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Agnico-Eagle enters $300m credit facility

By: Liezel Hill     4th September 2008 Toronto-based Agnico-Eagle Mines has executed a new non-amortising $300-million revolving credit facility, which brings the total credit lines available to the company to $600-million. Both the existing $300-million facility and the new credit line , which is being provided by a syndicate of... 

Deadline set for Xstrata to make formal offer for Lonmin

By: Esmarie Iannucci     3rd September 2008 The UK Takeover panel has given diversified miner Xstrata until October 2 to announce a “firm intention” to make an offer for platinum-miner Lonmin. Xstrata would be prohibited from making another offer for up to six months if it failed to do so by the close of business that day, the panel said... 

ZCI offers shareholders easy exit, plots new investment strategy

By: Liezel Hill     2nd September 2008 Bermuda-based Zambia Copper Investments (ZCI), which sold its stake in Zambian copper miner Konkola Copper Mines to India's Vedanta Resources in April this year, unveiled plans on Tuesday to transform itself into a mining investment company, focused on coal, uranium and base metals in subSaharan... 

UK's Polo Resources finds 'significant' coal seam in Mongolia

By: Liezel Hill     2nd September 2008 Aim-listed Polo Resources has intersected a “significant” coal seam at its Hud prospect, in Mongolia, the company affirmed on Tuesday. The firm has completed a 1 029-metre, nine-hole appraisal drilling programme, in which all but one hole intersected coal.  

Lonmin again rejects Xstrata bid, says came at ‘challenging’ time

By: Esmarie Iannucci     2nd September 2008 Platinum producer Lonmin on Tuesday rejected the $10-billion hostile offer from diversified miner Xstrata, saying it undervalued the company and that shareholders should not to take any action. 

Gemfields completes Fabergé branding

By: Mariaan Webb     1st September 2008 Gemfields Resources – part of Brian Gilbertson’s Pallinghurst Resources – has completed the arrangements granting it an exclusive licence to use the Fabergé brand name, it said on Monday. The licence, granted pursuant to an option which Gemfields acquired in June 2008, covered an initial 15-year... 

Eldorado hikes cost estimates for Turkey gold project

By: Liezel Hill     29th August 2008 Vancouver-based Eldorado Gold has increased the capital cost estimates for its Efemcukuru gold project, in Turkey, by $38-million, to $142-million, the company announced on Friday. The initial figures, drawn up for an August 2007 feasibility study, were based on a crude oil price of $60/bbl,... 

Acquisitive Mvela Resources interested in platinum juniors

By: Matthew Hill     29th August 2008 JSE-listed Mvelaphanda Resources (Mvela), which made a R185-million profit for the year to June 30, said that it was feeling acquisitive, particularly in the platinum sector. The company already owns a 63% stake in Northam Platinum, and the power and funding problems the juniors are suffering in... 

Jan to May copper deficit narrowed - study group

By: Liezel Hill     29th August 2008 Global refined copper demand outpaced supply by 155 000 t in the first five months of this year, compared with a production deficit of around 240 000 t in the same period of 2007, according to figures published by the International Copper Study Group on Friday. On a seasonally adjusted basis the... 

SA watchdog to interrogate effect of BHP-Rio tie up on iron-ore, aluminium

By: Creamer Media Reporter      29th August 2008 South Africa’s competition overseer will be “looking seriously” at how BHP Billiton’s proposed takeover of Rio Tinto would affect the iron-ore, aluminium and coking coal markets, a senior official said on Friday. Manager of the Competition Commission’s mergers and acquisitions department,... 

Gold firms near 2-week highs on oil, physicals support

By: Reuters     29th August 2008 Gold rose nearly $7 on the back of firmer oil prices on Friday, hovering near its highest level in more than two weeks, with demand from jewellers ahead of the festive season in Asia also offering additional support. India, the world's largest consumer, is stepping up purchases ahead of the... 

Eskom still to decide on fate of Richards Bay coal export allocation

By: Matthew Hill     29th August 2008 State-owned Eskom has received several unsolicited offers for its valuable coal export allocation at Richards Bay, but has yet to make a call on how to deal with these offers, spokesperson Fani Zulu said on Thursday night. He told Mining Weekly Online that the coal strategy the utility was busy... 

Impala says now right time to go on hunt

By: Matthew Hill     28th August 2008 Precious-metals-miner Impala Platinum (Implats) CEO David Brown “absolutely” believes now to be the right time to be looking at acquisitions, but the world’s second-biggest platinum producer would avoid projects that have are deep and dangerous. However, in June he commented that South Africa’s... 

Implats boosts capex plan to R30bn, delays 2,5Moz target to 2015

By: Matthew Hill     28th August 2008 JSE- and LSE-listed Impala Platinum (Implats) would spend some R30-billion over five years to boost platinum production to the 2,5-million ounce level by 2015, which power concerns had pushed back by three years. A major contributor to this was the Leeuwkop project that it bought from African... 

Implats earnings climb 73% to R12bn

By: Matthew Hill     28th August 2008 Impala Platinum (Implats), the world’s number-two producer of the precious metal, on Thursday posted a 73% rise in headline earnings to R12,5-billion for the year to June 30, after higher prices more than offset a marginal drop in refined metal production. On a per-share basis, headline earnings... 

To The Point’s offer to Village minorities expires, fails to gain control

By: Matthew Hill     27th August 2008 Mining entrepreneur Bernard Swanepoel’s To The Point Investments (TTPI) has failed to secure control of JSE-listed shell company Village Main Reef Gold Mining (Village), after a compulsory offer to minorities expired on Tuesday. However, an official at the company, Lizelle du Toit, said that... 

Angloplat's Amandelbult resumes blasting

By: Matthew Hill     27th August 2008 World number-one platinum-miner Anglo Platinum said on Wednesday that government had lifted its nearly ten-day suspension of drilling and blasting at the Amandelbult mine, northwest of Johannesburg. "The suspension has been lifted, and drilling and blasting has begun again," spokesperson Simon... 

Kyrgyz court dismisses case against Centerra project

By: Liezel Hill     27th August 2008 An interdistrict court in the Kyrgyz Republic has dismissed a lawsuit filed by the country's vice-speaker of Parliament against agreements between the government and Toronto-based Centerra Gold, the company said in a statement. The lawsuit challenged agreements which gave the company the right... 

Cluff commissions mill at Burkina Faso gold mine

By: Matthew Hill     27th August 2008 West Africa-focused junior Cluff Gold has commissioned its mill at the Kalsaka gold mine, with 4 500 t of crushed ore already on the leach pads, it said on Wednesday. The company planned on producing at a rate of 60 000 oz/y of the yellow metal from the Kalsaka mine, in Burkina Faso, by the end... 

Brokers lining pockets as equity redemptions flay start-ups

By: Martin Creamer     27th August 2008 Stock brokers are doing a roaring trade in selling down shares on world bourses on the back of the current wave of equity redemptions, say spokespersons for newly listed companies whose shares are being liquidated in forced credit-crunch sales. While the cash calls on company stock are... 

R&E claims billions from third parties after JCI agreement fails

By: Matthew Hill     26th August 2008 Fraud-battered mining firm Randgold & Exploration (R&E) on Tuesday further lifted the lid to the Pandora’s box of claims that it has instituted against third parties, after it failed to reach an agreement with JCI. The formerly Brett Kebble-headed company has lodged billions of rands worth of... 

Chinese urbanisation influx keeps demand for Rio Tinto products strong

By: Matthew Hill     26th August 2008 China might have to build from 40 000 to 50 000 skyscrapers by 2025 to meet the needs of the country's urbanisation influx, diversified miner Rio Tinto CE Tom Albanese said on Tuesday. This would require, he noted, “a lot of steel, copper and aluminium”. “These are the numbers that are keeping... 

African Eagle discovers nickel in Tanzania

By: Matthew Hill     26th August 2008 UK-based copper and gold explorer African Eagle Resources on Tuesday said that it had found a significant nickel deposit at Dutwa in Tanzania, which was the first of its type. MD Mark Parker said that the grades were “easily comparable” with those at many major nickel lateritic deposits worldwide. 

Rio Tinto posts record half-year results

By: Matthew Hill     26th August 2008 Diversified miner Rio Tinto, which BHP Billiton is bidding for, on Tuesday posted a 114% rise in earnings for the half year to June 30 to a record $538,7c a share, compared with the same period the previous year’s figure of $251,3 a share. The company achieved half-year production records in... 

BHP asks SA competition authorities to set aside summons over Rio bid

By: Matthew Hill     25th August 2008 Diversified resources firm BHP Billiton this week would present an urgent application to South Africa’s Competition Tribunal to set aside a summons regarding information the watchdog wants for its evaluation of the miner’s proposed acquisition of Rio Tinto. The Tribunal said in a statement that... 

Northam studies alternative power sources for Booysendal project 

By: Matthew Hill     25th August 2008 Precious metals producer Northam Platinum could produce at full capacity of some 400 000 t/m from its newly acquired Booysendal project from 2014/15, an official said on Monday. One feature that its bankable feasibility study (BFS) on the project, which is currently under way, would interrogate... 

Lundin appoints former LionOre execs to finance division

By: Liezel Hill     25th August 2008 Base-metals-miner Lundin Mining has made a number of appointments to its finance team, which will operate out of the company's new Toronto head office, after CFO Anders Haker, who has been based in Stockholm, and the Vancouver-based financial reporting team will not be relocating to Toronto, the... 

Northam lifts FY profit to R1,5bn, output down

By: Matthew Hill     25th August 2008 JSE-listed Northam Platinum on Monday reported a 12,6% rise in post-tax profits to R1,5-billion for the year ended June 30, after higher metal prices offset lower production. Earnings for the year were 12% up to R6,27 a share, after the company lifted revenue by 3,9% to R3,89-billion. During... 

Norilsk Nickel's proposed 49bn ruble buy-back opposed by Rusal

By: Liezel Hill     22nd August 2008 The world's biggest miner of nickel and palladium, Norilsk Nickel, plans to buy-back up to 7,95-million (about 4%) of the company's own shares, in a move to shore up the value of the stock, but aluminium giant United Company Rusal, which owns about a fifth of the group, said separately that it... 

Blasting at Angloplat’s Amandelbult expected to resume late on Friday

By: Matthew Hill     22nd August 2008 Anglo Platinum (Angloplat), majority owned by Anglo American, was hoping to resume blasting at its Amandelbult mine on Friday, after these activities were halted on Monday when a worker died. Spokesperson Simon Tebele said that the company would be presenting the findings of an investigation... 

Severstal to buy US coal producer PBS for $1,3bn

By: Liezel Hill     22nd August 2008 Russian steel producer has agreed to buy US coal miner PBS Coals, to supply its North American steel mills, the group announced on Friday. Severstal will pay C$8,30 a share in cash for a combination of PBS and TSX Venture Exchange-listed Penfold Capital Acquisition, implying an enterprise value... 

Gold Fields faces claim of up to R11bn over Western Areas

By: Matthew Hill     22nd August 2008 JSE-listed Gold Fields said on Friday that it was facing a claim of as much as R11-billion from the formerly Brett Kebble-run Randgold & Exploration (R&E), but that it would defend its position “vigorously”. The claim related to Western Areas, the company that it bought in early 2007, and the... 

Report on alleged Angloplat human rights abuses expected by month-end

By: Matthew Hill     22nd August 2008 Anglo Platinum, the biggest producer of the precious metal, should have the report on its alleged human rights abuses by the end of the month, the South African Human Rights Commission (SAHRC) said on Friday. “The investigation has been completed, and we are just going through the findings,”... 

BHP-Rio deal could push up iron-ore prices ‘significantly’ – regulator

By: Creamer Media Reporter      22nd August 2008 Australia’s competition watchdog warned on Friday that a merged BHP Billiton and Rio Tinto might be able to, and want to, influence global iron-ore supply and prices. This could lead to steelmakers paying “significantly” higher prices for the raw material, the Australian Competition & Consumer... 

BRC DiamondCore certain C$3m funding can be secured

By: Matthew Hill     22nd August 2008 While it was urgent that diamond explorer BRC DiamondCore secure its C$3-million funding soon, interim CFO Brian Scallan is certain that it would do so. He said on Thursday night that it was possible that it could have the cash in three weeks time. “It is urgent, but there is no specific... 

Canadian, Chinese owners target 2011 commercial start-up for new DRC copper mine

By: Liezel Hill     21st August 2008 A new high-grade copper mine in the Democratic Republic of Congo's Katanga province could be in commercial production by 2011, International Barytex Resources (IBX) CEO Alf Hills said in Toronto on Thursday. IBX has an option to earn an effective 65% in the Shituru project, which, if fully... 

Xstrata bows out of battle for Indophil

By: Liezel Hill     21st August 2008 Diversified-miner Xstrata Resources will not raise its offer for Australia's Indophil Resources, after rival bidder Stanhill Resources announced a sweetened offer on Wednesday. Xstrata's takeover offer of A$1,28 in cash for every Indophil share will not be extended beyond the closing time of... 

Camec proposes share buyback

By: Liezel Hill     21st August 2008 Aim-listed Central African Mining & Exploration Company (Camec) will ask shareholders to vote on a plan to repurchase the company's shares, which it believes are “significantly undervalued”. The firm will convene a general meeting to seek shareholder approval for the proposal, it said on Thursday. 

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