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Mining News

SA group buy Oz mining engineering firm

6th March 2002 South African energy group Sasol said it had acquired a 50% stake in the explosives blasting services unit of Australian transport and mining engineer Downer EDI. 

Zinc miners hurt by poor prices

6th March 2002 The Canadian zinc-miner caught in a liquidity crunch as zinc prices tumbled to 14-year lows last year, Breakwater Resources, posted a deeper annual loss for 2001 but said financings were enough to meet its cash needs until the end of 2002. 

Another eastern-limb site receives attention

6th March 2002 The latest site of intensive platinum-group metal (PGM) exploration on the high-yielding Bushveld Igneous Complex’s eastern limb is the Helena and Der Brochen farms. 

Port authority in final talks on coal terminal

5th March 2002 Negotiations regarding a new lease agreement and a tariff structure between the National Ports Authority (NPA) and the Richards Bay Coal Terminal (RBCT) are currently under way – on completion, the way will be opened for a significant expansion of the coal terminal. 

SA mining giant in running for Chile copper

5th March 2002 Chile’s Codelco, the world’s largest copper producer, has withdrawn from a contest to buy Exxon Mobil’s copper company Disputada de las Condes, worth an estimated $1-billion. 

Zambia's copper output rises despite woes

5th March 2002 Zambia’s primary copper exports rose to 296 929 tons in 2001 from 216 655 tons in 2000 but copper prices fell by 6,1%, to $0,77/lb, Finance Minister Emmanuel Kasonde said. 

Ghana gives aluminium reprieve

5th March 2002 Ghana has given the Volta Aluminium Company (Valco) extra time to shut down two of the four operating potlines at its 200 000 t/y capacity smelter. 

SA gold group hits the mark with terrific Target

4th March 2002 There can be little doubt that Avgold has scored a bull's-eye with its new, fully-mechanised R2,3-billion (in 2002 rands) Target gold-mine, in the northern Free State, Mining Weekly can report. 

DRC mine to boost Zambian operation

4th March 2002 The life of the Bwana Mkubwa operation, which was the first significant investment by a private company in Zambia’s mining industry following the election of President Chiluba in 1991, has now been significantly increased through the new Lonshi mine just across the border, 3,5 km into the... 

Electronic coal auction first

4th March 2002 The world’s first electronic coal auction by UK Coal Mining has been completed successfully. 

Gold CEO denied entry into SA

4th March 2002 The British chief executive of gold-miner Durban Roodepoort Deep (DRD) has been prohibited from re-entering South Africa, the company said. 

Demand grows for electronic detonators

By: Terence Creamer     1st March 2002 South Africa’s leading explosives manufacturer, African Explosives Limited (AEL), is optimistic that demand will continue to firm for its electronic detonators, reporting strong growth in Africa for the product as well as increasing interest from the rest of the world. 

JV covers 'entire mining value chain'

1st March 2002 The signing of a memorandum of understanding (MoU) between Miningtek and Hatch Africa, through which the organisations cooperate in joint integrated projects in Africa, has been so successful that the two organisations are now pursuing projects on other continents. 

SA resources firm prepares for more projects

By: Terence Creamer     1st March 2002 In spite of a seriously stretched balance sheet, South African resources company Anglovaal Mining (Avmin) is set to continue its strategy of developing modern, mechanised mines with plans for two new projects progressing well. 

Tanzanian women play increasing role in mining

1st March 2002 Mining may be a demanding physical activity that has historically been a male activity, but a recent World Bank study shows otherwise. 

Anaconda's troubles cause gitters

1st March 2002 Shares in troubled Australian miner Anaconda Nickel plunged 35% to a five month low today as investors fretted about the outback miner’s renewed talks with its financial backers. 

US jeweller continues tanzanite ban

28th February 2002 One of the largest jewellery dealers in the US is, at least temporarily, continuing its boycott of tanzanite despite US government assurances that the gem is not being used to finance terrorist operations. 

Anglo asks for concessions to keep KCM going

28th February 2002 Mining giant Anglo American has approached the Zambian government for concessional funding to keep the Konkola Copper Mines (KCM) operational. 

Ghana's gold company works down hedge

28th February 2002 Ghanaian miner, Ashanti Goldfields, the African gold producer nearly ruined by overselling before gold rallied in 1999, is working down its hedge book and can stay profitable in gold’s current rally up to around $340 an ounce, the company said. 

Brazilian iron-ore to Poland

By: Keith Campbell     28th February 2002 Brazilian mining, logistics and energy group CVRD has signed a letter of intent with Polish steelmakers to supply them with iron ore over 10 years, and to build a new terminal in the port of Gdansk. 

Chinese zinc output forecast to be steady in 2002

27th February 2002 Key Chinese zinc smelters are striving to maintain 2002 output near last year’s levels as they bet on a recovery in prices, smelter officials and analysts said. 

New gold No 1 following deal

27th February 2002 Gold mining giant Newmont Mining has acquired a relevant interest in more than 92% of the shares of Normandy Mining. 

India's wedding season helping gold

27th February 2002 Demand for gold in India, the world’s largest bullion market, has picked up over the past two weeks with help from buying during the current marriage season and an easing of global prices, traders said. 

Mining firms monitoring Angola, DRC

27th February 2002 Windows of opportunity may be opening up in the mineral-rich African countries of Angola and the Democratic Republic of Congo (DRC) following the death of rebel leader Jonas Savimbi in Angola at the weekend and with Inter-Congolese talks set to begin in Sun City this week. 

Gold firm's PGM search intensifies

26th February 2002 South Africa’s second-biggest gold-miner is continuing its quest to become a platinum supplier although recession has weakened demand for the metal from industry, the company said. 

PGM prices to be subject to mood swings

26th February 2002 Platinum and palladium prices will remain vulnerable to mood swings and range widely this year despite attempts by key producer Russia to stabilise the market, Standard Bank London said. 

Zambia mulls ways of escaping its copper trap

26th February 2002 A special Zambian government task force has recommended isolating the Konkola Deep Mining Project (KDMP) from Anglo American’s other Zambian assets before a decision on their future can be made, President Levy Mwanawasa said. 

R42m expenditure by once-moribund gold-mine

25th February 2002 The 109-year-old gold-mine, East Rand Proprietary Mine (ERPM) of Boksburg, has burst into profit for the first time since being bought out of liquidation two years ago. 

Finnish mining group posts lower results

25th February 2002 Finnish metals group Outokumpu posted slumping 2001 profits due to soft metals markets and mining losses, but said profitability would improve this year as prices gradually recovered. 

Empowerment firm to exclude PGM's from listing offering

By: Joanne Delaurentis     25th February 2002 Black empowerment precious metal miner African Rainbow Minerals (ARM) has confirmed that it will list its gold business on the JSE Securities Exchange during the course of 2002, however, at this stage the listing will not include the company’s platinum assets. 

'Gold more resilient against official sales'

25th February 2002 The gold market is more resilient to central bank sales than before, despite Germany hinting that it may sell some reserves, the chairperson of South Africa’s Gold Fields said. 

Mine techno firm in US enviro deal

22nd February 2002 Mining equipment and technology provider, Boart Longyear has expanded its US-based environmental drilling business with the acquisition of DL Maher (DLM), a Massachusetts-based environmental and water development drilling contractor. 

SA gold-miner declares Oz offer unconditional

22nd February 2002 South Africa’s number-three gold producer, Harmony Gold, said it will increase its offer for Australia’s Hill 50 to A$1,40 a share from A$1,35 a share. 

Swiss group emerging as coal colossus

22nd February 2002 Swiss-based natural resources group Xstrata posted a drop in earnings in 2001 as global demand for commodities slipped and it detailed plans for a $2,5-billion takeover of foreign coal businesses. 

Cricketers strike gold at Wanderers

22nd February 2002 Batsmen in the first cricket test between South Africa and Australia, which starts today, will strike gold if they hit the ball onto a billboard sponsored by gold-miner Gold Fields, the company said. 

Gold now costs just $156/oz to produce – report

21st February 2002 Sydney-based AME Mineral Economics has released its annual Gold Production Cost Report, analysing the cost structures of gold-mines and proposed new developments in 24 countries. 

Platinum prospection empowerment deal

21st February 2002 A joint venture has been formed between Placer Dome Platinum South Africa (PDPSA) and two black economic empowerment groups, Khumo Bathong Holdings and Mineralco. 

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