R/€ = 17.08 Change: 0.00
R/$ = 16.79 Change: -0.01
Au 1775.09 $/oz Change: -15.09
Pt 937.50 $/oz Change: -2.00

Europe News

Angloplat man to head up Braemore Resources

By: Creamer Media Reporter      10th June 2008 Anglo Platinum head of process control and instrumentation, Leon Coetzer, would take over as MD and CEO of Aim-listed nickel and platinum-group metal (PGM) producer Braemore Resources on July 1, Braemore announced on Tuesday. The company said in a statement that Coetzer would initially divide... 

Kazakhstan to swap shares in Eurasian for Kazakhmys stake

By: Liezel Hill     10th June 2008 LSE-listed miner Kazakhmys has agreed to buy a 7,66% stake in fellow Kazakh miner Eurasian Natural Resources (ENRC) from the government of Kazakhstan, in exchange for 15% of Kazakhmys, the company said on Tuesday. The exchange ratio will be 1 Kazakhmys share for 1,23 ENRC shares, and the deal... 

Inmet warns of possible production delays at Las Cruces

By: Liezel Hill     10th June 2008 TSX-listed Inmet Mining believes it has come up with a solution to the Spanish water authority's concerns over a water system at its Las Cruces project in the country, but cautioned on Monday evening that the start-up of the processing plant, and first cathode production, could be delayed.... 

African Eagle updates Zambia exploration programme

By: Creamer Media Reporter      10th June 2008 AltX- and Aim-listed African Eagle Resources on Tuesday reported that it was actively exploring uranium and iron-ore targets within its Sasare licence area, in eastern Zambia. The company also said that a high-grade copper mineralisation of 4,03% to a depth of 33 m was determined in one diamond... 

Gold drops below $890 as US dollar firms

By: Reuters     10th June 2008 Gold extended losses on Tuesday and dropped below $890 an ounce after the US dollar gained on expectations of a possible interest rate hike, reducing the metal's appeal as an alternative investment. Gold fell to $889,80/890,70 an ounce from $894,00/896,00 late in New York on Monday, when it... 

Braemore Resources plans to list in Johannesburg

By: Liezel Hill     9th June 2008 Aim-listed Braemore Resources, which has the rights to use South African State-owned Mintek's ConRoast smelting technologies, will apply for a listing on the JSE, the company announced on Monday. The listing would give Braemore access to to South African capital markets, enlarge its... 

Gold above $900 on record oil, hits 2-week high

By: Reuters     9th June 2008 Gold rose to its highest level in almost two weeks on Monday, moving back above $900 as speculative buying picked up after oil hit a record high, lifting the metal's appeal as a hedge against inflation. Platinum also jumped to its highest in nearly two weeks on worries about supplies in... 

Australian antitrust regulator starts probe into BHP Rio Tinto bid

By: Liezel Hill     6th June 2008 The Australian Competition and Consumer Commission (ACCC) will start its assessment of BHP Billiton's proposal to buy rival Rio Tinto, after receiving a submission from the larger company on Friday. The ACCC has invited comment from other miners and interested parties, and will seek talks... 

Crew Gold passes 5m oz resource milestone at Guinea mine

By: Liezel Hill     6th June 2008 UK-based Crew Gold has increased the measured and indicated resources at its Lefa gold project, in Guinea, to 5,1-million ounces, plus 1,3-million ounces of resources in the inferred category, the company said on Friday. 

New Finnish nickel entrant eyeing Nordic platinum possibilities

By: Martin Creamer     6th June 2008 London-listed Nordic miner Talvivaara plc, which plans to produce its first nickel metal in October using bioheapleaching, is also targeting platinum group metals (PGM) production. Talvivaara CEO Pekka Perä tells Mining Weekly Online that PGMs are known to be present in the region's... 

Power uncertainty may hamper platinum acquisitions, says Implats chief

By: Matthew Hill     6th June 2008 Doubt over State-owned Eskom's ability to provide enough power to South Africa's mining sector will cause setbacks to platinum projects, and could prevent acquisitions in the sector, world number-two producer Impala Platinum (Implats) said on Friday. "I believe uncertainty in... 

Petra consortium granted mining rights for iconic Cullinan mine

By: Matthew Hill     6th June 2008 South Africa's Department of Minerals and Energy has given the Petra Diamonds-led consortium the green light for the cession and transfer of the historical Cullinan diamond mine's new-order mining rights, the Jersey-based company said on Friday. The Petra Diamonds Cullinan Consortium... 

Alrosa makes offer for 6,5% stake in Polyus Gold

By: Liezel Hill     5th June 2008 Russian diamond producer Alrosa has offered to buy a 6,5% stake in Polyus Gold, the gold-miner said on Thursday. 

River Diamonds raises £5,5m to study Vatukoula expansion

5th June 2008 LSE-listed River Diamonds has raised £5,53-million by selling about 130-million shares, the company said on Wednesday.  

Mining contractor starts underground development at CAG’s Bibiani project

By: Chanel de Bruyn     5th June 2008 Aim-listed gold mining and exploration company Central African Gold (CAG) on Thursday announced that mining contracting joint-venture (JV) firm African Underground Mining Services (AUMS) had completed site establishment and had started work on the development of CAG's Strauss decline at the... 

Eldorado argues its case in hostile Frontier bid

By: Liezel Hill     4th June 2008 Vancouver-based Eldorado Gold went on the offensive on Wednesday, claiming that takeover target Frontier Pacific had not properly responded to the benefits Eldorado believes would accrue to the smaller firm's shareholders, if the companies were to merge.  

Industry needs $700/oz gold to stay afloat - Barrick's Sokalsky

By: Liezel Hill     3rd June 2008 On average, gold producers will need the price of gold to stay north of $700/oz if they are to turn a profit in the current environment of rising costs, Barrick Gold CFO Jamie Sokalsky said on Tuesday. Industry cash costs are currently around $450/oz to $500/oz and, taking into account the cost... 

Outokumpu unveils plans to double ferrochrome output in Finland

By: Liezel Hill     3rd June 2008 The board of stainless steel producer Outokumpu has given the go-ahead to a €420-million plan to double its ferrochrome production capacity in Finland, to 530 000 t/y, by 2011. Ferrochrome prices have surged in the last year, buoyed by stainless steel demand and power supply worries in... 

Newmont lifts stake in Gabriel Resources

By: Liezel Hill     3rd June 2008 Gold major Newmont Mining has bought an additional 1,5% in Toronto-based Gabriel Resources, bringing its holding in the smaller company to 19,9%, just shy of the 20% threshold that would require Newmont to make a mandatory offer for Gabriel. 

Aquarius’ Everest employees return to work

By: Matthew Hill     3rd June 2008 A 1 300-worker strong illegal strike at Aquarius Platinum's Everest mine in Mpumalanga ended on Monday evening, leading to the total loss of 1 950 oz of platinum-group metals, the company said on Tuesday. The unrest began on Wednesday last week, and the Labour Court granted the miner an... 

First metal from world's first bioleach nickel mine Oct 1, says Talvivaara CEO

By: Martin Creamer     3rd June 2008 The first metal from the world's first bioheapleaching nickel mine would be produced on October 1, Talvivaara Mining plc CEO Pekka Pera said in Finland on Tuesday. The London-listed Talvivaara uses the bioheapleaching method to extract nickel from one of the largest known sulphide nickel... 

Eldorado starts construction at Turkey gold project

By: Liezel Hill     2nd June 2008 Vancouver-based Eldorado Gold has received all the necessary permits and approvals to start building its Efemcukuru mine, in Turkey, and has begun site preparation work at the project, the company said on Monday. Efemcukuru, which will be the company's second mine in the country, is expected... 

Kermas offers to buy Metmar’s stake in metal alloys producer

By: Matthew Hill     2nd June 2008 Commodities marketing company Metmar rose to a new high in Johannesburg on Monday afternoon, after it announced the sale of its stake in metal alloys producer PGR 17 for R390-million to London-based Kermas. Kermas had made an irrevocable offer to buy PGR 17 with effect from September 1, of which... 

River Diamonds confident of profitability at Fiji mine

By: Liezel Hill     30th May 2008 Aim-listed River Diamonds, which poured the first gold this month after reopenening the Vatukoula mine, in Fiji, is optimistic that it will be able to turn a profit at the operation, chairperson Colin Orr-Ewing said on Friday. The company gained control of the mine in April when it bought the... 

Cape Diamonds agrees to buy SA gem producer

By: Matthew Hill     30th May 2008 London-based Cape Diamonds, which mines diamonds near Kimberley in South Africa’s Northern Cape province, announced on Friday that it had agreed to buy junior KMG Diamond Resources SA in an all-scrip deal. KMG operated two diamond mines in the same vicinity as Cape’s Elandslaagte... 

BHP Billiton files Rio Tinto takeover plans with EU regulator

By: Liezel Hill     30th May 2008 The world's biggest miner, BHP Billiton, has formally filed for antitrust clearance from the European Commission for its hostile takeover bid for rival Rio Tinto, the company said. The commission has the authority to block the merger or require BHP to sell certain assets if the takeover... 

Gold dehedging accelerates faster than expected – GFMS

By: Matthew Hill     29th May 2008 Global gold dehedging accelerated faster than what people expected in the first quarter of 2008, with producers lopping off 128 t, or 22,6-million ounces, of their forward contracts in the three-month period, a report said on Thursday. However, despite these "weighty cuts" the... 

Australian explorer raises stake in SA PGM project

29th May 2008 ASX- and Aim-listed platinum-group metals (PGMs) exploration company Platinum Australia would acquire a further 10,75% stake in the Smokey Hills platinum project in South Africa, bringing its stake to 69,75%, the company said in a statement on Thursday. The company would first acquire an... 

Angus & Ross receives mining permit for Greenland zinc mine

By: Liezel Hill     28th May 2008 Aim-listed exploration and development firm Angus & Ross has been awarded a 30-year licence to mine zinc, lead and silver ore from its Black Angel mine, in western Greenland, opening the way for the company to restart the mine later this year, as planned. The company has started building a... 

Griffin agrees to repurchase 79,85m shares

By: Liezel Hill     27th May 2008 Aim-listed Griffin Mining gained 6,51% on Tuesday, after the company announced that it would buy back 79,85-million shares in the company from Citadel Equity Fund, at £0,765 each. 

Frontier Pacific urges investors to reject hostile bid

By: Liezel Hill     27th May 2008 Vancouver-based Frontier Pacific Mining has recommended that its shareholders reject an unsolicited takeover bid from Eldorado Gold, which is offering 0,122 of of its shares and $0,0001 in cash for each Frontier Pacific share. The offer was opportunistic and significantly undervalued the company... 

Gold pulled higher by oil after pipeline blow-up

By: Reuters     27th May 2008 Gold opened higher on Tuesday as further supply disruptions in Nigeria, the world's eighth-largest oil producer, and a weaker dollar, made the precious metal increasingly attractive. Spot gold stood at $927,00/927,90 an ounce by 03:29 GMT, having earlier risen above $930, and up from... 

Measured resource at SNR's SA coal project increases 155%

By: Mariaan Webb     27th May 2008 Strategic Natural Resources (SNR), the London-listed mining company developing the Elitheni coal mine to supply an independent power project in South Africa, said on Tuesday that the mine's measured coal resource has more than doubled. The measured coal resource at the planned Elitheni... 

Ontario appoints valuer for gems from De Beers mine

By: Liezel Hill     26th May 2008 The government of Ontario has appointed a Canadian company to assess the value of diamonds produced at De Beers Canada's new Victor mine, in order to establish a market value and determine the royalties to be paid on production, the province announced on Monday. Victor is Ontario's... 

Laws of the jungle at work as junior, mid-tier mining consolidation continues

By: Liezel Hill     26th May 2008 Consolidation in the junior and mid-tier mining space looks set to continue, as companies find it increasingly difficult to access finance for development projects, making them vulnerable to predators, an Ernst & Young report indicated on Monday. At the same time, medium-sized companies... 

Incwala CEO Mbatha quits, acting chief says ‘back to drawing board’

By: Matthew Hill     26th May 2008 It's "back to the drawing board" for black-owned Incwala Resources, new CEO Ronnie Ntuli said on Monday, after having replaced Zanele Mbatha. Ntuli, who was previously chairperson of the group, declined to comment on the reasons for Mbatha's sudden resignation, saying he... 

CEO Davis buys £6,9m of Xstrata shares

By: Liezel Hill     22nd May 2008 Mick Davis, the CEO of gloably diversified miner Xstrata Resources, bought 167 480 shares in the company this week, for just under £7-million, the company said in a statement. 

Two DRDGold workers die in anti-foreigner clashes on East Rand

By: Matthew Hill     22nd May 2008 Mid-tier gold producer DRDGold said on Thursday that another employee at its East Rand ERPM mine had been confirmed dead after violent outbursts swept through informal settlements around Gauteng. Production at the mine was continuing but at lower levels, after only 42% of its workforce arrived... 

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