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Friday, December 12, 2008.

From Creamer Media in Johannesburg, I'm Darren Parker.

Making headlines today:

Canadian miner Iamgold has agreed to acquire Orezone Resources, whose flagship asset is the giant Essakane gold project in Burkina Faso. The acquisition will rescue the smaller company from a looming funding shortfall and possible project delays.

Iamgold CEO Joseph Conway said the acquisition would increase Iamgold's gold reserves by 32%. It's expected to take between 40 and 50 dollars an ounce off the group's average cash costs by 2010. This is when Essakane should reach full production.

The 300 000-ounce-a-year mine will also go a long way towards meeting its output target of 1,8-million ounces of gold a year by 2012.

Richards Bay Minerals has announced the final signing of agreements for its 26% broad-based black economic-empowerment deal. The deal is worth some 4,5-billion rand. RBM is a 50:50 joint venture between BHP Billiton and Rio Tinto.

The deal represented one of KwaZulu-Natal's largest transactions to date.

RBM would now be fully empowered in accordance with the South African Mining Charter, ahead of the required empowerment date in 2014.

RBM said it would now submit its mining rights conversion application to the Department of Minerals and Energy.

Also making headlines:

Toronto-based Harry Winston may seek a bigger stake in the Diavik mine if partner Rio Tinto considers selling its share.
Anglo American suspends share buyback programme amid a global downturn.
ASX-listed gold producer Sino Gold expects 2009's output to rise 53%.
And, an Indonesian parliamentary working committee agrees to pass a new bill on mining and coal.

That's a round up of news making headlines today. Creamer Media would like to wish its podcast listeners a happy festive season and a prosperous 2009. We'll resume podcasts in the New Year.