Operational improvements continue across Anglo portfolio
Operational improvements continue across the portfolio of Anglo American, which delivered an overall superior production performance in the three months to end September. On a copper equivalent basis, the London- and Johannesburg-listed diversified mining company beat previous third-quarter production by 4% and second-quarter production by 12%.
(Tue, 25 Oct 2016 12:15:00 +0200)
Amplats expects lower production impact from Waterval furnace rebuild
JSE-listed Anglo American Platinum (Amplats) has narrowed the estimated production impact of the Rustenburg-based Waterval smelter’s unplanned shutdown of furnace one to around 75 000 oz. The run-out of molten furnace matte at the smelter on September 10, which slashed some 20% of the company’s smelting capacity, was initially expected to cut up to 100 000 oz from refined production for the 2016 financial year.
(Tue, 25 Oct 2016 09:42:00 +0200)
Kumba posts double-digit rise in Q3 production
JSE-listed Kumba Iron Ore’s restructure of its Sishen Iron Ore Company is bearing fruit as the iron-ore producer delivered a double-digit surge in production for the third quarter of the year. Production for the three months to September 30 increased 33% quarter-on-quarter and 3% year-on-year to 11.76-million tonnes.
(Tue, 25 Oct 2016 09:48:00 +0200)
ChromTech, Thakadu ink R52m deal
New-generation beneficiation and trading company Thakadu Resources has acquired a 26% stake in fully integrated mine-to-market chrome producer ChromTech for R52-million. The deal has bolstered ChromeTech’s black economic empowerment ownership and enabled an immediate injection into ChromTech’s project pipeline.
(Tue, 25 Oct 2016 15:35:00 +0200)
Harmony completes acquisition of Newcrest's 50% stake in PNG mine
JSE-listed Harmony Gold has received regulatory approval to buy joint venture partner Newcrest Mining's 50% interest in the Hidden Valley mine in Papua New Guinea (PNG). The transaction was now complete, the gold miner said on Tuesday.
(Tue, 25 Oct 2016 16:02:00 +0200)
Chamber of Mines rejects criticism of SADC mining industry’s record
The Chamber of Mines has rejected the view that the mining industry has had a purely negative impact on society in mineral-rich sub-Saharan Africa. Instead, the Chamber said that the industry had been the basis for economic development in South Africa and many other parts of the developing world.
(Tue, 25 Oct 2016 08:35:00 +0200)
PTM launches $40m financing for Maseve development, working capital
South Africa-focused project developer Platinum Group Resources (PTM) has launched a $40-million bought deal financing to raise cash for underground development and production ramp-up of the Project 1 Maseve platinum mine, debt repayment and general corporate purposes.
A syndicate of underwriters led by BMO Capital Markets have agreed to buy 22.23-million shares of the company at $1.80 apiece, for gross proceeds of $40-million, excluding a 15% overallotment option that could take gross proceeds up to $46-million.
(Tue, 25 Oct 2016 00:19:00 +0200)
CRG secures $240 000, initiates Mill 1
Dual-listed Central Rand Gold (CRG) is currently building up its Mill 1 to full capacity, following the completion of its installation. Following mechanical performance issues and a year-end failure CRG replaced Mill 1 with a newly installed and fully refurbished mill, which was acquired from Jet Demolition in February 2016.
(Tue, 25 Oct 2016 14:41:00 +0200)
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