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Gold News

How a R14m loss was turned into a R59m profit in three months

31st August 2001 The 42-year-old Neal John Froneman has again worked his magic, turning a R14-million loss at Harmony Gold Mining’s latest Elandskraal acquisition, in the Witwatersrand Basin, Gauteng, into a R59,2-million profit in three months. 

Mines need to lose 'butcher-shop' tag

By: Keith Campbell     31st August 2001 THE South African deep-level gold-mining industry does not need to be tagged as a “butcher shop” Gold Fields MD Ian Cockerill tells Mining Weekly. 

Swanepoel backs attacked new minerals resource code

By: Zonika Botha     31st August 2001 South Africa’s new minerals code, which has come under repeated criticism from the same person at gold-mine results presentations, has received strong backing from Harmony Gold CEO Bernard Swanepoel. 

PGM search under way in Malawi

By: Marcel Chimwala     31st August 2001 MALAWI – The Malawian exploration arm of UK resources firm Agricola Resources says it is making progress in its exploration for high-value precious minerals such as platinum-group metals (PGMs) and nickel in the country. 

How a R14m loss turned into a R59m profit

31st August 2001 The 42-year-old Neal John Froneman has again worked his magic, turning a R14-million loss at Harmony Gold Mining's latest Elandskraal acquisition, in the Witwatersrand Basin, Gauteng, into a R59,2-million profit in three months – a 520% turnaround. 

SA multi-commodity group eyes R500m PGM prospect

31st August 2001 South Africa’s Anglovaal Mining has reported lower earnings for the year ended June 30, 2001, due mainly to the absence of royalty income from a diamond joint venture that was sold last year. 

Two die after Free State mine rockburst

30th August 2001 Gold-miner AngloGold has reported that two employees died and another was seriously injured following a seismic event underground at the company’s Bambanani mine. 

SA gold leader refutes human-rights abuse claim

30th August 2001 The world’s largest gold producer, AngloGold, has denied reports that it has not compensated small-scale farmers in the Geita district for land – these farmers are now facing hunger and malnutrition. 

Lonmin walks away from Ashanti deal

29th August 2001 South African platinum miner Lonmin has ruled out a merger with Ashanti Goldfields, but said it was in no hurry to sell its 32% stake in the gold-miner. 

New off-the-shelf technology wanted

28th August 2001 The world's largest gold producer, Anglogold, has renewed its commitment to invest in continuous research-and-development programmes to realise its quest for operational excellence. 

Enviro accolade for Tanzanian mine

By: Laura Franz     24th August 2001 Less than a year into operation, Geita gold-mine, in northern Tanzania, has been certified to ISO14001 – the International Standards Organisation’s highest certification for environmental management, reports Geita health, safety and environment manager Rebecca Knol. 

W Africa exploration top priority for gold company

By: Irma Venter     24th August 2001 The search for another Morila-type ‘gorilla’ remains the top priority for Randgold Resources. 

New off-the-shelf technology wanted

By: Zonika Botha     24th August 2001 The world’s largest gold producer, Anglogold, has renewed its commitment to invest in continuous research and development programmes to realise its quest for operational excellence. 

Big gold catalysis hopes

24th August 2001 More than 24 papers on gold’s applications as a catalyst were presented at a catalytic conference in Limerick, Ireland, this month, reports Anglogold head of South African operations Dave Hodgson. 

Gauteng's mining heritage is fading away

24th August 2001 Johannesburg's – and Gauteng's – rich mining and minerals heritage is being lost through neglect 

Zambia copper-gold deal signed

23rd August 2001 Canadian mining firm First Quantum Minerals has signed a definitive purchase and sale agreement with Cyprus Amax Minerals Company, a wholly-owned subsidiary of Phelps Dodge Corporation, for the acquisition of Phelps Dodge's entitlement to an 80% beneficial interest in the Kansanshi copper-gold... 

Eternal gold bull unloads its hedges

22nd August 2001 The closure of 230 000 oz of hedging positions by South African gold producer Harmony once again emphasised the company’s commitment to remaining as unhedged as possible so that it can take immediate advantage of any rise in the bullion price. 

US gold-miners eagerly await legislative changes

20th August 2001 The US state of Nevada's gold-mining industry is eagerly awaiting the White House's expected rollback of most Clinton-era regulations governing mining on public lands. 

How hedging harmed marginal gold group

By: Zonika Botha     17th August 2001 Hedging has shot South Africa’s leading marginal-mine-by-choice group in the foot. 

Canadian gold company scours for platinum

By: Martin Zhuwakinyu     17th August 2001 South Africa’s booming platinum-mining sector features on the radar screen of Canadian company Placer Dome, which has announced its intention to have more non-gold assets in its portfolio, prompted by uncertainty surrounding the yellow metal’s price in the long term. 

R3m more for platinum prefeasibility

17th August 2001 Had Harmony Gold Mining’s Stella asset, in the North West Province, been a gold deposit and not platinum, the company would have already be mining it, says CEO Bernard Swanepoel. 

Gold shrugs off global slowdown

14th August 2001 Gold demand held up in the first half of the year despite the global economic slowdown, the World Gold Council has reported. 

E-procurement ‘here to stay’

13th August 2001 Electronic procurement is here to stay and, says AngloGold’s strategic sourcing manager Malcolm Farrell, without a doubt the most effective way to link a business to its suppliers. 

Stricter rules govern use of cyanide

By: Deborah Spicer     10th August 2001 Africa’s only cyanide manufacturer – supplying cyanide for the sole use of gold producers – has had the sentiment behind its operating procedures reinforced by the release of new cyanide guidelines and a new road traffic Act this month. 

Precious-metals sector is local water firm's golden goose

By: Deborah Spicer     10th August 2001 With its namechange from Nalco Chemserve this month, Ondeo Nalco has re-asserted itself as the largest water-treatment firm in South Africa. 

No bright outlook for gold producers, says DME

By: Deborah Spicer     10th August 2001 While 35% of the world’s identified gold resources exist in South Africa, gold production is likely to continue decreasing year on year as it has been doing since its peak production days of the 1970s. 

Gold's fashion trend status encouraged

By: Deborah Spicer     10th August 2001 While jewellers are excited about gold’s return to the world’s catwalks and fashion magazines, craftspeople are being cautioned to adjust their manufacturing processes to ensure that the metal’s comeback is not shortlived. 

Contractor reports good progress at FS mines

By: Deborah Spicer     10th August 2001 Mining contracting firm Grinaker-LTA is reporting good progress with the mechanised mining techniques that it is employing at the Target and Beatrix gold mines at present. 

New reactor keeps sticky fingers away from gold

By: Deborah Spicer     10th August 2001 Gold theft at the new South Deep twin-shaft complex will be amongst the lowest in the country thanks to a hands-free sludge reactor supplied by Kemix of Johannesburg. 

Winches supplied to gold-mine

10th August 2001 High-pull Capstan winches have been supplied to a gold-mine in Carltonville to pull rail trucks. 

Hired compressors supply air to gold-mine

10th August 2001 Compressors from Rand-Air’s Welkom depot in the Free State are supplying air both above and below ground during Avgold’s development of its Target gold-mine. 

Gold a day keeps the doctor away

10th August 2001 Since ancient times gold has been used in medicines of various kinds, report editor in chief of Precious metals Professor Zhao Huaizhi and research fellow at the Kunming institute of precious metals. 

No bright outlook for gold producers, says DME

10th August 2001 Despite the poor gold price and forecasts of doom for the gold industry, gold demand increased in the first quarter of this year, reports the World Gold Council. 

Lime-storage system supplied to mine

10th August 2001 A R700 000 lime-storage and slaking system awarded to Stag Bulk Equipment for the Target project of the Loraine gold mine was delivered to site at the beginning of June, informs MD Ren 

Muffled cylinders reduce mine noise levels

10th August 2001 In accordance with new health and safety legislation, the gold mining industry is fitting its rockdrill fleets with muffled cylinders – an initiative developed by Boart Longyear to reduce noise levels underground without compromising drilling performance. 

Will gold's bad run ever end?

10th August 2001 Only time will tell if the dollar-gold price will find stability, and the precious metal, once again, becomes a favourable source of investment as a risk and portfolio diversifier. 

Target: All that remains is finalising the monorail

By: Martin Zhuwakinyu     10th August 2001 Avgold’s multibillion-rand Target operation, in the Free State, now shaping up into one of only two wide-reef gold-mines in South Africa, will boost the country’s yearly gold output by 350 000 oz when it reaches full production next year. 

Why I took a 10% pay cut

By: Martin Zhuwakinyu     10th August 2001 The 10% salary cut will remain in place until Durban Roodepoort Deep (DRD) returns to healthy profitability, says company chairperson and CEO Mark Wellesley-Wood of his South African mining-sector first – a salary sacrifice for all three executive directors at the gold-mining firm. 

 

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