Mining MX

CoAL takes broom to board, raises $44.8m

COAL of Africa (CoAL), the embattled coal exploration and production company, continued its efforts to shore up its balance sheet issuing $44.8m in shares, and said it had revamped its board announcing the appointment of former Impala Platinum (Implats) CEO, David Brown, as its chairperson.

South Africa's Transnet coal deliveries gain momentum

Transnet on Monday raised the curtain on its recently announced $37 billion expansion programme, saying it included an ambition to take thermal coal rail capacity to 98Mt per year by 2019.

Gold One takeover deal in home stretch

Gold One International shareholders who choose to cash in on a takeover offer from a Chinese consortium would bag their returns before Christmas, after the offer on Monday became unconditional.

Ghana budgets for mining tax hike

Ghana will seek to boost revenues from its mining industry next year by hiking taxes, according to a text of the 2012 budget delivered to parliament on Wednesday. The corporate tax rate on miners will increase to 35% from 25% and a separate 10% tax on windfall profits will be introduced, according to the text.

Harmony in no hurry on Evander unbundling

HARMONY Gold said on Monday a decision on a proposed separate listing for the companys Evander operations would be made within two years, as it was considering all sorts of options to make the most of the assets potential wealth. CEO Graham Briggs...

Harmony Gold Q1 jumps three-fold

HARMONY Gold posted a more than three-fold increase in quarterly earnings on Monday, beating expectations on bullion's record run. The average price in the July-September quarter was up about 13% from the previous quarter, at just over $1,700 an...

Sata's shake-up 'for the better'

THE controversial steps taken by Zambia's new President Michael Sata in that country's mining industry is aimed at bringing partnerships and inclusivity into the industry, said Arshad Dudhia, one of the Zambia's leading lawyers. Dudhia was ...

Gold Fields Q3 production up 3 pct

Gold Fields posted a 3% rise in third quarter gold production on Wednesday, as the world's fourth-largest gold miner overcame a strike that halted output for five days in July.

South Africa mine union says wage talks with Implats falter

The National Union of Mineworkers (NUM) said on Friday separate wage talks with Exxaro Resources and Impala Platinum had deadlocked but strike action was not imminent.

Zim miners forced to build own power

A handful of diamond mining companies affected by crippling power cuts in Zimbabwe have been forced to set up their own dedicated R36m power line, a newspaper reported Sunday.

CRG may be forced to close mine

[miningmx.com] -- CENTRAL Rand Gold (CRG) may have to close its mine as early as next week after a government order, the Sunday Times reported, citing Bheki Khumalo, spokesman for the Department of Mineral Resources. CRG, in which

Platmin faces production delays

[miningmx.com] -- THE riots that took place at platinum junior Platmin on June 23 could delay the projected ramp-up to full production from the Pilanesberg Platinum mine (PPM) by three to six months. Previous guidance from Platmin CEO Tom Dale was that

No nationalisation says Gold Fields

GOLD Fields CEO Nick Holland remains confident nationalisation of the mines would not happen in South Africa but conceded the intensifying debate was increasingly worrying international investors. He commented, “I get that feedback

Big concern over Namibia's mining tax plans

THE Namibian governments proposals for additional taxes on mining could shake the foundations of the countrys industry, according to industry players in the southern African state. One of the proposed amendments to tax legislation announced by the

Amsa still assessing new iron ore project

ArcelorMittal South Africa (Amsa) is on target to complete the due diligence being carried out on a potential new iron ore mine in the Northern Cape by September. Amsa CEO Nonkululeko Nyembezi-Heita told investors at a presentation of the group’s interim results for the six months to end-June in Sandton on Wednesday that once the due diligence was completed further drilling would be carried out and a feasibility study undertaken.

Everybody wins in First Uranium deal

First Uranium shareholders probably couldn’t believe their luck when the announcement came on July 22 that AngloGold Ashanti was buying around 20% of their company, relieving Village Main Reef of most of its 26% stake acquired through the takeover of Simmer & Jack.

The difference 18 months has made

[miningmx.com] -- THE latest Metorex annual review – which covers the 18 months to end-December 2010 following a change to its financial year-end – is already out of date due to the pace of developments this year. But one comment from chairperson Rob