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FINANCE

Obtala to sell Paragon loan notes to Titanium Capital

0 COMMENTS
Aim-listed Obtala Resources has entered into an agreement to sell its nearly £2-million of loan notes in diamond development and production company Paragon Diamonds to Titanium Capital Investments for £998 000. Titanium could convert the notes...
27th August 2014
 
 
FINANCIAL RESULTS

Kenmare H1 revenues flat amid subdued prices, weak market conditions

0 COMMENTS
London-listed Kenmare Resources’ revenue for the six months ended June 30, remained flat at $81.2-million, as increases in sales volumes were offset by lower prices and weak market conditions. During the period under review, the company lifted...
27th August 2014
 
 
COAL

CoAL to pay Grindrod $10m for Matola capacity underutilisation

0 COMMENTS
Matola Coal Terminal ASX-, Aim- and JSE-listed Coal of Africa Limited (CoAL) has reached a $10-million agreement with Grindrod subsidiaries Grindrod Corridor Management and Terminal de Carvão da Matola for the settlement of historic and future liabilities relating to...
27th August 2014
 
 
GOLD

Perseus FY results disappoint as it slumps to loss

0 COMMENTS
Dual-listed gold miner Perseus Mining has swung to a loss during the full year ended June, on the back of lower production from its Edikan mine, in Ghana, and the stronger Australian dollar. During the period under review, revenue decreased by...
27th August 2014
 
 
IRON-ORE

Miner Vedanta evacuates all expatriate staff from Ebola-hit Liberia

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Diversified miner Vedanta Resources Plc said it had evacuated all its expatriate staff from Liberia after the government in that country declared a state of emergency due to the Ebola virus. The company said in an emailed statement that it was...
27th August 2014
 
 
GOLD

Pay back millions, Aurora managers told

0 COMMENTS
The former managers of Aurora Empowerment Systems and some of their family and friends have been ordered to repay over R15-million to the company's liquidators. Judge Eberhard Bertelsmann on Tuesday granted an order in the High Court in Pretoria...
27th August 2014
 
 
PLATINUM

Sylvania falls into red in FY14

0 COMMENTS
Aim-listed Sylvania Platinum fell back into the red during the financial year ended June 30, as impairments weighed on profitability. The group, which had pulled itself back into profitability in the 2013 financial year, posted a net loss for the...
26th August 2014
 
 
IRON-ORE

Work starts on Mofe Creek social, enviro assessment studies

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Consulting companies Earth Systems and Earth Environmental Consultancy have started work in support of baseline studies to support ASX- and JSE-listed Tawana Resources’ environmental and social impact assessment (ESIA) studies for the Mofe Creek...
26th August 2014
 
 
PLATINUM

Lonmin says no decision yet on size and shape of restructuring

0 COMMENTS
Platinum producer Lonmin said it has not made a decision on the size and shape of a business restructuring and its immediate aim is to ramp-up production after a crippling five-month platinum strike that hit the sector this year. "No decisions,...
26th August 2014
 
 
COPPER

Zambia says to waive VAT rule on mining firms, refund $600m

0 COMMENTS
Zambia plans to waive a rule requiring mining companies and other exporters to produce import certificates from destination countries because it is impracticable, finance minister Alexander Chikwanda said on Tuesday. Chikwanda said the ministry...
26th August 2014
 
 
CAPITAL RAISING

CoAL raises cash to start 'value creation process'

0 COMMENTS
South Africa-focused Coal of Africa (CoAL) on Tuesday announced that it would raise up to £38.23-million ($64.9-million) under conditional agreements with existing and new investors. The miner, wihch is listed on the ASX, Aim and JSE, would...
26th August 2014
 
 
DIAMONDS

Hawks crack down on more illicit diamond dealers

0 COMMENTS
The Hawks expect to arrest more people linked to a multi-million rand illicit diamond dealing syndicate, spokesperson Paul Ramaloko said on Tuesday. "The operation continues, which includes raids and seizures. At least 35 people are targeted...
26th August 2014
 
 
 
 
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