The fate of the South African mining industry is once again in the hands of striking workers.
Northam Platinum has finalized the R450 million (Can$43 million) acquisition of Everest Mining assets now that it has received the approval of South Africa's Department of Mineral Resources. Northam's CEO Paul Dunne lauded the deal. "With Everest now being part …
Platinum price drop below $900 not good news for gold price either.
Up more than 10% since Volkswagen's emissions admission.
Given that ousted minister Ramatlhodi is considered the main person that helped end a five-month strike in the country’s platinum sector last year, Zuma's decision is being questioned.
Atlatsa Resources Corporation ("Atlatsa" or the "Company") (TSX: ATL; JSE: ATL) advises that it, together with its joint venture partner, Anglo American Platinum Limited, has determined to implement a restructure plan at Bokoni Platinum Mine Proprietary Limited ("Bokoni Mine").
But the company is on track to reach its longer-term target of about 5 million carats of diamond production a year by 2019.
"Blue Moon" is expected to fetch up to $55 million when it goes under Sotheby's hammer on Nov. 11, in Geneva.
The move aims to reduce the gold producer's dependence on unreliable electricity supply from state-run utility Eskom Holdings.
Number five is a single pit that produces 77 million tonnes of iron ore per year.
Under the agreement with AngloGold, Randgold will lead and fund a development plan to rebuild the Obuasi gold mine in Ghana.
As mining companies in resource-rich Africa bleed jobs due to plunging commodity prices, the ripple effect of redundancies has raised concern about social unrest amid declining economic growth.
The announcement comes only days after Anglo announced a $330m deal to sell lossmaking South African platinum mines to Sibanye Gold.
Experts believe the troubles affecting gold producers in South Africa go way deeper than a slump in prices for the metal or the usual cycles the mining industry experiences.
The deal involves an upfront payment of 1.5 billion rand, with a minimum deferred payment of 3 billion rand, equal to 35% of cash flow generated by the operation.
This marks a key point in the company’s on-going geographic expansion strategy which is aimed at increasing its presence in key growth markets.
The companies are expected to make an official announcement on Wednesday.
Supply for the year, however, is expected to increase by 9% to 7.91 million ounces, owing to the recovery in the country’s output following strikes in 2014, as well as increased platinum recycling.
This the first time in over 15 months that Sibanye officially confirms its interest in Amplats’ Rustenburg assets.
South Africa's mining industry, unions and the government signed a broad plan on Monday to stem a wave of job losses triggered by falling commodity prices and soaring costs.
The country's mining ministry hopes to clinch a deal with mining companies and trade unions next week aimed at saving jobs.
The goal is to develop an image algorithm that can classify material in a gold mine as high, medium or low grade ore, or waste.
The price for the two assets could rise to $500m from $200m, depending on an eventual recovery of copper prices and the execution of an expansion plan for the Mantoverde mine.
The company said is not keen on Rio Tinto's thermal coal assets, currently up for sale.
The company had said in June it lacked the inside edge to make owning the precious metal worthwhile.
Companies turn to shallow, highly mechanized new mines to keep costs low.
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