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Blackham unveils A$36m rights issue; shares tumble as trading resumes Blackham unveils A$36m rights issue; shares tumble as trading resumes
Published: 23 Jan 18
A month after its shares were suspended, embattled miner Blackham Resources returned to the market on Tuesday after announcing late on the previous day that it would raise A$36-million in a rights issue. Shares in the cash-strapped company, which operates the Matilda-Wiluna gold mine in Western Australia, were hammered when trading resumed, opening the day at 5.7c before falling to 4.6c a share. By late in the afternoon, the stock fetched 7.4c – down 30% on the closing price of 10.5c a share before its voluntary suspension on December 14.
Kibali prepares for full production Kibali prepares for full production
Published: 23 Jan 18
Following the successful commissioning of the integrated automated ore handling and hoisting system of the underground operation at Kibali, in the Democratic Republic of the Congo, Randgold Resources is preparing to bring the mine into full production this year. In an update to shareholders on Tuesday, CEO Mark Bristow said 700 000 oz of gold would be produced this year, some eight years and $2.5-billion in capital expenditure later.
Suspended Eskom CFO resigns Suspended Eskom CFO resigns
Published: 23 Jan 18
Suspended Eskom chief financial officer (CFO), Anoj Singh, resigned on Monday, South Africa's power utility said. "Eskom has today [on Monday] received, through Mr Anoj Singh’s attorneys, a formal letter of resignation by Mr Singh from his position as the Chief Financial Officer, in line with the terms of his employment contract," Eskom said in statement.
Zimbabwe may scrap local ownership rule on platinum, diamonds
Published: 23 Jan 18
Zimbabwe, which has the world’s second-biggest platinum reserves, may lift a requirement that companies mining the metal or diamonds must be at least 51%-owned by black citizens of the country, President Emmerson Mnangagwa said. Mnangagwa, who became president in November after Robert Mugabe resigned under pressure from the military, has announced that the ownership requirement on all other minerals will be abolished.
Agarwal plans to keep his Anglo American stake for a long time
Published: 23 Jan 18
Anil Agarwal, the Indian commodities billionaire, said the rally in Anglo American vindicated his personal bet in the mining group, adding that he plans to own the shares for a long time. Agarwal surprised Anglo’s management last year when he took a 21% stake in the company, becoming its top shareholder. The structure of the purchase, done via a mandatory exchange bond issued by a family company, effectively means he rents the shares until the bond matures in 2020.
Revamped Barrick harkens back to founding principles as 'new generation' of discovery, partnerships beckon Revamped Barrick harkens back to founding principles as 'new generation' of discovery, partnerships beckon
Published: 23 Jan 18
The world's largest gold producer by output Barrick Gold is looking towards a more sustainable future based on a leaner, more tightly owned portfolio, with future growth increasingly hinging on forming synergistic partnerships with former mining rivals. With the gold price off to a strong start in the first few weeks of 2018, up 2.32% since the start of the year and trending above the psychological $1 300/oz mark, Barrick president Kelvin Dushnisky told attendees at a Vancouver mining conference that the company had come full circle in the aftermath following gold's historic bull run through the 2011s.
US Commerce Dept confirms sent Trump aluminium probe results
Published: 23 Jan 18
The US Commerce Department confirmed on Monday that it had submitted the results of its national security investigation into aluminium imports that could lead to broad import restrictions on the lightweight metal. A statement from the agency did not divulge any of the findings of the "Section 232" investigation. Reuters reported that the report was submitted on Friday.
Artisanal, small-scale mining explodes amid rising prices
Published: 22 Jan 18
A new report has revealed explosive growth in the number of artisanal and small-scale miners worldwide over the past two decades amid rising mineral prices and a general struggle in earning a living from agriculture. The Intergovernmental Forum (IGF) on Mining, Minerals, Metals and Sustainable Development has estimated a more than doubling in the number of artisanal and small-scale miners from six-million in 1993 to 13-million in 1999.
South32 makes management shifts as SAEC becomes standalone business
Published: 22 Jan 18
As part of setting up its South African Energy Coal (SAEC) operations as a standalone business, triple-listed South32 will make changes to the operational accountabilities of its two COOs, Mike Fraser and Paul Harvey. Fraser will now be accountable for the alumina and aluminium operations in Australia and South Africa, and the Cerro Matoso operation in Colombia, while remaining South32’s primary representative for SAEC.
Bushveld Minerals upbeat about year ahead
Published: 22 Jan 18
Aim-listed Bushveld Minerals made “tremendous strides” during the fourth quarter of 2017, which was marked by a strong financial performance from its Bushveld Vametco operations. Supported by a strong vanadium price environment – the ferrovanadium price averaged $33/kg for the 12 months to December 31 – a revenue increase of 44% and a 553% increase in earnings before interest, taxes, depreciation and amortisation was realised at the operations, CEO Fortune Mojapelo outlined in an operational update on Monday.
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