Poland's JSW, the European Union's biggest coking coal producer, reported on Wednesday it made a net profit of 864.53-million zlotys ($231.3-million) in the first quarter, thanks to a surge in coal prices and cost cutting. Analysts had expected JSW to report a net profit of 744-million zlotys, the company having made a net loss of 60-million zlotys in the same period last year.
Canadian miner Teck Resources does not expect a material impact on production at its Highland Valley copper unit because of unusual spring weather earlier in May, a spokesperson said on Wednesday.
JSE-listed Wescoal has received regulatory approval from the Department of Mineral Resources to start producing at its expanded Khanyisa colliery, in Mpumalanga.
JSE-listed Petmin on Wednesday said its Tendele Coal Mining subsidiary’s litigation against a former customer, including the High Court action, was still ongoing. Tendele Coal Mining is involved in legal proceedings with one of its former customers pertaining to disputes arising from a supply of discard agreement.
India’s Coal Ministry has laid down rules to ensure coal supply to thermal power plants that were constructed based on imported coal as part of a strategy to achieve ‘zero dependency’ on coal imports over the next three years.
Diversified mining company Vedanta has achieved its highest quarterly production in four years at Black Mountain in South Africa, where the Gamsberg zinc project is on track to begin production towards the middle of next year.
Nickel miner Western Areas has reported a A$13.3-million increase in the post tax earnings for 2017, on the back of discontinuing to equity account its investment in Bluejay Mining.
Anglo American has received bids for its New Largo project, in South Africa, as the company continues efforts to exit operations in the country that supply coal to local power plants, according to two people familiar with the process.
Global mining giant Rio Tinto on Monday launched a $2.5-billion bond buyback plan to reduce its gross debt. Under the plan, Rio Tinto has issued a redemption notice for $1.72-billion of its 2019 and 2020 dollar-denominated notes and started cash tender offers, through Rio Tinto Finance, to buy up to $781-million of its five 2021, 2022 and 2025 dollar-denominated notes.
A financing agreement between Aim-listed miner Vast Resources and SSCG Africa Holdings (SSA) has been extended once again, pending approval by the Reserve Bank of Zimbabwe. In January, the parties entered into an $8-million agreement, comprising a $4-million long-term loan and a $4-million payment for 49.99% of Vast’s principal Zimbabwean assets.