R/€ = 16.21 Change: -0.13
R/$ = 14.36 Change: -0.04
Au 1387.45 $/oz Change: 43.97
Pt 805.51 $/oz Change: 3.82

Africa News

‘Unhedged’ coal juniors stand to benefit from South Africa’s coal-export decline, says Keaton’s Miller

By: Martin Creamer     9th May 2008 The export of less coal from South Africa is strengthening the position of ‘unhedged’ coal juniors like Keaton Energy, which last month listed on the JSE’s main board. 

Homeland Energy lifts coal resource 30% at key SA project

By: Liezel Hill     8th May 2008 TSX-listed Homeland Energy Group (HEG) has increased the resource estimate for its Eloff coal project, 50 km east of Johannesburg, by 30%, the company said on Thursday. 

Trans Hex takes management control at Angolan mine

By: Matthew Hill     8th May 2008 JSE-listed alluvial diamond-miner Trans Hex stated on Thursday that it had acquired management control of the Facauma mine in Angola, of which it owns 32%, for four years from May 7. The group said that this was after "extended negotiations", and that the move would enable it to better... 

Lonmin considers power options to continue platinum growth  

By: Chanel de Bruyn     8th May 2008 The world's third-largest platinum producer, Lonmin, has started initial studies into generating its own power to boost supplies to its South African mines, CEO Brad Mills said on Thursday. "We have to consider the possibility that to continue growth we may have to put in alternatives... 

Kiwara adds iron-ore targets to Zambia JV

By: Matthew Hill     8th May 2008 Zambia-focused exploration company Kiwara will pay its partner in the country, LM Engineering, $100 000 to add iron-ore targets to their joint-venture (JV) in the Kalumbila area. The Aim- and JSE-listed Kiwara said that historic work showed an iron-ore resource, with a Yugoslavian company having... 

Gold-miner studies Mpumalanga growth prospect

By: Matthew Hill     8th May 2008 JSE-listed Harmony Gold has issued tenders for drilling at its Evander South prospect, southeast of Johannesburg, where CEO Graham Briggs said on Thursday it had a shallow resource that was "not too dissimilar from Great Basin Gold's (GBG's) Burnstone project". Further, he... 

Harmony says operating mines cope with 10% less power

By: Matthew Hill     8th May 2008 JSE-listed Harmony Gold has not asked struggling power utility Eskom for more than 90% power for its operating mines, but has requested more power for its growth projects, CEO Graham Briggs said on Thursday. The Randfontein-based gold major had just completed a far-reaching restructuring... 

Lonmin posts 63% jump in H1 EPS on strong prices

By: Reuters     8th May 2008 Lonmin Plc, the world's third-biggest platinum producer, posted a 63 percent jump in first-half underlying earnings per share on Thursday on strong platinum prices. Lonmin, listed in London with operations in South Africa, said EPS, excluding movements in the value of a convertible bond,... 

Harmony posts R345m third-quarter profit

By: Matthew Hill     8th May 2008 Africa's number-three gold miner Harmony Gold on Thursday reported 650% increase in net profit to R345-million for the quarter ended March 31, compared with the previous three-month period, with headline earnings of 63c a share, compared with 14c a share in the December quarter. Headline... 

Higher silver prices fail to put a dent in demand

By: Liezel Hill     7th May 2008 Industrial demand for silver rose for the sixth year in a row, and jewellery fabrication slipped by only 2% last year, as high and volatile prices for the metal failed to deter buyers, according to an industry report published on Wednesday. In their World Silver Survey 2008, launched in New York,... 

Eastplats adopts shareholder rights plan

By: Matthew Hill     7th May 2008 Canada’s biggest platinum producer, Eastern Platinum (Eastplats), has approved a shareholder rights plan to ensure “fair treatment” of investors and give the board more time to reach a decision in the event of a takeover bid, it said on Wednesday. It also gave the board a... 

Gold Fields will review mine safety - CEO

By: Sapa     7th May 2008 Gold Fields will review its safety system and practices, CEO Nick Holland said on Wednesday. "If we cannot mine safely, we must not mine. There is no price for life," he said at the memorial service of nine mine workers killed in a Randfontein mine accident last week.  

Workers to strike at Namibia's Skorpion Zinc

By: Reuters     7th May 2008 Workers at Namibia's biggest zinc producer Skorpion Zinc are going on strike from Friday over a pay dispute, the Mineworkers Union of Namibia (NUM) said on Wednesday. NUM General Secretary Joseph Hengari said annual wage negotiations with Skorpion's management were deadlocked and... 

Gold near one-week high on oil, ETF holdings up

By: Reuters     7th May 2008 Gold held steady on Wednesday, hovering near a one-week high hit the previous day, after crude oil powered to another record and spurred buying of the precious metal by investors seeking to hedge against inflation. An increase in gold holdings in the world's largest exchange-traded fund... 

Xstrata coal output declines, chrome and copper rise

6th May 2008 Diversified miner Xstrata Resources produced 4% less coal during the first quarter of this 2008 than in the same period a year earlier, largely as a result of heavy rains and flooding at its Australian operations. The group produced 18,5-million tons of coal during the quarter, after thermal coal... 

Barrick completes feasibility study on $700m SA PGM mine

By: Liezel Hill     6th May 2008 The world's biggest gold producer, Toronto-based Barrick Gold, will make a decision “in due course” on the way forward at the Sedibelo platinum project, in South Africa, the company said on Tuesday. A feasibility study has been completed on the project, which shows... 

World gold supply trend 'tragic' – Barrick founder Munk

By: Liezel Hill     6th May 2008 The failure of the gold-mining industry to find and exploit large new deposits of the yellow metal was “tragic”, Barrick Gold chairperson and acting CEO Peter Munk said on Tuesday. 

African Eagle posts £1,1m loss, chairperson laments share price performance

By: Matthew Hill     6th May 2008 Copper and gold hopeful African Eagle Resources on Tuesday posted a £1,1-million loss for 2007 and a headline loss of 0,6p a share, as it continued exploratory work and prefeasibility studies on its projects in eastern and southern Africa. The company was now conducting a full bankable... 

DRDGold appoints Barnes as group CFO

By: Matthew Hill     6th May 2008 JSE-listed gold producer DRDGold on Tuesday announced that former CFO of its South African operations Craig Barnes would now serve as group CFO. He was replacing Kobus Dissel, who had been acting in that capacity since January 2007, and would continue to serve as corporate services financial... 

AngloGold eyes full production at SA mines despite power crunch 

By: Matthew Hill     6th May 2008 South Africa’s biggest gold-miner AngloGold Ashanti reiterated on Tuesday that it was confident of moving towards full production capacity at its local operations and said that it would “claw back” a large slice of the gold ounces it had expected to lose because of the national... 

World's ‘least expensive' gold stock lifts 9% on hedge slashing, big Colombian discovery 

By: Martin Creamer     6th May 2008 Share value of the world's ‘least expensive' gold stock rose more than 9% on Tuesday hot on the heels of AngloGold Ashanti announcing that it would raise R11,9-billion from shareholders to slash its much-criticised hedge. 

Barrick profit leaps as margins swell on higher prices

By: Liezel Hill     6th May 2008 The world's biggest gold producer, Toronto-based Barrick Gold, increased its first quarter net income to $514-million, compared with a loss of $159-million a year earlier, thanks to its exposure to record gold-price levels. The gold-miner reported a loss in the first quarter of 2007 after... 

Homeland Energy sells further 5% stake in SA unit

By: Liezel Hill     6th May 2008 TSX-listed Homeland Energy Group (HEG) has sold another 5% stake in its South African subsidiary, Homeland Mining and Energy SA, to India's GMR Group, for $15-million in cash, the firm said on Tuesday. 

AngloGold Ashanti proposes R11,9bn rights offer to cut hedgebook

By: Christy van der Merwe     6th May 2008 Gold major AngloGold Ashanti on Tuesday announced a proposed fully underwritten rights issue to raise R11,9-billion (some $1,6-billion) to reduce its hedge book, and fund the company's growth initiatives. The company would issue 69,4-million shares at a minimum price of R172 a share, it... 

AngloGold reports fivefold increase in Q1 adjusted headline earnings

By: Christy van der Merwe     6th May 2008 Gold producing major AngloGold Ashanti on Tuesday reported a more than fivefold increase in adjusted headline earnings for the first quarter of 2008 to $105-million, compared with $18-million in the previous quarter. This was despite significantly lower production. The company reported a 12%... 

Resource estimate rises 167% at Ghana gold prospect

By: Liezel Hill     5th May 2008 Vancouver-based AMI Resources has increased the resource estimate at its wholly-owned North Ashanti gold project, in Ghana, by 167%, to 327 621 oz, the firm announced on Monday. 

Equinox commissions water systems at Lumwana

By: Liezel Hill     5th May 2008 TSX- and ASX-listed Equinox Minerals has completed the commissioning of the raw-water systems at its Lumwana copper project, in Zambia, the firm said on Monday.  

Coal of Africa says Merrill Lynch owns 12% of its stock

By: Matthew Hill     5th May 2008 Aim- and JSE-listed Coal of Africa Limited (CoAL) jumped to a new record on Monday, after it notified the market that the banking group Merrill Lynch now owned 12% of its stock. Its shares rose to R24 before slipping to R23,50 by 16:17 in Johannesburg, which was 7,8% higher than its closing... 

TWP reports full-year headline earnings increase

By: Christy van der Merwe     5th May 2008 Mine-focused engineering, construction and project management firm TWP on Monday reported a 187% increase in headline earnings a share, to 93,82c a share for the year ended February 2008. The company, which listed on the JSE main board in November 2007, said that this "exceptional... 

Lonmin, IFC sign agreement with Absa to improve BEE suppliers’ access to finance

By: Matthew Hill     5th May 2008 Global platinum number-three Lonmin has signed a memorandum of understanding with South Africa's biggest bank, Absa, and World Bank-owned International Finance Corporation (IFC) to give black economic-empowerment (BEE) suppliers an up-to-R100-million shot in the arm. The partners would... 

Problems with locals won’t delay PNG project - Harmony

By: Matthew Hill     5th May 2008 World number-five gold producer Harmony Gold said on Monday that problems with locals at its Hidden Valley mine in Papua New Guinea (PNG) would not delay its ramp up, and that the company hoped to resolve the issue "in the next day or two". Spokesperson Amelia Soares said that the... 

Canadian junior hunts for platinum in Ontario

By: Liezel Hill     2nd May 2008 At present, Canada's contribution to world platinum-group metals production is largely dominated by palladium, and not very much of it, at that. However, the winds may be about to change, thanks to a small, Ottawa-based exploration company, which believes it has found a complex with... 

Bannerman gathers momentum at Namibian uranium prospect

By: Liezel Hill     2nd May 2008 Australia-based Bannerman Resources is building a new sample preparation laboratory in Swakopmund, to speed up the processing of drill sample results from its 80%-owned Goanikontes uranium prospect, in Namibia, the firm said on Friday. 

Gold Fields tests winder ropes at all mines after fatal accident

By: Liezel Hill     2nd May 2008 Gold miner Gold Fields expected to have completed thorough testing of all the winding ropes at its South African mines by Saturday, the company said on Friday morning. The Department of Minerals and Energy issued a directive ordering the safety checks, following an accident on Thursday in which... 

Benefits of hard line safety approach showing, says Anglo CEO Carroll

By: Martin Creamer     2nd May 2008 The benefits of her hard-line approach to mine safety are showing, says Anglo American CEO Cynthia Carroll. She points out that fatalities in Anglo American mines fell more than two fold in the second half of last year, after she sent shock waves through the mining industry by shutting... 

Anglo cutting energy 15%, carbon 10%, CEO announces

By: Martin Creamer     2nd May 2008 Diversified miner Anglo American, which has operations in 45 countries and employs 100 000 people, aims to cut its energy consumption by 15% and the amount of carbon it produces per unit of output by 10%. 

Camec boosts its stake in CRC to 47,2%

By: Liezel Hill     1st May 2008 LSE-listed Central African Mining & Exploration (Camec) has bought an additional 22,32-million shares in Copper Resources Corporation, which owns copper deposits in the Democratic Republic of Congo and Phillipines.  

Nine killed in accident at Gold Fields' South Deep mine

By: Liezel Hill     1st May 2008 Nine people died at Gold Fields' South Deep gold mine on Thursday, bringing the number of fatalities this week at the company's operations to 14. The accident took place at about 10:00, when a rope on a subcage winder at the mine's Twin Shafts complex apparently failed, Gold Fields... 

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