Kabila not yet signed mining code change as deadline looms

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JOSEPH Kabila, president of the Democratic Republic of Congo (DRC) is thought to have until Thursday (February 22) to reject or sign into law proposed changes to the country’s mining code, according to a report by Reuters which was republished in Businesslive. If Kabila does nothing, the mining code will be enacted by default, said […]

Tanzania to lock foreign banks, law firms out of mining sector

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FOREIGN-owned banks, insurance companies, and law firms could be locked out of Tanzania’s mining sector as part of tough new regulations that aim to limit foreign ownership of mining-related activity, said Reuters. Citing the country’s Mining Regulations of 2018, Reuters said that Tanzania will now make it compulsory for foreign-owned mining groups to offer shares […]

Optimum Coal runs risk of losing mining licence, says expert

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OPTIMUM Coal Mine, which is owned by Gupta family company, Tegeta Resources, could lose its mining licence if its water supply to the nearby town of Hendrina is not restored, said BusinessLive citing a mining law expert. Chris Stevens, an attorney at Werksmans, said the Department of Mineral Resources could shut down the mine, but […]

‘Half-glass empty’ AngloGold boss asks analysts for “a chance”

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ANGLOGOLD Ashanti collected a bit of flak from some analysts today for its decision to allocate $500m to the redevelopment of Ghana’s Obuasi underground mine having already disposed of profitable South African mines. It was scepticism that AngloGold CEO, Srinivasan Venkatakrishnan, said he welcomed. “As you know, I’m a glass half-empty kind of person,” he […]

How Griffith made Amplats fit the new Anglo American formula

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COMMENTING in the firm’s 2017 annual review, Anglo American Platinum (Amplats) CEO, Chris Griffith, described the company as “a fundamentally different business”. There’s no doubt the Anglo American subsidiary has a significantly altered look and feel compared to five years ago, and not just because it paid out its first dividend in more than five […]

AngloGold sanctions $500m spend to reopen Ghana’s Obuasi

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ANGLOGOLD Ashanti is to spend up to $500m reopening its Ghana mine Obuasi which will eventually ramp up to 450,000 ounces/year, effectively replacing the production the group sold during the intense restructuring of its South African assets. It also paid a 70 SA cents year-end dividend (2016: 130 c/share) in an expression of its confidence […]

Implats forecast to narrow interim loss owing to metal tie up

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IMPALA Platinum (Implats) appears set to unveil an improved numbers when it reports its interim results, scheduled for March 1, although it will remain in the red. Commenting in a trading statement today, Implats said it expected a loss of between 17 cents and 26c for the half year ended December 31. This compares to […]

Petra freezes $60m in capex as rand strength heaps on pressure

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PETRA Diamonds has iced $60m (R701m) in capital expenditure over the next three years in order to focus on paying debt, said UK newspaper, the Telegraph today. “We will now have to spend that a bit later,” the newspaper quoted Petra CFO, Jacques Breytenbach, as saying. “We have to make sure that we have appropriate […]

Sibanye-Stillwater reduces gold reserves following restructuring

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SIBANYE-Stillwater said restructuring at its Cooke shafts west of Johannesburg and Beatrix 4 shaft in the Free State province had contributed towards a 10% or 2.96 million oz decline in total gold mineral reserves to 25.74 million ounces. Of this decline, 1.46 million oz was due to mining activities in 2017 which was offset by […]

New Mining Charter needs to be rational, concise: Leon

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A NEGOTIATED Mining Charter for South Africa’s mining sector ought to be unambiguous and set realistic targets as well as respect security of tenure, said Peter Leon, an attorney for Herbert Smith Freehills. “It is to President Ramaphosa’s credit that he has intervened so decisively within days of assuming office to resolve this long running […]

Mining, metals dealmaking set to increase in 2018: EY

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CORPORATE transactions in mining and metals were expected to increase in 2018 as companies adopted investment-led strategies, but “transformational consolidation” across the industry was unlikely, said EY. Reporting its Mergers, acquisitions and capital raising in the mining and metals sector, a quarterly report, the consultancy said deal value rose 15% to $51bn in 2017 – […]

Ramaphosa personally intervened in Charter court postponement

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SOUTH Africa’s Chamber of Mines chose to postpone the High Court review of the Mining Charter because it wanted to negotiate with the Department of Mineral Resources (DMR) rather than be subject to its consultative process. This was the explanation of Tebello Chabana, senior executive for public affairs and transformation at the Chamber, who said […]

Amplats pays R900m dividend as five-year strategy bears fruit

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ANGLO American Platinum (Amplats) placed the cherry atop its painful five-year restructuring strategy by paying a R900m dividend – equal to R3.49/share – a development that bodes well for a bumper payout from 70% shareholder, Anglo American. Anglo is scheduled to post its year-end figures on Thursday (February 22). Most of the metrics were good […]

Mining Charter review postponed after Ramaphosa makes good on SONA promise

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IN a development that is surely represents the death knell of mines minister, Mosebenzi Zwane’s political career, South African president, Cyril Ramaphosa, has agreed with the Chamber of Mines to postpone a High Court application to review the Mining Charter, the June 2017 document that Zwane backed. The Presidency said in an announcement today that […]

Acacia exploring “expressions of interest from Chinese”

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ACACIA Mining, the gold firm in which Barrick Gold has a 64.9% stake, on Friday confirmed media speculation it was considering a sale of some or all of its Tanzanian mines following “… expressions of potential interest from Chinese counter-parties”. “The company is engaging with a small number of potential investors, the process remains at […]

Ramaphosa promises to intensify Mining Charter talks

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SOUTH African president, Cyril Ramapahosa, today pledged to intensify engagement on South Africa’s Mining Charter “… to ensure that it is truly and effectively an instrument to sustainably transform the face of mining in South Africa”. He was delivering the State Of The Nation Address (Soma) in Cape Town, an event which officially opens Parliament. […]

NUM joins calls for Zwane’s head after DMR dismisses official

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THE National Union of Mineworkers (NUM) has called upon newly appointed South African president, Cyril Ramaphosa, to dismiss his mines minister, Mosebenzi Zwane, after it emerged an official was dismissed from the Department of Mineral Resources (DMR) who was trying to sanction mines owned by Tegeta Resources. Tegeta Resources is a company owned by the […]

Zwane’s Mining Charter to face critical legal test next week

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SOUTH Africa’s High Court starts three-day deliberations on the so-called ‘Minister’s Charter’ on Monday (February 19), the third iteration of the 2004 Mining Charter which the Chamber of Mines wants set aside. According to the Chamber of Mines’ senior executive, Elize Strydom, there’s “a quiet confidence” that the appointed bench of three judges will find […]

Hummingbird takes Yanfolila to beyond design capacity

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HUMMINGBIRD Resources said it had mined 10,737 ounces of gold from its Yanfolila gold mine in Ghana following the first pour on December 19. Of this production, some 5,483 oz had been shipped to refiners, the company said. “Over the past ten days the plant has been operating at an average of 90% of design […]

Zwane vulnerable in Ramaphosa’s planned cabinet reshuffle

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MOSEBENZI Zwane was among the current South African ministers most vulnerable of removal following the appointment of Cyril Ramaphosa as president of the country – a position he took from Jacob Zuma earlier this week BusinessLive said today Ramaphosa was likely to move swiftly on a cabinet reshuffle in an attempt to restore South Africa’s […]