The African National Congress has proposed a tax to raise R40 billion: the Resource Rent Tax would take 50% of a mining company's profits that exceed 15% return on their investment.
Giant miner Rio Tinto said Monday that it has started exporting premium hard coking coal from its Mozambique Benga Mine, its first shipment of 34,000 tons has left the Port of Beira and is bound for an Indian steel mill.
Giant miner Rio Tinto (LON:RIO) continues to build its reputation as the most bullish of the major mining companies after it announced today it will spend $4.2 billion on top-tier iron ore projects.
Gold bugs are waiting with bated breath for news that the Federal Reserve and its Chairman Ben Bernanke have agreed to further asset purchase programs when the Open Market Committee releases its policy statement on Wednesday.
The $1.5 billion company currently operates three gold mines: the Mana Mine in Burkina Faso, the Samira Hill Mine in Niger and the Kiniero Mine in Guinea.
Zimbabwe’s Deputy Mines Minister, Gift Chimanikire, confirmed an army-owned company owns 40% of Anjin, one of the most lucrative diamond concessions in the country.
Gem Diamonds said initial production at its Ghaghoo underground mine project in Botswana would be delayed until the first half of 2014 after an accident yesterday resulted in the death of two workers.