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Move over Tesla, Europe's building its own battery gigafactories

By: Bloomberg     22nd May 2017 Battery-making gigafactories are about to arrive in Europe, challenging a lead Tesla is building at a plant in Nevada and opening the way for a quicker shift toward green power for both cars and utilities. German Chancellor Angela Merkel on Monday is scheduled to break ground at a €500 million... 

Eurasia Mining secures $2m in funding

By: Anine Kilian     19th May 2017 Aim-listed Eurasia Mining has entered into new funding facilities for about $2-million with three parties, including its existing funding provider Sanderson Capital Partners. The funds will be used for working capital. 

Pallinghurst share price leaps on value unlock outline

By: Martin Creamer     19th May 2017 The share price of mining investment fund Pallinghurst leapt in Johannesburg after the company outlined its plans to swop its investment fund shawl for a diversified miner’s mantle, unlock value through full absorption of its coloured gemstone associate and target a possible listing of the... 

Miners ask Congo to adjust tax repayments for franc slump

By: Bloomberg     19th May 2017 Mining companies in the Democratic Republic of Congo asked the government to adjust pending value-added tax repayments for a slump in the franc that could cost them as much as $210-million collectively. Federation des Entreprises du Congo, the country’s largest business lobby group, sent the... 

Steinmetz said to skip $1.2bn Vale hearing, risking loss

By: Bloomberg     19th May 2017 Billionaire Beny Steinmetz’s mining company may be asked to pay as much as $1.2-billion to former partner Vale after choosing not to attend an arbitration hearing in London in a dispute over one of the world’s richest mineral assets, two people with knowledge of the case said. The decision by... 

Northam Platinum hunting for quality South African mines to buy

By: Reuters     19th May 2017 South African miner Northam Platinum is searching for mines to buy but is struggling to find high-quality, mechanised operations for sale in South Africa, its chief executive said. The midtier producer, which has been bolstered by a strong balance sheet that is rare in the embattled industry, is... 

Megabridge construction on N2 highway project to start later this year 

By: Irma Venter     19th May 2017 The construction of two megabridges, as part of the South African National Roads Agency Limited’s (Sanral’s) N2 Wild Coast Toll Road (N2WCTR) project, is expected to begin between August and October this year, says Sanral’s bridge network manager Edwin Kruger. “The tenders for the two bridges –... 

Inflated base case prices could dent confidence in mine development

By: Henry Lazenby     19th May 2017 Project valuations based on elevated price assumptions in the absence of more reasonable scenarios to provide a more balanced view to the market is potentially damaging to the credibility of management teams, their consultants and the mining industry as a whole, London-based boutique investment... 

Eskom Academy trains over 500 contractors

     19th May 2017 Over the last three years, State-owned power utility Eskom’s enterprise development programme, the Contractor Academy, trained 518 contractors from all nine provinces, with the youth accounting for about 60% of participants. The programme started as a pilot programme in 2008 and has since grown... 

‘Hard Brexit’ may have negative consequences for South Africa

By: Terence Creamer     18th May 2017 British economist Professor Peter Sinclair warns that a so-called “hard Brexit” could have negative spill over consequences for South Africa, which has strong economic ties not only with the UK, but also several countries in the European Union (EU) that could be negatively affected by such and... 

Bidcorp rebranding as Bidfood to be completed by June

By: Anine Kilian     18th May 2017 JSE-listed Bidcorp expects its rebranding as Bidfood to be completed by June. “We have seen positive momentum achieved in the six months ended December 31, 2016; however, currency volatility continues to impact Bidcorp’s rand results, with the rand having appreciated against both the euro and... 

Bank of America Merrill Lynch combines energy, mining teams – memo

By: Reuters     18th May 2017 Bank of America Merrill Lynch has reorganised its energy, power and mining investment banking teams, combining them under the leadership of Julian Mylchreest, according to a memo seen by Reuters on Thursday. Mylchreest, head of global energy and power investment banking since 2010, will oversee... 

Princess Anne crowns South African conservationist a winner

By: African News Agency      18th May 2017 HRH The Princess Royal, Princess Anne on Thursday presented a Whitley Award, a prestigious international nature conservation prize worth £35 000 in project funding, to Ian Little at a ceremony at the Royal Geographical Society, London, in honour of his work to protect South Africa’s threatened... 

Elliott Management says Barcelona meeting with BHP CEO was 'constructive'

By: Reuters     18th May 2017 Activist investor Elliott Management on Thursday said a meeting with BHP Billiton CEO Andrew Mackenzie in Barcelona had been "constructive". The meeting on Wednesday took place a day after the New York-based fund raised the pressure for strategic changes at the mining giant, including a call for... 

Zambian government says close to agreement with mines on electricity price rises

By: Reuters     18th May 2017 Zambia is close to reaching an agreement with mining companies over its plans to increase electricity prices, Finance Minister Felix Mutati said on Wednesday. The government last month proposed introducing a flat tariff of $0.093/kWh backdated to January for mining companies, instead of... 

More South African mining jobs at stake on policy uncertainty – Amplats CEO

By: Reuters     17th May 2017 Policy uncertainty in South Africa and low commodity prices are hurting investment in the mining sector and will lead to further job cuts, the chief executive of the world's biggest platinum miner, Anglo American Platinum (Amplats), said on Tuesday. The embattled industry is waiting for the... 

Miners increase green energy use to power their pits

By: Reuters     16th May 2017 Major mining companies, including some of the world's biggest suppliers of fossil fuel, are seeking to use more renewable energy themselves as they strive to drive down costs and curb emissions. Glencore, the world's biggest shipper of seaborne coal, said in Tuesday's 2017 sustainability report... 

Glencore says electric car boom is coming faster than expected

By: Bloomberg     16th May 2017 Glencore CEO Ivan Glasenberg said the rise of electric cars will significantly boost demand for minerals including copper and lithium in the coming decades. “The electric vehicle revolution is happening and its impact is likely to be felt faster than expected,” Glasenberg told investors at an... 

Elliott steps up pressure on BHP to ditch petroleum

By: Reuters     16th May 2017 Activist investor Elliott Management upped the pressure for strategic changes at BHP on Tuesday, calling for an independent review of the mining giant's petroleum business. Elliott, which has built up a 4.1% stake in BHP's UK-listed arm and is urging changes to boost shareholder value, said... 

Deripaska's group bets on improving aluminium, Russian outlook

By: Reuters     16th May 2017 A deepening global shortage of aluminium and an improving outlook for Russian equities should make tycoon Oleg Deripaska's En+ company attractive to investors seeking exposure to emerging markets free of foreign exchange risks, its chief told Reuters. Chief Executive Maxim Sokov said En+ is... 

Altus exploration company aims to buck trend with London listing

By: Reuters     15th May 2017 A British firm hunting for mineral resources in Africa is hoping to be the first venture of its kind to float on the London Stock Exchange since a deep commodity price crash wiped out the appetite for exploration risk. Even after the sector recovered in 2016, new mining listings have been sparse... 

Platinum misses out on clean air push for vehicles

By: Reuters     15th May 2017 With London mayor Sadiq Khan and his Parisian counterpart Anne Hidalgo cracking down on vehicle emissions this spring in the global push for clean air, it should be a boom time for platinum which is used in catalytic converters. But it is not likely to translate into higher demand for the metal.... 

India's Vedanta swings to profit after metal rally, zinc payout

By: Bloomberg     15th May 2017 Vedanta reported a fourth-quarter profit as India’s biggest base metals producer benefited from a rally in prices and a special dividend announced by its zinc arm. Net income attributable to owners was 14.1-billion rupees in the three months through March and revenues were Rs246.1-billion, the... 

Royal Mint launches first ever platinum products

By: Martin Creamer     15th May 2017 The Royal Mint, one of the world’s oldest issuers of bullion coins and bars, on Monday launched its first ever platinum bullion products. In what is potentially a beneficial measure to boost platinum demand, the 1 000-year-old organisation has launched 500 g and kilo platinum bars as... 

Fuso expands local assembly, looks to double market share

By: Irma Venter     15th May 2017 Daimler Trucks & Buses Southern Africa (DT&B SA), a member of Mercedes-Benz South Africa (MBSA), has started local assembly of the FA 9-137 truck at MBSA’s East London plant. The truck was previously imported from India as a fully built-up unit. 

Cape Lambert launches legal action in Sierra Leone

By: Esmarie Swanepoel     15th May 2017 ASX-listed Cape Lambert Resources has launched legal action in the High Court of Sierra Leone against Gerald Metals, Timis Mining Corporation and others over overdue royalty payments. The company in 2014 inked a binding term sheet with Timis Mining to provide financing of $20-million to assist... 

Lonmin buys remaining Pandora stake

By: Martin Creamer     15th May 2017 Platinum mining company Lonmin has bought the remaining 7.5% stake in Pandora platinum operation from Northam Platinum. In November last year, Lonmin entered into a sale and purchase agreement to acquire Anglo American Platinum’s 42.5% stake in Pandora, taking ownership to 92.5% of an asset with... 

Canadian miners among suitors for BHP's Chile copper mine – sources

By: Reuters     13th May 2017 Canada's Teck Resources , Lundin Mining and HudBay Minerals are among a number of suitors that have submitted bids for BHP Billiton's Cerro Colorado copper mine, in Chile, people familiar with the matter said. The Anglo-Australian miner expects the asset to fetch as much as $800-million, the... 

Wooing investors after Elliott, BHP boss to play up shale

By: Reuters     12th May 2017 BHP Billiton CEO Andrew Mackenzie, batting off an attack by activist funds, will tell investors in Barcelona next week that the top global miner can pump more for less out of its unloved shale assets. But don't expect a fresh public response to the attack by hedge fund Elliott Management, which... 

It is platinum week, weaker, weakest as miners meet in London

By: Bloomberg     12th May 2017 It’s more than a decade since miners and traders have met at London’s annual Platinum Week with prices as low as they are right now. Soft prices, currency moves that have boosted mining costs and an uncertain demand outlook are weighing on the producers who’ll gather for cocktails under the... 

Online concrete technology courses launched

By: Robyn Wilkinson     12th May 2017 To improve ease of access to education and training courses as well as pass rates in the South African construction sector, cement and concrete technical services provider The Concrete Institute’s (TCI’s) School of Concrete Technology launched its online e-learning platform in January. 

SAA wins another air freight award

By: Keith Campbell     11th May 2017 In some good news for national flag carrier South African Airways (SAA), the company’s air freight division, SAA Cargo, has been voted the Best Cargo Airline – Africa at the 2017 Air Cargo Airline of the Year Awards. The voting was done by readers of “Air Cargo News”. “We are very proud to have... 

Violent protestors demand 1 500 new jobs from struggling Lonmin 

By: Martin Creamer     11th May 2017 Platinum company Lonmin on Thursday expressed deep concern about ongoing violence, damage to property and intimidation of employees by the near-mine Bapo Ba Mogale community, which is demanding 1 000 jobs for its members and 500 cadet positions for its unemployed youth.   The London- and... 

Elliott willing to back BHP board candidate as next chairman – source

By: Reuters     11th May 2017 Elliott Management is willing to back a board member of BHP Billiton to be its chairman upon the retirement of Jac Nasser despite deep reservations about its top management, a source close to the activist shareholder said on Thursday. Elliott, founded by billionaire Paul Singer, is pushing for a... 

Miner's strife over SFO 'dawn raids' laid bare by London judge

By: Bloomberg     11th May 2017 Anxiety was on the rise at Eurasian Natural Resources Corp (ENRC) in early 2011 after media allegations of corruption and a whistle-blower complaint prompted fears of an imminent visit by the UK’s Serious Fraud Office. “I predict a sh!tstorm and a SFO dawn raid in London before summer’s over,”... 

For world's super-rich, a pink diamond is forever

By: Reuters     10th May 2017 For the world's super-rich, the investment of choice is increasingly a very rare naturally pink diamond, an asset class that this year has set records at auction. Tobias Kormind, MD of 77 Diamonds, which has a shop in London's Mayfair district and sells online, says the trend for coloured stones... 

Zambia President orders case against First Quantum to be dropped

By: Bloomberg     10th May 2017 Zambian President Edgar Lungu has instructed that the fraud case the State investment company brought against the country’s biggest copper producer and some of its directors be dropped, his spokesman said. Arbitration over the matter will continue in London. First Quantum Minerals, based in... 

UK needs post Brexit deals with Turkey, SA, not just EU – Ford

By: Reuters     10th May 2017 Britain needs to strike post-Brexit trade deals with countries such as Turkey and South Africa as well as the European Union, Ford said on Wednesday, underlining the scale of the challenge facing Prime Minister Theresa May to meet business demands. Ford, Britain's biggest automotive... 

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