Coal developer Paringa Resources has completed a bookbuild to raise A$53-million to complete the financing of its Poplar Grove mine, in Western Kentucky’s Illinois basin. The company on Tuesday told shareholders that it had received commitments for the placement of 102-million shares, at an issue price of 52c each, to institutional and sophisticated investors.
A new aspirant South African mining champion on Monday announced its intention to purchase Anglo American’s Eskom-tied domestic thermal coal operations in South Africa, which would position the majority black-owned start-up as the potential second-largest provider of coal to the State electricity utilty.
Mining giant BHP Billiton on Monday said any potential benefits of implementing a proposal tabled by minority shareholders Elliott Associates and Elliott International would be significantly overshadowed by the costs and associated risks of the suggested changes.
ASX-listed Tiger Resources has secured an extension for the first repayments on its $162.5-million senior financing facility. Taurus Mining Finance Fund, Resource Capital Fund and the International Finance Corporation have agreed to extend the date for payment of the first scheduled repayment instalment of $1.625-million and the second scheduled repayment instalment of $812 500 until May 1.
Unlike in previous years, producer Coal India Limited (CIL) missing its production target for 2016/17 has barely created a flutter in related industries.
Mining major Rio Tinto has revealed that it paid some $4-billion in taxes and royalties globally in 2016, and contributed more than $35-billion directly to economies in host communities.
Between 12-million and 13-million tonnes of coking coal exports will likely be delayed from Queensland, following ex-Tropical Cyclone Debbie.
Minority shareholders have presented mining major BHP Billiton with a plan that could potentially unlock up to 51% of value to company’s shareholders.
Fund managers Elliot Associates and Elliot International, which along with affiliates hold a 4.1% interest in BHP, have sent a letter to BHP management suggesting a three-tiered approach to unlocking this value.
Diversified mining company Anglo American on Monday announced the sale of its Eskom-tied domestic thermal coal operations in South Africa to a wholly owned subsidiary of Seriti Resources Holdings, a company majority owned by historically disadvantaged South Africans and led by a management team with extensive experience of operating and developing large coal mines in South Africa. The Eskom-ti
Aim-listed Vast Resources on Friday said that it was still awaiting approval from the Reserve Bank of Zimbabwe (RBZ) for the assignment of 49.99% of its loan account with Canape. The company noted that the outstanding approval would hamper its financing arrangement with SSCG Africa Holdings, which would provide Vast with $8-million, principally to advance core activities in Romania.