Magazine article African Business

Mining Roundup

Magazine article African Business

Mining Roundup

Article excerpt

January

In South Africa, some 70,000 workers at Lonmin (right), Anglo American Platinum and Impala Platinum go on strike demanding a doubling in wages, halting about 40% of global production.

Richards Bay Coal Terminal announced plans to expand capacity by 19m tonnes to 110m tonnes per year.

February

Paladian Energy suspends its uranium mining operation in Malawi, due to low prices.

Coal miner Keaton Energy agrees $4i.5m of financing with Investec.

March

Cote d'Ivoire passes a new Mining Code. On the 14th, gold prices reach their 2014 peak of $1,379/oz.

April

Guinea renounces BSG Resources title to the country's vast Simandou iron ore deposit.

May

Rio Tinto, Chinalco and the International Finance Corporation sign a $20bn deal to develop Guinea's Simandou iron ore deposit. The investment includes provision for a 650km railway and deepwater port.

Iron ore prices fall 25% from the start of the year to $l00/tonne.

Copper prices fall below $6,500/tonne.

Randgold Resources and AngloGold Ashanti open the Kibali gold mine in the Democratic Republic of Congo.

[ILLUSTRATION OMITTED]

June

The platinum and gold strike comes to an end after a record five months, costing the loss of about 1.2m oz ($2.2bn).

July

AngloGold Ashanti sells its Navachab Gold Mine in Namibia to QKR Corporation Limited for $110m.

August

Kumba Iron Ore's return to BEE entities reaches $2. …

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