Northam investing R5.5bn in platinum growth projects
Platinum mining company Northam on Friday elaborated on the company’s suite of four growth projects timed to fill a demand gap expected to be created by constrained future South African platinum supply. The Johannesburg Stock Exchange- (JSE-) listed company, headed by CEO Paul Dunne, expects the current challenging market conditions and stressed balance sheets to constrain primary supply from South Africa and global demand to grow in line with world gross domestic product.
(Fri, 26 Aug 2016 15:46:00 +0200)
Venetia underground project may deliver first carats ahead of 2022 target
The construction of the R29-billion ($2.1-billion) underground development at the Venetia mine by diamond miner De Beers Consolidated Mines (DBCM) is within budget and developing on schedule, with the potential to see underground opera- tions deliver the first ore before the targeted start of production in 2022, De Beers confirms. The Limpopo-based Venetia mine – a large openpit operation and leading producer of diamonds in South Africa – accounts for about 40% of the country’s yearly diamond production. De Beers expects 133-million tons of ore to be treated over the life of the Venetia underground project (VUP), yielding an estimated 94-million carats.
(Fri, 26 Aug 2016 08:00:00 +0200)
BlueRock to resume Kareevlei operations
Aim-listed BlueRock Diamonds will resume operations at its Kareevlei mine, in the Northern Cape, on Monday after a weeks-long suspension ordered by the Department of Mineral Resources (DMR). The DMR suspended operations at the mine after an inspection on July 6 unveiled required changes to processing plant procedures and guarding rails on the plant and Trackless Mobile Machinery (TMM).
(Fri, 26 Aug 2016 14:28:00 +0200)
Buffalo Coal production slides as tough conditions continue
Total run-of-mine production at JSE-listed Buffalo Coal’s operations fell 20.4% year-on-year, to 416 000 t, in the second quarter ended June 30, owing to difficult mining conditions and pitroom constraints at its Magdalena project. The mine saw a 27.9% decrease in Magdalena underground production, from 401 000 t in the second quarter of 2015 to 289 000 t in the quarter under review. This was partially offset by production from Aviemore increasing 4.3% to 126 000 t, performing in line with historic and budgeted performance levels.
(Fri, 26 Aug 2016 14:35:00 +0200)
Gold believers from Soros to UBS lose faith in miners’ gain
The red-hot market for gold-mining companies has made the shares too expensive for some investors, even though they remain bullish on the outlook for bullion.
Earlier this year, fund managers including George Soros had gobbled up shares of producers such as Barrick Gold and Newmont Mining in a bet that the surprise rally in the price of the metal would spark a surge in profit.
(Fri, 26 Aug 2016 09:26:00 +0200)
Avocet sees H1 production, earnings rise despite challenging market
Despite a tough operating environment, Aim-listed Avocet has achieved a positive performance in the six months to June 30, producing 41 614 oz of gold at a cash cost of $913/oz. This was a slight improvement on the 39 859 oz produced at a cash cost of $1 021/oz in the six months to June 30, 2015.
(Fri, 26 Aug 2016 14:51:00 +0200)
Ausdrill subsidiary sees strong growth in West Africa
The West African gold industry continues to provide strong growth opportunities for Australia’s mining services company Ausdrill, with the company’s wholly owned subsidiary appointed as preferred contractor by private explorer and developer Toro Gold.
Ausdrill said on Friday that African Mining Services (AMS) expected to enter into a contract with Toro subsidiary Petowal Mining, which would generate about a$300-million over 75 months.
(Fri, 26 Aug 2016 11:01:00 +0200)
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