Overcoming ‘trust deficit’ key to surviving ‘these tough times’ – Cutifani
In a hard-hitting address, Anglo American CEO Mark Cutifani lamented the decline in the competitiveness of South Africa's mining industry and warned that the “trust deficit” between government, the industry and labour would need to be urgently overcome if the country and the sector were to navigate the current difficulties brought about be falling commodity prices, rising costs and low productivity. “We have to survive these tough times together,” the Australian-born mining leader, who spent six years in senior executive positions in South Africa, told an audience at the Gordon Institute of Business Science in Johannesburg on Thursday night.
(Thu, 30 Jul 2015 19:00:00 +0200)
First Quantum idles Sentinel to operate Kansanshi at capacity amid power reductions
Aim- and TSX-listed First Quantum Minerals has idled its Sentinel processing plant and redirected its power supply to enable its Kansanshi mine to operate as close to capacity as possible and maintain its development momentum, as Zambia’s power utility imposes power restrictions on mines in the country. Following Zesco’s move over the weekend to limit power to customers to mitigate an impending power crisis as a drought hit the water-fed hydroelectric power-generation plants, First Quantum opted to focus on Kansanshi and its smelter, which reached commercial production status ahead of expectation during the second quarter, instead of running both operations at reduced capacities.
(Thu, 30 Jul 2015 12:40:00 +0200)
Gold producers table final three-year wage offers
Gold producers AngloGold Ashanti, Evander Gold Mines, Harmony Gold and Sibanye Gold have tabled their final three-year offers for wage and benefit increases to representative unions, the Association of Mining and Construction Union (AMCU), the National Union of Mineworkers (NUM), Solidarity and UASA for the period July 1, 2015 to June 30, 2018. The companies guaranteed that the pay of entry-level employees would reach R12 800 a month and R13 200 a month in the third year of the agreement.
(Thu, 30 Jul 2015 15:45:00 +0200)
Phakisa mining lab gets Cabinet nod
Plans to set up the first four-week Operation Phakisa ‘mining laboratory’ to identify and resolve the challenges plaguing South Africa’s mining sector have been given the Cabinet go-ahead. The Operation Phakisa mining lab, which would get under way in October, would identify a “set of concrete problems” that were limiting the growth and developmental impact of the mining sector, as well as the potential solutions.
(Thu, 30 Jul 2015 16:11:00 +0200)
Inventory, liquidity headwinds dent Gem Diamonds’ H1 pricing
High inventory levels and continued liquidity concerns, paired with global macroeconomic uncertainties, have continued to place pressure on the price of rough and polished diamond prices, denting the realised price of commercial stones recovered at Gem Diamonds’ Ghaghoo mine, in Botswana, for the first half of the year, the company said on Thursday. Recovered grades from Ghaghoo in the six months ended June 30 fluctuated between 28 carats per hundred tons (cpht) and 30 cpht in May and June, while a second parcel of 29 891 ct of commissioning-phase production sold for $4.9-million, or $165/ct, in July in a “difficult market”.
(Thu, 30 Jul 2015 09:55:00 +0200)
Paladin plans $33m cost cuts for 2016 FY
Uranium miner Paladin Energy plans to save some $33-million in capital costs during the 2016 financial year, as the company awaits a turnaround in the uranium price.
The Africa-focused miner gave a revised forecast for the C1 cash costs at its Langer Heinrich mine, in Namibia, which were expected to decline to $26/lb in 2016, based on production of 5.2-million pounds uranium, down from the C1 cash costs of $29/lb reported in 2015.
(Thu, 30 Jul 2015 09:35:00 +0200)
Northam, NUM reach wage settlement
Platinum producer Northam Platinum has inked a three-year wage agreement with the National Union of Mineworkers (NUM) for workers at the Zondereinde mine, in Limpopo. Entry-level underground employees would be provided a 13% basic wage and allowance increase in the first year, followed by increases of 11.6% in year two and 10.5% in year three.
(Thu, 30 Jul 2015 14:22:00 +0200)
Lonmin: victim of price falls and management wobbles
Platinum producer Lonmin is facing its deepest crisis to date, hurt by a downturn in the metal and haunted by a mixture of bad luck and debatable management choices that are putting its survival at risk. Times are tough for everyone in the platinum sector.
(Thu, 30 Jul 2015 15:19:00 +0200)
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