Wescoal lifts black ownership to 59% in ‘transformational milestone’
JSE-listed Wescoal has entered into a subscription agreement that will raise its black ownership to about 59%. The company’s long-term coal supply agreement with State-owned Eskom requires it to increase its black economic empowerment (BEE) ownership to more than 51% by end December 2016.
(Thu, 29 Sep 2016 17:06:00 +0200)
Cash-strapped S African miners look internally to ride out lower-for-longer downcycle
South African mining companies are increasingly shifting their focus from maximising volumes to ensuring more profitable production to remain sustainable as margins continue to shrink.
PwC's latest ‘SA Mine’ report, released on Thursday, shows that mining companies have experienced flat revenues and higher-than-inflation cost increases over the last five years, forcing them to manage what is under their own control – production volumes and costs.
(Thu, 29 Sep 2016 16:01:00 +0200)
Lily mine inspection aborted, conditions deemed unsafe
Attempts to inspect the localised geological conditions underground at the troubled Lily gold mine, in Barberton, have been aborted. A Mine Rescue Service (MRS) risk assessment this week revealed deterioration along the 600 mm rescue shaft and the original ventilation shaft, rendering it unsafe to enter, the mine’s business rescue practitioner Sturns Strategic Turnaround Solutions said in a statement on Thursday.
(Thu, 29 Sep 2016 16:29:00 +0200)
Unique MOR diamond deposits offer ‘considerable potential’
The Middle Orange River (MOR) alluvial diamond deposits between Hopetown, Douglas and Prieska, along with deposits along the Riet river and the Vaal river, in the Northern Cape, represent three unique sinks or repositories of high-quality gem diamonds, says geologist Lyndon de Meillon. Speaking to Mining Weekly Online on Thursday, he highlighted that these deposits were unique because of their location close to the confluence of three of South Africa’s major diamond-bearing rivers - the Riet, Orange and Vaal rivers.
(Thu, 29 Sep 2016 16:02:00 +0200)
Not all diamonds enjoy recovery as budget stones get left behind
The recovery in diamond prices is leaving out the smallest and lowest-quality gems.
For the smallest diamonds, prices are down 15% this year, data compiled by Bloomberg show. That compares with an average 7% increase for all stones yet to be cut and polished. The overall market is recovering after De Beers and Russia’s Alrosa cut supply in 2015 to boost sales.
(Thu, 29 Sep 2016 12:47:00 +0200)
South32 sees coal rally threatened if China increases work days
A surge in coal prices driven by Chinese demand would be jeopardised should the nation reverse restrictions on working days, boosting domestic production, according to South32.
“We had the Chinese government start cracking down on the factories and mines and restricting work days” to 276 a year, COO for Australia Ricus Grimbeek told reporters in Perth on Thursday. “It could easily go back to 365 (days) depending on how they see the market.”
(Thu, 29 Sep 2016 12:42:00 +0200)
Syrah testwork proves up at Balama
Testwork at the Balama graphite project, in Mozambique, has revealed that a significant improvement in total graphitic carbon could be achieved through the addition of a liberation circuit. Owner Syrah Resources said on Thursday that the results of a 100 t pilot plant test programme, in Brazil, had produced concentrate material for the spherical test work facility in China, as well as concentrate for potential flake graphite customers for product qualification purposes.
(Thu, 29 Sep 2016 07:50:00 +0200)
Edenville raises £500 000
Aim-listed Edenville Energy has raised £500 000 through an oversubscribed placing to new and existing shareholders to advance commercial mining operations at its Rukwa coal-to-power project, in south-west Tanzania. The raising will also be used to continue the project’s technical and regulatory requirements and for general corporate requirements in anticipation of the opportunity the East African country’s import ban will provide.
(Thu, 29 Sep 2016 08:52:00 +0200)
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