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Africa News

Worker dies at Gold Fields' Kloof mine

By: Chanel de Bruyn     3rd November 2009 A mineworker at Gold Fields’ Kloof mine, near Carletonville, died during the Monday night shift, spokesperson Julian Gwillim confirmed on Tuesday. Details of what led to the fatality were still unavailable, with Gwillim saying that the inspectors were currently investigation in the incident,... 

No ‘immediate' plans to nationalise, Deputy President tells Chamber 

By: Martin Creamer     3rd November 2009 The South African government had no "immediate" plans to nationalise South Africa's mining industry, and nationalisation was not a decision that could be taken "on the hoof", South Africa's Deputy President Kgalema Motlanthe said on Monday night. Motlanthe, a former head of the National Union... 

Banro expects to secure finance for DRC gold mine by June '10

By: Liezel Hill     2nd November 2009 Canadian gold junior Banro Corporation hopes to conclude a process to arrange debt finance for its Twangiza project, in the Democratic Republic of Congo, by early June 2010, the company said on Monday. Banro announced in September it had appointed Standard Chartered as the exclusive debt-finance... 

Trans Hex expects to report interim profit

By: Esmarie Iannucci     2nd November 2009 Struggling diamond producer Trans Hex on Monday advised shareholders that its profit for the six months ended September was expected to be R9-million, compared with a loss of R64-million for the previous corresponding period. The group was also expected to report earnings a share of 9,7c a... 

Falling steel shuts AngloGold Ashanti shaft for two months  

By: Martin Creamer     2nd November 2009 The TauTona shaft of gold miner AngloGold Ashanti has been closed for two months, which will mean a 1 500 kg loss of gold production. The shaft has been closed so that repair to steelwork can take place safely, following the falling down a sub shaft of a so-called "penthouse" - a heavy steel... 

Iamgold, AngloGold approve Sadiola deep sulphides study

By: Liezel Hill     2nd November 2009 Toronto-based Iamgold and its partners will go ahead with a feasibility study on developing the large deep sulphide resource below the current pit at the Sadiola mine, in Mali, the company announced on Monday. The mine's owners, including operator AngloGold Ashanti, have approved a $9-million... 

Feasibility study for Chalice Gold’s Koko deposit to be completed mid-2010

By: Esmarie Iannucci     2nd November 2009 East-African focused Chalice Gold on Monday reported that an independent scoping study into its Koko gold deposit, in Eritrea, has found that the deposit had the potential to underpin a highly profitable gold mining operation. The gold explorer said in a statement that it would now proceed with... 

Solution needed to electricity pricing, rand strength – AngloGold 

By: Martin Creamer     2nd November 2009 South Africa Incorporated needed to thrash out a workable, collective solution to its electricity pricing issue, which, together with the strong rand, was putting the country's future employment capacity at significant risk, AngloGold Ashanti CEO Mark Cutifani said on Monday. Cutifani told... 

Miranda Minerals’ Burnside project granted mining rights

By: Creamer Media Reporter      2nd November 2009 South Africa’s Department of Mineral Resources has granted JSE-listed Miranda Minerals mining rights for its Burnside coal project, in KwaZulu-Natal. The Burnside project, which had an indicated resource of 18,9-million tons and an inferred resource of 16,6-million tons, stretched over 4 540 ha. 

Sylvania, Jubilee enter strategic PGMs smelting partnership

By: Creamer Media Reporter      2nd November 2009 JSE-listed Jubilee Platinum and ASX-listed platinum company Sylvania Resources have entered into a strategic partnership to smelt the latter’s platinum-group metal (PGM) concentrates from its tailings retreatment projects that were not already tied into other contracts. The companies said in a... 

AngloGold/Randgold increase stake in Moto to 90%

By: Creamer Media Reporter      2nd November 2009 Gold miners Anglogold Ashanti and Randgold Resources on Monday announced that they would jointly acquire a further 20% stake in the Moto gold project in the Democratic Republic of Congo (DRC), from Congolese parastatal L'Office des Mines d'Or de Kilo-Moto (Okimo) for $113,6-million. Previously,... 

Great Basin will sell C$110m debentures for SA project

By: Liezel Hill     30th October 2009 Great Basin Gold will sell C$110-million of senior unsecured convertible debentures for the development of its Burnstone project, in South Africa, the firm announced this week. Great Basin, which also has a gold project in Nevada, has been trying all year to finalise an R850-million senior debt... 

Argentina holds cooperation talks with Turkey, Angola

By: Francisca Pouiller     30th October 2009 Argentinan Mining Secretary Jorge Mayoral, has participated in meetings with senior officials from both Turkey and Angola, at which cooperation – including in the mining and resources sectors – was discussed. On Monday, Mayoral and Chancellor Jorge Taiana met Turkey State Minister Cemil Cecik... 

Sentula terminates R686m Koornfontein sales agreement

By: Esmarie Iannucci     30th October 2009 JSE-listed Sentula Mining has advised its shareholders that the contemplated R686-million sale of its 49,9% interest in the Koornfontein coal mine, in Mpumalanga, would no longer take place. In a statement released on Friday, Sentula reported that notwithstanding the successful conclusion of the... 

Wits Gold 2010 interim loss widens

By: Esmarie Iannucci     30th October 2009 JSE- and TSX-listed gold producer, Wits Gold on Friday advised shareholders that basic and headline loss a share for the six months ended August, were likely to be between 10,30c and 12,55c a share. This was compared with the basic and headline loss a share of 4,28c a share in the previous... 

New thinking needed on Eskom electricity tariff – Harmony 

By: Martin Creamer     30th October 2009 South Africa needed to apply its mind to solving the electricity price issue to avoid widespread knock-on effects that would seriously stunt economic growth and spark a new round of wage demands, Harmony Gold CEO Graham Briggs said on Friday. The head of South Africa's third-largest gold-mining... 

Miners eye sea as land resources diminish

By: Jonathan Faurie     30th October 2009 The diminishing nature of some land-based mineral resources (the resource determines where you mine and whether you mine – not a nongovernmental organisation focus which is, in fact, a welcome interest) has increased the importance of marine mining and has reignited the interest of mining houses... 

Rio Tinto doubles 2010 capex to at least $5bn

By: Chanel de Bruyn     30th October 2009 Global diversified miner Rio Tinto has doubled its planned capital expenditure (capex) for 2010 from the previously anticipated $2,5-billion to between $5-billion and $6-billion. The miner had previously expected to reduce its capex to a sustaining level of $2,5-billion, but said on Friday that... 

Uranium Resources plans to buy out Tanzania JV partners

By: Chanel de Bruyn     30th October 2009 Aim-listed uranium exploration company Uranium Resources plans to raise £1,6-million by December to fund a proposed A$2,9-million cash-and-share deal to acquire its Tanzanian uranium projects joint-venture partners. It would acquire the share capital of WML Uranium Holdings and Western Metals... 

Harmony’s first-quarter gold output up 6%

By: Creamer Media Reporter      30th October 2009 South African-based gold-miner Harmony Gold recorded a 6% quarter-on-quarter increase in production to 11 615 kg of gold during the quarter ended September 30, 2009, but CEO Graham Briggs warned on Friday that the company might have to restructure some of its lowest-grade, highest-cost operations... 

Kumba boosts Q3 iron-ore output 
to 11,3Mt, on track to achieve 10% 
overall increase in 2009

By: Chanel de Bruyn     30th October 2009 South African iron-ore producer Kumba Iron Ore (KIO) increased its year-on-year output by 12% to 11,3-million tons during the third quarter of the year, remaining on schedule to meet its target of increasing production by an overall 10% in the 2009 financial year.

The 11,3-million tons produced... 

Platinum demand recovering slowly, deficit expected in 2011, says Lonmin CEO Farmer

By: Chanel de Bruyn     30th October 2009 Platinum demand levels were gradually improving and a slow firming in the platinum price could be seen, but no quick rebound was expected, Lonmin CEO Ian Farmer said last week. Farmer told Mining Weekly Online that the worst was behind the platinum industry and that there was a gradually... 

Australian junior hoping to start developing Botswana uranium project next year

By: Jonathan Faurie     30th October 2009 Australian mining junior Impact Minerals has reported that the company is currently prospecting in Botswana and is hoping to start developing the country’s biggest uranium project as soon as next year. 

Shock ousting of leading corporate mining personalities

By: Martin Creamer     30th October 2009 October 22 will go down in South Africa’s corporate history as a day of high drama when a chairperson was sacked twice on the same day and when a layer of top management was unceremoniously stripped out of one of the world’s biggest mining companies, toppling influential mining personalities.

On... 

Miners eye sea as land resources diminish

By: Jonathan Faurie     30th October 2009 The diminishing nature of some land-based mineral resources, [the resource determines where you mine and whether you mine - not an NGO focus which is in fact a welcome interest] has increased the importance of marine mining and has reignited the interest of mining houses in this new frontier. 

Newmont ready to move quickly on Ghana, Peru projects

By: Liezel Hill     29th October 2009 The second-biggest gold-miner, Colorado-based Newmont Mining, hopes to make a final decision to build a second mine in Ghana by mid-2010, which would suggest first production at the Akyem project by late 2013 or early 2014, a senior executive said on Thursday. Newmont received approval of the... 

Barrick backs off SA platinum project 

By: Liezel Hill     29th October 2009 Canadian gold giant Barrick Gold has decided not to develop the Sedibelo platinum project, in South Africa, as it believes the funds can be better spent on other assets, CEO Aaron Regent said on Thursday. Barrick owns 10% of the project, and could increase its holding to 65% by paying about... 

Firestone says SA coal prefeasibility study nearing completion

By: Esmarie Iannucci     29th October 2009 JSE- and ASX-listed coal explorer Firestone Energy on Tuesday reported that the prefeasibility study of its joint venture (JV) Waterberg coal project was approaching completion, and that draft reports were currently being reviewed. Firestone said in a statement that during the quarter ended... 

Lundin Mining earned $3,7m in Q3

By: Liezel Hill     29th October 2009 Toronto-based Lundin Mining on Thursday posted net income for the third quarter of $3,7-million, compared with a $199-million net loss a year earlier. (The company recorded $228,2-million in noncash charges in last year's third quarter.) 

Implats offers Khotso Mokhele the chair

By: Martin Creamer     29th October 2009 South Africa's second-largest platinum miner, Implats, on Thursday offered the position of chairperson of the board to incumbent non-executive director Dr Khotso Mokhele. The overture to Mokhele follows the acrimonious sacking of Dr Fred Roux. Implats said in a Stock Exchange News Service... 

Gold Fields hoping to build second Andes gold mine

By: Martin Creamer     29th October 2009 South Africa's second-largest gold-miner Gold Fields may build another gold mine in the Andes, this time 5 000 m up. The Chucapaca, in southern Peru, is at an advanced stage of drilling and Gold Fields hopes to have a scoping study out by June 2010. Gold Fields earlier this year fully... 

SA rail utility, manganese miners mull 12Mt/y export channel ‘partnership'

By: Terence Creamer     29th October 2009 State freight logistics group Transnet, in consultation with manganese exporters, expects to decide within the "next four to five months" whether to develop a new export channel through the deep-water harbour at Saldanha Bay, on South Africa's West Coast, or to proceed with an alternative model... 

Rand strong for next 12-18 months – Gold Fields

By: Martin Creamer     29th October 2009 South Africa's second-largest gold producer, Gold Fields, said on Thursday that it expected the rand to remain strong for the next 12 to 18 months. "We've made peace with the rand being where it is and we are structuring our business around current levels," Gold Fields CEO Nick Holland said. He... 

Newmont quarterly earnings double

By: Liezel Hill     29th October 2009 Denver-based Newmont Mining earned $388-million in the third quarter, compared with net income of $191-million a year earlier, helped by surging gold prices, lower production costs and increased volumes. Revenue in the quarter rose to a best-ever $2,05-billion, compared with $1,37-billion in the... 

Barrick's adjusted earnings rise 17%

By: Liezel Hill     29th October 2009 The world's biggest gold miner, Canadian Barrick Gold, on Thursday reported a big net loss for the third quarter, essentially because of a $5,7-billion accounting charge related to the company's announcement that it will eliminate its gold hedges. The firm lost $5,4-billion, compared with a... 

Braemore’s shares suspended on Aim

By: Creamer Media Reporter      29th October 2009 The shares of JSE-listed nickel and platinum producer Braemore Resources were suspended on the Aim on Thursday, pending a court hearing to sanction the acquisition of the company by platinum-miner Jubilee. Braemore shareholders had approved the deal on October 7, after Jubilee had made an offer... 

‘Very significant' rerating chance for SA gold miners – Gold Fields

By: Martin Creamer     29th October 2009 A "very significant" rerating opportunity existed for South African gold producers, Gold Fields CEO Nick Holland said on Thursday. Holland said that the large gap that had existed between the market capitalisations of South African gold-mining stocks and those of far smaller international... 

SNR aims to start large-scale coal sales by mid-2010

By: Chanel de Bruyn     29th October 2009 Strategic Natural Resources (SNR), which owned 74% of South Africa’s Elitheni Coal, had achieved its first revenues from coal sales and had made “significant progress” towards starting large-scale coal sales by the second half of 2010. SNR CEO Richard Latham on Thursday noted in a statement to... 

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