R/€ = 17.63 Change: 0.00
R/$ = 17.98 Change: 0.02
Au 1712.76 $/oz Change: -11.81
Pt 926.85 $/oz Change: -2.65

Africa News

Copper and zinc hopeful to start scoping studies at Namibian targets in June

By: Chanel de Bruyn     13th June 2008 Aim-listed mining exploration group Kalahari Minerals on Friday said exploration activities at its copper and base-metal projects in Namibia had shown good drill results, adding that the projects were making good progress. The group had continued its exploration programme to define in excess of... 

African Copper appoints Fredericks as CEO

By: Creamer Media Reporter      13th June 2008 Aim-listed exploration firm African Copper has appointed its former COO, Christopher Fredericks as CEO, to take over from Joseph Hamilton who had resigned. Fredericks had been involved in base-metal mining and exploration in Zambia, Botswana and South Africa for over 29 years, and joined African... 

Zim threatens to seize, redistribute unexploited mining claims

By: Oscar Nkala     13th June 2008 The Zimbabwe government says is considering seizing unexploited mining claims so that they may be parceled out to locals in line with its indigenisation drive. The last police crackdown on mining, which was focused on small-scale gold mines, took place between November 2006 and February 2007 and... 

First Quantum gets shareholder approval to buy Finnish nickel firm

By: Matthew Hill     13th June 2008 TSX-quoted miner First Quantum Minerals on Friday said that Finnish acquisition target Scandinavian Minerals' shareholders had voted in favour of its C$281-million cash and share offer, first unveiled in April. First Quantum said that the deal was expected to become effective on June 18,... 

Merafe opts out of Koornfontein, to mine other coal resources

By: Matthew Hill     13th June 2008 Black-owned miner Merafe Resources has decided not to buy the just-under 25% of the Koornfontein coal mine, in Mpumalanga, that it was entitled to from Sentula Mining, but the company has two other coal resources it hoped to bring to account by the end of next year, it said on Friday. The... 

Profit Producer

By: Martin Creamer     13th June 2008 New value-adding software developed in Finland enables mining and quarry operations to produce rock fractions with higher margins of profit, Sandvik application expert, the South African-born ‘rock doctor’, Arne Lislerud, tells Mining Weekly.  

Rockwell says made $2,5m in latest tender

By: Matthew Hill     12th June 2008 Alluvial gem-miner Rockwell sold its April production of 2 142 ct for a total of $2,5-million, or $1 192 a carat, it said on Thursday. This was its fourth diamond tender this year, with the diamonds coming from its Wouterspan, Holpan and Klipdam operations, in the Northern Cape province of South... 

Lonhro sells noncore SA assets to focus on Angola project

By: Matthew Hill     12th June 2008 Lonhro Mining, formerly Nare Diamonds, said on Thursday that it would sell its prospecting rights for ground in the Northern Cape, as it wanted to focus on its Lulo diamond project in Angola, and branch out into bulk commodities. The ASX-listed company said that it had already reviewed a number... 

Eastplats shareholders give nod to rights plan

By: Matthew Hill     12th June 2008 Platinum junior Eastern Platinum (Eastplats), which owns the Crocodile River Mine near Brits, said on Thursday that shareholders had approved its rights plan, announced in May. The miner said that it was adopting the plan to ensure the "fair treatment" of investors and give the board... 

Sallies appoints Implats’ Fred Roux as chair

By: Matthew Hill     12th June 2008 Fluorspar producer Sallies has appointed the vastly experienced Dr Fred Roux as nonexecutive chairperson, effective July 1, splitting Tom Dale's dual role of CEO and chairperson. Roux was also nonexecutive chairperson of world number-two platinum producer Impala Platinum, previously having... 

Central Rand Gold names new FD to replace Vittino

By: Matthew Hill     12th June 2008 Former diversified mining giant BHP Billiton number cruncher Sarel Johan du Toit will replace LSE- and JSE-listed Central Rand Gold (CRG) FD Ric Vittino, who is leaving the company, on August 1. 

Rio Tinto partners with BRC DiamondCore in DRC prospects

By: Matthew Hill     12th June 2008 Diamond junior BRC DiamondCore (BRC) has signed a letter of intent with diversified giant Rio Tinto, whereby the bigger company could earn a 60% stake in the company's northern-Democratic Republic of Congo (DRC) prospects. To do this, Rio Tinto would have to give BRC $550 000 for... 

First Uranium employs rule of three in assessing potential targets

By: Liezel Hill     11th June 2008 TSX- and JSE-listed First Uranium, which has made it clear that it is in the market for near-production uranium mines in North America, has three stringent 'filters' by which it judges any prospective acquisitions, “starting with people first”, CEO Gordon Miller said on... 

Lundin CEO upbeat on Tenke Fungurume project

By: Liezel Hill     11th June 2008 While the purchase of a stake in the Tenke Fungurume copper/cobalt project last year has proved a “value-destroying exercise” for the company so far, Lundin Mining CEO Phil Wright is determined to see it through to production, scheduled to begin towards the end of next year.... 

BRC DiamondCore recovers 1 465 ct from bulk sampling at SA project

By: Matthew Hill     11th June 2008 Diamond junior BRC DiamondCore, which formed through a merger earlier this year, said on Wednesday that it had recovered 1 465 ct so far from bulk sampling at its alluvial Silverstreams project, near Prieska in the Northern Cape. The stones that the TSX- and JSE-listed company had sold thus far... 

Fraser Alexander, Miwatek launch new AMD treatment technology

By: Idéle Esterhuizen     11th June 2008 Mining solutions company Fraser Alexander and water treatment company Mine Water Treatment Technologies (Miwatek) on Tuesday launched their acid mine drainage (AMD) treatment solution, in Randfontein, west of Johannesburg. Unlike traditional AMD treatment solutions, which generate high volumes of... 

Bankers still keen to finance mining projects, despite global credit crunch  

By: Matthew Hill     11th June 2008 The global credit squeeze was not impacting on Rand Merchant Bank's (RMB's) and the Development Bank of South Africa's (DBSA's) appetite for financing mining projects, but was pushing up the costs of financing, a banker said on Wednesday. This came in the wake of repeated... 

TWP CEO returns to work after helicopter crash

By: Creamer Media Reporter      11th June 2008 Consulting engineering firm TWP CEO Nigel Townshend has returned to work on a part-time basis, after recovering from a helicopter accident late last month, the company said on Wednesday. Townshend was expected to be back full time next week, it added. 

Angloplat launches Esop scheme, 46 000 employees to benefit 

By: Chanel de Bruyn     11th June 2008 Platinum major Anglo Platinum has launched its Kotula Trust, a broad-based employee share ownership participation (Esop) scheme that would benefit some 46 000 of its employees, on Wednesday. The company was issuing the equivalent of 1,5% of its market capitilisation to its employees, adjusting a... 

SA miners to participate in planned strike over electricity crisis

By: Chanel de Bruyn     11th June 2008 Labour federation Cosatu would start a campaign of rolling mass-action next month, to oppose the threat of job losses linked to the country's power supply problems, it said on Wednesday. The campaign would begin with provincial action on July 2, and would continue throughout the month,... 

First Uranium widens loss to $22,3m

By: Chanel de Bruyn     11th June 2008 TSX- and JSE-listed gold and uranium mining company First Uranium on Wednesday said it had accomplished "a lot in a short time", and that meeting its production deadlines was noteworthy given the scarcity of steel and cement for construction, sulphuric acid for uranium production, and... 

Guinea reviews Rio Tinto’s Simandou iron-ore project

By: Mariaan Webb     11th June 2008 Diversified-miner Rio Tinto’s mining concession for its Simandou iron-ore project, in Guinea, was under review, the company said on Wednesday. Rio Tinto said that it had received a letter from that country’s president’s office, questioning the validity of a decree issued for... 

Great Basin Gold starts toll treating ore from Nevada mine

By: Liezel Hill     10th June 2008 Emerging gold firm Great Basin Gold (GBG) processed the first ore from its Hollister mine, in Nevada, last month, at Denver-based Newmont Gold's nearby Midas mill, the company reported on Tuesday. After paying toll treatment costs, GBG realised revenue of about $3,9-million, from some 5 000... 

Angloplat man to head up Braemore Resources

By: Creamer Media Reporter      10th June 2008 Anglo Platinum head of process control and instrumentation, Leon Coetzer, would take over as MD and CEO of Aim-listed nickel and platinum-group metal (PGM) producer Braemore Resources on July 1, Braemore announced on Tuesday. The company said in a statement that Coetzer would initially divide... 

Miners should position themselves for even bigger China resources assault 

By: Matthew Hill     10th June 2008 Mining companies needed to look strategically and systematically at how they could benefit from opportunities that resource-hungry China's increasing growth as global resources player presented, an expert on that country said on Tuesday. Speaking at the ‘Africa Mining Congress'... 

DRDGold says near-term projects funded, may raise capital after 2010

By: Matthew Hill     10th June 2008 Midtier gold producer DRDGold would not need to raise capital until after 2010, when it completed a feasibility study on the ERPM phase two expansion, expected to cost between R6-billion and R8-billion, it said on Tuesday. The underground expansion project would add 8,32-million ounces to the... 

African Eagle updates Zambia exploration programme

By: Creamer Media Reporter      10th June 2008 AltX- and Aim-listed African Eagle Resources on Tuesday reported that it was actively exploring uranium and iron-ore targets within its Sasare licence area, in eastern Zambia. The company also said that a high-grade copper mineralisation of 4,03% to a depth of 33 m was determined in one diamond... 

Gold mining ‘fallen flat on its face' as investment, says DRDGold CEO Sayers 

By: Martin Creamer     10th June 2008 The gold-mining industry had "fallen flat on its face" as far as return of capital to shareholders is concerned, says DRDGold CEO John Sayers. 

Gold drops below $890 as US dollar firms

By: Reuters     10th June 2008 Gold extended losses on Tuesday and dropped below $890 an ounce after the US dollar gained on expectations of a possible interest rate hike, reducing the metal's appeal as an alternative investment. Gold fell to $889,80/890,70 an ounce from $894,00/896,00 late in New York on Monday, when it... 

Thabex expects positive cash flow this month from Lesotho gem project

By: Liezel Hill     9th June 2008 JSE-listed minnow Thabex expects its Kolo kimberlite project, in Lesotho, to be cashflow positive by the end of June, the company said on Monday. 

Braemore Resources plans to list in Johannesburg

By: Liezel Hill     9th June 2008 Aim-listed Braemore Resources, which has the rights to use South African State-owned Mintek's ConRoast smelting technologies, will apply for a listing on the JSE, the company announced on Monday. The listing would give Braemore access to to South African capital markets, enlarge its... 

Sonjica says no intention of quitting politics after 2009 general election

By: Matthew Hill     9th June 2008 Minister of Minerals and Energy Buyelwa Sonjica will not retire from politics after the general election in April next year, despite the ruling ANC having omitted her from its national executive committee (NEC) and national working committee (NWC), she said on Monday. What she would do after the... 

China, SA face similar developmental challenges

By: Keith Campbell     9th June 2008 China and South Africa are at similar stages of economic development and face similar challenges, and so could mutually benefit from cooperation and the exchange of experiences and ideas. This is the view of the deputy director of the Institute of Industrial Economics at the Chinese Academy of... 

SA to keep power supply to some mines at 95%

By: Reuters     9th June 2008 South Africa will maintain power supply to some mines at 95% of their normal requirements, the country's Minerals and Energy Minister Buyelwa Sonjica said on Monday. "We will maintain the status quo until we are guaranteed there is enough supply," Sonjica told Reuters on the... 

Wescoal says earnings could rise by up to 395%

By: Mariaan Webb     9th June 2008 AltX-listed coal company Wescoal was likely to report an almost fivefold increase in earnings for the 2007/8 financial year, it said on Monday. Earnings a share for the year ended March 31, could increase to between 10,9c a share and 11,4c a share, compared with 2,3c a share a year earlier. This... 

Gold above $900 on record oil, hits 2-week high

By: Reuters     9th June 2008 Gold rose to its highest level in almost two weeks on Monday, moving back above $900 as speculative buying picked up after oil hit a record high, lifting the metal's appeal as a hedge against inflation. Platinum also jumped to its highest in nearly two weeks on worries about supplies in... 

Northam, Mvela shareholders approve empowerment deal

By: Creamer Media Reporter      6th June 2008 JSE-listed platinum-miner Northam on Friday said that the requisite majorities of its shareholders and those of Mvelaphanda Resource had approved the empowerment deal involving the two firms and Anglo Platinum (Angloplat), and that the transaction would be concluded by the end of June. 

Sylvania says expansion projects on track to start output by year-end

By: Christy van der Merwe     6th June 2008 Sylvania Resources, a South African producer of platinum from chrome tailings, on Friday said that the construction of its Lannex and Elandsdrift-Mooinooi plants in the Bushveld Complex remained on schedule to start production by the end of this year. These Elandsdrift-Mooinooi extensions,... 

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