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Premier mining and commodity investment news

Shocking charges of serious environmental offences by Eskom

28 Apr 2020 /  Chris Yelland   26
Data supplied by utility described as a ‘gross misrepresentation’ – and no sign of action plan called for by government.

Gold bars are flying 11 000 miles to New York to ease supply squeeze

26 Apr 2020 /  David Stringer, Bloomberg   11
Gold coin, minted bars sales in March jump to highest since 2013.

Gold Fields says weathering coronavirus lockdown despite output dip

23 Apr 2020 /  Tanisha Heiberg, Reuters  
The company's shares were up 11.9% to R149.54 at 1015 GMT.

Village Main Reef says it will retrench some workers

23 Apr 2020 /  Tanisha Heiberg, Reuters  
The National Union of Mineworkers (NUM) said as many as 6 309 workers could lose their jobs.

Anglo American to cut capex, costs due to coronavirus impact

UPDATE
23 Apr 2020 /  Tanisha Heiberg, Reuters  
The company said savings would come from cutting costs and delaying non-essential capital expenditure.

Mine shutdowns plague metals even as some slowly return to work

23 Apr 2020 /  Krystal Chia and Maria Elena Vizcaino, Bloomberg   1
The fallout is difficult to quantify as countries extend, revise or relax measures to contain the crisis. 

Petra Diamonds moves towards $650 million debt restructuring – sources

22 Apr 2020 /  Clara Denina, Reuters   1
'The bond is 33 cents on the dollar and bondholders will have to decide what to do, convert the debt into equity or not,' one banking source said.

Wescoal says Eskom declares force majeure on coal supply agreements

21 Apr 2020 /  Tanisha Heiberg, Reuters  
Wescoal said the notification said the force majeure would apply from April, 16 until one month after national lockdown has been completely lifted.

Harmony Gold to resume reduced operations during coronavirus lockdown

UPDATE
20 Apr 2020 /  Tanisha Heiberg   1
The bullion miner said it expects it to take up to five working days to restart its underground operations.

Oil drops to 21-year low with storage filling as demand shrivels

20 Apr 2020 /  James Thornhill and Elizabeth Low, Bloomberg    2
Spread widens as global benchmark falls a lot less than WTI.

Implats executive in court on charges of contravening lockdown provisions

17 Apr 2020 /  Tanisha Heiberg, Reuters   14
Spokesperson for the miner says the issue is around interpretation of the restrictions.

Mining sector breathes a little more easily

17 Apr 2020 /  Ciaran Ryan   2
After partial relaxation of lockdown.

Absa to finance new coal projects under ‘extenuating’ circumstances

16 Apr 2020 /  Emma Rumney, Reuters   2
Adding such financing would be evaluated against criteria including the country's national development plan and World Bank guidelines. 

SA to allow mines to operate at 50% capacity during lockdown

UPDATE
16 Apr 2020 /  Tanisha Heiberg and Wendell Roelf, Reuters   4
Government would allow the phased recall of workers to some mines

South Africa mining faces 45 000 job losses on extended lockdown

16 Apr 2020 /  Felix Njini, Bloomberg    7
Production could slump 15%.
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