Mining News

Glencore transitioning into deficit in most commodities – Glasenberg

Diversified major Glencore was transitioning into deficit in most of the commodities it produced, CEO Ivan Glasenberg said on Tuesday. Glasenberg, who has presided over returning $9.3-billion to shareholders in dividends and buybacks since 2011, told analysts and media in teleconferences in which Creamer Media’s Mining Weekly Online took part that most of the company’s commodities were free of over supply threats.
(Tue, 03 Mar 2015 16:20:00 +0200)

New tech competitive this year – AngloGold

The new raise-boring technology, which produced 100 kg of gold for AngloGold Ashanti in 2014, is targeted to be competitive with conventional mining this year. Last year the company used the raise-bore technology to drill 83 holes in shaft pillars that are unsafe to mine conventionally.
(Mon, 02 Mar 2015 16:39:00 +0200)

Merafe in good position to meet increased ferrochrome demand – Matlala

JSE-listed Merafe Resources “remains excited” about the industry as its mix of energy efficient technology and the recent addition of Lion II allows the ferrochrome producer to capitalise on projected growth in ferrochrome demand. CEO Zanele Matlala advised in a conference call on Tuesday that global stainless steel production was expected to grow in excess of 5% in 2015 and 2016, while the demand for ferrochrome could increase between 8% and 5% in 2015 and 2016, respectively.
(Tue, 03 Mar 2015 15:27:00 +0200)

RBPlat chalks up FY output, revenue gains to stable labour relations, cost conservatism

Despite a year in which the platinum industry battled extended strikes and a fractious labour relations environment, black-owned Royal Bafokeng Platinum (RBPlat) CEO Steve Phiri said he was “cautiously satisfied” with the company’s 2014 results, attributing revenue, production and earnings gains in the 12 months ended December 31, to the company’s unique, and apparently stable, partnership with labour. “Its been an ‘annus horribilis’ for the platinum sector and the country as a whole, but I’m cautiously satisfied with our progress since taking over management control.
(Tue, 03 Mar 2015 16:22:00 +0200)

Marketing hoists Glencore over low commodity price hurdle

Diversified major Glencore has managed to scale the low commodity price hurdle with significant help from its marketing arm. The London- Hong Kong- and Johannesburg-listed company, which produces and markets 93 commodities, went against the grain with its surging agricultural business yielding timeously and funds from operations of $10.2-billion in line with 2013 reflecting a resilient operating performance.
(Tue, 03 Mar 2015 13:11:00 +0200)

Gold Fields could spend up to $500m for working mine

South African bullion producer Gold Fields can afford to spend $300-million and $500-million on an acquisition but is only interested in working mines, its chief executive said. Nick Holland told the Reuters Africa Investment Summit on Tuesday the bulk of mines that fell into that category were in Africa and the Americas and the window of opportunity to strike such a deal was within the next year.
(Tue, 03 Mar 2015 15:34:00 +0200)

Khulubuse Zuma loses Aurora court bid

An urgent application by Khulubuse Zuma to have claims of over R1.5-billion against Aurora Empowerment Systems set aside, was dismissed by the High Court in Pretoria on Tuesday. "The application is dismissed with costs," Judge Eberhardt Bertelsmann said.
(Tue, 03 Mar 2015 15:03:00 +0200)

Eqstra not selling contract mining business – yet

Eqstra Holdings was going to reduce its exposure to contract mining, but it was not yet ready to sell the troubled business, said CEO Walter Hill on Tuesday. He said Eqstra would not sell its contract mining business in a “depressed market”. He said it would be prudent to first make the business more attractive by turning it around and paying off its debt, before considering potential buyers, more likely to come forward once commodity prices started to gather strength.
(Tue, 03 Mar 2015 16:22:00 +0200)

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