The $300 million deal, which incorporates the Great Noligwa underground mine and related infrastructure, is expected to boost Harmony's operational cash flow by 60%.
AngloGold Ashanti Mining News
Strategy adds 2.1 million ounces to Tropicana's business plan and extends the mine life by seven years to 2027.
Brazil’s lower house of Congress removed from the agenda the discussion of a transitory presidential decree, which modified the country’s current mining law.
They claim it won’t be possible to cut costs enough to offset the higher levies, and warn that some miners may need to pass on this new cost increase to the industrial production chain.
The three-year wage agreement was signed by all three unions, the company said.
South African gold miner said it’s on track to meet 2017 guidance.
Company said it would keep its Beatrix West gold mine running for as long as it makes a profit, on average, over any continuous period of three months.
Miners who received a termination letter will hold a mass meeting at the mine Wednesday morning.
It will sell its newest mine to Harmony Gold for $300 million and another mine for 100 million rand ($7.4 million) to China's Heaven-Sent SA Sunshine Investment Company.
Precious metals miner said its platinum group metals (PGM) operations had delivered "solid operational results" in the first-half of 2017, prompting an upward revision to its 2017 production forecast and a downward revision to guided costs.
Mine is expected to generate about 300,000 ounces annually by late 2021/early 2022, increasing total PGM production from Sibanye’s operations in the US by more than 50%.
A strong price recovery for the main commodities South Africa mines and exports has helped the country’s sector stage a turnaround in 2017, the first time in five years the industry is back in the black.
The decision to offload the asset is part of a restructuring process that includes laying off about 8,500 workers, roughly 30% of the company’s workforce.
South Africa holds the world's biggest reserves of platinum, chrome and manganese, but investment in the sector has dropped in each of the past two years as a result of increasing legal uncertainty and labour disputes.
The miner, South Africa’s largest gold producer, said that in the absence of a dividend, it’ll give investors two new shares for every 100 held.
The miner, Africa's biggest gold producer, reported a loss of $176 million in the six months to June 30, compared to a profit of $52 million in the same period last year.
Should the spinoff happen, AngloGold would be the latest miner to reduce exposure to South Africa, where political instability, controversial new mining rules and a stronger rand have made it less attractive to operate.
The suspension follows a pending a judgement in an urgent interdict application by the country's Chamber of Mines.
The miner said it continues to seek a “constructive dialogue” with the country's government to gain assurance that its operations will not be affected by newly enacted mining law.
President John Magufuli has also ordered the mining ministry to freeze the renewal of expired permits.
Measure is part of a restructuring aimed at “protecting the viability” of the company’s South African business over the long-term, AngloGold said.
The junior miner claims the Department of Antioquia's mining authority did not process its exploration application in accordance with the country’s mining code.
Workers at the mine downed tools over a week ago, angered by the company’s actions to eradicate illegal miners from its operations.
The country will require local miners to be 30% black-owned and has set a 12-month deadline for them to comply with the new rules.
Companies are pressing the government to better regulate public consultations and votes on mining projects, as they see legal uncertainty as the industry's main current challenge.