Glencore International, the world's largest commodities trader, on Wednesday announced that it had completed the acquisition of an effective 43.66% equity interest in Umcebo Mining, a South African coal mining business.
The world has reduced carbon emissions by a mere 0.7% a year since 2000, according to the PwC Low Carbon Economy Index 2011, which was released this week. The rate of reduction should have been 2% a year to decrease carbon emissions by 80% by 2050 and so limit global warming to 2°C – in line with agreements reached by governments in Cancun last year.
"You're standing on gold now," said Charles Symons, chief operating officer for DRDGold, as he surveyed a crater 30m deep and 250m long blasted out of the Elsburg dump, east of Johannesburg. "But the specks on your shoe wouldn't buy you a piece of bubble-gum," he added with a laugh.
For a few years up to 2009, demand for mining equipment finance was strong, but it then declined as companies cut back because of the international financial meltdown. Since the beginning of last year there has been an upswing in the financing of yellow metal assets. Data from WesBank shows that the financing of yellow metals is up 80% year on year, driven mainly by the South African mining sector.
Russia has agreed to develop an Iranian zinc deposit that is among the largest in the world in a deal involving an Iranian bank that faces international sanctions, the Russian business newspaper Kommersant reported on Tuesday. The agreement to develop
The government's drive to encourage companies to beneficiate the minerals they mine is threatened by the rapidly rising cost of electricity. " Electricity prices are threatening the viability of many businesses in SA... This was the view of MD for chrome
Anglo American and Rio Tinto could fetch almost R5 billion for their combined 74.5% stake in SA's largest copper producer, Palabora Mining. The two resources giants on Monday announced their intention to divest from the South African copper miner.
Eskom will not appeal the court ruling that it has to disclose the special pricing deal it has with mineral resources group BHP Billiton, says Eskom CEO Brian Dames.
Workers in South Africa's coal sector are expected to return to their posts on Tuesday after the unions and the SA Chamber of Mines signed a two-year wage agreement, ending an eight-day strike. 150,000 workers at miners Anglo American Thermal Coal, Delmas Coal, Exxaro Coal Mpumalanga, Kangra Coal, Optimum Coal and Xstrata Coal were on strike over wages. Talks with striking workers in the country's gold sector, where 200,000 workers are on strike continued on Monday. Mineworkers are asking for a 14% wage increase – far above the inflation rate in Africa's largest economy which hovers around the 4% level.
Forbes Coal, the Canadian bituminous coal and anthracite producer which plans to list on the JSE later this month, wants to triple production at its two projects in Dundee, KwaZulu-Natal, to take advantage of booming demand.