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Tanzania says to start cancelling inactive mining licences
Published: 22 May 19
Tanzania will start cancelling inactive mining exploration licences and distribute the acreage to artisanal miners who are able to immediately commence activity in the area, a minister said on Tuesday. Deputy minister for minerals, Stanslaus Nyongo, told parliament he had issued an order that "all inactive prospecting licences are cancelled for the areas to be given to the small-scale miners who are eager to develop and increase the contribution of the mining sector."
Sasol to accelerate $2bn asset disposal plan as capex on US project leaps by another $1.3bn Sasol to accelerate $2bn asset disposal plan as capex on US project leaps by another $1.3bn
Published: 22 May 19
Energy and chemicals group Sasol, which announced another large increase in the capital cost of its Lake Charles Chemicals Project (LCCP) being built in the US, will accelerate its $2-billion noncore asset disposal programme and will used the proceeds to deleverage its balance sheet. Joint president and CEO Bongani Nqwababa said on Wednesday that the JSE-listed group was “extremely disappointed” in having to confirm a further upward revision to the capital cost of the LCCP project, which is now expected to be between $12.6-billion and $12.9-billion.
Gordhan says mining firms must reverse job cuts
Published: 22 May 19
South Africa’s mining companies must reverse recent decisions to cut jobs in the industry to help revive the economy and boost investor confidence, according to Public Enterprises Minister Pravin Gordhan. His comments come a day after Lonmin said it plans to cut 4 100 workers at platinum mines that are being closed down, while in February Sibanye Gold said restructuring of its unprofitable gold-mining operations in South Africa could lead to more than 6 000 job losses.
Vedanta seeks urgent meeting over its besieged Zambian unit
Published: 22 May 19
Vedanta Resources is seeking an urgent meeting with Zambian President Edgar Lungu over the threat to its local assets after a state-owned investment company asked the Lusaka High Court to liquidate them. Lungu at the weekend accused Konkola Copper Mines of lying and cheating and said Africa’s second-biggest copper producer would find other investors to take over the assets. On Tuesday, Zambia’s ZCCM Investments Holdings applied for the liquidation of KCM, in which it holds a 20.6% stake.
Hudbay is said to prepare sale of Arizona copper mine stake
Published: 22 May 19
Hudbay Minerals is preparing a sale of a stake in one of the largest copper mines under development in the US as an investor pushes the company to review its portfolio, people familiar with the matter said. The Toronto-based base metals miner has interviewed potential advisers about selling a 30% stake in the Arizona Rosemont project and is planning to kick off a process in the coming months, the people said, asking not to be identified as the matter is private. The stake is likely to draw interest from financial bidders, such as private equity firms, the people said. No final decisions have been made and Hudbay may still decide to keep the asset, they said.
Barrick bids for rest of Acacia as Tanzania refuses direct settlement Barrick bids for rest of Acacia as Tanzania refuses direct settlement
Published: 22 May 19
Toronto-headquartered Barrick Gold has presented a proposal to its London-listed subsidiary Acacia Mining to buy the rest of the shares in the miner that it does not already own for $285-million. The share-for-share exchange of 0.153 Barrick shares for each ordinary share of Acacia implies a value of $787-million for the Tanzania-focused miner.
PetroConnect calls for fuel industry collaboration PetroConnect calls for fuel industry collaboration
Published: 21 May 19
With the South African energy sector undergoing significant change, particularly with the introduction of the Liquid Petroleum Sector Codes currently under way, PetroConnect directors Mark Harper and Sbonelo Mbatha have called on the fuel industry to “see transformation as an opportunity and not a threat”. Fuel Retailers Association CEO Reggie Sibiya on Tuesday highlighted that, while the sector code, which is yet to be promulgated, needs to be aligned to legislation, it also needs to enhance the operating environment, while addressing challenges within the industry.
Minister publishes amendments to financial provisioning regulations for mine closure Minister publishes amendments to financial provisioning regulations for mine closure
Published: 21 May 19
Environmental Affairs Minster Nomvula Mokonyane has gazetted additional amendments to the Financial Provisioning Regulations for the rehabilitation and remediation of environmental damage caused by exploration and/or mining activity. The regulations stipulate the manner in which mining rightholders and mining permit holders must provide for and then conduct rehabilitation of the environmental impacts incurred by their activities.
BBBEE Commission says most broad-based schemes failing ‘ownership test’ BBBEE Commission says most broad-based schemes failing ‘ownership test’
Published: 21 May 19
The regulatory body overseeing the implementation of South Africa’s broad-based black economic empowerment (BBBEE) legislation has dismissed suggestions that changes have been made to the rules governing the treatment of trusts and other broad-based structures under the ownership element of the empowerment scorecard. “It is important to dispel the impression created that there is no certainty regarding BBBEE – the Act, the Codes of Good Practice as well as approved sector codes are clear as to what the framework and the parameters are … There is no change since the amendments in 2013,” the BBBEE Commission said in a statement released on Tuesday.
Saceec warns capital equipment industry to comply with legislation in foreign countries
Published: 21 May 19
South African machinery and capital equipment companies must understand the legislation of countries they are operating in, or exporting to, South African Capital Equipment Export Council chairperson and CEO Eric Bruggeman told delegates attending the Local Southern African Manufacturing Expo, on Tuesday. He commented that the country's machinery and capital equipment exports amounted to about R178-billion a year and that it was the biggest contributor to gross domestic product in South Africa aside from agriculture.
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