Fraud is a significant burden on the mining industry and is likely to cost companies an average of 5.85% of turnover every year, but catching it before it happens is often the best weapon to combat this scourge.This figure is based on 20 years of data across more than 40 sectors, including natural resources, and the true cost to the mining industry is likely to be much higher, owing to the inherent fraud issues facing the sector and the endemic fraud issues in mining hotspots around the world, UK-based audit, tax and advisory firm Crowe Clark Whitehill head of forensic and counter fraud services Jim Gee tells Mining Weekly Online in an email interview.
Tanzanian President John Magufuli’s deepening dispute with companies he accuses of being tax cheats is rattling investors and dimming the allure of one of Africa’s fastest-growing economies. Since taking office in late 2015, Magufuli has been on a drive to increase revenue from natural resources to help fund his industrialization plans. His administration has passed laws enabling it to renegotiate contracts and ordered foreign mining firms to sell stakes on the local stock exchange to increase transparency. The authorities have hit Acacia Mining with a $190-billion tax bill, curbed its exports and detained a senior employee, and seized gems and questioned staff from Petra Diamonds, alleging it hadn’t paid its dues.
WA’s stagnant post-mining boom jobs market gives way to growth amid renewed confidence in resources, as advertisements pick up and services companies in the IT and mining sectors report a surge in business.
Tanzanian prosecutors charged two government officials on Friday with economic sabotage after they were accused of undervaluing an export-bound consignment of diamonds seized from a mine majority owned by London-listed Petra Diamonds. Archard Kalugendo, director of the State-run diamond and gemstone valuation unit, and government gemstone valuer Edward Rweyemamu were jointly charged with being responsible for $1.1-million of lost tax revenue.
Senior Canadian miner Kinross Gold has revealed that it will spend about a $1-billion on two significant capital growth plans for the Phase 2 expansion of its Tasiast mine, in Mauritania, as well as the Phase W of the Round Mountain mine, in Nevada.
“With Phase 2, Tasiast’s annual production is expected to increase to more than 800 000 gold ounces per year for the first five years and significantly reduce costs. This strong improvement in Tasiast’s performance is expected to positively impact overall company performance metrics, strengthening our production profile and increasing cash flow.
Western Australian gold miners on Monday rallied in Kalgoorlie to protest the state government’s plans to impose a new royalty on the gold sector.
Treasurer Ben Wyatt earlier this month announced that a tiered royalty rate would be introduced from January 1, to assist the government in repairing the state’s finances.
Having decided to evolve into a diversified resource major from a pure play coal miner, Coal India Limited (CIL) has identified copper and nickel mines in Africa for its maiden overseas foray into noncoal minerals. KPMG has been appointed to prepare the roadmap that will see CIL emerge as a diversified mining company by 2030, following a Rio Tinto, Vale or BHP-type model. CIL will retain coal as a core business.
Gold miner Ramelius Resources has emerged as the victor in the bid for fellow-listed Evolution Mining’s Edna May mine, in Western Australia.
Evolution last week told shareholders that the company was evaluating the sale of the Edna May gold mine, after receiving a number of offers from interested parties.
The board of mineral sands miner MZI Resources has approved a higher throughput operating plan for its Keysbrook mine, in Western Australia, aimed at increasing production and reducing unit cash costs.
The plan will result in a throughput increase at Keysbrook from four-million tonnes a year achieved in 2017 to 5.25-million tonnes by the fourth quarter of 2018, as well as incremental low-capital cost modifications to the Keysbrook flowsheet.
Gold developer Gascoyne Resources has mandated the Commonwealth Bank of Australia and the National Australia Bank to arrange a debt facility of up to A$60-million to fund the development of the Dalgaranga gold project, in Western Australia. “Mandating tier 1 Australian lenders for the debt funding required for the development of Dalgaranga is a strong vote of confidence in the project and the work undertaken by the Gascoyne team since we finished the feasibility study in November last year,” said Gascoyne MD Mike Dunbar.
The Department of Trade and Industry has issued a special economic zone (SEZ) operator’s permit for the Musina-Makhado SEZ to South African Energy Metallurgical Base, a subsidiary of Chinese conglomerate Shenzhen Hoi Mor Resources. The permit, approved by Trade and Industry Minister Dr Rob Davies after recommendation from the SEZ Advisory Board, authorises the operator to develop, operate and manage the South African energy and metallurgical zone.
The head of Ukraine’s largest private power and coal producer, DTEK, said the company may have to halt production at one of its power plants or suspend import contracts if the government does not raise tariffs to account for expensive anthracite imports.
Pro-Russian separatists seized control of DTEK’s anthracite assets in early 2017, forcing the firm to cover its needs with imports from South Africa and elsewhere.
London’s black cabs going electric shows the new wave of automobile technology is already reshaping the metals industry.
After being closed for three years due to a weak market, Sapa SA’s aluminium plant in south Wales will reopen this week to supply lightweight parts for automakers such as London Electric Vehicle, the maker of black cabs.
UNIONDALE, Nueva York–(BUSINESS WIRE)–Openlink, líder mundial en soluciones de de gestión del riesgo, tesorería y comerciopara los sectores de los servicios financieros, corporativos, materias primas y energía, ha anunciado que Rich Grossi ha sido ascendido a CEO. John O’Malley ha pasado al puesto de presidente ejecutivo del Consejo, donde seguirá ayudando en la dirección estratégica de Openlink Financial. El comunicado en el idioma original, es la versión oficial y autorizada del mismo. La t
South Africa’s second-largest platinum mining company has initiated a process that may lead to staff reductions at its lossmaking Impala Rustenburg operation, where financial sustainability has deteriorated significantly over recent years. The Johannesburg Stock Exchange-listed Impala Platinum (Implats) reported last week that it was in the first phase of the review of an intended restructuring of Rustenburg after its headline earnings per share plunged to a 137c a share loss in the 12 months to June 30.
Eastern Platinum’s (Eastplats’) independent technical report (ITR), chrome mineral reserve estimate and economic assessment on its Barplats Zandfontein UG2 tailings storage facility (TSF), located at Crocodile river mine, has been completed, the dual-listed miner said on Monday. The ITR, undertaken by Sound Mining, confirmed mineral resource estimates of 13.68-million tons at an average grade of 20.72% chromium oxide and a mineral reserve estimate of 6.4-mineral tons, containing 1.4-million tons of chromium oxide at an average grade of 22.36%.
Aim-listed Goldplat expects growth in its recovery business to come from its Gold Recovery Ghana (GRG) subsidiary in the 2018 financial year. Goldplat, which on Monday released its results for the financial year ended June 30, noted the difficulty in procuring sufficient appropriate quality carbon material within Ghana for treatment by GRG forcing the subsidiary to procure material from West Africa and South America.
Botswana is amending its law to give the government the first option to buy diamonds that are unusually large or have other unusual features found in its mines, such as the world’s second-biggest 1 109 ct diamond discovered two years ago. The cornerstone of Botswana’s success has been one commodity, diamonds, coupled with a rigid adherence to prudent use of revenues, a rarity on a continent where natural riches are routinely squandered or stolen, or the cause of civil war.
CALGARY, Alberta & VANCOUVER, British Columbia & NEW YORK–(BUSINESS WIRE)–#arctic–Alpine Satcom and Global Satellite have partnered to deploy high speed data services to the high arctic for mining exploration activities.
Dual-listed Kibo Mining says it is near concluding a power purchase agreement (PPA), as well as securing project financing for its Mbeya coal-to-power project (MCPP) in Tanzania. A memorandum of understanding (MoU), as a precursor to a final PPA with Tanzania power utility Tanesco, has passed all the relevant legislative stages and is awaiting final confirmation from Tanzania’s Attorney General.
DUBLIN–(BUSINESS WIRE)–The “Global Emission Control Catalysts Market – Segmented by Metal, Application, End-user Industry and Geography – Trends and Forecasts 2017 – 2022” report has been added to Research and Markets’ offering. The global emission control catalysts market is projected to grow at a CAGR of 10.46% during the forecast period (2017-2022). Emission control catalysts are substances that aid in reducing particulate matter, hydrocarbons, nitrogen oxides and other emissions from the
Guinea bauxite mining company Societe Miniere de Boke (SMB) resumed operations Monday after riots interrupted deliveries at its three sites on Friday, General Manager Frederic Bouzigues told Reuters. SMB, owned by China’s Winning Shipping and Shandong Weiqiao, along with UMS International and the Guinean State, expects to reach full capacity in two to three days, Bouzigues said.
ASX-listed Sumatra Copper & Gold has formed a strategic alliance with Indonesian gold producer Merdeka Copper Gold to extend the mine life and possibly increase production from the Tembang gold-silver operation, in Indonesia.
Merdeka will fund ongoing exploration work at Tembang, spending an initial $1.5-million over the next six months. In turn, Sumatra will issue chess depository interests (CDIs) to Merdeka at a price representing the five-trading day volume-weighted average price of Sumatra shares prior to a formal agreement on exploration programme.
he South Australian government will spend A$4-million over the next four years on a research consortium, led by the University of Adelaide, to develop advanced technologies to boost copper production and to develop a globally competitive mining technology services sector.
The University of Adelaide will invest A$4.46-million in the consortium, with the remainder of the A$14.6-million funding coming from a range of mining and research partners.
ASX-listed Resolute Mining has become a member of the World Gold Council (WGC). “We are delighted that Resolute has joined the WGC alongside some of the world’s leading and most forward-thinking gold mining companies. I look forward to working with Resolute’s CEO and MD, John Welborn in shaping the agenda to ensure the continued growth and vibrancy of gold demand worldwide,” WGC CE Aram Shishmanian commented in a statement issued on Monday. “Our ambition to unlock further value across Africa and Australia relies on an expert understanding of the broader gold market. As such, the WGC’s insight into market dynamics and its contributions to further widening access to gold will strengthen our ability to deliver new opportunities for our shareholders and the communities in which we operate. Together, we can ensure the gold market keeps growing and improving,” added Welborn.
UNIONDALE, N.Y.–(BUSINESS WIRE)–Openlink, leader mondiale nelle soluzioni di trading, tesoreria e gestione dei rischi per il settore energetico, delle materie prime, delle imprese e dei servizi finanziari, ha annunciato che Rich Grossi è stato promosso a nuovo CEO dell’azienda. John O’Malley passa all’incarico di presidente esecutivo del consiglio di amministrazione e, nel suo nuovo ruolo, continuerà a supportare la direzione strategica di Openlink Financial. Negli ultimi due anni John O’Mall
UNIONDALE, État de New York–(BUSINESS WIRE)–Openlink, leader mondial des solutions de trading, de trésorerie et de gestion des risques pour les secteurs de l’énergie, des produits de base, du commerce et des services financiers, a annoncé la promotion de Rich Grossi au poste de PDG. John O’Malley change d’affectation et assurera le rôle de président exécutif du conseil d’administration, où il continuera de soutenir la direction stratégique d’Openlink Financial. Cela fait deux ans que John O’M
With a secondary listing on the JSE now firmly under its belt, Australian base metals firm Orion Minerals is looking to reignite the development of a South African mining asset it believes was abandoned well before its prime – the Prieska zinc/copper project, in the Northern Cape. However, for Orion, it is not so much the reviving of an old mine, but rather the “building of a new mine on an old mine’s footprint”, applying modern technology that previous generation miners never had, to unveil the orebody gems believed to be hidden in the region.
TORONTO–(BUSINESS WIRE)–Americas Silver Corporation (TSX:USA) (NYSE “MKT”:USAS) (“Americas Silver” or the “Company”) is pleased to provide updated mineral reserve and resource estimates for its two 100% assets, the Galena Complex in Idaho, USA and the Cosalá Operations in Sinaloa, Mexico, including the San Rafael, El Cajon, and Nuestra Senora mines, and the Zone 120 deposit. This updated Mineral Reserve and Resource estimate reflects the drilling programs completed between January 1, 2016 and
DUBLIN–(BUSINESS WIRE)–The “Global Corundum Market – Segmented by Variety, End-User Industry and Geography – Trends and Forecasts 2017 – 2022” report has been added to Research and Markets’ offering. The Global Corundum Market has been estimated at USD 19.71 billion in 2015 and is projected to reach USD 27.25 billion by 2020, at a CAGR of 6.7% during the forecast period from 2015 to 2020. Asia-Pacific is the largest and the fastest growing region in the world, with China being the major produ
ASX-listed junior Avanco Copper has revised its agreement with TSX-listed Jaguar Mining over the CentroGold project, in Brazil. The two companies in 2016 entered into an A$8.45-million earn-in agreement under which Avanco could take full ownership of the project through various instalments.
The delayed ramp-up of expansion programmes, rising on-mine cash costs and a stronger rand have negatively impacted on LSE-listed Petra Diamonds’ financial results for the 2017 financial year, with net profit down 69% year-on-year to $20.7-million. Cash generated from operations were down 10% year-on-year to $160.2-million, but revenue rose 11% year-on-year to $477-million.
Australian junior Davenport Resources has been issued a notarised certificate, which confirms its acquisition of three potash licences in the South Harz region of Germany and allows the company access to historic exploration data.
Davenport MD Chris Bain said on Monday that its exploration team, in conjunction with its consultants, Ercosplan, had started collecting and analysing the information from the Mühlhausen-Nohra, Ebeleben and Ohmgebirge licences.
Gold developer Dalradian Resources is considering investing in technology to separate high-grade gold from waste at the Curraghinalt project, in Northern Ireland, using ore sorting technology.
The company recently had a bulk sample of 5 t of mineralised material grading 9.52 g/t tested by Outotec, in Germany, and was presented a “very good results”, Dalradian COO Eric Tremblay reported on Monday.
