Welcome to Mining Weekly. In this podcast, read by Sheila Barradas of Creamer Media’s Mining Weekly, we bring you the past week’s top news stories from the mining industry in South Africa and the rest of the world.

In this week’s bulletin:
- Anglo Platinum seals much anticipated empowerment deals,
- African Rainbow Minerals announces its maiden dividend payment , and
- DRDGold sets its sights on increased production in South Africa.

PLATINUM POWER

World-number-one platinum producer Anglo Platinum has announced plans to sell assets for around ten point nine billion rand to black-owned entities, in a series of empowerment transactions.

As a result of the deals, Toronto- and Johannesburg-listed explorer Anooraq, through a new vehicle called Lebowa Holdco, and mining investment firm Mvela Resources, through Northam Platinum, will join the list of the companies controlling the largest platinum reserves in South Africa.

Anglo Platinum will sell its fifty one percent stake in Lebowa Platinum, and a one percent stake in the Ga-Phasha project, to Anooraq Resources.

This will give Anooraq, the current joint-owner of Ga-Phasha, control over the project.

Anglo Platinum, South Africa’s largest private investor, also announced that it would sell its fifty percent stake in the Booysendal project, and a twenty two point four percent stake in Northam to Mvela Resources.

This would give Northam full operational control of Booysendal.

Anglo Platinum will also sell about one point five percent of its shares to employees, through an employee share ownership plan.

DIVIDEND PAYMENT

Black-owned diversified miner African Rainbow Minerals has announced its first dividend payment, amounting to three hundred and fifteen million rand.

Speaking at a results presentation in Sandton, chairperson Patrice Motsepe said that the company had given the dividend payment some serious thought, and felt that it was necessary to lift confidence with its shareholders.

Audioclip: Arm chairperson Patrice Motsepe discusses the company's dividend policy (03/09/2007)

Motsepe also said that African Rainbow Minerals, with its partners, has earmarked capital expenditure of more than five billion rand for the 2008 financial year.

HOMECOMING

Gold-mining group DRDGold hopes to boost its gold production in South Africa by one-fifth, to four hundred thousand ounces in the coming year.

Its production for the past year was three hundred and thirty four thousand ounces.


DRDGold South Africa CEO Niel Pretorius says the company hopes that the firm's stabilisation strategy will facilitate this growth.

It is also increasing production at its Crown Gold Recoveries surface operations, and swinging production to the eastern long-wall at its ERPM underground mine.

During the past few months DRDGold signed two joint-venture agreements with surface retreatment firm Mintails to exploit dumps and slimes dams on both the East Rand and West Rand of Johannesburg.

Also, in this week’s Mining Weekly magazine, published on Friday, read our cover story on Harmony’s plans to relook at its spending, cut costs and otherwise resuscitate the beleaugored gold-miner.

We also report on progress at Impala Platinum’s Zimbabwean operations.

Finally, don’t miss our feature on coal.

That’s a round up of this week’s stories on Creamer Media’s Mining Weekly. For more on these and other stories, visit miningweekly.com