Following the “decade of misery” in the steel markets, these are the “good times” now.
Despite wading through what is being dubbed the year of regulatory conflict, South Africa’s mining industry in 2017 has seen a turnaround in financial performance and the first substantial increase in revenue in five years, the latest PwC SA Mine report has shown.
Following an “extremely positive and transformational year” in which South Africa-focused Coal of Africa Limited (CoAL) achieved significant milestones, such as the settlement of significant liabilities and transitioning into a coal producer with the acquisition of the cash-generative Uitkomst colliery, the company will be advancing further toward self-sufficiency.
Zimbabwe coal mining and exploration company Hwange Colliery Company (HCC) recorded a 23% year-on-year decline in revenue for the six months to end June, it reported on Friday. The company’s revenue stands at $18.8-million, which is substantial decline from the $24.5-million recorded during the same period last year.
India’s captive miners of coal are outperforming merchant miner Coal India Limited (CIL) in terms of production growth.
CIL, which accounts for more than 80% merchant sales, produced 175.88-million tons between April and August 2017, which was down 1.7-million tons on its production a year earlier.
Mining company Exxaro and trade union Solidarity have signed a three-year collective agreement on wages and other conditions of service, Mining Weekly Online can report. The union said on Thursday that the first year’s pay increases of 7.5% to 10% would be back dated to July 1.
Indonesia's Energy and Mineral Resources Minister Ignasius Jonan said he disagreed with a proposal for domestic thermal coal to be priced based on a cost plus margin mechanism, amid pressure to reduce costs borne by the state power utility.
Lithium-boron developer Global Geoscience will raise A$30-million through an institutional placement to advance its Rhyolite Ridge project, in Nevada.
ASX-listed junior Xanadu Mines will raise A$15.4-million through a share placement to institutional and sophisticated investors to fund exploration activities and to repay debt.
The company on Thursday reported that around 76.8-million ordinary shares will be issued at a price of 20c each, under the company’s existing placement capacity, to both domestic and international investors.
A domestic coal shortage has forced Poland's largest coal exporter Weglokoks to order a shipment from the United States so that it can honour contracts with its overseas buyers.