R/€ = 19.15 Change: 0.00
R/$ = 17.00 Change: -0.02
Au 1774.31 $/oz Change: -0.99
Pt 809.75 $/oz Change: -5.30

Africa News

Vanadium explorer seeks TSX-V listing 

By: Liezel Hill     11th December 2009 Junior Uranium Star has received conditional approval from the Toronto Stock Exchange to list its shares on the bourse, the company said on Friday. The company will need to fulfill a number of requirements, which it is “actively” working to satisfy, in order to receive final approval.  

Lundin Mining forecasts $250m capex for 2010, output flat

By: Liezel Hill     11th December 2009 Toronto-based Lundin Mining expects production in 2010 to be similar to 2009, and is forecasting capital expenditures of around $250-million, the company said on Friday. The only real change in output levels will be in zinc, after the company halted operations at its Galmoy mine in 2009, said... 

Harmony-Pamodzi merger conditionally approved

By: Sapa     11th December 2009 A merger between Harmony Gold Mining Company and Pamodzi Gold Free State has been conditionally approved, the Competition Tribunal said on Friday. The condition requires Harmony to adhere to the terms of an existing agreement, which it entered into with the National Union of Mineworkers (NUM)... 

Mvela Resources FD steps down

By: Esmarie Iannucci     11th December 2009 Nokhanyiso Ntsaluba will resign as financial director of South African mining group Mvelaphanda Resources at the end of the month, the JSE-listed company reported on Friday. Ntsaluba decided to “pursue other opportunities” following Mvela Resources’ unbundling strategy, which would be completed... 

AngloPlat, Bafokeng deal opens way for new platinum listing 

By: Esmarie Iannucci     11th December 2009 The world’s leading platinum producer Anglo Platinum confirmed on Friday that it had reached agreement with the Royal Bafokeng Nation, which would enable South Africa’s wealthiest indigenous tribe to take a majority interest in, and operational control of, the Bafokeng Rasimone Platinum Mine... 

HUD signs Zim distributorship deal with JBC

By: Creamer Media Reporter      11th December 2009 South African resources-focused equipment supplier HUD Mining Supplies has signed a distributorship agreement with the Jacob Bethel Corporation (JBC), in Zimbabwe. JBC would now be the exclusive distributor of HUD products, including surfarce and underground drilling products, for the... 

Coal of Africa executes empowerment agreement

By: Chanel de Bruyn     11th December 2009 Coal development company Coal of Africa Limited (CoAL) on Friday announced that it had now executed formal agreements with its broad-based black economic-empowerment (BBBEE) partner, Firefly Investments 163, in relation to its efforts to comply with South Africa’s BEE requirements. Firefly would... 

Simmers CEO, chair to step down, remain with First Uranium 

By: Martin Creamer     11th December 2009 Disaffected JSE-listed gold-mining company Simmer & Jack Mines (Simmers) said on Friday that its CEO Gordon Miller and chairperson Nigel Brunette would step down from Simmers, but would not relinquish their positions as CEO and chairperson of First Uranium, the Simmers' associate company.... 

Nkwe raises A$11m to pay for IGC’s stake in SA project

By: Esmarie Iannucci     11th December 2009 ASX-listed Nkwe Platinum, which owns projects in South Africa, on Friday reported that it had successfully completed a A$11-million capital raising. The capital raising was done at A$0,375 a share, with a free attaching option for every two shares subscribed for. 

Forte Energy shifts focus to African uranium projects

By: Esmarie Iannucci     11th December 2009 ASX-listed uranium company Forte Energy would sell its 50% interest in the Maroochydore copper project, in Western Australia, to its joint venture (JV) exploration partner Birla Maroochydore, a wholly owned subsidiary of ASX-listed Aditya Birla Minerals. In August, Forte Energy reached an... 

Bateman sets up new consulting unit ahead of expected commodities upturn

By: Jonathan Faurie     11th December 2009 As the mining industry positions itself to take advantage of the increased demand for commodities following the global financial crisis, demand for multidisciplinary consulting agents is high reports diversified engineering company Bateman Engineering. 

World Gold Council appoints Ian Telfer as new chair

By: Liezel Hill     10th December 2009 The World Gold Council has appointed Goldcorp chairperson Ian Telfer as its new chairperson. Telfer succeeds Barrick Gold vice-chairperson and former CEO, who has stepped down from the board of the industry body.  

Oryx in separate Simmers EGM call, backs Vulisango directors' choice

By: Martin Creamer     10th December 2009 A separate call has been made for an extraordinary general meeting of shareholders of the disaffected Simmer & Jack Mines (Simmers) gold company so that virtually the same directors proposed by disgruntled empowerment company Vulisango can be elected. Oryx Investment Management said on Thursday... 

Motsepe's Arm gives R8,9m to community

By: Martin Creamer     10th December 2009 JSE-listed diversified mining company African Rainbow Minerals (Arm) on Thursday announced that it would distribute another R8,9-million in cash to the community for upliftment projects, taking its total in the last three years to R41-million. Arm said that R7,6-million had been distributed to... 

Sephaku may open new SA fluorspar mine in 2012

By: Esmarie Iannucci     10th December 2009 JSE-listed Sephaku Holdings has completed a definitive feasibility study (DFS) on the proposed Nokeng fluorspar mine in South Africa’s Gauteng province. Sephaku plans to develop the Nokeng mine, immediately south of the Vergenoeg mine, to produce on average 130 000 t/y acid grade fluorspar by... 

Mwana ‘cautiously optimistic’ as metal prices improve

By: Chanel de Bruyn     10th December 2009 London-listed Mwana Africa was satisfied that the nickel price has stabilised to the extent that its Bindura Nickel Corporation (BNC) operations, which had been put on care-and-maintenance, could operate sustainably. The company on Thursday told shareholders in a statement that it was... 

Pangea DiamondFields secures bridging loan

By: Esmarie Iannucci     10th December 2009 Aim-listed diamond producer Pangea DiamondFields has signed an unsecured, short-term bridging loan agreement with one of its major shareholders. The agreement was signed through Pangea’s wholly owned subsidiary, Efidium. 

SA mining output down 8,5%, platinum drops 19,3%

By: Esmarie Iannucci     10th December 2009 South Africa’s mining production for October decreased by 8,5%, compared with the same month in 2008, official statistics showed on Thursday. Copper production decreased by 32,9% year-on-year, while diamond production plunged by 43,4%. Gold production dropped by 5,8%, when compared with October... 

Firestone to start production at Botswana mine ahead of schedule

By: Chanel de Bruyn     10th December 2009 The production plant at Aim-listed Firestone Diamonds’ BK11 project, in northern Botswana, will ramp up to an output of 1,5-million tons a year by the third quarter of next year. The diamond explorer and developer told shareholders in a statement on Thursday that commercial production at BK11... 

Sable raises £27m to invest in African coal, uranium assets

By: Esmarie Iannucci     10th December 2009 Aim-listed resources investment company Sable Mining Africa has conditionally raised £27-million through the placement of 270-million new ordinary shares. Sable said in a statement on Thursday that the funds raised would be used for its newly-implemented investment strategy, to invest in... 

Gold Fields recovers body of second trapped miner

By: Esmarie Iannucci     10th December 2009 The body of the missing miner at South African gold producer Gold Field’s Driefontein mine, near Carletonville, was recovered on Thursday morning. Two miners were trapped underground on Sunday evening when a seismic event registering 3,4 on the Richter scale, caused a fall of ground incident.... 

Updated feasibility study commissioned for Cameroon cobalt project

By: Liezel Hill     10th December 2009 Australia's Lycopodium Minerals has been appointed to update the feasibility optimisation study on Geovic Mining's Nkamouna cobalt project, the firm reported on Wednesday. The previous document was completed in September 2008, before the project was delayed because of the financial crisis. 

Gold Wheaton, First Uranium close Ezulwini streaming deal

By: Liezel Hill     9th December 2009 Vancouver-based Gold Wheaton has completed a gold purchase transaction with TSX- and JSE-listed First Uranium for a portion of gold produced at First Uranium's Ezulwini mine, the firms announced this week. In a deal first announced in November, Gold Wheaton has paid $50-million upfront and will... 

Simmers EGM ‘as soon as humanly possible' – Vulisango 

By: Martin Creamer     9th December 2009 Disgruntled empowerment company Vulisango would "as soon as is humanly possible" make its second formal call for an extraordinary general meeting (EGM) of the shareholders of the disaffected Simmer & Jack gold company. Vulisango CEO Valence Watson said on Thursday that there was a need to... 

Paladin says Kayelekera mine unaffected by Malawi quakes

By: Esmarie Iannucci     9th December 2009 ASX- and TSX-listed uranium producer Paladin Energy on Wednesday reported that its Kayelekera mine, in Malawi, had remained unaffected by a spate of earthquakes and after-shocks that had hit the area during the last three days. A series of six earthquakes measuring Magnitude 5 or more on the... 

Impact explores for uranium at Lekobolo prospect in Botswana

By: Esmarie Iannucci     9th December 2009 ASX-listed explorer Impact Minerals has started its first drilling programme at the Lekobolo uranium prospect, in Botswana, in order to test several uranium targets. A programme of about 60 holes for 3 000 m of reverse circulation (RC) drilling was under way to test areas of anomalous... 

SA power tariff hikes will hurt mining industry

By: Sapa     9th December 2009 Eskom's proposed tariff increases will harm South Africa's mining industry, auditing firm BDO said on Wednesday. "While Eskom stutters in its crisis of leadership, businesses in South Africa are coming to terms with proposed tariff hikes which could sound the death knell for their operations,"... 

Gemfields nets $5,6m in second auction

By: Chanel de Bruyn     9th December 2009 Aim-listed gemstone-miner Gemfields has generated revenues of $5,6-million during its second gem auction, in November. It sold 1,12-million carats of rough emeralds during an invitation-only auction held between November 23 and November 27, which was attended by more than 20 Indian companies.  

Mine nationalisation okay if good for South Africa – Patrice Motsepe 

By: Martin Creamer     9th December 2009 If the nationalisation of South Africa's mines was good for South Africa, then he was in favour of it, African Rainbow Minerals chairperson Patrice Motsepe said. When Mining Weekly Online called African Rainbow Minerals, Motsepe was unavailable for comment, but in a voice clip on the morning... 

Gold Fields continues search for missing Driefontein miner

By: Esmarie Iannucci     9th December 2009 Operations at gold producer Gold Fields’ Driefontein mine, near Carletonville, remained suspended for the third day, as rescue teams continued to search for a missing miner. Two miners were trapped underground on Sunday evening, as a seismic event registering 3,4 on the Richter Scale, caused a... 

Metorex says Chevalier retires as director

By: Creamer Media Reporter      9th December 2009 Pierre Chevalier has retired as nonexecutive director of JSE-listed diversified miner Metorex, effective December 7. He retired by rotation at the company’s annual general meeting. 

Mine project firm TWP to open in Peru, Abu Dhabi, eyeing Libya

By: Martin Creamer     8th December 2009 Mining project firm TWP, now part of the Basil Read construction and mining company, is to open in Peru and Abu Dhabi, TWP CEO Nigel Townshend said on Tuesday. "We're opening up in Lima in January as TWP, and in Abu Dhabi in conjunction Basil Read," Townshend said. A presence in Libya was being... 

Rockwell hires new financial and operations managers

By: Esmarie Iannucci     8th December 2009 TSX- and JSE-listed diamond producer Rockwell has appointed Hans Gastrow as operations manager for its processing and recovery plant and Johan Oosthuizen as financial manager, responsible for the financial oversight and planning at its operations in South Africa’s Northern Cape province. Both... 

Boabab’s technical director to succeed Townsend as MD

By: Creamer Media Reporter      8th December 2009 Aim-listed Baobab Resources has appointed Ben James as MD to succeed Brett Townsend, who has resigned with immediate effect. James had been the exploration manager at Baobab between July 2006 and April 2008, after which he had been employed as the technical director of the company. 

Namakwa Diamonds expands in DRC with $5m acquisition

By: Chanel de Bruyn     8th December 2009 London-listed Namakwa Diamonds has bought private mining operation Kasai Resource Mining (KRM), in the Democratic Republic of Congo (DRC), for $5-million, it announced on Tuesday. The acquisition would allow Namakwa to potentially raise its output in the DRC to beyond 160 000 ct in 2010. 

Mine project firm TWP to delist on Dec 11, absorbed into Basil Read

By: Martin Creamer     8th December 2009 The shares of the JSE-listed mine project management company TWP would cease trading on December 11, when the company would be delisted and absorbed into JSE construction and mining contracting company Basil Read, TWP CEO Nigel Townshend said on Tuesday. TWP shareholders would receive cash and... 

Goedgevonden mine to supply Eskom’s Majuba coal-fired plant

By: Chanel de Bruyn     8th December 2009 The Goedgevonden colliery, the flagship operation of the joint-venture (JV) partnership between African Rainbow Minerals (Arm) Coal and Xstrata Coal, has signed a 17-year coal supply agreement with South African power utility Eskom. In terms of the agreement, the 6,7-million ton a year colliery,... 

Eskom seeks review of Medupi coal agreement, signs Majuba deal

8th December 2009 Diversified miner Exxaro reported on Tuesday that South Africa's State-owned power utility Eskom had requested a review of a coal supply and offtake agreement for the new Medupi power station in Limpopo. The JSE-listed miner explained that Eskom wanted a review of the coal price escalation... 

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