Aim-listed coal miner Ncondezi Energy has raised an additional $582 000 from existing lenders and senior management to fund the search for a new partner and to provide working capital for the group.
Poland’s thermal coal sector is set for several years of growth, supported by a commitment to expand coal-fired power generation capacity. However, the outlook for coking coal is less rosy, owing to waning demand from the steel industry.
Rio Tinto said on Friday it has completed a planned bond buyback, reducing gross debt by $2.5-billion, with the early redemption costs likely to reduce first-half underlying profit by about $180-million. The global miner said that since the start of 2016 it has reduced the face value of outstanding bonds to about $9.5-billion from around $21-billion.
A coalition of eight civil society and community organisations has launched proceedings in the Pretoria High Court against India-owned mining company Atha-Africa Ventures, asking the court to stop the miner from starting any activities inside the Mabola protected environment, located outside Wakkerstroom, in Mpumalanga.
West Africa-focused diamond and gold exploration company Golden Saint has recovered 14 diamonds, weighing a total of 10.46 ct, from its Tongo licence, in Sierra Leone. The diamonds range from 0.25 ct to 2.15 ct apiece, while some 23.62 g of alluvial gold was also recovered from the gravels treated.
Diversified mining company South32 has awarded a three-year, R158-million contract at the Wolvekrans Middelburg Complex to 100% black-owned Modi Mining, which aims to source up to 90% of its labour from the nearby communities. The award marks an advance on the ASX- and JSE-listed company’s plans for a more inclusive supplier landscape.
Vermiculite miner Black Mountain Resources has raised $1-million, with the funds to be immediately deployed to delivering operational improvements at its Namekara mine, in Uganda. The ASX-listed miner said the funds were raised through the placement of 25-million fully paid ordinary shares at $0.04 apiece to new cornerstone investor, Investmet.
JSE- and ASX-listed Resource Generation (Resgen) has confirmed the payment of $2.74-million through its second drawdown under the extended facility agreement with Noble Resources International, while work continues to secure project funding.
Coal of Africa Limited (CoAL) on Wednesday said ArcelorMittal South Africa (AMSA) was no longer classified as a substantial shareholder in the miner. AMSA’s shareholding in CoAL has decreased to 126-million ordinary shares, or 4.93% of CoAL’s shares.
UK energy developer Oracle Coalfields is a step closer to finalising the necessary approvals for a mine-mouth power plant in Pakistan with a date now having been set for public hearings to consider the project’s environmental and social impact assessment (ESIA).