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.
South Africa Mining News
Shareholders hadn’t received dividends since 2015, when iron ore fell below $40 a tonne amid a global crash in commodity prices.
Labour disputes earlier in the year caused delays in the building of a new plant in its Cullinan mine in South Africa.
Shares collapsed on the news to close almost 21% lower in London. Barrick, which has a 64% stake in Acacia, also fell in both Toronto and New York.
The Bokoni mine, a joint venture between Atlatsa and Anglo Platinum, produces around 150,000 ounces of platinum group metals per year.
Early reports claimed that Tanzania had asked foreign workers of the gold miner to leave the country, but a spokesperson for the company denied that story.
South Africa intends to suspend the granting of applications for prospecting and mining rights as well as any renewals pending a court case to review new mining laws, the Mineral Resources Minister Mosebenzi Zwane said on Thursday.
South Africa's Anglo American Platinum (Amplats) expects half-year profits to fall by as much as 67 percent due to a stronger rand, lower sales and post-tax impairments, the company said on Tuesday.
The suspension follows a pending a judgement in an urgent interdict application by the country's Chamber of Mines.
It means that the miner, which had revenue of $1bn last year, will pay about $31 million extra in royalties a year.
The miner said it continues to seek a “constructive dialogue” with the country's government to gain assurance that its operations will not be affected by newly enacted mining law.
Kumba Iron Ore Limited today announces the appointment of Mr Bothwell Mazarura as Chief Financial Officer and Executive Director, effective 1 September 2017.
President John Magufuli has also ordered the mining ministry to freeze the renewal of expired permits.
The two new laws allow the government to force mining and energy companies to renegotiate their contracts.
The company, which owns the Cullinan mine that has produced the two largest diamonds in the British Crown Jewels, said output and revenue will be lower than market expectations.
Measure is part of a restructuring aimed at “protecting the viability” of the company’s South African business over the long-term, AngloGold said.
South Africa's Chamber of Mines has applied to a high court for an interdict to prevent the implementation of a new charter that increases the minimum threshold for black ownership of mining companies
Manufacturers of products ranging from batteries to electronic devices, and wind turbines to hybrid cars, are scouring the world to secure critical supplies of rare earths
Ratings agency Moody's warned on Wednesday that new regulations seeking to accelerate black ownership in South Africa's mining industry would deter investment, raise costs and diminish cashflow generation.
The world’s largest mining company announced that Ken MacKenzie has been elected to succeed Jac Nasser
Workers at the mine downed tools over a week ago, angered by the company’s actions to eradicate illegal miners from its operations.
The country will require local miners to be 30% black-owned and has set a 12-month deadline for them to comply with the new rules.
Barrick confirmed chairman John Thornton met President John Magufuli for talks Wednesday, but didn't mention the details of what, if anything, had been agreed.
Government accused the gold miner of operating illegally in the country and said it has been evading taxes.
Stuart Chambers, 61 and former chairman of UK chip designer Arm, will join Anglo as a non-executive director in September, replacing Parker in November.