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Tuesday, May 5, 2009.

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

Making headlines today:

The black-controlled JSE-listed Sekunjalo Investments, along with high net-worth Middle Eastern families, had bid 150-million-dollars for the provisionally liquidated Pamodzi Gold.

Sekunjalo CFO Khalid Abdulla said that the 150-million-dollars was part of 500-million-dollars from a separate fund that members of Middle Eastern families had for the potential rebuilding of the stricken Pamodzi Gold. The miner owns the President Steyn gold mine, in the Free State, the Orkney gold mine, in North West province and the hedge-burdened East Rand operations, in Gauteng.

The South African government has provided 2,5-million-rand a month to the East Rand operations for the months of January, February and March for the preservation of the Grootvlei mine's crucial underground water-pumping process.

Canadian diversified miner Teck Resources intends to launch an offering of senior secured notes. It'll use the proceeds to repay borrowings under its bridge credit facility.

Last year, Vancouver-based Teck took on 9,8-billion-dollars in debt to fund its acquisition of the assets of Fording Canadian Coal Trust.

The firm reached an agreement last month with lenders to defer 4,4-billion-dollars in payments due this year, including 3,5-billion-dollars on the bridging facility, which comes due in October.

Part of the deal is that the company must reduce the 5,2-billion-dollars left on the bridge to 3,5-billion-dollars by October.

Also making headlines:

The Xstrata-Merafe ferrochrome venture is 76% down on last year.
South African gold firms are expected to report improved earnings on a stronger gold price.
Barrick Gold reports its first gold pour at its new Tanzanian mine.
And, the VM Group predicts that the silver surplus will narrow in 2009.

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