African Rainbow Minerals to mothball loss-making Nkomati mine

The miner has agreed to form a joint venture with Saudi Arabian Mining Co (Ma'aden) to run its Jabal Sayid asset.

While final results will be released on July 22, Kumba Iron Ore expects first-half profit to slide by as much as 19%.

Platinum and palladium were also dragged higher by gold.

Sector now delivering some of the healthiest returns for many of the world’s biggest miners, including Rio Tinto and Anglo American.

Debate focused on modernizing or replacing century-old pricing process.

It has become economically unviable for miners to dig any deeper for the precious stones.

Minister of Mines and Energy Isak Katali said the idea is to give diamond dealers and manufacturers the opportunity to buy directly from locals.

As members pay per ounce of metal produced, both companies said they had to look at the cost-benefits of staying in the organization.

Deal will allow North River to fast-track the development of its flagship lead and zinc mine.