R/€ = 19.23 Change: -0.02
R/$ = 17.65 Change: -0.02
Au 1726.38 $/oz Change: -7.76
Pt 841.25 $/oz Change: 15.70

Europe News

Xstrata, Peru ink contract for $4,2bn copper mine

By: Liezel Hill     3rd September 2010 Xstrata Copper is on track to start construction at its Las Bambas project, in Peru, in a year's time, after receiving mining titles for the operation by the Peruvian government on Thursday. President Alan Garcia, Xstrata Copper CEO Charlie Sartain and several other senior company executives,... 

Lundin amends, extends credit facility

By: Liezel Hill     2nd September 2010 Canadian base-metals miner Lundin Mining has amended and restated a credit agreement to increase the amount of the revolving credit facility, lower the cost of borrowing and extend the term of the facility, the firm said on Thursday. The revolving facility has been increased from $225-million to... 

Anatolia Minerals targets 400 000 oz/y by 2014

By: Matthew Hill     2nd September 2010 Colorado-based Anatolia Minerals is hoping to grow production at its Çöpler gold project in Turkey to 400 000 oz/y by 2014, CEO Edward Dowling said on Thursday. The company will produce the first gold by the end of the year, building up to an average of 175 000 oz/y from oxide ores.  

Tirex commissions mineral resource estimates for Albania project

By: Liezel Hill     1st September 2010 TSX Venture Exchange-listed Tirex Resources has engaged SRK Consulting to produce initial mineral resource estimates for the company's Mirdita project, in Albania. The resource estimates will be compiled and reported in compliance with Canadian National Instrument 43-101.  

Harry Winston posts Q2 profit, rough prices up 62%

By: Liezel Hill     1st September 2010 Toronto-based Harry Winston Diamond Corp earned $16,5-million in the three months ended July 31 – the company's second quarter – compared with a $24,5-million net loss a year earlier. The company reported higher prices and sales volumes for rough diamonds from its share of the Diavik mine, in... 

Uranium One sees ARMZ deal by yr-end after shareholder thumbs up

By: Liezel Hill     1st September 2010 With shareholder approval now in the bag, Uranium One expects to close the sale of a controlling interest in itself to Russian government-owned uranium miner Atomredmetzoloto (ARMZ) by the end of this year. The company only needed the approval of a majority of minority shareholders for the deal,... 

Govt-halted CoAL 'left no choice' but to lay off 596, unions march 

By: Martin Creamer     1st September 2010 The directive of the Department of Environmental Affairs (DEA) to halt mining at the Vele colliery has left Coal of Africa Limited (CoAL) "with no choice" but to reduce its workforce by 596 people, CoAL CEO John Wallington said on Wednesday. CoAL's plans involve mining and rehabilitation taking... 

Ruukki studies 250-MW plant to supply Mogale Alloys

By: Chanel de Bruyn     1st September 2010 Finnish company Ruukki plans to start a feasibility study for a proposed 250-MW power plant to provide its Mogale Alloys venture in South Africa with reliable electricity supply, by the fourth quarter of this year. Ruukki, which bought the Mogale Alloys business in 2009, on Wednesday announced... 

Uranium One investors OK ARMZ deal

By: Liezel Hill     1st September 2010 Shareholders in Uranium One have approved a transaction that will result in Russian government-owned uranium-miner Atomredmetzoloto (ARMZ) holding 51% of the company. About 95,05% of the votes cast at a meeting in Vancouver on Tuesday were voted in favour of the transaction and around 91,99% of... 

Lundin boosts copper reserves at Neves Corvo

By: Liezel Hill     31st August 2010 Toronto-based Lundin Mining has increased both reserves and resources of copper at its Neves-Corvo mine, in Portugal, since its last update six months earlier. Lundin, which reported resource and reserve estimates for its mines in Europe and Africa as of June 30, said on Tuesday that copper... 

Potash Corp on the offensive over BHP 'cold calls' 

By: Liezel Hill     31st August 2010 Potash Corporation of Saskatchewan, which is fending off a hostile takeover bid from BHP Billiton, has slammed the bigger miner for alleged “cold calls” to Potash Corp's customers. In a letter to customers, filed with the SEC, Potash Corp sales president of PCS sales Stephen Dowdle said it was... 

Angloplat appoints Gomwe as nonexec

By: Creamer Media Reporter      31st August 2010 Godfrey Gomwe has been appointed as a nonexecutive director of world number-one platinum-miner Anglo Platinum (Angloplat). His appointment to the Angloplat board would be effective from September 1. 

Bellzone made 'real progress' in past six months – CEO

By: Chanel de Bruyn     31st August 2010 West Africa-focused Bellzone Mining was looking forward to the next 12 months as it continues with the development of its flagship Kalia iron-ore mine, in Guinea. Commenting in an interim report to shareholders, CEO Nik Zuks said that the company had made "real progress" during the past six... 

Thabex says shareholder court case postponed to late October

By: Chanel de Bruyn     31st August 2010 The court case over a shareholder dispute between exploration and development company Thabex and some of its minority shareholders has been postponed again. In June, an application had been made by the minority shareholders to the High Court of Lesotho, seeking an urgent interdict to challenge... 

First Quantum mulls second arbitration case after DRC mine suspended 

By: Liezel Hill     30th August 2010 Base-metals miner First Quantum Minerals may go to international arbitration to protect its rights to the Frontier mine, in the Democratic Republic of Congo, after it suspended operations last week. CEO Philip Pascall said on a conference call that the arbitration case would be heard by... 

Evraz Highveld working on mining right conversion

By: Martin Creamer     27th August 2010 JSE-listed integrated iron-ore and vanadium miner and steelmaker Evraz Highveld is working with the Department of Mineral Resources (DMR) to convert its old-order mining right to a new-order right. "We're working closely with the DMR at the moment to try and conclude that. We think we've done... 

Deal activity in South Africa's mining sector on the increase despite European sovereign debt crisis

By: Jonathan Faurie     27th August 2010 Despite depressed global sentiment as a result of European sovereign debt, the South African resources sector continues to see a rise in deal activity, reports financial services provider Nedbank Capital. 

Kenmare predicts strong demand for mineral sands

By: Loni Prinsloo     26th August 2010 Irish mining company Kenmare Resource said on Thursday that it had seen considerable improvement during the first half of 2010, with profits to $1,2-million, from a $200 000 loss a year earlier. Earnings before interest, tax, depreciation and amortisation for the period ended June 30, 2010,... 

Marampa iron-ore project remains on schedule – London Mining

By: Chanel de Bruyn     26th August 2010 The development of Aim-listed London Mining’s flagship Marampa iron-ore project, in Sierra Leone, was on schedule for first shipments to be dispatched in the second quarter of 2011, CEO Graeme Hossie said on Thursday. In an update to shareholders, the iron-ore mining and development company said... 

Shanta clears final enviro hurdle for Tanzania gold project

By: Mariaan Webb     26th August 2010 London-listed Shanta Gold has met the final environmental hurdle in obtaining a mining licence for its Chunya gold project in Tanzania, where construction is scheduled to start before the end of the year. The company has been granting an environmental-impact assessment certificate, and... 

WGC sees gold demand 'robust' over remainder of 2010

By: Liezel Hill     25th August 2010 Demand for gold, which rose 36% year-on-year in the second quarter according to data from the World Gold Council, will remain “robust” during 2010, the industry body said on Wednesday. Gold will be underpinned by accelerating demand from India and China, as well as increases in investment demand... 

BHP doubles profit, vows won't overpay for Potash Corp  

By: Liezel Hill     25th August 2010 BHP Billiton, the world's biggest mining company, will be “disciplined” in its attempts to get control of Potash Corporation of Saskatchewan, and will not overpay for the company, CEO Marius Kloppers said on Wednesday. BHP reported full-year profit of $12,7-billion, more than double earnings of... 

BHP Billiton's Southern African aluminium smelters going ex-growth?

By: Martin Creamer     25th August 2010 Southern Africa's aluminium smelters appear to be heading for an ex-growth future. BHP Billiton CEO Marius Kloppers, who has announced a 16%-higher $12,5-billion profit for the world's largest mining company in the 12 months to June 30, indicates that new "ubiquitous" aluminium technology and... 

Pan African issues revised FY trading statement

By: Mariaan Webb     25th August 2010 Junior miner Pan African Resources has revised its full-year earnings forecast calculated in pounds, after a lower-than-expected exchange rate and after achieving higher-than-forecast gold sales at the end of June. Earnings a share denominated in pounds would be between 159% and 162% higher than... 

Noventa discovers new tantalum deposit in Mozambique

By: Chanel de Bruyn     25th August 2010 Aim-listed tantalum concentrate producer Noventa on Wednesday reported that it has discovered a "significant" additional tantalum deposit near its Marropino mine, in Mozambique. Initial sampling from the deposit was encouraging and further independent assays would now be undertaken, the producer... 

Gem Diamonds assessing growth opportunities – CEO

By: Loni Prinsloo     24th August 2010 LSE-listed Gem Diamonds said on Tuesday that despite a sustained price recovery in diamond markets during the first six months of the year, its profit still dropped sharply, which it attributed to the impact of inflation and exchange rates. The diamond miner reported profit of $7,8-million in... 

Potash Corp has 'number' of approaches on rival deal, seeks talks

By: Liezel Hill     23rd August 2010 Potash Corporation of Saskatchewan, fending off a hostile takeover bid from Anglo-Australian miner BHP Billiton, is pursuing discussions with “several” third parties that could put together a competing transaction. Potash Corp formally rejected BHP's $130 a share offer on Monday. With the clock... 

Vale says offer rumours 'unfounded'

By: Liezel Hill     23rd August 2010 Brazil's Vale has not made an offer to buy Potash Corporation of Saskatchewan and is also not in any negotiations to that end, the world's second-biggest mining company indicated on Monday. Speculation that Vale has made an offer or is in talks to acquire a fertiliser producer are “entirely... 

Randgold sells more Volta shares

By: Liezel Hill     23rd August 2010 LSE- and Nasdaq-listed Randgold Resources has sold another five-million shares in Canada's Volta Resources, to raise C$7,5-million, the firm said on Monday. Randgold, which mines gold in West Africa, sold its Kiaka project last year to Volta for $4-million and 20-million shares. 

Vele mine rehab to take place concurrently with mining - CoAL  

By: Martin Creamer     23rd August 2010 Mining and rehabilitation will take place concurrently at Coal of Africa's (CoAL's) Vele's opencast coal project where South Africa's Department of Environmental Affairs (DEA) has ordered mining to cease. The Vele opencast mine, which is 15 km from the border of the Mapungubwe National Park – a... 

Aurora receives R14m from Swiss group, union still sceptical

By: Loni Prinsloo     23rd August 2010 The much-publicised financial troubles of Aurora Empowerment Systems once again took centre stage on Monday, when the company announced that Swiss investment group Global Emerging Markets (Gem) had advanced the first tranche of interim funding to JSE-listed Labat, into which Aurora is reversing.... 

Goldplat receives conditional approval for Kenya mining license

By: Loni Prinsloo     23rd August 2010 Africa-focused gold-miner Goldplat said on Monday that it had received conditional approval of the mining lease for its Kilimapesa Hill gold mining project in Kenya. While the company awaits the finalisation of the mining lease, it had been given granted permission from the Kenyan commissioner... 

AngloGold in $4,5m deal to earn stake in Brazil gold project

By: Chanel de Bruyn     23rd August 2010 Aim-listed Horizonte Minerals has entered into a $4,5-million earn-in agreement with South Africa-based gold-miner AngloGold Ashanti at the Falcao gold project, in northern Brazil. In terms of the agreement, AngloGold Ashanti would be entitled to earn a 51% interest in the project by spending... 

Union unhappy with BHP offer, wants public hearing

By: Liezel Hill     21st August 2010 The United Steelworkers Union (USW), which represents most of Potash Corporation of Saskatchewan's production workers, has expressed "concern" about BHP's offer for the company, and said it did not see a net benefit to Canada. The Investment Canada Act requires the government to review large... 

Khan sues Russia's ARMZ

By: Liezel Hill     20th August 2010 Uranium junior Khan Resources said on Friday it has filed a statement of claim against Russia's Atomredmetzoloto and its subsidiary JSC Priargunsky Industry Mining and Chemical Union with the Ontario Superior Court of Justice. Khan's main asset is a 58% stake in the Central Asian Uranium Company... 

BHP studied bid since May, reiterates plan to exit potash cartel

By: Liezel Hill     20th August 2010 BHP Billiton started studying a potential combination with Potash Corp in May this year, according to a regulatory filing. The firm has gone hostile with a $130 a share offer ($40-billion on a fully diluted basis) for the Saskatchewan fertiliser company, after Potash Corp refused to talk about a... 

Potash Corp will review BHP offer, clock starts ticking for rivals

By: Liezel Hill     20th August 2010 BHP Billiton has officially launched its $130 a share offer for Potash Corp, the world's biggest mining company said on Friday. The Canadian company's directors will “review” the offer, but urged its shareholders not to take any action until the board has made a recommendation on the bid. 

Hochschild opts out of Lake Shore offering, diluting stake

By: Liezel Hill     19th August 2010 LSE-listed Hochschild Mining will not participate in an equity financing announced by Canada's Lake Shore Gold, the firm announced on Thursday. Hochschild, which produces silver and gold from mines in Latin America, owns 37% of Lake Shore, but its holding will be diluted to about 35% after the... 

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