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Vale's Gongo Soco mine dam has up to 15% chance of bursting -Brazil official
Published: 21 May 19
Brazilian miner Vale's tailings dam in the town of Barao de Cocais in Minas Gerais has up to a 15% chance of breaking, the state's environment secretary said on Monday. The dam at Vale's Gongo Soco mine is about 64 km from Brumadinho, where a tailings dam collapse unleashed a torrent of toxic mud in late January, killing more than 240 people.
Mboweni bemoans 'madness' of Eskom debt Mboweni bemoans 'madness' of Eskom debt
Published: 21 May 19
South Africa’s embattled State power utility must prioritise collecting the money it is owed by municipalities as a first step toward becoming financially sustainable, Finance Minister Tito Mboweni said. Eskom Holdings has reported that municipalities owed it R17-billion in arrears for power purchases by the end of September, a 25% increase from six months earlier. The National Treasury allocated Eskom R69-billion over the next three years in the February budget to help it stay afloat.
Zimbabwe got loan from Afreximbank using platinum collateral
Published: 21 May 19
Zimbabwe secured a $500-million loan from the African Export-Import Bank to try and stabilize its currency market by offering platinum production as collateral, a person familiar with the details of the agreement said. The Reserve Bank of Zimbabwe on Saturday announced on Twitter that the money would be released into the foreign-exchange market from Monday, without saying where it came from. Finance Minister Mthuli Ncube later said in a separate tweet that the funds were secured from “international banks,” without identifying them. The loan is of four years duration, the person said.
Lonmin plans to cut 4 100 workers as it closes platinum mines
Published: 21 May 19
Lonmin plans to cut 4 100 workers at mines that have run out of profitable ore and are being closed. The platinum producer has started a process that’s required under South African labour law to carry out the workforce reductions, said Wendy Tlou, a spokesperson for the company. The layoffs will come from six old mines that have run out of commercially viable ore.
Katoro identifies additional target at Haneti
Published: 20 May 19
Results from a soil sampling programme at Katoro Gold’s Haneti nickel project, in Tanzania, have reconfirmed and extended the strike length of the previously identified high-priority ultramafic exploration targets, as well as identified an additional ultramafic target, which was previously unknown to the Aim-listed company. The soil sampling programme, aimed at further delineating already identified primary targets, was part of an ongoing exploration programme.
Sibanye keeps option to increase Lonmin offer against rival bid
Published: 20 May 19
Sibanye Gold reiterated that its increased offer for Lonmin Plc is final, but kept its option open to sweeten the deal for the platinum producer should a rival bid emerge. While its current offer “is final and will not be increased", the company “reserves the right to set aside the no increase statement if a competitive situation arises,” Sibanye said in a statement Monday. James Wellsted, a spokesman for the Westonaria-based miner, declined to comment further.
ABM starts exploration at Cameroon cobalt/nickel project
Published: 20 May 19
Aim-listed African Battery Metals has started exploration activities at its cobalt/nickel project in Cameroon and will initially be targeting cobalt and nickel mineralisation at prioritised targets within the company’s licence areas. The work programme will start immediately, with a view to complete the programme before the onset of the heavy rains.
Mboweni poised to retain post
Published: 20 May 19
Finance Minister Tito Mboweni is likely to hold on to his job for at least another year, as President Cyril Ramaphosa moves to re-assure investors and ratings companies that the economy is in good hands, according to two people familiar with the Cabinet selection process. The former central bank governor, who was appointed to his post seven months ago, is best positioned to ensure the country continues to deal with its debt burden and maintains market stability, said the people, who asked to remain anonymous because they aren’t authorized to comment.
Buoyed by mining recovery, Barloworld looks to Mongolia for growth Buoyed by mining recovery, Barloworld looks to Mongolia for growth
Published: 20 May 19
Barloworld’s results on Monday reflected some of the biggest trends in the South African economy, with the company reporting a sharp drop in equipment sales to the troubled construction industry, as well as a decline in new-vehicle sales and car rental days, but with the mining industry seemingly lifting its head. The equipment and logistics company reported a 1.6% drop in revenue for the six months ended March 31, to R30.4-billion, compared with the same period in the 2018 financial year.
AfriTin completes drilling on first 20 holes at Uis mine
Published: 20 May 19
Aim-listed AfriTin Mining on Monday announced that it had completed the first 20 diamond drill holes, which were recommended for the validation of the historical data by CSA Global, at its flagship Uis tin mine, in Namibia. The drill holes form part of the drilling programme designed to support the declaration of a mineral resource estimate on the V1 and V2 pegmatite.
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