The move will allow the platinum miner to restructure its debt and, it hopes, weather an ongoing decline of platinum prices.
Its Damang mine in Ghana is struggling with current gold prices, the firm said.
With the changes, Anglo’s chief Mark Cutifani is trying to turn around the company’s fortunes following years during which it has underperformed its peers.
The company has priced its $407 million share sale at a discount of 94% as it fights for survival after a near-collapse in the commodity's price.
The radical decision would make of the platinum producer the biggest casualty of the ongoing commodity rout that is hurting miners worldwide.
At least 1.6-million people live in informal settlements around Johannesburg, many of them on or near mine waste sites, plagued by illegal miners and controlled by armed bands.
The world’s third-largest platinum producer is also planning layoffs, cutting capex and lowering unit costs.
The Vancouver-based miner estimates that Kamoa, discovered in 2007, holds the equivalent of at least 45 million tonnes of pure copper.
State-run Coal India is looking to acquire mines to feed its expanding steel industry.
The dramatic fall in overall market capitalization reflects, according to PwC, the impact of the ongoing commodities rout and other challenges the local industry has faced in the last year.
In a first for Botswana, major mines are now using online auctions to offload unwanted assets and recover revenue. This comes following the extensive success online auctions have experienced in South Africa.
The National Union of Mineworkers (NUM) and the Chamber of Mines, which has been negotiating on behalf of the country’s main coal producers, will sign the agreement later today.
Hundreds of thousands of workers are suing 32 gold mining firms after contracting silicosis and tuberculosis working the country's ultra-deep gold mines.
According to the National Union of Mineworkers (NUM), the Swiss-based company is the one “holding the whole process to ransom".
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.
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