London-listed Premier African Minerals is raising about £1.25-million through the issue of about 781.25-million shares at 0.16p each. It will use the funds raised for the ongoing mining operations at its Zulu lithium and tantalum project, in Zimbabwe, as well as for working capital purposes.
Consol Energy resumes shipments from marine terminal in Baltimore
Coal producer Consol Energy said on Tuesday shipments to international markets have resumed from its marine terminal in Baltimore.
Coal exports from the busy US port of Baltimore were disrupted in March following the collapse of a bridge that was struck by a massive cargo ship. Consol’s terminal was also shut following the incident.
Use resources to diversify African economies, unlock sustainable growth
A majority of African economies, or 83%, are highly commodity-dependent and are vulnerable to external shocks, experiencing good growth when commodity prices are high, but seeing growth reversal and setbacks when prices are low. Chad, for example, experienced an average of 9% growth in GDP between 2001 and 2014, but since 2015, the GDP of the country has contracted and poverty increased. GDP per capita is decreasing and developmental gains have been reversed because of the inability to sustain economic growth.
Anglo shareholder LGIM supports break-up plan as BHP circles
Anglo American shareholder Legal & General Investment Management (LGIM) supports the break-up plan announced by the company last week, it said on Monday, as the deadline approaches for BHP Group to log a formal takeover offer.
The radical plan to divest Anglo’s less profitable coal, nickel, diamond and platinum businesses followed its rejection of two all-share takeover approaches from BHP, the world’s biggest listed mining group, which had proposed a $43-billion deal on the condition that Anglo first spins off its South African operations.
Reserve Bank warns carbon taxes may cut exports by 10%
South African economic growth could be severely stunted if carbon taxes are widely imposed on its exports, according to a new report by the country’s central bank. The South African Reserve Bank (SARB) said the hit could reach 10% of exports and more than 9% of gross domestic product in 2050 under a worst-case scenario in which carbon taxes are slapped on all exports by all trading partners. But it also found the impact could be much lighter, in a summary of several studies into the implications of the European Union’a new Carbon Border Adjustment Mechanism on South African exports.
Zimbabwe to start gold-tracing system in bid to curb smuggling
Zimbabwe’s sole authorized buyer of gold will introduce a system that traces supply of the metal from mines to the market in a bid to stop smuggling. Fidelity Gold Refinery’s initiative will start on Sept. 30, General Manager Peter Magaramombe told miners Monday in the capital, Harare.
Zimbabwe asks miners to ramp up gold output to support ZiG currency
Zimbabwe has asked gold miners across the country to ramp up output to support the ZiG currency launched last month, according to Mines and Mining Development Minister Winston Chitando. “This new currency is anchored on gold production, we have to determine ways to increase production,” Chitando said Monday in a meeting with miners in the capital, Harare.
Kefi announces launch of Tulu Kapi project
Aim-listed gold and copper exploration and development company Kefi has announced that the Tulu Kapi Gold Mines (TKGM) board has formally launched the project. “Our launch timing is fortuitously coinciding with the improved conditions in Ethiopia and all-time high gold prices. Tulu Kapi’s high grade and high process recovery, combined with our project design, has resulted in a robust set of economics for long-term operations which should support further exploration and development along with good opportunities to continue supporting local social development projects such as the already provided local school and water supply. The returns for the capital investors and lenders are attractive and the recent exemptions from exchange controls has rendered the Ethiopian mining investment climate internationally competitive,” Kefi executive chairperson Harry Anagnostaras-Adams said on May 20.
Zimbabwe lithium miners table refinery plans under govt pressure
Four lithium mining companies have tabled plans to produce battery-grade lithium in Zimbabwe, a government official said on Monday. Zimbabwe, Africa’s top producer of lithium, which is used in electric vehicle batteries and to store renewable energy, is prodding miners to refine the mineral locally as it hopes to boost its economy.
Eskom board approves plan to operate Camden, Grootvlei and Hendrina to 2030
The Eskom board has given its approval for the continued operation of the Camden, Grootvlei and Hendrina power stations to 2030 – a departure from the original decommissioning schedule that has reportedly been endorsed by Cabinet. In response to a question posed by Engineering News during an update on the Energy Action Plan, head of generation Bheki Nxumalo said: “We have just recently received board approval to run three of our stations – that is Hendrina, Grootvlei and Camden – up until 2030.”