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.
Platinum Mining News
Company will pay $30 million for a 15 percent interest in a platinum project in the northern Waterberg region and had an option to acquire a majority stake in the development.
Gold prices finished higher last Friday and followed the upward trend on Monday, with December gold GCZ7, +0.67% rising to $1,283 an ounce.
Consensus forecasts point to double digit declines for the platinum, zinc, copper and lead price by the end of the year, while coal is set to tank.
The country's chamber of mines and the ministry are locked in a number of legal disputes over the mining charter, which aims to increase black ownership and participation in the industry as part of a government drive to overcome apartheid's legacies.
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%.
Toronto-based Atlatsa Resources (TSXV:ATL) has made good on its stated intention to shut its Bokoni platinum mine in Limpopo province, South Africa.
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.
London-based Graff Diamonds paid nearly $47,777 per carat
The specialty chemicals company said the overall market "could be (worth) more than $30 billion (in) sales when battery electric vehicle penetration increases to around 10 percent.
He intends to buy as much as 1.5 billion pounds (about$2 billion) worth of additional Anglo American shares.
Speculative frenzy not entirely supported by fundamentals.
The miner warned further reductions could be in store at those operations, which employ 31,000 people.
The South African mines ministry has told platinum miner Lonmin that it failed to meet some of its social and labour obligations, the producer said on Tuesday, but added it did not think its operating licence was in jeopardy.
Mines minister Mosebenzi Zwane had pledged in writing to a court that he would not publicly say changes to an industry charter were "law" until a judicial challenge has been completed.
The National Union of Metalworkers of South Africa (NUMSA) has demanded Glencore raise coal mining wages by 15 percent.
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.
Official figures released on Thursday signall a bad start for the second half of the year with business confidence at its lowest in more than three decades.
A rise in refined supply (despite a 9% dip in mine-level output) and a drop in automotive and industrial demand erases Q1's 305,000-ounce deficit.
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.
Summer is the season for drilling, and with the uptick in the precious metals market since 2016, companies are finally able to have the budgets to properly explore their prospects, says Brien Lundin, editor of Gold Newsletter.
The country's Reserve Bank has ordered platinum and chrome miners to surrender 80 percent of their export earnings to the central bank as the country struggles to contain a crippling dollar note shortage.
While suppliers are not required to comply with the 2017 Charter, the procurement targets for Holders indirectly require them to meet such targets to remain competitive.
South Africa's mineral resources department has withdrawn its plan to impose a moratorium suspending the issuance of new mining and prospecting rights, which had drawn a court challenge by an industry group.
While the mood at the recent Junior Indaba mining event was sombre when it came to South Africa’s policy environment, there were some interesting opportunities being mooted for minerals like lithium.