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Tue,27Sep2016

Mining

Fearing killings, South Africa platinum workers press on with strike

Mining minister Mozebenzi Zwane. Photo©ReutersWorkers at a South African platinum mine rocked by deadly clashes between rival trade unions have vowed not to return to work until management guarantees their safety.

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South Africa Mining Minister defends new Mining Charter amid outrage

South Africa’s Mining Minister Mosebenzi Zwane. Photo©ReutersSouth Africa's Mining Minister Mosebenzi Zwane has reassured investors that the country is open for business and mining investments despite outcry over a new revised mining charter that some say threatens the ailing industry.

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Growth: After the crash, the fightback

Image©Francesca Capellini for TARSierra Leone, which earns 85% of its foreign exchange from mineral exports, has been devastated; economies as big as South Africa's and Nigeria's are also struggling. Now, leaders and activists are trying more nationalist tactics against the resource curse.

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Congo orders mining and oil companies to pay taxes in U.S. dollars

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Mining: Randgold checks electric storm blackouts at DRC mine

Mark Bristow, Chief Executive - Randgold ResourcesMining in Democratic Republic of Congo has many challenges and as Randgold Resources developed its Kibali gold mine in the north-east of the central African nation, it came across an unexpected one: the weather.

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Zimbabwe: Mining firms, farmers oppose power tariff hike

Zimbabwe's mining companies and farmers are resisting a proposal to raise electricity tariffs by 42 percent, arguing that the increase would hurt an economy struggling with low commodity prices and a drought.

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Mining: DRC delays ban on copper and cobalt concentrate exports

File photo©ReutersDemocratic Republic of Congo has again delayed a ban on exports of copper and cobalt concentrate because it lacks enough electricity to process the minerals domestically, the mines ministry and chamber of mines said on Tuesday.

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Mining: Zambia to introduce variable tax on mining royalties

An electricity shortage and weaker copper prices have put pressure on Zambia's mining industryZambia, Africa's second largest copper producer, will introduce a variable tax on mineral royalties that will be adjusted according to metal prices, a government spokesman said on Tuesday.

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Mining: Glencore shares jump on asset sales, strong trading

Mining and trading company Glencore said on Wednesday it was on track to reduce debt thanks to asset sales, while deepening cuts in copper output to support flagging prices, sending its shares 6 percent higher.

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Work to start in 2016 at Botswana $4.2 bn coal-to-liquids plant

File photo©ReutersFunders of a $4.2 billion coal-to-liquids plant in Botswana will start construction next year on the project, which aims to tap the southern African country's more than 200 billion tonnes of coal resources to reduce reliance on petroleum product imports.

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Tiger Resources' Congo copper mine gets $160 mn investment

The International Finance Corporation (IFC) and Australian-based fund manager Taurus Mining have agreed to invest $162.5 million in one of Democratic Republic of Congo's largest copper mines, its owner Tiger Resources said on Friday.

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Mining: South Africa's AMCU union to vote on gold strike

South Africa's Association of Mineworkers and Construction (AMCU) will decide on Sunday if its members in the ailing gold sector will go on strike, a move that will be contested by two of the three producers it has reached an impasse with over wages.

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Mining: Zambian firms demand reduced royalties

Mining companies in Zambia have asked the government to set mineral royalties for both underground and open pit operations at 6 percent to mitigate the negative impact of falling copper prices on the industry, sources said.

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South African mines to suffer job cuts in Glencore move

File photo©ReutersMiner and commodities trader Glencore, which is reviewing its operations in the face of a slump in commodities prices, announced more job cuts at its mines in South Africa on Thursday.

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We have absolutely no solvency issues - Glencore

Mining and trading company Glencore said on Tuesday its business remained "operationally and financially robust" and it was confident in the medium and long-term fundamentals of its commodities.

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Glencore raises $2.5 bn in share sale to cut debt

Mining and trading group Glencore has raised $2.5 billion through a share placement as investors including senior managers upped their bets on the company to help it cut debt and protect its credit rating.

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Environment: Zambia orders Vedanta's Konkola to dispose of Chilean copper

Zambia's environmental management authority on Monday ordered Konkola Copper Mines (KCM) owned by Vedanta Resources to dispose of copper concentrates it imported from Chile because they had high levels of arsenic, a toxic substance.

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Mining: China's CNMC challenges Zambia after placing 1,600 miners on forced leave

China's CNMC Luanshya Copper Mines claims it followed Zambian law when it closed the Baluba mine and sent more than 1,600 workers on forced leave after Zambia threatened to revoke Luanshya's mining licence if the company did not reinstate the workers.

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Glencore to suspend dividend, raise equity to cut debt

Mining and commodities trading firm Glencore announced on Monday it will suspend dividends, sell assets and raise $2.5 billion in a new share issue as it aims to cut its debt by a third to $20 billion by the end of next year.

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South African gold sector unions reject final wage hike offer

The South African Chamber of Mines said on Friday all unions representing workers in the gold sector have rejected the final wage increase offer from bullion producers, setting the stage for protracted negotiations.

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