Kumba providing helping hand to up-and-coming BEE iron-ore juniors
South Africa’s biggest iron-ore mining company, Anglo American’s JSE-listed Kumba Iron Ore, is lending a helping hand to up-and-coming black economically empowered (BEE) iron-ore juniors in the Northern Cape and Limpopo provinces.
Kumba CEO Norman Mbazima said on Tuesday that the company regarded helping emerging black iron-ore juniors to success as an obligation.
He was responding to a question put by Standard Bank mining analyst Tim Clark at Kumba's presentation of half-year (HI) results, which saw the company dish out another R5-billion to shareholders in an interim dividend pay-out after its operations generated R16.3-billion H1 cash flow.
(Tue, 22 Jul 2014 16:12:00 +0200)
Anti-fracking lobby seeks new moratorium, keeps legal powder dry
Anti-fracking lobby group Treasure the Karoo Action Group (TKAG) and social rights group AfriForum hand delivered a letter to President Jacob Zuma this week calling on him to declare a fresh moratorium on hydraulic fracturing in South Africa, or face possible legal action.
TKAG CEO Jonathan Deal reported on Tuesday that the letter questioned government’s apparent willingness to proceed with the processing of exploration applications despite having failed to address several outstanding concerns that had been raised by fracking opponents over the past three-and-a-half years.
(Tue, 22 Jul 2014 15:30:00 +0200)
Murray & Roberts awarded mammoth R2.6bn Venetia mine contract
In what could be the single-largest contract awarded to construction major Murray & Roberts (M&R) since the Eskom power build programme, M&R subsidiary M&R Cementation has secured a R2.6-billion contract to develop an underground mine beneath diamond major De Beers’ openpit Venetia mine, in Limpopo. The contract will see M&R developing the entire underground mine and wil include the sinking, equipping and commissioning of a decline shaft and two vertical shafts; horizontal tunnel development to provide access to and the establishment of loading levels; as well as the development of associated ventilation, ground and water handling infrastructure.
(Tue, 22 Jul 2014 17:03:00 +0200)
Kumba revenue up on rand weakness, dividend maintained
The operational profit of JSE-listed Kumba Iron Ore fell 14% in the six months to June 30 on lower exports and the cost of increased mining activities.
But revenue was up mainly on currency weakness and Kumba maintained its interim cash dividend of R5-billion, which amounts to R15.61 a share.
“We remain conscious that the biggest investment case for the company is its high dividend yield and we will continue to pay healthy dividends to shareholders,” Kumba CEO Norman Mbazima said on Tuesday.
(Tue, 22 Jul 2014 10:12:00 +0200)
Village reports recovery in June quarter
Following a “difficult” March quarter, Village Main Reef bounced back during the quarter ended June 30, as its Tau Lekoa operation hiked output and the Buffelsfontein (Buffels) mine closure and rehabilitation activities progressed. The gold miner on Tuesday posted “much improved” operational results, with its total cash operating profit from continuing operations having increased from R49.5-million in the three months ended March 31, to R111.9-million in the quarter under review.
(Tue, 22 Jul 2014 10:28:00 +0200)
SA company awarded Yanfolila engineering contract
Following a competitive tender process, multi-asset gold exploration and development company Hummingbird Resources has, by way of a letter of intent (LoI), appointed Johannesburg-based project management and engineering firm Senet to start engineering work on the Yanfolila processing plant and associated infrastructure, in Southern Mali. Senet had agreed to begin engineering services under the LoI until the contract had been drafted and accepted by both parties, thus maintaining the fast-track schedule.
(Tue, 22 Jul 2014 14:57:00 +0200)
De Beers announces changes to diamond sales model
JOHANNESBURG (miningweekly.com) – Multinational diamond giant De Beers Group has announced an updated model for the allocation of rough diamonds by its primary rough-diamond distribution arm, Global Sightholder Sales (GSS), in respect of the March 2015 to March 2018 contractual period. The group said in a statement on Tuesday that the updated allocations model would involve a new method for determining GSS’s rough diamond customer base, with a simplified, compliance and demand-based customer qualification process being introduced.
(Tue, 22 Jul 2014 15:52:00 +0200)
PTM appoints DRA Mineral Projects as ‘qualified person’ for Waterberg PFS
TSX- and NYSE-listed Platinum Group Metals (PTM) on Tuesday awarded the ‘independent qualified person’ role for the ongoing Waterberg prefeasibility study (PFS) to South Africa-based global engineering firm DRA Mineral Projects (DRA).
“We are very pleased to be working with DRA at Waterberg. DRA had a compelling bid for the work and we know the company very well as our engineering, procurement and construction manager for the ongoing build at our WBJV [Western Bushveld Joint Venture] Project 1 platinum mine, where about C$300-million in construction and development has been completed so far. DRA has done an excellent job managing to budget and schedule,” PTM president and CEO Michael Jones said in a statement.
(Tue, 22 Jul 2014 19:00:00 +0200)
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