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Guyana Goldfields starts underground construction
Published: 11 Nov 18
TSX-listed miner Guyana Goldfields has started underground development at the Aurora mine, in Guyana, completing the first blast on the Mad Kiss portal. The blast is a key milestone and marks the start of underground construction, president and CEO Scott Caldwell reported on Friday.
Second Australian iron-ore train derailed in less than a week
Published: 11 Nov 18
Australia’s iron-ore industry was hit with a second train derailment in a week when 30 empty ore wagons ran off the tracks in the southern part of Western Australia on Sunday. The second derailment happened at 7:30 a.m. Perth time south of Norseman as an ore train returned from the southern coastal port town of Esperance, Mineral Resources and Arc Infrastructure said in a statement Sunday. No one was injured and MRL locomotives pulling the ore wagons were not damaged. The track is closed.
Gold has bottomed, but not out of the woods – Refinitiv’s GFMS Gold has bottomed, but not out of the woods – Refinitiv’s GFMS
Published: 09 Nov 18
Early signs of renewed professional interest in the market and an improvement in grassroots retail activity may signal that gold has reached its bottom and that prices are set to rise, the GFMS team at Refinitiv said on Friday, but warned that the yellow metal was not out of the woods yet. Refinitiv is forecasting an average gold price of $1 224/oz for the fourth quarter, leading to a yearly average for next year of $1 285/oz. The metal has garnered some support from trade tensions, but the organisation stated that neither these concerns, nor the continued bartering in the European Union had intensified or dissipated.
De Beers, UN Women complete first round of trainer development workshop
Published: 09 Nov 18
De Beers Group and the United Nations Entity for Women for Gender Equality and the Empowerment of Women (UN Women), in partnership with Blouberg and Musina municipalities, on Friday completed the trainer development workshops aimed at equipping trainers to deliver capacity-building programmes to support women micro-entrepreneurs in Limpopo. A total of 17 local trainers have been provided with the appropriate skills to deliver training to the women entrepreneurs that will participate in the programme, which expects to reach around 500 women entrepreneurs over a three-year period to help them build and sustain successful businesses in areas ranging from retail, catering, agriculture, spaza shops and manufacturing.
Alrosa says October diamond sales down 28% y/y
Published: 09 Nov 18
Russian diamond miner Alrosa said on Friday that its sales of rough and polished diamonds totalled $242.8-million in October, a year-on-year decrease of 28%. Alrosa said in a statement that its total diamond sales from January to October rose 6% year-on-year to $3.9-billion.
Sanjeev Gupta's Liberty gets financing for Dunkirk aluminium smelter
Published: 09 Nov 18
Industralist Sanjeev Gupta's Liberty steel company has secured the financing for its acquisition of a Dunkirk aluminum smelter from Rio Tinto . The Liberty company said on Friday that it had entered into a committed financing agreement with a syndicate of major international banks. It said the term loan, secured on standard financial terms, provided for five years of committed funds.
Standard Bank launches Internet banking in Chinese
Published: 09 Nov 18
Financial services provider Standard Bank successfully launched its first Chinese Internet banking site in Angola this week. With more than 30 000 active Chinese-owned firms in Africa, Standard Bank believes it can grow Africa-China trade by building and managing an innovative and effective Africa-China banking corridor, which requires an understanding of the pain points that African clients face when accessing China.
Kubayi-Ngubane focuses on inclusivity, 4IR in discussions on STI White Paper Kubayi-Ngubane focuses on inclusivity, 4IR in discussions on STI White Paper Has Video
Published: 09 Nov 18
The South African National System of Innovation (NSI) is not yet fully inclusive and, since 1996, South Africa’s innovation performance, which is measured in patents and products, has been relatively flat, Science and Technology Minister Mmamoloko Kubayi-Ngubane said on Friday.
Kibo submits mining right application for Mabesekwa project
Published: 09 Nov 18
Aim-listed Kibo Energy has submitted its application for a full mining right for the Mabesekwa coal independent power producer project, in Botswana. This follows the company’s formal presentation to Botswana’s Department of Mines, which outlined the project’s envisaged development plan.
Sasol Oil reverses R1.3bn tax provision after favourable court ruling
Published: 09 Nov 18
Energy and chemicals group Sasol reported on Friday that it would reverse a R1.3-billion provision made in its 2018 annual financial statements after the Supreme Court of Appeal overturned an earlier adverse finding against Sasol Oil by the Tax Court. Sasol Oil and the South African Revenue Service have been in a long-running dispute over Sasol Oil’s international crude oil procurement activities for the tax years covering the period 2005 to 2014.
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