Mining News

IFM returns to profitability

London-listed International Ferro Metals (IFM) returned to profitability in the financial year ended June 30, as its response to operational and broader market challenges led to better control over costs and optimised prices. The group delivered a pretax profit of R41-million for the financial year, a turnaround from the R126-million loss in the prior year, owing to higher volumes and an improved rand/dollar exchange rate.
(Mon, 29 Sep 2014 12:21:00 +0200)

London Mining enters negotiations for funding

London Mining’s efforts to secure a substantial investment have progressed as the Sierra Leone-focused iron-ore explorer enters “detailed negotiations”. The LSE-listed group on Monday said the proposed investment – if successful – would take several weeks to implement.
(Mon, 29 Sep 2014 09:34:00 +0200)

Nqwababa quits as Amplats FD to join Sasol as CFO

Following his resignation as FD of mining major Anglo American Platinum (Amplats) on Monday, Bongani Nqwababa has been appointed executive director and CFO designate of petrochemicals group Sasol. Pursuant to his appointment as CFO designate, he had also stepped down as Sasol nonexecutive director and audit committee member, with immediate effect.
(Mon, 29 Sep 2014 14:45:00 +0200)

Evraz Highveld announces another new CEO

JSE-listed Evraz Highveld Steel & Vanadium, which is undergoing an ownership change, confirmed on Monday that Johan Burger had been appointed as its new CEO with effect from October 1, 2014, following on the resignation of Jan Valenta. Valenta was appointed CEO in April this year after Michael Garcia stepped down from the position.
(Mon, 29 Sep 2014 17:06:00 +0200)

Q2 turnover of all industries in SA economy down 0.5%

During the three months ended June 30, the total turnover of all industries in the South African economy, excluding agriculture, financial intermediation, insurance and government institutions, declined by 0.5% quarter-on-quarter to R1.86-trillion, with the mining and manufacturing sectors having shown significant declines, data released by Statistics South Africa (Stats SA) on Monday shows. During the quarter, the turnover of the mining and quarrying sector was down 5.7%, while manufacturing turnover declined 2.5%.
(Mon, 29 Sep 2014 16:05:00 +0200)

Kimberley Diamonds denies talk about Botswana mine sale

Australia-based Kimberley Diamonds Limited (KDL) has no intention of selling its Lerala diamond mine, in Botswana, the company confirmed on Monday. “It has come to the board’s attention that there have been rumours in the market that KDL is attempting or intending to sell Lerala. Such rumours are not true. KDL has no intention of selling Lerala,” the board said in a statement to the ASX.
(Mon, 29 Sep 2014 10:08:00 +0200)

New nuclear storm as Westinghouse seeks legal review of R4.3bn Koeberg contract

Toshiba’s Westinghouse Electric Company on Monday launched an expedited review application in the South Gauteng High Court challenging Eskom’s decision to award a R4.3-billion contract to Areva, of France, for the replacement of steam generators at the Koeberg nuclear power station, in Cape Town. Westinghouse, which won an order on September 5 to secure documentation from Eskom relating to the basis of its decision to award the tender to Areva, continued to argue that the contract award was “flawed on various levels and should be set aside by the court”.
(Mon, 29 Sep 2014 15:15:00 +0200)

Kibo inks Rukwa agreements

London- and Johannesburg-listed Kibo Mining on Monday said the “rapid and positive” progress of the definitive mine feasibility study (DMFS) for its Rukwa coal-to-power project (RCPP) had enabled several agreements to be inked with the relevant Tanzanian government departments and utilities. The DMFS work completed to date enabled Kibo to reach an agreement on the terms of reference for the development of the power purchase and grid connection agreements, with the initial heads of terms for the coal sale agreement finalised between Rukwa Coal and Rukwa Power.
(Mon, 29 Sep 2014 12:37:00 +0200)

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