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Gold News

Ghanaian gold miner seeks partner

14th February 2002 A wave of consolidation in the global gold-mining industry was far from over said Ashanti Goldfields CE Sam Jonah and added that his company was looking to be a major player in 2002. 

Golden empowerment for Egoli firms

14th February 2002 Gold-miner Durban Roodepoort Deep’s Mark Wellesley-Wood and Khumo Bathong Holdings’ (KBH) Dr Paseka Ncholo jointly announced a ground-breaking empowerment partnership between their respective companies. 

SA gold miner's plans in OZ

13th February 2002 South Africa’s Harmony Gold would not rule out retaining its 9,8% stake in Australia’s Goldfields, as it pursues growth opportunities elsewhere in the fast-consolidating Australian gold sector. Gold Fields of South Africa has first negotiation rights over the stake under an agreement... 

Gold explorer presses ahead in West Africa

11th February 2002 London listed Randgold Resources posted an operating profit of $46-million for the 12 months to December 2001, an increase of $30-million on the previous year. 

Egoli no longer merely a place of gold

11th February 2002 A soaring bullion price has lifted South African mining shares but made few other ripples in Johannesburg, the City of Gold, underscoring the yellow metal’s diminished importance to the country’s economy. 

Kloof – Africa's hydropower power house

8th February 2002 It has been suggested that technology development and implementation in the underground tabular orebody mining industry over the past 20 years has produced a remarkable lack of tangible or meaningful technical progress. 

Life in the old boys yet

By: Keith Campbell     8th February 2002 Avgold is using the infrastructure at its Fairview mine to access the deeper parts of the orebody at the adjacent Sheba mine – both mines being part of Avgold's ETC division in Mpumalanga 

Weak rand breathes new energy into old sections

By: Martin Zhuwakinyu     8th February 2002 Gold-mining firm Durban Roodepoort Deep (DRD) is taking advantage of the weakening rand and its improved cashflow position to boost production from old underground areas and to step up exploration at its properties. 

Gold's traditional 'safe haven' status returns

8th February 2002 Economic slowing, a barrage of interest rate cuts and people just plain scared about the future have helped put a polish on gold bullion not seen in years. 

Gold bears still abound

8th February 2002 Gold prices roared through key technical hurdles to two-year highs this week but analysts said on Thursday that charts suggest they might soon turn tame. 

Canadian gold firms remain cautious about gold's price

8th February 2002 Canada’s top gold producers said they are not ready to toss out over a decade of relentless cost-saving efforts just because the gold price hit a two-year high this week. 

Canadian miner writes down Zim gold investment

7th February 2002 Canada’s Kinross Gold said it would write down its investment in Zimbabwe’s Banket gold-mine by $11,8-million in the 2001 fourth quarter due to political and economic strife in the southern African nation. 

Gold bugs come out to play

7th February 2002 South African gold producers cheered a rocketing gold price and the promise of fatter profits on Wednesday, but they saw no immediate impact on production plans in the world's biggest gold mining country. 

Still 'firm intention' to conclude Free State deal

6th February 2002 The $32-million sale of the President Steyn Gold Mines (PSGM) in the Free State is hanging in the balance as the Canadian buyer, Thistle Mining, failed to make the payment on Friday. 

Hedge cuttting in as gold-price rises

6th February 2002 Gold prices are on the rise and producers, keen to benefit, are increasingly choosing spot sales over advance, hedged deals. Gold prices broke the key $290 resistance barrier overnight to reach four-month highs in morning Europe on Tuesday. 

Merger frenzy leading to 'lofty premiums'

5th February 2002 Canadian miner Placer Dome’s CE Jay Taylor cautioned that some of the premiums paid in a wave of recent deals in the gold industry were too high. 

Empowerment group now biggest shareholder in Harmony

5th February 2002 South Africa’s Harmony Gold said that black-empowerment group Simane had acquired a 6,8% stake in the firm, making it the largest shareholder in the company. 

Golden quarter for Gold Fields

5th February 2002 The second-largest gold producer in South Africa, Gold Fields, enjoyed good results in the second quarter of its 2002 fiscal year. 

Merger-crazed gold firms reflects on next step

4th February 2002 The gold industry is taking a pause from its torrid pace of consolidation as merger-crazed mining companies digest recent unions before moving on to the next course, industry experts said. 

Thumbs up for North American gold merger

4th February 2002 Canadian firm Franco-Nevada Mining’s shareholders gave a thumbs-up to a merger with US-based Newmont Mining Corporation to create the world’s biggest gold company, while the new company’s CE said streamlining its vast asset mix would take several years. 

Free State sale fails tax tests

4th February 2002 South Africa’s Harmony Gold said its joint venture with African Rainbow Minerals will pay more for four Free State mines from AngloGold after tax authorities declined to give a ruling that the sale was a rationalisation. 

Empowerment partners take over the reins at contract-mining firm

By: Martin Zhuwakinyu     1st February 2002 A North West Province businessperson has handed over contract-mining firm Sechaba Mining to two blacks who, only three years ago, began what was effectively a learnership in mining entrepreneurship. 

Canadian firm is set for long-term SA relationship

1st February 2002 Canadian firm Thistle Mining has said that it would engage in a long-term relationship with South Africa, starting with its acquisition of five gold-mines from President Steyn Gold Mines today (February 1). 

New-era mill-relining equipment for Wits gold-mine

1st February 2002 Australian company Russell Mineral Equipment (RME) has introduced innovative mill-relining equipment at South Deep Mine, on the Witwatersrand Basin. 

Godsell spurns value-diluting deals

1st February 2002 The last quarter of the 2001 financial year for South Africa’s largest gold producer was dominated by the unsuccessful bid for Australian miner Normandy, as well as the sudden and significant depreciation of the rand. 

Canadian gold miner meets for merger vote

30th January 2002 Shares in Franco-Nevada Mining Corporation shot up to a 52-week high and then dropped on Monday as the Canadian gold royalty company prepared to finalise plans to merge with US-based Newmont Mining Corporation to create the world’s biggest gold producer. 

'Canadians will enter Free State on Friday'

30th January 2002 President Steyn financial director Nico Lotz has refuted rumours that Canadian miner Thistle’s acquisition of its Free State operations had fallen through. 

Canadian firm eyes assets after takeover deal

29th January 2002 The head of Canada’s TVX Gold said he was interested in acquiring assets his company sold into an alliance with Normandy Mining, which is being merged with Newmont Mining Corporation after a takeover battle. 

Ghana gold firm strikes debt-burden deal

29th January 2002 African miner Ashanti Goldfields struck a deal to ease its debt burden and potentially make it a more appealing takeover target. 

The world in Harmony – 75% of shares in foreign hands

29th January 2002 Today, the market in which the largest percentage of Harmony Gold shares are traded is not the JSE Securities Exchange (JSE) but the Nasdaq in New York. 

Pretoria jewellery workshop initiated

29th January 2002 The Minister of Minerals and Energy, Phumzile Mlambo-Ngcuka has initiated an African jewellery-making and craft workshop at the Council for Scientific and Industrial Research (CSIR), which is based near Lynwood, in Pretoria. 

Canadian gold major will not be forced into deals

28th January 2002 Canadian miner Placer Dome’s CEO Jay Taylor said he will not be coaxed into costly acquisitions to keep up with Newmont Mining’s $2,1-billlion takeover of Australia’s Normandy, which created the world’s biggest gold-miner. “I am under no pressure to do a bad deal.... 

Gold juniors begin to glister again

28th January 2002 After more than five years in the cold, small-cap Canadian gold-miners have woken up to a gold-stock rush that has sent their shares hurtling up faster than the general equity market. The interest, in part, is anticipation of rising gold prices and a new bull market for gold, said Sprott... 

Mali's gold exports rise to 51 t

28th January 2002 Gold exports from Mali were a higher-than-expected 51,3 t in 2001, making it Africa’s third-biggest gold producer behind South Africa and Ghana, official data showed. That compared with exports of 28,2 t in the previous year and was some three tons above export forecasts for 2001. The... 

US and Oz threaten SA's position as world's premier gold producer

25th January 2002 South Africa’s position as the world’s premier gold producer could be threatened by countries such as the US and Australia as a result of the continued decline in gold production from local mines, reports the Department of Minerals and Energy. 

Report highlights vital role of gold-mining in the economies of Central Asia and Russia

25th January 2002 Gold mining will have an increasingly important role in the development of some former Soviet republics, and several of them, especially those in Central Asia, have the potential to become some of the world’s largest producers, it was reported in a study published in November by the World... 

Gold's importance in maintaining public confidence

25th January 2002 In the wake of the Euro's roll-out, two leading economists have stressed the importance of gold in maintaining public confidence in central bank reserves. 

First gold next month at South Deep plant

25th January 2002 First gold is expected to be poured next month from a new 220 t gold production plant at South Deep mine, on the West Rand. 

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