Kumba resumes divvy thanks to stronger iron ore prices in first half

Shares in Kumba Iron Ore (JSE:KIO) rallied Tuesday after the miner announced it would reinstate dividends after a two-year hiatus thanks to stronger prices for the steelmaking ingredient earlier this year. Delivering first-half results, the South Africa-based company noted that more efficient production helped boost earnings in the period earnings by 53%. The miner’s stock shot[…]

South Africa intends to suspend issuing mining rights

* Chamber of Mines says believes decision “unlawful” * Tussle over mining code raises uncertainty in sector * Mining makes up 7 percent of S.Africa’s GDP (Adds chamber response) South Africa intends to suspend the granting of applications for prospecting and mining rights as well as any renewals pending a court case to review new[…]

Anglo American appoints takeovers expert as new chairman

Anglo American (LON:AAL), the world’s fifth largest diversified miner, has appointed Stuart Chambers to succeed Sir John Parker as chairman of the group. Chambers, 61 and former chairman of UK chip designer Arm, will join Anglo as a non-executive director in September, replacing Parker in November. Stuart Chambers is known for his active participation in the sale of several[…]

Iron ore, copper price plunge brings carnage to mining stocks

Mining and metals investors were offloading the sector’s big names on Wednesday after sharp drops in iron ore and copper prices over worries about the robustness of the Chinese economy and heightened tensions surrounding North Korea with President Trump sending an “armada” of US warships to the region. While gold was setting fresh 2017 highs on the back of safe[…]

Top 50 biggest mining companies

Less red ink more blue sky MINING.com and sister company IntelligenceMine‘s ranking of the world’s 50 largest mining companies based on market value continues to show an industry in recovery. At the end of the first quarter this year the top 50 companies had a combined worth of $842 billion. In total these companies’ added $258[…]

Anglo American to sell Kumba despite iron ore rally — experts

Anglo American (LON:AAL), the world’s fifth largest diversified miner, will likely go ahead with its planned sale of its South Africa-based Kumba Iron Ore division, even though an ongoing rally in prices for the commodity has increased the asset’s appeal, experts say. According to BMI Research, while iron ore prices have climbed 90% in the[…]

Kumba Iron Ore settles tax dispute in South Africa

Kumba Iron Ore, one of the divisions Anglo American is trying to sell, has settled a long-standing tax dispute with the South African Revenue Service (SARS) by agreeing to pay R2.5 billion, considerably less than the original R6.5 billion it had been asked to cough up. The bone of contention was unpaid taxes, interest and penalties from[…]

South Africa blames AngloGod, Sibanye of refusing to comply with safety laws

The South African government has singled out two of the country’s biggest gold miners, Sibanye Gold (JSE:SGL) (NYSE:SBGL) and AngloGold Ashanti (JSE:ANG) (NYSE:AU), as responsible for risking workers lives by refusing to comply with mining laws. “If companies cannot mine safely, they should not be mining at all, and should allow other potential holders,” the Department of[…]

Copper takes some shine off Anglo American’s results

Anglo American (LON:AAL) reported Thursday higher output for most of the commodities it mines during the fourth quarter of last year, except for copper, which output declined a staggering 19% compared to the same period a year earlier. Anglo saw operational improvements across its portfolio, but copper output suffered from lower grades, bad weather and[…]