Mining News

Anglo to record noncash impairment charges in price plunge parry

Given the sharply lower commodity price environment, particularly for bulk commodities, Anglo American said on Wednesday that it expected to record noncash impairment charges in its 2014 results. The London- and Johannesburg-listed diversified major, headed by CEO Mark Cutifani, added in a media release that full details of the 2014 financial year impairment charges would be provided when the company published its preliminary results on February 13.
(Wed, 28 Jan 2015 11:31:00 +0200)

Glencore mulls closure of some South African coal operations

Diversified mining major Glencore is considering the closure of some of its coal-mining operations in South Africa, which would reduce its overall South African production by at least five-million saleable tons of coal a year and affect more than 1 000 employees. This announcement by the London-, Hong Kong- and Johannesburg-listed company, headed by CEO Ivan Glasenberg, follows a detailed review of its Optimum Coal subsidiary, which was initiated because of ongoing financial hardship at Optimum, arising from difficult market conditions and the continued deterioration of the export coal price.
(Wed, 28 Jan 2015 16:09:00 +0200)

Treasury unlikely to raise, amend mining taxes in 2015/16 – Deloitte

Amid a growing appreciation by government of the challenges and impasses constraining the South African mining sector, consulting group Deloitte believes it unlikely that Finance Minister Nhlanhla Nene will, during his 2015/16 National Budget speech next month, introduce new mining taxes or increase the sector’s prevailing tax burden. “Our view is that he is unlikely to introduce or raise taxes in the mining sector [as a result of its] current performance. We do, however, expect him to acknowledge stagnation in the sector and intimate what future steps government will be taking to try and stimulate the sector.
(Wed, 28 Jan 2015 16:12:00 +0200)

Amplats’ Q4 production rises 14% to 594 000 oz

JSE-listed Anglo American Platinum (Amplats) delivered 594 000 oz of equivalent refined platinum in the quarter ended December 31. This was 14% higher than the 520 000 oz produced in the fourth quarter of the prior year, when 44 000 oz of production was lost owing to a strike by employees.
(Wed, 28 Jan 2015 11:25:00 +0200)

Kumba Q4 output up 10%

JSE-listed Kumba Iron Ore’s production increased 10% year-on-year to 12.43-million tonnes in the quarter ended December 31. The fourth-quarter production was, however, 4% lower than the 12.97-million tonnes produced in the third quarter of 2014.
(Wed, 28 Jan 2015 14:29:00 +0200)

Aquarius lifts Q2 production, despite price drop

South Africa-focused platinum miner Aquarius increased its output by 2% quarter-on-quarter and 5% year-on-year to 174 953 oz of platinum-group metals (PGMs) in the three months ended December 31. This was despite a sharp drop, by 8%, in PGM prices during the period to $1 208/oz  – the lowest for 2014 and similar to prices in July 2009.
(Wed, 28 Jan 2015 16:51:00 +0200)

Randgold’s Kibali mine making waves in the DRC

Africa-focused gold producer Randgold Resources on Tuesday said the Kibali gold mine, in the Democratic Republic of Congo (DRC), was now well advanced into the second and final phase of development that would take it to full production by 2018. LSE- and Nasdaq-listed Randgold was currently developing and operating the mine, which it owned in partnership with AngloGold Ashanti and the Congolese parastatal SOKIMO.
(Tue, 27 Jan 2015 23:52:00 +0200)

Zim tungsten project’s preproduction capital estimate revised to $4.1m

An implementation study report on the low-capital openpit start-up strategy for multicommodity natural resource company Premier African Minerals’ RHA Tungsten project, in Zimbabwe, has determined a lower estimated preproduction capital cost of $4.15-million. In October last year, the Aim-listed company provided details of the start-up strategy, which had set out an initial estimated preproduction capital requirement of $4.8-million.
(Wed, 28 Jan 2015 15:50:00 +0200)

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