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AngloGold announces demerger, $2.1B raising

ANGLOGOLD Ashanti has announced a demerger with all assets outside South Africa - including the Tropicana and Sunrise Dam mines in Western Australia - being put into a new London-listed company.

A demerger follows in the footsteps of BHP Billiton and fellow South African-based miner Gold Fields, which spun off its domestic assets into Sibanye Gold.

AngloGold said it had evaluated several options and decided that splitting the company into "simpler and more focused entities" was the best option.

The company plans to put all of its international assets into a UK holding company, dubbed Newco for now, and seek a listing on the London Stock Exchange.

Newco would hold 14 mines across nine countries, while AngloGold would retain the six South Africa mines and plans to consider other commodities.

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Double-digit unemployment for miners

LOCAL mining professionals are suffering double the national unemployment rate, according to research from the Australasian Institute of Mining and Metallurgy.

The AusIMM's annual professional employment survey, conducted across its 14,000 members, showed unemployment among local minerals professionals was 12.2%.

Geology professionals were facing the highest level of unemployment at 15.1%.

"Sustained high levels of unemployment are being felt across all minerals professional disciplines and all Australian states and territories," AusIMM president Geoff Sharrock said.

"The impacts of cost-cutting in the minerals sector have been particularly broad, deep and sustained.

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Western Desert collapses

THE falling iron ore price has claimed another victim, with Northern Territory producer Western Desert Resources appointing voluntary administrators on Friday night.

he company had called a trading halt last week as it held talks with Macquarie Bank over restructuring its debt.

At June 30, Western Desert had drawn debt of $A80.65 million.

The company said the negotiations were progressing until last Wednesday, when Macquarie withdrew its offer for short-term support.

Macquarie also refused any access to "in the money" hedge proceeds for Western Desert's July and August shipments, which totalled about $7 million.

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Legal victory for ‘playboy' CEO

AN AUSTRALIAN mining CEO accused of embezzling more than $US7 million ($A7.6 million) from the iron ore company he founded has had a lawsuit against him thrown out.

As MiningNews.net reported in early April, British company Oakmont Resources filed a lawsuit against its former CEO Aaron Thomas in the Manhattan Supreme Court.

The suit alleged Thomas took millions from Oakmont over three years from 2010.

"A recent investigation conducted by the company, assisted by forensic accountants, has revealed that Thomas used misappropriated company money to fund a lavish lifestyle for himself and defendant [Thaiana] Rodrigues, his fiancée, all at the expense of the company and its shareholders," the lawsuit said.

The suit alleged Thomas used the money to charter a luxury yacht and private jet for himself, Rodrigues and members of her family in the Caribbean, to buy a $171,000 engagement ring for Rodrigues, partially paid for via a direct transfer from Oakmont's bank account to Thomas', a $53,000 holiday to Australia and to buy other luxury goods.

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Analysts slash iron ore forecasts

MACQUARIE has described the slump in iron ore as "a transition without precedent in recent commodity history" as analysts from major firms downgraded price forecasts.

It comes as the iron ore spot price for 62% fines hit a new five-low of $US82.20 per tonne overnight.

The extent of the recent falls has surprised many analysts, with most now not expecting a rise back over $100/t this year.

"We now expect iron-ore prices to remain below $100/t for the foreseeable future with only supply shocks or aggressive raw material inventory re-stocking in China likely to drive the occasional spike back into three figures," Macquarie said.

Macquarie dropped its 2015 iron ore price forecast by 16% to $92/t and its 2016 forecast by 18% to $90/t, which is also its long-term price.

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