RESOLUTE Mining made short work of reducing balance sheet stress this year after putting in steps to cut total debt about $200m to $194m. The company today announced terms of an equity raise in which it placed A$146m ($100m) with institutional investors and placed a further A$50m ($34m) with directors, its largest shareholder, ICM Limited Group,… Read More

TORONTO’s B2Gold said it had scoped for pre-production costs of just over $900m for Gramalote, a gold deposit in Colombia held in joint venture with AngloGold Ashanti. Based on an updated pre-feasibility study announced today, a mine developed on the site would produce an average of about 416,000 ounces a year for the first five years… Read More

Renergen replenishes cash via equity issue after lifting stake in Virginia Gas Project The post Renergen replenishes cash via equity issue after lifting stake in Virginia Gas Project appeared first on Miningmx. Source: miningmx.com

SOUTH Africa has endorsed a more investor-friendly approach to tackling the country’s energy crisis, said BusinessLive citing an ANC document it has seen that sets down new plans allowing municipalities to procure their own energy. The document, produced by a commission on state-owned enterprises (SOEs) and the economic growth strategy following a two-day lekgotla that… Read More

ANC documents more investor-friendly approach to IPPs in effort to emerge from energy crisis The post ANC documents more investor-friendly approach to IPPs in effort to emerge from energy crisis appeared first on Miningmx. Source: miningmx.com

CALEDONIA Mining has increased its stake in its Blanket gold mine to 64% after cancelling a shareholder loan dating back to 2012 when the firm sold a stake in the mine to comply with late former president Robert Mugabe’s indigenisation policy. The Toronto-listed company bought 15% of its shares from Fremiro Investments which was one… Read More

SOUTH African platinum group metal (PGM) shares would continue to appreciate but there were signs that metal prices were high enough to incentivise new supply. That’s the view of Investec Asset Management’s John Biccard who, in an interview with the Financial Mail, said that incentive pricing – in which new supply was encouraged by high… Read More

BARRICK Gold may be forced to impair a significant portion of its investment in the former Acacia Mining assets if a joint venture agreement between it and the Government of Tanzania is not ratified, said a report last week by DaMina Advisors, a Canadian political risk consultancy. Agreement sign-off is caught up in a difference… Read More

THE UK would not invest again in offshore coal mines or coal powered power plants, said Boris Johnson, the country’s prime minister. “Not another penny of UK taxpayers’ money” would be directly invested in digging up coal or burning it for electricity, Johnson said in an article by the Daily Mail. Johnson was commenting during… Read More

Boris Johnson vows UK Govt. will not invest “another penny” directly in offshore coal The post Boris Johnson vows UK Govt. will not invest “another penny” directly in offshore coal appeared first on Miningmx. Source: miningmx.com

THE son of an Indian gold mine owner in Burkina Faso, who was kidnapped by unidentified assailants in 2018, has been released, said Reuters citing the victim’s father. Kimar Akoliya, whose father Akoliya Patel owns the Ghana-based Balaji mining group, had set off for Burkina Faso’s capital, Ouagadougou, from the remote Inata mine with two… Read More

RESOLUTE Mining has added 37,200 ounces of gold to its hedge book, edging up total gold sold in forward contracts to more than half of the 400,000 oz targeted this year. The latest contract is scheduled for monthly deliveries of 1,200 oz between July and December 2020 and in deliveries of 5,000 oz between January… Read More

SIRIUS Metals delivered an impassioned plea to shareholders that they accept Anglo American’s 5.5 pence per share takeover offer – formalised today – saying it was the only option for the firm having failed to attract acceptable alternative finance. Anglo announced had reached an agreement with the Sirius board for its takeover. Sirius  is developing… Read More

Eni, Total provide hope Angola’s reforms can revive flagging fortunes of oil industry The post Eni, Total provide hope Angola’s reforms can revive flagging fortunes of oil industry appeared first on Miningmx. Source: miningmx.com

HIGH electricity tariffs, interruptions, and deteriorating conditions in the ferrochrome market have forced Glencore and its joint venture partner, Merafe Resources, to consider restructuring its Rustenburg smelter. As a result, the partners have commenced a Section 189 process in terms of the Labour Relations Act that may result in job losses. Glencore did not specify… Read More

DE BEERS may be assessing how it sells diamonds to its select group of buyers owing to depressed conditions in the market last year, said Bloomberg News citing a person who is aware of the Anglo American group’s plans. De Beers is due to meet up to 80 accredited buyers next week in Botswana for… Read More

GEMFIELDS is to list its shares on London’s Alternative Investment Market (AIM) in an effort to win back investors some 18 months after the company was delisted from the City following its takeover by Pallinghurst Resources. Pallinghurst Resources was consequently renamed Gemfields after a portfolio restructuring  in which it established a focus on coloured gemstones. It… Read More

LUCARA Diamond Corporation’s 1,758 carat diamond Sewelô, recovered at its Karowe operation in Botswana, would be cut, polished and turned into a collection of Louis Vuitton jewellery, the Toronto-listed company announced. “We are delighted to be partnering with Louis Vuitton, the famous luxury House, to transform the historic, 1,758 carat Sewelô, Botswana’s largest diamond, into… Read More

THE continued rise in the price of palladium – up 20% this year even after a strong showing in 2019 – was rapidly turning into a bubble, said Bloomberg News citing metals analysts. “The dynamics are so strong. Nobody can tell me that this is just fundamentals,” Commerzbank analyst Carsten Fritsch told Bloomberg News. “This… Read More

BARRICK Gold capped off a strong year following its merger with Randgold Resources in January 2019 reporting gold production of 5.5 million ounces, at the upper end of the 5.1 to 5.6 million oz guidance range. Copper production totalled 432 million pounds in 2019, higher than the top end of guidance of some 430 million pounds.… Read More