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Friday, April 3, 2009.

From Creamer Media in Johannesburg, I'm Sheila Barradas.

Making headlines today:

Australia's markets watchdog is suing the country's third-largest iron ore miner, Fortescue Metals, and its chief, Andrew Forrest, accusing them of misleading investors over Chinese deals struck five years ago.

The Australian Securities and Investments Commission said it would also ask the courts to consider barring Forrest, the company's billionaire founder, from being a company director.

Fortescue shares fell on the prospect of Forrest being forced out of the company, which said it would defend itself.

An international diamond group has called for a ban on trade in Zimbabwe diamonds. It has suggested that the proceeds had been used to fund human rights violations by President Robert Mugabe's government.

The call by the World Federation of Diamond Bourses follows a similar one by the European Union, which in January urged the Kimberley Process to probe Zimbabwe's diamond trade. The Kimberley Process is an international certification scheme to ensure that diamonds don't fund conflict.

The EU expressed concern that the trade in illicit diamonds provided financial support to the Mugabe government. This is a charge that Harare has denied.

Also making headlines:

Pamodzi Gold implements a plan to save the company, as the court appoints judicial managers.
Toronto-based Harry Winston Diamond Corporation posts a 73-million-dollar fourth quarter loss.
Global copper producer Southern Copper will only reopen its strike-hit Cananea mine on its own terms.
And, the Democratic Republic of Congo is on the verge of finalizing mining contract agreements.

That's a round up of news making headlines today. For more on these and other stories please visit miningweekly.com.