying a positive rating multiplier effect.

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Merafe output down 21% on maintenance, power buyback deals

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Black-owned ferrochrome producer Merafe Resource on Tuesday reported a 21% decline in ferrochrome production for the first half of 2012, mainly owing to the rescheduling of maintenance programmes and power buyback deals with Eskom.

The company’s attributable production was 118 000 t, compared with 150 000 t in the first six months of the year.

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Indonesia’s 2012 thermal coal output forecast cut

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Thermal coal output in Indonesia, the world’s top exporter, is expected to be steady this year versus 2011 levels at around 360-million tons, an industry group said on Tuesday, cutting its forecast as a global supply glut has reduced demand.

"We see we may not reach our target of 390-million to 400-million tons, and the chances are it will be the same as last year," Indonesian Coal Mining Association executive director Supriatna Suhala told Reuters.

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