https://www.miningweekly.com
R/€ = 15.54 Change: 0.09
R/$ = 13.86 Change: 0.08
Au 1428.45 $/oz Change: -10.71
Pt 849.87 $/oz Change: -5.57
 

Australasia News

Lonrho Mining’s SA unit under provisional liquidation

By: Esmarie Iannucci     9th February 2009 ASX-listed Lonrho Mining on Monday announced that its wholly owned South African subsidiary, Lonrho Mining South Africa, had been placed on provisional liquidation, and it was anticipated that the final winding up order would be made before the end of February, unless the proceedings were... 

West Australian Minerals secures $1,4m to advance Namibian uranium project

By: Esmarie Iannucci     9th February 2009 ASX-listed uranium explorer West Australian Metals has secured a $1,4-million cash injection through a convertible note facility with mining company Batavia Mining. The convertible notes, which were unsecured, have a face value of $50 000 each, with interest of 8% a year on maturity or... 

AngloGold posts $17m fourth-quarter loss

By: Creamer Media Reporter      9th February 2009 The world’s second-largest gold producer, AngloGold Ashanti, would have “much improved” gold price leverage and balance sheet flexibility in 2009, CEO Mark Cutifani said on Monday. He noted that the company had a strong platform going into 2009, following the 2008 “transformational year”. 

Significant Australian presence expected at Indaba

By: Creamer Media Reporter      6th February 2009 The Australian High Commission in South Africa was expecting more than 400 Australian delegates at this year’s Mining Indaba, to be held in Cape Town next week. “Many Australian mining businesses have been operating in Africa for a decade now, so there is a strong feeling of commitment to the... 

Don't build second coal terminal, increase rail capacity - Mhlatuze Coal

By: Martin Creamer     6th February 2009 Rail was the real constraint to increased coal access by newcomer coal companies and not port constraint and consequently a second coal terminal should not be considered at this stage, Mhlatuze Administration Coal director Bill Lamont said on Friday. Lamont's view conflicts head-on with that of... 

Mozambique coal exports set for 2010 kickoff

By: Martin Creamer     5th February 2009 Coal exports from Mozambique were all set for kick-off in 2010, the Cape Town coal conference heard on Thursday. Riversdale Mining CFO Steve Thomas told McCloskey's coal exports meeting that his ASX-listed emerging mid-tier entity would, at full production, be exporting six-million tons of hard... 

RBC predicts $750-$1 000/oz, 'significant volatility' for gold in '09 

By: Liezel Hill     5th February 2009 Gold prices will likely remain firm during the first three months of this year, held up by seasonal demand for physical gold and continued demand by investors looking for a safehaven, but could lose some ground in the middle of the year, analysts at RBC Capital markets predicted this week. In a... 

Short-term outlook for coal grim, says Macquarie

By: Jade Davenport     5th February 2009 Australia-based financial institution Macquarie indicated on Thursday that the outlook for the global coal industry, at least in the short term, was significantly bleak. Senior commodities strategist Jim Lennon said that there was no question that the global financial crisis had impacted on the... 

SA coal industry must ready itself for next boom - Anglo Coal

By: Martin Creamer     5th February 2009 South Africa's coal industry needed to ready itself for the next coal boom, which would undoubtedly occur, Anglo Coal South Africa CEO Ben Magara said on Thursday. Magara told McCloskey's South African Coal Conference in Cape Town that South African coal supplies were "in no way endless" and... 

Second coal terminal needed to provide access for miners - Transnet Freight Rail

By: Martin Creamer     5th February 2009 South Africa needed a second coal export terminal in order to ensure access to more coal-miners, Transnet Freight Rail (TFR) CEO Siyabonga Gama said on Thursday. Gama told McCloskey's South African Coal Exports Conference in Cape Town that the current one-terminal paradigm presented access... 

Aquarius posts $70m interim loss, lowers output target

By: Chanel de Bruyn     5th February 2009 ASX- and JSE-listed platinum producer Aquarius Platinum was “working through” the difficult economic times, which had led to the company posting a first-half net loss of $70-million. Reporting on its results for the six months ended December 31, 2008, the miner said its profits had dropped from... 

La Mancha hedges some Oz, Cote d'Ivoire gold output

By: Liezel Hill     4th February 2009 TSX-listed La Mancha Resources has implemented a hedging programme for about 34% of its forecast production for this year, in a move to lock-in high bullion prices. The firm has agreed to sell about half of its attributable production from the Frog's Leg and Ity mines, in Australia and Cote... 

Barra's Mt Thirsty could be one of top-5 cobalt mines, bankable study to start soon

By: Esmarie Iannucci     4th February 2009 Exploration and mining company Barra Resources on Wednesday stated that its 50%-owned Mount Thirsty cobalt/nickel project, in Western Australia, had to potential to become one of the top five cobalt producers globally. In its quarterly report for the period ended December 2008, the company... 

Downside risk remains for manganese, despite cutbacks - BHP Billiton

By: Martin Creamer     4th February 2009 Downside risk in manganese volume projections was continuing into the second-half, despite the cutbacks that had already been made, BHP Billiton CEO Marius Kloppers said on Wednesday. Kloppers said that BHP Billiton was already operating its manganese business at virtually half of its available... 

Syndicated, Universal Resources agree on JV terms for Australian project

By: Esmarie Iannucci     4th February 2009 ASX-listed Syndicated Metals has reached an agreement with mineral exploration company Universal Resources on the terms of a joint venture (JV), in which Syndicated could earn an 80% interest in the Dronfield minerals tenement, in Northwest Queensland. A formal agreement was now being prepared... 

Churchill says three investors interested in Indonesian coal project

By: Esmarie Iannucci     4th February 2009 Indonesia-focused Churchill Mining has stated that three companies were currently conducting due diligence processes at its East Kutai coal project (EKCP), with the vision of either investing or becoming joint venture partners in the project. The Aim-listed company stated that while the three... 

Second-half iron-ore sales expected to mirror first-half sales – BHP Billiton

By: Martin Creamer     4th February 2009 Diversified mining company BHP Billiton expected to sell roughly the same volume of iron-ore in the second half of its financial year as it did in its first as a result of “substantial destocking” in China, BHP Billiton CEO Marius Kloppers said on Wednesday. Kloppers said, however, the situation... 

Gindalbie shareholders approve $162m AnSteel share placement

By: Esmarie Iannucci     4th February 2009 Australian iron-ore producer Gindalbie Metals on Wednesday said that it had received overwhelming support from its shareholders for the proposed $162,06-million share placement, to its joint venture (JV) partner Ashan Iron & Steel (AnSteel). The shareholder approval cleared the way for the... 

BHP Billiton posts 56,5% drop in first-half profit

By: Liezel Hill     3rd February 2009 BHP Billiton, the world's biggest miner, reported first-half profit of $2,6-billion, a decline of 56,5% compared with the same period a year earlier. “During the six months to December 2008, we have witnessed an unprecedented fall in commodity prices, with market prices falling in the order of... 

Newmont raised $1,7bn from offerings

By: Liezel Hill     3rd February 2009 Denver-based Newmont Mining realised net proceeds of about $1,7-billion from the sale of shares and convertible notes, the firm said on Tuesday. The funds will be used to pay for the company's acquisition of the AngloGold Ashanti's 33,33% stake in the Boddington gold project, in Australia, and... 

‘Hugely profitable' Modder East tailored in Aussie/NAmerican style - Aflease Gold  

By: Martin Creamer     3rd February 2009 The "hugely profitable" Modder East gold project had been deliberately tailored to meet the investment criteria of Australian and North American markets and was breaking South Africa's traditional ‘deep, dark and dangerous' gold mould, Aflease Gold/Gold One CEO Neal Froneman said on Tuesday.... 

Kagara sells 11,5% stake to raise A$10m

By: Liezel Hill     3rd February 2009 Australian zinc- and copper-miner Kagara has agreed to sell shares representing about 11,5% of the company to ore and concentrate trader Transamine, to raise A$10-million, the firm said on Tuesday. Transamine is a “longstanding” concentrate offtake partner of the company, and will buy 25-million... 

Ventersburg may be ‘second Beatrix', wins Canadian compliance - Aflease Gold

By: Martin Creamer     2nd February 2009 The Ventersburg gold project in the Free State goldfields, whose resource had just won indicated compliance under both Canadian and South African codes, could be a "second Beatrix" and already had an indicated resource larger than Modder East's reserve, Aflease Gold CEO Neal Froneman said on... 

Norilsk reports higher nickel, copper output for '08

By: Liezel Hill     30th January 2009 Norilsk Nickel, the world's biggest producer of nickel, increased its production of the metal by 8,5% last year, to 299 700 metric tons (t), compared with 276 000 t in 2007. Copper production also rose, to 419 000 t, from 415 000 t a year earlier, the group said in a report on Friday. 

Platinum minnow Sylvania to self-fund completion of plants

By: Martin Creamer     30th January 2009 Cash-rich ASX- and Aim-listed Sylvania Resources had sufficient cash and projected cash flow to self-fund the completion of three additional plants that were under construction, Sylvania MD Terry McConnachie said on Friday. McConnachie said that the company, which recovered platinum from chrome... 

Tawana cuts overhead costs, in JV talks

By: Esmarie Iannucci     30th January 2009 JSE- and ASX-listed Tawana Resources has reduced corporate operating expenses by about 70%, and will continue to assess spending, the firm said on Friday During the October to December 2008 quarter the company closed its Melbourne head office, as well its loss-making laboratory. 

Aura confirms uranium mineralisation at Mauritania prospect

By: Esmarie Iannucci     30th January 2009 ASX-listed uranium explorerAura Energy on Friday stated that the second phase of sampling at its Oued Foule Est permit, in northern Mauritania, had confirmed the presence of widespread and significant uranium deposits. Ground radiometric surveying defined multiple zones of high radiometric... 

Mineral code custodians striving to keep industry on the straight and narrow

By: Brindaveni Naidoo     30th January 2009 The custodians of the worlds’ minerals reporting standards are striving to keep the industry on the straight and narrow. There is a growing convergence of standards globally and an effort is being made to prevent companies from making exaggerated claims about their mineral assets. Developing and... 

Oz Mineral's Golden Grove zinc output jumps to new record

By: Esmarie Iannucci     30th January 2009 Australia’s third-largest diversified mining company, Oz Minerals, on Friday stated that zinc output at its Golden Grove operation, in Western Australia, had reached record quarterly levels for the three months ended December. Zinc production for the quarter jumped to 59 825 t, which was... 

Mozambique coal bankable study expected in March – Riversdale

By: Esmarie Iannucci     30th January 2009 Australia-based junior Riversdale Mining said on Friday that he latest coal resource update had supported the development of the Benga opencut coal project, and that a bankable feasibility study for the Mozambique-based project would be completed in March. 

Rio Tinto iron-ore train derailed in Australia

By: Reuters     30th January 2009 A Rio Tinto iron-ore freight train was derailed in western Australia's Pilbara region on Thursday, halting the supply of ore from most of its mines to port, the company said on Friday. Between 50 and 60 ore cars in a train of about 230 fully-loaded cars derailed late on Thursday about 80 km... 

Competition authorities approve Aflease, BMA Gold merger

29th January 2009 The South African Competition Commission and the Foreign Investment Review Board in Australia have approved the merger between Aflease and BMA Gold. Earlier this month, the shareholders of JSE-listed Aflease “unanimously” approved the transaction, which would see the creation of Gold One, which... 

Gold Fields decides to ‘go it alone' with uranium

By: Martin Creamer     29th January 2009 Gold Fields had decided probably to “go it alone” with its estimated 100-million pounds of uranium rather than enter into joint ventures or partnerships, Gold Fields CEO Nick Holland said on Thursday. Holland said that the 14 tailings dams on the West Wits contained an estimated 58-million... 

Gold has ‘substantial upside', $1 000/oz ‘eminently achievable' - Gold Fields 

By: Martin Creamer     29th January 2009 Gold had "substantial upside" and a gold price of $1 000/oz was "eminently achievable" in 2009, Gold Fields CEO Nick Holland said on Thursday. Holland told Mining Weekly Online that the gold price increase could not have happened at a better time for Gold Fields, which was heading for a 15%... 

Xstrata plans £4,1bn rights issue to reduce debt

By: Esmarie Iannucci     29th January 2009 Global diversified miner Xstrata on Thursday announced plans to raise £4,1-billion (some $5,9-billion) in a proposed two-for-one rights issue. The Zug-based company would use the proceeds of the rights issue to repay debt and buy the Prodeco thermal coal project in Colombia, from its largest... 

Xstrata profit falls 35% as costs, inflation erode earnings

By: Esmarie Iannucci     29th January 2009 Global diversified miner Xstrata on Thursday reported a 35% drop in annual profit, falling from 2007’s record $5,54-billion to $3,59-billion in the 2008 financial year. Recorded earnings a share were also down by 35%, to $3,75 a share, compared with the $5,78 a share recorded in 2007.  

Riversdale appoints law expert to board

By: Creamer Media Reporter      29th January 2009 Australia-based Riversdale Mining, a company that owns an anthracite mine in South Africa and a coal project in Mozambique, has appointed Gary Lawler as a nonexecutive director, effective immediately. “We are extremely pleased to have been able to attract someone with the calibre of Lawler. This... 

Vedanta earnings plummet 98% on lower metal prices, writedowns

By: Chanel de Bruyn     28th January 2009 Despite achieving record production volumes of zinc and aluminium, lower London Metals Exchange (LME) prices have led to a "challenging" third quarter for LSE-listed base-metals producer, Vedanta Resources. Reporting on the company's performance in the third quarter ended December 31, Vedanta... 

Latest News

more

Latest Videos

more

Latest News: Africa and Europe

Latest News: Americas

more

Topics In These Articles

RSS Feed

About

Mining Weekly is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Research Channel Africa
Polity

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on MiningWeekly.com is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Free daily email newsletter Register Now
Close