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Australasia News

Braemore widens loss, says made 'significant' progress at operations

By: Christy van der Merwe     29th September 2008 JOHANNESBURG (miningweekly.com) – JSE-listed nickel and platinum processor Braemore Resources on Monday reported a widened loss a share for the year ended June 2008, to 0,21p, compared with a loss a share of 0,16p for the comparative period. However, the company remained upbeat, stating that... 

Pallinghurst sets three-year timeframe for manganese project

By: Esmarie Iannucci     25th September 2008 JSE-listed Pallinghurst had entered into a manganese investment in the Kalahari Basin with the aim of creating a significant manganese operation within the next three years, the company said on Thursday, in announcing a staggering 769% rise in headline earnings. Headline earnings rose from $5... 

CoAL says solid foundation in place to bring SA coking coal projects into production

By: Chanel de Bruyn     25th September 2008 With mining at its Mooiplaats thermal coal project on schedule to start in the fourth quarter of 2008 and with A$200-million in cash, coal development company Coal of Africa Limited (CoAL) believes it has a solid foundation to bring its coking coal projects into production. The company, headed... 

‘Unusual, very attractive’ tax-free mining incentive – Gippsland 

By: Martin Creamer     23rd September 2008 The Egyptian government is incentivising mining projects in a “very unusual, but very attractive tax-free way" that includes repayment of capital expenditure with interest, Gippsland Limited reports. “First of all we have no royalty, and the whole project is set up in a free-trade zone. This... 

IFM says growth profile robust despite SA power concerns

By: Chanel de Bruyn     22nd September 2008 Ferrochrome producer International Ferro Metals (IFM) has completed its first full year of production at its Buffelsfontein ferrochrome facility, in South Africa, with output expected to increase by over 10% from July 2009. The company produced about 205 607 t of ferrochrome in the year ended... 

Paramount reshuffles board

By: Esmarie Iannucci     22nd September 2008 ASX-listed Paramount Mining Corporation on Monday announced the restructuring of its board with the appointment of Mohammed Munshi as nonexecutive chairperson, and Guy Anderson as nonexecutive director. “We are particularly pleased to announce the first stage of restructuring of our board, as... 

Africa-focused Albidon closes out hedge book

By: Esmarie Iannucci     22nd September 2008 ASX-listed Albidon has closed out its hedge book of 11 294 t of nickel to cut its senior debt, it said on Monday. The company, headquartered in Perth, said it had generated net proceeds of about $50-million. 

Australian junior prepares to mine phosphates off Namibia's ocean floor

By: Martin Creamer     19th September 2008 A growing world population eating better food is opening up mining opportunities in agricultural input materials. The mining industry has seen the world’s biggest mining company, BHP Billiton, report that it expects to invest “billions upon billions” into the “exciting” potash-mining business... 

Australian junior prepares to mine phosphates off Namibia's ocean floor

By: Martin Creamer     19th September 2008 A growing world population eating better food is opening up mining opportunities in agriculture input materials. The mining industry has seen the world’s biggest mining company BHP Billiton report that it expects to invests “billions upon billions” into the “exciting” potash-mining business and... 

Mining offers hope to 'break through barriers of poverty' in Africa, says Australian High Commissioner

By: Martin Creamer     19th September 2008 Mining is the most important ‘sunrise’ industry in Africa at the moment, says the Australian High Commissioner to Africa Philip Green. Green, who addressed the Africa Downunder mining conference in Perth last week, says mining “offers as much hope as just about anything does” to break through... 

Market observers divided on sustainability of gold’s surge

By: Christy van der Merwe     18th September 2008 Resurgent interest in gold, which saw the price of the precious metal leap by nearly $100/oz during feverish buying on Wednesday and Thursday, has analysts divided as to whether or not it is the start of a protracted bull run for the yellow metal, or whether it is simply a fleeting phenomenon,... 

Firestone shareholders support SA coal acquisition

By: Mariaan Webb     18th September 2008 The shareholders of Australian explorer Firestone Energy have “overwhelmingly” supported its planned acquisition of a stake in two South African coal projects, near Exxaro’s Grootegeluk mine, it said on Thursday. The company planned to buy the Vetleleegte and Olieboomsfontein coal projects by... 

Braemore says no change to prospects as shares tumble on profit warning

By: Creamer Media Reporter      18th September 2008 JSE-listed nickel and platinum producer Braemore Resources issued a statement on Thursday advising that the company was “not aware of any material adverse change to the prospects of the company, and continues to operate in line with managements’ expectations”. This followed an announcement to... 

Braemore issues profit warning, shares drop sharply

By: Christy van der Merwe     17th September 2008 Nickel and platinum-producer Braemore Resources on Wednesday issued a statement to the JSE indicating an expected decrease in headline earnings a share of between 20% and 40% for the year ended June 2008. The companies share price dropped almost 44%, to 40c a share by the close of business on... 

International Goldfields appoints Grant Thornton to value SA platinum stake

By: Esmarie Iannucci     17th September 2008 Advisory firm Grant Thornton has been appointed by Australian resources company International Goldfields (IGC) to provide an independent valuation of its 15% holdings in three platinum-rich farms in the South African Bushveld Complex. The three areas of interest, collectively known as the... 

Gold price expected to bounce back to $900/oz – GFMS

By: Christy van der Merwe     17th September 2008 The gold price was expected to gain strength after its significant sell-off since July, and could reach up to $900/oz, and perhaps over $950/oz in the next few months, said precious metals consultancy GFMS on Wednesday. GFMS believed that the recent dollar recovery was an “ill founded temporary... 

Gold ‘innocent bystander’ in Wall Street 'hurricane' – US precious metals adviser

By: Martin Creamer     16th September 2008 Gold had been an “innocent bystander” of the financial hurricane hitting Wall Street, American Precious Metals Advisors MD Jeffrey Nichols said on Tuesday. Nichols said that gold’s swift descent in the past few weeks was “a direct consequence of the unfolding global credit crisis”.  

Long-term outlook for commodities strong, despite short-term volatility - Argus

By: Mariaan Webb     16th September 2008 Don Argus, the chairperson of the world’s largest diversified miner, BHP Billiton, was confident that the longer-term outlook for commodities was strong, despite some short-term volatility. Argus said that mining stocks had seen a “significant” derating since May on the back of short-term... 

Australia’s Paramount discovers over 2ct in bulk testing at SA project

By: Esmarie Iannucci     15th September 2008 ASX-listed Paramount Mining Corporation has recovered a total of four diamonds with an aggregate weight of over two carats from its first pit at the Slypklip North Fruit Farm project, in South Africa. The company reported that excavation and gravel treatment from evaluation pits were done as... 

Aquarius pours cold water on Lonmin bid talk

By: Liezel Hill     12th September 2008 Platinum-miner Aquarius Platinum conceded that it was “considering options” for participating in consolidation in the South African platinum industry, but refuted speculation that it may be preparing an offer for Lonmin Platinum, which is defending itself against a hostile overture from... 

Kimberly Diamonds’ Kennedy joins Lonrho after CEO quits

By: Mariaan Webb     12th September 2008 Australian diamond-miner Lonrho Mining has appointed Miles Kennedy, former executive chairperson of Kimberly Diamonds, as its new CEO, following the “immediate” resignation of Charles Mostert. The company also appointed John Firth as a director, tasked with development of its diamond project in... 

Rio Tinto buys into explorers Kalahari Minerals, Extract

By: Liezel Hill     11th September 2008 Diversified-miner Rio Tinto has bought 14,9% of Aim-listed Kalahari Minerals, which is exploring for gold and base metals on several properties in Namibia, the smaller company reported on Thursday. Kalahari owns just under 40% of ASX-listed uranium explorer Extract Resources, which also... 

Bateman Engineering FY profit drops in ‘challenging’ financial year

By: Esmarie Iannucci     11th September 2008 Aim-listed project house Bateman Engineering reported on Thursday that execution issues at projects in India, Mozambique and Zambia had negatively impacted its results for the 2008 financial year. The company reported that contracting losses were incurred at the Hindustan Zinc project, in India,... 

Tawana restructures BEE relationship with Seven Falls

By: Mariaan Webb     11th September 2008 Australian explorer Tawana Resources will gain full ownership of four of its South African projects, following the restructuring of its relationship with black economic-empowerment (BEE) partner, Seven Falls. Seven Falls, a subsidiary of Motjoli Resources, will convert its equity Kareevlei,... 

Industry chiefs united on robust prospects for gold price

By: Liezel Hill     10th September 2008 Their specific forecasts may vary, but the one thing that top gold executives seem to agree on is that prices for the yellow metal are headed back towards the $1 000/oz level over the next couple of years. Speaking in Denver on Wednesday, Newmont Mining CEO Richard O'Brien said that the recent... 

500 Aussies do job of 3 000 South Africans – Chamber of Mines

By: Martin Creamer     10th September 2008 Five hundred Australian mine workers were able to do what it took 3 000 South African mine workers to do on comparable surface operations, Chamber of Mines vice-president Robbie Lazare said on Wednesday in response to National Union of Mineworkers general secretary Frans Baleni asserting that... 

Anglo American buys 12% stake in explorer Magma Minerals

By: Esmarie Iannucci     10th September 2008 Diversified mining giant Anglo American announced on Wednesday that it would acquire 13,47-million fully paid ordinary shares in Australian mineral exploration company Magma Metals at $0,60 a share. Anglo said that following the $8,08-million transaction, it would hold a 12% interest in Magma... 

Tawana says still no outcome in SA prospecting right dispute

By: Esmarie Iannucci     9th September 2008 Australian diamond explorer, Tawana Resources, on Tuesday indicated that there was still no resolution on a dispute over prospecting rights near Kimberley in the Northern Cape province of South Africa. However, the company said that it had been advised by its South African lawyers that the... 

Waratah plans legal challenge after Australian Enviro Minister blocks coal project

By: Liezel Hill     5th September 2008 Shares in coal hopeful Waratah Coal lost almost half their value on the TSX Venture Exchange on Friday, after Australia's federal Environment Minister Peter Garrett rejected the company's plans to build a coal mine, railway and port in central Queensland. The project plans were refused under the... 

Indophil's largest shareholder sells stake to Xstrata

By: Liezel Hill     5th September 2008 Diversified miner Xstrata Resources has gained ground in its efforts control the future of ASX-listed Indophil Resources, after the smaller company's biggest shareholder, Lion Selection, agreed to sell shares representing a 17,8% stake to Xstrata. Xstrata will pay Lion Selection A$82-million... 

Record resources demand leads to golden era for mining

By: Guy Copans     5th September 2008 It seems that mining has never had it so good. Having lagged other industries for decades, the last half-decade has seen an unexpected shift. Professional company PricewaterhouseCoopers (PwC), in June, published a resources study entitled: ‘Mine*– as good as it gets?’, and revealed that global... 

Paladin back on track for uranium production boost by May ‘09

5th September 2008 Uranium producer, Paladin Energy said it was confident that the company’s $50-million expansion of its Langer Heinrich uranium mine in Namibia, would be ready by May 2009 to deliver an increase of around one third in mine throughput. The Australia-based uranium player also said on Friday it had... 

Albidon says Zambian mine well hedged despite metal price falls

5th September 2008 Perth-based nickel sulphide miner Albidon said it has sidestepped the collapse in metals prices generally through a strong hedge position and low operating costs to ensure a strongly margined nickel mine. The mine was one of the few new nickel sulphide mines to come on stream this year, and... 

Phosphate is Namibia’s new ‘underwater treasure’ – Bonaparte

By: Martin Creamer     5th September 2008 Australian Stock Exchange-listed phosphates and diamonds mining company Bonaparte was studying the economic feasibility of mining phosphates offshore of Namibia in sea depths of 185 m to 220 m using current marine-mining and dredging technologies, Bonaparte CEO Mike Woodborne said on Friday.... 

1 000-MW power proposal to Eskom on Wednesday – Aviva

By: Martin Creamer     5th September 2008 Australia- and Botswana-listed energy coal company Aviva would be submitting a proposal to Eskom on Wednesday for the supply of 1 000 MW of additional power into the South African electricity grid, Aviva CEO Lindsay Reed said on Friday. Reed told the Africa Downunder conference in Perth that... 

Liquidity-hit London Aim companies looking at SA dual listings – JSE

By: Martin Creamer     5th September 2008 Liquidity-deprived London Alternative Investment Market (Aim) companies were looking to listing on the JSE in South Africa to enhance liquidity, JSE Limited GM Noah Greenhill said on Friday. Greenhill told the Africa Downunder conference in Perth that the JSE was a viable alternative... 

GBS Gold expects to complete internal review by month-end

By: Liezel Hill     4th September 2008 TSX-listed GBS Gold, which sent its shares plunging last week when it announced that production would decline next year, and that newly-appointed CEO Peter Breese had resigned, expects to complete a review of its assets and prospects by the end of September. Management is conducting a detailed... 

Mirabela hikes resource 45% at Brazil nickel project

By: Liezel Hill     4th September 2008 TSX- and ASX-listed Mirabela Nickel has increased the in-pit resource at its Santa Rita project, in Brazil, to 130-million tons at 0,60% nickel and 0,16% copper for 780 000 t of contained nickel in the measured and indicated categories, an increase of 45% from a November 2007 estimate. In the... 

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