Mining News

Transnet, Eskom coal boost for black-controlled Exxaro

State enterprises Transnet and Eskom have come to the party for black-controlled Exxaro Resources in the half-year to June 30. More coal trains from State rail company Transnet to the Waterberg coalfield and a coal supply settlement with State power utility Eskom at the delayed Medupi power station project in Limpopo have given the JSE-listed company a twofold boost. (Also watch attached Mining Weekly Online video).
(Thu, 21 Aug 2014 15:57:00 +0200)

Gold Fields piloting two new mining methods at South Deep

Gold miner Gold Fields would pilot two new mining methods at its South Deep mine, in Gauteng, over the next 12 months, with the potential to enable the mine to reach its envisaged steady-state output of between 650 000 oz/y and 700 000 oz/y quicker and easier, CEO Nick Holland said on Thursday. The new mining methods would be piloted in areas outside the current mine plan on the eastern boundary of the mine and would, therefore, not affect current operations. Speaking to Mining Weekly Online after a presentation of the company’s results for the second quarter of 2014, Holland explained that the first new method that would be piloted comprised changing the dimensions of the mine’s destress from 2.2 m x 5 m to 4 m x 4 m.
(Thu, 21 Aug 2014 09:41:00 +0200)

PTM wins dilution dispute against empowerment partner

Canadian project developer Platinum Group Metals (PTM) on Thursday announced that it had won a dilution dispute against a South African empowerment partner. PTM in November last year declared a dispute with Wesizwe Platinum subsidiary Africa Wide Prospecting & Exploration, over the extent of dilution of Africa Wide’s interest in PTM’s Western Bushveld Joint Venture (WBJV) Project 1, in South Africa.
(Thu, 21 Aug 2014 20:03:00 +0200)

London Mining defers nearly $200m in capex, cuts output guidance

To maintain liquidity in a weak pricing environment, Aim-quoted London Mining has deferred capital expenditure (capex) of nearly $200-million until market conditions improve or its strategic partner process is successfully completed. The Sierra Leone-focused iron-ore explorer planned to defer nonessential capex of over $20-million for 2014 as the company searched for substantial investment to reduce debt and fund future capex.
(Thu, 21 Aug 2014 15:28:00 +0200)

Universal granted mining right in S Africa

South Africa-focused coal miner Universal Coal has been granted a mining right over its Brakfontein coal project by the Department of Mineral Resources. CEO Tony Weber said on Thursday that the award of a mining right was another key step in the project’s development, which would be the company’s third following the successful development of the Kangala colliery and the New Clydesdale colliery acquisition.
(Thu, 21 Aug 2014 08:36:00 +0200)

Bushveld increases stake in Lemur Resources

Aim-listed Bushveld Minerals has increased its stake in ASX-listed Lemur Resources to 57.21%. The company has agreed to acquire a further 10-million shares in Lemur from vendors, including Azure Resources Fund, in exchange for 8-million new ordinary shares in Bushveld.
(Thu, 21 Aug 2014 15:07:00 +0200)

Early DFS results positive for Rukwa

The initial results of a definitive feasibility study (DFS) for the Rukwa coal-to-power project bode well for a successful outcome, Johannesburg- and London-listed Kibo Mining said on Thursday. The early DFS outcomes were providing valuable support for the discussions on the finalisation of the heads of terms for the power purchase, grid connection and coal sale agreements for the Tanzania-based project.
(Thu, 21 Aug 2014 16:12:00 +0200)

Asanko Gold starts building on first phase of Ghana flagship

West Africa-focused aspirant midtier gold producer Asanko Gold on Wednesday announced that it had started construction of the $295-million first phase of its eponymous flagship project, in Ghana. Phase 1 is expected to produce 200 000 oz/y of gold at steady state, starting in the second quarter of 2016.
(Wed, 20 Aug 2014 23:54:00 +0200)

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