Integrator has tools for long-term mining company success
With several major, junior and small minerals and mining services companies debt stressed, folding or in business rescue, former investment researcher Stephen Roper has come up with a longevity and success formula – with diamond consultant Dr John Bristow offering input. Accountant Roper and geologist Bristow have found that a great deal of problems stem from a lack of robust capital management, poor capital allocation, inadequate financing provision and thin insurance cover.
(Tue, 31 May 2016 16:24:00 +0200)
Rockwell says repositioned for a new financial year
Diamond miner Rockwell Diamonds on Tuesday said it had ended the 2016 financial year on a solid base as the fourth quarter showed “positive progress” following a recent strategic and operational review and restructuring. After suffering significant losses in the third quarter of 2016, the TSX- and JSE-listed firm continued to implement key restructuring decisions to get the company back on track during the three months to February 29.
(Tue, 31 May 2016 11:00:00 +0200)
CoAL inks two subscription agreements for $15m
The share price of Coal of Africa Limited (CoAL) surged on the London and Johannesburg bourses on Tuesday after the announcement that two subscription agreements for proceeds of $15-million had been signed. The triple-listed coal miner, which extended the closing date for its buyout of ASX-listed Universal Coal until June 24 to allow for the conclusion of the subscription agreements, effectively replaced the terminated YBI subscription agreement and subsequent replacement loan.
(Tue, 31 May 2016 11:41:00 +0200)
Caddy steps down at Bauba
Syd Caddy has stepped down as CEO of platinum and chrome producer Bauba Platinum with immediate effect. Nick van der Hoven, who currently holds the position of executive director of legal compliance and new business development, took over as CEO from May 31.
(Tue, 31 May 2016 15:28:00 +0200)
Petra appoints new CFO
David Abery has resigned as FD of Petra Diamonds to pursue other opportunities. Current finance manager for operations Jacques Breytenbach would succeed Abery as CFO. He is a chartered accountant and a member of the South African Institute of Chartered Accountants.
(Tue, 31 May 2016 09:05:00 +0200)
Trans Hex warns of FY losses
Diamond producer Trans Hex on Tuesday warned that it would swing to a net loss of R100.8-million for the financial year ended March 31, compared with a profit of R190.6-million in the prior financial year. The loss after tax from continuing operations was likely to be R124.8-million for the year under review, compared with a profit of R169.1-million the year before.
(Tue, 31 May 2016 16:44:00 +0200)
Stellar receives initial approval for Sierra Leone project’s mining licence
Aim-listed Stellar Diamonds says it has been verbally informed that Sierra Leone’s Minerals Advisory Board has approved the company’s application for a mining licence for its Tongo project. Progression of the licensing process, however, remained subject to the Ministry of Mines’ licensing body, the National Minerals Agency (NMA), formally writing to Stellar to inform it of the decision and drawing up a licence agreement to be forwarded to the Minister of Mines for approval.
(Tue, 31 May 2016 10:13:00 +0200)
IMX sets listing date for Graphex
A new graphite-focused company with assets in Tanzania will make its debut on the Australian bourse next month.
IMX Resources announced on Tuesday that its spin-off, Graphex Mining, will start trading on the ASX on June 14.
(Tue, 31 May 2016 08:22:00 +0200)
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