Woeful financials spark Aquarius sell-off
Aquarius Platinum’s financials all but confirmed the bleak situation CEO Stuart
Murray previously warned the company was facing, yet still achieved to rip another
10% from the group’s share price.
Xstrata takes $500m hit on Lonmin stake
Xstrata has taken an impairment charge of $514m against its 24.6% stake in
platinum producer Lonmin; an asset it is likely to dispose of should it merge
with Glencore International.
Alarm as Northam forced to rehash BEE deal
Northam Platinum said its empowerment partners had sold up to 10% of their
26% stake to meet bank covenants. However, the same BEE partners will
benefit from the new deal sparking outrage.
Former employees invade Kroondal, three dead
Mine violence broke out at Kroondal’s Kwezi shaft, a part of its Kroondal mine,
which is the only operation to survive brutal cutbacks amid a supply surplus.
Sable Pt backers say market will turn
It may seem folly to list a platinum exploration play while producers are closing
up shop, but mining’s a long-term game, say the people behind Sable Platinum.
Amplats’ Griffith has little margin for error
Anglo American Platinum’s Chris Griffith has inherited a rather unenviable
position in SA’s mining industry. However, he does seem to be extraordinarily
blessed with good fortune.
Atlatsa’s Bokoni will not be shut amid review
Atlatsa Resources said its R5bn recapitalisation programme with Amplats would
not be complete in July as forecast, but added there were no plans to close its
Bokoni mines amid Amplats’ restructuring review.
Nicolau felt Amplats had already cut back
Speaking to Miningmx before his resignation, former Amplats CEO,
Neville Nicolau, said he didn’t see the point in cutting ounces only for the benefit of the rest of the industry.
Lonmin hauls in capex, output growth
Lonmin cut production growth and said it might refinance its balance sheet amid
pricing conditions which, it said, may persist longer than anticipated.
Ominous for Aquarius as axe is sharpened
Troubles mount for Aquarius Platinum amid a cash negative performance from
its Kroondal mine; an operation it shares with Amplats.