Petra plans $300m notes issue to fund R1.65bn overhaul of 58-yr-old Cullinan plant
Jersey-headquartered Petra Diamonds plans to launch a $300-million notes issue and increase its senior lender debt facilities to fund the construction of a R1.65-billion processing plant at the Cullinan mine, in South Africa, by the end of 2017. The group outlined on Friday that it intended to offer $300-million in aggregate principal amount of senior secured notes, which would be issued by its US subsidiary.
(Fri, 24 Apr 2015 09:42:00 +0200)
Weak commodity outlook puts revenue diversification at top of Gama’s Transnet agenda
Acting Transnet CEO Siyabonga Gama, who was appointed to the position following the surprise secondment of Brian Molefe to Eskom, has placed revenue diversification at the top of his list of immediate priorities, with the weak commodity outlook seen as having the potential to undermine the State-owned company’s future prospects. In an interview with Engineering News Online, Gama said Transnet’s current reliance on a few commodities, such as coal and iron-ore, had increased the urgency to implement the group’s road-to-rail strategy in noncommodity sectors. He also confirmed that seasoned railways man Ravi Nair, who had been overseeing the road-to-rail strategy, had been appointed acting CEO of Transnet Freight Rail (TFR) in his absence.
(Fri, 24 Apr 2015 11:00:00 +0200)
Paladin loses 10% production in March quarter
Uranium miner Paladin Energy has reported a 10% decline in production during the March quarter from its Langer Heinrich mine, in Namibia.
The company said on Friday that while mining production volumes remained on target, production at the Langer Heinrich plant was affected by a failure of the pre-leach thickener feed well in February.
(Fri, 24 Apr 2015 07:17:00 +0200)
Energy adviser slams Eskom
South African mining and energy adviser Ted Blom has raised a litany of concerns about the state of power utility Eskom and has warned of runaway costs and shortfalls in coal and water, as well as rail capacity. Blom was surprised by the recent buoyancy shown by Eskom acting CEO Brian Molefe, who earlier this week told Parliament’s Public Enterprises Portfolio Committee that Eskom was not bankrupt and pledged to try to get the 3 000 MW needed to do maintenance without load-shedding by the end of the year.
(Fri, 24 Apr 2015 16:23:00 +0200)
China plans new commodity superhighway, altering energy trade flow
China’s Go West strategy of encouraging coastal to inland flow of capital and people will result in the formation of a new commodity superhighway, says advisory firm Wood Mackenzie (Woodmac). This new superhighway will impact the energy trade flows within China and externally, through the new Silk Road routes, and will link the country from east to west, onwards to Central Asia and beyond.
(Fri, 24 Apr 2015 11:35:00 +0200)
Listing preferred option for Anglo's South Africa platinum mines – CEO
Anglo American favours a listing of some South African platinum mines as the most likely route to divesting those assets, the mining group's CE said on Friday. Platinum has been a problem for London and Johannesburg-listed Anglo American for some time, due to recurrent strikes and stubbornly weak prices.
(Fri, 24 Apr 2015 08:21:00 +0200)
SA mines not resting on their laurels despite 2014 fatality figure being the lowest ever
The South African mining industry has made significant strides in the past 50 years to improve health and safety standards, with 2014 culminating in the lowest fatality figure ever recorded. Nonetheless, the 281 dependants of the 84 miners who were fatally injured last year remained without a breadwinner, South African Colliery Managers’ Association (Sacma) council member Tienie Bleeker said at the 2015 Coalsafe conference, held in Johannesburg last month.
(Fri, 24 Apr 2015 08:00:00 +0200)
NUM plans to demand gold wage hikes of 75% – sources
South Africa's National Union of Mineworkers (NUM) is planning to submit demands to the gold sector next week calling for a 75-percent hike in the basic pay for entry-level workers, according to union sources familiar with the matter. "For the basic wage at the entry level, we are planning to demand a raise to R10 000 ($823) a month in the first year from R5 700 at present," said one NUM source, who asked not to be named. This was confirmed by a second source in the union.
(Fri, 24 Apr 2015 08:37:00 +0200)
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