R/€ = 16.95 Change: -0.01
R/$ = 16.60 Change: -0.02
Au 1792.80 $/oz Change: 6.04
Pt 939.50 $/oz Change: -2.50

Africa News

AngloGold eyes full production at SA mines despite power crunch 

By: Matthew Hill     6th May 2008 South Africa’s biggest gold-miner AngloGold Ashanti reiterated on Tuesday that it was confident of moving towards full production capacity at its local operations and said that it would “claw back” a large slice of the gold ounces it had expected to lose because of the national... 

World's ‘least expensive' gold stock lifts 9% on hedge slashing, big Colombian discovery 

By: Martin Creamer     6th May 2008 Share value of the world's ‘least expensive' gold stock rose more than 9% on Tuesday hot on the heels of AngloGold Ashanti announcing that it would raise R11,9-billion from shareholders to slash its much-criticised hedge. 

Barrick profit leaps as margins swell on higher prices

By: Liezel Hill     6th May 2008 The world's biggest gold producer, Toronto-based Barrick Gold, increased its first quarter net income to $514-million, compared with a loss of $159-million a year earlier, thanks to its exposure to record gold-price levels. The gold-miner reported a loss in the first quarter of 2007 after... 

Homeland Energy sells further 5% stake in SA unit

By: Liezel Hill     6th May 2008 TSX-listed Homeland Energy Group (HEG) has sold another 5% stake in its South African subsidiary, Homeland Mining and Energy SA, to India's GMR Group, for $15-million in cash, the firm said on Tuesday. 

AngloGold Ashanti proposes R11,9bn rights offer to cut hedgebook

By: Christy van der Merwe     6th May 2008 Gold major AngloGold Ashanti on Tuesday announced a proposed fully underwritten rights issue to raise R11,9-billion (some $1,6-billion) to reduce its hedge book, and fund the company's growth initiatives. The company would issue 69,4-million shares at a minimum price of R172 a share, it... 

AngloGold reports fivefold increase in Q1 adjusted headline earnings

By: Christy van der Merwe     6th May 2008 Gold producing major AngloGold Ashanti on Tuesday reported a more than fivefold increase in adjusted headline earnings for the first quarter of 2008 to $105-million, compared with $18-million in the previous quarter. This was despite significantly lower production. The company reported a 12%... 

Resource estimate rises 167% at Ghana gold prospect

By: Liezel Hill     5th May 2008 Vancouver-based AMI Resources has increased the resource estimate at its wholly-owned North Ashanti gold project, in Ghana, by 167%, to 327 621 oz, the firm announced on Monday. 

Equinox commissions water systems at Lumwana

By: Liezel Hill     5th May 2008 TSX- and ASX-listed Equinox Minerals has completed the commissioning of the raw-water systems at its Lumwana copper project, in Zambia, the firm said on Monday.  

Coal of Africa says Merrill Lynch owns 12% of its stock

By: Matthew Hill     5th May 2008 Aim- and JSE-listed Coal of Africa Limited (CoAL) jumped to a new record on Monday, after it notified the market that the banking group Merrill Lynch now owned 12% of its stock. Its shares rose to R24 before slipping to R23,50 by 16:17 in Johannesburg, which was 7,8% higher than its closing... 

TWP reports full-year headline earnings increase

By: Christy van der Merwe     5th May 2008 Mine-focused engineering, construction and project management firm TWP on Monday reported a 187% increase in headline earnings a share, to 93,82c a share for the year ended February 2008. The company, which listed on the JSE main board in November 2007, said that this "exceptional... 

Lonmin, IFC sign agreement with Absa to improve BEE suppliers’ access to finance

By: Matthew Hill     5th May 2008 Global platinum number-three Lonmin has signed a memorandum of understanding with South Africa's biggest bank, Absa, and World Bank-owned International Finance Corporation (IFC) to give black economic-empowerment (BEE) suppliers an up-to-R100-million shot in the arm. The partners would... 

Problems with locals won’t delay PNG project - Harmony

By: Matthew Hill     5th May 2008 World number-five gold producer Harmony Gold said on Monday that problems with locals at its Hidden Valley mine in Papua New Guinea (PNG) would not delay its ramp up, and that the company hoped to resolve the issue "in the next day or two". Spokesperson Amelia Soares said that the... 

Canadian junior hunts for platinum in Ontario

By: Liezel Hill     2nd May 2008 At present, Canada's contribution to world platinum-group metals production is largely dominated by palladium, and not very much of it, at that. However, the winds may be about to change, thanks to a small, Ottawa-based exploration company, which believes it has found a complex with... 

Bannerman gathers momentum at Namibian uranium prospect

By: Liezel Hill     2nd May 2008 Australia-based Bannerman Resources is building a new sample preparation laboratory in Swakopmund, to speed up the processing of drill sample results from its 80%-owned Goanikontes uranium prospect, in Namibia, the firm said on Friday. 

Gold Fields tests winder ropes at all mines after fatal accident

By: Liezel Hill     2nd May 2008 Gold miner Gold Fields expected to have completed thorough testing of all the winding ropes at its South African mines by Saturday, the company said on Friday morning. The Department of Minerals and Energy issued a directive ordering the safety checks, following an accident on Thursday in which... 

Benefits of hard line safety approach showing, says Anglo CEO Carroll

By: Martin Creamer     2nd May 2008 The benefits of her hard-line approach to mine safety are showing, says Anglo American CEO Cynthia Carroll. She points out that fatalities in Anglo American mines fell more than two fold in the second half of last year, after she sent shock waves through the mining industry by shutting... 

Anglo cutting energy 15%, carbon 10%, CEO announces

By: Martin Creamer     2nd May 2008 Diversified miner Anglo American, which has operations in 45 countries and employs 100 000 people, aims to cut its energy consumption by 15% and the amount of carbon it produces per unit of output by 10%. 

Camec boosts its stake in CRC to 47,2%

By: Liezel Hill     1st May 2008 LSE-listed Central African Mining & Exploration (Camec) has bought an additional 22,32-million shares in Copper Resources Corporation, which owns copper deposits in the Democratic Republic of Congo and Phillipines.  

Nine killed in accident at Gold Fields' South Deep mine

By: Liezel Hill     1st May 2008 Nine people died at Gold Fields' South Deep gold mine on Thursday, bringing the number of fatalities this week at the company's operations to 14. The accident took place at about 10:00, when a rope on a subcage winder at the mine's Twin Shafts complex apparently failed, Gold Fields... 

Kalahari Minerals lifts stake in uranium explorer

By: Chanel de Bruyn     30th April 2008 Aim-listed mining exploration and evaluation group, Kalahari Minerals, on Wednesday announced it had purchased, through its subsidiary Kalahari Uranium Limited, 5 456 641 ordinary shares in ASX- and TSX-listed uranium explorer, Extract Resources, for a A$1,05 a share. Kalahari said it was... 

Diamond-miner finds ancient shipwreck, treasures in Namibia

By: Mariaan Webb     30th April 2008 Gem-miner Namdeb, which searches for diamonds along the south-western coast of Nambia, said on Wednesday that its geologists had uncovered a shipwreck with a wealth of treasures that could date back to the late 1400s or early 1500s in its mining area. The ancient ship was found iin the... 

Another miner dies after Gold Fields mine accident

By: Reuters     30th April 2008 Gold Fields Ltd said on Wednesday another miner had died following an underground accident at its Driefontein mine. Spokesman Andrew Davidson told Reuters the man died in hospital following Tuesday's rock-fall at Thabelang shaft in which three other miners were killed. One other miner died... 

Safety campaigning Carroll sings, dances, commiserates with 5 000 Anglo miners 

By: Martin Creamer     30th April 2008 Mine safety campaigner Cynthia Carroll disclosed on Tuesday that she had sung, danced and commiserated with 5 000 South African mineworkers during her latest visit. Ebullient Anglo American CEO Carroll said: "Last week, I had the opportunity to see 5 000 of our employees at various... 

Central Rand formally appoints former Implats boss

By: Mariaan Webb     30th April 2008 Gold explorer Central Rand (CRG) on Wednesday announced the formal appointment of Michael McMahon, former Impala Platinum CEO and chairperson, as a nonexecutive director. The company also appointed him to the technical, health, safety and environmental committee, the audit and risk management... 

Metorex lifts CRC stake to 50,27%

By: Creamer Media Reporter      30th April 2008 South Africa-based diversified-miner Metorex has increased its stake in Copper Resources Corporation (CRC) to 50,27%, from 45,3%, the company said on Wednesday. Metorex bought a further 4 304 600 CRC shares in exchange for 5 268 830 new Metorex shares. 

BRC DiamondCore ready to defend itself against potential legal challenge

By: Liezel Hill     29th April 2008 TSX- and JSE-listed BRC DiamondCore continues to maintain that claims by its former black economic-empowerment partner, Sefalana Minerals and Resources, are “without merit”, the firm said on Tuesday. 

‘Cyclone Cynthia' wins new-order mining rights holus-bolus for Anglo American 

By: Martin Creamer     29th April 2008 With unprecedented success, whirlwind Anglo American CEO Cynthia Carroll has succeeded in securing new-order mining rights holus-bolus for the diversified miner's South African operations. The only remaining loose ends relate to Anglo Platinum's (Angloplat's) 50:50 joint venture... 

TWP Finance concludes greenfields coal deal

29th April 2008 TWP Finance, a wholly owned subsidiary of JSE-listed TWP Holdings, said on Tuesday that it concluded a joint-venture (JV) agreement with Increase Coal to conduct conceptualisation and prefeasibility studies on a greenfields project in Mpumalanga. TWP Finance CEO Dean Cunningham said that the... 

Anglo American granted new-order mining rights in SA

By: Mariaan Webb     29th April 2008 Diversified-miner Anglo American announced on Tuesday that the State had granted the company new-order mining rights for all its South African operations. The rights related to the conversion of all the mineral rights in Anglo American's South African coal, ferrous metals, base metals and... 

Miners incentivised like taxi drivers - paid to take risks and die, NUM president decries at safety summit 

By: Martin Creamer     29th April 2008 Mine workers were being incentivised in the same way as taxi drivers to take risks and to get killed in the process, National Union of Mineworkers (NUM) president Senzeni Zokwana denounced at the Anglo tripartite safety summit in Johannesburg, on Tuesday. 

Robust safety summit demands instant injury-free South African mining 

By: Martin Creamer     29th April 2008 Injury must be eliminated in South African mining, and it must be eliminated now, a tripartite summit on mining safety heard in Johannesburg on Tuesday. The "summit unusual", organised by Anglo American, the Department of Minerals and Energy and the National Union of Mineworkers,... 

Anglo Platinum March quarter output tumbles, miner sticks to full-year forecast

By: Mariaan Webb     29th April 2008 World number-one platinum producer Anglo Platinum's refined platinum output fell by 24% in the first quarter of 2008, after electricity constraints in South Africa forced the mining industry to reduce consumption in January and February. Output for the three months ended March 31, fell to... 

Anglo's Q1 platinum, coal output fall on power constraints, weather

By: Mariaan Webb     29th April 2008 The world's second-largest diversified miner, Anglo American, said on Tuesday that its first-quarter output, particularly platinum group metals and coal output, had been curbed by South Africa's electricity constraints and adverse weather conditions. The company's platinum... 

Cluff Gold expects first gold pour next quarter at Burkina Faso mine

By: Liezel Hill     28th April 2008 Aim-listed Cluff Gold, which began producing its first gold last month, in Cote d’Ivoire, expects to pour the first metal at its second mine, the Kalsaka operation, in Burkina Faso, during the third quarter of this year.  

Randgold Resources lifts holding in Côte d'Ivoire project

By: Liezel Hill     28th April 2008 Africa-focused gold-miner Randgold Resources has increased its stake in the Tongon project, in Côte d'Ivoire, from 76% to 81%. The group had bought the additional 5% from its joint-venture (JV) partner New Mining CI (NMCI) for $2-million in cash plus a 'funding option',... 

Refined copper will move to surplus this year – study group

By: Liezel Hill     28th April 2008 The market for refined copper is expected to move into a small surplus, of around 85 000 t, in 2008, with a larger surplus of about 430 000 t, or some 2,2% of global usage, expected in 2009, the International Copper Study Group (ICSG) said on Monday. The group had expected to see a surplus in... 

Aquarius completes share buyback from Implats

By: Liezel Hill     28th April 2008 Platinum-miner Aquarius Platinum has repurchased shares held by larger rival Impala Platinum (Implats) in itself and subsidiary Aquarius Platinum South Africa, the firm said on Monday.  

Petra shares gain after Saudi investor lifts stake

25th April 2008 Shares in gem-miner Petra Diamonds rose more than 9% on Friday, after the company said that Saudi Arabian investment firm Al Rajhi Holdings had increased its share in the company to 8,02%. 

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