Monday, February 1, 2010.

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

Making headlines today:

JSE-listed precious metals miner Village Main has bid 411-million-rand for the control of Lesego platinum.

More than 205-million shares at a 200 cents will be issued to settle the deal that will leverage the benefits of 142-million-rand of capital Lesego has already raised to fund the Phosiri platinum project towards a bankable feasibility study stage.

Village, headed by former Harmony Gold CEO Bernard Swanepoel, has concluded a binding agreement to acquire control of Lesego as well as the affiliated entities that together control the 1 000 m-deep Phosiri project.

UK-based Firestone Diamonds expects to sign an agreement with De Beers before the end of March to establish a tailings processing facility at the Debswana mine in Botswana.

CEO Philip Kenny says that the Debswana tailings consist of an estimated 300-million tons of ore from the Jwaneng, Orapa en Letlhakane mines.

Kenny predicts that the tailings are expected to deliver revenue of 1-billion-dollars over the project life.

Once the expected contract signing takes place, the first tailings recovery plant will be established during the first quarter of 2011, with the plant becoming fully operational during the same year.

Also making headlines:

JSE-listed copper-cobalt company Metorex is seeking to raise R750-million for its new copper growth.
The mining sector in top oil exporter Saudi Arabia is slowly gaining momentum.
State-owned utilities Eskom and Transnet study coal transport options.
And, emerging-miner Coal of Africa Limited is still awaiting the granting of mining rights in South Africa for its 80%-owned Vele coking-coal project.

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