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Portfolio Committee asks DMR to intervene at Optimum mine   Portfolio Committee asks DMR to intervene at Optimum mine
Published: 23 Feb 18
The Portfolio Committee on Mineral Resources has called on the Department of Mineral Resources (DMR) to intervene at the Gupta-owned Optimum coal mine and “establish with certainty” the future of the mine. Power utility Eskom late on Thursday confirmed that the mine, which supplies coal to its Hendrina power station, had started business rescue proceedings.
Indian govt pushing for JVs to acquire overseas battery mineral assets
Published: 23 Feb 18
The Indian government is considering pushing government-owned mining and mineral processing companies to form joint ventures (JV) to acquire strategic assets overseas. Senior official say that JVs will not only combine the mining expertise of these companies across various minerals, but also leverage the strong balance sheets of the companies and offer greater financial muscle in bidding for assets overseas.
Tax increases likely to shrink market, says auto industry bodies
Published: 23 Feb 18
The substantial increase in ad valorem vehicle excise duty rates announced in the National Budget this week – with the maximum duty for motor vehicles rising from 25% to 30% – together with the increases in value added tax (VAT), emissions taxes and the fuel levy, “will compromise vehicle affordability in South Africa and will probably have a significant impact on the size of the domestic market”, says National Association of Automobile Manufacturers of South Africa (Naamsa) president Andrew Kirby. The premium car segments of the market will be worst affected, he notes.
Rusal Q4 core earnings surge, Deripaska steps down Rusal Q4 core earnings surge, Deripaska steps down
Published: 23 Feb 18
Russian aluminium giant Rusal posted a 42% jump in fourth-quarter core earnings on Friday, helped by higher aluminium prices, and announced billionaire Oleg Deripaska would step down as president, as expected. Hong-Kong listed Rusal said fourth-quarter earnings before interest, taxation, depreciation and amortisation (Ebitda) rose to $586-million from $412 million in the last quarter of 2016. Analysts had expected core earnings of $598-million.
Rio Tinto says changing structure, moving some staff
Published: 23 Feb 18
Rio Tinto is moving some of its support staff as it creates three global hubs, but is not changing its operating model, it said on Thursday. Rio Tinto, the second biggest miner by market capitalisation, has listings in London and Australia, a headquarters in London and an Australian office.
Alberta govt accepts olive branch as BC seeks reference case on rights over oil exports
Published: 23 Feb 18
The political impasse over the much-needed expansion of crude oil export capacity from Alberta through Canada's West Coast seems to have been temporarily resolved. Alberta, which is host to the bulk of Canada's significant oil reserves, on Thursday said it would suspend a ban on the sale of British Columbia wines after its western neighbour announced that it would defer to the courts to affirm whether it has a right to protect its coast from increased oil shipments.
Finland takes top spot for mining-friendly investment Finland takes top spot for mining-friendly investment
Published: 23 Feb 18
Finland has ousted Saskatchewan as the top international jurisdiction for mining investment, Canada's Fraser Institute announced on Thursday. Canada's leading independent think-tank, the Fraser Institute, administers its Annual Survey of Mining Companies and ranks jurisdictions around the world based on a combination of their geological attractiveness for minerals and metals and their policy attractiveness.
Hudbay swings back into black as higher copper, zinc prices lift Q4 profit
Published: 23 Feb 18
Canadian base metals producer Hudbay Minerals has reported higher fourth-quarter earnings and sales as higher copper and zinc prices pushed the miner back into the black, the company reported on Wednesday. The TSX- and NYSE-listed miner said a 32% year-on-year rise in copper prices and 29% higher zinc prices over the same period lifted net income for the quarter ended December 31, to $99.7-million or $0.38 a share. This contrasted with a net loss of $47.3-million, or $0.20 a share, in same quarter of 2016.
Cobalt 27 buys royalty on Dumont nickel/cobalt project
Published: 23 Feb 18
Canadian cobalt investment vehicle Cobalt 27 has bought a 1.75% net smelter return royalty (NSR) on all future output of nickel and cobalt from Canadian diversified miner RNC Minerals' Dumont project, in the Abitibi region of Quebec, for $70-million. Dumont is thought to contain the world's largest undeveloped, permitted and construction-ready reserves of nickel and cobalt – two metals increasingly in demand for their respective roles in making lithium-ion batteries.
Torex ramps up ELG throughput; reports Q4 loss
Published: 23 Feb 18
TSX-listed intermediate Canadian gold producer Torex Gold has reported a net loss of $25-million, or $0.31 a share for the three months ended December, after the flagship El Limón Guajes mining complex (ELG) was forced to shutter following a road blockade. In what can very well be termed an annus horribilis for the company, Torex reported a full-year 2017 net loss of $12.6-million, or $0.16 a share.
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