In the current climate of global economic and political stress, it is more important than ever for African governments to engage with their investors in a spirit of genuine partnership, Randgold Resources chief executive Mark Bristow said here today.
South Africa Mining News
Shares were up more than 5% after the firm posted higher output across all divisions, except for copper, and said market conditions for its diamond business had improved.
The investment will extend the life of the mine by eight years to 2024, in which the firm expects to produce 1.56 million ounces of gold there.
After losing money for three years to 2015, Harmony is now focused on finding mines able to offset falling production at its South African operations.
Botswana withdrew its decision to buy a 50 percent stake in South Africa’s Nkomati mine from GMK Norilsk Nickel PJSC because it can’t afford the price tag of just under 3 billion pula ($279 million).
South Africa has a unique history in mining, and is a nation partly built on the exploration and development of its resources. Unfortunately, through social, political and economic consequences and challenges, the industry has also been hit by strikes and conflict.
South Africa has granted the miner, a unit of Anglo American, previously disputed mining rights at the operation, ending a seven-year dispute.
Independent investigation says the country has not complied with international laws, reacting too slowly and doing too little about the polluting effects of 130 years of gold mining near Johannesburg.
The company remains confident the sale of its Rustenburg mines in South Africa to Sibanye Gold will clear its last regulatory hurdle before the end of the year.
Strikers at top South African platinum producer enter two-year wage deal.
The Ubika Mining 20 Index (UM20) fell 2.8% over the past month, slipping more than the TSX Venture composite, which was down by 0.7%. The TSX Mining Index, meanwhile, rose 3.1% over the same period.
Companies had no choice but to cut back on new developments, re-focus on profitable production rather than maximum production and to save costs.
Chronic underinvestment in platinum mines has exacerbated supply crunch.
They will appeal verdict that paved the way for about half a million current and former miners to proceed with a multi-million-dollar suit, which seeks compensation for those who contracted lung diseases.
Illegal mining in South Africa is on the increase in the face of deteriorating economic situation in that mineral-rich country, according to reliable sources..
The miner is confident in the long term outlook for the diamond industry and it expects is to be cash flow positive in the second half of the current financial year.
Harmony Gold has been looking for new assets to meet its goal of increasing production to 1.5 million ounces over the next three years.
Operational challenges and regulatory uncertainty in the region will keep a lead on its resources sector until at least 2020, says BMI research.
Value of South Africa's mining industry forecast to contract 11.4% in 2016, followed by years of close to zero growth according to new report.
Anglo American Platinum forced to stockpile concentrate and shut down smelter in South Africa responsible for one fifth of its refined platinum output.
South Africa continues to dominate the supply chain for capital equipment to the mining sector of several countries in the immediate neighbourhood of the sub-region, according to available statistics and data.
South Africa is believed to have approximately 6,000 abandoned mines and between 8,000 and 30,000 illegal miners across the country.
Study predicts fifth year of growing deficits and halving of above ground stocks as strikes in top producer South Africa loom.
PGMs down nearly 10% and manganese production down 24%.
The world’s fifth largest gold producer has told a Perth mining forum today that it plans to lift its total output to 1.5 million ounces a year within three years as it combines its increasing output from African and PNG mines.