This podcast is brought to you by SEW Eurodrive - Leaders in the field of drive technology.

Friday, April 9, 2010.

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

Making headlines today:

The world's second largest iron-ore miner Rio Tinto reported on Friday that it was in the midst of negotiating quarterly pricing contracts with its iron-ore customers.

Fellow majors BHP Billiton and Vale also recently moved from annual to shorter-term pricing arrangements, ending a 40-year tradition of annual price setting.

In fact, Vale last week said it agreed with 97% of its customers to adopt quarterly iron-ore price settlements, while BHP Billiton has also agreed to shorter-term contracts.

Beleaguered gold-miner Aurora Empowerment Systems has reportedly assured striking workers at the Grootvlei mine, near Springs, that they will be paid the balance (75%) of their February salaries on Friday.

The assurance follows on from a three-week, sometimes violent, industrial action by 2 500 workers over the nonpayment of wages.

However, the National Union of Mineworkers' Grootvlei chairperson Frasy Namanyama expressed skepticism that the company would indeed honour its commitment, having failed previously to do so.

The NUM had called on the company to ensure that workers were regularly remunerated, with spokesperson Lesiba Seshoka indicating that mineworkers would return to the mine on Monday, April 12, should their wages be paid.

Also making headlines:

Eastern Platinum could be an acquisition target.
The World Bank approves the controversial Eskom loan.
Pan African will start the construction of its tailings retreatment plant in June.
And, coal junior Keaton Energy takes legal action against the landowners delaying its Vanggatfontein project.

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