Mining News


Govt lauded for AMD paradigm shift, but detractors insist it hasn’t fully grasped complexity ...

While government is stating that acid mine drainage (AMD) in South Africa is not an insurmountable problem and that the country will certainly win the struggle, industry experts and activists are concerned that the true extent of the challenge has not yet been acknowledged. The Department of Water Affairs (DWA) had AMD treatment pumps installed at the Central basin facility last month, as part of its R2.2-billion short-term solution to deal with AMD on the Witwatersrand.
(Fri, 18 Apr 2014 08:00:00 +0200)

Worrying technical corner-cutting needs to be nipped in bud – Mineral Corporation

Worrying technical corner-cutting was sneaking into the mining industry and needed to be nipped in the bud, The Mineral Corporation MD Frank Gregory said on Thursday. Speaking to Mining Weekly Online in the attached video interview, the independent and privately owned firm, which offers ‘one-stop’ technical advisory services to mining project owners and investors across the globe, spoke of growing technical inaccuracy and even, on occasion, seeming cheating in orebody grade claims.
(Thu, 17 Apr 2014 14:31:00 +0200)

South African union, platinum bosses in fresh talks to end strike

The leaders of South Africa's striking mining union and the chief executives of the world's three biggest platinum producers were set to meet on Thursday, in a renewed drive to end a crippling strike entering its thirteenth week. "They will be meeting directly with the Minister of Labour Mildred Oliphant present as well," a spokesperson for the producers told Reuters.
(Thu, 17 Apr 2014 11:58:00 +0200)

Gold price to average $1 225/oz in 2014 – GFMS

Weighing up the factors impacting the gold market this year, 2014 looks set to be a second year of price decline for gold, with precious metals consultancy Thomson Reuters GFMS continuing to forecast an average of $1 225/oz for the year. The organisation’s Gold Survey 2014 found gold’s core price drivers little changed since the beginning of the global financial crisis, noting that there was consensus that the gold price would continue to decline over the coming months and years.
(Thu, 17 Apr 2014 11:38:00 +0200)

RBPlat blames safety stoppages for 10% output slump in Q1

Royal Bafokeng Platinum’s (RBPlat’s) platinum production for the quarter ended March 31 dipped by 10% year-on-year, following a slow start in January after the December break and several safety stoppages in January. Section 54-related stoppages accounted for production losses of 35 416 t for the period, compared with 19 654 t for the first quarter of 2013.
(Thu, 17 Apr 2014 13:37:00 +0200)

Gemfields secures $15m unsecured loan from key shareholder

Aim-listed Gemfields has inked a $15-million unsecured, 12-month working capital facility with specialist natural resources investment company and key shareholder Pallinghurst Resources, the funds of which will be used to “smooth" the company's centrally available cash flow. This came as the company noted the “intermittent nature” of revenues from its gemstone auctions as well as the need for capital for the ongoing development of its ruby, rough gemstone trading and Fabergé businesses.
(Thu, 17 Apr 2014 12:32:00 +0200)

Randgold and Exploration, PwC reach agreement over legal wrangle

Minerals explorer Randgold & Exploration (R&E) and its former auditor PwC have concluded a settlement agreement in respect of a legal dispute arising from PwC's alleged failure to audit R&E properly, resulting in losses claimed by R&E, which are disputed by the auditing firm. On August 3, 2008, R&E instituted sixteen civil action claims against PwC in the High Court of South Africa, claiming “billions of rands” worth of damages from PwC in respect of the financial period 2000 to 2003.
(Thu, 17 Apr 2014 09:13:00 +0200)

Tawana says Liberia iron-ore scoping study ‘well advanced’

ASX-listed Tawana Resources continues to advance a scoping study for its Mofe Creek iron-ore project, in Liberia, investigating the potential of a one-million-to two-million-ton-a-year early start-up project, as well as a potential larger, longer term five-million-to ten-million-ton-a-year project. The company said in a quarterly update on Thursday that it expected the “well advanced” study to be completed in July. The first phase of metallurgical testwork in support of the scoping study had been concluded on the ten composites generated from the project’s Gofolo Main and Zaway deposits.
(Thu, 17 Apr 2014 15:27:00 +0200)

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