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Resgen draws down Noble facility, progresses funding talks
Published: 21 Jun 17
JSE- and ASX-listed Resource Generation (Resgen) has confirmed the payment of $2.74-million through its second drawdown under the extended facility agreement with Noble Resources International, while work continues to secure project funding. In March, Resgen obtained an extension of its $8.4-million facility agreement with Noble to fund the operations and development of the Boikarabelo coal mine, in Limpopo, being progressed by Resgen subsidiary Ledjadja Coal.
Mining Charter exposing South African economy to GATT angst Mining Charter exposing South African economy to GATT angst
Published: 21 Jun 17
The procurement rules of the new Mining Charter may violate South Africa’s obligations under the General Agreement on Tariffs and Trade (GATT), exposing the country to challenges by other member states of the World Trade Organisation (WTO), Herbert Smith Freehills lawyers Peter Leon and Patrick Leyden warned on Wednesday. The lawyers point out that, under GATT, South Africa is obliged to afford imported products “treatment no less favourable than that accorded to like products of national origin”, and thus not to apply any regulatory measures that afford preference to domestic products over imported products.
AMSA’s shareholding in CoAL decreases to below 5%
Published: 21 Jun 17
Coal of Africa Limited (CoAL) on Wednesday said ArcelorMittal South Africa (AMSA) was no longer classified as a substantial shareholder in the miner. AMSA’s shareholding in CoAL has decreased to 126-million ordinary shares, or 4.93% of CoAL’s shares.
Zwane disappointed in people using courts to legislate Zwane disappointed in people using courts to legislate
Published: 21 Jun 17
As the Chamber of Mines said it would go to court in order to get an interdict against the implementation of the Mining Charter, Mineral Resources Minister Mosebenzi Zwane said he disappointed that people use courts in order to legislate. The charter set a new target for black ownership of mines at 30% and that this requirement should be fulfilled and complied with within a 12 month period.
MPs to include State capture in Molefe probe
Published: 21 Jun 17
Parliament’s portfolio committee on public enterprises on Wednesday resolved to devote August to an in-depth probe of the circumstances surrounding Brian Molefe’s re-appointment to the helm of Eskom, including allegations of the Gupta family’s hold on the power utility. “The committee agrees that his re-appointment made us think of governance in the entity and therefore we would want to know what made them think even of the re-appointment of Brian Molefe and that R30-million is good to give,” the acting chairperson of the committee Zukiswa Rantho said.
Centrica to miss out on silver lining from rough sales
Published: 21 Jun 17
Centrica won’t have much change left after selling all the spare fuel it keeps at a North Sea gas facility it’s decided to close. The so-called cushion gas, sitting in a reservoir 29 km off the English coast, is worth about £750-million pounds, according to Lakis Athanasiou, a utilities analyst at Agency Partners LLP in London.
Polish copper producer KGHM to make lowest dividend payout in 16 years
Published: 21 Jun 17
Shareholders in Polish state-run copper producer KGHM on Wednesday approved a dividend payout of 1 zlotys per share, in line with the management board's proposal. The dividend, which amounts to a total of 200-million zlotys ($52.6-million), is the lowest KGHM payout since 2001.
Oracle a step closer to finalising approval for Pakistan project
Published: 21 Jun 17
UK energy developer Oracle Coalfields is a step closer to finalising the necessary approvals for a mine-mouth power plant in Pakistan with a date now having been set for public hearings to consider the project’s environmental and social impact assessment (ESIA). Oracle reported on Wednesday that it expected the final approval of the ESIA “shortly after” the public hearing, which would be held on July 13.
Revised South African charter poses threat to miners, says Moody's
Published: 21 Jun 17
Ratings agency Moody's warned on Wednesday that new regulations seeking to accelerate black ownership in South Africa's mining industry would deter investment, raise costs and diminish cashflow generation. Anglo American, AngloGold Ashanti, Gold Fields, Petra Diamonds, Sibanye Gold and South32 would be the most negatively affected miners if the revised mining charter is implemented, Moody's said.
Goldplat’s Kilimapesa switches to grid power
Published: 21 Jun 17
Africa-focused Goldplat will start using grid power at its Kilimapesa mine, in Kenya, as it is facing ongoing difficulties with its generators, primarily owing to poor diesel quality. The miner has reached an agreement to pay the $200 000 installation cost for the required infrastructure to the Kenya Power and Lighting Company over 12 months.
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