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Gold News

SA gold No2 says gold price does not justify exploration

     17th April 2002 South Africa’s Gold Fields said gold prices were too low to stimulate widespread exploration in the gold mining industry. 

Investment adviser punts N.American gold firm

     17th April 2002 Investment advisers Goldman Sachs of the US said that Newmont Mining represented the best mining company leveraged to any upswing in gold prices. 

Move out of golden hedges continues

     16th April 2002 Gold mining companies have reduced their hedge books and were willing to sell more of their commodity at market prices as bullion prices creep higher, industry executives said. 

Gold giants seek Tanzanian synergies

     16th April 2002 Canadian miner Barrick Gold said it was in talks with rival AngloGold about establishing synergies between Tanzania’s two biggest gold-mines. 

Randfontein hedge closed

     15th April 2002 South African gold producer Harmony Gold said it had closed the balance of the Randfontein hedge book at a net cost after tax of R125-million. 

Glittering results from Free State joint Venture

By: Keith Campbell     15th April 2002 The Free Gold JV between Harmony Gold and ARM has reproted excellent results in its first quarter. 

Still big scope for mining empowerment

     12th April 2002 THERE is scope for many more empowerment transactions in the resources sector. 

Museum breathes new life into Africa's goldsmithing heritage

     12th April 2002 Gold producer Anglogold's newly-opened Gold of Africa Museum in the restored Martin Melck House, in Cape Town, has brought one of the largest collections of traditional gold artefacts back to Africa and is showing how they were made and used in ancient society. 

Zim workers seize gold assets

     11th April 2002 About 300 workers at Procter Metals ‘C’ mine in Mberengwa, Zimbabwe, have seized the company’s assets in response to incitements by President Robert Mugabe during his election campaign. 

North American investors get the gold bug

     11th April 2002 A higher gold price, low inflation and fading memories of the nightmare Bre-X mining fraud have sent North American gold stocks surging in the past few months, whetting investor appetites again for mining and exploration companies. 

SA gold firm 'aggressively' reduces hedges

     11th April 2002 South Africa’s largest gold producer AngloGold said it was ‘aggressively’ running down its hedge book because of market conditions and a strong bullion price. 

Council defends gold's position in central banking

     10th April 2002 Experience has shown that sales of gold from central bank reserves can have destabilising effects – however attractive sales may seem in the short-term, stated the World Gold Council 

Latest on Free State mine purchase

     9th April 2002 Canadian miner Thistle Mining has completed three key components related to the transaction to acquire President Steyn Gold Mines (Free State) for $32,050-million. 

Mined gold supply set to plummet

     8th April 2002 World supply of mined gold may plummet by nearly 30% by 2010 unless bullion prices rally and prompt miners to bring untapped deposits on stream, a mining study showed. 

Gold firm evolution from explorer to producer

     8th April 2002 Randgold Resources completed its evolution from an exploration company into a fully-fledged integrated resource business during 2001, said CE Dr Mark Bristow. 

Deep mines can be massive mines

By: Deborah Spicer     5th April 2002 Those who were convinced that massive mining at deep levels would not work had to admit that they were wrong when Target, the first deep-level gold mine to be opened in South Africa in 20 years, moved from project status to mine status last month. 

SA gold firm in successful Aussie bid

     4th April 2002 Gold-miner Harmony has successfully acquired a 98,59% fully diluted interest in Hill 50. 

Ghana gold company moves to ease debt burden

     2nd April 2002 The Ghanaian gold-miner, Ashanti Goldfields, moved to ease further its debt burden by announcing it had secured a $100-million revolving credit facility and the conversion of debt into equity. 

Independent teams to probe mining-related rights abuse claims

     28th March 2002 Two independently organised teams of investigators have arrived in Tanzania to look into various aspects of the 1996 evictions and alleged killing of small-scale artisanal miners at the Bulyanhulu gold-mine in the north of the country. 

Gold shares rise in gold-price rally

     28th March 2002 Shares in gold-mining companies surged on Wednesday on the back of rising gold prices, which broke the key $300 an ounce mark for the first time in a month. 

Ghana gold giant in turnaround

     27th March 2002 African gold-miner Ashanti Goldfields reported a doubling of annual profits, driven by a big fall in interest payments. 

Gold firm does prospecting on the Web

     27th March 2002 Canadian miner Goldcorp’s CE Rob McEwen is looking for his next big gold property on the World Wide Web, and he is offering $2-million in prizes to anyone who can help find it in a global challenge. 

SA gold firm frontrunner for Oz investment

     26th March 2002 Shares in Newcrest Mining gained a further 7% yesterday as investors bet the Australian gold major was ripe for takeover or planned a major asset sale to fund growth. 

First aid needed for mining safety in S Africa

     22nd March 2002 Despite large-scale efforts being made on all fronts to improve safety in the mining industry, calculations from the chief inspector of mines indicate that a woeful 59 lives were lost in the first two months of this year in the platinum and gold sectors alone – this equates to one mine... 

SA mining goods sector targets China's gold-mining market

By: Keith Campbell     22nd March 2002 South Africa is targetting China, and particularly that country’s gold mining sector, as an export market for local mining and processing technologies, equipment and services. 

SA gold major takes a stake in Oz explorer

     22nd March 2002 A Kalgoorlie-based company, Avoca Resources, has attracted the backing from Johannesburg-based gold group Gold Fields, which intends to subscribe for an effective 14% stake in the company. 

Ghana gold-miner in debt-reduction deal

     20th March 2002 African miner Ashanti Goldfields said it had signed up major creditors to a debt-reduction plan and taken steps to help ensure its hedge book did not come back to haunt it. 

Gold major now eyes downstream consolidation

     19th March 2002 South Africa’s leading gold producer has forecast gold production of 5,8-million ounces at a total cash cost of $154/oz and capital expenditure of $268-million for 2002, in its annual report released yesterday. 

Cockerill on consolidation, Central Bank sales

     19th March 2002 South Africa’s Gold Fields said the recent bidding frenzy for Australia’s Normandy Mining may slow the pace of industry consolidation as potential suitors look harder at the value of assets. 

SA gold firm extends OZ offer

     19th March 2002 South Africa’s Harmony Gold said it had extended its offer to minority shareholders in Hill 50 to March 22, adding it now had an 83,22% fully diluted interest in the Australian miner. 

R1,3bn shaft-deepening out to prove that deep is cheap

     18th March 2002 Leading gold-miner AngloGold, smarting from its failed attempt to snatch Australian company Normandy, looks set to grow organically, with some of the additional output coming from the Mponeng mine, about 65 km south-west of Johannesburg. 

One shaft, 11 hydropowered rigs

By: Martin Zhuwakinyu     15th March 2002 The introduction of hydropowered equipment at the Number Four shaft at Gold Fields’ Kloof mine, in Westonaria, will go a long way towards the mine’s goal of becoming the gold-mining group’s safest and most profitable operation, a senior offical tells Mining Weekly. 

R820m to be spent on big Gauteng gold project

     15th March 2002 Capital Expenditure on the South Deep project designed to exploit the world’s single largest gold reserve (90-million ounces) will peek this year at R820-million. 

R1,3bn shaft-deepening out to prove that deep is cheap

By: Martin Zhuwakinyu     15th March 2002 Leading gold-miner AngloGold, smarting from its failed attempt to snatch Australian company Normandy, looks set to grow organically, with some of the additional output coming from the Mponeng mine, about 65 km south-west of Johannesburg. 

Free State gold-mine targets costs of $100/oz or less

     12th March 2002 Gold company Avgold opened South Africa’s first new deep-level gold-mine in 20 years on Friday, where it is deploying cutting-edge technology aimed at reducing costs to $100 an ounce. 

Gold company CEO headed back for SA

     11th March 2002 Gold-miner Durban Roodepoort Deep’s chief executive officer Mark Wellesley-Wood will come back to South Africa after Home Affairs Minister Mangosuthu Buthelezi instructed his department to enable him to return. 

Gold hedges tapering off

     7th March 2002 Gold hedges will taper off in the next year as mining houses seek greater price exposure, said Virtual Metals Research & Consulting. 

SA gold group hits the mark with terrific Target

     4th March 2002 There can be little doubt that Avgold has scored a bull's-eye with its new, fully-mechanised R2,3-billion (in 2002 rands) Target gold-mine, in the northern Free State, Mining Weekly can report. 

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