CoAL keeps focus on turnaround, Makhado hopes remain high
The share price of triple-listed Coal of Africa Limited (CoAL) on Monday plunged almost 9% on the JSE and nearly 4% on the London bourse after the group delivered its financial results for the interim period to December 2013. However, the share price had regained lost ground by midday, recovering to a negative 2% on the Johannesburg bourse and entering positive territory with just under 1% hike on the London exchange.
(Mon, 10 Mar 2014 13:52:00 +0200)
Sasol eyeing northern Mozambique gas ‘monetisation’ prospects
Energy and chemicals group Sasol says the gas discoveries in the north of Mozambique are large enough to support significant additional “gas monetisation” options over-and-above the liquefied natural gas (LNG) opportunities currently being considered.
There have been significant gas discoveries in the Rovuma basin, offshore northern Mozambique, where it is estimated that there is more than 65-trillion cubic feet of recoverable natural gas, and plans are being advanced for the commercial development of LNG.
(Mon, 10 Mar 2014 17:05:00 +0200)
Fragile gold prices swing Goldplat to H1 loss
Weakened gold prices in the latter half of 2013 dampened London-listed gold miner GoldPlat’s first-half results, swinging the company to an operating loss of £694 000 for the six months ended December 31, from a profit of £2.05-million for the first half of the prior fiscal year. “This has been a difficult period for the company as we have adapted to the substantial reduction in the gold price experienced during the period under review.
(Mon, 10 Mar 2014 14:49:00 +0200)
JSE still a world-class market, investment paradigm shift needed
The Johannesburg Stock Exchange (JSE) still is by any measure a world-class stock exchange, and should be the mining mecca of the mining industry Sasfin Capital head of corporate finance Noah Greenill said this week.
Speaking to Mining Weekly Online during the Prospectors and Developers Association of Canada’s recent convention while officially representing the JSE, Noah pointed to several of the exchange’s strengths, such as well established regulations, excellent clearing and settlement, systems and plenty of available capital in South Africa, once a mining investment powerhouse.
(Fri, 07 Mar 2014 23:20:00 +0200)
Maiden reserve for Universal's Roodekop
South Africa focused Universal Coal has reported a maiden Joint Ore Reserves Committee complaint coal reserve of 9.4-million tonnes at its Roodekop project.
The reserve estimate relates to the northern openpit area only.
(Mon, 10 Mar 2014 10:03:00 +0200)
Jobs impact still uncertain as Sasol gets set to implement streamlined model
Energy and chemicals group Sasol will pull the trigger on its streamlined operational structure on July 1, with CEO David Constable forecasting a minimum of R3-billion in sustainable yearly savings as a result of the reorganisation. However, the ‘business performance enhancement programme’ will also affect some of the JSE-listed company’s 34 000 employees and will cost upwards of R2.5-billion to implement, with restructuring costs of R1.2-billion forecast for 2014 and “peak” costs anticipated during the 2015 financial year.
(Mon, 10 Mar 2014 15:00:00 +0200)
SacOil reports ‘satisfactory’ progress at African projects
South Africa-based independent African oil and gas company SacOil has reported “satisfactory” progress at its existing portfolio of exploration and appraisal assets in Nigeria and Malawi, further confirming that it continued to evaluate several opportunities to secure new value-accretive acreage in established and prolific African hydrocarbon jurisdictions and basins. The JSE-listed company said in a statement on Monday that the mobilisation of a three-dimensional (3D) seismic data acquisition project contractor for its 20%-owned OPL 233 exploration block, in Nigeria, had started, while an environmental-impact assessment (EIA) of the tenement was completed.
(Mon, 10 Mar 2014 11:33:00 +0200)
Chad oil drilling workers start three-day strike over pay
Around 1 600 workers in Chad's oil exploration sector began a three-day strike on Sunday after rejecting a pay offer from two Chinese firms employing them, a union official said. The strike, which did not affect the country's 120,000 barrel per day output, is the second this year declared by workers at Great Wall Drilling Corporation, a subsidiary of China National Petroleum Corporation (CNPC), and oil service firm China National Logging Corporation.
(Mon, 10 Mar 2014 11:55:00 +0200)
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