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Friday, March 19, 2010.

From Creamer Media in Johannesburg, I'm Schalk Burger.

Making headlines today:

The Department of Mineral Resources said on Thursday that the iron-ore mineral right that ArcelorMittal South Africa "lost" at the Sishen iron-ore mine has been awarded to Imperial Crown Trading 289.

DMR spokesperson Jeremy Michaels told Mining Weekly Online that the DMR had awarded the prospecting right for a 21,4% undivided share in the Sishen mine to the little-known, but politically-connected Imperial Crown.
The company reportedly has close links with the governing African National Congress.

Michaels said that, because the previous holder of the right - ArcelorMittal South Africa - had failed to apply for its conversion to a new-order right, that right had reverted to the State, which then awarded it to Imperial Crown.

Kumba Iron Ore has already questioned how it was possible for DMR to award a "prospecting right" to Imperial Crown at an operating mine, while ArcelorMittal will, no doubt, be considering action to restore its "right to the right", or to seek compensation in what would be a massive expropriation claim.

Senior diamond producer De Beers will seek expressions of interest from potential buyers for its Jagersfontein property in South Africa.

The Jagersfontein mine, located in the Free State province, operated from 1870 to 1971, leaving more than 13-million tons of mineral resources in tailings, with an average grade of 12,8 carats a ton,.

De Beers said that the tailings, commonly known as mine dumps, may be attractive to a mining company, or mining consortium, with empowerment credentials and a sound track record in respect of tailings processing operations or comparable operations.

The group's South African unit, De Beers Consolidated Mines, will issue a request for expressions of interest later this month.

Also making headlines:

Rio Tinto and Chinalco agree to form an iron-ore joint venture in Guinea.
The long-term outlook for the uranium industry and uranium prices remain robust.
China's steel mills are asked to accept a doubling of iron ore prices this year by Brazil's Vale.
And, State-owned freight logistics utility Transnet targets coal, iron-ore and manganese partnerships.

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