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Yancoal narrows interim losses

By: Esmarie Swanepoel     21st August 2017 ASX-listed Yancoal has narrowed its loss during the financial half-year ended June, as higher demand for quality thermal coals drove price improvements throughout the reporting period, buoyed by the impact of the Queensland cyclone event at the beginning of the year. The miner reported an... 

WorleyParsons developing black enterprises 

By: Martin Creamer     21st August 2017 Project delivery and engineering consultancy WorleyParsons RSA is answering South Africa’s call for broader economic participation and transformation. The local company, which is part of the Australian Securities Exchange-listed WorleyParsons engineering group that serves the resources and energy... 

Glencore to start importing fuel for Mexico's domestic market in Feb – oil chief

By: Reuters     18th August 2017 Trading firm Glencore expects to start importing fuel for Mexico's domestic market in February 2018 through its own terminal in the southern state of Tabasco, the head of the firm's oil division, Alex Beard, said on Thursday. The executive said the fuel will be ultimately sold by a large network... 

Billions in investment to propel Zambia’s Mopani mine into costs ‘premier league’

By: Ilan Solomons     18th August 2017 “Like a sports team, Mopani copper mine, in Kitwe, Zambia is near the bottom of the league and needs to improve its ranking to avoid relegation or closure,” says diversified mining major Glencore’s Mopani copper mine CEO Johan Jansen, using a football analogy to explain where the company is in... 

Glencore coal miners return to work in Australia but vow more strike action

By: Reuters     17th August 2017 Coal mine workers from seven Glencore collieries in Australia returned to work on Thursday after a four-day work stoppage, with many voting to keep up pressure on the company over wages and job security. More than 1,400 workers met in the mining hub of Singleton, New South Wales, about 200 km... 

Booming thermal coal price on China demand cheers miners

By: Reuters     17th August 2017 Australian thermal coal prices for spot cargoes above $100/t, lifted by reports of strikes and strong Chinese demand, are providing a boost in earnings and share prices for miners like Glencore and Whitehaven Coal. A crackdown on illegal mining and pollution in China has curbed domestic... 

Hammer nails Glencore JV

By: Esmarie Swanepoel     17th August 2017 ASX-listed junior Hammer Metals has acquired fellow-listed AuKing Mining’s stake in tenements in Mount Isa, forming a new joint venture (JV) with major Glencore. Hammer and AuKing in December of last year struck a deal under which Hammer would pay 1.5-million shares for a number of tenement... 

Congo reinstates miners' VAT exemption on imports in U-turn

By: Reuters     17th August 2017 Congo's finance ministry has provisionally reinstated mining companies' exemption from a value added tax (VAT) on imports, the Chamber of Mines said on Wednesday, days after miners complained customs authorities were planning to impose VAT on them. Democratic Republic of Congo, Africa's top... 

Zinc breaks through $3 000 barrier as metals rally gathers pace

By: Bloomberg     16th August 2017 Zinc surged above $3 000 a metric ton amid persistent global deficits, and aluminium climbed as China reined in illegal capacity, adding fresh impetus to the rally even as some investors expressed concerns. Zinc jumped as much as 2.6% to $3 037/t on the London Metal Exchange, the highest level... 

Miners drive strong European share gains as investors await GDP figures

By: Reuters     16th August 2017 Miners and oil stocks helped Europe's major share index make robust gains on Wednesday as higher metals prices lent a hand and investors awaited eurozone GDP figures expected to confirm the bloc's economic growth was on track. The pan-European STOXX 600 rose 0.7%, its third day of gains after a... 

Congo reinstates VAT on imports for mining companies

By: Reuters     14th August 2017 Congo has reinstated a value added tax (VAT) on mining company imports, the chamber of mines said on Saturday, part of what miners say is a deteriorating business climate in the country. Democratic Republic of Congo's government agreed to suspend the tax in July 2016 to help companies during a... 

Zambia's CEC confirms reduced power supply to Glencore's copper miner

By: Reuters     14th August 2017 Copperbelt Energy Corp (CEC), Zambia's main supplier of power for its mines, confirmed on Sunday that it has restricted the amount of electricity it supplies to Glencore unit Mopani Copper Mines (MCM) because of a dispute over tariffs. Mopani said on Saturday that it has suspended operations in... 

Trevali lowers guidance as Santander water ingress delays development

By: Henry Lazenby     12th August 2017 Pure-play zinc producer Trevali Mining expects to produce less metal from the Peru-based Santander mine this year, after extreme rainfall during the recent mountain wet season delayed high-grade stope development by a quarter. The company announced on Thursday that the excessive rainfall during... 

There's a key to lithium's future inside a shipping container

By: Bloomberg     11th August 2017 The world’s biggest miners’ determination to muscle into the burgeoning  battery market stepped up a notch with  Rio Tinto Group reporting breakthroughs in cracking the technology needed to unlock its giant lithium project in Serbia that could meet 10% of global demand. Tests at a research... 

Anglo, Glencore coal mines warned over dust levels

By: Mariaan Webb     11th August 2017 Queensland has warned multinational miners Anglo American and Glencore about dust levels in their coal mines and has said that operations that fail to comply with legislation will be closed. In a rare move, Queensland Mines Minister Anthony Lynham named the two companies in Parliament on... 

Efforts to reposition balance sheet, price improvements lift Glencore’s H1 earnings

By: Ilan Solomons     10th August 2017 Diversified mining and marketing company Glencore said “extensive efforts” to reposition its balance sheet and propel the company’s industrial asset portfolio improvements over the last two years were reflected in its strong interim financial performance. The group on Thursday published its... 

Income investors run for cover as dependable UK dividends in jeopardy

By: Reuters     9th August 2017 Attractively high dividend payouts by companies listed on Britain's stock market could be in danger. The sectors currently delivering the biggest dividends -- those that have kept yield-hungry investors in the UK market -- are showing signs of strain. 

Elon Musk inspires No.1 miner to target electric vehicle boom

By: Bloomberg     9th August 2017 Observations by Tesla’s Elon Musk on the key role nickel plays in the electric vehicle boom helped inspire the world’s top miner BHP Billiton to invest in new capacity to target rising demand. Amid efforts to improve performance at its nickel operations in Australia, Eduard Haegel, asset... 

Yancoal shareholder lodges complaint over raising for $2.69bn Rio coal deal

By: Reuters     9th August 2017 Hedge fund Senrigan Capital Management has asked Australian regulators to intervene in Yancoal Australia's efforts to fund its $2.69-billion purchase of the Coal & Allied division of Rio Tinto, saying it is unfair to minority shareholders. Senrigan is seeking an order from Australia's Takeovers... 

Qld approves Glencore's Wandoan plans

By: Esmarie Swanepoel     9th August 2017 The Queensland government has granted a mining lease to major Glencore over its Wandoan coal project, in the Surat basin. The mining lease was applied for in 2007, and the project’s environmental -mpact statement was approved in 2010, while commonwealth environmental approval was received in 2011. 

Merafe cuts net debt by 50% in H1

By: Natasha Odendaal     7th August 2017 JSE-listed Merafe Resources has ended the first six months of this year on a stronger financial basis after reducing its net debt by 49% to R207.8-million, from R409.3-million in the six months to December 2016. During the six months under review, Merafe continued to repay the bulk of its head... 

Aurelia moves to reduce debt

By: Esmarie Swanepoel     4th August 2017 ASX-listed Aurelia Metals has unveiled plans to accelerate its debt reduction programme. At the end of June, Aurelia held cash of about A$34.8-million while debt to mining major Glencore stood at A$109.61-million, of which A$37.57-million was senior debt and A$72.04-million was convertible debt. 

Glencore asks Australia to focus on economy before climate deal

By: Bloomberg     2nd August 2017 Australia may need to consider delaying its goals to combat global climate change in order to prioritise energy security and economic prosperity, according to a senior executive at Glencore. The country’s emerging energy crisis, in conjunction with government-imposed clean-energy targets, has... 

Yancoal to raise $2.5bn for Hunter Valley coal acquisition

By: Esmarie Swanepoel     2nd August 2017 ASX-listed Yancoal on Wednesday announced a $2.5-billion capital raise to fund the acquisition of mining major Rio Tinto’s Coal & Allied assets. Yancoal told shareholders that the company would launch a 23.6-for-1 pro-rata renounceable entitlement offer, priced at 10c each, to raise the funds. 

Colliery Training College

By: Zandile Mavuso     28th July 2017 The Colliery Training College (CTC) – an important centre for artisan and mining skills training in Emalahleni, Mpumalanga – has been part of the coal mining industry since 1964. Prominent mining companies such as Anglo American Thermal Coal, Exxaro, Glencore, Izimbiwa Coal, Kangra Coal and South... 

Undocumented capture?

By: Terence Creamer     28th July 2017 Arguably one of the most telling statements made at last week’s Eskom results presentation was the public assurance given by interim CEO Johnny Dladla that “no decision would, in future, be taken outside the executive committee meetings. “Whatever decision is taken, it will be a decision that is... 

Glencore to acquire 49% of Hunter Valley Operations

By: Martin Creamer     27th July 2017 Diversified mining and marketing company Glencore announced on Thursday that it had signed agreements with Yancoal Australia Limited (Yancoal) to acquire a 49% interest in the Hunter Valley Operations (HVO) coal mine in New South Wales and form a joint venture (JV) following Yancoal's acquisition... 

Yancoal to sell 16.6% of newly acquired Hunter Valley mines

By: Esmarie Swanepoel     27th July 2017 Reports emerged on Thursday that diversified miner Glencore has reached an agreement to purchase some of the Hunter Valley assets that ASX-listed Yancoal recently acquired from mining major Rio Tinto. The reports, carried in several Australian news outlets, comes as Yancoal holding company... 

Copper rallies to two-year high, miners surge as China brightens

By: Bloomberg     26th July 2017 The red metal is red hot. Copper surged to the highest level in more than two years on the London Metal Exchange, lifting shares of producers including Glencore, driven by expectations that increasing demand in China may fuel a global shortage and buoyed by a weak dollar. Benchmark three-month... 

Trevali on target with African asset acquisitions as zinc output rises

By: Henry Lazenby     25th July 2017 Trevali Mining's addition of two new African mines paid off in the zinc producer's pro-forma second-quarter results, which showed that 63% of the company's zinc-equivalent payable pounds were contributed from Rosh Pinah (Namibia) and Perkoa (Burkina Faso). Trevali is acquiring both assets from... 

Buffalo Coal in push to slash debt and improve safety and operational efficiency

By: Ilan Solomons     21st July 2017 South African bituminous and anthracite coal miner Buffalo Coal is determined to repay all its debt and continue to improve safety standards, while improving overall operating capability to ensure its operations become optimally efficient, says interim CEO Rowan Karstel, who was speaking to... 

State capture casts long shadow over Eskom’s results  

By: Terence Creamer     19th July 2017 South Africa’s worst kept corporate secret was confirmed on Wednesday, when Eskom reported a sharp fall in after-tax profits to R888-million in 2017, from over R5-billion in the previous financial year. However, the results were overshadowed by serious allegations of corruption and... 

Vitol drops plan to buy Gupta stake in RBCT

By: Bloomberg     18th July 2017 Vitol Group, the world’s largest independent oil trader, walked away from a deal to buy a stake in the Richards Bay Coal Terminal from a company controlled by South Africa’s Gupta family. “The consortium comprising Vitol and Burgh Group Holdings will not be proceeding with the acquisition,” the... 

India to look to junior miners to boost private investment in exploration

By: Ajoy K Das     17th July 2017 Close on the heels of India’s Mines Ministry propagating private-public-partnership (PPP) model contracts to boost private capital into mineral exploration, the government is now looking to invite international mining juniors to fill the void in private investment. The Mines Ministry is preparing... 

Merafe expecting sharp earnings rise

By: Martin Creamer     14th July 2017 Ferrochrome company Merafe is expecting a sharp rise in earnings for the six months to June 30. Merafe shares in 20.5% of the earnings before interest, taxes, depreciation and amortisation of the Glencore-Merafe Chrome Venture, which has a total installed capacity of 2.3-million tonnes of... 

Oil traders turn bespoke crude tailors in offshore megastore

By: Bloomberg     12th July 2017 The biggest oil traders feeling the squeeze in a world awash with crude are seeking an edge by offering tailor-made cargoes in an offshore megastore. By selling bespoke from a fleet of ships anchored off Singapore and Malaysia, the likes of Vitol Group, Trafigura Group, Glencore and Gunvor Group... 

Glencore said to draw Liberty House bid for Australian mine

By: Bloomberg     12th July 2017 Liberty House Group, fresh off a deal for Australian steel mill Arrium, is among bidders for a Glencore coal mine that could fetch as much as A$500-million, people with knowledge of the matter said. Liberty House’s GFG Alliance joint venture submitted an indicative offer for the Tahmoor mine by... 

Miners rewarded for improved capital discipline

By: Henry Lazenby     11th July 2017 Increased cash flows, merger and acquisition (M&A) activity and new debt issues have helped many of the world’s top miners strengthen their balance sheets in 2016, reflecting miners’ response to investor messages around capital discipline, according to new analysis from PwC Canada. "As the global... 

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