JOHANNESBURG (Reuters) – New Zambian President Michael Sata is likely to back away from shaking up the nation’s vital copper industry significantly, despite his past attacks on foreign mining investment — especially when it comes from China.
Chinese companies, which have sunk $2 billion into Zambia to secure a share of its mineral wealth, may still be unnerved by Sata’s past accusations that they had created slave labor conditions with scant regard for safety or the local culture.
BRAKPAN, South Africa (Reuters) – The vast majority of South Africa’s gold lies deep underground but atop the mine dumps scattered around Johannesburg, you can actually walk on the stuff.
“You’re standing on gold right now,” said Charles Symons, chief operating officer for DRDGold, as he surveys a yawning crater 30 meters (90 feet) deep and 250 meters long blasted out of the Elsburg dump to the south of Johannesburg.
JOHANNESBURG, Sept 19 (Reuters) – AngloGold Ashanti
, the world’s third-largest gold miner, aims to use new
technology to go 5 kilometres (3 miles) below the surface to
unlock 70 million ounces, a conference heard on Monday.
The drive to a $125 billion resource will see blasting
eliminated and remove humans from the stopes where gold is
extracted, Mike MacFarlane, AngloGold’s senior vice president
for technology, told a mining automation conference.
JOHANNESBURG, Sept 18 (Reuters) – South Africa’s powerful
National Union of Mineworkers said on Sunday it had given
state-run power utility Eskom seven working days to
respond to its wage demands or face possible strike action.
Eskom, which provides virtually all the power for Africa’s
largest economy and the world’s top platinum producer, has said
a stoppage would be illegal as it provides an essential service
and any strike will almost certainly be challenged in court.
JOHANNESBURG (Reuters) – A disciplinary hearing that could decide the political fate of South African firebrand Julius Malema has been postponed until October, the ruling African National Congress (ANC) said.
Malema, leader of the ANC’s youth wing and named this week by Forbes magazine as one of the most powerful men in Africa, faces suspension or expulsion from the ruling party if found guilty on charges which include bringing the ANC into disrepute.
JOHANNESBURG, Sept 8 (Reuters) – The Zimbabwean unit of
Impala Platinum , the world’s second-largest producer of
the precious metal, said the government had taken steps to
revoke its operating licence and it remained in talks with
The government has been trying to get miners to transfer 51
percent stakes in their local operations to black Zimbabweans.
JOHANNESBURG, Sept 8 (Reuters) – Workers at South African
state-run utility Eskom are preparing to strike after
wage talks failed, one union said on Thursday, prompting the
power provider to rule any stoppage illegal because it provides
an essential service.
The strike and possible subsequent electricity cuts could
have a crippling impact on the world’s largest platinum producer
and hobble a fragile economic recovery.
HARARE/JOHANNESBURG, Sept 7 (Reuters) – A showdown looms
between foreign mining companies in Zimbabwe and the government
over its drive to force them to surrender 51 percent of their
local equity stakes to black investors.
Zimbabwe said on Tuesday it could prosecute or cancel the
mining licence of Zimplats , the local unit of Impala
Platinum , the world’s second largest platinum producer,
for failing to agree to comply with the policy.
LONDON/JOHANNESBURG, Sept 6 (Reuters) – Glencore ,
the world’s largest commodity trader, has almost doubled its
stake in takeover target Optimum Coal Holdings to 23.9
percent, and sources said shareholders had promised to sell much
Glencore said on Tuesday it had bought 24.6 million shares
in the South African coal miner at an average price of 37.98
rand on Monday.
JOHANNESBURG/LONDON, Sept 1 (Reuters) – Commodity trading
giant Glencore confirmed on Thursday that it aims to
take a controlling stake in South African coal miner Optimum
Coal Holdings with its local partner, prominent local
politician-turned tycoon Cyril Ramaphosa.
The deal would be worth around $1 billion at OCH’s current
This would be Glencore’s most significant purchase since its
record share listing, when it sacrificed its fiercely protected
privacy to gain the balance sheet firepower for making