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Mining Weekly | Africa

The latest mining world news and project information from Africa.
  • Eskom approval is last remaining hurdle for R2.3bn Seriti Coal deal
    The black-empowerment consortium selected as the preferred bidder for Anglo American’s Eskom-tied coal operations is optimistic that the State-owned utility will approve the ceding of three coal supply agreements (CSAs) from Anglo to Seriti Coal by year-end. The R2.3-billion transaction was announced in April and Eskom’s approval is the last outstanding condition, following the Competition Commission’s sanctioning of the deal and the Department of Mineral Resources’ approval of a Section 11 mining rights transfer.
  • Asanko optimistic following encouraging Q3 production
    Despite three mill motor outages impacting on output in July and August, the third quarter of the year ended on a more positive note for dual-listed Asanko Gold, with the company maintaining its revised guidance of 205 000 oz to 225 000 oz of gold for the full year. While the Asanko Gold Mine (AGM), in Ghana, reported more than 5 000 oz of lost gold production during the first two months of the quarter under review, a “very respectable” 49 293 oz of gold was produced in the three months to September.
  • Barclays sued by fund for $850m for copper market abuse
    Red Kite Management, the world’s largest metals hedge fund, is suing Barclays Plc for alleged market abuse in the copper market that it claims cost the firm at least $850-million between 2010 and 2013. The case pits a $2-billion hedge fund against a bank that has been hit by a number of scandals in previous years, including large fines for manipulating Libor, the benchmark for interest rates.