Mining News


‘New class of gold investor’ may emerge amid global uncertainties

The World Gold Council (WGC) believes that an “entirely new class of gold investor” could emerge because of the significant global increase in the interest in gold stocks, following the Brexit vote – the British exit from the European Union (EU). “As a high-quality, liquid asset, we believe gold will provide investors with a hedge against market uncertainty, as well as economic, political and intervention risk,” states the WGC, adding, however, that there are no precedents for an economic scenario such as Brexit.
(Fri, 22 Jul 2016 08:07:00 +0200)

AngloGold swings to H1 profit amid higher gold price, weaker currencies

A higher gold price and weaker currencies have contributed to AngloGold Ashanti swinging back into profit for the six months ended June 30. The gold miner, led by CEO Srinivasan Venkatakrishnan, expects to report headline earnings of between $87-million and $99-million and headline earnings a share of between 22c and 24c for the six months, compared with a headline loss of $128-million and a headline loss a share of 31c in the six months to June 30, 2015.   Basic earnings for the six months under review are expected to be between $45-million and $59-million, compared with a loss of $143-million in the prior comparable period.
(Fri, 22 Jul 2016 10:24:00 +0200)

Acacia could exceed FY output target following strong Q2

Following a strong second-quarter performance, LSE-listed Acacia Mining expects its production for the full-year to reach or exceed guidance of 750 000 oz to 780 000 oz. It also expects its full-year all-in sustaining costs (AISC) to come in at the lower end of guidance of $950/oz to $980/oz.
(Fri, 22 Jul 2016 14:53:00 +0200)

Rosatom, partners to trial small hydropower plant at Lonmin site

Russian nuclear giant Rosatom will begin work on a $40-million 2 MW hydropower plant for South African platinum producer Lonmin in August. It will be the first time this type of technology is used in a mining application in South Africa.
(Fri, 22 Jul 2016 11:40:00 +0200)

Former mineworkers owed billions of rands

A substantial sum – between R7-billion and R10-billion – of an estimated R30-billion in unclaimed benefits is believed to be due to South Africa’s former mineworkers. The Department of Mineral Resources (DMR) is working to deliver a single compensation legislation by March and an integrated institution to manage financial benefits and compensation support matters after a years-long uphill battle.
(Fri, 22 Jul 2016 15:09:00 +0200)

Anglo American coal bidders said in talks for acquisition loans

Bidders for Anglo American’s Australian metallurgical coal assets, including Coronado Coal and AMCI Capital, are in talks with banks for acquisition financing, people with knowledge of the matter said. Coronado and AMCI are competing for Anglo American’s Moranbah and Grosvenor mines with BHP Billiton, which bid through its coal joint venture with Mitsubishi, the people said, asking not to be identified as the information is private.
(Fri, 22 Jul 2016 09:13:00 +0200)

Bauba to recover R15m debt through resale

JSE-listed Bauba Platinum on Friday said an agreement had been reached that will see the company recoup R15-million of debt previously thought to be unrecoverable through the resale of recovered product. The debt owed by an undisclosed party had followed the delivery of 20 000 t of chrome ore shortly before the party went into business rescue.
(Fri, 22 Jul 2016 16:24:00 +0200)

CRG concludes JV tolling agreement with gold-bearing ore supplier

Dual-listed gold miner Central Rand Gold (CRG) has completed and executed the definitive documents that will govern its joint venture (JV) tolling agreement with an unnamed third-party supplier of gold-bearing ore. CRG announced in June that it had entered into an agreement with the supplier, which would source gold-bearing material for processing through CRG’s metallurgical plant.
(Fri, 22 Jul 2016 16:43:00 +0200)

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