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Investments & Finance

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...

Eastplats agrees to $225mn Chinese buyout

Eastern Platinum (Eastplats) announced that it reached a $225 million asset buyout agreement with a Chinese firm amid a difficult and ‘pressured’ platinum sector at present. The South Africa-focused platinum miner announced on Friday that the deal...

Gold decline taking toll on JSE index

Gold mining companies tugged down stocks on South Africa’s JSE as the price of the metal fell to a new four year low of $1 160 per ounce this week. This weighed on South African stocks that fell for a second straight session on Wednesday, as gold...

Harmony records a 16% lift in Q3 revenue

Harmony Gold had a 16% increase in gold sold which saw the JSE and New York-listed miner’s revenue increase by 18% to $412 million in Q3 2014. The gold miners revenue surge was also impacted on by a 2% increase in the Rand gold price received in...

AML acquires Marampa to quell iron ore slump

African Minerals (AML) has announced plans to blend its iron ore with that of a newly acquired partner as iron ore producers continue to grapple with a sluggish iron ore market. This week the steelmaking raw material hit a lowly $78.01 tonne mark...