This podcast is brought to you by SEW Eurodrive - Leaders in the field of drive technology.

Thursday, May 7, 2009.

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

Making headlines today:

Global miner Rio Tinto hasn't talked to Chinese state-owned metals firm Chinalco about revising a planned 19,5-billion-dollar tie-up. It still believes the deal makes sense.

Investors have speculated that Rio might have to amend the deal after its shares last week climbed above the 45-dollar conversion price on the first of two tranches of convertible notes that would be issued to Chinalco under the deal agreed in February.

However, Rio's head of strategy, Doug Ritchie, said that there was no conversation.

Under the deal, Chinalco will buy 12,2-billion-dollars worth of iron ore, copper and aluminium asset stakes and 7,3 -billion-dollars worth of convertible notes that would double its equity stake in Rio to 18%. This would help Rio pay off half its debt.

ASX-listed exploration firm Mineral Commodities, or MRC, and unlisted Australian explorer African Uranium Limited will embark on exploration work on a uranium project in Namibia.

This follows the completion of MRC's due diligence on the business operations of AUL. AUL owns a 70% interest in the Hoasib uranium project.

MRC said that "significant" exploration programmes were planned for the current and following quarter.

MRC entered into a letter of agreement with AUL late last month, which gives it the exclusive right to fund AUL's mineral exploration activities in return for equity in the unlisted firm.

Also making headlines:

Gold producer Gold Fields' third quarter profit rises sharply on the back of improved output.
Simmer & Jack Mines' offer for Pamodzi Gold's Orkney gold mine won't cover the 337-million-rand liability.
JSE-listed Keaton Energy will proceed with its fourth coal-mining project.
And, Canadian base-metals producer HudBay Minerals isn't talking to any potential buyers for the firm.

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