R/€ = 16.64 Change: -0.02
R/$ = 16.24 Change: -0.04
Au 1796.09 $/oz Change: 7.51
Pt 958.35 $/oz Change: -3.65

Africa News

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. 

Death-hit Gold Fields mines entering new ‘joystick’ safe-production era, COO Goodlace heralds

By: Martin Creamer     16th May 2008 Accident-struck Gold Fields is implementing a new safe-production strategy in which new technology will be used to minimise the exposure of miners to dangerous areas, new Gold Fields COO Terence Goodlace has announced. The new approach, dubbed the “joystick” era, would be implemented... 

DRDGold dividend to ‘patient’ investors likely in June, says CEO Sayers

By: Martin Creamer     16th May 2008 A dividend to “patient” shareholders is likely to be declared at the upcoming June year-end, says JSE-listed DRDGold CEO John Sayers. 

Lundin mulls options for Russian zinc prospect

By: Liezel Hill     15th May 2008 Base-metals miner Lundin Mining is “looking at all alternatives” regarding its 49% stake in the Ozernoe zinc deposit, in Russia, president and CEO Phil Wright said on Thursday. Work on the feasibility study was “slow going” and certain project deadlines and governing... 

Nevsun expects first production in 2010 from Eritrea gold mine 

By: Liezel Hill     15th May 2008 Vancouver-based Nevsun Resources is making progress at its Bisha project, in Eritrea, with first output expected in 2010, the company reported on Thursday. The project is now expected to cost $246-million, and produce an average of 431 000 oz of gold and 702 000 oz of silver a year in the first... 

ZCI shareholders to vote on closing company

By: Liezel Hill     15th May 2008 JSE-listed Zambia Copper Investments (ZCI) will ask shareholders to vote in September on whether the company should stay in business or be wound up, the firm said on Thursday. ZCI announced in April that its long-delayed deal involving the sale of its stake in Zambian copper mine Konkola Copper... 

Demand for Africa’s minerals to underpin AEL’s growth 

By: Matthew Hill     15th May 2008 Explosives manufacturer AEL,a subsidiary of JSE-listed AECI, forecast revenue of R1-billion from African countries excluding South Africa, it said on Thursday. The global commodities boom has sparked a new rush for the continent's minerals, pushing up demand for the firm's products. 

Long-term outlook for diamond jewellery positive – analyst

By: Shannon de Ryhove     15th May 2008 While the short-term outlook for consumer demand for diamonds was somewhat depressed, the longer-term outlook for purchases of diamond jewellery was positive, Royal Bank of Canada Capital Markets global mining research analyst Des Kilalea said at the annual diamond conference in London, on... 

Crocodile River resumes production after bomb scare

By: Christy van der Merwe     15th May 2008 Operations and production at the Eastern Platinum's (Eastplats') Crocodile River mine (CRM) near Brits have returned to normal after a bomb threat was received at the mine at about 06:00 on Thursday morning. "The mine was evacuated and access was prevented until such time as the... 

Miranda shares rise as Zuma boosts promising new KZN coal projects

By: Martin Creamer     15th May 2008 JSE-listed Miranda Minerals, which announced on Thursday that it was focusing on four new coal projects in northern KwaZulu-Natal, received a special message of encouragement from ANC president Jacob Zuma, who said he would like to see the "neglected" area developed. 

Lonrho Mining finds 61-ct yellow diamond at Schmidtsdrift

By: Chanel de Bruyn     15th May 2008 Australia-based explorer Lonrho Mining, formerly known as Nare Diamonds, has discovered a 61,30-ct yellow diamond at its Schmidtsdrift mine, in South Africa. Lonrho Mining, in which London-listed African investment company Lonrho has a 23,01% stake, said the diamond was octahedron in shape and... 

Uranium One posts loss as sales decline

By: Liezel Hill     14th May 2008 Uranium-miner Uranium One posted a net loss of $114,9-million for the first quarter of 2008, compared with net income of $8-million a year ago, and a $2,2-million loss in the last three months of 2007. Earnings were affected by a decline in sales volumes, as well as a $103,5-million impairment... 

First Quantum 'hopeful' DRC will reopen border soon

By: Liezel Hill     14th May 2008 Vancouver-based First Quantum Minerals remained “hopeful” that the Democratic Republic of Congo (DRC) would reopen the border to exports of ore from its Lonshi mine in the country, president and CEO Clive Newall said on Wednesday. The provincial governent has continued to disallow... 

Miranda confirms coal resources

By: Liezel Hill     14th May 2008 JSE-listed exploration firm Miranda Holdings has announced a Samrec-compliant resource of 120-million tons on four of its coal projects in KwaZulu-Natal, South Africa. 

Lesotho grants Thabex extension to gem prospecting lease

By: Liezel Hill     14th May 2008 JSE-listed junior Thabex has been granted a 12-month extension to a prospecting lease in Lesotho, the company said on Wednesday. 

Wits Gold expects to post profit

By: Liezel Hill     14th May 2008 TSX- and JSE-listed Wits Gold expects to report basic and headline earnings of between 2,54c and 3,1c a share (in South African currency) for the year ended February 29, the firm said on Wednesday.  

Platmin secures R350m bridging for Pilanesberg project

By: Matthew Hill     14th May 2008 Emerging platinum junior Platmin has concluded a bridge-loan facility woth R350-million with South African banking group Standard Bank, which it would put towards developing its flagship Pilanesberg project, the company said on Wednesday. 

Katanga arranging $550m loan to fund DRC project

By: Liezel Hill     14th May 2008 TSX-listed copper and cobalt miner Katanga Mining is in the “later stages” of discussions with a group of banks to underwrite a loan of up to $550-million to fund the company's Democratic Republic of Congo project, CFO Steve Jones said on Wednesday. Katanga expected to announce... 

Sylvania seeks ways to spend ‘mountain of cash’, targets 70 000 oz by 2010 

By: Christy van der Merwe     14th May 2008 The biggest challenge for platinum-from-dumps producer Sylvania Resources, was how to spend the “mountain of cash” it had started generating, as the company reported a 34% increase in production to 4 802 oz platinum group metals (PGMs) in the March quarter, and looked set to produce... 

Iamgold pushes alternative plans for Camp Caiman

By: Liezel Hill     13th May 2008 Canadian gold-miner Iamgold, which has experienced its share of what CEO Joe Conway terms “setbacks” this year , has submitted alternative plans to the French government for the development of its Camp Caiman project, in French Guiana, and is awaiting a response from President Nicolas... 

New Angloplat CEO hopes to fix miner's safety reputation  

By: Matthew Hill     13th May 2008 CEO designate of the world's biggest platinum producer, 48-year old mining engineer Neville Nicolau, said on the day of the announcement of his appointment that "safety is our moral licence to operate". This came after his predecessor quit his job because of pressures around... 

Teal chief Menell to retire

By: Liezel Hill     13th May 2008 TSX- and JSE-listed Teal Exploration & Mining announced on Tuesday that president and CEO Rick Menell would step down immediately, handing the reins to CFO Hannes Meyer, who would assume the role of acting CEO. Menell, who had led the company since it was formed in 2005 to house the nonSouth... 

Keaton subsidiary to spend R3m on newly acquired prospecting rights

By: Mariaan Webb     13th May 2008 The Department of Minerals and Energy has granted coal junior Keaton Energy's 74%-held subsidiary, Amalahle Exploration, four separate prospecting rights, the newly listed company announced on Tuesday. The prospecting rights covered six discrete properties totaling 1 597 ha in the Ermelo... 

Petra assumes control of Angolan exploration projects

13th May 2008 Diamond mining group Petra Diamonds on Tuesday announced that it would assume control of the Alto Cuilo and Luangue exploration projects in Angola. The company's joint-venture (JV) partner, resources giant BHP Billiton, would transfer its interests in the exploration projects to Petra,... 

Iamgold triples profit on higher prices, output

By: Liezel Hill     13th May 2008 Canadian gold-miner Iamgold increased its first-quarter net earnings by 205% year-on-year, to $34,4-million, lifted by higher gold prices and an increase in output, the company said on Tuesday.  

Great Basin widens loss it steps up exploration programme

By: Christy van der Merwe     13th May 2008 TSX- and JSE-listed Great Basin Gold (GBG) on Tuesday reported that the company had widened its loss to C$17-million in the March quarter, compared with a loss of C$5,5-million in the comparable quarter of 2007. The basic and diluted loss a share grew by 20% to C$0,08, up from a loss of C$0,05... 

South Africa's March gold output falls 10,9%

By: Reuters     13th May 2008 South African gold output fell 10,9% in volume terms, while overall mineral production declined 17,2% in March compared with the same month in the previous year, official data showed on Tuesday. Production of nongold minerals fell by 18,1 percent in March, Statistics South Africa added. 

African Minerals buys stake in Baobab Resources

By: Chanel de Bruyn     13th May 2008 AIM-listed mineral exploration company African Minerals has acquired a 17,56% stake, or 11,42-million shares, in Baobab Resources, it announced on Tuesday. The company, headed by former African Platinum CEO Roy Pitchford, said that Baobab had an exclusive long-term tenure of 3 799 km2, with... 

Anglo Platinum appoints Neville Nicolau as CEO

By: Matthew Hill     13th May 2008 World number-one platinum producer Anglo Paltinum (Angloplat) on Tuesday announced the appointment of former AngloGold Ashanti COO Neville Nicolau (48) as its new CEO, effective June 1. This came after Ralph Havenstein quit the top job in August last year, leaving Duncan Wanblad and Norman... 

Pallinghurst, Gemfields say reverse takeover making progress

By: Mariaan Webb     13th May 2008 Gemstone-miner and explorer Gemfields Resources has resumed trading on the London bourse's Aim market on Tuesday, after shares were suspended following the December 18-announcement of a reverse takeover by Pallinghurst Resources. Brian Gilbertson's Pallinghurst would buy 55% of... 

African Eagle says JV partner won’t take stake in Zambian copper project

13th May 2008 UK-based mineral resources company African Eagle Resources on Tuesday reported that its joint-venture partner in the Zambian Ndola copper project, Phelps Dodge Mining Zambia (PDMZ), had decided not to take an interest in the project, which would remain 100% owned by African Eagle. PDMZ, which... 

MDM Engineering raises £4,4m in Aim debut

By: Matthew Hill     12th May 2008 Project house MDM Engineering on Monday announced that it had raised £4,4-million through selling 3,4-million shares to institutional investors, giving it a market capitalisation of £54,3-million on its Aim debut. It sold the shares at a placing price of 145p a share. 

SA's big industrial users taken aback by load shedding U-turn

By: Matthew Hill     12th May 2008 The Energy Intensive Users Group (EIUG), comprising Eskom's biggest industrial customers, was sceptical of the utility's ability to continue through winter without load shedding, and was waiting for a date to meet with its CEO Jacob Maroga, a technical advisor to the group said on... 

Pamodzi Gold looking to buy more mines, chairperson Ntsele reiterates 

By: Martin Creamer     12th May 2008 Gold junior Pamodzi was looking to buy more gold mines, chairperson Ndaba Ntsele told Mining Weekly Online on Monday. Ntsele said that the company was talking to its neighbours in both Orkney and the Free State to buy adjacent mines. 

R100m jewellery factory to be opened in Kimberley

By: SANews, SA government news service     12th May 2008 The world's renowned city of diamonds, Kimberley, is to open a factory worth R100-million to manufacture gold jewellery. "This initiative will focus on mass chain production for the export market - specifically the United States," the Northern Cape Premier's office said in a... 

Pamodzi plans R383m raising, still eyes 1Moz production target

By: Chanel de Bruyn     12th May 2008 Junior gold mining company, Pamodzi Gold, on Monday said it would raise about R383-million ($50-million) by the end of the month as working capital in order to recapitalise its four operations. Speaking at its results presentation for the quarter ended March 31, Pamodzi CFO Martin Schermers told... 

DRC project costs rise almost 50% - Anvil

By: Liezel Hill     12th May 2008 TSX- and ASX-listed Anvil Mining now expects its Kinsevere Stage II project, in the Democratic Republic of Congo (DRC) to cost $380-million, $123-million higher than construction cost projections in a feasibility study on the project. Cost estimates had been pushed upwards after the company... 

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