R/€ = 16.28 Change: -0.03
R/$ = 14.54 Change: -0.01
Au 1341.80 $/oz Change: -2.36
Pt 799.47 $/oz Change: 2.21

Mining News

Platinum major in exploration deal

10th May 2002 Platinum major, Anglo Platinum, has entered into an exploration joint venture agreement with Canadian mining and exploration company Anooraq Resources Corporation. 

Barrick denies rumours of Gold Fields deal

10th May 2002 Barrick Gold Corporation, which has grown to become the world's second-biggest gold producer through a series of acquisitions over the past 20 years, denied rumours that it was poised to swell further by taking over a South African producer. 

Gold sector's black chip lists next week

10th May 2002 South Africa’s African Rainbow Minerals (ARM) will be the first new entrant on the Johannesburg bourse’s gold board in 15 years when it lists next Thursday. 

NYSE listing will help us grow - Thompson

10th May 2002 South African gold company Gold Fields debuted on the New York Stock Exchange on Thursday confident of tapping new capital and looking for chances to grow its portfolio, now composed of African and Australian mining assets, the company's top executive said. 

Mining giant continues to eye base metals

10th May 2002 Speaking at Anglo American's annual general meeting in London at the weekend, CE Tony Trahar said the group was continuing to review it troubled base-metals portfolio, but that it would continue to seek world-class opportunities in this area. 

Coal producer to cut output by 800 000 t

9th May 2002 Swiss miner Xstrata has announced that its coal business will be implementing a series of initiatives, which will reduce Xstrata Coal’s production of export thermal coal by some 800 000 tons in the April to June quarter. 

Ghanaian gold miner reports 83% surge in earnings

9th May 2002 African gold miner Ashanti Goldfields reported a 83% leap in first-quarter net earnings, helped by a debt overhaul that slashed its interest bill. 

Gold price could reach $325 or more – analysts

9th May 2002 Gold bullion markets are in for more rollercoaster rides as global economic and political uncertainties persist, commodities analysts said. 

Charter to change mining sector ownership face

9th May 2002 In what is probably the strongest statement by government on black ownership in the mining sector to date, Minerals and Energy Minister Phumzile Mlambo-Ngcuka says government would insist on a significant change in the ownership profile of the industry. 

Gold junior plans international offering

9th May 2002 Gold firm Randgold Resources announced that it intends to seek a listing in the US and conduct an international offering of its ordinary shares, in the form of ordinary shares or American depositary shares. 

Brazil giant buys copper project

9th May 2002 Brazil’s mining giant Cia Vale do Rio Doce (CVRD) said it agreed to buy a 50% stake in Salobo copper project from Anglo-American, becoming Salobo’s sole owner. 

Mining industry releases report on sustainability

8th May 2002 This week the result of the most ambitious global study yet undertaken into minerals and their role in development was released. 

Alumina industry strives for improved quality

8th May 2002 A research project supported by the world’s leading alumina producers is moving to a new phase, following the development of techniques for characterising structural and chemical properties of gibbsite and aluminas and the identification of factors leading to stronger particles. 

Canadian miner buys Botswana nickel mines

8th May 2002 Canada’s LionOre Mining International said it had agreed to pay $75,9-million for Anglo American nickel mining interests in Botswana. 

Namibian miner delists from Nasdaq

8th May 2002 Namibian Minerals Corporation (Namco) has decided to forego its listing on the US-based Nasdaq National Market. 

Strike imminent at Kalgold

8th May 2002 South Africa’s National Union of Mineworkers (NUM) said 250 of its members will go on strike at Harmony Gold’s Kalgold mine today after wage talks became deadlocked. 

Mid-tier mining firm reports 29% mining profit rise

8th May 2002 Mining company, Metorex, came back from a tough December quarter to show a substantial improvement in earnings and growth potential. 

Coal talks deadlock continues

7th May 2002 The Australia-Japan coal price negotiations have now remained deadlocked for over four months, but prospects for the world’s producers of export hard coking coal have received a significant boost with the recent reported price settlement struck with some European steel mills at $48/ton FOB. 

Scorpions in minerals office sting

7th May 2002 South Africa’s elite Scorpions police unit said they had raided Department of Minerals and Energy Affairs offices to probe allegations of corruption, and diamonds formed a key part of the investigation. 

Irish miner completes equity funding drive

7th May 2002 Irish miner Kenmare Resources has announced that all of the resolutions proposed and considered at its Extraordinary General Meeting (EGM) held last week have been approved. 

SA mining firms say minerals Bill falls short

7th May 2002 South Africa’s big mining companies said a redrafted minerals Bill fell short of a deal reached with government leaders last year to avert a fight over the country’s mineral wealth. 

Gold price highest since February 2000

7th May 2002 Gold scored fresh 26-month opening highs in Europe today, catching up with dollar-led gains posted in New York on Friday as London traders returned to the market after a British public holiday on Monday. 

SA eyes 82-million tons of coal exports by 2004

By: Deborah Spicer     6th May 2002 Despite several delays, it appears that the expansion of South Africa's highly-successful coal terminal in Kwazulu-Natal is poised to proceed, which will herald the start of a new era in the country's coal-trading history. 

Coal miners affected by rail bomb attacks

6th May 2002 The port railway linking Latin America’s biggest open-face coal mine, Colombia’s Cerrejon Zona Norte, could be blocked for several days after a bomb attack that derailed 20 wagons, the mine said. 

Canadians add to Free State mine's reserves

6th May 2002 Canadian miner Thistle has confirmed a significant increase in its mineral reserves and mineral resources at its recently acquired President Steyn Gold Mine complex in the Free State gold region of South Africa. 

Miner to outsource key contracts at DRC mine

6th May 2002 Australian mining junior, Anvil, reports that contracts for the outsourced aspects of the Dikulushi copper-silver project in the Democratic Republic of Congo (DRC) are currently being negotiated and include the mining operation, the transportation of the concentrates from the heavy mineral... 

North American gold major sells more on spot market

3rd May 2002 North American gold producer, Barrick Gold, has reported earnings of $46-million and free cash flow of $73-million for the first quarter of 2002, as the company benefited from solid contributions from the Pierina and Eskay Creek mines, lower capital spending and rising gold prices. 

Spanish industrial minerals deal

3rd May 2002 Mining firm Anglo American has announced that its wholly owned subsidiary Tarmac, part of the Anglo Industrial Minerals division, has reached an agreement to acquire the aggregates and ready-mixed concrete (ready-mix) assets of the Mavike Group in Spain for a total cash consideration of... 

Platinum prices fall as Russia resumes exports

3rd May 2002 Platinum prices fell to three-week lows and palladium to its lowest this year earlier this week on signs that key supplier Russia had resumed exports of the precious metals. 

Gilbertson to take over in July

3rd May 2002 Diversified miner BHP Billiton said that deputy chief executive Brian Gilbertson has been named CE from July 1, replacing Paul Anderson as head of the world’s largest diversified mining house. 

Poor quarter for Canadian copper group

3rd May 2002 Canadian miner First Quantum reported that its 100% owned Bwana Mkubwa facility had a strong first quarter, despite low copper prices, reporting a $2,46- million operating profit before non-cash items. 

Sparkling R1bn, 1m oz quarter from gold leader

3rd May 2002 Despite sparkling financial results from the world’s second largest gold producer GoldFields, much attention will be focused on turning around the poor performance of the producers Kloof mine in Westonaria, in the next quarter. 

Mining group in $1,3bn Chile deal

2nd May 2002 Natural resources company Anglo American plans to boost its struggling base-metals division through the $1,3-billion purchase of Chile’s Compa 

SA gold leader confirms global strategy

1st May 2002 Affirming its commitment to being a global miner, top gold-producing firm AngloGold said yesterday it will not shift its focus on to countries with weakening currencies such as South Africa, where dollar costs have decreased significantly over the last few months. 

Swedish mining group unearths big zinc project

1st May 2002 Mining and metals group Boliden has found a big minerals deposit containing zinc, lead and silver in central Sweden. 

Resources group forecasts better aluminium prospects

1st May 2002 The world’s largest diversified miner, BHP Billiton, said that global demand for aluminium was improving, except in Japan. 

Stronger stainless prices support metals group

1st May 2002 Finnish metals group Outokumpu reported surging first-quarter earnings on the back of stronger stainless steel prices and forecast a better second-quarter result as markets recover. 

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