Mining Weekly
Anglo targets further $1bn in cost, volume improvements in 2017
Tue, 21 Feb 2017 12:48:00 +0200
Diversified miner Anglo American is this year seeking an additional $1-billion in incremental net cost and volume improvements, while also aiming to return to an investment-grade credit rating and resume dividend payments. The group has already identified 75% of these targeted net cost and volume improvements.
De Beers lifts FY16 underlying Ebitda by 42%
Tue, 21 Feb 2017 13:58:00 +0200
Higher revenues contributed to a 42% improvement year-on-year in diamond miner De Beers’ underlying earnings before interest, taxes, depreciation and amortisation (Ebitda) to $1.4-billion in 2016. A 30% increase in revenue to $6.1-billion was driven by stronger rough diamond demand, which led to reduced inventory levels, thereby reflecting improved trading conditions compared with those experienced in the second half of 2015.
Rockwell concludes sale of noncore assets
Tue, 21 Feb 2017 08:48:00 +0200
While dual-listed Rockwell Diamonds is not yet in the “home stretch” of its quest to effect a turnaround, the company is gaining traction with the conclusion of the sale of its noncore Saxendrift alluvial diamond assets in the Middle Orange River region to private firm Nelesco 318 for R45-million. In December, Rockwell announced the sale of certain assets, which included Nelesco’s assumption of R70-million in rehabilitation liabilities and the transfer of 100 employees, as part of repositioning efforts towards a “new Rockwell”.
BHP ready to overcome global uncertainties – Mackenzie
Tue, 21 Feb 2017 09:39:00 +0200
Mining major BHP Billiton has more than doubled its net profit to $3.2-billion for the six months ended December 31. This was up 157% from the $7-billion loss reported in the six months to December 31, 2015.
Government-mediated talks between Escondida union, BHP fail
Tue, 21 Feb 2017 07:57:00 +0200
A government-mediated meeting between BHP Billiton and striking workers at its Escondida mine in Chile has failed, and workers will head back to their encampment without any future dialogue planned, a union spokesman told Reuters on Monday. "The company is continuing with their stubborn posture, and thus there is nothing to discuss anymore and we're going back to our camp," spokesperson Carlos Allendes told Reuters after the meeting.
Vale scraps controlling bloc, merges shares in major transparency move
Mon, 20 Feb 2017 14:08:00 +0200
Vale SA plans to become a company with no defined controlling shareholder as soon as possible, in a landmark step aimed at enhancing transparency and equal rights for all shareholders in the world's largest iron-ore producer. In a Monday statement, Vale said controlling shareholders grouped under holding company Valepar SA agreed to renew an accord that keeps them together for three and a half years. The controlling shareholders will have to soon present a proposal to merge the company's several classes of stock into a single, common one by November.
Newmont appoints new head for South American assets
Tue, 21 Feb 2017 09:37:00 +0200
Gold and copper producer Newmont Mining has tasked mining executive Dean Gehring with leading its South American business, effective June 1. Gehring will succeed Trent Tempel, who is retiring after 33 years at the firm.
Yellen can't halt Trump gold rally that funds bet against
Mon, 20 Feb 2017 14:27:00 +0200
They should’ve had more faith. Hedge funds reduced their wagers on a bullion rally for the first time in three weeks, just before prices neared a two-month high and capped a third straight week of gains. Not even Federal Reserve Chair Janet Yellen’s outlook for higher US interest rates has been enough to disrupt the gold party. Investors snapped up the metal as a store of value amid concern that President Donald Trump’s fiscal policies will bloat government debt. There’s also anxiety over  anti-establishment candidates in this year’s elections in the  Netherlands, France and Germany, who favor exiting the European Union.