Zimbabwe’s only operating nickel mine was on Thursday placed under administration, according to a government notice, seven months after halting production due to equipment failure and low prices. Zimbabwe’s government owns 70% of Bindura Nickel Corporation’s Trojan Nickel Mine which employs about 1 100 people according to Bindura’s latest annual report.
Tirupati offers to meet with shareholders who sought the removal of three directors
Specialist graphite producer Tirupati Graphite says its directors have offered to meet with shareholders who have requested a general meeting be held to allow shareholders to vote on the removal of three directors from the company’s board. The company, which has operations in Madagascar and Mozambique and is listed in London, on April 26 reported having received a letter from Walpole St Andrews Nominees, on behalf of a group of underlying shareholders holding, in aggregate, about 5.8% of Tirupati’s issued ordinary share capital.
West Wits to raise A$1.4m
To strengthen its balance sheet and fund its ongoing operations, ASX-listed West Wits Mining has secured firm commitments from unrelated existing and new sophisticated and professional investors to raise A$1.4-million, before costs, through a share placement. It intends to issue about 107.69-million fully paid ordinary shares at A$0.013 a piece.
TFR ramps up coal trains to 28 a week
State-owned Transnet Freight Rail (TFR) has embarked on a ramp up of GF-class coal trains from 21 a week to 28 a week, supported by an injection of locomotives. This is part of Transnet’s recovery plan initiatives, and a commitment made to the City of uMhlathuze leadership and other stakeholders during the Stakeholder Collaboration on Truck Congestion Solutions meeting held in the Port of Richards Bay, in KwaZulu-Natal, on November 21 last year.
Epiroc acquires South African rock drilling parts maker Weco
Swedish equipment manufacturer Epiroc has successfully acquired Weco, a South African manufacturer of precision-engineered rock drilling parts.
Weco has been operating in Krugersdorp, Gauteng, for more than 40 years, serving mainly underground mining customers in the Southern Africa region.
Anglo American boosts London’s FTSE 100 to near record high
Britain’s FTSE 100 opened near record highs on Friday, boosted by Anglo American after Reuters reported Glencore is exploring an approach for the miner, while Diageo advanced after naming a new chief financial officer. The blue-chip FTSE 100 was up 0.3% by 0709 GMT, a whisker away from a record high, and is set for a second straight week of gains.
Glencore studying an approach for Anglo American, sources say
Commodities group Glencore is studying an approach for Anglo American, two sources said, a development that could spark a bidding war for the 107-year old mining company.
Glencore has not yet approached Anglo, one of the sources said. The discussions are internal and preliminary at this stage and may not result in an approach, the source added.
Thungela announces passing of Thero Setiloane
Johannesburg Stock Exchange-listed coal mining company Thungela Resources has announced the passing of Thero Setiloane, who served as an independent nonexecutive director of the company. “His contribution to the group, his in-depth knowledge of the mining sector, and his warm personality will be missed,” Thungela stated in a Stock Exchange News Services announcement on Thursday.
Anglo bidder BHP intends maintaining long-standing JSE listing
Diversified mining major BHP, which has made a rejected proposal to combine with Anglo American by way of a scheme of arrangement, confirmed on Thursday that it intended maintaining its multi-decade listing on the Johannesburg Stock Exchange (JSE). BHPalso emphasised that, under its Anglo proposal, South Africa would continue to benefit from Anglo American Platinum and Kumba Iron Ore operating as independently listed South African companies investing in local operations, communities, and jobs.
Discovery, development are mining’s only true value creation drivers, Barrick highlights
Discovery and development are the only true drivers of value creation in the mining industry, Barrick president and CEO Dr Mark Bristow highlighted on Wednesday, when this standout gold and copper mining company once again declared a dividend in reporting its first quarter results that position the company well to meet its full year targets. The year-on-year net earnings per share of the New York- and Toronto-listed company headed by South African-born Bristow increased by 143% for the quarter, while adjusted first-quarter net earnings per share grew by 36%. (Also watch attached Creamer Media video.)