R/€ = 18.1648 Change: 0.0166
R/$ = 17.3744 Change: 0.0394
Au 1772.21 $/oz Change: 1.11
Pt 990.24 $/oz Change: -0.76

Australasia News

Dwyka makes £1,8m bid for Minerva

By: Esmarie Iannucci     23rd June 2009 ASX- and Aim-listed Dwyka Resources has made a £1,8-million bid for UK-based explorer Minerva Resources, it said on Tuesday. Dwyka, which announced on June 1 that it was in talks with Minerva, said that it was offering one new share for every five Minerva shares. Based on a closing price of... 

Mineworkers, govt condemn Xstrata plan, applaud Anglo's rejection

By: Martin Creamer     23rd June 2009 Both the National Union of Mineworkers (NUM) and labour union Solidarity on Tuesday applauded Anglo American’s outright rejection of Xstrata’s “merger of equals” plan – and South Africa's new Mining Minister condemned the proposal as "unacceptable, unhealthy and uncompetitive" .  

Gindalbie-Ansteel deal gets China’s approval

By: Esmarie Iannucci     23rd June 2009 ASX-listed Gindalbie Metals has received formal approval from the Chinese government for its A$162,06-million share placement to joint-venture (JV) partner Chinese steel and iron ore company Ansteel. The Chinese government’s approval was the final remaining condition required for Gindalbie to... 

Copper market was in deficit in March - study group

By: Liezel Hill     22nd June 2009 World demand for refined copper exceeded supply by about 50 000 t during March, the International Copper Study Group reported on Monday. This followed a supply deficit of 27 000 t in February, and a surplus of 124 000 t in January.  

Anglo American rejects Xstrata proposal

By: Creamer Media Reporter      22nd June 2009 The board of Anglo American has unanimously rejected a proposal from rival Xstrata Plc that the companies consider a “merger of equals”, Anglo said on Monday. “The strategic case for the combination is unattractive for Anglo American shareholders. 

Namibia extends Deep Yellow subsidiary’s exploration licences

By: Creamer Media Reporter      22nd June 2009 The Namibian Ministry of Mines and Energy (MME) has extended three exclusive prospecting licences (EPLs), held by uranium exploration company Reptile Uranium Namibia, for a further two years. The company, which is a subsidiary of ASX-listed uranium exploration company Deep Yellow, was doing... 

Rex Minerals accelerates copper exploration in South Australia

By: Esmarie Iannucci     22nd June 2009 Australian minerals explorer Rex Minerals will accelerate its exploration efforts in South Australia’s Pine Point copper belt, after a successful capital raising. “We now have sufficient funding and the right mix of internal and external technical expertise to do this, and we can look forward to... 

Obvious synergies, cost-cutting potential in Anglo-Xstrata merger – analysts

By: Martin Creamer     22nd June 2009 There was no doubt that synergies could be unlocked and costs reduced in a merging of the diversified mining companies Anglo American and Xstrata, Nedgroup Securities mining analyst Johann Pretorius said on Monday. “There are areas of significant overlap,” Pretorius told Mining Weekly Online, as... 

PanAust reports mill failure at Laos gold/copper mine  

By: Esmarie Iannucci     22nd June 2009 ASX-listed PanAust’s Laos-registered subsidiary, Phu Bia Mining, has declared a force majeure on all of its sale contracts, after a mill failure at its Phu Kham copper/gold operation. The company said on Monday that of one of two 6,5 MW motors that drive the SAG mill had failed, and that... 

Rio, BHP rapprochement could create leeway for SA producer

By: Jonathan Faurie     19th June 2009 While much haggling has been under way over the 2009 price of iron-ore, this basic building block of the modern world is certainly not about to curl up and die. On the contrary, continued global infrastructural ambitions - particularly Asian ones - are sure to see iron-ore lifting itself off the... 

Australia’s Chrome moves into PNG with Pacific Nuigini acquisition

By: Esmarie Iannucci     19th June 2009 Perth-based Chrome Corporation has struck a deal to acquire Papua New Guinea (PNG) gold explorer Pacific Nuigini Minerals (PNM). The deal, which was subject to due diligence and the approval of Chrome shareholders, would transform the Australian firm into a substantial gold company with almost... 

Bonaparte accepts improved Minemakers offer

By: Esmarie Iannucci     19th June 2009 ASX-listed phosphate-explorer Bonaparte Diamonds has advised shareholders that its independent directors had accepted the revised offer from Minemakers. The revised offer is one Minemakers share for every nine Bonaparte shares if, and was only valid if Minemakers obtained a relevant interest of... 

BC Iron aims to raise A$22m to develop Western Australia JV project

By: Esmarie Iannucci     19th June 2009 Ausralian iron-ore explorer BC Iron would seek to raise A$22-million through a combination of institutional placement and underwritten entitlement issue, it said on Friday The company has agreed to place 8,5-million new shares to institutional and sophisticated investors at $1,10 a share to... 

Outlook 'bleak' for iron-ore benchmark pricing system - Unctad

By: Liezel Hill     18th June 2009 The current benchmark pricing system for iron ore faces an uncertain future, but its successor is not likely to appear any time soon, according to a report published by the United Nations Conference on Trade and Development (Unctad). “The benchmark pricing system is under attack and its future... 

Former Newmont chair Murdy joins BHP board

By: Mariaan Webb     18th June 2009 Former Newmont Mining chairperson Wayne Murdy has been appointed as nonexecutive director of BHP Billiton, chairperson Don Argus announced on Thursday. Murdy retired as chairperson of global gold mining major Newmont at the end of 2007, after five years in the position. He also served as Newmont... 

Oz Minerals wraps up sale of most assets to Minmetals

By: Esmarie Iannucci     17th June 2009 Diversified miner Oz Minerals on Wednesday concluded the sale of most of its assets to China’s Minmetals after shareholder approval was received last week. Total proceeds amounted to $1,3-billion after settlement adjustments. The company reported that as a consequence, all of Oz Minerals’ bank... 

Talisman appoints former Jubilee executives to board

By: Creamer Media Reporter      17th June 2009 ASX-listed Talisman Mining has appointed Peter Langworthy and Brian Dawes as executive directors to its board. Langworthy and Dawes, both former key members of Jubilee Mines’ executive management team, have been working for Talisman on a consulting basis since February this year. 

Australia’s Perseus raises $58m to develop Ghana gold mine

By: Esmarie Iannucci     17th June 2009 ASX-listed Perseus Mining has raised about $58-million through a share placement to Australian and North American investors. The company placed a total of 71,1-million shares at $0,82 a share to raise an estimated $30-million from North American investors and the remaining $28-million from... 

Extract MD McIntyre resigns, search starts for successor

By: Liezel Hill     16th June 2009 ASX- and TSX-listed Extract Resources will start looking immediately for a new MD, after Peter McIntyre’s informed the board he plans to resign from the position with effect from September 15. Extract is exploring for uranium in Namibia, where it is conducting a scoping study on its Rossing... 

Rio Tinto launches rights issue, warns outlook 'uncertain'

By: Liezel Hill     16th June 2009 Diversified mining giant Rio Tinto has released a prospectus for its $15,2-billion rights issue, announced earlier this month after the company terminated a $19,5-billion investment agreement with Aluminium Corporation of China (Chinalco). The rights issue will enable the group to reduce debt,... 

Gold miners not finding new deposits to meet future needs - study

By: Liezel Hill     16th June 2009 Although the world's biggest gold producers managed to replace almost twice the reserves they lost due to production between 1999 and 2008, the rate at which the industry as a whole is discovering new deposits will not be sufficient to meet its needs over the long term, Canada's Metals Economics... 

Braemore in talks that may lead to offer

By: Liezel Hill     16th June 2009 Aim- and JSE-listed Braemore Resources is in discussions with a third party that could lead to an offer for the company, it disclosed on Tuesday. “At this stage there is no certainty that an offer will be made for the company or of the terms on which any offer might be made,” the firm said.  

Rimfire, Geoinformatics ink definitive agreement on tie-up

By: Liezel Hill     12th June 2009 Canadian explorers Rimfire Minerals and Geoinformatics Exploration have entered into a definitive acquisition agreement, solidifying a transaction set out in a letter of intent last month. The merger, which will create a company with exploration prospects and joint ventures in the US, Canada,... 

Xstrata to shut United Collieries operation next year

By: Esmarie Iannucci     12th June 2009 Diversified miner Xstrata on Friday stated that production at its underground operations at the United Collieries, in New South Wales, would cease in 2010. This was following the exhaustion of the mine’s economically recoverable underground reserves within the current mining lease. 

Mathews Phosa joins Alliance Mining board

By: Creamer Media Reporter      12th June 2009 AltX-listed Alliance Mining Corporation has appointed Mathews Phosa, the treasurer-general of the ruling African National Congress, as a nonexecutive chairperson to the board. The appointment, as well as several other board appointments, was in line with Alliance Mining’s intention to transfer... 

SA Metals recommends shareholders accept Sylvania offer

By: Creamer Media Reporter      12th June 2009 The board of ASX-listed SA Metals on Friday recommended the acceptance of an all share offer by South Africa-focused Sylvania Resources. ASX- and Aim-listed Sylvania is offering one share for every ten SA Metals shares. The offer equated to a value of about A$0,099 for every SA Metals share,... 

Oz Minerals’ Golden Grove mine closed after equipment failure

By: Esmarie Iannucci     12th June 2009 Australia-based diversified miner Oz Minerals’ operations at its Golden Grove operations in Western Australia were likely to be closed for between three and four weeks, it said on Friday. This came after there was a failure of the discharge trunnion bearing of the semi-autogenous grinding mill... 

Tin consumption may fall 10%-15% this year – ITRI

By: Liezel Hill     10th June 2009 Global tin consumption may decline by between 10% and 15% in 2009, based on a direct survey of consumers and analysis of the relationship between demand for the metal and economic and industrial activity, ITRI, an industry body, said on Wednesday. World tin usage peaked at over 360 000 t in... 

Sylvania improves Great Australian takeover offer 

By: Chanel de Bruyn     10th June 2009 Platinum junior Sylvania Resources has increased its takeover offer for ASX-listed Great Australian Resources (GAU) to one Sylvania share for every 12 GAU shares. The junior miner announced in May that it would make takeover offers for two companies, namely GAU and SA Metals, formerly called Pan... 

Minmetals lifts Oz Minerals offer by 16% - report

By: Esmarie Iannucci     10th June 2009 Debt-laded diversified miner Oz Minerals has received a higher offer from China’s Minmetals, Reuters reported on Wednesday. The newswire stated that Minmetals had raised its offer for most of the assets of Oz Minerals by 16% to $1,38-billion, just hours ahead of a shareholder vote on the deal on... 

BHP cuts metallurgical coal prices by 58%

By: Creamer Media Reporter      10th June 2009 The world’s largest diversified-miner, BHP Billiton, on Wednesday announced that free-on-board prices for metallurgical coal products would fall by 58% this year, compared with 2008. It said in a statement that the terms for a “significant portion” of its 2009 metallurgical coal contracts have... 

Impact completes first tranche of share placement

By: Creamer Media Reporter      9th June 2009 ASX-listed Impact Minerals has completed the first tranche of the share placement to Polo Resources, in an effort to raise $3-million. The first tranche saw the placement of 11,15-million fully paid ordinary shares to raise $1,79-million. 

Apex, Creasy to spin off nickel assets into Croesus Mining

By: Esmarie Iannucci     9th June 2009 Gold-focused explorer Apex Minerals and prospector Mark Creasy on Tuesday announced that they would spin off their prospective Western Australian nickel assets into Croesus Mining. Croesus would undertake a capital raising of between $5-million and $7-million, its board would be restructured,... 

Australian Foreign Investment Review Board approves Ivanhoe, Emmerson deal

By: Esmarie Iannucci     9th June 2009 ASX-listed Ivanhoe Australia has received notice from the Australian Foreign Investment Review Board that there were no objections to the possible earn in of a 51% interest in gold and copper explorer Emmerson Resources’ Tennant Creek project, in the Northern Territory. Ivanhoe Australia said... 

Nkwe buys IGE’s 15% stake in Tubatse platinum project

By: Esmarie Iannucci     9th June 2009 Australian platinum exploration company International Goldfields (IGC) would sell its 15% stake in the Tubatse project, in South Africa, to junior company Nkwe Platinum for A$60-million, it announced on Tuesday. IGE and Nkwe had an option agreement in place since late 2008, that enabled Nkwe to... 

SA gold output to remain under pressure, while rand strength weighs

By: Terence Creamer     9th June 2009 South Africa’s gold output, which has been in chronic decline for decades and last year slumped to its lowest level since 1922, would continue to fall until at least 2014, new research analysis by Frost & Sullivan suggests. South Africa, which in the 1970s produced at levels of around 1 000 t/y... 

BHP Billiton won’t proceed with Haju coal mine in Indonesia

By: Mariaan Webb     9th June 2009 Diversified-miner BHP Billiton announced on Tuesday that it would not proceed with the Haju coal mine project in Indonesia. The mine, which formed part of the Maruwai coal project development, did not fit BHP Billiton’s long-term investment strategy, it said in a statement. The Haju mine was... 

CoAL commissions coal handling plant at Mooiplaats

By: Esmarie Iannucci     8th June 2009 Aim-, ASX- and JSE- listed Coal of Africa Limited (CoAL) has successfully commissioned the coal handling and preparation plant (CHPP) at its Mooiplaats colliery, in South Africa’s Mpumalanga province. This first module of the CHPP has the capacity to process 110 000 t/m of run-of-mine coal.... 

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