10th November 2008
Monday, November 10, 2008.
From Creamer Media in Johannesburg, I'm Shannon O'Donnell.
Making headlines today:
On Monday, mining group Rio Tinto chief executive Tom Albanese said that the group would cut its Australian iron-ore production by about 10%.
The group said that this was owing to a reduction in demand from its customers and reduced shipments.
Rio Tinto was revising its estimate of iron-ore shipments from the Pilbara region, in Western Australia, to between 170-million tons and 175-million tons.
TSX-, Aim- and JSE-listed Eastern Platinum has re-evaluated its short-term development plan. This is in light of the decline in the price of platinum group metals and an associated reduction in operating margins.
President and CEO Ian Rozier said that the company was committed to remaining a cost-effective producer. It would, in the short- to medium-term, concentrate on "growth prospects that support this objective".
Eastplats planned to continue improving the production from the Crocodile River mine, in the Western Limb of the Bushveld Complex, while rescheduling other project developments. It would do this to preserve its existing cash resources.
Also making headlines:
Randgold Resources says that its costs are almost back to September 2007 levels.
TSX-listed Silver Eagle Mines considers its options as cash resources dry up.
TSX-listed Katanga Mining increases its third quarter production.
And, Canada's Potash Corporation has a 'tentative' agreement with striking workers.
That's a round up of news making headlines today. For more on these and other stories please visit miningweekly.com.
Edited by: Shannon de Ryhove