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Tuesday, October 21, 2008.

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

Making headlines today:

World No. 4 gold producer Gold Fields said that it lost a total of 9 645 ounces of gold when it shut two of its gold mines last week after workers died.

Gold Fields shut its largest and biggest African mine Driefontein on Wednesday after two workers died following earth tremors. It got the government green light to restart operations on Thursday evening, losing some 75 kg of gold.

Gold Fields also lost 75 kg of gold a day for three days at its second-biggest mine, Kloof. The mine was shut from Tuesday to early Friday after a worker was killed when a section of a tunnel fell in.

The US-based Overseas Private Investment Corporation approved a 250-million dollar guarantee facility to assist Botswana to develop its newly-established diamond cutting and polishing industry.

Specifically, the facility will enable diamond manufacturing companies in Botswana to access long-term capital to finance the purchase of rough diamonds for processing. It will also facilitate the development of a financial sector to support development of a cutting and polishing sector in Botswana.

The facility is projected to leverage the country's diamond resources by increasing employment by more than 3 000 new skilled jobs. It will also accelerate the establishment of a viable diamond distribution and manufacturing sector within Botswana.

Also making headlines:

Impala Platinum's bid for Mvela Resources and Northam Platinum gets the South African government nod.
Russia's Polymetal cuts its silver output forecast.
First Nickel stops its output at Ontario mine on the low metals price.
And, Waratah Coal asks its shareholders to reject Mineralogy's bid.

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