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Kibo provides update on four key projects
Published: 25 Mar 19
JSE- and Aim-listed Kibo Energy on Monday confirmed that it is developing four key projects – two thermal coal power projects, in Botswana and Mozambique; a UK-focused flexible energy portfolio; and an advanced coal-to-power project, in Tanzania – in parallel. The projects fall in line with the company’s strategy to progress a diverse portfolio of advanced power generation and mining projects in sub-Saharan Africa and the UK through international relationships with key development partners.
Bushveld to publish maiden mineral resource estimate for Brits project in Q2
Published: 25 Mar 19
Aim-listed vanadium producer Bushveld Minerals expects to deliver a maiden mineral resource estimate for its Brits project, in South Africa’s North West province, before the end of the second quarter. The project lies adjacent to the company’s Vametco openpit mine and processing facility.
Thorny River on track to become diamond producer by mid-2019
Published: 25 Mar 19
Aim-listed Botswana Diamonds has confirmed that its Thorny River diamond dyke project, in South Africa, remains on track to start bulk sampling and diamond production by the middle of this year. Bulk sampling is anticipated to start in May, assuming final permits are obtained in time, and will ramp up to 20 000 t a month.
90 000 gold and platinum jobs at risk as Eskom hikes loom 90 000 gold and platinum jobs at risk as Eskom hikes loom Has PDF
Published: 25 Mar 19
The Minerals Council South Africa is ringing alarm bells over the threat posed to employment and production in the gold and platinum sectors as a result of recently approved electricity tariff increases, including the 13.8% hike to be implemented from April 1. In addition, the council is warning that the hikes will accelerate the State-owned utility’s own downward spiral as mines and smelters, which currently consumes 30% of Eskom’s yearly production, respond by closing unprofitable operations.
Court halts operations at 13 Vale dams, operations at major mine affected
Published: 25 Mar 19
A Brazilian court has issued an injunction ceasing operations at several tailings dams owned by mining firm Vale, the iron-ore giant said on Monday, which will hit production at a major mine. The injunction, issued in response to a motion by prosecutors in the state of Minas Gerais, requires the firm to paralyse operations at 13 dams. As a result, the company said, production at its major Brucutu mine will take longer than expected to come back on line.
Newmont promises special dividend if Goldcorp deal is approved Newmont promises special dividend if Goldcorp deal is approved
Published: 25 Mar 19
As criticism mounts over Newmont’s merger with Goldcorp, the US-based gold major on Monday promised its shareholders a special dividend of $0.88 a share should they approve the $10-billion transaction at a meeting next month. CEO Gary Goldberg said that the special dividend was in “recognition of the potential synergy value” of the Nevada joint venture (JV) agreement with fellow gold major Barrick.
Barrick to reinvent Latin American mines – Bristow Barrick to reinvent Latin American mines – Bristow
Published: 25 Mar 19
Gold mining major Barrick is committed to its operations in Latin America and will reinvent the way its Veladero mine, in Argentina, operates and will devise a new plan for Lagunas Norte, in Peru, says CEO Mark Bristow. The Veladero mine, in which China’s Shandong Gold Group is Barrick’s equal partner, is struggling with “internal and external challenges, including the currency devaluation and fiscal challenges”.
Caledonia Mining to expand gold exposure in Zimbabwe
Published: 25 Mar 19
Gold miner Caledonia Mining is seeking ways to deepen its investment in Zimbabwe even though a currency crisis has dented its earnings and bureaucracy has slowed the company's purchase of an increased stake. The end of Robert Mugabe's rule in 2017 after an army coup led to a rush of excitement that miners would flood in to develop the nation's mineral wealth.
Lonmin warns on liquidity and persistent challenges
Published: 25 Mar 19
Lonmin, which is being bought by Sibanye-Stillwater, said it does not have sufficient liquidity to fund the new projects needed to avoid shaft closures and job losses. The London-listed miner, crippled by soaring costs and subdued platinum prices, has been cutting spending to conserve cash and retain a positive cash balance, one of the conditions upon which South Africa-based Sibanye's takeover is contingent.
M&R acquires another US-based firm
Published: 25 Mar 19
JSE-listed engineering and construction group Murray & Roberts’ (M&R’s) Cementation Americas, which forms part of the M&R Underground Mining platform, has acquired 100% of Terra Nova Technologies (TNT) for $38-million. The acquisition will be funded from a revolving and term loan credit facility, as well as from existing cash resources.
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