R/€ = 19.03 Change: -0.02
R/$ = 16.88 Change: -0.04
Au 1799.10 $/oz Change: -13.67
Pt 829.03 $/oz Change: -22.60

Africa News

African Minerals sells Sierra Leone diamond operations to Obtala

By: Chanel de Bruyn     13th January 2010 Iron-ore and base-metals-miner African Minerals has sold its diamond operations in Sierra Leone to fellow Aim-listed Obtala Resources in a £4,3-million all-share deal. African Minerals would transfer the entire issued share capital of Sierra Leone Hard Rock, which held the mining leases and... 

Petra sets 2019 production target of 3m carats

By: Chanel de Bruyn     13th January 2010 Africa-focused diamond-miner Petra Diamonds would expand its production to more than three-million carats a year by 2019, while it remained on track to achieve its targeted output of 1,2-million carats for the 2010 financial year. "Petra has continued to consistently meet its operational targets... 

Raw Materials Group predicts high metal prices in 2010 

By: Creamer Media Reporter      12th January 2010 Metal prices have likely bottomed out, and are expected to put in a strong performance this year, Swedish research group Raw Materials Group (RMG) said in its annual full-year forecast. "A falling market has been replaced by a market with physical demand and likely strong speculation over... 

Troubled platinum junior tightens governance, elects new chair

By: Martin Creamer     12th January 2010 Troubled platinum junior Wesizwe has restructured its board, tightened its corporate governance framework and elected Dawn Mokhobo as its new chairperson. Temporarily ousted Mokhobo was one of the several directors reinstated at Wesizwe's raucous December 17 extraordinary general meeting (EGM). 

Moyo and Baum resign from Kumba board

By: Esmarie Iannucci     12th January 2010 South African iron-ore producer Kumba Iron Ore (KIO) on Tuesday reported the resignation of Dr Nkosana Moyo and Philip Baum as nonexecutive directors of the company, effective from January 12. 

Eastplats restarts Crocette development

By: Esmarie Iannucci     12th January 2010 Junior miner Eastern Platinum (Eastplats) has restarted the Crocette mine development at its Crocodile River Mine (CRM) in South Africa, after platinum group-metal (PGM) prices improved, CEO Ian Rozier said on Tuesday. The TSX-, Aim- and JSE-listed company suspended the mine development in 2008,... 

Keaton appoints operations director

By: Esmarie Iannucci     12th January 2010 JSE-listed coal explorer Keaton Energy has appointed Peet Snyders as operations director, effective from January 1. Snyders holds a business management degree from the University of Johannesburg, a Bachelor of Engineering degree in mining from the University of Pretoria and a diploma in... 

Blackthorn and Glencore form Burkina Faso zinc JV

By: Esmarie Iannucci     12th January 2010 ASX-listed Blackthorn Resources has entered into an agreement with Swiss mining and commodities trader Glencore to form a joint venture (JV) to bring the Perkoa zinc mine, in Burkina Faso, into commercial production. Blackthorn MD Scott Lowe stated that the company believed that the best way to... 

Namakwa upbeat on diamond prospects

By: Chanel de Bruyn     12th January 2010 Supply-side pressures would likely drive a surge in diamond prices in the second half of 2010 that would signal the start of a recovery for the diamond sector, leading to a positive recovery in 2011, LSE-listed Namakwa Diamonds said on Tuesday. The junior miner noted in an interim management... 

Vulisango rejects new Simmers board

By: Martin Creamer     11th January 2010 Disgruntled Simmer & Jack Mines (Simmers) empowerment partner Vulisango on Monday rejected the new interim Simmers board. The JSE-listed Simmers last week announced Theba chairperson Vusi Khanyile as its new nonexecutive chair and Deon van der Mescht as CEO, both with immediate effect, Khanyile... 

Eskom faces avalanche of opposition as tariff hearings begin

By: Terence Creamer     11th January 2010 South Africa's State-owned power producer Eskom moved on Monday to defend its highly unpopular application for price increases of 35% a year for the three-year period from April 1, 2010, to March 31, 2013, at the first of what would be nine provincial-based public hearings between January 11 and... 

Extract to accelerate exploration at Rössing South

By: Creamer Media Reporter      11th January 2010 Uranium explorer Extract Resources was well placed to add substantial resources to its existing inventory over the next six months and beyond, chairperson Steve Galloway said on Monday. The company reported that infill resource definition drilling at the Rössing South project, in Namibia,... 

Centamin starts gold exports from Egypt mine

By: Creamer Media Reporter      11th January 2010 Egyptian gold-miner Centamin’s Sukari project has started exporting its first gold to nominated overseas gold refinery, Johnson Matthey. The ASX-, Aim- and TSX-listed company on Monday also reported that the project, which is Egypt’s first modern commercial gold mine, had also achieved full... 

Phosa appointed as deputy chair of Jubilee

By: Esmarie Iannucci     11th January 2010 JSE-listed platinum producer Jubilee has appointed African National Congress treasurer-general Dr Mathews Phosa as deputy chairperson, and Braemore CEO Leon Coetzer as MD of its smelting and refining division. Both appointments were effective immediately, Jubilee, which acquired Braemore last... 

Eldore and Predictive Discovery announce exploration deal

By: Esmarie Iannucci     11th January 2010 ASX-listed Eldore Mining on Monday reported that it had entered into a farm-in agreement with exploration firm Predictive Discovery on the Knights Landing gold project, in Burkina Faso. Under the terms of the agreement, Predictive was required to spend A$600 000 on the project, after which it... 

Goldplat to spend $500 000 on new Burkina Faso project

By: Chanel de Bruyn     11th January 2010 Aim-listed gold producer Goldplat has committed an initial $500 000 to further explore a new prospect, the Nyieme gold project, in Burkina Faso, this year. The Africa-focused exploration and mining company in December signed an agreement to acquire the option over the 246-km2 project from a... 

Riversdale gets environmental approval for Mozambique mine

By: Esmarie Iannucci     11th January 2010 ASX-listed Riversdale Mining has received environmental approval from the Mozambican government for its Benga coal project in the Tete province, the company said on Monday. Riversdale completed an environmental impact study (EIS) for the 20-million ton a year coking and thermal coal project in... 

DiamondCorp moves JSE listing to AltX

By: Chanel de Bruyn     11th January 2010 Junior diamond-miner DiamondCorp on Monday started trading on the AltX after shareholders, on Friday, approved of moving its listing from the main board of the JSE to the AltX. In a December announcement to shareholders, the company, which is also listed on the Aim-market of the LSE, said that... 

Homeland gets C$4,9m loan for Kendal project

By: Chanel de Bruyn     11th January 2010 TSX-listed coal-miner Homeland Energy has concluded a loan arrangement with its largest shareholder, GMR Energy, to advance it nearly C$5-million for its Kendal project, in South Africa’s Mpumalanga province. The C$4,9-million loan, which is to be repaid by March 31, would be secured by a pledge... 

Khanyile appointed as Simmers chair

By: Esmarie Iannucci     8th January 2010 The interim board of battered gold and uranium producer Simmer and Jack Mines (Simmers) has appointed Theba chairperson Vusi Khanyile as nonexecutive chair, the company announced on Friday. The interim board has also appointed Deon van der Mescht as CEO. Both appointments were effective... 

Miner-backed study calculates 'sustainable' Eskom price hike at 25%

By: Terence Creamer     8th January 2010 South Africa's State-owned power utility Eskom could lop a further ten percentage points annually off its application for tariff increases of 35% a year between April 1, 2010, and March 31, 2013, and still emerge as a sustainable organisation able to fund its operations and its capital... 

Alliance Mining appoints new director, CFO

By: Esmarie Iannucci     8th January 2010 JSE-listed mining services company Alliance Mining has appointed Mitesh Patel as independent nonexecutive director, effective from January 6. Patel would also act as chairperson of the Audit Committee. 

Beacon Hill eyes Mozambique coal mine

By: Esmarie Iannucci     8th January 2010 Aim-listed Beacon Hill Resources, along with Consolidated Mining and Resources, has entered into an agreement with mining investment firm Borneo Mining SA to acquire Minas Moatize, which owns and operates a coal mine in Mozambique. Minas currently operates a 33-million ton underground mine,... 

Platinum Australia says $3,5m Japan deal to fund SA projects

By: Chanel de Bruyn     8th January 2010 The $3,5-million exploration funding agreement between Aim- and ASX-listed Platinum Australia and the Japan Oil, Gas and Metals National Corporation (JOGMEC), would provide the necessary funding to complete the platinum company’s planned exploration programme over the next four years, MD John... 

Stillwater sees 'robust' outlook for palladium, other PGMs

By: Creamer Media Reporter      7th January 2010 US platinum-group-metals (PGM) miner Stillwater Mining expects to benefit from stronger PGM prices overall, and in particular from a narrowing of the gap between platinum and palladium prices, CEO Frank McAllister said this week. Prices for palladium, platinum and rhodium have all moved strongly... 

Gold Fields cuts Q2 production forecast to 900 000 oz

By: Esmarie Iannucci     7th January 2010 South Africa’s second-largest gold-miner, Gold Fields, on Thursday lowered its second-quarter production guidance after seismic-related stoppages hit output. The company said it expected attributable production for the second quarter of 2010 to be around 900 000 oz of gold, which was 2,8% lower... 

West African Diamond’s Guinea mine fully operational

By: Esmarie Iannucci     7th January 2010 Aim-listed West African Diamonds (WAD), which is merging with Stellar Diamonds, reported on Thursday that its Bomboko mine, in Guinea, was fully operational, and capable of producing 1 500 ct/m. The Bomboko mine started operations in mid-2009. 

Sephaku sells gold and nickel assets to focus on core projects

By: Esmarie Iannucci     7th January 2010 JSE-listed diversified minerals exploration and development company Sephaku Holdings will sell some of its gold and nickel assets to focus its attention on cement and fluorspar projects. Cayman Islands-incorporated Mandra Capital and private investor Mong Seng Wu would acquire Sephaku’s 100%... 

FSB still investigating former Sentula directors

By: Chanel de Bruyn     7th January 2010 Two former directors of JSE-listed Sentula Mining would likely soon be served with papers by the Financial Services Board (FSB) for their alleged involvement in fraudulent activities. FSB deputy executive officer of Investment Institutions Bert Chanetsa on Thursday confirmed that the FSB was... 

Perseus granted two Ghana gold mining leases

By: Esmarie Iannucci     7th January 2010 ASX-listed gold company Perseus Mining has marked another step towards commercial gold production at its Ayanfuri project, in Ghana, as two 15-year mining leases were granted. The two mining leases over the 5,3-million ounce central Ayanfuri gold project, covered a total area of 93,13 km2.  

Midlands hires former De Beers Canada CEO as chair

By: Liezel Hill     7th January 2010 Midlands Minerals, which plans to develop the Sian gold mine, in Ghana, has appointed Richard Molyneux as chairperson of the company's board, effective immediately. Molyneux was president and CEO of De Beers Canada from February 2000 to May 2006, and worked at the De Beers group since 1971. 

Orezone announces C$10m equity financing

By: Liezel Hill     6th January 2010 Orezone Gold, the exploration company spun out last year when Iamgold bought Orezone Resources for its Essakane project, will raise about C$10-million in a bought deal offering. Orezone will use the proceeds of the financing to fund exploration and development work at its West African projects,... 

Chinese firm to buy £153m stake in African Minerals

By: Chanel de Bruyn     6th January 2010 Aim-listed African Minerals on Wednesday announced plans to sell a 12,5% stake in the company to the China Railway Materials Commercial Corporation (CRM) for about £152,6-million, which would provide the majority of funding required to advance its flagship Tonkolili iron-ore project, in Sierra... 

Rockwell completes majority of planned financing

By: Esmarie Iannucci     6th January 2010 TSX- and JSE-listed Rockwell Diamonds has completed about $7,4-million of its planned $12,5-million of financing, the mining company reported on Wednesday. Rockwell stated that it planned to increase its original $12,5-million financing by about $2,2-million, adding that it had received TSX... 

RBCT sees growing coal demand from Asia

By: Esmarie Iannucci     6th January 2010 Around 46% of South Africa’s coal exported through the Richards Bay Coal Terminal (RBCT) was destined for the European markets in 2009. The 46% exported to Europe was lower than the 63% recorded during 2008. RBCT CEO Raymond Chirwa said on Wednesday that of the 61,14-million tons exported in... 

Japanese firm enters into third SA platinum venture

By: Chanel de Bruyn     6th January 2010 The Japan Oil, Gas and Metals National Corporation (JOGMEC) has entered into its third joint venture (JV) to explore for platinum in South Africa. The Japanese corporation announced in a statement on Wednesday that it had entered into a deal with ASX- and Aim-listed Platinum Australia, in terms... 

Petra resumes underground mining at Free State mine

By: Chanel de Bruyn     6th January 2010 Underground activities at JSE-and Aim-listed Petra Diamonds’ Koffiefontein mine, in South Africa’s Free State province resumed on Wednesday morning. Work was suspended on January 3, after an employee was killed in an equipment-related incident in an underground workshop. 

SA’s 2009 coal exports through RBCT flat at 61Mt

By: Creamer Media Reporter      5th January 2010 Exports through South Africa’s Richards Bay Coal Terminal (RBCT) remained flat in 2009, as the terminal faced “critical business challenges”, CEO Raymond Chirwa reported on Tuesday. The RBCT exported 61,14-million tons of coal last year, compared with 61,7-million tons in a “smoother” 2008. 

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