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Gold News

Placer's three-pronged SA strategy

By: Joanne Delaurentis     18th April 2003 Placer Dome South Africa’s newly appointed CEO George Paspalas is no newcomer to the gold-mining industry. 

Gold projects to stabilise SA's falling output

By: Martin Zhuwakinyu     18th April 2003 A new mantra has emerged at South Africa’s gold-mining houses. And it comprises just two words: organic growth. 

Drilling starts on Ghana gold prospect

18th April 2003 Canada’s PMI Ventures has announced that drilling has begun on its Ashanti II Deep Gold project in Ghana, West Africa. 

Burkina Faso gold find announced

18th April 2003 Gold miner Orezone Resource reported positive drill results from its Burkina Faso gold property in West Africa this week, that could prompt it to increase estimates of the site's grades and total ounces. 

Output from Fiji gold mine rises

17th April 2003 Production from Fiji's only gold mine rose 14% to 30 206 oz in the third quarter versus the previous quarter, owner Emperor Mines said yesterday. 

Randgold Resources set to sell Syama

17th April 2003 South African miner Randgold Resources said it has entered into an option agreement with Resolute Mining, the Australian mining company, to dispose of its 80% interest in Soci 

Placer begins work on Nevada mine

17th April 2003 Canadian miner Placer Dome announced yesterday that it is initiating the start-up of the Turquoise Ridge gold mine in Nevada, part of the Getchell property. 

Aflease pins hopes on growth, new leadership

By: Martin Czernowalow     15th April 2003 South African gold producer Afrikander Lease (Aflease) is optimistic that this year will produce stronger results than 2002, pinning its hopes on its expansion programme and a new board of directors. 

Avmin places Avgold shares worth R585m

15th April 2003 South Africa's Anglovaal Mining (Avmin) said on Friday it had placed 90-million shares of its gold producer Avgold with international institutions to help to repay some of its $140-million debt. 

Push on to change SA’s gold-ownership rules

By: Martin Czernowalow     11th April 2003 Whereas South Africa may be the biggest producer of gold in the world, its citizens are by law prohibited from owning minted gold bars, thanks to outdated regulations that industry experts would like to see changed. 

Golden cash-shell awaits South Deep returns

By: Keith Campbell     11th April 2003 Western Areas is now, and will remain, a cash shell, a conduit for cash from its 50% share in South Deep to its shareholders. 

Ten-tola bar to fall off Indian radar

11th April 2003 The World Gold Council (WGC) forecasts that the popular 10 tola gold bar, which is equivalent to 116,64 g, might disappear from the Indian investment market, due to the way the Indian authorities have restructured the import-duty system. 

Gold price could rally to above $350/oz this year - GFMS

11th April 2003 An authoritative gold survey released yesterday suggests that the recent correction in the gold price from highs of over $380/oz in February could be partially reversed in the second half of the year, as investment demand begins to pick up again. It also proposes that the price could well return... 

Positive results from new Wits basin drill

11th April 2003 Canadian gold producer Great Basin Gold has announce the results of an independent resource estimate for the southeast zone of the Burnstone Property, which is located in Witwatersrand goldfield, some 80 km southeast of Johannesburg, in South Africa. 

Placer revises Alaskan resources estimate

11th April 2003 North American miner Placer Dome, through its subsidiary, Placer Dome US, has announced significantly increased measured and indicated gold resources at the Donlin Creek joint venture, in Alaska, a joint venture between Placer Dome US (30%) and NovaGold Resources. 

Avmin launches international placement for Avgold

11th April 2003 South African miner, Anglovaal Mining (Avmin), has announced its intention to launch a private placement of up to 100-million ordinary shares in its gold subsidiary, Avgold, to global institutional investors. 

Harmony exploits legal loophole to sell gold bars in SA

By: Martin Czernowalow     11th April 2003 An apparent loophole in South African gold-ownership legislation has been grasped by Harmony Gold, which sees it as an opportunity to produce and market a new range of investment bars, the company announced today (Friday). 

DRD gold output declines 7% in Q3

10th April 2003 South African mining firm Durban Roodeport Deep (DUR) reported a 7% decline in its gold production for the March 2003 quarter, due partly to downscaling of its open-cast operations at one of its plants. 

Approval gained for first Greenland mine in 30 years

10th April 2003 Canadian junior Crew has announced that Greenland and Denmark have given the go ahead for the first new mine in Greenland in over 30 years and the country's first ever gold mine. 

Cut in global hedge-book supports gold price

10th April 2003 The outstanding gold-producer hedge book declined by 14% to 81-million ounces or 2 509 t, equivalent to 97% of mine production in 2002, a new hedge-book analysis, produced by Gold Fields Mineral Services (GFMS) and Investec, shows. 

Aussie miner to buy prospect from SA gold major

9th April 2003 Australia’s Helix Resources is set to move to 100% ownership of the Tunkillia Gold Project, in South Australia’s Gawler Craton, and secure a 75% interest in the nearby Tarcoola Project, after announcing it had reached agreement with AngloGold to acquire its interests in the region. 

Target gold mine begins showing its quality

8th April 2003 South African gold producer Avgold announecd yesterday that it had recorded a 15% increase in revenue, to R278-million (December 31, 2002: R241,6-million), and a 188% increase in operating profit to R47,2-million (R16,4-million), after most of the production issues adversely affecting the... 

Gold major says explore or bust

By: Jill Stanford     7th April 2003 Global gold-mining company Barrick Gold Corporation believes that, while the ‘urge to merge’ remains, particularly at the mid-tier and junior level, exploration now has to take centre stage, especially among the majors. 

Firm secures mine upgrade contracts

4th April 2003 Orders worth close to R4,5-million in recent months have put Walter Becker South Africa on track to upgrade several underground transportation systems in the South African mining industry. 

Underground rolling-stock production increasing due to mining expansion

By: candice haase     4th April 2003 The increased activity in the mining sector in Southern Africa continues to stimulate growth in the production of underground mine rolling stock. 

Gold: tonnages down, value up

By: Keith Campbell     4th April 2003 TONNAGE down, dollar value up – that sums up the story of gold demand (excluding institutional investment) last year (2002). 

Aussie miner to complete Ghana gold study soon

4th April 2003 AUSTRALIA’s Red Back Mining is to go ahead with the development of its million-ounce Chirano Gold Project in Ghana. 

Explore or bust

4th April 2003 Global gold mining company Barrick Gold Corporation believes that while the ‘urge to merge’ remains, particularly at the mid-tier and junior level, exploration now has to take center stage, especially among the majors. 

Gold plumbs four-month low as noose tightens on Baghdad

4th April 2003 Gold's Iraq premium continued to evaporate yesterday, as prices dropped to four-month lows after US armoured units drove almost unopposed to the edge of Baghdad and fought to seize the city's airport. 

Placer accelerates hedge reduction

3rd April 2003 Gold miner Placer Dome announced yesterday that it reduced the committed ounces under its hedge program by 1,1-million during the first quarter. 

Gold recoils as US forces near Baghdad

3rd April 2003 COMEX gold shed almost 1,5% yesterday as US forces rumbled to the outskirts of Baghdad, reviving financial market hopes for a short war in Iraq and reducing the desire to hold gold as risk insurance. 

Gold Fields to provide workers with HIV/Aids treatment

2nd April 2003 South Africa's second biggest gold producer, Gold South Africa's second largest gold producer, Gold Fields Limited, has announced that it intends to extend its existing wellness management programme to include antiretroviral therapy as a treatment option for all employees living with Acquired... 

Exploration focus to continue at Randgold Resources

2nd April 2003 Gold explorer, Randgold Resources, claims it is ready to invest substantially and on a sustained basis in exploration and new business development. 

Gold production resumes at ERPM

By: Martin Czernowalow     2nd April 2003 Gold production has resumed at East Rand Proprietary Mines (ERPM), on Gauteng’s East Rand, the mine’s operations director tells Mining Weekly Online. 

Four miners die in rockburst

2nd April 2003 South Africa’s AngloGold said four miners were killed and one is missing at the company's TauTona mine, near Carletonville, following a rockburst, which was caused by a seismic event yesterday morning. 

Gold’s first PPP launched in Free State

By: Martin Creamer     1st April 2003 Gold’s first public-private partnership (PPP) got off the ground on Sunday when Minerals and Energy Minister Phumzile Mlambo-Ngcuka launched the precious metal further downstream in the Free State, Mining Weekly Online can today report. 

DRD sues former finance officer

1st April 2003 Gold mining company Durban Roodepoort Deep (DRD) has instituted legal action against its former chief financial officer, Charles Mostert, in an effort to recover money he allegedly misappropriated, the company said yesterday. 

Canada invests R4bn-plus into SA’s mining industry

By: zeena isaacs     28th March 2003 Canadians, who have shown a keen interest in South Africa’s mining industry since the country’s democratisation in 1994, have accelerated the pace of investment in this country since the proposed “use-it-or-lose-it” legislation began featuring strongly, Mining Weekly can... 

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