https://www.miningweekly.com
R/€ = 16.98 Change: -0.01
R/$ = 16.55 Change: -0.02
Au 1770.85 $/oz Change: -34.36
Pt 869.50 $/oz Change: -7.40
 

Africa News

Trans Hex full-year earnings down 72%

By: Mariaan Webb     22nd May 2008 JSE-listed gem-miner Trans Hex headline earnings a share from continuing operations was expected to fall by 72% to 8,6c a share for the year ended March 31, compared with 31,2c a share in 2007, the company said on Thursday. The miner, which would release its results on Wednesday, said it would... 

First Uranium starts commissioning gold plant

By: Liezel Hill     21st May 2008 TSX- and JSE-listed First Uranium has began commissioning its 2,4-million ton a year gold pricessing plant, at its Ezulwini gold and uranium mine, in South Africa, and expects to produce gold bullion from the plant's first module in July, the firm said on Wednesday. 

Paladin prepares to launch uranium trading arm

By: Liezel Hill     21st May 2008 Uranium producer Paladin Energy will formally announce plans for its new uranium-trading subsidiary, Paladin Nuclear, within the next month or two, MD John Borshoff said on Wednesday. The company is in the process of hiring senior people, with experience in the US, Asian and European markets, for... 

AngloGold Ashanti to raise R13,5bn in share sale

By: Liezel Hill     21st May 2008 Gold major AngloGold Ashanti plans to raise R13,48-billion (about $1,77-billion) in a share offer of 69,47-million new shares at R194 each, the firm said on Wednesday.  

Keaton issues trading update

21st May 2008 JSE-listed coal junior Keaton Energy said it expected to report a loss a share of between 9c a share and 9,5c a share when it published its results for the 13 months ended March 31. 

ERPM output hit by attacks on foreigners, one miner confirmed dead

By: Matthew Hill     21st May 2008 Gold producer DRDGold has suffered production setbacks at its ERPM operation near Primrose, in Johannesburg, because of the recent violent attacks on foreigners, and one employee’s death has been confirmed, CFO Craig Barnes told Mining Weekly Online on Wednesday. He said that there... 

Lonmin hit by number of small smelter explosions, miner says not serious

By: Chanel de Bruyn     21st May 2008 The world's third-largest platinum producer, Lonmin, on Wednesday denied that there had been any "serious explosions" at its Merensky smelter or that it had failed to report any incidents to the Department of Minerals and Energy (DME). South African trade union Solidarity on... 

Kopane to raise £6,6m for development of Lesotho diamond mine

21st May 2008 Aim-listed diamond producer Kopane Diamond Developments would place up to 70-million new ordinary shares at 10p a share to raise about £6,6-million, for development at its Lesotho project, as well as for general working capital purposes, it said on Wednesday. The placing would represent... 

Weatherly forms Namibian exploration JV with Anglo subsidiary

By: Mariaan Webb     21st May 2008 Base-metals company Weatherly International has formed a joint venture (JV) with Ambase Prospecting, a subsidiary of resources giant Anglo American, to explore in Namibia. London-based Weatherly said on Wednesday that the JV would explore its tenement in the Grootfontein district, in... 

Anooraq secures R1,7bn debt finance for Lebowa acquisition

By: Matthew Hill     21st May 2008 Platinum junior Anooraq on Wednesday said that it had secured sole underwritten debt finance from Standard Chartered Bank of up to R1,7-billion for its acquisition of 51% of Lebowa Platinum from top producer Anglo Platinum. Anooraq agreed to buy the stake for R3,6-billion in cash, which it would... 

Geovic appoints construction, engineering managers for Cameroon cobalt project

By: Liezel Hill     20th May 2008 TSX-listed Geovic Mining has made key appointments in preparation of the development of its 60%-owned Nkamouna cobalt/nickel/manganese project in Cameroon, the firm said on Tuesday. Construction at the project, which contains proven and probable ore reserves of 54,7-million tons, grading 0,25%... 

African Gold files resource estimate for Mali prospect

By: Liezel Hill     20th May 2008 TSX Venture Exchange-listed African Gold Group has filed a NI 43-101-compliant resource estimate for zone one of its Kobada gold project, in Mali, the firm said on Tuesday. 

Wescoal in talks that could affect shares

By: Liezel Hill     20th May 2008 AltX-listed Wescoal has entered into negotations which, if successfully concluded, could have a material affect on the price of the company's shares, the firm said on Tuesday. 

Eskom won’t force miners’ hands as coal exports threaten security of supply 

By: Matthew Hill     20th May 2008 While soaring coal prices were a key driver behind Eskom’s latest and much-debated application to the energy regulator for significant electricity price increases, CE Jacob Maroga said on Tuesday that it “won’t be useful to force” issues on the coal industry. However, he... 

Bannerman commissions feasibility study for Namibia uranium mine

By: Liezel Hill     20th May 2008 Perth-based Bannerman Resources has awarded a contract to engineering firm GRD Minproc to complete a full feasibility study for a uranium mine at the company's Goanikontes Anomaly A project, in Namibia. The study, which will begin immediately, is expected to be completed in the first... 

Brinkley takeover talks terminated, chair, FD resign

By: Liezel Hill     20th May 2008 UK-based uranium exploration company Brinkley Mining said on Tuesday that discussions regarding a possible offer for the company had been called off, and that chairperson Gerard Holden would step down from the board with effect from May 31. 

SA studies coal master plan to examine pricing, supply

By: Matthew Hill     20th May 2008 The Department of Minerals and Energy (DME) has commissioned a study to draft a "coal master plan", which would interrogate the "best way of preserving our national coal resources", a spokesperson said on Tuesday. The study would cover a wide range of issues, including... 

BHP Billiton bringing in large gensets for SA manganese mines

By: Martin Creamer     20th May 2008 Large diesel generator sets are being brought from Australia to BHP Billiton's Hotazel manganese mines in South Africa to keep critical sections operative should power outages occur, BHP Billiton manganese president Peter Beaven tells Mining Weekly Online. Earlier this year, power issues... 

Zimbabwe vote crisis may hurt '08 platinum output

By: Reuters     19th May 2008 Platinum supplies from Zimbabwe rose 2,3% to 171 000 oz last year, but a disputed election may damage output this year, metals refiner Johnson Matthey (JM) said on Monday. JM said the dispute over the outcome of an election in March, and further escalation of a power crisis in South Africa, the... 

Fitch affirms Implats ratings, says outlook stable

19th May 2008 International ratings agency Fitch Ratings on Monday assigned the world's second-largest platinum producer, Impala Platinum, a long-term issuer default rating (IDR) of ‘BBB plus', a short-term IDR of ‘F2', a national long-term rating of ‘AA (zaf)' and a... 

Platinum market expected to be in ‘substantial’ deficit in ‘08

By: Chanel de Bruyn     19th May 2008 The platinum market was expected to remain in a deficit in 2008, after it swung into a deficit of 480 000 oz in 2007, precious metals consultancy firm Johnson Matthey said on Monday. In its latest report, the company said that sustained industrial and automotive demand, coupled with... 

Junior diamond-miner to list on May 27

By: Matthew Hill     19th May 2008 South Africa-focused Kimberley Consolidated Mining (KCM) has received formal approval for its proposed listing on the JSE, clearing the way for it to become the fourth diamond firm to list on the Johannesburg bourse in the past six months on May 27, CEO Hein le Riche said on Monday. The firm had... 

Power disruptions to cut Zambia mine tax earnings

By: Reuters     19th May 2008 Zambia is unlikely to collect a projected $415-million from new mining taxes this year because of disruptions in power supply, which cut production in the copper and cobalt mines, a senior official said. The new tax regime, which came into effect on April 1, increased mineral royalty to 3... 

Coal junior targets 3,5Mt/y output from first two SA mines

By: Matthew Hill     19th May 2008 Coal junior HCI-Khusela Coal expected to produce some 3,5-million tons of the fuel from its Bronkhorstspruit and Ogies mines in its first year of operation, but first needed mining rights for these properties from government, it said at the weekend. It also hoped to begin producing coal at its... 

GCM Resources says Polo made preliminary offer

By: Mariaan Webb     19th May 2008 London-based GCM Resources, which has subsidiaries operating in South Africa and Bangladesh, said on Monday that it had received a preliminary offer from Aim-listed Polo Resources. Polo Resources, which mines coal and explores for uranium in Mongolia, has made a cash offer of 175p a share.  

IFM plans R200m cogeneration project after power problems curb output

By: Matthew Hill     19th May 2008 Australia-based ferrochrome producer International Ferro Metals (IFM) has ordered ten generators from GE Jenbacher to generate up to 12,9 MW of power using waste gases at its South African furnaces, in a R200-million cogeneration project. The firm said on Monday that the plant should be... 

SNR gears up for coal production as DME awards mining permit

By: Mariaan Webb     19th May 2008 South Africa-focused coal and energy company Strategic Natural Resources (SNR) said on Monday that it hoped to start production at its Elitheni coal project, in the Eastern Cape, in the next two months, after the government granted it a mining permit. The operation - one of South Africa's... 

Kiwara encouraged by Zambia uranium drilling results

By: Matthew Hill     19th May 2008 Zambia-based copper and uranium hopeful Kiwara said on Monday that it had intercepted potentially viable grades of the nuclear fuel at four drill holes at its licence in the north west of the country. The company said that this confirmed historic findings that the mineralisation occurred in at... 

AngloGold, B2Gold wrap up Colombia transaction

By: Liezel Hill     16th May 2008 Gold major AngloGold Ashanti and Canadian junior B2Gold have completed a series of transactions announced in February, when AngloGold agreed to swap its interest in several exploration properties in Colombia for a 15,9% stake in the Vancouver-based company. 

Platinum juniors to become prime take-over targets

By: Creamer Media Reporter      16th May 2008 The platinum industry is in distress and juniors that are able to navigate the challenging landscape could become attractive targets for bigger companies, an analyst said on Friday. "The race is on," stated RBC Capital Markets analyst Leon Esterhuizen. 

ANC wants Eskom to discuss coal pricing with mining industry

By: Matthew Hill     16th May 2008 The ruling ANC party on Friday suggested that Eskom should pay for its coal on a cost-plus basis, and that coal pricing should be discussed with the industry. Further, Eskom only ought to source the fuel from the spot market in "the most extreme conditions", ANC secretary general Gwede... 

Junior explorer to start production at Botswana mine

By: Chanel de Bruyn     16th May 2008 Base-metals exploration company African Copper on Friday said its Mowana mine, in Botswana, would start production in the second quarter of this year, which would change the junior explorer into a copper producer. Cold commissioning of the mine was now ongoing, with ramp up to production to... 

Katanga enforces cobalt concentrate export ban

By: Reuters     16th May 2008 Democratic Republic of Congo's mineral-rich Katanga province is enforcing a suspension of cobalt concentrate exports, the provincial governor said on Friday. "No one is getting through now," governor Moise Katumbi told Reuters. He had announced this week the suspension would start... 

Outlawed asbestos leaves trail of death, suffering, claims and mining shame 

By: Brindaveni Naidoo     16th May 2008 The Greeks termed the mineral asbestos the "miracle mineral", which became increasingly used in the nineteenth century by a wide range of industries. South Africa was one of the major suppliers of asbestos to the world, having produced 97% of the world's crocidolite and 100% of... 

Eastplats lifts earnings on higher prices, output

By: Liezel Hill     16th May 2008 Vancouver-based platinum-miner Eastplats posted first quarter net earnings of $19,96-million, compared with a loss of $9,94-million a year ago, after both production and metals prices rose year-on-year. The company sold 27 825 platinum-group metal (PGM) ounces from its Crocodile River mine, to... 

Randgold adopts ‘factory’ approach at Morila as it takes over operational control from much-criticised AngloGold

By: Martin Creamer     16th May 2008 Africa-focused gold mining company Randgold Resources is adopting a precise factory approach at Morila gold mine as it takes over full operational control from AngloGold Ashanti, which it repeatedly accused of being wanting. 

Spurious ‘gold counters’ confusing investor community, says Randgold Resources CEO Mark Bristow

By: Martin Creamer     16th May 2008 While many investors are decrying the failure of ‘gold counters’ to perform as traditional levered investments, many of those ‘gold counters’ are not gold counters at all, says Dr Mark Bristow, CEO of Randgold Resources, a pure gold play. 

May 22 rights issue decision for R11,9bn AngloGold hedge cutting

By: Martin Creamer     16th May 2008 hareholders will on May 22 be called on to ratify the proposal to raise R11,9-billion in equity to fund the part removal of AngloGold Ashanti’s much-maligned gold hedge. 

Latest News

more

Latest Videos

more

Latest News: Australasia

more

Latest News: Americas

more

Topics In These Articles

RSS Feed

About

Mining Weekly is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Research Channel Africa
Polity

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on MiningWeekly.com is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Subscribe Now
Free daily email newsletter Register Now