R/€ = 17.03 Change: -0.07
R/$ = 16.63 Change: -0.11
Au 1766.65 $/oz Change: -38.56
Pt 855.58 $/oz Change: -21.32

North America News

Wits Gold expects to post profit

By: Liezel Hill     14th May 2008 TSX- and JSE-listed Wits Gold expects to report basic and headline earnings of between 2,54c and 3,1c a share (in South African currency) for the year ended February 29, the firm said on Wednesday.  

Pan American Silver announces senior management changes

By: Liezel Hill     14th May 2008 Vancouver-based Pan American Silver has appointed project development VP Steven Busby to the position of COO, effective immediately, the company announced on Wednesday.  

Platmin secures R350m bridging for Pilanesberg project

By: Matthew Hill     14th May 2008 Emerging platinum junior Platmin has concluded a bridge-loan facility woth R350-million with South African banking group Standard Bank, which it would put towards developing its flagship Pilanesberg project, the company said on Wednesday. 

Katanga arranging $550m loan to fund DRC project

By: Liezel Hill     14th May 2008 TSX-listed copper and cobalt miner Katanga Mining is in the “later stages” of discussions with a group of banks to underwrite a loan of up to $550-million to fund the company's Democratic Republic of Congo project, CFO Steve Jones said on Wednesday. Katanga expected to announce... 

Silver Standard hikes reserves 43% at Argentina project

By: Liezel Hill     14th May 2008 Vancouver-based Silver Standard Resources has increased the proven and probable silver reserves at its Pirquitas project, in northwestern Argentina, by 43%, to 195,1-million ounces, the firm said on Wednesday.  

Permitting hurdle delays Spanish mine – Inmet

By: Liezel Hill     14th May 2008 TSX-listed Inmet Mining expects delays in shipping the first ore from its Las Cruces copper project, in Spain, after the country's water authority withdrew a key permit. The company had been notified that its authorisation for a dewatering and reinjection system (DRS) at the project had been... 

Cigar Lake on track, ready for dewatering - Cameco

By: Liezel Hill     13th May 2008 The world's biggest uranium producer, Cameco, has submitted all the necessary documents to the Canadian Nuclear Safety Commission, and is now awaiting the go ahead to begin pumping water out of the giant Cigar Lake project, in Saskatchewan. The CNSC is developing a schedule to review the... 

Graduation day ahead for uranium explorer

By: Liezel Hill     13th May 2008 Canadian exploration firm Delta Uranium, which is currently listed on the TSX Venture Exchange, will start trading on the main TSX board on May 20, the company said on Tuesday. 

Iamgold pushes alternative plans for Camp Caiman

By: Liezel Hill     13th May 2008 Canadian gold-miner Iamgold, which has experienced its share of what CEO Joe Conway terms “setbacks” this year , has submitted alternative plans to the French government for the development of its Camp Caiman project, in French Guiana, and is awaiting a response from President Nicolas... 

New Angloplat CEO hopes to fix miner's safety reputation  

By: Matthew Hill     13th May 2008 CEO designate of the world's biggest platinum producer, 48-year old mining engineer Neville Nicolau, said on the day of the announcement of his appointment that "safety is our moral licence to operate". This came after his predecessor quit his job because of pressures around... 

Goldcorp pours first gold at Penasquito project

By: Liezel Hill     13th May 2008 Vancouver-based Goldcorp has poured the first gold at its Penasquito project, in Mexico, the firm announced on Tuesday. Nearly two-million tons of ore had been stacked on the heap-leach pads at the $1,49-billion project, which president and CEO Kevin McArthur has described as the group's... 

Cameco earnings jump 125%

By: Liezel Hill     13th May 2008 The world's biggest uranium producer, Cameco, increased first-quarter net earnings 125% year-on-year, to C$133-million, the group reported on Tuesday. Revenue rose 45%, to C$593-million, thanks to higher realised uranium and gold prices and an increase in uranium sales.  

Teal chief Menell to retire

By: Liezel Hill     13th May 2008 TSX- and JSE-listed Teal Exploration & Mining announced on Tuesday that president and CEO Rick Menell would step down immediately, handing the reins to CFO Hannes Meyer, who would assume the role of acting CEO. Menell, who had led the company since it was formed in 2005 to house the nonSouth... 

Silver Wheaton announces silver purchase agreement on Mexico property

By: Liezel Hill     13th May 2008 Silver reseller Silver Wheaton has made good on its promises to announce more acquisitions this year, announcing on Tuesday that it will buy 75% of the life-of-mine-silver produced by TSX-listed Farallon Resources, at its Campo Morado property, in Mexico.  

Iamgold triples profit on higher prices, output

By: Liezel Hill     13th May 2008 Canadian gold-miner Iamgold increased its first-quarter net earnings by 205% year-on-year, to $34,4-million, lifted by higher gold prices and an increase in output, the company said on Tuesday.  

Crystallex takes action against permit refusal, shares continue clawback

By: Liezel Hill     13th May 2008 Shares in Crystallex International continued to gain on the TSX on Tuesday, after the company said that it had filed a legal rebuttal against a decision by a Venezuelan official to refuse the company's application for an environmental permit for its Las Cristinas gold mine in the country.... 

Great Basin widens loss it steps up exploration programme

By: Christy van der Merwe     13th May 2008 TSX- and JSE-listed Great Basin Gold (GBG) on Tuesday reported that the company had widened its loss to C$17-million in the March quarter, compared with a loss of C$5,5-million in the comparable quarter of 2007. The basic and diluted loss a share grew by 20% to C$0,08, up from a loss of C$0,05... 

Anglo Platinum appoints Neville Nicolau as CEO

By: Matthew Hill     13th May 2008 World number-one platinum producer Anglo Paltinum (Angloplat) on Tuesday announced the appointment of former AngloGold Ashanti COO Neville Nicolau (48) as its new CEO, effective June 1. This came after Ralph Havenstein quit the top job in August last year, leaving Duncan Wanblad and Norman... 

Coeur starts up world's biggest pure silver mine

By: Liezel Hill     12th May 2008 Precious-metals miner Coeur d'Alene Mines has begun introducing ore to the mill at its San Bartolome mine, in Bolivia, and expects to produce 6-million ounces of silver from the mine this year, chairperson, president and CEO Dennis Wheeler said on Monday. The mine, which will produce... 

OceanaGold hikes capital estimate for Philippines mine

By: Liezel Hill     12th May 2008 Melbourne, Australia-based OceanaGold now expects its Didipio gold/copper project, on the Northern Luzon island, in the Philippines, to cost $320-million, of which it has already spent $40-million, the firm said on Monday. 

Centerra seeks clarification on Kyrgyz suspension reports

By: Liezel Hill     12th May 2008 TSX-listed Centerra Gold is seeking clarification from the government of Kygyzstan, after press reports that the country's Supreme Court had suspended agreements and licences for the company's Kumtor gold mine, the firm said on Monday. 

Aurizon commissions study on Quebec gold prospect

By: Liezel Hill     12th May 2008 TSX-listed Aurizon Mines has commissioned Montreal-based BBA Inc to conduct a prefeasibility study on the company's Joanna gold project, in Quebec, Canada. BBA has completed a preliminary assessment on the project, and believes that the deposit could support a viable standalone openpit... 

BHP Billiton agrees to buy Canada's Anglo Potash

By: Liezel Hill     12th May 2008 The world's biggest mining company, BHP Billiton, had agreed to buy TSX Venture Exchange-listed Anglo Potash for C$8,15 a share, or C$284-million, the companies said on Monday. The offer represented a 34% premium over the closing price of Anglo Potash's shares on Friday, and a 36%... 

DRC project costs rise almost 50% - Anvil

By: Liezel Hill     12th May 2008 TSX- and ASX-listed Anvil Mining now expects its Kinsevere Stage II project, in the Democratic Republic of Congo (DRC) to cost $380-million, $123-million higher than construction cost projections in a feasibility study on the project. Cost estimates had been pushed upwards after the company... 

Tahera receives interest from potential buyers

By: Liezel Hill     9th May 2008 TSX-listed Tahera Diamond Corporation, which has now stopped all operations at its Jericho mine, in Canada, has received a number of preliminary expressions of interest for the company, it said on Friday. The company has put itself up for sale, and is preparing to place the Jericho mine and... 

One down, four to go as Agnico-Eagle pours first gold at Goldex 

By: Liezel Hill     9th May 2008 One might be forgiven for wondering whether someone at Canadian gold miner Agnico-Eagle Mines has a penchant for the number five. The company has just poured the first gold bar at the first of five mines that it will commission over the next eighteen months, in order to grow production by five... 

Gold could ‘easily’ return to $1 000/oz-level – Holland

By: Matthew Hill     9th May 2008 JSE-listed Gold Fields new CEO Nick Holland could "easily see" the gold price returning to levels above $1 000/oz, as economic woes in the US continue, he said on Friday. He also said that surging costs that were affecting the industry could also prop up the price of the yellow metal,... 

New safety move may cut Gold Fields’ output

By: Matthew Hill     9th May 2008 JSE-listed miner Gold Fields would soon have its operations scrutinised in an external audit in a bid to improve its "unacceptable" safety record, and is also doing a review that could see it pull out of some pillar and remnant areas, which account for about one-fifth of its total... 

Gold Fields looking to develop West Wits surface assets  

By: Matthew Hill     9th May 2008 Number-two African gold producer Gold Fields and its bigger competitor, AngloGold Ashanti, have decided against partnering to exploit their West Wits surface uranium and gold assets, but the smaller firm might build its own processing plant, new CEO Nick Holland stated on Friday. Holland said... 

Gold Fields earnings surge, March quarter output falls 14%

By: Matthew Hill     9th May 2008 Gold major Gold Fields on Friday reported a 446% year-on-year jump in headline earnings for the quarter ended March to R1,24-billion, as higher metal prices considerably eclipsed lower output and rising costs. The company reported a 14% drop in production and a 21% rise in costs, compared with... 

Potash prices soaring 130% to 150% on back of fertiliser demand, Investec reports

By: Martin Creamer     9th May 2008 Growing world agricultural demand is causing the prices of agricultural-related mined products like potash to soar, Investec reports.  

Agnico-Eagle profit rises to $28,9m

By: Liezel Hill     8th May 2008 Canadian gold-miner Agnico-Eagle Mines, which is bringing five new gold mines into production over the next two years, lifted first quarter net income to $28,9-million, compared with $24,9-million a year ago.  

Stillwater swings to profit on higher prices

By: Liezel Hill     8th May 2008 US platinum-group-metals miner Stillwater Mining posted a first quarter net income of $3,2-million, compared with a loss of $1,1-million a year earlier, after higher prices for its metals boosted revenue. Stillwater mines and processes platinum and palladium from two mines in the Beartooth... 

Iamgold agrees to sell Peru copper/gold project

By: Liezel Hill     8th May 2008 Toronto-based Iamgold will to sell its La Arena copper/gold project, in Peru, to Rio Alto Mining for $47,55-million in cash and a 5,5% interest in Rio Alto, the company said on Thursday. "The sale of La Arena is part of the rationalisation of Iamgold's noncore assets and we believe that... 

Thomas Ogryzlo named chairperson of Baja Mining

By: Liezel Hill     8th May 2008 Vancouver-based Baja Mining has appointed Thomas Ogryzlo as the new chairperson of its board of directors, effective immediately, the firm said on Thursday. 

Homeland Energy lifts coal resource 30% at key SA project

By: Liezel Hill     8th May 2008 TSX-listed Homeland Energy Group (HEG) has increased the resource estimate for its Eloff coal project, 50 km east of Johannesburg, by 30%, the company said on Thursday. 

Yamana seeks strategic partner on Argentina deposit, may sell noncore assets

By: Liezel Hill     8th May 2008 Toronto-based gold-miner Yamana Gold may sell part or all of some noncore assets, which it believes are not receiving the “appropriate recognition of value”, CEO Peter Marrone said on Thursday. Speaking on a conference call with analysts and investors, he declined to say which assets... 

Rusoro commissions study on expansion at Choco 10

By: Liezel Hill     8th May 2008 TSX Venture Exchange-listed Rusoro Mining has awarded a contract to Vancouver-based mining consultancy Micon International, to conduct a scoping study on the viability of a “significant” expansion at the company's Choco 10 gold mine and mill, in Venezuela. Mico had also been... 

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