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Gold News

New R110m capital expenditure at the North West operations

By: Luxolo Tyali     14th February 2003 A R110-million nine-project capital expenditure programme is under way at the North West Operations of South Africa’s fourth-largest gold-mining company, Mining Weekly can today report. 

Big capex plans for Blyvoor

By: Luxolo Tyali     14th February 2003 Capital totalling R119-million is to be spent at Blyvooruitzicht Gold Mine to fulfil the aims of Project Boost, the Durban Roodepoort Deep (DRD) initiative to rebuild its four operations. 

Big capex plans for Blyvoor

14th February 2003 Capital totalling R119-million is to be spent at Blyvooruitzicht Gold Mine to fulfil the aims of Project Boost, the Durban Roodepoort Deep (DRD) initiative to rebuild its four operations. 

“Yes, even we are beginning to poke some holes in the ground,” Mark Wellesley-Wood confides

By: Luxolo Tyali     14th February 2003 The Roodepoort Rocket is in a new state of liftoff, propelled by Project Boost, an initiative devoted to the facilitation of organic growth, improved efficiency, reduced costs and the pooling of critical spares. 

A stroke of fund-raising genius

By: Luxolo Tyali     14th February 2003 The decision by South Africa’s fourth-largest gold company to raise funds through the issuing of a convertible bond is proving to be a stroke of fund-raising genius, Mining Weekly can today report. 

Ncholo invests R40m in education

By: Luxolo Tyali     14th February 2003 Dr Paseka Ncholo’s Khuma Bathong Holdings (KBH) is fast proving to be one of South Africa’s most conscientious black companies, Mining Weekly can today report. 

A voracious appetite for devouring gold leftovers

By: Luxolo Tyali     14th February 2003 South Africa’s fourth-largest gold company, which has a voracious appetite for devouring leftovers, has grown big on old gold that others have walked away from. 

Fire-struck ERPM seeks break-even

By: Luxolo Tyali     14th February 2003 The man who put the profit halo back on St Helena says he will soon have the loss-making East Rand Proprietary Mine (ERPM) of Boksburg at break-even, despite now employing far fewer people. 

Miners add golden touch to cricket spectacle

By: Zonika Botha     14th February 2003 In a show of support for arguably the biggest sporting event to be hosted in South Africa, the ICC Cricket World Cup (CWC) 2003, South Africa’s major gold producers and members of the Chamber of Mines last week handed over a donation of gold products to be used in the event and awarded to... 

New Mali prospect excites gold major

By: Martin Zhuwakinyu     14th February 2003 South Africa’s leading gold producer, AngloGold, which in 2002 saw its reserves surge by 22% to 72,3-million tons, mainly due to the firming gold price, could record another increase in reserves and resources this year, if the exploration work it is undertaking produces favourable results. 

BEE gold miner’s million-ounce pledge

By: Martin Zhuwakinyu     14th February 2003 South Africa’s only listed black-controlled gold producer, African Rainbow Minerals Gold (ARMgold), has vowed that it will remain a million-ounces-a-year company, and will be using part of its R2,1-billion cash pile to replace depleted ounces through organic growth and acquisitions. 

Ashanti says profit rises 26%

14th February 2003 One of Africa's biggest gold miners, Ashanti Goldfields, reported a 26% jump in 2002 profit yesterday, thanks to a surging gold price but predicted it faced difficulties in keeping costs down. 

Barrick axes CEO

14th February 2003 Unhappy with its profits and a limping stock price, Barrick Gold Corporation axed CE Randall Oliphant on Wednesday and replaced him with former chief financial officer Gregory Wilkins. 

New R600m West Rand gold project

By: Martin Creamer     14th February 2003 South Africa’s third-largest gold company has embarked on a R600-million shaft-sinking project at Elandsrand on the West Rand. 

Western Areas profit rises strongly

14th February 2003 In a year punctuated by substantial capital expenditure and cost controls, gold producer Western Areas Limited (WAL) finished 2002 with a pre-tax profit of R231,5-million for the fourth quarter, from a loss of R731,8-million in the previous quarter. 

Africa, S America key in gold group's exploration push

By: Keith Campbell     14th February 2003 SOUTH African gold-mining giant Gold Fields will focus most of its 2003 exploration budget of $20-million on Africa and South America, with some also going to Australia and Eastern Europe, Mining Weekly can report. 

Doornkop south reef project

14th February 2003 Name of the project and location Doornkop South Reef Project, Gauteng, South Africa. Project description The three-phase mining project, at Randfontein operations, is going ahead, as Harmony has secured a black economic empowerment partner, Africa Vanguard Operations, for the venture. The chief... 

Mineral rights management group in BEE deal

By: Martin Czernowalow     13th February 2003 Gold producer Randgold and Exploration yesterday announced that black economic empowerment (BEE) company, Marothodi Resources, has obtained a 26% stake in its mineral rights management company Minrico, which is to be developed as a fully fledged, South African-based resource company. 

Eldorado looks to deepen Brazil gold mine

11th February 2003 Canada's Eldorado Gold said it would decide next month if it will deepen the shaft at its Sao Bento underground mine in Brazil, which could give it access to more gold and reserves. 

Morila approaches 2m oz mark

10th February 2003 The Morila mine has produced almost two-million ounces of gold at a cash cost of below $100/oz since it was commissioned in October 2000, placing it at the international forefront of high-margin gold producers. 

Gold No 2 pursues organic growth prospects

7th February 2003 South African gold miner Gold Fields - one of the first companies last year to hint that organic growth would be preferable to acquisitions as the gold environment turned increasingly positive - has reinforced this view by announcing a significant increase in its exploration spend and a pipeline... 

R600m capex push from SA gold-miner

By: Joanne Delaurentis     7th February 2003 South Africa’s fourth-largest gold producer is set to spend R600-million, raised by the company in November last year, to support its growth projects. 

Harmony goes from buyer to builder

By: Martin Czernowalow     7th February 2003 South African gold producer, Harmony Gold Mining Company, announced that it would focus strongly on organic growth, rather than acquisition as it had done in the past. 

Gold, silver heap leach project deal

7th February 2003 Gold producer Glamis Gold said it would sell its 50% stake in the Cerro San Pedro project to Metallica Resources for $18-million. 

Miners add glister to Cricket World Cup

By: Zonika Botha     6th February 2003 In a show of support for arguably the biggest sporting event to be hosted in South Africa, the ICC Cricket World Cup (CWC) 2003, South Africa’s major gold producers and members of the Chamber of Mines yesterday handed over a donation of gold products to be used in the event and awarded to... 

Gold stocks undervalued - fund manager

6th February 2003 Gold prices rocketing to six-year highs have left shares in mining companies gasping to catch up and some hopelessly undervalued, JPMorgan Fleming Asset Management's veteran commodity fund manager said on Wednesday. 

Two die in Great Noligwa rockfall

6th February 2003 Gold producer, AngloGold, reports that two miners died in a fall of ground at the company’s Great Noligwa Mine near Orkney this morning. The incident occurred at about 10am on level 61, some 1 900 m below surface. 

ARMgold plans aggressive organic growth push

By: Martin Czernowalow     5th February 2003 South African empowerment mining company, African Rainbow Minerals Gold Limited (ARMgold), said yesterday that it would remain focused on being globally competitive through a continuous drive to improve on its track record, while pursuing an aggressive and qualitative growth strategy. 

ERPM fire will not hurt DRD – Wellesley-Wood

5th February 2003 South African gold producer Durban Roodepoort Deep (DRD) said yesterday that a fire at East Rand Proprietary Mines (ERPM), which started at the weekend, would not affect DRD. 

Gold rises ahead of Powell speech

5th February 2003 Gold vaulted to its highest in more than six years yesterday, as Washington prepared to make its case against Iraq to the UN Security Council, prompting nervous investors to seek a safe cache for their money. 

Riddarhyttan gets permit for Finnish gold mine

5th February 2003 Swedish exploration company Riddarhyttan said yesterday it had received a mining permit for its Finnish Suurikuusikko gold deposit and it could proceed in talks on how to finance the project. 

Gold surges ahead of Powell speech

5th February 2003 Gold surged to $380 an ounce for the first time in more than six years in New York futures trade Tuesday, as investors sought safe harbors before the Bush administration presents what it calls "proof" that Iraq is hiding banned weapons of mass destruction. 

Canadian gold miner reports lower output

4th February 2003 Canadian miner, High River Gold Mines, a small-cap gold producer, said at the weekend that gold output from its two mines in Russia and one in Canada reached 260 882 oz in 2002, down slightly from 261 708 oz in 2001. 

Platinum at 20-year highs

4th February 2003 The threat of war in Iraq nudged gold higher yesterday, while platinum hit a 23-year high as speculators and end-users bought heavily. 

Fire stops production at ERPM shaft

4th February 2003 South Africa's troubled marginal ERPM gold mine, where two protesting workers were shot dead by security guards last year, said yesterday a fire had stopped production at one of its shafts. 

AngloGold boosts its reserves and resources

By: Martin Czernowalow     3rd February 2003 South Africa’s largest gold producer, AngloGold, said on Friday it had increased its ore reserves by 22% and mineral resources by 2%, during the 12 months ended December 31, 2002. 

Gold leader sees firm pricing continuing

3rd February 2003 South Africa's top gold producer, AngloGold, said on Friday it saw a higher gold price in the year ahead, and a revival in the physical market once volatility subsides. 

Newmont prepares for organic growth

3rd February 2003 A year after Newmont Mining bought Australia's biggest gold producer and Canada's Franco-Nevada, making it the world's top gold producer, its chief executive says the company is ready to tackle internal growth and new mines. 

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