R/€ = 16.19 Change: 0.00
R/$ = 14.49 Change: 0.00
Au 1283.07 $/oz Change: 8.38
Pt 802.48 $/oz Change: 1.58

Mining News

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). 

Kloof – Africa's hydropower power house

8th February 2002 It has been suggested that technology development and implementation in the underground tabular orebody mining industry over the past 20 years has produced a remarkable lack of tangible or meaningful technical progress. 

Gold's traditional 'safe haven' status returns

8th February 2002 Economic slowing, a barrage of interest rate cuts and people just plain scared about the future have helped put a polish on gold bullion not seen in years. 

Gem exploration pact signed

8th February 2002 Diamond giant De Beers has signed heads of agreements on a joint venture with black-economic empowerment company, Mvelephanda, to undertake exploration work for new world-class diamond deposits in South Africa. 

Diamond Board chairperson appointed

8th February 2002 Along with the announcement of the new board members for the South African Diamond Board, the Minister of Minerals and Energy Phumzile Mlambo-Ngcuka has confirmed the appointment of Abbey Chikane as chairperson for the next five years or until the board is abolished in terms of the proposed... 

Gold bears still abound

8th February 2002 Gold prices roared through key technical hurdles to two-year highs this week but analysts said on Thursday that charts suggest they might soon turn tame. 

Canadian gold firms remain cautious about gold's price

8th February 2002 Canada’s top gold producers said they are not ready to toss out over a decade of relentless cost-saving efforts just because the gold price hit a two-year high this week. 

Big ferrochrome producer to shut down operations

7th February 2002 The decision by Norway’s Elkem to shut down its ferrochrome production should have a limited effect on the market’s balance, but does reflect tough times for producers at present, traders said. 

Canadian miner writes down Zim gold investment

7th February 2002 Canada’s Kinross Gold said it would write down its investment in Zimbabwe’s Banket gold-mine by $11,8-million in the 2001 fourth quarter due to political and economic strife in the southern African nation. 

Platinum No2's big capex programme

7th February 2002 South Africa’s second largest platinum producer will be spending more than a billion rand year on capital projects for the next three to five years, Impala Platinum financial director David Brown stated at yesterday’s solid half-year results for six months ending on December 31, 2001. 

Gold bugs come out to play

7th February 2002 South African gold producers cheered a rocketing gold price and the promise of fatter profits on Wednesday, but they saw no immediate impact on production plans in the world's biggest gold mining country. 

Iron-ore giant hits a weekly output record

7th February 2002 A new all-time weekly production record of 682 347 tons of saleable products (a 2,6% improvement on the previous record) has been set by the Sishen mine during the week ending 2002-02-03. 

China to churn out more copper metal

6th February 2002 Most of China’s key copper smelters are planning to churn out more refined metal in 2002 and some are gearing up for expansion as world prices rebound, industry analysts said. 

Illicit coltan making electronics firms nervous

6th February 2002 The Democratic Republic of the Congo is home to about half the world’s known reserves of a rare metal ore called columbite-tantalite, or coltan for short. 

Still 'firm intention' to conclude Free State deal

6th February 2002 The $32-million sale of the President Steyn Gold Mines (PSGM) in the Free State is hanging in the balance as the Canadian buyer, Thistle Mining, failed to make the payment on Friday. 

Hedge cuttting in as gold-price rises

6th February 2002 Gold prices are on the rise and producers, keen to benefit, are increasingly choosing spot sales over advance, hedged deals. Gold prices broke the key $290 resistance barrier overnight to reach four-month highs in morning Europe on Tuesday. 

Big empowerment listing today

5th February 2002 Empowerment firm Mvelaphanda Resources will list on the JSE Securities Exchange today. 

Gold major on hedge-reduction path

5th February 2002 South Africa’s AngloGold said it expects to reduce its gold hedge book to about 10-million ounces in the next 12 months from about 16-million ounces currently. 

Merger frenzy leading to 'lofty premiums'

5th February 2002 Canadian miner Placer Dome’s CE Jay Taylor cautioned that some of the premiums paid in a wave of recent deals in the gold industry were too high. 

Golden quarter for Gold Fields

5th February 2002 The second-largest gold producer in South Africa, Gold Fields, enjoyed good results in the second quarter of its 2002 fiscal year. 

Empowerment group now biggest shareholder in Harmony

5th February 2002 South Africa’s Harmony Gold said that black-empowerment group Simane had acquired a 6,8% stake in the firm, making it the largest shareholder in the company. 

Changing the global face of coal

4th February 2002 The turn of the century has heralded the transformation of coal, the Cinderella of the world energy market, into a more modern and competitive fuel. 

SA's gold firm trims hedge book

4th February 2002 Major South African gold-miner AngloGold defended its policy of selling gold forward but said it would continue to reduce its hedge book as it saw fit. 

Merger-crazed gold firms reflects on next step

4th February 2002 The gold industry is taking a pause from its torrid pace of consolidation as merger-crazed mining companies digest recent unions before moving on to the next course, industry experts said. 

Deal opens way for DRC zinc rehab

4th February 2002 A joint venture agreement has been signed by America Mineral Fields (AMZ) and Zinc Corporation of South Africa (Zincor), a wholly-owned subsidiary of Kumba Resources Limited (Kumba), which will govern the potential rehabilitation of the Kipushi zinc-copper mine in the Democratic Republic of Congo... 

Thumbs up for North American gold merger

4th February 2002 Canadian firm Franco-Nevada Mining’s shareholders gave a thumbs-up to a merger with US-based Newmont Mining Corporation to create the world’s biggest gold company, while the new company’s CE said streamlining its vast asset mix would take several years. 

Free State sale fails tax tests

4th February 2002 South Africa’s Harmony Gold said its joint venture with African Rainbow Minerals will pay more for four Free State mines from AngloGold after tax authorities declined to give a ruling that the sale was a rationalisation. 

World Bank to salvage Konkola

4th February 2002 The World Bank said it was ready to find cash so Zambia could save mines owned by Anglo American from closure if the mining giant pulls out of the country. 

Canadian miner expanding production on Copperbelt

1st February 2002 Canadian mining company First Quantum Minerals’ board of directors has said – following the statement by Zambia Copper Investments (ZCI) regarding its investments in Konkola Copper Mines (KCM) – that the assets and operations of Mopani Copper Mines (MCM) are completely... 

Platinum No 4 hopeful of operational turnaround

1st February 2002 Although Northam’s results for the six months ended December 31, 2001, had been disappointing due largely to substantially lower dollar metal prices and the effects of the unfortunate strike action in the first quarter, there were encouraging signs of an operational rebound, said MD Ian... 

Swiss group in coal talks

1st February 2002 Swiss minerals group Xstrata said it had been in discussions with commodities house Glencore regarding the acquisition of Glencore’s coal assets in Australia and South Africa. 

Angry reaction to Anglo's Zambian withdrawal

1st February 2002 Mining giant Anglo American’s decision to strangulate the country by pulling out from Konkola Copper Mines (KCM) makes it easy to sympathise with Robert Mugabe’s style of governance in Zimbabwe, Zambia Alliance for Progress (ZAP) leader Dean Mung’omba has said. 

Godsell spurns value-diluting deals

1st February 2002 The last quarter of the 2001 financial year for South Africa’s largest gold producer was dominated by the unsuccessful bid for Australian miner Normandy, as well as the sudden and significant depreciation of the rand. 

Canadian gem exploration renaissance

31st January 2002 Miners are rushing to stake claims in the frozen terrain of northern Quebec and Nunavut after Ashton Mining re-energised Canada’s diamond sector with new discoveries there, analysts and producers said. 

Ferrochrome plant to produce 175 000 t in 2002

31st January 2002 South Africa’s Assmang chrome plant has spent R750-million to raise capacity of ferrochrome alloy to more than 300 000 tons a year from about 100 000 tons despite weak metal prices, the company said. 

'Business as usual' at Mopani in Zambia

31st January 2002 Zambia’s Mopani Copper Mines (MCM) said it would meet its production targets for 2001 and 2002 despite a decision by Anglo American to shelve further investments in copper operations in the country. 

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