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Africa News

Eastplats posts profit despite challenges

By: Liezel Hill     12th November 2009 Platinum junior Eastern Platinum (Eastplats) posted a profit for the third quarter, compared with a year-earlier loss, despite labour interruptions in July at the firm's Crocodile River mine, in South Africa, and difficult exchange rate and metal pricing environments. Eastplats earned... 

DRDGold approves R8m to accelerate production at ErgoGold

By: Esmarie Iannucci     12th November 2009 South African gold producer DRDGold had approved capital expenditure of R8-million to bring forward the commissioning of a second pipeline feed from the Elsburg tailings complex to the ErgoGold plant, in order to accelerate production. CEO Niel Pretorius said that the acceleration of production... 

SA’s Q3 mining output drops

By: Esmarie Iannucci     12th November 2009 Statistics South Africa (Stats SA) on Thursday reported that the country’s mining production had dropped by 15,9% in September and by 7,5% in the third quarter. After seasonal adjustment, third-quarter production decreased by 1,8% compared with the previous quarter. 

Wesizwe Platinum directors halt court bid, remain ousted

By: Martin Creamer     12th November 2009 The sacked directors of JSE-listed platinum junior Wesizwe on Thursday withdrew their urgent court application in favour of an airing at an extraordinary meeting of shareholders for which there is still no confirmation. Wesizwe said, however, that the decision to oust both founding CEO Michael... 

Rockwell finds three coloured stones at SA mine

By: Esmarie Iannucci     12th November 2009 TSX- and JSE-listed diamond producer Rockwell Diamonds has recovered three coloured stones from the Saxendrift alluvial diamond mine, in South Africa. The three stones recovered during October, comprise a salmon-pink stone of 30,54 ct and two intense fancy yellow stones of 35,54 ct and 36,32 ct... 

Marampa construction decision before year-end - London

By: Esmarie Iannucci     12th November 2009 Aim-listed London Mining expects a decision on the construction of its Marampa project, in Sierra Leone, before the end of the year, following final ratification of fiscal incentives in the Sierra Leone Parliament. During the quarter ended December, London Mining resolved its dispute with the... 

Godsell won't comment on possible Eskom return 

By: Terence Creamer     12th November 2009 Following two weeks of leadership uncertainty, the board at South African power utility Eskom finally confirmed on Thursday that the resignation offer made by CEO Jacob Maroga during the board meeting of October 28 had been "clear and unambiguous", despite his persistent assertions since then... 

IFM to cogenerate at fraction of proposed new Eskom tariff 

By: Martin Creamer     12th November 2009 London-listed South African ferrochrome junior International Ferro Metals (IFM) is all set to cogenerate its own electricity at a fraction of the proposed new Eskom tariffs. IFM CEO David Kovarsky said on Thursday that the company might be able to do so for as little as 10% of Eskom's steep new... 

Paladin slashes 2010 production guidance

By: Esmarie Iannucci     12th November 2009 ASX- and TSX-listed uranium producer Paladin Energy has revised down its production target for the 2010 financial year to between 5,6-million pounds and 6,1-million pounds from its previous guidance of 6,6-million tons. Paladin had revised its forecast after ramp-up activities at its Namibia and... 

Azumah starts drilling at Ghana’s Wa gold project

By: Esmarie Iannucci     12th November 2009 West Africa-focused Azumah Resources has started drilling at the Wa gold project, in Ghana, the company reported on Thursday. The 41 000-m drilling campaign, which would consist of about 19 000 m of reverse circulation, 21 000 m of aircore and 1 000 m of diamond drilling, would focus on... 

Khotso Mokhele elected Implats chair ‘with immediate effect'

By: Martin Creamer     11th November 2009 The world's second-largest platinum company, Impala Platinum, on Wednesday reaffirmed the election of Dr Khotso Mokhele as chairperson of the board of directors, "with immediate effect". Implats said that former nonexecutive director Mokhele would replace Michael McMahon, who had been acting... 

DRDGold shares fall as Blyvoor goes into judicial management 

By: Martin Creamer     11th November 2009 The shares of DRDGold fell as the application for the judicial management of its Blyvooruitzicht gold mine was granted in the South Gauteng High Court. DRDGold CEO Niel Pretorius told Mining Weekly Online that the court had still to appoint a judicial manager. 

NUM warns 45 000 Gold Fields workers may strike

By: Esmarie Iannucci     11th November 2009 South Africa’s powerful National Union of Mineworkers (NUM) on Wednesday warned that around 45 000 of its members may strike at Gold Fields to show the union’s displeasure with the gold company’s functional work capacity (FWC) assessment. The NUM said that it had received a certificate of... 

Edmonds, Groves resign from Camec board after ENRC takeover

By: Creamer Media Reporter      11th November 2009 The top management of Central African Mining & Exploration Company (Camec) have resigned, after the proposed takeover offer by Eurasian Natural Resources Corporation (ENRC) became unconditional. ENRC had announced on Tuesday that it now owned or had received valid acceptances in respect of... 

African Aura aims to expand Liberia gold resource base

By: Chanel de Bruyn     11th November 2009 Aim- and TSX Venture exchange-listed African Aura Mining would, in 2010, undertake a 4 000 m diamond drilling programme at its Weaju gold project, in Liberia, to further expand and define the resource on its Bea Mountain mining licence, it reported on Wednesday. “Our immediate focus at present... 

Indago to spin-off Tanzania gold assets

By: Esmarie Iannucci     11th November 2009 ASX-listed gold explorer Indago Resources has lodged a prospectus with the Australian Securities and Investment Commission for the spin-off of its Tanzanian gold assets, the company said on Wednesday. Spinning off the Tanzanian gold assets would enable the company to take step forward in its... 

African Diamonds wants 'rapid' AK6 mine as De Beers sells

By: Martin Creamer     11th November 2009 Aim- and Botswana-listed African Diamonds wants to see "rapid" development of the controversial AK6 diamond project in Botswana after brokering a deal in which its new "like-minded" partner has bought out the 71% stake held by its former partner,De Beers. African Diamonds, which at one stage... 

First Quantum still in negotiations with DRC over contract, profit drops

By: Chanel de Bruyn     11th November 2009 TSX- and LSE-listed First Quantum Minerals has recorded a 16% drop in third-quarter profits, while announcing that it continued to seek a “negotiated solution” with regard to its Kolwezi contract, in the Democratic Republic of Congo (DRC). Its net profit fell to $123,8-million in the quarter... 

Gold rallies to record high as dollar slips

By: Reuters     11th November 2009 Gold shot to a record high on Wednesday as the dollar slipped to its lowest in more than a year and analysts predict further gains for the precious metal on the US unit's persistent weakness. Spot gold rallied to $1 115,85 an ounce and was at $1 114,65 an ounce by 08:35 GMT versus $1 105,30 an... 

Chamber calls for new electricity deal, CIC bypassing Eskom

By: Martin Creamer     11th November 2009 South Africa's Chamber of Mines is calling for a new electricity dispensation for the country and a prospective Botswana-based independent power producer (IPP) is already working directly with the South African government and bypassing the troubled State-owned power utility, Eskom. "Something... 

La Mancha posts C$3m profit

By: Liezel Hill     11th November 2009 TSX-listed La Mancha Resources earned C$3-million in the third quarter of this year, compared with a C$1,6-million loss a year earlier, the firm reported on Tuesday. 

Randgold finding gold at $10/oz, selling it at $1 000/oz – Bristow

By: Martin Creamer     10th November 2009 London- and Nasdaq-listed Randgold Resources' strategy of discovery and development has resulted in the company finding its gold at a cost of $10/oz and then being able to sell it off at $1 000/oz, Randgold Resources CEO Dr Mark Bristow told Mining Weekly Online on Tuesday. Bristow said that it... 

BRC DiamondCore to repay debt in shares

By: Esmarie Iannucci     10th November 2009 JSE and TSX-listed BRC DiamondCore has entered into agreements with certain of its creditors to exchange common shares in the company for the repayment of debt. Under the debt settlement, BRC DiamondCore would issue more than 43,3-million shares, at a price of C$0,20 a share, to settle more than... 

White Water posts interim profit

By: Esmarie Iannucci     10th November 2009 JSE-listed mining investment company White Water Resources reported that net profit for the six months ended September was R3,1-million, compared with a net loss of R1,6-million in the previous corresponding period. Headline earnings a share showed a 300% increase and were up to 0,8c a share,... 

Mining acquisitions becoming more strategic – E&Y

By: Esmarie Iannucci     10th November 2009 Although miners around the world are looking to position themselves for growth, companies are being more selective when looking to acquire assets, says multidisciplinary advisory service firm Ernst & Young (E&Y). Ernst & Young director of transaction advisory services for Africa Adrian Macartney... 

Pangea DiamondFields sees Angola rough diamond prices improving

By: Esmarie Iannucci     10th November 2009 Aim-listed diamond producer Pangea DiamondFields on Tuesday reported that its recent sale of diamonds from the Cassanguidi project, in Angola, had yielded an average price of $147,50ct. The company had sold around 1 964 ct, and the average price achieved represented about 82% of the company’s... 

Chrome output must rise 50% in next decade - ENRC

By: Reuters     10th November 2009 Chrome production will need to increase by around 50% within the next decade to keep up with Chinese stainless steel demand, Kazakh miner ENRC said. But a strong currency combined with power costs constraints in top ferrochrome producer South Africa will lead to higher prices longer term, Mark... 

Jubilee allots new shares to Braemore shareholders

By: Esmarie Iannucci     10th November 2009 JSE-listed Jubilee Platinum on Tuesday allotted more than 4,9-million new shares to Braemore Resources’ shareholders, and an application has now been made to the London Stock Exchange for admission of the shares to trade on the Aim. The trading of these shares were expected to start on November 10. 

Four new gold mines under development – Randgold

By: Martin Creamer     10th November 2009 London- and Nasdaq-listed gold-mining company Randgold Resources has four new gold mines under development, the company said on Tuesday. The four mines being developed are the Gounkoto project in Mali, the Tongon mine in Côte d'Ivoire, the Massawa project in Senegal and the Kibali - formerly... 

Trans Hex returns to profitability

By: Esmarie Iannucci     10th November 2009 South African diamond producer Trans Hex on Tuesday reported a profit of R10,2-million for the six months ended September, compared with a loss of R55,9-million in the previous corresponding period. Earnings a share for the period under review rose to 9,7c a share, compared with a loss a share... 

Caledonia's Zim mine receives local award

By: Creamer Media Reporter      9th November 2009 Toronto-based Caledonia Mining's Blanket gold mine, in Zimbabwe, has been awarded the title of 'exporter of the year' in the mining category, for the Matabeleland region, by the Zimbabwe National Chamber of Commerce, the company said on Monday. The award was based on figures supplied by the... 

Great Basin defends financing move

By: Liezel Hill     9th November 2009 Ferdi Dippenaar, CEO of gold junior Great Basin Gold is aware that shareholders may not be thrilled about the dilutive financing announced late last month, but maintains that the move was the best one for the company, both in the short and long term. The company has been trying all year to... 

Simmers to spend R110m to lift Buffelsfontein’s output by 20%

By: Chanel de Bruyn     9th November 2009 South African gold-miner Simmer and Jack Mines (Simmers) has completed a R60-million rehabilitation project to restore its high-grade No 5 shaft, at the Buffelsfontein Gold Mine (BGM), in the North West province, to full operational capacity. The gold-miner would spend a further R110-million on... 

Former mining man Godsell calls it quits at troubled Eskom 

By: Terence Creamer     9th November 2009 Eskom chairperson Bobby Godsell handed a letter of resignation to Public Enterprises Minister Barbara Hogan on Monday, following more than a week of confusion over the fate of the group's CEO, Jacob Maroga. The Department of Public Enterprises reported on Monday afternoon that Mpho Makwana had... 

Wesizwe shareholders call for meeting

By: Martin Creamer     9th November 2009 A group of shareholders on Monday served a letter on the board of junior platinum miner Wesizwe calling for a meeting of shareholders at which more information could be provided on the summary dismissal of founding Wesizwe CEO Michael Solomon and director Robert Rainer. This follows last week's... 

DRDGold to apply for Blyvoor's judicial management 

By: Martin Creamer     9th November 2009 JSE- and Nasdaq-listed gold miner DRDGold would on Tuesday bring a semi-urgent application to the South Gauteng High Court to have its loss-making Blyvooruitzicht gold mine placed under judicial management, the company said on Monday. DRDGold CEO Niel Pretorius told Mining Weekly Online that the... 

Anglo appoints Hampton to board

By: Esmarie Iannucci     9th November 2009 Diversified miner Anglo American has appointed Sir Philip Hampton as a nonexecutive director, with immediate effect. Hampton has served as chairperson of The Royal Bank of Scotland Group since February 2009, and has recently stepped down as chairperson of food retailer J Sainsbury. 

SA union threatens strike at Anglo Coal

By: Esmarie Iannucci     9th November 2009 The National Union of Mineworkers (NUM) said on Monday that it had given diversified miner Anglo American seven days to respond, in writing, to the demands handed over, over the weekend. NUM members from the Highveld region marched to Anglo American’s offices in Johannesburg on Saturday, to... 

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