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Mining News

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). 

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. 

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