R/€ = 15.51 Change: -0.07
R/$ = 13.36 Change: -0.09
Au 1221.30 $/oz Change: -1.95
Pt 808.00 $/oz Change: -0.73

Latest News

Implats strike continues

25th March 2003 Striking mineworkers at South Africa's Impala Platinum (Implats) did not return to work today, despite encouragement from their union and a court order for them to end a week-long protest, the company said. 

COMEX gold bounces as war reality sets in

25th March 2003 COMEX gold steadied yesterday, as worries that the war in Iraq could be prolonged and bloody pushed aside the investor euphoria of last week, when the US-led invasion went off with few glitches. 

Sixty miners die in Chinese coal-mine blast

25th March 2003 Rescuers digging through the rubble of a powerful blast in a coal mine in northern China at the weekend continued to find dead bodies Tuesday, with the death toll rising to 60, state media said. 

China's mining industry: the dragon awakens

By: Keith Campbell     21st March 2003 A new frontier is opening for international, including South African, mining companies.A name, very new and very old, is starting to create a buzz in the global industry. An ancient giant is undergoing a modern awakening. 

De Beers plans to boost output from SA in 2003

By: Terence Creamer     21st March 2003 Diamond giant De Beers, which has consolidated its financial position and reduced its debt significantly over the last year, is preparing for a new expansionary push with group capital investments set to rise to more than $2,3-billion over the next five to ten years. 

Leading Chinese zinc producer to keep output flat

21st March 2003 Top Chinese zinc producer Huludao Zinc plans to maintain 2003 output steady at last year's 221,600 tonnes and keep one of its plants shut this year, a company official said on Thursday. 

Miners to pay up to 8% royalty to State

21st March 2003 The government has proposed a new mining royalty regime for South Africa, with companies expected to pay the state between one and eight percent of gross sales. 

Zambia team to study copper-mine infrastructure

21st March 2003 Zambia has appointed a team of technocrats to review the cost of a proposed new railway line and other infrastructure in new mining areas, Finance Minister Emmanuel Kasonde said this week. 

Implats says miners still on strike

21st March 2003 Striking mineworkers at South Africa's Impala Platinum (Implats) did not return to work today, despite a court order to end a week-long strike, the company said. 

Gold price crumbles, little war premium left

21st March 2003 Gold's fading fortunes, as the war in Iraq intensifies, have been nearly as sharp as its heady gains over the last year, indicating bullion has little war premium left in the price, analysts said today. 

Alexkor winner to be announced within days

By: Martin Czernowalow     20th March 2003 The announcement of the winning bidder for a controlling stake in State gem-miner Alexkor is only days away, observers close to the process predict. 

R40m NDC-Bell equipment deal launched

20th March 2003 South African black-owned diamond-miner New Diamond Corporation has clinched a R40-million partnership deal with South African earth-moving equipment manufacturer, Bell Equipment Company, for the supply of machinery to its Schmidtsdrift mining project on the Vaal River, near Kimberley in the... 

Botswana smelter restarts after six-week repair

20th March 2003 Canada's LionOre Mining International said this week production at the BCL smelter in eastern Botswana had resumed after the smelter was shut down for six weeks to repair a leaky boiler tube. 

New technology revives KZN coal mining

20th March 2003 Mining company Auger Mining South Africa has been reviving the northern KwaZulu-Natal coal industry, with updated technology that would make it economically viable to mine millions of tons of reserves, the firm’s director, Bob Ricketts, said. 

Harmony, NUM reach agreement on social plan

20th March 2003 South African gold producer Harmony Gold Mining Company Limited and the National Union of Mineworkers (NUM) yesterday announced that the parties had agreed to sign the company’s Social Plan Framework Agreement and to establish a Social Plan Fund. 

Mining royalties Bill ready – cabinet

20th March 2003 Mining companies operating in South Africa will know today what royalties they will be paying the government under a new mining regime, the cabinet and finance ministry said yesterday. 

Strike persists at Implats

20th March 2003 World number two platinum producer Impala Platinum (Implats) said yesterday an HIV/Aids-related strike over death benefits at its operations, which has slashed output by 80%, had entered its third day. 

Mining-royalty structure released

20th March 2003 The South African government released its long-awaited royalty structure for mining companies on Thursday, with rates ranging from one to eight percent depending on the commodity. 

De Beers welcomes publication of Royalty Bill

20th March 2003 Diamond giant De Beers, whose product appears to have been hardest hit by the newly-released Mineral and Petroleum Royalty Bill, has welcomed the publication of the proposed legislation, as well as the fact that government has afforded stakeholders the opportunity to comment on the content and... 

Questions raised about sustainability of BEE charter goals

By: Martin Czernowalow     19th March 2003 Whereas the South African mining industry generally welcomed the broad-based Socio Economic Empowerment Charter, as well as the recently-released ‘scorecard’ to monitor its implementation, certain observers are raising questions about the sustainability of empowerment goals outlined... 

De Beers, Endiama extend moratorium

19th March 2003 The State diamond mining company of Angola, Endiama, and De Beers have agreed to extend the moratorium that expired on March 12, 2003, in order to continue negotiations. 

Output down 80% due to strike – Implats

19th March 2003 All underground workers at South Africa miner Impala Platinum (Implats) are on strike in an HIV/Aids-related row over death benefits, the company said yesterday. 

Miner secures €14m for Zambian expansion

19th March 2003 Canadian miner First Quantum Minerals has announced the finalisation of all conditions precedent for a €14-million term debt facility, for its wholly-owned subsidiary Bwana Mkubwa Mining Limited, with the European Investment Bank (EIB). 

Petrochemicals firm awards switchgear contracts

19th March 2003 Two contracts, worth a total of more than R2-million, have been awarded to the medium voltage division of ABB Power Technology for the supply, installation and commissioning of electrical switchgear systems for the expansion of Sasol Mining’s Syferfontein and Twistdraai Collieries, near... 

Kumba raises stake in Ticor to 50,12%

19th March 2003 South African iron-ore producer Kumba Resources said yesterday it had increased its stake in Australian Titanium producer Ticor Limited to 50,12%. 

DRD says rand, fire to affect third quarter

19th March 2003 South African mining firm Durban Roodepoort Deep said yesterday that the strength of the rand versus the dollar and a fire at a subsidiary would affect its earnings for the three months to March. 

Gold hedging falls out of fashion

18th March 2003 The international gold hedge book – the cumulative hedging activities of 84 gold producers, representing 66% of global output – fell further in the fourth quarter of 2002, declining by 4,9-million ounces (153 t) to total 80,9-million ounces (2 515 t). 

Small impact from Implats work stoppage

18th March 2003 South African platinum producer Impala Platinum (Implats) said yesterday work had stopped at its north shafts over a row about funeral benefits, but the impact on output was minimal at this stage. 

Zambian copper miner forecasts 2003 output at 250 000 t

18th March 2003 Zambia's Konkola Copper Mines (KCM) plans to raise copper production 12,6% to 250 000 t in 2003 and launch a second cost-saving plan, said the chief executive of the country's biggest copper producer. 

Legacy costs: Fighting back years of mine pollution

By: Zonika Botha     17th March 2003 As a result of the very nature of its activities, the mining industry has long been branded as one of the biggest pollution culprits in South Africa. 

Major bullish on Botswana gem opportunities

By: Martin Czernowalow     17th March 2003 Botswana combines the attributes of an excellent investment environment, global best-in-class diamond endowment and one of the world’s most difficult exploration terrains, said BHP Billiton on Friday. 

Gencor’s first-half profits slip 9,5%

17th March 2003 South African mine holding company Gencor said on Friday its first-half profit fell 9,5%, mainly because of lower income from its main asset, world number-two platinum company Impala Platinum. 

Asbestos deal opens way for unbundling

14th March 2003 Two agreements have been struck to settle all claims involving asbestosis against mine holding company Gencor for a total amount of R460,5-million, Gencor announced yesterday. 

SA gold output rises for the first time in nine years

14th March 2003 South African mines produced 395,2 t of gold in 2002, a 0,4% rise on 2001 and the first increase in nine years due to higher metal prices and a weak rand, the Chamber of Mines said yesterday. 

Platinum explorer signs BEE deal

14th March 2003 AIM-listed platinum exploration company, Jubilee Platinum, announced that its wholly-owned South African subsidiary, Dullstroom Plats, has entered into a shareholder’s agreement to form a new company with K-Plats (Keys), a black economic empowerment (BEE) mining company. 

Implats seeks to stimulate palladium demand

14th March 2003 The world's second-largest platinum producer is anxious to boost palladium use as a platinum boom in South Africa brings with it an increase in production of its sister metal. 

New gold rush is the big buzz in Toronto

14th March 2003 The gold rush of 2003 is on, sort of. 

BHP Billiton likely to test new mine law with coal project

14th March 2003 The world’s largest diversified mining company, BHP Billiton, has not altered its country risk premium for South African in light of the new minerals regime, but it admits that it needs to test the system to be able to provide shareholders with evidence that the country remains a sound... 

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