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Friday, October 23, 2009.

From Creamer Media in Johannesburg, I'm Rosalia Matlou.

Making headlines today:

In a debate on Thursday evening, ANC Youth League president Julius Malema said that because the nationalisation of mines is prescribed in the Freedom Charter, it must, therefore, be a prerequisite for leadership in the ANC.

He added that if one is not for nationalisation then one is not qualified to lead the ANC.

Malema said that part of the oath all ANC members took when they joined the party, was to vow to uphold the Freedom Charter - which proclaims that the mineral wealth of South Africa belongs to its people.

Malema first raised the issue of the nationalisation of mines at the Black Management Forum on October 9.

Malema argued that mining companies did little for the communities from where they extracted minerals. He said that nationalisation would mean that mining profits could be ploughed back into those communities and that governments would be more sensitive to communities, rather than companies.

Platinum major Lonmin says that platinum demand levels are gradually improving and a slow firming in the platinum price can be seen. However, no quick rebound is expected.

Lonmin CEO Ian Farmer says that the worst is behind the platinum industry and that there is a gradually improving trend in demand for the precious metal.

However, Farmer forecasts that the 2009 calendar year will likely see platinum surpluses of between 100 000 and 200 000 ounces, before a supply and demand balance is reached in 2010.

A deficit can only be expected in 2011/12, at which time the industry won't be well placed to respond to an upswing in demand, given the underinvestment that is an "inevitable consequence" of the global downturn.

Also making headlines:

Potash Corporation sees demand returning by early 2010.
Chile strikers resume talks with BHP Billiton.
The 2,9-billion-dollar Sylvania-Ruukki merger is called off.
And, Consol Energy CEO Brett Harvey says that 2010 will be a 'bridge year' for coal.

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