Mining News

Miners owe it to host countries to invest in downturns – Randgold

Mining companies owed it to their host countries and their shareholders to invest in the troughs so that they could reap the benefits in the peaks, Randgold Resources CEO Dr Mark Bristow said on Tuesday. Speaking during a panel discussion at the 2016 Investing in African Mining Indaba, Bristow said while Africa still has some very exciting unexplored terrain, the gold mining industry had been feeding on itself since the hedging crisis.
(Tue, 09 Feb 2016 16:09:00 +0200)

Fuel cell technology fast-tracked with launch of feasibility study in S Africa

An extensive feasibility study of fuel cells has been launched in South Africa in a bid to make the most of South Africa’s vast platinum resources. If successful, Isondo Precious Metals (IPM) believes the manufacturing of fuel cell components could be up and running within two years. The Department of Trade and Industry has provided the funds for the study being carried out by IPM, a company established in 2012 to work in the space between the South African platinum industry, the international metal fabricators and the South African government to help create new and sustainable precious metal beneficiation business plans. 
(Tue, 09 Feb 2016 15:28:00 +0200)

S African company signs licence agreement to locally manufacture fuel cell components

Isondo Precious Metals (IPM) has acquired the rights to manufacture, use, market and sell licensed fuel cell components worldwide, using a portfolio of membrane-electrode assembly and membrane design, formulation and manufacturing technology. The South African company announced that it had entered into the agreement with the Chemours Company, a US-based company that was formerly the Performance Chemicals unit of DuPont.
(Tue, 09 Feb 2016 14:48:00 +0200)

Unlock South Africa/Botswana coal in tandem, Exxaro urges at Indaba

All stakeholders should recommit to the development of the Waterberg coalfields in tandem with neighbouring Botswana in order to unlock the entire region’s coal potential and improve transport economics, Exxaro Resources CEO designate Mxolisi Mgojo urged on Tuesday. Speaking at the 2016 Investing in African Mining Indaba, Mgojo said that the Waterberg continued to represent “a very good opportunity for all stakeholders” even though its developmental momentum had stalled owing to market conditions.
(Tue, 09 Feb 2016 13:49:00 +0200)

Vedanta rephases capex at Gamsberg as part of cost-cutting measures

In light of tumbling commodity prices, global diversified metals and mining company Vedanta Resources has had to restructure costs across all of its businesses, including South Africa-based Gamsberg zinc project .  Vedanta Resources CEO Tom Albanese told delegates at the Investing in African Mining Indaba that the company had delivered on its $1.3-billion cost-savings plan across its global operations, reducing its net debt by $600-million.
(Tue, 09 Feb 2016 16:07:00 +0200)

Kumba FY earnings down on lower iron-ore price

JSE-listed Kumba Iron Ore’s headline earnings a share fell 66% year-on-year to R11.80 for the year ended December 31, compared with R34.30 a year earlier. The 42% drop in the average iron-ore price to $56/t contributed to the lower earnings. Basic earnings a share were R1.46 owing to a significant impairment charge of R6-billion relating to Sishen mine as a consequence of the low-price environment and actions taken to restructure the business.
(Tue, 09 Feb 2016 09:26:00 +0200)

Second-largest diamond ever recorded named 'our light'

The second-largest diamond ever recovered has been named ‘Lesedi La Rona’ which means ‘Our Light’. The 1 100 ct diamond – about the size of a tennis ball - was discovered at the Karowe mine in Botswana last November. Over 10 000 people entered a competition to name the gem, either by e-mail or sms. Thembani Moitlhobogi, was judged the winner by a panel of five people. He won 25 000 pula (about R30 000). “The selection process wasn’t easy as there were so many entrants and so many creative ...
(Tue, 09 Feb 2016 16:59:00 +0200)

Need for mining’s reinvention as critical economic pillar – Biti

Mining needs to be reinvented as a mutually transformative win-win for countries and companies to put an end to the resource curse, which has destroyed the collective creativity of resource-rich economies, causing them to fall behind their resource-poor counterparts, former Zimbabwe Finance Minister Tendai Biti said on Tuesday. Speaking at the 2016 Investing in African Mining Indaba, Biti outlined how Africa’s 24 countries reliant on minerals as the dominant economic driver continually lagged the continent’s mineral-poor countries in terms of gross domestic product (GDP) per capita and the Gini coefficient.
(Tue, 09 Feb 2016 10:46:00 +0200)

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