“Operations throughout Rustenburg and the North of the Pilanesburg are operating as per normal,” Amplats spokesperson, Mpumi Sithole, said.

A group of workers had barred these employees from leaving underground on Friday last week, protesting in solidarity with four shop stewards that were suspended for “inappropriate” behaviour.

The four suspended workers were members of the militant Association of Mineworkers and Construction Union (Amcu).

They were accused of presenting fake membership applications in an effort to increase union membership numbers.

South Africa’s mines particularly in the platinum belt in Rustenburg are facing instability as the ANC-aligned National Union of Mineworkers (NUM) and Amcu continue to fight over official recognition.

Amplats is a member of the Anglo American plc group and is the world’s leading primary producer of platinum group metals. It is listed on the JSE.

Its mining, smelting and refining operations are in South Africa. In other parts of the world, the firm owns Unki Platinum Mine in Zimbabwe and is aggressively exploring in Brazil.

It also has many partnerships with black South African consortia. This is part of its pledge to black economic empowerment (BEE) in the mining sector in South Africa.

Amplat’s mining operations are found in southern Africa, South America, North America, Australia, Asia and Europe.

The post 2400 Miners Resurface Safely After Underground Incidence appeared first on Ventures Africa | .

According to Reuters, Kaberuka at a lunch in London, said: ‘‘The reality is that Africa is being ripped off big time… it is a collective idea and not just a G8 agenda, that we make sure everybody pays what is due.’’

The British Deputy Prime Minister Nick Clegg, Presidents of Ghana, Guinea, Senegal, Somalia, Tanzania and the Minister of Finance for Nigeria, were present at the meeting.

A report revealed the Democratic of Congo for example lost at least $1.36 billion in potential revenues between 2010 and 2012 due to cut-price sales of mining assets to offshore companies.

Kaberuku also said Africa should start to use its resources smartly since aid to the continent from the developed world had been reduced for the first time in 10 years.

The African Development Bank is a multilateral development and finance institution, established to target poverty, and to contribute to the economic and social progress of African countries.

The Bank forecasts growth in Africa at 4.8 percent this year with sub Saharan Africa – excluding South Africa- the fastest growing region at 6.6 percent.

‘‘Africa wants to grow itself out of poverty through trade and investment, we must ensure that there is transparency and fair trade’’, he concluded.

The post Resource Companies Are Ripping Africa Off – AfDB Chief appeared first on Ventures Africa | .

Reuters quoted Siphamandla Malchanya, an AMCU activist at Amplats as saying: “The workers are staying underground because they are cross that five of their leaders have been dismissed.”

News Agency AFP reported that workers refused to return to surface at the shaft following completion of the night shift at about 4am this morning.

According to the news agency, members of the Associated Mineworker and Construction Union (AMCU) are disputing the suspension of four colleagues who were implicated in fraudulent membership applications.

About eight members of the National Union of Mineworkers (NUM) were similarly suspended last week by Lonmin for the same practice. In both cases the two unions are attempting to inflate their numbers.

Deputy President earlier today vowed to deal with problems bedeviling the South Arica mining industry. Motlanthe said he was “optimistic “that the parties would reach a solution.

“We will pull together all loose strands, and I am optimistic we will find each other and agree on the issues affecting the industry.”

He said the parties would also tackle long-term solutions for the industry.

The post 4000 Anglo Platinum Workers Stage Underground Strike appeared first on Ventures Africa | .

South Africa’s mining sector has seen violent strikes in the past 18 months as workers downed tools for a number of reasons including wage hikes.

These strikes have seen the rand slide against a basket of global currencies, threatening to send Africa’s biggest economy into a tail spin.

“Our law enforcement agencies have been instructed not to tolerate those who commit crime in the name of labour relations. They will face the full might of the law,” he said in a speech to parliament.

Government would not take any sides in the battle for support between the militant Association of Mineworkers and Construction Union (AMCU) and the National Union of Mineworkers (NUM), a long-standing ally of the ruling ANC.

“Government does not take sides and does not favour any labour union over others in the mining industry. Our interest is in finding solutions,” Zuma said.

This was the first time that Zuma has come out so strongly against violence that often occurs during mine workers strikes.

Analysts have always criticised him for leaving mining companies and striking workers to sort out their problems without the government getting into the mix.

The post Zuma Calls On Striking Workers To Stop Criminal Activities appeared first on Ventures Africa | .

AMCU officials had threatened to go an illegal strike if no agreement was reached. According to Business Day (SA), no official talk were pencilled for Thursday.

Lonmin workers, the vast majority of whom are now AMCU members, have grown incredibly frustrated at the National Union of Mineworkers (NUM)’s lingering presence at the world’s third largest producer of the precious metal.

A looming strike by AMCU about union recognition at Lonmin’s platinum mine in Marikana was the major reason for the wildcat strike on May 14 and May 15 at Lonmin, along with the apparent killings of a local AMCU organiser the preceding weekend. The strike pushed pressure on the exchange rate of the rand.

The sticking point preventing a new union recognition agreement between NUM and AMCU, has led to an ultimatum by AMCU that may result in strike at Lonmin’s facilities if its demands are not met.

This week, Reuters quoted AMCU treasurer, Jimmy Gama, as saying: “The strike has already been decided. The meeting is to try and avert it.”

On Tuesday he said: “If we are unable to reach an agreement today, the notice (to strike) will be served tomorrow.”

However, the company said the unprotected strike will be illegal as the matter is set to go to arbitration later this month.

In 2012, Lonmin was thrown into turmoil after workers went on unprotected strike which saw 34 miners shot dead by police at the Marikana in August.

AMCU, which has emerged as the dominant union in the platinum shafts after a bloody turf war with the once unrivalled National Union of Mineworkers (NUM), has also led two brief wildcat strikes at Lonmin this year, most recently last month.

The assassination of members from both the Union has triggered the beefing up of security at the Lonmin mines.

Last week a NUM shop steward was shot dead at a Lonmin mine, weeks after an AMCU organiser was murdered in a tavern.

The post Strike Imminent At Lonmin After Failed Negotiations appeared first on Ventures Africa | .

This reminds analysts about the period when black economic empowerment (BEE) deals that were pegged against the performance of the share prices of underlying companies took a thorough beating after the outbreak of the global economic meltdown in 2007.

Calculations released by brokerage firm, Vestact, show that African Rainbow Minerals’ Patrice Motsepe, Assore’s Des Sacco and Exxaro Resources’ Sipho Nkosi lost a total R3.7 billion ($369 million) from January to the end of May this year.

The stock price of Rainbow Minerals (ARM) lost more than R4 billion ($400 million) starting from January until now because of the less-than-impressive price of iron and platinum.

Des Sacco, chairperson of Assore, a firm which has shareholdings in SA’s manganese and iron ore export industries, felt more pain than the others. Sacco’s Assore share price lost R2.27 billion ($227 million) this year.

Sipho Nkosi, CEO of Exxaro Resources, a firm heavily dependent on the price of thermal coal, had his 3 percent stake in the firm lessened to R291 million since the beginning of the year.

The price of thermal has fallen by about a quarter last year.

Most BEE companies that were formed through special purpose vehicles (SPV) model have seen their BEE deals collapse and they lost money.

Most of them have had to be refinanced by the banks and others have been battling to recover ever since.

To this day, BEE pundits have decided to do away with the SPV model as it really does suffer because it is pegged against the performance of the share price of the underlying companies.

The post Billionaire Losers: Mining Bosses Lose As Share Prices Plunge appeared first on Ventures Africa | .

Currently, Ivanplats has three key projects – the Platreef deposit on the northern limb of the Bushveld Igneous Complex is one of them. Friedland said that an empowerment partner would acquire a 26 percent stake in the Platreef project through a trust fund incorporated in South Africa representing locals, women, children and employees.

The other two projects - all based in the Democratic Republic of Congo – are an unused Kipushi zinc and copper mine in the Democratic Republic of Congo and the Kamoa copper exploration project in the same country.

The platinum project by Ivanplats is set to be its fist large inflow of foreign capital in recent years.

Mining mogul, Friedland was not explicit on the capital injection needed, and how the trusts would repay Invanplats, but he said Ivanplats would finance the transaction, which would come into being once the mining right was received.

Ivanplats will own 49 percent of the special purpose vehicle and 64 percent stake of Platreef, while the empowerment vehicle will control 26% and Japanese consortium comprising Itochu Corporation, Japan Oil, Gas and Metals National Corporation, and JGC Corporation will have the balance.

In February, Friedland said Ivanplats raised C$300 million at its initial public offer in Toronto in October. He said: “The whole idea was to list on the London Stock Exchange, but having been here we are thinking a listing here would be more appropriate than London.”

The mining tycoon also did not disclose whether Ivanplats will list on JSE on London.

Although, Ivanplats got a green light, it has not been an easy task as the project was almost derailed by the local community, which resisted exploration on the land.

According to the Business Day (SA), the Department of Mineral Resources lifted its suspension of exploration and drilling at Platreef after the “ratification of community compensation agreements” last month. Drilling is expected to commence later this month.

Meanwhile, Ivanplats project, which is still in the pre-feasibility stage, is expecting a positive responce from the department for a bulk sample which will allow it to construct an exploration shaft. Ivanplats said the engineering and infrastructure was supported by the most extensive feasibility study in the South Africa’s mining history.

Ivanplats had $216.6 million in cash and cash equivalents and $80 million in short-term deposits at its disposal as at March 31.

The post Friedland’s Ivanplats To Establish Platinum Mine In South Africa appeared first on Ventures Africa | .

Lonmin workers, the vast majority of whom are now AMCU members, have grown incredibly frustrated at the National Union of Mineworkers (NUM)’s lingering presence at the world’s third largest producer of the precious metal.

NUM had until July 16 to try and regain its majority status.

A looming strike by AMCU about union recognition at Lonmin’s platinum mine in Marikana was the major reason for the wildcat strike on May 14 and May 15 at the miner, along with the apparent killings of a local AMCU organiser the preceding weekend. The strike pushed pressure on the exchange rate of the rand.

The sticking point preventing a new union recognition agreement between Lonmin and AMCU, has led to an ultimatum by AMCU that may result in a strike action if its demands are not met.

Reuters quoted AMCU treasurer, Jimmy Gama, as saying: “The strike has already been decided; the meeting is to try and avert it.”

“If we are unable to reach an agreement today, the notice (to strike) will be served tomorrow,” he said.

However, the company said the unprotected strike will be illegal as the matter is set to go to arbitration later this month.

In 2012, Lonmin was thrown into turmoil after workers went on unprotected strike which saw 34 miners shot dead by police at the Marikana in August.

AMCU, which has emerged as the dominant union in the platinum shafts after a bloody turf war with the once unrivalled National Union of Mineworkers (NUM), has also led two brief wildcat strikes at Lonmin this year, most recently last month.

The assassination of members from both the Union has triggered the beefing up of security at the Lonmin mines.

Last week a NUM shop steward was shot dead at a Lonmin mine, weeks after an AMCU organiser was murdered in a tavern.

Ventures Africa could not verify allegations that NUM-ANC offices are of particular strategic importance to the ruling party because they represent a direct link between the economic hubs of South Africa and the rural areas in Eastern Cape and Kwazulu- Natal, where mine workers are generally recruited.

The post Lonmin, AMCU In Marathon Meeting To Avoid Strike appeared first on Ventures Africa | .

BHP Billiton is among the world’s biggest miners of aluminium, coal, copper, iron ore, manganese, nickel, silver and uranium. It also has massive interests in oil and gas.

It sold its 8.33 percent shareholding in East Browse and 20 percent in West Browse to PetroChina International Investment.

PetroChina is China’s largest oil and gas player, leading the oil and gas industry in the world’s second largest economy.

It is also one of the largest oil companies in the world. It is listed on the New York Stock Exchange, the Stock Exchange of Hong Kong Limited and on the Shanghai Stock Exchange.

On Friday, BHP Billiton said all mandated endorsements have been obtained from relevant authorities regarding the sale and all the parties put their signatures to the papers to finalise the deal today.

Browse LNG project is the latest LNG export facility on Western Australia’s north-west coast. It assists with the supply of gas from surrounding three gas fields.

Browse LNG programme is driven by the East and West Browse joint ventures run by a company called Woodside Energy.

The post BHP Billiton Divests From Australian Projects For $1.6 Billion appeared first on Ventures Africa | .

Ghana is Africa’s biggest gold producer after South Africa, producing more than 1.6 million ounces in the first half of 2012. The arrests made on its mine fields are part of an on-going crackdown on foreign nationals working illegally in small-scale gold mines reserved by law for Ghanaians.

“We have cautioned all the Chinese people in Ghana to strictly abide by the related laws and regulations”, said Yu Jie, a spokesman for the Chinese embassy in Ghana.

The issue has been widely discussed in the Chinese media, with some miners reportedly saying they want to leave but face hefty fines. Majority of the detained workers are from the poor county of Shanglin in China’s Guangxi Zhuang Autonomous Region, Chinese media say.

Chinese officials at the Chinese embassy are negotiating the release. They said most of the miners were detained for several reasons ranging from the immigrants expired residential permit, and without their visas.

In April, a ban was declared on Chinese immigrants engaging in illegal gold mining in the central region of Ashanti, as well as in western and eastern regions, to stop environmental damage.

The detained miners are being held at an immigration centre in Accra, and are awaiting deportation to China.

The post Ghana Deports 124 Chinese Illegal Gold Miners appeared first on Ventures Africa | .