Atlatsa narrows second quarter loss, restructure in place by year-end

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ATLATSA Resources, the Johannesburg-listed company that owns the mothballed Bokoni Mines in joint venture with Anglo American Platinum (Amplats), reduced the second quarter net loss to $33.6m (Q2 2017: -$192.7m) and said a plan to restructure the company’s balance sheet would be in place by the fourth quarter of this year. The restructuring plan calls… Read More

SSC to spend R250m bringing Barbrook mines out of business rescue

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THE privately-held Siyakhula Sonke Empowerment Corporation (SSC), a predominantly mining services and contracting company, unveiled its first of several direct investments in the sector saying it would need R250m to buy the Barbrook gold mines. These are the operations in Mpumalanga province where the Lily mine disaster occurred in which three miners were trapped in a collapsed… Read More

PGM leads increase in total SA production and sales increases for June

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SOUTH African mining production increased 2.8% in June, representing the first time in four months annual production has improved year-on-year, said Fin24 citing data published by Statistics South Africa. The largest contributor to the increase was platinum group metals (PGM) production which was 28.2% stronger whilst gold production fell 19.2% in the month. From a… Read More

Mali to buy additional 10% stake in B2Gold’s Fekola for $47m

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B2GOLD, the Toronto-listed gold producer, operating in Mali and Namibia, said the Malian government would subscribe for another 10% stake in its Fekola gold mine for $47m which will be repaid through dividends on half of the government’s total 20% stake. The Mali government already has a 10% stake in Fekola – an operation that… Read More

Gold Fields restructures South Deep, affecting 1,560 staff

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NICK Holland’s hope that “green shoots” had appeared in respect of Gold Fields’ South Deep production plans came to nought today after the group announced a profound restructure of the West Rand operation, cutting 1,560 permanent and contractor jobs, potentially slashing gold output, and impairing the mine by R4.8bn. Holland said only two weeks ago… Read More

Counting to begin as Mali completes voting in presidential run-off

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MALI was due to start counting ballot papers after voting for a presidential runoff was completed over the weekend, mostly peacefully, said Bloomberg News. “All stations were staffed, the electoral material was sufficient, and ballot boxes were correctly sealed,” Cecile Kyenge, head of the European Union’s (EU’s) observer mission, told reporters. The EU had observers… Read More

South32 concludes $1.3bn acquisition of Arizona Mining

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SOUTH32 said it had completed the $1.3bn acquisition of Arizona Mining, a zinc exploration company that is developing the Taylor deposit, located in a prospective area called Hermosa south, near Tucson. The transaction, completed through a plan of arrangement, involved the payment of C$6.20 per share to Arizona Mining shareholders. South32 had previously bought a… Read More

Implats to cut platinum output 30% in radical Rustenburg restructure

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IMPALA Platinum (Implats) has lifted the curtain on the much-anticipated restructuring of its Rustenburg (Lease Area) operations, the outcome of which is a 230,000 ounce reduction in annual platinum production taking labour numbers down 13,000 to 27,000 in two years. The effort will cost R2.7bn in restructuring. Implats said it had financial resources in place… Read More

Menar swoops on strategically crucial RBCT tons in $28m Kangra deal

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UNLISTED thermal coal miner, Menar Holdings, has bought Kangra Coal including strategically important access to Richards Bay Coal Terminal (RBCT) entitlement in an effort to lift its competitiveness in the fuel’s thriving export market. The company was bought from Gas Natural Fenosa, a company listed on the Madrid Stock Exchange for $28m. The transaction is… Read More

WPIC teams up with China retailer as seeks platinum bar sales

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THE World Platinum Investment Council (WPIC) has teamed up with precious metals retail firm Shenzhen Hengfu Yingjia (Hengfu) to sell platinum bars in China and develop the physical platinum investment market in South China. In terms of the agreement investment grade platinum bars – minted by the Swiss Metalor Group and available in sizes of… Read More

No matter how EVs sliced and diced, PGMs face demand challenge

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THE view of investment banks on the likely impact of electric vehicles (EVs) is just a question of degree. EVs talk so sensibly to society’s broad concerns, as contained in the Paris Agreement on climate change for instance, that demand for the metals required for their fabrication is likely to be anything from robust to… Read More

UK gives green light to Sibanye-Stillwater, Lonmin transaction

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THE proposed merger of the platinum operations owned by Sibanye-Stillwater with Lonmin received another important approval today after the UK’s Competition and Markets Authority (CMA) unconditionally gave its support to the transaction. All that is required now for the combination is approval by shareholders in Sibanye-Stillwater and Lonmin, as well as the South African competition… Read More

S&P upgrades Glencore rating despite higher risk African assets

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GLENCORE’S credit rating was improved by S&P Global Ratings in an assessment that takes a sanguine view of the political risk currently making headlines at the Swiss group’s Democratic Republic of Congo (DRC) copper and cobalt operations. Analysts have commented recently that Glencore has tended to under-perform its peers lately partly owing to a legal… Read More

Vanadium producer Bushveld Minerals blasts off

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The share price of Bushveld Minerals – the London-listed junior miner which operates the Vametco vanadium mine in South Africa – has more than doubled since mid -March and Bushveld’s March quarter report shows why. Bushveld shares have soared from 8.55p on March 12 to 20.3p currently pushing the group’s market capitalisation to £216m equivalent… Read More

SA platinum miners “dysfunctional” says JP Morgan

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South Africa’s platinum miners resemble a “dysfunctional oligopoly” and are currently increasing supply despite depressed platinum prices with no meaningful improvement in the situation expected until 2020. That’s the view of JP Morgan Cazenove in its latest review of the SA platinum sector which singles out Impala Platinum (Implats) as being the “most vulnerable” producer… Read More