$1bn earmarked for AngloGold’s deep-but-cheap Mponeng mine
A big capital investment is on the cards for AngloGold Ashanti’s Mponeng gold mine, the world’s deepest underground operation. The former Western Deep Levels Number One mine was on the receiving end of a surfeit of comment when AngloGold Ashanti presented cash-rich results on Tuesday.
(Tue, 21 Feb 2017 16:45:00 +0200)
Ending mine fatalities most pressing 2017 priority – AngloGold
The first and most pressing of AngloGold Ashanti’s key 2017 priorities is to put an end to mine fatalities by improving workplace conditions and bettering legal compliance, AngloGold Ashanti chief operating officer South Africa Chris Sheppard said on Tuesday, when the company posted stunning cash-rich 2016 financial results and resumed paying dividends to shareholders – but presided once more over the deaths of employees, this time six, in the 12 months to December 31. Against the background of a national sadness mounting around perennial fatality reportage by South Africa’s mines and the company doubling its free cash generation to $287-million in the period, Sheppard spoke of much focus being placed by the JSE- and NYSE-listed gold mining company on ensuring sustainable and effective adoption of safer production processes, including technology rollouts.
(Tue, 21 Feb 2017 14:31:00 +0200)
Anglo targets further $1bn in cost, volume improvements in 2017
Diversified miner Anglo American is this year seeking an additional $1-billion in incremental net cost and volume improvements, while also aiming to return to an investment-grade credit rating and resume dividend payments. The group has already identified 75% of these targeted net cost and volume improvements.
(Tue, 21 Feb 2017 12:48:00 +0200)
Sibanye secures SARB approval for Stillwater deal
Precious metals mining company Sibanye has secured the South African Reserve Bank’s (SARB’s) approval for its R30-billion acquisition of US-based platinum group metals producer Stillwater Mining Company. Triple-listed Sibanye on Tuesday said the transaction remained on schedule for a second-quarter close.
(Tue, 21 Feb 2017 11:08:00 +0200)
De Beers lifts FY16 underlying Ebitda by 42%
Higher revenues contributed to a 42% improvement year-on-year in diamond miner De Beers’ underlying earnings before interest, taxes, depreciation and amortisation (Ebitda) to $1.4-billion in 2016. A 30% increase in revenue to $6.1-billion was driven by stronger rough diamond demand, which led to reduced inventory levels, thereby reflecting improved trading conditions compared with those experienced in the second half of 2015.
(Tue, 21 Feb 2017 13:58:00 +0200)
Rockwell concludes sale of noncore assets
While dual-listed Rockwell Diamonds is not yet in the “home stretch” of its quest to effect a turnaround, the company is gaining traction with the conclusion of the sale of its noncore Saxendrift alluvial diamond assets in the Middle Orange River region to private firm Nelesco 318 for R45-million. In December, Rockwell announced the sale of certain assets, which included Nelesco’s assumption of R70-million in rehabilitation liabilities and the transfer of 100 employees, as part of repositioning efforts towards a “new Rockwell”.
(Tue, 21 Feb 2017 08:48:00 +0200)
Giyani sees ‘company maker’ potential in Botswana manganese claims
Canadian junior explorer Giyani Gold is strategically repositioning to take advantage of the rising tide of the energy metals market.
After dabbling in several project opportunities in recent years, including an oil and coal infrastructure opportunity in Turkey, and gold exploration in north-eastern South Africa, the company is redoubling its focus on manganese prospects in Botswana, which executive chairperson and CEO Duane Parnham, believes hold “company maker” potential.
(Tue, 21 Feb 2017 23:01:00 +0200)
ConCourt rules in favour of gold producers over 2013 wage agreement extension
The Constitutional Court ruling in favour of the gold producers this week brings “final certainty” on the nature of an extended 2013 wage agreement. The ruling, relating to a June 2014 Labour Court order that upheld an interim order preventing the Association of Mineworkers and Construction Union (AMCU) from embarking on protected strike action, was welcomed on Tuesday by the Chamber of Mines, which was acting on behalf of gold producers AngloGold Ashanti, Harmony and Sibanye.
(Tue, 21 Feb 2017 12:44:00 +0200)
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