Martiono Hadianto, president director of Newmont Nusa Tenggara, said the gold miner's IPO is not likely to take place this year. NNT's management had planned to hold the IPO during the second half of this year with the long-delayed divestment process completed by mid-April.
Africa Mining News
Zimbabwean president Robert Mugabe has promised to sell diamonds from his country's controversial Marange mine ''sanctions or no sanctions'', and the country that would be his biggest customer, India, is being urged by the industry there to buy Zimbabwe stones outside the international framework. The issue of Zimbabwe selling stones will dominate the agenda at a Kimberley Process - the international protocol designed to stem trade of conflict diamonds – meeting that begins Monday in Kinshasa, the capital of the Democratic Republic of Congo.
South Africa's Sunday Independent newspaper reports attempts by mining giants AngloGold Ashanti and Anglo American to sup with the leaders of the ANC Youth League and possibly sway them against nationalization have flopped. Both companies stand to lose substantial chunks of their assets if the league – kingmakers in the country's politics – succeeds in its push for state control of mines to become the policy of the ruling party. Amid a rebound in mining output calls are growing for majority government ownership of key industries – the union representing the vast majority of mine workers recently backed the country's Freedom Charter clause on nationalization.
Market sources indicate a serious Chinese contender has finally decided to make a bid for Metorex, in opposition to Vale’s $1.1bn cash offer for the South African company. There has been speculation in the market over such a development since the Vale bid was announced in mid-April, with Jinchuan Mining singled out as the most likely bidder. Jinchuan is the company which now controls Wesizwe Platinum after heading up a Chinese consortium which paid some $940m for 51% of Wesizwe.
The state-owned Zimbabwe Mining Development Corp. plans to revive production at three gold mines, the state-controlled Herald said today, citing Deputy Mines Minister Gift Chimanikire. China Business News reports: The company has spent $2.4 million at its Jena […]
Global steel production is set to rise to 1.5 billion tons in 2012 and due to increasing costs many ferrochrome and chrome ore producers will increase prices. The devaluation of the dollar, higher labour and fuel costs have led to a substantial increase in costs of ferrochrome and chrome ore production centred in South Africa, Kazakhstan, India, Zimbabwe, Turkey, Oman, Pakistan, Iran and Albania. There is no substitute for chrome in the steel-making process and some 90% of the chromite mined worldwide is converted to ferrochrome, used in the production of stainless steel.
Mining Weekly reports six major platinum projects, collectively worth some R46-billion, are under project management on the western limb of the Bushveld Complex, in the Rustenburg area of South Africa. Only two of the six are growth projects and the rest are replacement projects.
The Zimbabwe mining industry is expected to conclude a US$1 billion revolving facility at a number of African development banks to recapitalize mining firms as it emerges from a decade of hyperinflation, international sanctions and political turmoil that all but ground the sector to a halt. The mining industry, rich in precious metals and diamonds, made up roughly 20% of Zimbabwe's GDP and at $1.7bn 65% of all exports last year according to government statistics. This figure is set to increase dramatically particularly if the country receives approval to restart diamond exports currently under an international ban.
Zambia's finance minister said on Thursday that audits had highlighted tax "issues" with Konkola Copper Mines (KCM), owned by London-listed Vedanta Resources (VED.L:Quote), and Canada's First Quantum Minerals (FM.TO: Quote) in addition to Glencore's (GLEN.L:Quote) subsidiary in the country.
With a new government-backed CEO, a capex budget and acquisition war chest that dwarfs others, record net profits, a very generous dividend policy, strong fundamentals in its core business, aggressive expansion into high-growth areas and regions – notably potash and Africa – and a stock that looks downright cheap next to its peers, what is not to like about Vale? After slumping to an 8-month low less than a month ago it now seems investors are finally beginning to warm to the the diversified Brazilian miner. In the month since Murilo Ferreira has been head, the planet's third most valuable mining company has risen against the other supermajors and outperformed the broader market by 7%.
SW Radio Africa news reports India has raised concerns as Russia is set to join China in moves to control diamond mining in Zimbabwe, with the Federation’s state diamond group Gokhran seeking a license to mine at the controversial Chiadzwa fields. China already has two companies operating there in partnership with Zimbabwe’s state diamond firm. Zimbabwe is set to become the world's leading producer, with an expected volume of 40m carats per year worth some $2bn annually from the rich deposits in Chiadzwa and Marange. The troubled country, emerging from years of hyperinflation and political turmoil, is however barred from selling diamonds because of alleged human rights violations and has built up a stockpile worth $4bn–$5bn.
Gold miners are expanding their focus in Africa to the northeast of the continent, a region that in the past, was largely bypassed by gold explorers. Northeast Africa already has a few gold deposits in the threshold size of one million troy ounces (the size limit the usually piques the attention of bigger miners.)
Diamdel sold 251 of the 256 rough diamond lots it offered at its recent auction. Demand for large goods, 2+ ct items, grainers and smaller goods increased compared to the previous auctions, while demand for Near Gem goods "has shown some deterioration," the company said. The company, a subsidiary of De Beers, does not disclose the total achieved value of its auctions.
Following FLSmidth’s acquisition of engineering and material handling specialist Roymec in November 2010, all Roymec personnel have now moved over to FLSmidth’s South African headquarters in Constantia Kloof, Roodepoort, creating a staff complement exceeding 400. Read more
Bloomberg reports Essar Africa Holdings Ltd., a unit of Essar Group, said it will process Zimbabwean iron ore before exporting it through a terminal it may build in Mozambique's port city of Beira. In March, Essar agreed to buy control of the steel and mining assets of the state-owned Zimbabwe Iron & Steel Co., known as Zisco.
Brazilian miner Vale SA plans to spend over $12 billion on investments in Africa over the next five years, a mining conference heard on Wednesday. Brazilian companies, like their Chinese counterparts, are keen on African resources to fuel their growth and the sum involved underscores the continent's growing importance as an investment destination.
Bloomberg reports BHP Billiton Ltd., the largest mining company, Minmetals Resources Ltd. and First Quantum Minerals Ltd. are stepping up copper exploration in Zambia after prices for the metal more than doubled over the past two years.
Mining Weekly reports Zambia is keen to diversify its mining sector and wants more exploration in iron-ore, manganese, coal and uranium, Vice-President George Kunda said on Wednesday. Speaking at a mining conference in Lusaka, Kunda said that the Zambian economy was too dependent on copper. Zambia aims to be the third-largest uranium producer in Africa in the near future, Kunda said, adding that this would depend on exploration and investment.
Eritrean National Mining Corp. has agreed to pay US$32 million for a 30 percent stake in Chalice Gold Mines' Zara gold project, Bloomberg reported Wednesday:
Diversified Australian miner Astra Mining announced on Wednesday plans to list on the Frankfurt Stock Exchange before the end of August after two days earlier inking a deal to enter the Nigerian market and further expand its global presence. Deal-hungry Astra Mining’s global portfolio includes gold and tin interests in south east Asia and southern India, coal mines in Australia, iron ore in India, manganese in Africa and the commercialisation of a new high-strength steel technology from a base in Hungary.
South Africa's MDM Engineering Group has been awarded the increased throughput design update and cost revalidation of the Bankable Feasibility Study (BFS) for Africo Resources' Kalukundi copper/cobalt project, located in the Katanga Province of the Democratic Republic of Congo (DRC), which borders Zambia to the south. In May 2006 MDM completed a BFS, based on a throughput of 800,000 tonne/year plant, on the Kalukundi project.
Helio Resource Corp. on Monday reported the first diamond drill results from the current drill programme at the Gold Kop Target, on its 100%-owned Damara Gold Project in Namibia. The Gold Kop Target is situated 45km northeast of AngloGold Ashanti's Navachab gold mine. On Monday, Helio which also owns gold projects in Tanzania was trading up almost 5% on the TSX Venture Exchange on the news. The tightly-held company is worth some $44m with 104m shares outstanding.
Ivory Coast can double gold output within two years from the current 7 tonnes per year as more miners seek to tap its estimated 200,000 tonnes of reserves, an industry association official said on Friday. "We can double production very quickly within the next two years, because there are several companies carrying out exploration, and it is likely that new sites could start production," said Michel Mian, president of the Interprofessional Mining Group (GPMCI) and head of Australia's Newcrest (NCM.AX) Ivorian operations.
Northam CEO Glyn Lewis says that the JSE-listed platinum-group-metals (PGM) producer is taking the step to provide its “growing” US shareholder base with a more visible profile. Recent corporate developments have resulted in improved liquidity in the Northam stock, with the free float increasing to 64%.
Rhodium will climb as much as 35% to $2,800 an ounce by the end of the year on increased carmaker demand and production difficulties for mining companies in South Africa where the metal is produced as a byproduct of platinum mining, according to a report by Standard Bank released on Monday. Mainly used in emissions reducing converters and in the chemical and glass industries rhodium is down 14% this year after three annual surpluses but jumped 21% in the week after Deutsche Bank introduced a physically backed exchange-traded product at the end of May. The price of rhodium hit an all-time record high above $10,000 in 2008.