R/€ = 19.46 Change: 0.02
R/$ = 16.45 Change: 0.03
Au 1911.10 $/oz Change: 10.47
Pt 878.96 $/oz Change: 23.42

Mining News

Norddeutsche, Yunnan sign cooperation deal

15th September 2003 Norddeutsche Affinerie, the world's fifth largest copper producer, at the weekend signed its long-awaited cooperation agreement with China's Yunnan Copper, the company said in a statement. 

DRD proposes new North West plan

15th September 2003 South African gold miner Durban Roodepoort Deep said at the weekend it had proposed a deal which could save up to 1 550 jobs but was still awaiting a response from the National Union of Mineworkers (NUM). 

SouthernEra ups stake in Messina

12th September 2003 Canadian miner SouthernEra reported that it has acquired an additional 167 841 shares in its South African subsidiary, Messina, between May 22 and July 8. 

Oz miner unaware of any takeover talks

12th September 2003 Shares in Emperor Mines eased yesterday after the company said it was not aware of any takeover plans by fellow gold miner Durban Roodepoort Deep (DRD) of South Africa. 

Platinum junior closes IPO offer early

12th September 2003 Junior platinum group exploration company Nkwe Platinum on Wednesday closed its heavily oversubscribed offer to raise $A10-million for exploration and project evaluation of six platinum prospects in the Bushveld Complex of South Africa. 

Randgold Resources included in FTSE 250

12th September 2003 London-listed gold company Randgold Resources announced yesterday, that with effect from September 22, 2003, the company would be included in the FTSE 250 Index. 

SA miner reports lower earnings

12th September 2003 South Africa's Anglovaal Mining disappointed investors yesterday by posting 2003 earnings below expectations and failing to lay out a clear strategy, sending its shares down as much as 7,7%. 

Avmin seeks to position itself as large BEE miner

By: Terence Creamer     12th September 2003 South African diversified miner Avmin has retained Deutsche Bank to assist it with a strategic review ahead of a proposed repositioning of the group as a large-scale black economic empowerment (BEE) company. 

SA’s Q2 gold output falls year-on-year

12th September 2003 South Africa’s gold production increased by 0,7%, to 92 981 kg, in the second quarter of the year versus the previous quarter, the Chamber of Mines said. 

DRD raises an additional R161m

12th September 2003 South African marginal gold-miner Durban Roodepoort Deep (DRD) said yesterday it has raised an additional $21,8-million (R161,4-million) from the Investec Group’s exercise of its option on nine-million new DRD ordinary shares, being the remainder of its total option on 27-million shares. 

Former Transnet head to be Western Areas chair

12th September 2003 The outgoing head of South Africa's state-owned transport utility Transnet, Mafika Mkwanazi, will take up the post of non-executive chairperson at gold miner Western Areas, the company said yesterday. 

Mupane Gold gets Botswana mining licence

11th September 2003 Australian-listed Gallery Gold has announced that Botswana has issued a mining licence to the company’s wholly-owned Botswana-registered subsidiary, Mupane Gold Mining, for the Mupane gold project in northeast Botswana. 

Northam Platinum to distribute 35c/share

11th September 2003 South Africa's Northam Platinum said on Tuesday it had proposed a cash distribution of 35 cents per ordinary share. 

Mintek-Anglo consider magnesium technology

By: Terence Creamer     11th September 2003 State-owned minerals technology organisation Mintek expects to finalise the development of a high-potential magnesium-production technology by the middle of next year, and will then seek to commercialise it together with its partners in the initiative, one of which is mining giant Anglo American. 

Aflease and AVR in strategic alliance

By: Martin Czernowalow     11th September 2003 Junior South African gold-miner Afrikander Lease (Aflease) and black economic empowerment (BEE) company Africa Vanguard Resources (AVR) yesterday announced that they have concluded a strategic alliance agreement. 

Ghana might not wield veto in Ashanti bidding war

11th September 2003 Ghana said yesterday it might not wield its veto in a billion-dollar bidding contest over national miner Ashanti Goldfields, saying the final decision would be with Ashanti itself. 

Firm boosts palladium outlook to $200-$300

11th September 2003 JP Morgan has increased its outlook for palladium, saying prices should stabilise at $200-$300 an ounce on good demand from carmakers and muted Russian selling, according to a research note released yesterday. 

DFI finds two large diamonds in Madagascar

10th September 2003 Canadian diamond-miner Diamond Fields International (DFI) announced yesterday its results of the analysis of two large diamonds found in Madagascar and recently acquired by the company, as well as details of its land concessions and recent exploration activities. 

China copper smelter halts output from ill workers

10th September 2003 A Chinese copper smelter owned by Yunnan Copper, one of China's largest producers, has halted production after 55 workers fell sick from gas poisoning, state media and smelter officials said yesterday. 

Royalty Bill before Cabinet next week?

By: Martin Czernowalow     10th September 2003 After an extensive consultation process, South Africa’s National Treasury could present the latest version of the proposed Mining Royalty Bill to Cabinet next week. 

‘DRD is not insolvent’

10th September 2003 South African marginal gold producer Durban Roodepoort Deep (DRD) said yesterday it auditors, KPMG, have scotched an affidavit by Gobodo Forensic Services, claiming DRD to be “in all likelihood commercially insolvent”. 

Canadian miner pays $6,5m for African gold deposits

10th September 2003 Canada’s Etruscan Resources said yesterday it would pay $6,5-million for the Youga gold deposits, in West Africa, and the rights to three exploration permits. 

SA mulls royalty compromise

10th September 2003 South African officials are considering a compromise over a controversial element in a proposed mining royalties tax, an industry group said on Monday, although the government said no quick decision would be made. 

Eramet to close manganese unit by end-2003

9th September 2003 French ferro-manganese producer Comilog, a subsidiary of Eramet, will close its Boulogne-based plant by the end of the year, the company said on at the weekend. 

Outokumpu to acquire 49% of Boliden

9th September 2003 Sweden's Boliden is buying metal assets worth €736-million from Finland's Outokumpu in a move to create one of the world's top smelting and mining firms in a consolidating sector. 

Gold producer raises R321m

9th September 2003 South African gold-miner Durban Roodepoort Deep (DRD) announced yesterday that it has raised $43,14-million (R321,4-million) from Investec Group’s exercising of an American call option on 18-million DRD shares, well ahead of the October 3 expiry date. 

SA miners lead world in reporting trends

By: Martin Czernowalow     9th September 2003 A global survey of 50 mining companies, in 14 countries, revealed that while the mining industry’s reporting, as a whole, sets a good example to other industry sectors, problems still arise over accurately benchmarking company performance. 

Nkwe Platinum aims to raise A$10m

9th September 2003 Junior platinum group-metals (PGM) exploration company Nkwe Platinum yesterday opened an offer to raise A$10-million for exploration and project evaluation of six platinum prospects in the Bushveld Complex of South Africa. 

Hydropower Equipment scoops two SABS awards

9th September 2003 The Ekscalibur Water Cannon and Pump Control Valve, both from Hydropower Equipment have won prestigious South African Bureau of Standards (SABS) Design Institute awards in the engineering category. 

Coal, copper strength drives up Xstrata, Antofagasta

9th September 2003 Fresh highs for coal and copper prices inspired a rally in the shares of London-listed miners Xstrata and Antofagasta, dealers said on Monday, and analysts predicted further commodities strength. 

Sasol Mining eyes Eskom demothballing opportunity

By: Terence Creamer     9th September 2003 Fuels and chemicals giant Sasol is optimistic of receiving coal-supply contracts from power utility Eskom once it begins demothballing idle capacity over the next few years. 

Mining-for-development action plan

By: Jill Stanford     8th September 2003 The Northern Cape Government and six of the province’s mining companies, known collectively as the Northern Cape Mine Manager’s Association (NCMMA) have forged a public–private partnership to translate and implement the Mining Charter. 

Xstrata plans to shut UK zinc operation

8th September 2003 Swiss miner Xstrata plans to shut Britannia Refined Metals (BRM), its recycling operation at Northfleet in the UK, at the end of the year - the operation is a wholly owned subsidiary of Xstrata Zinc. 

Kroondal deal to be effective from Nov

8th September 2003 Platinum group metals (PGM) miner Aquarius Platinum reported that the Competition Commission has approved the Kroondal Mine Pool & Share Agreement (P&SA) announced in June this year. 

Approval won for Aussie iron-ore expansion

8th September 2003 Australian mining company Portman at the weekend welcomed the announcement by the federal government of environmental approval for the expansion of its Koolyanobbing iron-ore project near Southern Cross in Western Australia. 

DFI begins work on Greenland prospect

8th September 2003 Canadian miner Diamond Fields International (DFI) announced at the weekend the start of fieldwork and preliminary findings on its newly acquired nickel discovery on Ammassilik Island off the south-east coast of Greenland. 

Oz miner raises $765 000 for copper-gold project

8th September 2003 Australia’s Universal Resources has received a significant vote of confidence in its expedited development strategy at the Roseby copper-gold project, in Queensland, with Australian institutional and other investors acquiring Pasminco Australia’s 11,75% vendor stake in the company and... 

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