July 29, 2010
BSI Steel launches artisans training initiative
AltX-listed steel producer BSI Steel, has announced a corporate responsibility initiative to assist black empowered engineering training academy, Ikhaya Fundisa Techniskills Academy (IFTA), and help plug a shortage of skilled artisans in South Africa.
Posted by StaffWriter at 9:58 AM
July 23, 2010
Development trust close to redeeming shares
Iron-ore miner Sishen Iron Ore Company's (SIOC's) community development trust project is nearing the redemption of all its preference shares held by mining company Kumba Iron Ore (KIO), the conclusion of which will free up millions more each year to fund several new community development projects in and around SIOC's mining operations, KIO reports.
Posted by StaffWriter at 10:00 AM
March 24, 2010
RBCT receives level three BBEEE rating
JOHANNESBURG (miningweekly.com) - South Africa's Richards Bay Coal Terminal (RBCT) announced on Wednesday that it had achieved level-three for its broad-based black economic empowerment (BBBEE) policies.
Posted by StaffWriter at 1:46 PM
RBCT makes further progress on empowerment
JOHANNESBURG - Richards Bay Coal Terminal (RBCT) has made further progress in its broad-based black economic empowerment (BBBEE) policies, the company said on Wednesday.
Posted by StaffWriter at 1:44 PM
March 19, 2010
De Beers puts Jagersfontein property on the market
Diamond miner De Beers Consolidated Mines is to dispose of its Jagersfontein Diamond Property in the Free State, the company said late Thursday.
Posted by StaffWriter at 10:49 AM
March 16, 2010
Nedbank Capital ranked fourth among top mining project finance lead arrangers
JOHANNESBURG (miningweekly.com) - Nedbank Capital has achieved a ranking of fourth out of all the major mining project finance lead arrangers for the year, a recent report by Ernst & Young showed.
Posted by StaffWriter at 9:43 AM
March 2, 2010
Opening power grid good for BEE
JOHANNESBURG - Opening the national power grid could take broad-based black economic empowerment to a higher level, Nafcoc said on Tuesday.
Posted by StaffWriter at 9:38 AM
February 18, 2010
$1.2-billion refinery for the coast
One of four selected coastal areas in South Africa stands to be home to the world's first integrated pure metals refinery plant producing titanium, zirconium, magnesium and silicon, upon completion of the feasibility study.
Posted by StaffWriter at 9:36 AM
January 22, 2010
Social risk mitigation taking mining's centre stage
There is growing pressure on mining companies from banks, governments and human rights watchers to optimise social opportunity and to minimise social risk in the areas where they mine.
Posted by StaffWriter at 8:29 AM
January 15, 2010
Employees, near-mine communities to benefit from RBM empowerment deal
Mineral sands producer Richards Bay Minerals (RBM) and its shareholders, Rio Tinto and BHP Billiton, have completed reportedly the largest broad-based black economic-empowerment (BBBEE) transaction in KwaZulu-Natal to date.
Posted by StaffWriter at 9:42 AM
January 11, 2010
Diamcor Mining: Diamond Production Without Exploration Risk
Diamcor Mining (TSX.V: DMI), a Canadian company focused on the development of diamond producing assets, is closer than ever to putting its Krone-Endora Project, a major alluvial diamond project that the company acquired from De Beers, into production.
Posted by StaffWriter at 9:40 AM
December 18, 2009
Solomon's mine redux
A wild and wooly year in platinum draws rapidly to a crunching close.
JOHANNESBURG - Thursday's AGM reinstatements of recently-fired Wesizwe CEO and chairman, Mike Solomon and Robert Rainey, marks - for now - the end of an extraordinary year for platinum counters in southern Africa, which produces more than two-thirds of the world's noble metals.
Posted by StaffWriter at 11:27 AM
BEE brawls to shape mining debate
SANDILE Nogxina, minerals resources director-general, tells me the redrafted mining charter is complete and is likely for circulation to industry in late January or February.
Posted by StaffWriter at 11:24 AM
December 15, 2009
The matter of mines - Freedom Charter must not be used as an excuse
IT BECAME clear very early in the debate to nationalise the country's mines that the ANC-led alliance would not agree on the model for the proposed grabbing of mines.
Posted by StaffWriter at 9:47 AM
December 14, 2009
Call for socialisation 'beyond state'
THE South African Communist Party (SACP) has called for an amendment to the Petroleum Resources Development Act in order to ensure the socialisation of SA's mineral wealth beyond formal state control.Posted by StaffWriter at 9:54 AM
Call for socialisation 'beyond state'
THE South African Communist Party (SACP) has called for an amendment to the Petroleum Resources Development Act in order to ensure the socialisation of SA's mineral wealth beyond formal state control.
Posted by StaffWriter at 9:54 AM
Battle royal at Wesizwe Platinum
JOHANNESBURG - A battle reminiscent of Blood River is set to take place on Thursday - the day after Dingaan's Day - at the Sandton Convention Centre.
Posted by StaffWriter at 9:45 AM
December 11, 2009
Low-cost production holds the secret to growth
Gold and uranium producer First Uranium is forging ahead with a number of projects at its two South African operations, which will position it as a significant low-cost producer.
Posted by StaffWriter at 10:14 AM
"New" Simmers board looks doomed
JOHANNESBURG - Vulisango CEO Valence Watson has effectively rejected a new board proposed by Simmer & Jack, the stricken brownfields gold digger, in which Xelexwa, a division of Vulisango, holds the largest stake, at 22%. On Friday, Simmers announced, along with a new proposed board, that its CEO and chairman, Gordon Miller and Nigel Brunette, would be stepping down.
Posted by StaffWriter at 7:50 AM
Investment hotline: Wayne McCurrie - RMB Asset Management
MTN, unions, rand after 2010, Raubex, Steffanutti, gold, platinum and Capitec.
ALEC HOGG: Unfortunately Magnus Heystek is indisposed this evening, he is not well, so he isn't in the studio as normal on a Friday. But Wayne McCurrie surely is. Wayne, it's interesting times that we are going through in South Africa. We've got trade unions taking on businesses, we've got stock markets which seem to be in territory that perhaps is a little higher than one would be comfortable at.
Posted by StaffWriter at 7:48 AM
Coal of Africa executes empowerment agreement
JOHANNESBURG (miningweekly.com) - Coal development company Coal of Africa Limited (CoAL) on Friday announced that it had now executed formal agreements with its broad-based black economic-empowerment (BBBEE) partner, Firefly Investments 163, in relation to its efforts to comply with South Africa's BEE requirements.
Posted by StaffWriter at 7:39 AM
December 10, 2009
RBM seals deal on empowerment
RICHARDS Bay Minerals, a joint venture between mining giants BHP Billiton and Rio Tinto, yesterday announced the completion of its long-awaited 4,5bn black economic empowerment deal with KwaZulu-Natal consortium Blue Horison as it seeks to boost its chances of gaining new-order mining rights.
Posted by StaffWriter at 10:15 AM
December 5, 2009
Watson brothers at heart of bitter BEE deal dust-up
Accusations fly and creditors claim millions in liquidation battle
Ciontroversia businessman Gavin Watson's name has emerged in a messy liquidation scrap involving his brother's mining empowerment company.
Posted by StaffWriter at 2:11 PM
December 2, 2009
Assore unveils second R2,1bn BEE deal
JOHANNESBURG (miningweekly.com) - JSE-listed mining group Assore, which has interests in South African iron-ore and manganese mines, unveiled a second R2,1-billion black economic-empowerment (BEE) transaction on Wednesday, which would raise BEE ownership in the company from 15,26% to 26,07%.
Posted by StaffWriter at 12:29 PM
December 1, 2009
Poor old De Beers
JOHANNESBURG - De Beers, ranked No 1 miner of rough diamonds, has confirmed ongoing speculation that it is actively seeking additional funding, of around $1bn, from its three shareholders. If that amount is provided, by way of loans or fresh equity, the proportional contribution would be $450m from Anglo American, $400m from the Oppenheimer family, and $150m from the Botswana government.
Posted by StaffWriter at 9:52 AM
November 26, 2009
Australia's OMH to increase stake in Ntsimbintle
JOHANNESBURG (miningweekly.com) - Australia's OMH would increase its stake in Ntsimbintle Mining, the 50,1% owner of the Tshipi manganese mine in South Africa, but had not reached a deal to buy the Pallinghurst co-investors' 49,9% stake in the project.
Posted by StaffWriter at 1:05 PM
Miner may part with its BEE partner
JUNIOR miner Central Rand Gold (CRG) said yesterday the Financial Services Board (FSB) had rejected a complaint by its 26% empowerment partner, Puno Gold Investments, that CRG had issued false information to its investors.
Posted by StaffWriter at 9:58 AM
November 25, 2009
Nationalising mines not the answer -- YCL
YOUNG Communist League (YCL) national secretary Buti Manamela says the call by its counterpart in the African National Congress (ANC) to nationalise mines only amounts to "state capitalism" and would not restore SA's mineral wealth to the people.
Posted by StaffWriter at 11:03 AM
November 24, 2009
Simmers' BEE shareholder taken out of liquidation
There has been much in the press lately regarding the boardroom battles between Simmer and Jack Mines (JSE:SIM) and its BEE shareholder, Vulisango Holdings. However, another dispute involving Simmers and Vulisango has been playing out in the Port Elizabeth High Court, this one related to JCI (JSE:JCD) Limited and the preference shares JCI (JSE:JCD) has in a company called Xelexwa Investment Holdings, formerly known as Jaganda.
Posted by StaffWriter at 9:53 AM
November 21, 2009
Mine overflow disaster looms
Johannesburg is facing the poisonous consequences of gold mining - but the government is moving slowly to fix the problem, writes Jim Jones
Posted by StaffWriter at 12:29 PM
November 20, 2009
Central Rand Gold's BEE partner to appeal court ruling
JOHANNESBURG (miningweekly.com) - Black-empowered Puno Gold Investments has again brought an application against junior gold-miner Central Rand Gold (CRG), this week, applying for leave to appeal the South Gauteng High Court's earlier decision to dismiss Puno's interdict with costs.
Posted by StaffWriter at 12:27 PM
November 18, 2009
Petra: Option to increase ownership in iconic Cullinan diamond mine and fundraising
Petra Diamonds Limited ("Petra" or the "Company" or the "Group") is pleased to announce that, on 17 November 2009, Petra and Al Rajhi Holdings W.L.L. ("Al Rajhi") entered into an option agreement whereby Petra can, by 18 December 2009, acquire (at its election) Al Rajhi's 37% interest in the Cullinan mine (the "Option") on the terms set out below. Exercise of the Cullinan Option would take Petra's interest in this iconic diamond mine from 37% to 74%, substantially increasing the Group's attributable revenues and resource base.
Posted by StaffWriter at 7:34 AM
November 16, 2009
Alliance Mining: shades of Afdawn
Auditors say results are overstated, financial director resigns.
JOHANNESSBURG - As minority shareholders in African Dawn Capital (JSE:ADW) are reeling from an alleged R454m overstatement of profits, a similar story is playing out at another AltX company, Alliance Mining Corporation (JSE:ALM).
Posted by StaffWriter at 11:53 AM
Vulisango wants Swanepoel to chair new Simmers board
JOHANNESBURG (miningweekly.com) - Disgruntled Simmer & Jack empowerment partner Vulisango on Monday proposed that a new Simmers board be put in place at an extraordinary general meeting (EGM) of the junior gold company.
Posted by StaffWriter at 11:52 AM
Lonmin revenues slump 50%, no dividend for second year
JOHANNESBURG (miningweekly.com) - Platinum miner Lonmin's revenue slumped 50%-plus in the year to September 30 and the company decided not to declare a final dividend for the second year in a row.
Posted by StaffWriter at 11:50 AM
November 13, 2009
Codes of good practice clash with Mining Charter
Although the South African mining industry has not experienced a setback following the implementation of the socioeconomic empowerment charter for the South African mining and minerals industry, which incorporates broad-based black economic-empowerment (BBBEE) ownership, there are some areas of confusion.
Posted by StaffWriter at 10:05 AM
November 11, 2009
MPs grill PetroSA over missed targets
Parliament's portfolio committee on energy rapped national oil company PetroSA over the knuckles yesterday for not having achieved a number of its objectives during its financial year to March.
Posted by StaffWriter at 9:41 AM
November 10, 2009
PetroSA posts R1,96bn profit, revenue hits record
State-owned national oil company PetroSA expects oil prices to range between $60/bl and $80/bl next year, it said on Tuesday, while announcing that it had recorded a 3% year-on-year increase in net profit to R1,96-billion in the 2009 financial year, with revenues rising by 18% year-on-year to reach a record R12,1-billion.
Posted by StaffWriter at 10:19 AM
Industrial working class vs crony capitalist wannabes
This article first appeared on http://nicborain.wordpress.com/ and is published with permission from leading political analyst Nic Borain
Posted by StaffWriter at 9:47 AM
November 9, 2009
LPG regulations to be promulgated in 'next few weeks' - Peters
A recently conducted pilot project to assess the viability of using liquid petroleum gas (LPG) as an alternative energy resource for low-income households, had proven that there was an appetite for LPG in rural areas, but pricing remained an issue, Energy Minister Dipuo Peters said on Monday.
Posted by StaffWriter at 9:11 AM
November 6, 2009
Lack of access to funding cripples mining projects
Minerals consulting group Venmyn reports that that the most significant challenge to the mining industry currently, from a transaction perspective, is access to funding.
Posted by StaffWriter at 10:26 AM
October 30, 2009
'We want the mines'
Nationalising the mines is just the first step for the ANC Youth League. Matuma Letsoalo tackled the league's secretary general, Vuyiswa Tulelo, on the details
Posted by StaffWriter at 8:35 AM
October 28, 2009
Zim mining chamber proposes less harsh law
Zimbabwe's Chamber of Mines has made proposals for the country's mining bill that seek to strike a balance between attracting investors and indigenisation, to reassure foreign investors worried by talk of nationalisation.
Posted by StaffWriter at 10:25 AM
October 26, 2009
'BEE flagship' collapses
The National Union of Mineworkers (NUM) on Friday said it was angry at what it called the "collapse" of Incwala Resources.
Posted by StaffWriter at 9:41 AM
October 23, 2009
Sasol to build three new replacement coal mines
Coal-to-liquids (CTL) producer Sasol is facing the prospect of replacing three of its large old coal mines with three new coal mines.
Posted by StaffWriter at 10:01 AM
October 19, 2009
Norilsk, BHPB set target for Russian coal output
Norilsk Nickel and BHP Billiton, which are joint venture partners in Severnaya Zvezda, are targeting coking coal production of 8 million tons from their Russian Artic project from 2015, it emerged at the weekend.
Posted by StaffWriter at 10:41 AM
October 15, 2009
KBR Awarded Framework Contract for Engineering Services by Sasol Technology (Pty) Ltd.
HOUSTON--(Business Wire)-- KBR (NYSE:KBR) today announced that it has been awarded a Framework Contract by Sasol Technology (Pty) Ltd., the technology arm of the Sasol Group (Sasol), to provide engineering services across various sectors of Sasol Group`s business including downstream, petrochemical, and upstream in Southern Africa.
Posted by StaffWriter at 9:57 AM
September 29, 2009
Coal of Africa expanding Mooiplaats project area
JOHANNESBURG (miningweekly.com) - ASX-, Aim- and JSE-listed Coal Of Africa (CoAL) has submitted an application to amend the current new order mining right at its Mooiplaats mine, in South Africa's Mpumalanga province, to include the Klipbank and Adrianople farms.
Posted by StaffWriter at 11:19 AM
September 13, 2009
Nombini Mehlomakulu for JWT SA board
Nombini Mehlomakulu has been appointed as a non-executive director of JWT South Africa, the ad agency announced on Friday, 11 September 2009. Mehlomakulu is the MD of Mehlomakulu Investment Holdings, a BBBEE company with interests in the telecommunications, mining, media, leisure and hospitality and retail industries.
Posted by StaffWriter at 6:23 AM
September 9, 2009
NPA faces staff shortages, low morale
The National Prosecuting Authority (NPA) is struggling to cope due to serious staff shortages, its annual report states.
Posted by StaffWriter at 10:35 AM
August 21, 2009
New initiative sees Palabora's staff turnover decline from 42% to 10% in two years
The rising consumption of commodities in a shrinking global village has brought with it many business challenges, with the retention and attraction of key skills in the mining sector being a focal point in maintaining a competitive edge, states JSE-listed copper-miner Palabora.
Posted by StaffWriter at 10:35 AM
July 27, 2009
NGOs helping world tribunal to uphold human rights in SA mining legislation
JOHANNESBURG (miningweekly.com) - Four non-governmental organisations (NGOs) had joined together in seeking to assist the international arbitration tribunal in interpreting the relevant South African mining legislation in light of the country's constitutional and international human rights obligations, Wits University's Centre for Applied Legal Studies (CALS) said on Monday.
Posted by StaffWriter at 9:53 AM
July 22, 2009
Primedia Lifestyle gets Level 2 BBBEE Rating
Primedia Lifestyle has been awarded a Level 2 Broad Based Black Economic Empowerment rating. The company's rating has grown from a Level 6 contributor to its current Level 2 BEE status in less than two years.
Posted by StaffWriter at 11:28 AM
July 21, 2009
ANC ready to rethink nationalisation
Party to debate nationalisation
THE ANC's top leadership has agreed to consider its youth wing's call for the nationalisation of mines but warned that the government would not be duped into bailing out troubled companies.
Posted by StaffWriter at 9:54 AM
Solar water heaters could replace a power station
Eskom has previously calculated that its (thus far) unsuccessful programme to roll out 925 000 solar water heaters in higher-income households would reduce peak demand on the grid by 578 megawatts.
Posted by StaffWriter at 9:42 AM
July 8, 2009
Foskor sells stake to Manyoro Consortium, workers in BEE deal
The Industrial Development Corporation's (IDC's) broad-based black economic-empowerment (BBBEE) transaction with regard to phosphate rock miner and phosphoric acid producer Foskor, would benefit in excess of one-million people, IDC CEO Geoffrey Qhena highlighted on Wednesday.
Posted by StaffWriter at 9:38 AM
July 7, 2009
North East firms take expertise to South Africa
The engineering expertise of three North East companies has been enlisted for a major South African offshore project.
Posted by StaffWriter at 9:36 AM
June 26, 2009
Shanduka gives up Barberton for 21% stake in Pan African
Shanduka Gold, a subsidiary of black economically empowewed group Shanduka Resources, is to exchange its 26% shareholding in Barberton Mines for a 21% stake in junior miner Pan African.
Posted by StaffWriter at 10:31 AM
June 22, 2009
Namibia extends Deep Yellow subsidiary's exploration licences
JOHANNESBURG (miningweekly.com) - The Namibian Ministry of Mines and Energy (MME) has extended three exclusive prospecting licences (EPLs), held by uranium exploration company Reptile Uranium Namibia, for a further two years.
Posted by StaffWriter at 8:32 AM
June 15, 2009
R1,2bn coal terminal expansion delayed to Q4
JOHANNESBURG (miningweekly.com) - The Richards Bay Coal Terminal (RBCT) Phase V expansion would now only be commissioned by the fourth quarter of this year, the RBCT reported on Monday, adding that contractors were considering working double shifts to meet this deadline.
Posted by StaffWriter at 9:27 AM
June 1, 2009
LimDev to sell stake in ASA Metals to BEE partner
JOHANNESBURG (miningweekly.com) - The Limpopo Economic Development Corporation (LimDev) is looking for a black economic-empowerment (BEE) partner to buy a stake in its ASA Metals joint venture (JV), as part of its socio-economic development plans.
Posted by StaffWriter at 10:09 AM
NUMSA lays down its demands
Numsa Press Conference Statement, Numsa Head Office, Johannesburg, June 1 2009
A. Introduction
1. The National Union of Metalworkers of South Africa (Numsa) has called this Press Conference in order to raise a number of issues, which we believe are of national importance. We at Numsa wish to note that there is now no dispute that South Africa is in a recession. We have a serious economic crisis on our hands, which now threatens to dangerously compound our inherited Apartheid crisis of mass unemployment, massive inequalities and deepening poverty among millions of South Africans.
Posted by StaffWriter at 10:02 AM
May 13, 2009
What went down at SA Coal?
Faced by a rising wave of challenges, South African miners, from the biggest to the smallest, are finding it tougher going even as the global mining sector leads the recovery in global equity markets.
Posted by StaffWriter at 9:40 AM
May 12, 2009
Palabora sells 26% to BEE group
[miningmx.com] -- South Africa's largest copper miner Palabora Mining Company said on Monday it is to sell 26% of its operations to a broad-based BEE group comprising of employees, the community and key individuals. A significant feature of the transaction is its focus on community development.
Posted by StaffWriter at 12:12 PM
May 11, 2009
Metorex copper output up, to sell operations to raise cash
JOHANNESBURG (Reuters) - South African miner Metorex increased its copper and cobalt production during the quarter to end-March, but will continue to dispose of assets to fare in the global economic downturn, it said on Monday.
Posted by StaffWriter at 11:54 AM
May 8, 2009
Expanded coal asset base expected to yield positive results
Minerals exploration investment and holding company Miranda Minerals expects to yield positive cash flow in the next 6 to 12 months by developing its targeted coal projects. The JSE-listed company has accelerated the development of its coal asset base in KwaZulu-Natal, with opencast mining at its Sesikhona Kliprand colliery scheduled to start production within the next two months.
Posted by StaffWriter at 11:53 AM
May 5, 2009
What went down at SA Coal?
Faced by a rising wave of challenges, South African miners, from the biggest to the smallest, are finding it tougher going even as the global mining sector leads the recovery in global equity markets.
Posted by StaffWriter at 11:59 AM
April 24, 2009
Low-cost surface operations closing high-cost ERPM gap - DRDGold
JOHANNESBURG (miningweekly.com) - Low-cost gold production from surface material was starting to fill the gap left by the closure of the high-cost East Rand Proprietary Mines (ERPM) underground operation, DRDGold CEO Niël Pretorius said on Friday.
Posted by StaffWriter at 7:27 AM
April 17, 2009
Inconsistencies in Mining Charter, BBBEE codes a cause for concern
Broad-based black economic empower-ment (BBBEE) consultancy EconoBEE CEO Keith Levenstein says that there are worrying contradictions between the Mining Charter and the broad-based black economic-empowerment (BBBEE) codes of good practice, noting that different government departments are implementing their own vision of transformation in different ways.
Posted by StaffWriter at 7:23 AM
April 14, 2009
Sasol not the only firm with independence issues
There should be no understating the significance of a possible legal battle between Brian Molefe, the chief executive of the Public Investment Corporation (PIC), and Sasol chairwoman Hixonia Nyasulu over the issue of independence.
Posted by StaffWriter at 7:19 AM
April 11, 2009
Call for oil firms and state to join forces
A partnership between government and oil refineries is needed to secure the fuel supply, said Peter Noke, national director of the SA Petroleum Retailers' Association.
Posted by StaffWriter at 7:14 AM
April 9, 2009
Central Rand faces legal battle to buy BEE partner's stake in SA unit
JOHANNESBURG (miningweekly.com) - Puno Gold Investments, the black economic-empowerment (BEE) partner of JSE-listed Central Rand Gold South Africa (CRGSA), has instituted an urgent application with the South Gauteng High Court to interdict the gold-miner from proceeding with the exercise of the call options, pending the final determination by arbitration or a court order.
Posted by StaffWriter at 10:46 AM
April 6, 2009
Sasol Inzalo records loss
[miningmx.com] -- JSE-listed petrochemicals giant Sasol's black economic empowerment share scheme, Inzalo, has made a loss for the six months to end-December 2008.
Posted by StaffWriter at 2:36 PM
April 3, 2009
BRC DiamondCore in dispute with its local BEE partner
DIAMOND explorer BRC DiamondCore, which has halted all its trial operations in SA and retrenched 200 employees, has failed to secure a court order against its former black empowerment partners, Sefalana Mineral Resources, it said yesterday.
Posted by StaffWriter at 7:10 AM
March 31, 2009
A gold-to-platinum play
Mvela Resources sells 11m of its 50m Gold Fields shares, realising about R1.2bn, and all directed to reducing debt.
Posted by StaffWriter at 12:23 PM
March 27, 2009
Oil supply crunch time
South Africa's oil industry is in urgent need of investment to ensure the continued supply of fuel, a petroleum industry director said on Friday.
Posted by StaffWriter at 11:27 AM
New 100% junior mining tax write-off, second wave of BEE may be harder, Pamodzi trying to avoid full liquidation
South African Finance Minister Trevor Manuel's July 1 tax-break introduction for investment in support of junior mining is seen as an attempt to create a new class of investor that is "generously incentivised" to support the bottom end of the junior mining scale.
Posted by StaffWriter at 6:59 AM
March 23, 2009
Brian Gilbertson-linked Platmin hoping for mid-year Johannesburg listing
JOHANNESBURG (miningweekly.com) - TSX- and Aim-listed platinum-mining company Platmin, in which the Brian Gilbertson-linked Pallinghurst has a 62 % shareholding, hopes to do an inward listing on South Africa's JSE towards mid-2009.
Posted by StaffWriter at 7:10 AM
March 22, 2009
Squaring the circle
Electricity prices have to rise several times if SA's needs are to be met, writes Jim Jones.
Posted by StaffWriter at 7:30 AM
March 17, 2009
Gold Fields goes BEE
Gold Fields, the world's fourth-largest gold producer, on Tuesday confirmed that Mvelaphanda Resources (Mvela Resources) had taken receipt of its 15 percent shareholding in Gold Fields' South African operations GFI Mining South Africa (GFIMSA).
Posted by StaffWriter at 12:19 PM
No easy ride for BEE mine deals -- report
THE second wave of black empowerment deals in the mining sector would be considerably more difficult to negotiate than the first, Ernst & Young partner Lance Tomlinson said yesterday.
Posted by StaffWriter at 7:27 AM
March 16, 2009
R6bn St Patrick's Day gold bonanza for vilified Mvela
JOHANNESBURG (miningweekly.com) - Vilified black economically empowered (BEE) mining company Mvelaphanda Resources on Monday received a R6-billion St Patrick's Day gold bonanza when it cleared the way for the taking on board 50-million high-flying Gold Fields shares and simultaneously paid off debt.
Posted by StaffWriter at 7:21 AM
Opportunity knocks for mining M&A in '09
[miningmx.com] -- GOLD mining companies could be looking for opportunities that may extend into other minerals in 2009 as distressed junior miners look for financing at any cost, Ernst & Young said in its 2008 mining and metals update presentation on Monday.
Posted by StaffWriter at 7:19 AM
Second mandatory BEE wave may be harder than first - Ernst & Young
JOHANNESBURG - The second mandatory portion of black economic empowerment (BEE) in mining was poised to be more difficult than the first, which was currently being severely stress tested, Ernest & Young director Lance Tomlinson said on Monday.
Posted by StaffWriter at 7:18 AM
March 9, 2009
Sasol battens down hatches
Sasol's (JSE:SOL) magnificent results for the six months to June are historical. The big question about this oil tanker is how buoyant it can remain in heavy seas with oil prices in the $45 range.
Posted by StaffWriter at 10:23 AM
Sasol interim results: Pat Davies, CEO, Sasol
ALEC HOGG: Joining us from just up the road here in Rosebank is Pat Davies, chief executive of Sasol. Well, it's a long time since we've seen Sasol shares trading at a 5% dividend yield, but it could have been higher.
Posted by StaffWriter at 8:02 AM
March 6, 2009
PetroSA says Coega refinery's costs fell about 20%
US-based engineering firm KBR was making "excellent" progress on project Mthombo, the proposed 400 000 bl/d crude oil refinery to be built at Coega, in the Eastern Cape, PetroSA CEO Sipho Mkhize reported earlier this week.
Posted by StaffWriter at 7:32 AM
BEE players set to benefit from refinery
LOCAL BEE companies are set to reap significant financial rewards from the construction and operations of PetroSA's R9-billion oil refinery to be built at Coega, the parastatal announced yesterday.
Posted by StaffWriter at 7:03 AM
Auctioning mineral assets is way to go, says South African who advises Liberia
Former Mintek CEO and one-time Department of Minerals and Energy official Dr Paul Jourdan played a role in making the South African government the custodian of mineral rights in South Africa.
Posted by StaffWriter at 7:01 AM
March 3, 2009
Permitting in SA 'well-defined, but patience mandatory'
TORONTO (miningweekly.com) - The regulatory regime in South Africa is not more difficult to negotiate for mining and exploration companies than many other jurisdictions around the world, First Uranium CEO Gordon Miller said in Toronto on Tuesday.
Posted by StaffWriter at 11:38 AM
February 27, 2009
CRG targeting energy mineral production in the Central Rand Basin
JSE-listed Central Rand Gold (CRG), which has started trial mining for gold on Slot 8 of the Main Reef Leader, in the Central Rand Basin, says its next target is the uranium-bearing Bird Reef.
Posted by StaffWriter at 7:17 AM
February 24, 2009
Grindrod's R247m BEE deal to boost education
The Adopt-A-Schools Foundation, which aims to improve education infrastructure in rural areas in South Africa, has been named a key beneficiary in Grindrod's R247 million Broad Based Black Economic Empowerment deal.
Posted by StaffWriter at 8:04 AM
Khumalo's tiff with Reserve Bank likely to be drawn out
Mining entrepreneur Mzi Khumalo's legal tussle with the Reserve Bank over his R1 billion offshore profit grab from selling shares in Harmony Gold six years ago is likely to be lengthy.
Posted by StaffWriter at 7:08 AM
February 22, 2009
Transformation of mining sector suffers setbacks
It has been a sad week for black economic empowerment (BEE) in the mining industry. The announcement by Central Rand Gold (CRG) that it had kicked out its empowerment partners was followed by news that Mvelaphanda Resources could disappear within a year.
Posted by StaffWriter at 7:54 AM
February 19, 2009
Platinum BEE Mvela outlines plan to unlock R2bn
JOHANNESBURG (miningweeklycom) - JSE-listed platinum empowerment company Mvela Resources on Thursday outlined a plan to unlock some R2-billion for shareholders that it said was "locked-up" in its structure.
Posted by StaffWriter at 4:23 PM
February 16, 2009
CRG buys BEE partners' stake in SA subsidiary
JOHANNESBURG (miningweekly.com) - JSE-listed Central Rand Gold (CRG) has exercised the call option, granted in its shareholder agreement with black-economic empowerment (BEE) consortium partner Puno Gold Investments, to acquire Puno's 26% interest in CRG South Africa, the main subsidiary of CRG.
Posted by StaffWriter at 3:15 PM
Central Rand Gold ditches empowerment group
[miningmx.com] -- Central Rand Gold (CRG) has served notice it intends acquiring a 26% stake empowerment shareholder Puno Gold Investments holds in the JSE-listed company's assets because Puno could not fulfil its obligations thereby ending a long-running dispute.
Posted by StaffWriter at 3:00 PM
February 12, 2009
Anglo increases its BEE-spend
ANGLO American's total black economic empowerment procurement spend and enterprise development increased by 42percent to R24.6- billion for 2008.
Posted by StaffWriter at 7:29 AM
February 11, 2009
Mining BEE needs bailout
South African government may have to consider bailing out black economic empowerment assets as South Africa's mining industry struggles to navigate the global economic storm.
Posted by StaffWriter at 11:35 AM
SA govt must save mine empowerment
[miningmx.com] -- On Tuesday the SA banking industry drew a line in the sand for black economic empowerment (BEE) in the mining industry because BEE has been financed with debt that the banks could no longer support.
Posted by StaffWriter at 9:44 AM
Bankrupt BEE groups may need bailout
South Africa may need to bail out black economic empowerment (BEE) groups suffering the effects of plunges in metal prices, Cliff Zephyrine of Absa Capital said yesterday.
Posted by StaffWriter at 9:42 AM
Empowerment has morphed into tokenism, says Sonjica
The government was unhappy with the progress of black economic empowerment (BEE) in the mining sector, Buyelwa Sonjica, the minister of minerals and energy, said on Tuesday, highlighting at least three areas of concern.
Posted by StaffWriter at 8:01 AM
'Urgent steps needed' to save BEE deals
CAPE TOWN - Co-ordinated intervention is necessary and urgent because a number of sensitive black empowerment deals in the mining sector are now in breach of their debt covenants after a deterioration in company earnings and share prices.
Posted by StaffWriter at 7:59 AM
February 10, 2009
Absa-Barclays warn of 'subprime-like' BEE meltdown
CAPE TOWN (miningweekly.com) - Steps that South African banks might have to take to protect themselves against defaulting black economic empowerment (BEE) mining transactions would be "unpleasant, but necessary" if South Africa was to avoid a "subprime-like string of bank write-downs, or worse", Absa Capital-Barclays investment banker Cliff Zephyrine warned on Tuesday.
Posted by StaffWriter at 7:57 AM
February 9, 2009
Anglo boosts procurement from BEE firms
Anglo American's South African units turned to black companies for 37% of total goods and services procured in 2008 as part of a drive to meet affirmative action targets, it said on Monday.
Posted by StaffWriter at 1:20 PM
Anglo American ups BEE
Total black economic empowerment procurement spend and enterprise development by Anglo American SA was up 42 percent to R24.6-billion for 2008, the group reported on Monday.
Posted by StaffWriter at 11:58 AM
Anglo American SA boosts BEE procurement spend
JOHANNESBURG (miningweekly.com) - Diversified resources group Anglo American South Africa has boosted its total black economic-empowerment (BEE) procurement spend and enterprise development by 42% in 2008.
Posted by StaffWriter at 10:24 AM
February 1, 2009
Regulator gives jewellers more leeway on BEE qualification for licences
Johannesburg - The SA Diamond and Precious Metals Regulator has allayed the jewellery industry's fears that operators might be denied new licences for not complying with the mining charter's black empowerment requirements.
Posted by StaffWriter at 1:30 PM
January 30, 2009
Petra intends acquiring 60% of Cullinan diamond mine, changing plant to recover larger stones, producing one-million carats
Midtier diamond-miner Petra Dia-monds intends exercising its options to acquire 60% of the celebrated Cullinan diamond mine and is tweaking the plant to recover larger stones, Petra CEO Johan Dippenaar says.
Posted by StaffWriter at 8:42 AM
January 19, 2009
Sasol probed for possible gas, petroleum price fixing
THE competition commission said today it had launched an investigation into gas and petroleum companies for their possible role in market allocation and price-fixing agreements.
Posted by StaffWriter at 11:12 AM
January 16, 2009
R1bn engineering-design contract let for proposed Coega refinery
State-owned petroleum company PetroSA has appointed US-based and NYSE-listed engineering firm KBR the engineering contractor for Project Mthombo, the proposed $11-billion, 400 000-bl/d Coega crude oil refinery.
Posted by StaffWriter at 7:48 AM
Human Rights Commission finding highlights issues of community relocation to make way for mining
The issue of human rights and mining is highlighted in a first-of-a-kind investigation into the relocation of communities to make way for mining.
Posted by StaffWriter at 7:34 AM
January 6, 2009
Coal export dispute heats up
[miningmx.com] -- TENSIONS are escalating rapidly between existing members of the Richards Bay Coal Terminal (RBCT) and the Phase Five expansion entrants to the terminal over future export allocations.
Posted by StaffWriter at 7:42 AM
January 5, 2009
CoAL meets BEE requirements
Johannesburg - Development company Coal of Africa Limited on Monday announced the extension of its black economic empowerment (BEE) agreement with Coal Investments Limited (CIL).Posted by StaffWriter at 2:10 PM
CoAL extends empowerment agreement
JOHANNESBURG (miningweekly.com) - Coal development company Coal of Africa Limited (CoAL), and its black economic-empowerment (BEE) partners have extended their BEE agreement to April 30.
Posted by StaffWriter at 2:08 PM
December 22, 2008
New Richards Bay terminal 'unlikely'
[miningmx.com] -- COAL industry sources are sceptical over reports of a proposed new 10 million tonnes(mt)/year coal export terminal to be built at Richards Bay, and view its construction as extremely unlikely.
Posted by StaffWriter at 2:00 PM
December 18, 2008
ArcelorMittal SA ends empowerment talks
Steel producer ArcelorMittal South Africa has terminated negotiations to sell a stake in a black economic-empowerment (BEE) transaction, the company said on Thursday.
Posted by StaffWriter at 1:43 PM
December 17, 2008
Richards Bay seals R4.5bn BEE deal
RIO Tinto and BHP Billiton have finalised their long-awaited R4.5-billion empowerment deal -- the largest BEE transaction in KwaZulu-Natal.
Posted by StaffWriter at 1:29 PM
December 15, 2008
JSE stays up on firm resources
The JSE remained strong in noon trade, held up by resource stocks which gained momentum on the back of firmer metal prices.
Posted by StaffWriter at 12:05 PM
December 11, 2008
BEE share scares
Only Telkom and MTN make gains
BLACK empowerment shares had mixed fortunes this week as some investors made great gains, while others licked their wounds.
Posted by StaffWriter at 10:13 AM
December 9, 2008
Arm dishes out BEE millions
The trust for the beneficiaries of the African Rainbow Minerals broad-based economic empowerment have received their second cash distribution of R25 million.
Posted by StaffWriter at 8:19 AM
Local BEE subsidiary needed for KBR's Coega refinery
Cape Town - New York-listed energy group KBR will be required, as a condition of winning the R1 billion engineering contract at the planned $11 billion (R111 billion) oil refinery at the industrial development zone at Coega, to set up a local firm with a 25 percent black economic empowerment (BEE) stake.
Posted by StaffWriter at 8:11 AM
December 8, 2008
BEE partner 'just a front' for UK firm
Samancor Chrome 'intentionally furnished false information'
Posted by StaffWriter at 7:21 AM
December 5, 2008
ARM BEE Trust hands R25m to beneficiaries
Diversified mining company African Rainbow Minerals on Friday announced that the ARM Broad-Based Economic Empowerment Trust, which holds about 10% of ARM's share capital, made a second cash distribution of about 25 million rand to its beneficiaries.
Posted by StaffWriter at 7:17 AM
December 2, 2008
Vulnerable Lonmin BEE Incwala mulling platinum downturn's depth and duration
JOHANNESBURG (miningweekly.com) - Lonmin's vulnerable black economic empowerment partner Incwala Resources was mulling the depth and duration of platinum's downturn and studying debt structures and implications, Incwala chairperson Mutle Mogase said on Tuesday.
Posted by StaffWriter at 7:23 AM
December 1, 2008
Now Lonmin says 1 500 Limpopo jobs at risk, flags 2009 BEE vulnerability
JOHANNESBURG (miningweekly.com) - The world's third-largest platinum producer, Lonmin Platinum, on Monday formally announced the possible reduction of another 1 500 jobs, this time at its "unprofitable" Limpopo platinum operation, following Friday's announcement that 4 000 jobs were also at risk at its "engine" operation, Marikana.
Posted by StaffWriter at 7:31 AM
November 28, 2008
Enlarged African footprint for diversified mining group
International mining group Rio Tinto, one of the world's largest diversified miners, is decisively increasing its presence in Africa through a series of operational expansions, acquisitions and exploration activities on the continent.
Posted by StaffWriter at 8:27 AM
November 20, 2008
New Gold One needs to raise R120m - Froneman
The new Gold One would need to raise an additional R120-million by mid-2009 to fund projects, Gold One president and CEO Neal Froneman said in Johannesburg on Thursday.
Posted by StaffWriter at 1:07 PM
November 19, 2008
Sasol cheers sustainability
Johannesburg - Chemical and fuels giant Sasol on Wednesday said its focus on sustainable development had again yielded positive results.
Posted by StaffWriter at 1:25 PM
November 17, 2008
BRC DiamondCore on the hunt for funding partners
[miningmx.com] -- BRC DiamondCore (BRC) has dropped its plans to raise 3m Canadian dollars through a private share placing and is, instead, focusing on finding new partners to help fund its operations in South Africa and the Democratic Republic of Congo (DRC).
Posted by StaffWriter at 1:29 PM
Rio Tinto's Palabora enters into BEE talks
JOHANNESBURG (miningweekly.com) - JSE-listed copper producer Palabora, part of the Rio Tinto group, on Monday advised shareholders that the company had entered into discussions for a potential broad-based black economic-empowerment (BEE) transaction.
Posted by StaffWriter at 8:13 AM
November 14, 2008
Shift in mining sector contracting strategies
Specialist legal and commercial consult-ancy MDA Consulting director Vaughan Hattingh says there is a shift in larger capital projects within the mining sector towards contracting strategies.
Posted by StaffWriter at 7:48 AM
New acquisitions and foreign investment in minerals sector
Law firm Bowman Gilfillan partner practising in min- ing, regulatory and environ- mental law Claire Tucker says there are a fair amount of new acquisitions and foreign investors acquiring interests in the South African mineral sector.
Posted by StaffWriter at 7:45 AM
November 11, 2008
Simmers gets new non-exec thanks to Dealstream
[ Johannesburg, 11 November 2008 ] - RMB has become the largest institutional shareholder in gold and uranium miner Simmer and Jack (JSE:SIM) as a result of the failure of Dealstream.
Posted by StaffWriter at 12:29 PM
November 7, 2008
Women-led black-owned manganese start-up delivers R223m to shareholders
The women-led black-owned manganese start-up has managed to deliver R223-million to its shareholders, many of them near-mine communities and including disabled people, ahead of production.
Posted by StaffWriter at 9:23 AM
November 5, 2008
Chamber demands power cut protocol for mines
Johannesburg - The government must put in place protocols to handle power shortages because mining companies were "soft targets" during electricity cuts earlier this year, the Chamber of Mines said yesterday.
Posted by StaffWriter at 2:00 PM
De Beers Unveils Voorspoed Diamond Mine
Posted by StaffWriter at 9:55 AM
November 4, 2008
Newly-empowered gold-recovery junior eyes SA mining assets
JOHANNESBURG (miningweekly.com) - The South African unit of Aim-listed precious-metals junior Goldplat, which unveiled a black economic-empowerment (BEE) deal on Tuesday, is keen to spread its wings beyond its existing gold-from-waste operations in Benoni, on South Africa's East Rand, by acquiring mining prospects that are too small for exploitation by South Africa's gold majors.
Posted by StaffWriter at 7:37 AM
SA mining empowerment under scrutiny
THE South African government is hosting a summit ahead of a review of the Mining Charter to get a sense if rules governing black economic empowerment (BEE) and enforced equity targets were the best vehicle to change the sector, said mines minister Buyelwa Sonjica.
Posted by StaffWriter at 7:27 AM
De Beers Opens Voorspoed Diamond Mine
The De Beers Voorspoed Diamond Mine in South Africa was officially opened Tuesday by Buyelwa Sonjica, South African Minister of Minerals and Energy.
Posted by StaffWriter at 7:24 AM
October 28, 2008
BEE miners' deal pays out R223m
BLACK empowerment consortium Kalagadi Manganese has distributed R223,7m to its 19 shareholders from the proceeds of a deal with steel giant ArcelorMittal, Kalagadi Manganese chairman Daphne Mashile-Nkosi said yesterday.
Posted by StaffWriter at 8:50 AM
Firestone Energy in BEE coal venture
AUSTRALIAN-listed Firestone Energy, which has entered into a joint venture in SA to exploit coal prospects in the Waterberg, is to take a secondary listing on the JSE on Thursday.
Posted by StaffWriter at 8:46 AM
October 24, 2008
Concern over upcoming Mining Charter review in absence of original architects
From an industry perspective, we no longer have major players like Bobby Godsell, Con Fauconnier, Rick Menell and Barry Davison.
"Labour has lost both Gwede Mantashe and Geoff Magida.
Posted by StaffWriter at 7:41 AM
Synfuels expansion will rely more on gas than coal
When Sasol Synfuels increases its capacity by 20% from 2015, 5% of the expansion will rely on coal as a feedstock and 15% on natural gas.
Posted by StaffWriter at 7:38 AM
Sasol Mining's R1,4bn operating profit up 19%
Sasol Mining recorded an operating profit of R1,4-billion in the 12 months to June 30, 2008, which was 19% higher than for the previous year.
Posted by StaffWriter at 7:38 AM
October 23, 2008
Anglo Platinum Royal Bafokeng BEE transaction: Niall Carroll - CEO, Royal Bafokeng Holdings
ALEC HOGG: Niall Carroll is the chief executive of Royal Bafokeng Holdings. Today you guys, Niall, took a big bet, doing a deal with Anglo Platinum where you are going to have control of the Bafokeng/Rasimone joint venture platinum mine. If I understand correctly, is that the mine next to Sun City?
Posted by StaffWriter at 7:34 AM
October 21, 2008
S.Africa's Mvela says Implats bid wins govt approval
South Africa's government has backed Impala Platinum Ltd's (Implats) proposed takeover bid for Mvelaphanda Resources (Mvela) and its unit Northam Platinum, Mvela said.
Posted by StaffWriter at 3:05 PM
Implats closer to R21,2bn takeover
Impala Platinum's (Implats) R21,2-billion bid for Mvelaphanda Resources and Northam Platinum has moved a step closer to formalisation.
Posted by StaffWriter at 11:13 AM
October 20, 2008
Implats bid for Mvela, Northam gets SA Govt nod
South Africa's Department of Minerals and Energy (DME) has confirmed that, should Impala Platinum's planned acquisition of Mvelaphanda Resources and Northam Platinum go ahead, the deal will not affect black economic-empowerment (BEE) credits awarded to Anglo Platinum as a result of its sale of the Booysendal platinum project to Northam.
Posted by StaffWriter at 11:07 AM
State approves Implats bid for Mvela
The Department of Minerals and Energy (DME) has given its stamp of approval to the proposed acquisition of Mvela Resources (Mvela) and Northam Platinum (Northam) by Impala Platinum (Implats).
Posted by StaffWriter at 11:01 AM
October 17, 2008
Further regulatory burdens on horizon for mining industry - Peter Leon
Recent regulatory developments in the South African minerals regime will almost certainly place further regulatory burdens on the industry at a time of declining mining production, says Webber Wentzel natural resources head Peter Leon.
Posted by StaffWriter at 7:40 AM
October 10, 2008
DME vows there will be no extension to April deadline as more than 70% of mining rights still have to be converted
Roughly three in ten South African mining operations have applied for new-order mining rights, and now the Department of Minerals and Energy (DME) warns that the 2008 class of converted is too small - especially since the process of changing old-order mining rights into new-order mining rights is already more than four years old, with less than seven months remaining for companies to ensure they still have something to mine, come May next year.
Posted by StaffWriter at 7:32 AM
More than 70% of SA mining rights still have to be converted
Roughly three in ten South African mining operations have applied for new-order mining rights, and now the Department of Minerals and Energy (DME) warns that the 2008 class of converted is too small - especially since the process of changing old-order mining rights into new-order mining rights is already more than four years old, with less than seven months remaining for companies to ensure they still have something to mine, come May next year.
Posted by StaffWriter at 7:27 AM
October 6, 2008
Sasol's BEE investors are learning the hardest way
When 300 000 black subscribers took up Sasol's R25.9 billion black economic empowerment (BEE) offer for 10 percent of the company at the start of last month, they got a bargain. As the share traded at R397.50, subscribers paid only R366 on September 2.
Posted by StaffWriter at 10:38 AM
Implats/Mvela deal worries Angloplat over BEE status
Anglo Platinum said on Monday it wants South African authorities to ensure it does not lose affirmative action credits gained by selling a key asset, which is now a target by rival Impala Platinum.
Posted by StaffWriter at 8:52 AM
October 4, 2008
S.Africa mineworkers march against racism
Thousands of South African mineworkers marched to protest against racism in the mining and construction sectors on Saturday, the country's largest mineworkers' union said.
Posted by StaffWriter at 11:23 AM
October 3, 2008
Sasol apologises to BEE shareholders
Petrochemicals giant Sasol has apologised to its hundreds of thousands of BEE shareholders. It was fined R3.7 billion this week for cheating customers in Europe. This is a record fine for a South African firm.
Posted by StaffWriter at 11:20 AM
Decision expected on Angloplat's BEE credits
THE minerals and energy department expects to make a decision as soon as possible on the empowerment credits due to Anglo Platinum on yesterday's announcement of a deal involving Impala Platinum, Northam Platinum and Mvela Resources.
Posted by StaffWriter at 7:39 AM
Strong poised to grow stronger as platinum industry mulls consolidation
On the one hand, National Union of Mineworkers (NUM) president Senzeni Zokwana is calling for the creation of a State-owned platinum-mining company, and on the other an acquisitive Impala Platinum and an emerging Xstrata Resources are both keen to grow as share valuations decline and the platinum price stutters.
Posted by StaffWriter at 7:37 AM
October 2, 2008
DME evaluates potential Implats bid for Mvela
BEE issues have implications for the bid by Impala Platinum (Implats) for Mvelaphanda Resources (Mvela) and Northam Platinum (Northam) according to Sandile Nogxina, the director general in the Department of Minerals and Energy (DME).
Posted by StaffWriter at 1:56 PM
September 29, 2008
IDC plans to sell 26% of Foskor in BEE deal
The Industrial Development Corporation (IDC) was looking to sell a 26 percent stake in Foskor to empowerment concerns, as required by the mining charter, it said on Friday.
Posted by StaffWriter at 8:25 AM
September 26, 2008
IDC to sell stake in Foskor to black investors, community
The State-owned development finance institution, the Industrial Development Corporation (IDC), would initiate process to introduce broad-based black economic-empowerment (BEE) shareholding to phosphate and phosphoric acid producer Foskor.
Posted by StaffWriter at 7:24 AM
September 22, 2008
BEE rules put us at risk - micro jewellers
White-owned micro jewellers have expressed outrage at a requirement to submit black economic empowerment (BEE) plans to the regulator, but the department of minerals and energy has said it is sympathetic to their plight.
Posted by StaffWriter at 7:46 AM
September 11, 2008
Tawana restructures BEE relationship with Seven Falls
Australian explorer Tawana Resources will gain full ownership of four of its South African projects, following the restructuring of its relationship with black economic-empowerment (BEE) partner, Seven Falls.
Posted by StaffWriter at 12:56 PM
Tyre tender still in the air
Two Cape High Court judges are to decide this week whether to award a R40-million City of Cape Town contract, allegedly granted dishonestly to a suspected BEE front company of tyre giant Kilotreads, to the runner-up, Erasmus Tyre Services cc.
Posted by StaffWriter at 12:54 PM
Discount meaningless as Sasol share price tumbles
Sasol's share price has dropped 14percent in the past six months, effectively cancelling out the discount offered to blacks through the R7,5billion Inzalo BEE public share scheme, which closed last month.
Posted by StaffWriter at 7:48 AM
September 10, 2008
Credit crunch may trigger mining mergers
The global credit crunch is likely to result in more consolidation among junior South African mining firms, but all enterprises are feeling its bite, even Eskom, according to industry sources and analysts.
Posted by StaffWriter at 7:35 AM
September 9, 2008
Slow pace of mining right conversions worries SA govt
South African Minister of Minerals and Energy Buyelwa Sonjica on Tuesday reiterated her concern for the "snails pace of mining rights conversions", with less-than-envisaged progress having been made towards the attainment of the objectives of South Africa's Mining Charter to date.
Posted by StaffWriter at 3:08 PM
Platinum Group CEO confident in mine deal finance
The chief executive of Platinum Group Metals Ltd said he is confident that the junior miner will raise enough capital to finance a deal to increase its stake at South Africa's Western Bushveld developing mine joint venture despite a challenging credit market.
Posted by StaffWriter at 7:31 AM
Small BEE mining firms go for quick cash
The state had received "sheer numbers" of applications this year to transfer mining licences from black economic empowerment (BEE) entities to new owners, degrading the aims of the mining charter, a senior minerals and energy department official said yesterday.Posted by StaffWriter at 7:30 AM
September 8, 2008
Sasol's profits soar
Sasol, the world's largest fuel from coal producer, on Monday reported a 50 percent increase in headline earnings per share to 38.09 rand in the year to end June 2008.Posted by StaffWriter at 9:29 AM
Sasol posts 50% increase in FY earnings
Petrochemicals producer Sasol on Monday reported that the company's earnings a share increased by 50% to R38,09 a share for the year ended June 2008.Posted by StaffWriter at 8:51 AM
RBCT looking at phase 6 expansion, despite rail capacity concerns
The Richards Bay Coal Terminal (RBCT) is looking beyond its phase five expansion plan of increasing production to 91-million tons, despite lingering concerns over the ability of State-run Transnet Freight Rail's (TFR's) ability to boost its coal-carrying capacity to the port.Posted by StaffWriter at 7:28 AM
Sasol chooses Limpopo coal for Mafutha CTL project
Transport fuel-from-coal manufacturer Sasol had selected a coalfield in the western part of South Africa's Limpopo province as part of its prefeasibility study into the proposed Mafutha coal-to-liquids (CTL) project, Sasol executive director Benny Mokaba said on Monday.Posted by StaffWriter at 7:26 AM
September 5, 2008
Bisichi settles BEE dispute
BISICHI Mining has settled its dispute with Sipho Dube's Endulwini Resources, and is now looking to sign up a new black economic empowerment (BEE) partner for its Black Wattle colliery.Posted by StaffWriter at 2:02 PM
Oil giant signs second major black empowerment deal
Oil company Shell South Africa announced the sale of its 25% stake in the Sapref operated Durban refinery to investment company Thebe, in July, as part of its commitment to black economic-empowerment (BEE).Posted by StaffWriter at 12:54 PM
September 4, 2008
SA mining sector falls behind in BEE ownership, employment equity compliance
The mining and quarrying sector was lagging behind in implementing the black economic empowerment (BEE) scorecard measurements, said financial services firm KPMG on Thursday.Posted by StaffWriter at 8:17 AM
September 2, 2008
Sasol's BEE success
Sasol's R18-billion Inzalo black economic empowerment deal has been three times oversubscribed, the company announced on Monday.Posted by StaffWriter at 2:59 PM
Sasol Inzalo welcomes new shareholders
Information booklets, containing statements of allocation, will today be posted to almost 300 000 new shareholders who applied to participate in the Sasol Inzalo Black Public Invitations.Posted by StaffWriter at 7:22 AM
300 000 ordinary SA citizens to become Sasol shareholders next week Video Available
In South Africa's largest-ever broad-based black economic-empowerment (BBBEE) deal, worth some R24-billion, petrochemicals giant Sasol, would on September 8, welcome about 300 000 ordinary South Africans as shareholders of the company.Posted by StaffWriter at 7:21 AM
Sasol Inzalo attracts 300 000 new shareholders
The Sasol Inzalo Black Economic Empowerment (BEE) offering has attracted a total of 300 000 new shareholders, Sasol Chief Executive Officer Pat Davies said on Tuesday.Posted by StaffWriter at 7:19 AM
September 1, 2008
Small coal exporters have plan B to beat Richards Bay cuts
Small empowered Richards Bay coal exporters are putting in place contingency plans in case the allocations they were expecting are cut back next year because of insufficient rail capacity.Posted by StaffWriter at 7:36 AM
August 29, 2008
Power projects prove fruitful for measurement and control industry
The South African Institute of Measurement and Control (SAIMC) president Paulo Da Silva is positive about the state of the automation industry, and reports that manufacturers and suppliers are reaping the benefits from impending power generation projects across the country.Posted by StaffWriter at 7:19 AM
August 22, 2008
SA govt plans more meetings with communities affected by Xolobeni project
A series of consultations with communities affected by the proposed heavy-minerals mining operation in Xolobeni, on the Eastern Cape Wild Coast, would take place over the following weeks, Department of Minerals and Energy (DME) spokesperson Bheki Khumalo said on Friday.Posted by StaffWriter at 8:01 AM
August 15, 2008
Eskom wants to use its large contracts to boost local business
Over the past few months Eskom has awarded two of the biggest contracts in SA's engineering industry to plug the country's gaping electricity hole: R38,5bn to Japan's Hitachi Africa and R26bn to France's Alstom, to supply turbines and boilers at its new Medupi and Kusile power stations.Posted by StaffWriter at 2:30 PM
Gold producer advancing in Africa
AIM-quoted gold producer Goldplat reports that its gold recovery plants are performing well and ahead of management expectations, with production and revenues steadily increasing.Posted by StaffWriter at 7:00 AM
August 12, 2008
Sonjica to meet community over controversial Xolobeni project
South Africa's Minerals and Energy Minister, Buyelwa Sonjica, will make the journey to Xolobeni in the Eastern Cape on Friday, to meet with community leaders, local government, and black economic-empowerment (BEE) partners of Australia-listed Mineral Commodities (MRC), which plans to mine heavy minerals along a stretch of the Wild Coast.Posted by StaffWriter at 12:14 PM
Mining licence 'quietly' issued
THE Department of Minerals and Energy Affairs seemed more afraid of the Sicilian-descended Caruso family, which heads Australian mining company Mineral Commodities, than the Human Rights Commission, opponents of the controversial Xolobeni mining licence claimed.Posted by StaffWriter at 7:15 AM
August 8, 2008
Coal & iron ore march on
Low-profile Oslo-listed London Mining, which carries a market value close to USD600m, has announced a strategic entry into coal assets, diversifying from its focus on developing iron ore assets. Describing itself as "developing mines to supply the global steel industry", London Mining's suite of iron ore interests in Brazil, Sierra Leone, Saudi Arabia, Greenland and Mexico have been sweetened by its buy into a set of coal assets in southern Africa.Posted by StaffWriter at 2:20 PM
August 6, 2008
Who is faring worst in JSE rout?
The smiles on the faces of platinum shareholders have been contorted to horror as the invincible metal has wilted in recent weeks.
Posted by StaffWriter at 7:57 AM
July 30, 2008
RBM deal pulls in heavyweights
The new Richards Bay Minerals (RBM) empowerment deal has attracted a group of political and business bigwigs.Posted by StaffWriter at 8:48 AM
July 29, 2008
BHP Billiton/Rio JV to sell stake to S.African blacks
South Africa's Richards Bay Minerals (RBM) an unlisted 50/50 joint venture between Rio Tinto and BHP Billiton on Tuesday agreed to sell a 26 percent stake to blacks, but did not disclose the cost.Posted by StaffWriter at 2:35 PM
Shanduka Resources looks at listing coal unit
SHANDUKA Resources is assembling a team to look for projects in Africa as it considers listing its coal business and consolidating small to medium prospects in that sector in South Africa, managing director Rowan Smith said.Posted by StaffWriter at 1:37 PM
Richards Bay Minerals goes BEE
Richards Bay Minerals -- a 50/50 joint venture between Rio Tinto and BHP Billiton -- announced its broad-based black economic empowerment equity (BBBEE) transaction on Tuesday.Posted by StaffWriter at 1:34 PM
Richards Bay Minerals announces BBBEE transaction
Richards Bay Minerals ("RBM") a 50/50 joint venture between Rio Tinto and BHP Billiton today announced the signing of a Memorandum of Understanding ("MoU") for its 26% broad-based black economic empowerment equity ("BBBEE") Transaction.Posted by StaffWriter at 11:29 AM
July 28, 2008
SA exporters warned not to forget Africa's opportunities
EXPORTERS should look north into Africa and some of its oil- and mineral-rich economies, says a Bay business and finance specialist.Posted by StaffWriter at 11:20 AM
July 25, 2008
From Simane to Jaganda
The rekindling this week of the war over Jaganda's multimillion rand riches is yet another telling reminder that so-called "black economic empowerment" ("BEE") continues to go down in history as one of the greatest subversions of free enterprise ever known. Jaganda, of course, is a "BEE" vehicle created during 2005 in the course of a series of totally twisted transactions directed by the late Brett Kebble.Posted by StaffWriter at 9:17 AM
July 23, 2008
JCI offer to register 286m Jaganda preference shares
This week's would-be settlement announcement between Randgold & Exploration (R&E) and JCI conceals an explosive battle over hundreds of millions of rands worth of listed stock in Simmer & Jack (JSE:SIM), in turn the controlling shareholder of another listed stock, First Uranium.Posted by StaffWriter at 7:31 AM
July 21, 2008
The launch of Sasol Inzalo
Glitz, glamour and pure sophistication surrounded the Sandton Convention Centre for the launch of Sasol Inzalo.Posted by StaffWriter at 8:00 AM
July 16, 2008
Anglo too white for govt
Government has slammed Anglo American for failing to put black South Africans in top-tier management positions.Posted by StaffWriter at 8:19 AM
July 15, 2008
Report reveals 'real causes' of Eskom crisis
A new report lays the blame for the country's electricity crisis squarely at the door of Eskom and the government and calls for heads to roll in both sectors.Posted by StaffWriter at 8:14 AM
July 14, 2008
Braemore Resources sizes up BEE partners
Braemore Resources' black empowerment partner will be a platinum junior and one which is most likely developing a mine in the Rustenburg/Pilanesberg region.Posted by StaffWriter at 8:09 AM
July 11, 2008
Anglo - American: All but fully empowered
Anglo American is to a large extent off the black economic empowerment (BEE) hook. That was clear when Anglo secured all its new order mining rights - except for two projects - from the department of minerals & energy earlier this year, and the point is hammered home in its 2007 BEE report released this month.Posted by StaffWriter at 1:21 PM
Sasol directors pile into Inzalo BEE shares
DIRECTORS of petrochemicals giant Sasol have emerged as among the biggest beneficiaries of the group's Inzalo empowerment share scheme.Posted by StaffWriter at 8:23 AM
July 10, 2008
Last-minute rush to grab Sasol shares
Post offices around the country were swamped yesterday with people hoping to take advantage of Sasol's public invitation to buy shares on the last day.Posted by StaffWriter at 9:24 AM
July 9, 2008
State is dubious about Anglo's transformation
THE government criticised Anglo American SA's transformation efforts, accusing the mining giant yesterday of failing to appoint black CEOs and enough senior managers at its business units.Posted by StaffWriter at 7:36 AM
July 4, 2008
Zircon project selects new BEE partner
ASX-listed Mineral Resources Commodities (MRC) has settled the matter of selecting a new black economic-empowerment (BEE) partner and is awaiting comment from the Department of Minerals and Energy (DME) on the matter.Posted by StaffWriter at 9:04 AM
June 27, 2008
EMPOWERMENT - The Mineworkers Investment Company (MIC)
The Mineworkers Investment Company (MIC) has moved way beyond its peers in the mass-based black economic empowerment (BEE) space, with a R248m payout to its shareholder.Posted by StaffWriter at 11:24 AM
New-order mining rights granted to world's second-largest platinum producer
Platinum-miner Impala Platinum (Implats) was granted new-order mining rights in respect of the Leeuw- kop project at its African Plati-num (Afplats) mine on April 9, 2008, reports the company.Posted by StaffWriter at 8:48 AM
New mining operation reaches full production in first quarter 2008
Two Rivers Platinum joint venture (JV) between platinum-mining company Impala Platinum (Implats) and diversified mining group African Rainbow Minerals (Arm), has achieved its initial targets for 2008 by reaching full production in the first quarter of this year, Arm new business development executive director Stompie Shiels tells Mining Weekly.Posted by StaffWriter at 7:22 AM
June 24, 2008
Kermas SA joins roll call of BEE deals gone sour
KERMAS SA has joined the list of mining companies cancelling agreements with black empowerment partners because conditions were not fulfilled.Posted by StaffWriter at 8:26 AM
June 23, 2008
Chinese South Africans also eligible for Sasol's BEE transaction
South African people of Chinese descent were now also eligible to participate in petrochemicals giant Sasol's Inzalo broad-based black economic-empowerment (BBBEE) transaction, the company said at the weekend.Posted by StaffWriter at 10:05 AM
Minister asked to help save Samancor BEE deal
Shareholders in a R5.2-billion empowerment transaction will meet Buyelwa Sonjica, the minerals and energy minister, tomorrow in an effort to save one of the country's biggest BEE deals.Posted by StaffWriter at 7:48 AM
Kermas SA to reallocate shares in Samancor BEE deal following dispute
Following a dispute, ferrochrome producer Kermas South Africa has cancelled the 28% transfer of shares in its black economic-empowerment (BEE) deal, but plans to reallocate the same stake to meet its original broad-based objectives.Posted by StaffWriter at 7:12 AM
June 22, 2008
Ruiters in huge BEE share scam
Minority shareholders offered a fraction of what shares were worth in R5-billion deal, writes Simpiwe Piliso.Posted by StaffWriter at 7:43 AM
June 20, 2008
Mining giant increases BEE credits
The world's largest platinum producer, Anglo Platinum, in September last year unveiled three black-empowerment deals to put R35-billion of its assets under the control of black South Africans.Posted by StaffWriter at 7:32 AM
June 19, 2008
CoAL completes first tranche of BEE deal share placement
JSE-listed coal development company Coal of Africa (CoAL) has completed the first tranche of the placement to Coal Investments, an investment fund owned by Och-Ziff, to raise £33,15-million, it said on Thursday.Posted by StaffWriter at 7:31 AM
June 18, 2008
BRC DiamondCore seeks court order against former BEE partner
A subsidiary of diamond junior BRC DiamondCore, Samadi Resources, on Wednesday announced it had made an application to the Johannesburg High Court for an order to declare the agreement with its former black economic-empowerment (BEE) partner Sefalana Mineral Resources, void.Posted by StaffWriter at 7:18 AM
June 17, 2008
SA businesswomen acquire shares in Tawana
JSE-listed diamond explorer Tawana Resources on Tuesday welcomed well-known businesswomen Basetsana Kumalo and Lindiwe Leketi as new Tawana shareholders through a transaction with their investment company Pro Direct 189.
Posted by StaffWriter at 1:02 PM
Platinum sector looking ripe for consolidation, says Mvela's Wellsted
South Africa's platinum sector appeared ripe for consolidation, Mvelaphanda Resources' James Wellsted told Mining Weekly Online on Tuesday.Posted by StaffWriter at 1:00 PM
June 13, 2008
Industrial gas company takes next BEE step
Medical and industrial gas company Air Liquide Southern Africa, part of the Air Liquide Group, has increased its black economic-empowerment rating to a broad based black economic-empowered (BBBEE) rating.Posted by StaffWriter at 8:39 AM
June 10, 2008
Energy efficiency hub to be established at University of Pretoria
A South African national energy efficiency and demand-side management (DSM) hub would be established at the University of Pretoria, where a postgraduate programme in energy efficiency and DSM would be offered.
Posted by StaffWriter at 2:00 PM
June 6, 2008
Sasol - Bonanza time
Cash participants in Sasol's R26bn black economic empowerment (BEE) deal are in for a dazzling and immediate windfall, thanks to soaring oil prices.
Posted by StaffWriter at 2:33 PM
June 2, 2008
RBM approves R1 billion rand project
Richards Bay Minerals (RBM), a heavy mineral sand mining operation north of Richards Bay, has approved over R1 billion in funding for its Tailing Treatment Plant project (TTP). Improved knowledge on mineralogy and ore body attributes, supported by intensive test work, has resulted in this approval by the RBM Board of Directors.Posted by StaffWriter at 7:10 AM
May 30, 2008
The cash-flush platinum minnow with major margin
Cash-flush Sylvania Resources is a mining minnow with cash on hand that belies both its age and its size.Posted by StaffWriter at 7:19 AM
May 29, 2008
Sasol announces BEE partners
Sasol on Wednesday announced the 50 black groups which will share in its R28-billion black economic empowerment (BEE) Inzalo transaction.Posted by StaffWriter at 7:17 AM
May 22, 2008
BP renews BEE contract for servicing 585 service stations
BP's pumps in
line for three more years of exceptional
service
BP has renewed its contract with
black-empowerment company, Joint Venture Pump Services (JVPS), to continue servicing the pumps at
its service stations for a further three years.
Posted by StaffWriter at 1:50 PM
Eskom's coal dilemma
Eskom almost pulled off one of the finest financial finessing moves of the decade - but the parastatal's plans now appear to have been spiked.Posted by StaffWriter at 11:10 AM
May 16, 2008
IDC invests in gold and diamonds
Maximising the government's aim for beneficiating South Africa's raw materials, the Industrial Development Corporation (IDC) has been instrumental in facilitating the establishment of a R100 million broad-based black economic empowerment (BBBEE) jewellery manufacturing company in Kimberley.Posted by StaffWriter at 8:33 AM
April 30, 2008
Anglo American gets its new order mining rights
Anglo American has at last been granted new order mining rights for all its South African operations, with the exception of two platinum joint ventures, according to the mining group and the minerals and energy department.Posted by StaffWriter at 12:07 PM
April 29, 2008
Anglo finally has its rights converted
Anglo American has finally been awarded conversion of all its "old order" mining rights but with the exception of two joint venture operations involving Anglo Platinum (AngloPlat).Posted by StaffWriter at 7:30 AM
April 7, 2008
Sasol strong enough for BEE deal
10% of equity will be transferred to black stakeholders Ratings agency Moody's said on Friday that current robust oil prices should allow Sasol enough breathing space to absorb any near-term leverage and liquidity pressures that might arise as a result of its R26-billion black economic empowerment transaction.Posted by StaffWriter at 8:04 AM
April 4, 2008
Sasol BEE unlikely to hurt rating
Ratings agency Moody's on Friday said robust current oil prices should allow Sasol enough breathing space to absorb any near-term leverage and liquidity pressures that may arise as a result of its R26-billion black economic empowerment transaction.Posted by StaffWriter at 7:35 AM
April 2, 2008
VR Laser Services gets a BEE partner
STEEL products company VR Laser Services had taken on an empowerment partner, Benny Jiyane, whose 30%, or R81m, stake in the company was being financed by Standard Bank, it said yesterday.Posted by StaffWriter at 10:18 AM
Ex-Mbeki spokesperson, Sasol man joins South Africa's DME
Former Presidential spokesperson and Sasol government relations, corporate affairs and black economic-empowerment (BEE) GM, Bheki Khumalo, has joined the Department of Minerals and Energy (DME) as acting spokesperson, after an exodus from its media and communications department.Posted by StaffWriter at 8:10 AM
March 31, 2008
No conversions for Anglo American yet
Today is the day by which Anglo American Corporation was supposed to be granted conversion of all its outstanding "old order" mineral rights but it's not going to happen.Posted by StaffWriter at 7:52 AM
March 26, 2008
Counting the high cost of R26bn venture - Sasol
South Africa's biggest single broad-based black economic empowerment (BBBEE) transaction to date will cost global petrochemical giant Sasol R7,2billion to facilitate.Posted by StaffWriter at 1:24 PM
March 25, 2008
Sasol pushes R25.9bn BEE deal
Petrochemicals company Sasol on Tuesday announced the terms of its black economic empowerment proposal, which entails a 10 percent equity ownership worth R25.9-billion.Posted by StaffWriter at 8:34 AM
Sasol unveils South Africa's largest-ever empowerment deal
Petrochemicals firm Sasol on Tuesday said it would sell a 10% stake in a R25,9-billion transaction - South Africa's single largest broad-based black economic-empowerment (BBBEE) deal to date.Posted by StaffWriter at 8:16 AM
March 13, 2008
Assore
SHANDUKA Resources, the multi-commodity investment arm of Cyril Ramaphosa's Shanduka Group, is to acquire an additional 11.63% interest in mining holding company Assore for about R1.9bn.Posted by StaffWriter at 1:53 PM
Assore in bid to boost Assmang BEE stake
ASSORE, half-owner of manganese producer Assmang, plans a R1,9bn deal with Shanduka Resources to raise its empowerment stake to 26% and bring it into line with the mining charter.Posted by StaffWriter at 8:15 AM
March 10, 2008
Diamcor Mining and Nozala Investments Enter into JV
Posted by StaffWriter at 11:22 AM
March 6, 2008
Diamond junior enters into JV with black investor
TSX-listed junior resource company Diamcor Mining, on Thursday, said it had agreed to enter into a formal joint venture (JV) arrangement with broad-based black-economic empowerment (BBBEE) company Nozala Investments.Posted by StaffWriter at 7:49 AM
February 29, 2008
Bafokeng's new Umlabu colliery 'cornerstone investment' for JSE-listed SACMH, says CEO Gribnitz
The new R140-million Umlabu coal mine is a cornerstone investment for South African Coal Mining Holdings (SACMH), says SACMH CEO Karl Gribnitz.Posted by StaffWriter at 7:06 AM
February 22, 2008
We'll do 'whatever it takes' to help Eskom, says BEE coal miner SACMH
New black-economically-empowered coal miner, South Africa Coal Mining Holdings (SACMH), would do what ever it took to help power utility Eskom during this power crisis period, SACMH group executive Melanie Steyn said on Friday.Posted by StaffWriter at 1:24 PM
Anglo deal to boost BEE groups in SA
ANGLO American has laid its apartheid-era history to rest after sealing a deal with the South African government to transfer ownership of some of its assets to black empowerment groups.Posted by StaffWriter at 7:15 AM
February 20, 2008
Anglo's positive shocker
To be granted new order mining rights for all SA operations in platinum, coal, iron ore and base metals by 31 March 2008.Posted by StaffWriter at 3:06 PM
February 19, 2008
Motsepe's R8m gift - Mining tycoon's ARM dishes out cash to trusts to alleviate poverty
African Rainbow Minerals' broad-based economic empowerment trust received an R8 million windfall yesterday.Posted by StaffWriter at