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Apr 22, 2008

Daily podcast - April 22, 2008

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April 22 2008
Gold|Johannesburg|Africa|Copper|Eskom|Exploration|Harmony Gold|Newcrest Mining|Africa|Australia|China|Ecuador|Ethiopia|Papua New Guinea|Qatar|South Africa|Zimbabwe|USD|Hidden Valley Mine|Building|Crude Steel|Energy|Gold Producer|Mining|Steel|Steel Production|Hidden Valley|African National Congress' National Working Committee|International Iron And Steel Institute|Mercedes Benz|Power|Steyn Speed
Gold||Africa|Copper|Eskom|Exploration||Africa||||Building|Energy|Mining|Steel||||Power|
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Tuesday, April twenty two, 2008

From Creamer Media in Johannesburg, I'm Shannon O'Donnell

Making headlines today:

The African National Congress' National Working Committee, or NWC, which last week called for a halt to the public-participation process being run by the National Energy Regulator of South Africa into Eskom's request for a 60% hike in the interests of broader consultation, agreed on Monday that the process should be allowed to continue.

ANC spokesperson Steyn Speed said that, while he had not received a full briefing on the outcome of the meeting, he understood that the ANC now planned to make a formal submission to Nersa, which would be independent to any presentation that might be made by government.

In a statement released after the gathering in Johannesburg, the NWC said the ANC remained committed "to finding solutions that serve the interests of the South African people, particularly workers and the poor, and which assist the process of economic growth, job creation and development".


Global steel production rose by five comma eight percent in March compared with the figure for the same month the previous year, to one hundred and nineteen comma five million tons, the International Iron and Steel Institute said on Monday, citing the sixty six countries that reported to it.

For the quarter ended March 31, the year-on-year rise was five comma six percent to three hundred and forty comma seven million tons.

China produced one hundred and twenty four million tons of crude steel during the three-month period, which represented an eight comma six percent increase. However, China's production for the month of March swelled by eleven comma five percent compared with March 2007, to forty four comma nine million tons.


Australia's biggest gold producer, Newcrest Mining, will earn a 50% stake in number-three African gold producer Harmony Gold's Papua New Guinea gold and copper assets by paying up to five hundred and twenty five million dollars, the two companies said on Tuesday.

The two would jointly operate the assets, which include the Hidden Valley mine that Harmony is building, as well as exploration tenements.

The Hidden Valley mine was expected to begin producing mid-2009, peaking at 300 000 ounces a year of gold in 2011.

Newcrest said that it would fund the deal from internal cash flows.


Also making headlines:

High oil price is dampening world growth says the IMF's Lipsky
EU support for carbon capture and storage is vital to reduce emissions
Tongaat Hulett to produce fuel-grade ethanol in Zimbabwe
Implats granted new-order right for Leeuwkop and is in talks to secure long-term power
Ecuador miners continue slide as uncertainty lingers
And, First Uranium plans 124-million dollar acid plant to lower costs

In political news:

Tsvangirai discusses Zimbabwe crisis with UN chief
South Sudan to demobilise army but fears violence
Ethiopia cuts ties with Qatar on terrorism charge
And, Zille vows to take the Erasmus commission to the Constitutional court

That's a round up of news making headlines today. For more on these and other stories, visit engineeringnews.co.za, miningweekly.com and polity.org.za

 


Edited by: Shannon de Ryhove
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