De Beers Consolidated Mines, the South African arm of diamond giant De Beers, on Thursday said it had agreed to sell the Cullinan Diamond Mine as a going concern to the Petra Diamonds Cullinan Consortium for a consideration of R1-billion payable in cash.
The world's biggest resources group, BHP Billiton, on Monday piled pressure on Rio Tinto to take another look at its proposed $153-billion all-scrip merger by pitching the benefits of the merger to analysts and shareholders. Marius Kloppers, CEO of BHP Billiton, said the combination would unlock value that is otherwise unavailable.
The mining industry does not knowingly and willingly send people into mines to die, Chamber of Mines outgoing president Lazarus Zim said on Tuesday. Speaking at the chamber's annual general meeting, Zim said the mining sector shares concerns about the escalating accident and fatality rate at South African mines.
Indian conglomerate Tata may soon make a foray into South Africa's lucrative mining industry, a report in India's <i>Economic Times</i> claimed on Thursday. The report said the group could team up with one of South Africa's established mining companies instead of going it alone.
A 12-day-long strike at Sasol Mining in Secunda has come to an end with both Sasol and employees represented by the newly recognised United People's Union of South Africa trade union agreeing that work would resume on Thursday afternoon. An estimated 2 000 employees embarked on the strike almost two weeks ago.
South Africa's retail trade sales picked up again in August, increasing by 6,9% year-on-year, in comparison to July's 4,9% year-on-year rise, according to data released by Statistics SA on Wednesday. Total retail sales at constant 2000 prices reached R24,5-billion in August, up from R24,1-billion in July 2007.
The National Union of Mineworkers (NUM) said on Wednesday that it had struck a double-digit wage deal with platinum miner Lonmin. The trade union said it had signed a new two-year wage agreement with Lonmin that would see workers getting 10% in the first year and 8% in the second year.
While the mining industry continues to acquire a high degree of technical expertise, local people in mining-dependent economies have not acquired all the skills they need to grow and sustain vibrant economies beyond mining, Minister of Minerals and Energy Buyelwa Sonjica said on Tuesday.
South Africa's department of trade and industry said last week that it was concerned the Employee Share Ownership Scheme (Esop), proposed under Sasol's R17,9-billion BEE deal, "falls short of the level of empowerment envisioned in the codes". "The BEE Act and its accom-panying Codes of Good Practice were specifically intended for the benefit of black South African citizens," the department said.
AltX-listed independent power producer the Ispa Group on Friday said it intends to bring its 1 600MW combined cycle gas turbine power plant in Coega on stream as fast as possible "to meet the desperate need for power in South Africa".
The United Kingdom-based company is expected to spend more than R2-billion on the plant.
The deregulation of South Africa's liquid-fuels industry seemed no closer on Tuesday as the Department of Minerals and Energy kicked off the first Energy Summit in Sandton, Johannesburg, which is expected to set the tone for the review of the country's energy policies.
The Department of Trade and Industry (DTI) on Tuesday reiterated that it was "not at odds" with petrochemical giant Sasol over its proposed R7-billion employment share-ownership scheme. "Media reports about the Sasol ... black economic empowerment [BEE] deal would seem to indicate that there is some confusion about the department's position," the DTI said in a statement.