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Latest News

Gold backslides on central bank sales talk

21st February 2002 Comex gold continued to backtrack Wednesday as traders considered whether Bundesbank remarks concerning possible German gold sales would open the door to official disposals by other gold supporters. 

'Minister's discretion must be limited in mining law'

20th February 2002 “The Minerals and Petroleum Resources Development Bill, which will be introduced to Parliament shortly, should be a considerable improvement on the previous version,” stated a senior partner and regulatory lawyer at Webber Wentzel Bowens, Peter Leon. 

Free State acquisition completed

20th February 2002 Canadian miner Thistle Mining has completed its acquisition of President Steyn Gold Mines (PSGM) in the Free State. 

Platinum leader on track for 3,5m oz output

20th February 2002 Leading platinum-group metal (PGM) miner Anglo Platinum is confident that it will attain its planned production target of 3,5-million ounces of platinum a year by 2006 and that the market is growing sufficiently rapidly to absorb the extra output. 

More bad news from Zambia

20th February 2002 The decision by Metorex to place Chibuluma South on care and maintenance and substantially write down its investment in Zambian copper producer, Chibuluma South, marred what was otherwise a reasonably good quarter for the group. 

Big nickel potential unearthed in Tanzania

19th February 2002 Canadian miner Barrick Gold said a closer look at a Tanzanian nickel property unexpectedly showed it could rival Inco’s massive Voisey’s Bay deposit in eastern Canada in size and value. 

Russia set to develop Guinea bauxite mine

19th February 2002 Guinea’s parliament has ratified a deal with Russian Aluminium (RusAl) awarding the world’s second-biggest aluminum producer a concession to develop a key bauxite mine in the West African country 

Canadian gold miner sticks to hedging strategy

19th February 2002 Canadian gold-miner Placer Dome said it will stick with its gold forward sales programme and was remaining prudent in its expectations for gold prices despite the recent run-up. 

Countdown to full output at South Deep

19th February 2002 The R5-billion South Deep project, which contains the world’s largest gold-ore resource (90-million ounces), will reach its full production of 700 000 ounces a year within 18 months. 

Free State gold mines no longer up for grabs

19th February 2002 Gold Fields announced that it had allowed the exclusive option granted to Harmony Gold to negotiate the acquisition of St Helena and Oryx Gold Mines in the Free State, to lapse. 

Mining's plan to shed black-sheep enviro image

By: Irma Venter     18th February 2002 The global mining industry was anything but the hero of the 1992 Earth Summit in Rio de Janeiro – now it is hoped that a global effort wil help it shed its black-sheep enviromentall image. 

DR Congo mining code by Sept

18th February 2002 The Democratic Republic of Congo said on Thursday a new mining code offering lower taxes and other incentives to foreign companies eyeing the country's mineral riches could take effect as early as September. 

Resources giant closes Oz colliery

18th February 2002 Diversified resources giant BHP Billiton said at the weekend that it would close the Tower Colliery in Australia's New South Wales state, citing limited coal recovery capacity and major geological problems. 

Global downturn hits gem leader

18th February 2002 The world's biggest diamond producer, De Beers, said on Friday its profit halved in 2001 as the global economic downturn slashed rough diamond sales, but said the market started 2002 in a more optimistic mood. 

SA group to keep Oz gold stake

18th February 2002 Gold-miner Harmony announced that it was retaining its stake of 9,8% in Auriongold (previously Goldfields of Australia). 

Empowered coal firm may make its way to JSE

By: Terence Creamer     15th February 2002 South Africa’s newest mining house, Kumba Resources, says it is open to the listing of a separate coal company on the JSE Securities Exchange once the merger between Kumba Coal and Eyesizwe is concluded. 

Iron-ore, coal boosts resource giant

15th February 2002 The world’s largest diversified miner, BHP Billiton, reported a 3,5% profit rise for the first half of 2001/2, as iron-ore and coal, new operations and currency gains offset slides in metals and oil. 

Toronto gold firm makes losses on Zim write down

15th February 2002 Canada’s Kinross Gold reported a smaller-than-expected fourth- quarter loss, after a $16,1-million write-down which included a $11,8-million write-down on its Banket mine in politically troubled Zimbabwe. 

One Canadian gold major reports a loss, the other a profit

15th February 2002 Canada's Barrick Gold announced a fourth-quarter loss on Thursday after one-time costs related to its purchase of US-based Homestake and a Canadian mine lawsuit. 

Only stability will spur African mining investment

14th February 2002 African countries seeking to lure foreign mining companies to their mineral-rich but impoverished continent heard a familiar message – stop the wars, ensure stability and the dollars will come. 

Africa still important – Anglo

14th February 2002 Mining giant Anglo American, smarting from criticism over its decision to withdraw from the Konkola copper mines in Zambia, said it remained committed to Africa and to finding new mines there. 

Ghanaian gold miner seeks partner

14th February 2002 A wave of consolidation in the global gold-mining industry was far from over said Ashanti Goldfields CE Sam Jonah and added that his company was looking to be a major player in 2002. 

Another record at Sishen

14th February 2002 Metals and mining company Kumba Resources has announced that its Sishen Mine achieved a new milestone in its history. 

Golden empowerment for Egoli firms

14th February 2002 Gold-miner Durban Roodepoort Deep’s Mark Wellesley-Wood and Khumo Bathong Holdings’ (KBH) Dr Paseka Ncholo jointly announced a ground-breaking empowerment partnership between their respective companies. 

Platinum No 2 developing Kroondal look-alike

13th February 2002 South Africa’s second-largest platinum-miner hopes to develop a Kroondal look-alike at its Winnaarshoek project on the eastern limb of the Bushveld. 

SA gold miner's plans in OZ

13th February 2002 South Africa’s Harmony Gold would not rule out retaining its 9,8% stake in Australia’s Goldfields, as it pursues growth opportunities elsewhere in the fast-consolidating Australian gold sector. Gold Fields of South Africa has first negotiation rights over the stake under an agreement... 

Control measures to be adopted to safeguard tanzanite trade

13th February 2002 The Tanzanian government said that it would implement new control measures to oversee the trade in the semiprecious gemstone, tanzanite, following reports that proceeds from its sale were being used to fund terrorism. 

Minister spells out draft minerals law to investors

13th February 2002 At the opening of the yearly Mining Indaba in Cape Town yesterday, the Minister of Minerals and Energy, Phumzile Mlambo-Ngcuka, was at pains to assure potential foreign investors that their investment in the South African mining industry would be safe, and would not be threatened by the draft... 

Minister called on to perform mine-safety audit

12th February 2002 Today one miner will lose his or her life and nineteen will be injured in the line of duty, according to a survey by the Mine Workers Union, Solidarity (MWU-Solidarity). 

Nedlac to review Minerals Bill this month

12th February 2002 The new Minerals and Petroleum Resources Development Bill being drafted by the Department of Minerals and Energy will be tabled at the National Economic and Labour Council at the end of this month. 

SA gold-miner finds more Finnish platinum

12th February 2002 South African miner Gold Fields and Outokumpu have announced new platinum-group element (PGE) resources of 5,1-million ounces at their Arctic Platinum Partnership (APP) in Finland. 

Canada gold-Oz platinum firms terminate merger talks

12th February 2002 Canadian gold major Placer Dome and South Africa’s Aquarius Platinum said that they had held unsuccessful merger talks, which bolstered Aquarius shares on hopes that other bids may emerge. 

Morocco seeks mining investment

11th February 2002 Moroccan Prime Minister Abderrahmane El Youssoufi called on local and foreign private investors to help develop the North African country’s mining sector. 

Gold explorer presses ahead in West Africa

11th February 2002 London listed Randgold Resources posted an operating profit of $46-million for the 12 months to December 2001, an increase of $30-million on the previous year. 

Big profits forecast for resources giant

11th February 2002 Strong iron-ore and coal sales and gains from a falling South African rand are expected to give BHP Billiton, the world’s largest diversified miner, a flat first half profit near $1,16-billion. 

Egoli no longer merely a place of gold

11th February 2002 A soaring bullion price has lifted South African mining shares but made few other ripples in Johannesburg, the City of Gold, underscoring the yellow metal’s diminished importance to the country’s economy. 

Zambia gov to take over Copperbelt mines

11th February 2002 Zambia’s government said it intended to run the Konkola Copper Mines (KCM), which London-listed Anglo American had decided to sell or close because of a slump in world metal prices. 

Rare-earth mine construction by April

8th February 2002 Construction of Africa’s first rare-earth mine will start in April in the Western Cape after a minority shareholder withdrew her case against the Rare Earth Company (Rareco). 

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