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Forecast iron-ore price drop influenced by Chinese economic refocusing
Published: 15 Nov 17
Maintaining its iron-ore price forecast at an average of $70/t for the year and $50/t for 2018, research firm BMI says its predicted price drop is influenced by China’s economic refocusing away from heavy industry. “This will dampen demand for iron-ore,” said the firm on Wednesday, adding that, when combined with simultaneous elevated global supply, this would put a lid on prices in the coming years.
GoviEx Uranium granted exploration permit for Agaliouk tenement
Published: 15 Nov 17
TSX-V-listed GoviEx Uranium has been granted an exploration permit for its Agaliouk tenement, adjacent the Madaouela project, in Niger. Agaliouk adds 11.67-million pounds triuranium octoxide (U3O8) in the measured and indicated categories and 9.35-million pounds U3O8 in the inferred category to the Madaouela project.
German minerals firm K&S lifts Q3 earnings, adjusts Canada mine ramp-up German minerals firm K&S lifts Q3 earnings, adjusts Canada mine ramp-up
Published: 15 Nov 17
German potash and salt producer K+S on Wednesday reaffirmed its earnings forecast for the full year, as it posted higher third-quarter revenue and earnings. The Kassel-headquartered company, which has production sites in Europe, North America and South America, increased its revenue by 6% year-on-year to €726.5-million and its earnings before interest, taxes, depreciation and amoritisation (Ebitda) by 37% year-on-year to €76.7-million.
Lily mine remains in limbo, parties need to get together – Solidarity
Published: 15 Nov 17
As the future of the distressed Lily mine hangs in the balance, trade union Solidarity has called on all parties to expedite the processes under way and make a decision on the mine’s future. With every potential transaction thus far having failing to rescue the idled operation over the past 18 months, a potential third suitor may be able to bring the operation into business rescue – a process that has yet to be implemented more than a year after its formation.
Orion’s shares rise on Prieska metallurgical testwork update, loan facility extension
Published: 15 Nov 17
Dual-listed base metals miner Orion Minerals’s share price on the JSE was trading 6.15% higher on Wednesday after the company announced the positive results from initial metallurgical test work at its Prieska zinc/copper project and the extension of a loan facility. Orion and mining-focused, private equity group Tembo Capital have agreed to extend the term of a $6-million bridge loan facility from December 15 to May 31, 2018.
Companies from Amplats to StanChart on alert amid Zimbabwe coup
Published: 15 Nov 17
Companies are being vigilant over their operations in Zimbabwe after military vehicles descended on the capital of Harare and the army seized power, threatening President Robert Mugabe’s 37-year rule. Nedbank Group sent some South African employees home from Zimbabwe, the Johannesburg-based lender, which operates MBCA Bank in the country, said in an emailed response to questions. While its operations in Zimbabwe remain open and active, it will take appropriate steps if required to ensure the safety of its workers, Nedbank said.
Study urges Eskom to accelerate station decommissioning, curtail Kusile to shore up solvency Study urges Eskom to accelerate station decommissioning, curtail Kusile to shore up solvency
Published: 15 Nov 17
A new study argues that cash-strapped Eskom could make immediate costs savings of up to R17-billion and boost its liquidity, without undermining security of supply, by accelerating the decommissioning of three of its older coal-fired power stations and by halting construction of units 5 and 6 at the Kusile project, in Mpumalanga. However, should Eskom’s financial crisis worsen to the point where it threatened the country’s fiscal and economic sustainability, the study suggests that it could become necessary to abandon more of Kusile (as well as parts of the Medupi project, in Limpopo) to staunch any further “haemorrhaging of cash” by the utility.
India’s Steel Ministry seeks globally accepted regulations, tax for iron-ore mining
Published: 15 Nov 17
India’s Steel Ministry is seeking to align the domestic iron-ore mining industry with globally accepted regulations and practices as the country aims to be a 300-million-ton-a-year globally competitive steel producer by 2030. In the course of inter-Ministerial consultations about a new National Mineral Policy, the Steel Ministry has made a case for the rationalisation of royalty rates on iron-ore mining, the conceptualisation of special mining zones and the creation of linked transport corridors for an efficient supply chain.
Savannah secures enviro permits for Oman copper projects
Published: 15 Nov 17
Aim-quoted Savannah Resources has been granted environmental operating permits for the first two of a series of planned copper mine developments in Oman, marking a “major breakthrough” for its development plans, CEO David Archer announced on Wednesday. The Ministry of Environment and Climate Affairs (MECA) granted environmental operating permits for the Maqail South and Mahab 4 mine developments.
Resgen will have funding to commission Boikarabelo
Published: 15 Nov 17
A proposed funding facility currently under negotiation is intended to provide the total funds required to complete the construction of Resource Generation’s (Resgen’s) Boikarabelo coal mine, in South Africa’s Waterberg region, to the point of commissioning, the dual-listed company said on Wednesday. However, this facility does not include the costs of building the rail link or the costs of ramp-up to full production of coal.
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