R/€ = 17.06 Change: -0.10
R/$ = 16.63 Change: -0.10
Au 1768.20 $/oz Change: -37.01
Pt 868.00 $/oz Change: -8.90

Europe News

Rambler completes mine dewatering

By: Liezel Hill     9th July 2008 Aim- and TSX Venture Exchange-listed Rambler Metals and Mining has finished dewatering its Ming copper/gold mine, in Newfoundland and Labrador, Canada. The mine was flooded in the early 1980s but, after 12 months of work, during which 245-million gallons of water was pumped and treated, company... 

Braemore to make JSE debut on July 16

By: Mariaan Webb     9th July 2008 London-listed Braemore Resources, which has the exclusive licence to the patented Mintek ConRoast technology for smelting platinum group-metal (PGM) concentrates, would list on the main board of the Johannesburg bourse on July 16, it said on Wednesday. Acting CEO David Russell said that it was... 

Gold rebounds on Iran missile test, off two-week low

By: Reuters     9th July 2008 Gold regained ground on Wednesday as speculators resurfaced on news that Iran had test-fired nine long- and medium-range missiles, lifting the metal's safe-haven appeal in times of uncertainty. State media said Iran had test fired missiles, including one which it had previously said could travel... 

Karelian Diamond jumps on results from Finland prospect

By: Liezel Hill     8th July 2008 Shares in Aim-listed Karelian Diamond Resources gained 36,6% on Tuesday, after the company reported encouraging results from the analysis of a sample taken from its Seitaperä kimberlite, in Finland. A total of 67 diamonds were recovered from 100 kg sample, including 61 micro-diamonds and six... 

CoAL, Rio Tinto ink SA farm-swap agreement

By: Mariaan Webb     8th July 2008 Junior-miner Coal of Africa (CoAL) has entered into an agreement with resources giant Rio Tinto to gain access to project areas that were contiguous to its coking coal project, in South Africa, the company announced on Tuesday. CoAL, which is listed in the UK, Australia and South Africa, said... 

Crew Gold COO quits

By: Liezel Hill     7th July 2008 UK-based miner Crew Gold's COO, Simon Booth, has resigned to “pursue personal business interests”, the company said on Monday. 

Junior miner completes name change

By: Liezel Hill     4th July 2008 TSX- and Aim-listed European Minerals has changed its name to Orsu Metals. The firm's shares began trading on the Aim market under its new name and the symbol 'OSU' on Friday morning. 

EU launches in-depth probe into proposed BHP-Rio tie-up

4th July 2008 The European Commission has opened a detailed investigation into plans by the world's biggest mining company, BHP Billiton, to acquire rival Rio Tinto, after an initial assessment raised concerns over the deal, the executive arm of the European Union said on Friday. The commission's initial... 

Nkwe now targets September for Johannesburg, London listings

By: Matthew Hill     4th July 2008 ASX-listed platinum junior Nkwe has pushed back its planned JSE and Aim listings to September this year, after delayed reports did not allow it to debut in Johannesburg and London this month. “We are now targeting September,” MD Maredi Mphahlele told Mining Weekly Online. The company announced... 

BHP starts China regulatory clearance process for Rio merger

By: Matthew Hill     4th July 2008 BHP Billiton has begun the filing process to get clearance for its proposed merger with rival Rio Tinto with China’s Ministry of Commerce (Mofcom), it said on Friday. The resources multinational has already filed for clearance in the European Union, the US, Australia, Canada and South Africa,... 

Iron-ore benchmark pricing system 'doomed'?

By: Liezel Hill     3rd July 2008 Despite opposition from steelmakers, the iron-ore benchmark pricing system may be on its way out, according to a report published by the United Nations Conference on Trade and Development (Unctad), together with the Raw Materials Group. "It appears likely that trade in iron ore will become more... 

Inquiry into alleged human rights abuses at Angloplat nearing completion

By: Creamer Media Reporter      3rd July 2008 World number-one platinum producer Anglo Platinum (Angloplat) would hopefully have closure from the South African Human Rights Commission (SAHRC) on pressure group ActionAid's claims of human rights abuses within a month. SAHRC spokesperson Sello Hatang told Mining Weekly Online that it was... 

Eldorado offer wins more than 90% of Frontier Pacific, to buy out minorities

By: Liezel Hill     3rd July 2008 Shareholders representing more than 90% of the shares of Frontier Pacific Mining had accepted Vancouver-based Eldorado Gold's revised takeover offer, the firm said on Thursday. Including a previous holding in Frontier, Eldorado will own 93% of the smaller company once the acquisition of the... 

Nkwe upgrades SA PGM project’s resource

By: Matthew Hill     3rd July 2008 Nkwe Platinum, searching for the metal in South Africa's Bushveld Complex, had increased the confirmed resource at its Eerste Geluk and Nooitverwacht properties by 64% to 20,4-million ounces. The company said that it was now calling the properties the Tubatse platinum-group metals (PGMs) project. 

JSE coal stocks drop sharply as commodity’s prices decline

By: Matthew Hill     3rd July 2008 The JSE’s coal index shed over 10% on Thursday morning, after the fuel’s prices dropped. Coal prices had surged up to trade at around the $200/t mark this week, but a South African coal analyst said that these levels were "anomalous", and a correction would come. 

Over 27 000 ct recovered from DiamondCorp’s Free State tailings

By: Matthew Hill     3rd July 2008 Emerging diamond producer DiamondCorp, developing the Lace mine in South Africa, recovered 27 103 ct from the mine’s tailings in the first six months of 2008, it said on Thursday. During the same period, the company sold 19 214 ct of gem-quality diamonds for $1,1-million, at an average price of... 

Chromex shares surge on SA licence approval

By: Liezel Hill     2nd July 2008 Aim-listed Chromex Mining gained 14,3% on Wednesday, after the firm announced it had been awarded a new-order mining right for its Mecklenburg chromite deposit, in South Africa's Limpopo province. The project contains a 9,6-million ton underground resource, which Chromex plans to mine over a ten... 

Angloplat appoints new head of engineering, projects unit

By: Matthew Hill     2nd July 2008 World number-one platinum producer Anglo Platinum on Wednesday said it had appointed Frederik Neethling to executive head of its engineering and projects division. Neethling was replacing Duncan Wanblad, who had resigned from the post to join parent company Anglo American as CEO if its copper... 

Coal junior urges RBCT shareholders to open access to port

By: Matthew Hill     2nd July 2008 Emerging South African coal producer HCI Khusela Coal (HKC) has export-grade material, the means to rail it to Richards Bay Coal Terminal (RBCT), and eager customers waiting on the other side, but is struggling to gain access to the port. This has become an all-too-familiar story, particularly... 

Lesotho’s Letšeng diamonds sold at average price of $42 000/ct

By: Creamer Media Reporter      2nd July 2008 LSE-listed diamond-miner Gem Diamonds has sold ten diamonds, totaling 261,4 ct that were recovered from the Letšeng mine, in Lesotho, at an average price of $42 000/ct, the company announced on Wednesday. The world average price for a rough diamond was $91/ct, it stated. 

Uranium One sales rebound, secures $100m credit facility

By: Liezel Hill     2nd July 2008 Uranium-miner Uranium One increased second-quarter sales to 685 000 lb, almost triple the 244 300 lb sold in the same quarter last year, and an increase of 142% over the group's uranium sales of 283 300 lb in the first three months of this year. The company's ballooning financial loss in the... 

Price of SA export coal likely to drop to $120/t by year-end – analyst

By: Matthew Hill     2nd July 2008 While South Africa's red-hot export coal prices have traders seeing levels of $200/t free-on-board (FOB) being only "days away", a local expert believed that prices would fall to around $120/t by the end of the year. Current price levels were "anomalous" Wood Mackenzie senior coal analyst Xavier... 

HCI Khusela eyes first production from SA coal mines this month

By: Matthew Hill     2nd July 2008 Coal junior HCI Khusela Coal (HKC) would begin production from its first two mines this month, after the Department of Minerals and Energy granted it mining rights, it said on Tuesday night. The company would invest some R300-million into the development of its Palesa mine, near... 

New diamond marketing manager for Petra

By: Creamer Media Reporter      2nd July 2008 With a growing production base in South Africa, Aim-listed diamond mining group Petra Diamonds on Wednesday announced it had appointed a new diamond marketing manager, Gregory Stephenson. Stephenson formerly worked for a number of divisions of diamond giant De Beers and also set up his own... 

Ferrochrome prices at record levels on supply deficit, could rise further

By: Matthew Hill     1st July 2008 While the European benchmark third quarter ferrochrome prices scaled a new peak at $2,05/lb, producer of the stainless-steel ingredient Merafe Resources' share price fell off, on market expectations of a steeper hike. Black-empowered miner Merafe Resources, which has a ferrochrome joint venture... 

Mittal considers stake in Rio Tinto - report

By: Liezel Hill     30th June 2008 Steelmaker ArcelorMittal's chairperson, CEO and largest shareholder, Lakshmi Mittal, may buy a stake in diversified miner Rio Tinto, to secure iron-ore supplies, the Financial Times reported on Monday. 

Northland Resources to fast-track Swedish iron-ore project

By: Liezel Hill     30th June 2008 Vancouver-based Northland Resources, which last week published the findings of preliminary studies into its three most advanced iron-ore projects, plans to bring its Tapuli project, in Sweden, into production first, president Buck Morrow said on Monday. With the highest internal rate of return... 

Chrometco agrees to buy majority stake in DRC copper/cobalt firm

By: Matthew Hill     30th June 2008 AltX-listed Chrometco announced on Tuesday that it had signed an agreement with Democratic Republic of Congo-registered (DRC-registered) Nucoco SPRL, which could see it acquiring 51% of that firm, which owned a copper/cobalt concession in the south of the country. The company would conduct a due... 

Northam to process concentrate from Platmin’s Pilanesberg mine

By: Chanel de Bruyn     30th June 2008 TSX- and Aim-listed emerging platinum group-metals (PGM) producer Platmin has signed a concentrate off-take agreement for its Pilanesberg mine, in the North West province, with Northam Platinum, the company announced on Monday. Northam would provide smelting and refining facilities for the... 

Ridge Mining’s proposed SA smelter a ‘solid project’ – IDC

By: Matthew Hill     26th June 2008 The independent platinum smelter that Aim-listed Ridge Mining was considering building in South Africa would be "a very solid project", its partner in the project, the Industrial Development Corporation (IDC) said on Thursday. IDC Resources Sector divisional executive Ufikile Khumalo said that... 

State financier, miners to set up R64m loan scheme to assist small gold jewellers

By: Matthew Hill     26th June 2008 South Africa's State-owed Industrial Development Corporation (IDC) will establish a R64-million loan scheme aimed at helping small gold jewellers in the country, in a joint venture with two major miners, it said on Thursday. The finance institution was also working on a funding scheme to assist... 

Diamond body urges members to boycott Venezuela gems

By: Matthew Hill     25th June 2008 Do not buy diamonds from Venezuela or face expulsion, the World Federation of Diamond Bourses (WFDB) warned its members on Wednesday. This came after the South American country earlier this month suspended itself from the Kimberley Process (KP), which industry and governments set up to combat... 

Sentula to cooperate with FSB investigation, awaits findings of internal probe

By: Matthew Hill     25th June 2008 Sentula Mining has embarked on a rigorous "house cleaning" exercise, and will in two to three weeks have the findings of an internal investigation into the events that led to it having to restate last year's financial results. Chairperson Sam Jonah said that Sentula was also fully committed to... 

West African Diamonds receives takeover approach

By: Creamer Media Reporter      25th June 2008 Diamond-focused explorer West African Diamonds on Wednesday confirmed that it had received a takeover approach from a third party, and that its Guinea operations would be expanded. West African Diamonds, listed on the London bourse, has signed a memorandum of understanding with the third party,... 

Sentula more than doubles profit, CEO upbeat about future

By: Matthew Hill     25th June 2008 Mining services company Sentula Mining reported that its after-tax profit for the year ended March 31 had more than doubled to R234-million from the restated figure of R93-million. The JSE listed company rose 7,96% in Johannesburg, trading at R12,20 a share at 09:08. 

China's Baosteel agrees to steep price hikes for Rio Tinto iron ore

By: Liezel Hill     23rd June 2008 Diversified-miner Rio Tinto has secured an overall 85% increase in the price for its iron-ore from China's biggest steelmaker, Baosteel, the group announced on Monday. The increases, which were higher than agreements reached earlier this year by the world's biggest iron-ore producer – Companhia... 

Talvivaara to study manganese opportunities at Finnish mine

By: Creamer Media Reporter      23rd June 2008 London-listed Talvivaara has signed a cooperation agreement with Outokumpu Oyj to conduct a feasibility study on manganese production at the Talvivaara mine, in Finland, it said on Monday. The study would encompass an evaluation of the technical and commercial feasibility of employing... 

Anglo slides after Vale denies takeover talks

By: Liezel Hill     20th June 2008 Shares in diversified miner Anglo American fell 2,36% on Friday, a day after Brazilian mining group Companhia Vale do Rio Doce said that it was not in talks to buy another company. Anglo American leapt earlier in the week on speculation of a bid from Vale, and daily newspaper O Estado de Sao... 

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