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Wednesday, April 7, 2010.

From Creamer Media in Johannesburg, I'm Shannon de Ryhove.

Making headlines today:

Xstrata CEO Mick Davis said on Tuesday night that South Africa has an opportunity to become a centre of mining finance for Africa. This is as the continent becomes the world's next major copper-and-cobalt producer.

Davis said that it was just a matter of time before Africa's prodigious mineral riches would need to be developed to satisfy world demand. However, he said that restrictions currently prevent foreign listed companies from enjoying full indexation on the Johannesburg Stock Exchange.

Coupled with South Africa's ongoing exchange controls, these restrictions made the finance-centre vision impossible to achieve.

Davis said that amendments to these regulations could open up the JSE to the world's major mining companies and aspirant regional players, attracting additional investment flows and encouraging the re-establishment of a centre of mining finance excellence.

South Africa's National Union of Mineworkers and Gold One on Wednesday morning resumed talks at the Commission for Conciliation, Mediation and Arbitration.

The labour union and the gold miner started talks with the CCMA on Tuesday afternoon, as a strike over wages by about 80% of the work force at Gold One's Modder East mine entered its third week.

Gold One spokesperson Ilja Graulich said he couldn't give an expected timeframe to conclude the talks, but said that it had had positive meetings with the NUM on Tuesday, which the company hoped would continue to remain positive on Wednesday.

NUM spokesperson Lesiba Seshoka said that it was hoping that a resolution could be reached soon.

Also making headlines:

NYSE-listed Massey Energy confirms 25 fatalities at its Upper Big Branch underground mine, in West Virginia.
Mining giant Rio Tinto expects to see a meaningful deficit in global copper supply next year after a balanced market this year.
Diversified miner BHP Billiton restarts operations at its cyclone-affected Hay Point coal terminal, in Queensland.
And, Metmar Africa buys a 40% stake in Zimbabwe Alloys Chrome.

That's a round up of news making headlines today.