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Barrick Gold eyes assets, exploration as it plots new phase Barrick Gold eyes assets, exploration as it plots new phase
Published: 17 Nov 18
Barrick Gold, soon to become the world's largest bullion miner, is interested in adding more copper assets as long as the red metal is accompanied by bullion, executives said on Friday. Barrick, which expects to complete its $6.1-billion takeover of Randgold Resources January 1, outlined plans for exploration, expansion, streamlining and asset sales at an investor presentation in London.
Barrick Gold aims to boost dividend in future – incoming CFO
Published: 16 Nov 18
Barrick Gold intends to grow future dividends via stronger operating cash flows, non-core asset sales and lower overhead and interest costs, the incoming CFO said in an investor presentation Friday. "The company has made it very clear that paying dividends will be a key deliverable and important objective for the new group," Graham Shuttleworth said via webcast from London.
Difficulties continue for Afarak in Q3
Published: 16 Nov 18
Industry seasonal effects, coupled with some internal adversities, primarily in the ferro-alloys segment, continue to make this a difficult year for specialty alloys producer Afarak. During the company’s third-quarter period, ended September 30, the benchmark price for ferrochrome fell further, leading to lower revenues on a quarter-on-quarter and year-on-year basis.
Russian Jan-July gold output flat at 157.19 t
Published: 16 Nov 18
Russia produced 157.19 t of gold in the first seven months of 2018, exactly the same amount as in the same period last year, the Finance Ministry said on Friday. Production for the period included 129.34 t of mined gold compared with 126.39 t a year ago, the Ministry said.
Gold miner smuggles in workers by night to bypass strikers
Published: 16 Nov 18
Gold Fields is having to sneak maintenance teams into its South Deep mine in South Africa after protesters shot at vehicles trying to enter the site, where workers have been on strike since Nov. 2. Small teams of essential workers are using secret entrances to enter the mine and sometimes have to be smuggled in during the night to pump water, monitor equipment and undertake general maintenance work, said company spokesperson Sven Lunsche.
India state may cancel NMDC's Donimalai mine lease in levy dispute
Published: 16 Nov 18
The government of India's Karnataka state on Friday warned NMDC that it will cancel the lease of its Donimalai iron-ore mine if the State-owned miner refuses to pay an additional levy on the sale of its ore. Karnataka's threat to cancel the lease stems from a dispute between NDMC, India's biggest iron ore miner, and the state government over its decision to impose an 80% premium on ore sales from Donimalai.
India’s Nalco to bid for bauxite blocks at auctions, readies to foray into merchant mining
Published: 16 Nov 18
With various Indian state governments readying to put 21 bauxite mines up for allocation, State-run National Aluminium Company Limited (Nalco) will put in bids at the auctions for captive consumption and foray into merchant mining of the raw material. The 21 bauxite blocks will be auctioned by the governments of Jharkhand, Chhattisgarh and Madhya Prades.
Eskom to buy ‘emergency’ coal, splurge on diesel as load-shedding risk returns Eskom to buy ‘emergency’ coal, splurge on diesel as load-shedding risk returns
Published: 16 Nov 18
South Africa’s power utility Eskom reports that it has received approval for the National Treasury from the “urgent procurement” of four-million tons of emergency coal to help address serious stock shortfalls at several of its 15 coal-fired power stations. More than 1.1-million tons have already been secured and the first emergency coal will be delivered in December.
GEECL establishes viable shale gas reserves as its CBM blocks
Published: 16 Nov 18
India’s Great Eastern Energy Corporation Limited (GEECL), an integrated producer of coalbed methane (CBM), will diversify its production of non-conventional hydrocarbons after establishing shale gas reserves in coal block assets in its fold. GEECL announced in a statement that it had been able to establish certified potential of 3.51-trillion cubic feet (tcf) of shale gas at its operational CBM blocks at Raniganj in the eastern Indian state of West Bengal.
BHP blames driver error, brake problem for runaway train wreck
Published: 16 Nov 18
BHP said on Friday that driver error caused an iron-ore train to run away without its driver and a brake problem caused the company to intentionally derail the train in order to stop it, according to a preliminary investigation. BHP said its initial findings of the November 5 incident showed the nearly 3-km long train came to a halt after a braking system control cable became disconnected. After the driver got off the train to carry out an inspection, it began to move "becoming what is termed a 'rollaway' train".
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