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Friday, November 21, 2008.

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

Making headlines today:

Gold major AngloGold Ashanti has entered into a 1-billion dollar term loan facility agreement with Standard Chartered Bank to refinance its convertible bond.

On Friday, the gold producer reported that the term facility was available to be drawn during February, so as to repay its 1-billion dollar convertible bond, which was to be paid on February 27.

The term facility was for an initial one-year period from the first drawdown in February, but was extendable to November 30, 2010, if required by the gold producer.

Debswana, the world's biggest diamond producing company by value, said that it would reduce output to match the prevailing level of demand for rough diamonds on the back of the global financial crisis.

The company said the credit crisis was affecting the mining sector worldwide and that Debswana is "not likely to be spared the adverse effects of this development."

Debswana, which is a 50:50 joint venture between the government of Botswana and De Beers Group, produces approximately 33-million carats of the precious stones a year, which it sells to its marketing arm Diamond Trading Company for further exports to the global market.

Also making headlines:

Implats shelves its share buy-back programme and reviews its capital expenditure.
Citigroup says Century zinc mine may not close.
Australia's Grange Resources gets approval for the Australian Bulk Minerals merger.
And, Mvela and Northam's shares drop after Implats says the financial turmoil has complicated its bid.

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