With global diamond demand forecast to grow at approx 3.5% annually over next five years, a supply gap down the line seems inevitable if forecasts hold.
South Africa Mining News
Lobby group is seeking judicial review of new Mining Charter, which places extra levies on companies and raises requirements for black ownership.
More than in the past, the population is divided on whether globalization is a force for good or not.
Starting on Friday, workers did not go work in protest for the firing of six leaders of the Association of Mineworkers and Construction Union.
The three-year wage agreement was signed by all three unions, the company said.
Fatal accidents last week raised number of fatalities in 2017 to 76, above the 73 reported in 2016, South Africa’s Chamber of Mines said in a statement.
South African gold miner said it’s on track to meet 2017 guidance.
Profit margins are expected to end significantly higher this year, and this trend to continue over the next two years, a study by S&P Global Market Intelligence shows.
The Tanzanian gold producer, majority owned by Barrick, has been locked in a months-long dispute with the local government.
Shareholders of miner Stratex International blocked reverse takeover of Australian-listed Crusader Resources and voted CEO Marcus Engelbrecht out of office.
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.
Stuart Chambers faces investor calls for clear direction at the company, long seen as a potential takeover target.
The mining company said gold production rose to 11,576 kg in the three months to September 30 while group operating profit was $216.8 million.
The miner said its all-in sustaining costs to produce an ounce of gold rose $18 to $943 due to higher exploration and project expenses.
Precious metal is up 114% or $880 an ounce in 2017 as above-ground stocks are "bled dry".
South Africa's Solidarity union cites low commodity prices and rising costs as two main factors behind the job cuts.
Petra Diamonds Ltd's first quarter revenue fell by 17 percent after Tanzanian government last month seized consignment of diamonds from its Williamson mine.
Chief Financial Officer Andrew Wray said the company doesn't even have the ability to make the upfront $300 million payment Barrick has promised to the government of Tanzania as part of a deal reached Thursday.
The deal does not mean Tanzania will immediately lift the demand for Barrick's subsidiary Acacia Mining to pay $190 billion in allegedly unpaid taxes.
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.
SOLA Future Energy has succeeded in designing and constructing a solar energy microgrid for Robben Island.
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.
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.
World's number one producer still confident it will meet 2017 production guidance.