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Wednesday, August 26, 2009
From Creamer Media in Johannesburg, I'm Amy Witherden.
Making headlines today:
Mongolia's Parliament has approved changes to four laws, clearing the way for a long-awaited investment agreement on the giant Oyu Tolgoi copper/gold project, in the country's South Gobi region. Rio Tinto and Ivanhoe Mines both said they now expect to formally sign the agreement with the government of Mongolia "in the near future".
The two companies have been trying for more than six years to secure an investment agreement for the huge mine, touted in the past by Rio as the world's largest undeveloped copper/gold project. The current version is the third draft agreement for Oyu Tolgoi to be produced in the last two years.
The mine is expected to produce an average of 450 000 t/y of copper and 330 000 oz of gold, over a 35-year life-of-mine.

Governments have responded in a pleasing way to the idea of establishing a trans-Kalahari rail link to Southern Africa's west coast, says Exxaro CEO Sipho Nkosi. Currently, South African exports go along the State-owned coal line from Mpumalanga to the private-sector-owned Richards Bay Coal Terminal. However, private-sector coal-miners and aspirant power-station builders have mooted an alternative rail line to the port of Walvis Bay.
Nkosi says that the idea of building a trans-Kalahari rail link on the west coast is currently being led by the private sector, in liaison with governments in the Southern African Development Community (SADC) region.
If the rail link were to go ahead, it would "unlock value for SADC, Botswana, South Africa and any other supplier," he says. The construction of such a rail link would give Exxaro the flexibility to export its coal through both channels.

Also making headlines:
Contract workers strike at Aquarius Platinum's mines.
Uranium junior Forsys Metals loses patience and breaks off its agreement with George Forrest International.
And, London-listed diamond-miner Gem Diamonds posts $3,3-million interim profit, and says that diamond prices have improved.
That's a roundup of news making headlines today. For more on these and other stories, please visit miningweekly.com.