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Daily podcast – October 12, 2009
GOLD 1223.45 $/ozChange: -12.67
PLATINUM 1350.00 $/ozChange: -12.00
R/$ exchange 10.98Change: -0.07
R/€ exchange 14.15Change: -0.01
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Daily podcast – October 12, 2009
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12th October 2009
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This podcast is brought to you by SEW Eurodrive - Leaders in the field of drive technology.

Monday, October 12, 2009.

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

Making headlines today:

A defence lawyer says that China has extended by a month a probe into suspected corporate espionage by employees of Rio Tinto. The case has strained ties between Australia and its second-largest trade partner.

The four employees, including Australian citizen Stern Hu, were detained on suspicion of stealing state secrets shortly before a deadline for concluding annual iron ore negotiations between Chinese steel mills and the world's three top miners, Rio, BHP Billiton and Vale.

Their formal arrest in August included the charge of stealing commercial secrets, but not the more serious state secrets charge.

Trade union Solidarity warned on Friday that South Africa's power utility Eskom's planned tariff increases of at least 45% a year over the next three years, could lead to a second wave of widespread retrenchments in the country's mining industry.

The union highlighted in a statement that more than 34 000 mineworkers had already lost their jobs in the first wave of retrenchments as a result of the global economic crisis.

Solidarity noted that electricity costs made up between 10 and 20% of a mine's running costs, highlighting that while gold was currently trading at record levels in dollar terms, the production margins of gold mines were under pressure.

The union said that it would call on the Department of Mineral Resources' task team into job losses and the Mining Industry Growth, Development and Employment Task Team, to meet urgently in order to investigate the situation and make recommendations.

Also making headlines:

South Africa's central bank Governor Tito Mboweni says that South African mines won't be nationalised despite "noises" from some politicians.
The DRC and First Quantum must relaunch talks says mines Minister.
Sundance Resources submits its iron-ore feasibility study to the Cameroon government.
And, Lonrho Mining quits South Africa, shifting its focus to the Angola diamond project.

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


Edited by: Shannon de Ryhove


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