R/€ = 20.78 Change: 0.01
R/$ = 17.63 Change: 0.00
Au 2034.31 $/oz Change: -26.60
Pt 960.81 $/oz Change: -11.76

Mining News

DRC's diamonds a mixed blessing

13th November 2002 In a drab concrete room with three chairs, a desk, and a lamp, Dan the diamond dealer uses a magnifying glass to examine the tiny reasons why his shop shelters behind iron bars. 

Platinum and palladium on divergent paths

By: Terence Creamer     13th November 2002 The year 2002 has been one of vastly differing fortunes for the two main platinum group metals (PGMs) - platinum and palladium - with the former reaching record levels of demand and the latter slumping to levels last witnessed eight year ago. 

Newmont’s earnings rise to $24m

13th November 2002 Canadian gold miner, Newmont Mining Corporation announced net income of $24-million ($0,06 a share) for the third quarter of 2002, compared to net income of $18,8-million ($0,10 a share) for the same quarter in 2001. 

Tanzanite mine nears completion

13th November 2002 South African vertically integrated coloured-gemstone group, Afgem, which is pioneering a mining, value-adding and global marketing strategy for tanzanite – an exceptionally rare violet-blue coloured gemstone – released its interim results for the period ended September 30, yesterday. 

$4m raised for platinum-mine development

13th November 2002 Canadian miner, SouthernEra Resources has announced the results of the rights offer at the company’s subsidiary, Messina Limited, which concluded last week. 

Botswana denies link between gems and resettlement

13th November 2002 Gem giant De Beers has welcomed the statement by Botswana President Festus Mogae, recently that “the programme of assisted relocation of the Basarwa (Bushmen) from areas of the CKGR was in no way related to any plan, real or fictitious, to commence diamond mining in the CKGR”. 

Kebble-Wellesley-Wood fight intensifies

13th November 2002 Roger Kebble, the chairman of South African gold miner Randgold & Exploration, appeared in court on Tuesday charged with 38 counts of fraud and other offences, his spokesman said. 

Gold group revises odd-lot offer

13th November 2002 Gold group AngloGold which on November 11 announced an odd-lot offer to permit the reduction in the number of shareholders holding less than 50 shares in compnay, has approached the JSE for assistance in formulating a revision to the offer. 

Mining group in hydraulics empowerment deal

13th November 2002 The business development arm of resources giant Anglo American concluded its twelfth black empowerment transaction for the year yesterday when it announced a deal with Hi-Quip Hydraulics. 

DRD successfully closes $60m notes issue

13th November 2002 South African gold miner Durban Roodepoort Deep said on Wednesday that its private placement of $60-million, six percent senior convertible notes, due 2006, had closed successfully. 

South African gold miner makes entry into Russia

12th November 2002 South African’s third largest gold producer, Harmony Gold Mining Company, announced yesterday that it has entered into a share purchase agreement with Jipangu to acquire 17 074 861 common shares of High River Gold Mines, representing an approximate 21% interest in the issued share capital... 

Platinum contracts a boon for shaft sinker

12th November 2002 Leading shaft sinker, Cementation Mining Skanska, is busy on several new contracts, with particular emphasis on the new developments on the eastern limb of the Bushveld Complex, which many experts are dubbing “the new Rustenburg” of the mining industry. 

Joburg hosts platinum congress this week

12th November 2002 The world’s leading primary producer of platinum, Anglo Platinum, plays an important role in world platinum group metal (PGM) markets, as well as the South African mining industry. 

Mining to resume at Luderitz Concessions

12th November 2002 The director of operations of gem miner Diamond Fields International (DFI) has announced that the company has engaged Gemfarm Investments to carry out contract mining on Diamond Fields' ML111 deposits near Luderitz, Namibia, using Gemfarm's production vessel, the MV Anya. 

EU approves De Beers distribution model

12th November 2002 The European Commission on Monday approved a plan by diamond giant De Beers to overhaul its distribution system of more than $4 billion of diamonds a year, giving customers more flexibility. 

$34m expansion planned for Disputada smelter

By: Terence Creamer     12th November 2002 The Chilean mining unit of Exxon Mobil Corp plans a $34 million expansion and technical upgrade of its Chagres smelter, a Chilean newspaper reported Monday. 

Precious growth threatened by poor safety

By: Deborah Spicer     11th November 2002 Not everyone associated with the mining industry is buoyant about the price increases that have spurred the gold and platinum sectors to expand their production outputs. 

Mining group to seek organic growth in petroleum

11th November 2002 The world's largest diversified miner, BHP Billiton, said on Friday it was unlikely to make a major petroleum corporate acquisition unless it was strategically compelling. 

Platinum major buys stake in fuel-cell unit

11th November 2002 Mining giant Anglo Platinum has announced that it has acquired a 17,5% stake in Johnson Matthey Fuel Cells, the fuel-cell components subsidiary of speciality chemicals company Johnson Matthey. 

China sees shining base metal demand in 2003

11th November 2002 Du Weiguo stares worriedly at the neat piles of gleaming copper pipes on the floor, agonising over the massive orders he will have to put in over the next year. 

Gold Fields denies Placer bid

11th November 2002 South Africa's second-largest gold producer Gold Fields on Friday denied market talk that it about to make a bid for Canadian peer Placer Dome Inc, but its share price still fell on investor concerns. 

Diamond firm sees production rising strongly

11th November 2002 South African diamond miner, Trans Hex Group, reported record interim results for the six months to 30 September 2002, on Friday. 

Gold major in share split

11th November 2002 South African Mining giant, AngloGold, has announced a proposal to make an odd-lot offer to shareholders holding less than 50 ordinary shares and to split each ordinary share of the company on a 2:1 basis, subject to the approval of shareholders at a general meeting. 

SA’s gold No 2 reports lower earnings

8th November 2002 Gold Fields reported a drop in first-quarter earnings yesterday, dented by rising costs, but South Africa's second largest gold producer said its outlook for the the company and the gold price remained positive. 

Decision on PGM project deferred

By: Martin Czernowalow     8th November 2002 An assessment by the Arctic Platinum Partnership (APP), of the Suhanko Project, has been broadened to include alternative downstream treatment options, leading to a delay in the completion of the study, which had been slated for September this year. 

Chilean miner plans to sell power utility share in 2004

8th November 2002 Chilean state copper miner, Codelco, will sell its stake in power supplier Electroandina, Codelco's CEO Juan Villarzu said on Wednesday. 

Stock in North American gold major recovers

8th November 2002 Shares in gold miner Placer Dome rose over 5% in Toronto on Wednesday, recovering further from a dramatic 75% slide between May and July. 

Strike threat at diamond mine

8th November 2002 The National Union of Mineworkers (NUM) has, on Wednesday, sent a 48-hour strike notice to the management of the Free State diamond mine, Star Diamond near the town of Theunissen, says Moferefere Lekorotsoane, the union’s head of publicity and information. 

Kebble attacks Canadian JV partner

By: Martin Creamer     8th November 2002 CEO Brett Kebble launched a stinging attack on the management inability of Western Areas Canadian joint venture partners at the gold miner's quarterly results presentation in Johanneburg yesterday. 

Platinum miner in talks with BEE group

8th November 2002 The world's largest platinum producer, Angloplat, said yesterday it was in talks with a black consortium to develop a new mine on one of its project areas in South Africa's Limpopo province. 

Decision soon on R500m Argonaut gold-mine study

By: Terence Creamer     8th November 2002 The board of South African gold miner Durban Roodepoort Deep (DRD) is expected to make a decision soon on whether to proceed with a R300-million to R500-million, three-year study of a brand new deep-level gold-mine below the city of Johannesburg. 

Another deal in offing at New Kleinfontein

By: Martin Czernowalow     7th November 2002 Gold mining company Afrikander Lease is officially the new owner of the New Kleinfontein Mining Company (NKMC), as forecast in Mining Weekly Online last Friday. 

Giant may lose Canada diamond race to minnow

7th November 2002 A tiny Canadian exploration company could just beat diamond giant De Beers to open Canada's third diamond mine. 

Messina shaft deepening capex cut

7th November 2002 Canadian miner, SouthernEra Resources, has announced the results of a two-month optimisation study undertaken at the company’s 70,4% controlled subsidiary, Messina Platinum. 

Canadian miner ups output from Free State

7th November 2002 Toronto-listed Thistle Mining, owner of the President Steyn gold mine in the Free State province of South Africa, said on Tuesday the mine produced a record 18 840 ounces of gold in October thanks to improved mining methods. 

Zambia loses millions in illegal cobalt sales

7th November 2002 Zambian Finance Minister Emmanuel Kasonde said on Tuesday an independent audit showed his country lost $60-million through illegal cobalt sales between 1998 and 1999, but the government believed the report understated the losses. 

SA mineral sales rise to record levels

By: Martin Czernowalow     6th November 2002 South Africa’s total primary mineral sales rose by slightly more than 18% last year, to a new record level of R116,2-billion, while total exports increased by 19% to more than R90-billion, said Chamber of Mines president Barry Davison yesterday. 

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