Botswana rules out reckless De Beers spending
BOTSWANA will not compromise its financial stability to increase its stake in De Beers, said Bloomberg News citing the country’s vice president Ndaba Gaolathe. The country, whose…
What resource nationalism means for Africa’s miners
Governments across Africa are seeking to assert greater control over their mineral wealth by rewriting mining codes, demanding larger equity stakes or greater local…
Exxaro sells Moranbah South to Aussie miner for R1.68bn
EXXARO Resources has sold its stake in Australian metallurgical coal mine Moranbah South to Stanmore Resources, a Brisbane-based coal producer, for $105m (R1.68bn). The South…
Can De Beers make diamonds forever again?
So … diamonds are forever, you say. Are we sure about that? The diamond market has, over the past few years, seen a cataclysmic shift that threatens its foundations to the core…
Diamonds to stay in Anglo Teck until anti-trust approval
IT was goodbye. As chair Stuart Chambers opened the interim results presentation recently for Anglo American, which is due to merge with Canada’s Teck Resources, he said: “I have…
Anglo not exclusive with any buyer for De Beers, says CEO
ANGLO American had not entered into an exclusive agreement with any of the bidding consortiums for De Beers, said the group’s CEO, Duncan Wanblad. “We are not exclusive with any…
Anglo in talks to sell De Beers for $1bn
ANGLO American is discussing a deal worth about $1bn to sell its De Beers diamond business, a fraction of what the one-time diamond monopoly was once worth, said Bloomberg News.…
Anglo’s diamond pain deepens as prices sink 32%
THE crisis in the diamond market appears unrelenting, with Anglo American disclosing in a production report on Thursday that average prices for uncut gems plummeted 32% during…
Botswana weighs options as Anglo picks De Beers bidder
ANGLO American has identified a preferred bidder for its 85% stake in De Beers, leaving Botswana to decide how it will exercise its right of first refusal, Reuters quoted a…
Why De Beers opted to shut Venetia diamond mine
DE Beers is preparing to shutter South Africa’s largest diamond mine for two years, threatening thousands of jobs and removing roughly two-fifths of the country’s diamond…
Anglo knocked as key De Beers bidder pulls interest
ANGLO American’s auction of its storied diamond division De Beers has turned out to be a bit of a dog show, with many of the potential bidders apparently dropping out amid…
Amid the gloom, De Beers sees glimmer of hope
SHOPPING for platinum jewellery, especially of the bridal variety, has become more expensive in the past year thanks to the 35% improvement in the metal’s price. But for a good…
Exxaro in advanced talks on copper diversification
EXXARO Resources is in advanced discussions regarding a potential copper investment which it hopes to advance in the next 12 months, the group’s head of business development said…
Consortinum led by ex-De Beers boss leads race to buy miner
A CONSORTIUM led by Gareth Penny, the former CEO of De Beers, has emerged as the frontrunner to acquire the world’s largest diamond miner as the Iran conflict disrupts rival…
Cash-flush Omnia sails through Iran crisis
OMNIA 2026 is a far cry from Omnia 2019, when the fertiliser, explosives and chemicals group nearly collapsed under the weight of its R6.8bn debt. Back then it was forced to tap…
Giyani Metals seeks partners for $535m Botswana mine
GIYANI Metals said on Thursday a proposed $535m manganese project in Botswana had “strong economics” ahead of progressing talks with strategic partners. A definitive feasibility…
Anglo unveils new deal to sell Aussie coal mines for $3.86bn
ANGLO American today announced the sale of its remaining steelmaking coal assets in Australia, a critical step in a restructuring unveiled two years ago to the month. Anglo said…
Zhaojin targets African gold mines as M&A heats up
CHINA’S Zhaojin Mining Industry is scouting for gold mine acquisitions in Africa, Central Asia and the Asia Pacific, with West African countries including Côte d’Ivoire, Ghana…
Botswana president visits Oman to advance De Beers bid
BOTSWANA’S President Duma Boko has travelled to Oman to sign cooperation agreements and advance his country’s efforts to acquire a controlling stake in diamond giant De Beers,…
Kemcore to build African mining chemicals plants
MINING chemicals importer Kemcore is to construct processing facilities in Botswana and Angola, said Reuters on Friday. Kemcore believes the move will reduce the risk of African…