Monday, November 20, 2017

Sam Walsh, CEO of Rio Tinto, declared himself unconcerned at reports that China would fail to achieve 7% economic growth this year.

Jindal Steel & Power, India's third largest steelmaker by value, was in discussions with the Liberian government to buy the Wologizi iron ore mine.

Pan African Resources said it had agreed a two-year wage deal with NUM and UASA in which it would pay about 8% a year in salary increases.

Anglo-Australian mining group, Rio Tinto, expected its 2016 capital spending budget to fall by $500m to $5bn.

Jimmy Gama, treasurer for the Associated Mineworkers & Construction Union said he was optimistic job losses could be yet further minimised at Amplats.

Shares in Coal of Africa gained 12.5% in Johannesburg after saying it had raised R250m from the sale of its mothballed Mooiplaats colliery.

Union membership on South Africa's mines remained fluid, said general-secretary of the National Union of Mineworkers, Frans Baleni.

Solidarity said Lonmin threatened to invalidate the framework agreement by removing the union's organisational rights.

Sam Walsh, CEO of Rio Tinto, said the group would cut capital spending to $8bn in 2015 - half its outlay in the last financial year.

A private equity firm backed by Barclays is to build a 3.6 million tonne/year copper mine in Botswana's Kalahari Copperbelt from 2016.