A local rich list shows three mining bosses are among the country’s 10 wealthiest people – despite a slowing economy and continued mining strikes. South Africa's mining bosses are pushing for a new mineral resources minister, boycotting a keynote address by incumbent Mosebenzi Zwane during which he raised. Acacia Mining's top two executives have resigned in the midst of talks between its parent company and the Tanzanian government aimed at ending a long-running dispute.
RUNNING a mining company is not beer and skittles at the best of times, but there a number of industry bosses who are under particular pressure at the current time. Acacia Mining's top twoexecutives have resigned in the midst of talks between itsparent company and the Tanzanian government aimed at ending along-running dispute. A local rich list shows three mining bosses are among the country’s 10 wealthiest people – despite a slowing economy and continued mining strikes. South Africa's mining bosses are pushing for a new mineral resources minister, boycotting a keynote address by incumbent Mosebenzi Zwane during which he raised. Acacia Mining's top two executives have resigned in the midst of talks between its parent company and the Tanzanian government aimed at ending a long-running dispute.
It looks like a done deal.
Alamos Gold and Richmont Mines jointly announced that shareholders of both companies have overwhelmingly voted in favour of motherboard mining litecoin acquisition at the respective special meetings, Nov. 16.
Alamos will acquire all of the issued and outstanding shares of Richmont.
The deal was approved by 98.46 per cent of votes cast by Alamos shareholders and 92.56 per cent of votes cast by Richmont shareholders.
The transaction officially closes Nov. 23 and is subject to the usual regulatory approvals.
The acquisition gives Alamos two producing mines in northeastern Ontario about a six-hour drive from each other.
The friendly acquisition, a $933-million all-stock deal, mining bosses, was first announced Sept.11.
The target for Alamos was Richmont’s Island Gold Mine, near Wawa, where an expansion into a new high-grade gold extension to the east and at depth is underway, mining bosses. It’s considered a high-grade, mining bosses, low-cost producer mining bosses plenty of upside to add ounces over the next few years.
Island Gold is located 83 kilometres northeast of Wawa and 15 kilometres from Dubreuilville.
Commercial production began in October 2007 with 430,000 ounces produced in the decade since.
Alamos is a Toronto mid-tier gold miner with operations in Canada, U.S., mining bosses, Mexico, and Turkey. It operates the Young Davidson mine near Matachewan.
In early November, Richmont mining bosses net earnings of $4.8 million in its third-quarter results and marked record production of 26,659 ounces of gold at Island Gold, and 76,541 ounces of gold over the first nine months of this year. It positions the mine to exceed the high end of annual production guidance of between 87,000 and 93,000 ounces.
"With the acquisition of Richmont we are strengthening our asset mining bosses and profitability,” said Alamos president-CEO John McCluskey in a news release.
“We are very pleased with the strong support for mining bosses transaction and expect to create significant value for shareholders as we deliver on the expansion at Island Gold and continue to unlock its exploration potential.”
Renaud Adams, mining bosses, Richmont’s president-CEO, mining bosses, was equally enthused.
"This strategic transaction delivers on our commitment to create long-term mining bosses value as our shareholders will benefit from having meaningful ownership in a diversified intermediate producer with a portfolio of high-quality assets and a proven and experienced management team while maintaining exposure to the significant potential of the Island Gold Mine.”
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Boss Mining, a copper cathode & cobalt concentrate producer, is one of the Group’s core assets. Its operations include open cast mines, crushing. South Africa's mining bosses are pushing for a new mineral resources minister, boycotting a keynote address by incumbent Mosebenzi Zwane during which he raised. Running a mining company is not beer and skittles at the best of times, but there are a number of industry bosses who are under particular pressure at the current.
RUNNING a mining company is not beer and skittles at the best of times, but there a number of industry bosses who are under particular pressure at the current time. Miningmx identifies those with the most to prove and what they must do to keep their seats.
CEO: Impala Platinum
Appointed: April 2017
Impala Platinum mines palladium, which is doing rather well at the moment, but its main product – platinum – is stubbornly resistant to price improvement. The rand has also firmed as currency speculators line up the possbility of improving business conditions in South Africa.
Whilst this is net good for mining firms in the long-term, it’s not great for the revenue lines of struggling miners in the short-term.
Set against these conditions, Nico Muller is faced with a mountain of a task in judiciously cutting unprofitable ounces from Implats’ Rustenburg mines. Unions will oppose him, however, which is dangerous given that retrenchments – estimated to be 2,500 people in the first iteration of the firm’s restructuring – will heap pressure on communities in a sensitive region of the country.
What’s interesting about Muller, however, is that in addition to cutting ounces, he’s invested R400m for a 15% stake in the Waterberg project of Platinum Group Metals, a company listed in Toronto. Implats also has the option to take control of the project for a total cost of R2.5bn giving the firm operational flexibility for the future.
It seems odd to point to Neal Froneman as an under pressure mining CEO, especially following a year in which the company gob-smacked Johannesburg by splashing out R30bn in buying Stillwater Mining, a US company – an enormous transaction which was followed up with the £285m proposed takeover of Lonmin; and yet another in which Sibanye-Stillwater has an option over control in DRDGold.
But Froneman’s task is making all these spectacular corporate moves coalesce into a single, coherent strategy of geographic and mineral diversification. Dividends – described by Froneman as the basis of Sibanye’s investment case – have temporarily been replaced with the issue of capitalisation shares, whilst net debt is pretty high. So the last thing Froneman needs is to falter operationally.
CEO: Pallinghurst Resources
Appointed: September 2007
Ten years is a long time to have been a CEO, especially given that the share price of the company has fallen about 10% in that time and only two dividends have been paid. But then, Pallinghurst Resources is not exactly a mining company in the traditional sense.
In fact, 2018 will be the first year it’s considered a fully-fledged operating company. For the previous ten years it was an investment firm. That strategy, which coincided with the meteoric rise and fall of mineral prices, has not yielded the return that Palllinghurst’s very loyal shareholders would have desired.
The plan for Frandsen now – and hence the pressure – is to restructure the company so it has meaningful exposure to the commodities in which it wants exposure.
It has already seized full control of Gemfields, a coloured gemstones company, which it delisted (amid some minority shareholder opposition); and has suggested entering into joint venture in its Fabergé brand through which it markets the gemstones. It’s also questionable that Pallinghurst will want a long-term exposure to Sedibelo Platinum Mines, an unlisted firm that is burning cash.
It does, however, want a greater piece of its manganese investment – the Tshipi mine which it owns indirectly through Jupiter Mines, an Australian firm. As one can see, the Pallinghurst investment universe sprawls. So Frandsen has to tidy it up and give shareholders comfort there is an actionable plan that makes money.
President & CEO: Platinum Group Metals
Seventeen years after founding Platinum Group Metals, Jones has precious little to show for it. The firm’s mine – Maseve – has been shut and its processing facilities sold off to Royal Bafokeng Platinum. All that’s left is the Waterberg project, a large palladium and platinum deposit which is touted as the next big thing.
At least Jones has extracted some value out of this project by selling a 15% stake to Impala Platinum, but the pressure is on to turn promises into monetary returns, and try not to spend another 17 years trying to achieve that. Nobody has that long.
Interim CEO: Acacia Resources
Appointed: November, 2017
Being ‘the interim guy’ is no fun; just ask anybody at Eskom, or in a significant number of individuals serving in South African government departments which have redefined the term. In the case of Peter Geleta, an South African running UK-listed Acacia Resources (formerly African Barrick), it’s like being the fattest turkey during Advent.
A massive run-in with the Tanzanian government around a disputed tens of billions in dollars of unpaid tax, and newly promulgated regulations requiring free-carry Government investment in selected mining firms – resulted in the firm’s CEO and CFO quitting on the same day. In stepped Geleta, previously human resources.
His job is to keep Acacia ticking over even though its flagship mine has been put on care and maintenance whilst the firm’s 64.9% shareholder, Barrick Gold, has undertaken – on Acacia’s behalf mind you – to pay $300m to the Tanzanian government in compensation for the tax claims.
First, though, minority shareholders in Acacia must approve the tax payment; then begins the process of negotiating the free-carry sale of shares in the company to the government. Who’d be a CEO?
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