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Tuesday, August 4, 2009.

From Creamer Media in Johannesburg, I'm Shannon O'Donnell.

Making headlines today:

Precious metals consultancy GFMS says that the net official sector 2009 gold sales are heading for their lowest level since 1994.

GFMS estimates that net official-sector gold sales in the first half were 39 tons. This is down by 73% year-on-year.

GFMS expects sales of 140 tons for the full year, which, if realised, will be the lowest since the 1994 trough of 130 tons.

Perth-based Extract Resources has confirmed that Rossing South uranium project, in Namibia, could support a profitable, long-life, low-cost uranium mine.

A report found that preliminary cost estimates on the granite hosted, uranium mineralisation at Rossing South indicates that the project could support a viable openpit mining operation developed to feed a 15-million tons a year agitated tank sulphuric acid leach processing plant.

Yearly production has been estimated at 14,8-million pounds of uranium oxide with capital costs estimated at 704-million-dollars.

Also making headlines:
African Eagle sees ‘promising' results from another Tanzania nickel project.
Sino Gold aims to cut costs and double its gold production.
Base metals-miner Mirabela starts mining at its Brazilian nickel mine.
And, contract talks at a Peru mine grind on past the deadline.

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