Guptas snap up Optimum Coal for R2.15bn
The Gupta family have bought Optimum Coal Mine out of business rescue through associate business Tegeta with Glencore advancing R400m to secure the deal.
Lonmin $400m rights offer under-subscribed
Lonmin's controversial $400m rights offer was under-subscribed by some 30% with the firm's bankers now seeking to place the shares in the open market.
Glencore to chase net debt down to $18bn
Glencore said it would chase net debt down to $18bn or $19bn by end-2016 and unveiled further capital expenditure cuts as low metal prices persisted.
Glasenberg renews call for lossmakers to shut
Ivan Glasenberg, CEO of Glencore, returned to a favourite theme of why mining firms continue to operate loss-making mines when closures would be easier.
Anglo’s Cutifani playing for time; praying for relief
Analysts emerged from a robust and sometimes brutal question and answer session after Anglo's investor day sceptical the restructuring went far enough.
Tharisa to chase down 10% cost reduction
Tharisa produced a maiden full-year profit but said for the current year it would seek a 10% reduction in costs and overheads.
Lurco-Burgh buy Exxaro’s Inyanda colliery
Lurco-Burgh, a joint venture between unlisted businesses, intends to beneficiate 25 million tonnes of coal in five years through the Inyanda Beneficiation Complex.
Anglo culls dividend, plans 60% asset reduction
Anglo American would slash its asset base by 60% and cut capital spending a further $1bn as it redoubled its efforts to survive the metal downturn.
Cutifani grilled in solvency vs. liquidity debate
Mark Cutifani, CEO of Anglo American, said investors liked his strategy and that Minas Rio, an iron ore mine, could be sold as it was not a priority one asset.
South32 Duvha coal supply mine ‘challenging’
South32's head of South Africa, Mike Fraser, said the Wolverkrans Colliery was a "challenging" operation that would be focused to break even.