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Articles in category: Resources
The weaker rand helped to offset financial pressures facing the mining industry in the year ended June 2014, PricewaterhouseCooper's (PwC) SA mining report has found.
“The industry was somewhat rescued by the weak rand,” PwC energy and mining assurance partner Dion Shango said on Tuesday. This was viewed as only a temporary respite because it would lead to inflation and cost pressures.
The total revenue for the mining industry, as reported by Statistics SA was R351.3 billion, marginally increased from R345.4bn the previous year but down from R358.4bn in 2012.(Read Full Article)
Struggling gold producers plan increasingly drastic measures such as scrapping dividends, cutting jobs, halting projects and shutting mines to survive the latest price plunge, but not all of them will make it.
KUMBA Iron Ore, SA’s largest producer of the ingredient to make steel, has warned that its full-year earnings will be at least R3bn lower than last year because of falling prices.
Kumba, which operates two large iron-ore mines in the Northern Cape and the smaller Thabazimbi mine in Limpopo, said yesterday its earnings for the year to end-December were lower than before because of the drop in export prices.
Iron-ore prices have fallen to about $77 a tonne for ore with a 62% iron content, with enormous supplies pouring into the market from Australia and Brazil.(Read Full Article)
Investors are unlikely to rush back into platinum any time soon after a minimal price reaction to its biggest supply shock highlighted a major problem: no one knows how much metal exists above ground or, more importantly, who holds it.
Analysts predicted a surging market as a record five-month labour stoppage in top producer SA wiped out more than 1-million ounces of output worth $1.28bn. Yet platinum, used mostly in automotive catalytic converters which clean up exhaust emissions, also failed to react to a 2.4-million ounce accumulation of metal into exchange-traded funds since 2010. The metal has lost ...(Read Full Article)
THE three most advanced coal companies in the Waterberg region — Exxaro, Resource Generation (Resgen) and Waterberg Coal Company — are working together with Sasol to develop the area’s coal resources most efficiently and sustainably to avoid some of the problems that have evolved in the Mpumalanga coal fields, Exxaro executive for business development Ernst Venter said on Wednesday.
Mr Venter, who was answering questions at Wednesday’s Fossil Fuel Foundation Waterberg coal conference in Lephalale, said he was confident the mines would together be producing about 30-million tons a year of coal for export within the next 20 years.(Read Full Article)
Old Xstrata recollections were reignited on Tuesday as former Xstrata CEO Mick Davis announced that his new X2 Resources had garnered in another $1-billion to take the incipient mining company towards financial reserves of close on $5-billion. A number of new investors have taken the X2 total up to $4.8-billion of committed and conditional equity capital, the new company said in a media release.(Read Full Article)
DISMAL data showing mining and manufacturing output both contracted on an annual basis in August highlights the continued vulnerability of SA’s productive sectors.
According to figures published by Statistics SA on Thursday, manufacturing production contracted by 1.2% year on year in August while mining output fell by 10.1%, the latter mainly as a result of a fall in the production of platinum group metals.(Read Full Article)
PLATINUM miner Lonmin on Wednesday announced it had returned to full production earlier than forecast.
In its third-quarter results, released earlier this year, it had said production to June had been severely affected by the five-month Association of Mineworkers and Construction Union (Amcu) strike in the sector; 82% of its workforce are members of Amcu.
Lonmin, whose CEO is Ben Magara, said the strike led to a loss of 3.1-million tonnes of ore, containing about 192,700 saleable platinum ounces.(Read Full Article)
As a two-year grace period soon expires, thousands of U.S. corporations are still scrambling to overcome severe obstacles to gather and authenticate a complex web of supply chain information to meet conflict minerals reporting requirements.
“In our analysis of Securities and Exchange Commission filings this year and through our detailed ongoing observations, far too many companies are severely lagging in getting commitments from suppliers to provide detailed information,” said Jess Kraus, CEO of Source Intelligence. “This is a huge obstacle, especially since we are fast approaching a key stage in Dodd-Frank – audited and verifiable reports on source materials.”(Read Full Article)
BHP Billiton aims to cut its iron ore production costs by more than 25% and squeeze more metric tonnes from its mines as it aims to overtake rival Rio Tinto as the world’s cheapest producer, the world’s largest miner said on Monday.
BHP, the third-biggest iron ore producer behind Brazil’s Vale and Rio Tinto, outlined the cost-cutting and expansion plan even as iron ore prices have slumped 42% this year, as it sees demand picking up over the medium term.(Read Full Article)
GLENCORE CEO Ivan Glasenberg on Wednesday dismissed any speculation his company might be interested in buying Anglo American. Glencore would invest in asset types it already owned, such as the coal mines supplying Eskom, as long they offered attractive returns.
Mr Glasenberg was responding to questions about South Africa’s plans to impose conditions on the export of coal, which has been declared a strategic mineral to protect Eskom’s supply.(Read Full Article)
BHP Billiton's chief executive Andrew Mackenzie said on Thursday the global mining giant was switching its focus to energy, with iron ore and coal to receive less emphasis as China's demand for steel slows.(Read Full Article)
Australian resources firms that were hoping to exploit African minerals would have to address challenges associated with building sustainable opportunities if they were to deepen market penetration on the continent, and to strengthen their foot-hold in the long term.
The message came from the Department of Foreign Affairs and Trade’s East Africa section director Jeannie Henderson at the first day of the East Africa Oil & Gas conference, in Perth.(Read Full Article)
South African Oil and Gas Alliance CEO Ebrahim Takolia has argued that South Africa should first increase the size and distribution network of the local gas market.(Read Full Article)
SHAFT Sinkers is putting a deal in place to recapitalise the company after a heavy drain on its balance sheet from a legal battle and a five-month platinum strike in SA, but the deal has cost it its chairman and a nonexecutive director.
Chairman Stephen Oke resigned with immediate effect on Friday, as did nonexecutive director Roger Williams.
No reason was given in Friday’s statement outlining the financing transaction to raise up to £9.2m in an issue of convertible notes representing 78% of shares if they were all converted.(Read Full Article)
EXXARO Resources, South Africa’s fourth-largest coal producer and the biggest supplier of coal to Eskom, said trading conditions during the past six months were challenging as the average price of export coal dropped more than expected.
The company, which released its results on Thursday, said export volumes for the six months ended June 2014 increased by 43% to 2.7-million tonnes compared with the year-earlier period.
"Demand in the domestic market for metallurgical, power station and steam coal, however, was lower than in the corresponding period," it said.(Read Full Article)
At this week’s Mining Lekgotla (13-14 August 2014), the future of the currently suppressed platinum industry is likely to be a key agenda item. Whether fuel cell technology takes off is a critical determinant of what this future might look like.
In its latest set of ‘facts and figures’, the Chamber of Mines states that ‘despite the significant role and contribution of the platinum mining sector to the South African economy, the industry is currently in a challenging position.’ It cites the combined impact of slowing global demand, market surpluses and associated declining prices, escalating production costs and the ...(Read Full Article)
Anglo-Australian miner Rio Tinto raised hopes it could boost cash returns to investors sharply in February after topping market forecasts on Thursday with a 21% rise in first-half profit.
The world’s second-largest miner slashed costs and cut capital spending quicker than expected at the same time as it boosted shipments of iron ore by a fifth, which helped it offset a 29% slump in prices of the steel-making ingredient this year.(Read Full Article)
ROYAL Bafokeng Platinum (RBPlat), which would consider looking at assets disposed of by Anglo American Platinum, has plans in place to protect the development of its Styldrift mine.
Shaft Sinkers, the London-listed main shaft-sinking contractor at the Styldrift mine south of Sun City, has run into financial difficulties after the five-month wage strike at platinum mines around Rustenburg, a key source of income for the company.(Read Full Article)
ACTIVITY in the manufacturing sector fell for the fourth consecutive month in July as a strike by metals and engineering industry workers limited production.
This was suggested by the Kagiso purchasing managers index (PMI), which indicates activity in the manufacturing sector. The index, released on Friday, fell to 45.9 in July from 46.6 in June — remaining below the desired 50 level.(Read Full Article)
What do the sanctions on Russia mean for global business in terms of sourcing strategies and commodity prices? We look at the effects from a procurement standpoint.
It looks as though the economic war between the West and Russia is heating up. Yesterday, the EU announced its next tier of sanctions, targeting the finance and energy sectors.
EXXARO Resources, South Africa’s fourth-biggest coal producer and the biggest supplier of coal to Eskom, has agreed to buy Total Coal South Africa, South Africa’s fifth-largest coal producer and the owner of two main operating complexes near Witbank for a total of $472m, it said on Monday.
The deal would be funded from Exxaro’s existing corporate debt facilities, it said. Exxaro’s shares gained 1.4% to R143.19 immediately after the announcement.(Read Full Article)
ANGLO American’s underlying operating profit for the interim period fell 10% to $2.9bn and the group’s net debt deepened to $11.5bn, forcing the company to hold its dividend steady.
Anglo would sell a number of unspecified assets, CEO Mark Cutifani said on Friday in a statement accompanying the results to end-June. The results showed a swathe of the company’s divisions posting operating losses, with the notable exception of diamonds where Anglo holds an 85% stake in De Beers.(Read Full Article)