24th October 2008
Friday, October 24, 2008.
From Creamer Media in Johannesburg, I'm Brindaveni Naidoo.
Making headlines today:
JSE-listed gold-mining company DRDGold was "seriously deliberating" the future of its troubled East Rand Proprietary Mine. CEO designate Niël Pretorius said the underground operations might be put on care-and-maintenance.
Pretorius said that there was "very little good news" coming out of ERPM, where underground drilling and blasting might have to be "indefinitely suspended".
He said ERPM's immediate future could be decided in the "next few weeks".
ERPM was engaging labour, government and surrounding mines and was studying alternatives for ERPM's continued underground existence.
South African miner Harmony Gold and Pamodzi Resources Fund have agreed to reduce the price of the Cooke uranium and gold asset transaction to 348-million dollars.
The transaction, which saw the creation of Rand Uranium, initially valued the Cooke assets at 420-million dollars.
Harmony said in a statement that "the delay in meeting the conditions precedent, Harmony benefiting from the cash flow during this period, and other market-related adjustments has resulted in a renegotiation of the purchase consideration".
Harmony would receive a total purchase consideration of 209-million dollars for 60% of the issued share capital of Rand Uranium.
Also making headlines:
Brazilian miner Vale's third quarter profit rises.
South Korea's Hyundai Group is looking at investing in mining projects in the Philippines.
Australia's Uranio buys an Australian uranium project from Paladin.
And, Liberia extends Mano River's iron-ore exploration licence.
That's a round up of news making headlines today. For more on these and other stories please visit miningweekly.com.
Edited by: Shannon de Ryhove