Friday, January 15, 2010.
From Creamer Media in Johannesburg, I'm Eleanor Seggie.
Making headlines today:
The South Australian government has given final approval for the joint venture development of the Bungalow magnetite project, in the Eyre Peninsula.
The project will now be jointly developed by ASX-listed Centrex Metal and China's Baotou Iron & Steel.
Baotou has also advised Centrex verbally that it had received all the relevant Chinese approvals, and was currently seeking written confirmation. As a result of this, Centrex couldn't confirm that all the conditions precedent have been met, and has extended the end date of the JV to have all conditions precedent fulfilled, to March 15.
Under the terms of the JV agreement, Baotou would pay a total of 40-million-Australian-dollars for a 50% undivided interest in the iron-ore rights to the Bungalow deposit. Centrex would undertake the initial exploration and studies, and a JV company would be established to manage the bankable feasibility study.
TSX- and JSE-listed Uranium One has reported a fourth-quarter production of 1,2-million pounds, an increase of 42% compared with the group's attributable output in the third quarter of 2009.
Production for the full year rose 24% from 2008, to a best-ever 3,6-million pounds of uranium.
Uranium One said that the production gains were mainly thanks to the successful ramp up in production at the new South Inkai mine, in Kazakhstan.
The company also announced that it had completed a 270-million-Canadian-dollar convertible debenture financing with a consortium of Japanese companies, and also received 20-million-dollars in dividends from its share of the Betpak Dala joint venture.
Also making headlines:
Deep-pocketed Asian investors eye gold equities.
Toronto-based Kinross Gold confirms its 2010 output forecast.
Vancouver-based Ivanhoe denies that chairperson Robert Friedland is conducting a sale of his 23% holding in the company.
And, South Africa's mining output contraction eases.
That's a round up of news making headlines today. For more on these and other stories please visit miningweekly.com.