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Thursday, November 19, 2009.

From Creamer Media in Johannesburg, I'm Shannon de Ryhove.

Making headlines today:

Ghana plans to double the amount mining companies pay in royalties as part of a broader effort to boost government revenues from the sector.

The move could dent the profitability of mines in Africa's second biggest gold producer and adds to investor worries stirred earlier this year when the country announced reviews of two major deals involving US oil major Exxon Mobil and UK-based mobile phone company Vodafone.

Ghana Finance Minister Kwabena Duffuor said in the nation's 2010 budget to parliament that the government would double minerals royalties to 6%.
In addition, government would engage all mining companies to address the issue of dividend payment, exemptions and the whole mining sector fiscal regime.

The move comes as Ghana attempts to boost spending in 2010 by more than 20% to accelerate its economic growth.

TSX-listed coal-miner Homeland Energy is attempting to raise 70-million-rand in terms of an amended credit facility with Nedbank Capital. The company needs the money to invest in its Kendal operation, in South Africa's Mpumalanga province.

Homeland says that it has entered into an agreement with Nedbank Capital to amend the terms of an existing credit facility, which will require it to invest the additional funds by January.

The required funding will be reinvested in the business through working capital, ongoing commissioning requirements and necessary capital expenditures, which is needed to establish the required infrastructure to access the life-of-mine reserves at the operation.

Also making headlines:

Canadian diversified miner Teck Resources closes in on its debt targets.
Timmins Gold starts the count down to its first gold pour.
Metorex says that the Ruashi mine's output is improving.
And, Sierra Leone's parliament passes a new mining act that raises royalties and increases community benefits.

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