Legal, Investments & Finance

Wescoal leverages mining and trading divisions

Junior coal miner Wescoal announced on Wednesday that it is combining its mining and trading busineses to carve out a special position in the market. The company states that Wescoal Trading has contributed significantly to the strategic development...

Refinancing of $98 million BEE partner loans

Petra Diamonds said on Monday that it has entered into agreements with Absa and Rand Merchant Bank (RMB) who will directly finance its black economic empowerment (BEE) partners for loans due to the company. FirstRand Bank Limited acting through RMB...

Gupta’s to invest R800mn in new uranium mine

The multi-business empire of the Gupta family that includes interests in mining, infrastructure and publishing plans to raise about R800-million for a uranium mining company with assets in North West Province, South Africa. Gupta-owned Oakbay...

African Eagle to acquire Lime-Chem for $6mn

JSE-listed mining firm, African Eagle Resources (Eagle), on Thursday said it has taken steps to acquire iron ore miner, Lime-Chem Resources (LCR). Eagle said the aggregate consideration for the acquisition will be $6 million less the value of net...

Bassari gets $1mn in funding for Makabingui

Gold developer Bassari Resources, listed in Australia, announced $1 million in additional funding for its flagship Makabingui project in Senegal, West Africa. Bassari said the funding will be sourced via the issue of ‘Convertible Notes’...

Central Rand Gold in $150mn sale agreement

Central Rand Gold has signed a non-binding memorandum of understanding (MOU) with Hiria Group, a unit of Marsa (Canada) Group Holdings. The MOU may result in the sale of all its assets, which includes ageing bullion mines and prospecting areas...

SA mining firms continue to lose market cap

South Africa’s mining industry has seen a notable decline in financial performance in 2014 owing to weak international demand and local cost pressures, as well as labour unrest.   The result of this is evident in increasing impairment provisions...

Coal of Africa sells Mooiplaats to Blackspear

Coal of Africa (CoAL) announced that all regulatory approvals required by Haohua Energy International Resource have been granted for its equity raising programme. In addition, the company announced that sale and purchase agreement (SPA) for the...