Wescoal has taken one step closer to closing its proposed R526-million buyout of Keaton Energy, following unconditional approval by the Competition Commission. The acquisition, announced in February, will be settled through R351-million in cash and the balance through the issue of 87.80-million Wescoal ordinary shares.
ASX-listed Mustang Resources has taken another significant step in its strategy to ramp-up processing at the Montepuez ruby project, in Mozambique, with the start of bulk sampling on licence 8245L, in which Mustang recently acquired a 65% interest from Regius Resources.
The Competition Commission has approved triple-listed Coal of Africa Limited’s (CoAL’s) acquisition of Pan African Resources Coal Holdings, which owns 91% of the 50 000 t/m Uitkomst colliery, in KwaZulu-Natal. The acquisition was approved without conditions.
JSE-listed platinum and gold miner Sibanye on Wednesday received a Ba2 rating from Moody’s Investors Service with a stable outlook and a B+ rating with a positive outlook from Standard & Poor’s (S&P’s) Global Ratings.
Hwange Colliery Company Limited (HCCL) plans to reduce its workforce by as much as half and will restart underground operations in the third quarter as the Zimbabwean miner seeks to reduce costs and return to profitability. HCCL began a voluntary severance program in March and about 200 staff have already taken the option, MD Thomas Makore said in an interview Tuesday.
Environmental groups have labelled the $16.5-billion Carmichael coal and rail project a “disaster” for local communities and have dismissed Indian developer Adani’s development decision as an “empty public relations (PR) stunt”.
Construction of the Poplar Grove mine, in in Western Kentucky’s Illinois basin, is expected to start in July this year, with first production scheduled for July 2018.
The Australian Securities and Investment Commission (Asic) has requested the Takeovers Panel to order ASX-listed Lithium Australia to withdraw its rights over shares obtained in takeover target Lepidico after April 7.
Lithium Australia in February this year announced an off-market scrip bid for Lepidico, offering one of its own shares for every 13.25 Lepidico shares held.
Exploration company Osisko Mining has taken the first steps in the environmental approval processes for its cornerstone Windfall Lake project, in Quebec.
Mining major Rio Tinto plans to reduce its gross debt by $781-million through cash tender offers as part of its ongoing capital management plan. Rio Tinto Finance Plc and Rio Tinto Finance Ltd have made cash tender offers to buy up to $781-million of the outstanding securities due between 2021 and 2025.