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Chile miner Antofagasta faces strike threats at two copper mines

4th July 2017 Chilean mining company Antofagasta Minerals, one of the biggest global copper producers, on Tuesday was facing potential strikes from workers at its Zaldivar mine and by supervisors at Centinela as contract talks continue. Zaldivar workers will vote on whether or not to strike by the end of the... 

At least 14 gold miners missing in collapsed Ghana pit

4th July 2017 At least 14 people were missing and feared dead after an illegal gold mine in western Ghana in which they were working collapsed, police said on Tuesday. Five people escaped unhurt from the pit in the old mining town of Prestea, some 200 kilometres (125 miles) west of the capital, Accra. 

Nigerian State oil firm says saved $2bn with cheaper contracts

4th July 2017 Nigeria's state oil company has saved $2-billion in the past year by renegotiating its upstream servicing contracts, it said in a statement on Tuesday, as it tries to reduce high overheads. The Nigerian National Petroleum Corporation (NNPC) is attempting to revive the oil industry on which the... 

China's top steel province to cut capacity to make way for new one

4th July 2017 China's Hebei province will slash 11.48-million tonnes in outdated steelmaking capacity to accommodate the expansion of a new plant, part of efforts by the country's top steel-producing region to rein in surplus production. China, the world's biggest steel producer, has been shutting outdated... 

Transnet bids to recapitalise Zimbabwe's State rail firm

4th July 2017 South African logistics group Transnet has bid to recapitalise National Railways of Zimbabwe (NRZ) with $400-million, the State Procurement Board (SPB) said on Tuesday. NRZ is saddled with a debt of $200-million and has gone for months without paying its workers as Zimbabwe's experiences a... 

Congo's Inga 3 hydro project start-up delayed until 2024/25 – govt

4th July 2017 Democratic Republic of Congo said late on Monday that its Inga 3 hydroelectric project is not expected to begin producing power until 2024 or 2025, not 2020 or 2021 as originally planned. The $14-billion, 4 800 MW project has struggled to attract financing and was dealt another blow last year... 

India tax hike could boost illegal bullion, jewellery sales

4th July 2017 A hike in taxes on gold sales in India could stoke under-the-counter buying and drive up appetite for precious metal smuggled into the country, where millions of people store big chunks of their wealth in bullion and jewellery. As part of a new nationwide sales tax regime that kicked in on July... 

Vale says loss-making New Caledonia nickel operations under review

4th July 2017 Brazil's Vale is reassessing its loss-making New Caledonian nickel operations as part of a wider review of low performing assets after new Chief Executive Fabio Schvartsman took charge last month, a spokesperson said. "Under the leadership of our new CEO, Vale is reviewing all assets and... 

Governor of South African central bank defends its independence

4th July 2017 South African Reserve Bank Governor Lesetja Kganyago defended its independence on Monday in the face of a recommendation by the country's main anti-graft watchdog agency that the central bank's mandate should be changed. Public Protector Busisiwe Mkhwebane set off a political row this month when... 

Tanzania passes laws on renegotiation of mining, gas contracts

4th July 2017 Tanzania's Parliament passed two laws on Monday allowing the government to force mining and energy companies to renegotiate their contracts, despite pleas from the mining association for more time. Businesses have complained that they feel President John Magufuli is unfairly squeezing them... 

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