AMSA insists further protection still required despite recent price increases
Safeguard duties, in addition to the 10% protection already introduced on a range of steel products entering South Africa, “remain critical in the short term to ensure the future sustainability of primary steel production”, ArcelorMittal South Africa (AMSA) said on Friday. Releasing an operational update for the quarter ended March 31, the JSE-listed company reported that safeguard duty applications submitted to the International Trade Administration Commission of South Africa (Itac) had been reviewed by the commission and that queries raised had been addressed through a resubmission.
(Fri, 06 May 2016 09:04:00 +0200)
Resgen signs EPC deal for Boikarabelo plant
Dual-listed coal developer Resource Generation (Resgen) has inked a heads of agreement (HoA) and letter of intent with project house Sedgman for the design, procurement and construction of a coal handling and preparations plant (CHPP) at its Boikarabelo mine, in South Africa.
The agreement provided for a fixed lump sum contract of $141-million, subject to exchange rate fluctuation, with Resgen saying the contract price represented a ‘substantial saving’ over previous estimates as the Sedgman design offered a smaller footprint, while offering an equal production output.
(Fri, 06 May 2016 09:06:00 +0200)
Lesotho aiming to be a major diamond producer in next few years
The mining industry in Lesotho is still in its infancy, but it is developing and has a lot of potential, says Lesotho Mining Minister Lebohang Thotanyana. In 2015, Lesotho adopted the Minerals and Mining Policy – the first time that the country has developed a policy specifically focused on its mineral resources sector.
(Fri, 06 May 2016 08:00:00 +0200)
Another Mozambique coal railway project develops, while country is hit by debt scandal
The international tender for the construction of a new railway to link Mozambique’s coal fields to the coast closed at the end of last week. The project is being developed by Thai Moçambique Logística, a joint venture between Thailand-based Italian Thai Development Company, which has a 60% share, local State-owned ports and railways company Portos e Caminhos de Ferro de Moçambique (better known as CFM), with a 20% stake, and local private sector consortium Corredor do Desenvolvimento Integrado do Zambeze (Zambeze Integrated Development Corridor, generally known by the acronym Codiza), also with 20%.
(Fri, 06 May 2016 00:00:00 +0200)
Federal court ratifies agreement between Samarco and Brazil authorities
The Brazilian Federal Court of Appeal this week ratified an agreement between the joint venture (JV) partners of the Samarco iron-ore operations and a number of Brazilian parties.
In March, mining major BHP Billiton and its JV partner Vale entered into an agreement with the Federal Attorney General of Brazil, the states of Espirito Santo and Minas Gerais, as well as other public authorities to start restoring the environment and communities affected by the Samarco dam failure, which claimed the lives of 19 people.
Under this agreement, the two companies would establish a foundation that would facilitate environmental and socioeconomic programmes to provide compensation for damage caused by the November tailings dam failure.
(Fri, 06 May 2016 09:30:00 +0200)
Botswana Diamonds raises £500 000 for exploration
Aim-listed Botswana Diamonds has raised £500 000 through the placing of 33.33-million new ordinary shares with new and existing investors at 1.5p apiece. The placing shares represented 9.9% of the company's issued share capital. The net proceeds of the placing would be used to fund ongoing diamond exploration in Botswana, which was being managed by Alrosa, the company's joint venture partner.
(Fri, 06 May 2016 10:04:00 +0200)
Metals of Africa raises A$4.5m
Graphite junior Metals of Africa would raise some A$4.5-million to advance its projects in Mozambique.
The ASX-listed company on Friday said that it would raise an initial A$4-million through a share placement to institutional and sophisticated investors, issuing 72.7-million shares at a price of 5.5c each.
(Fri, 06 May 2016 09:23:00 +0200)
Oyu Tolgoi underground development approved
Mining major Rio Tinto and its joint venture partners in the Oyu Tolgoi copper-gold mine, in Mongolia, have approved the development of an underground operation.
The development of the underground mine was slated to start in mid-2016 and would require a capital investment of $5.3-billion. First production from the underground mine was expected in 2020.
(Fri, 06 May 2016 08:58:00 +0200)
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