R/€ = 20.58 Change: 0.00
R/$ = 17.38 Change: 0.09
Au 1947.90 $/oz Change: 12.46
Pt 959.58 $/oz Change: 7.12

Mining News

SA resources firm reports better earnings

29th October 2002 South Africa's largest iron ore producer, Kumba Resources, reported a leap in net operating profit for the September quarter as higher iron ore export sales helped offset a lower price and a rise in distribution costs. 

Mining's development deficit needs attention

By: Martin Zhuwakinyu     28th October 2002 The World Summit on Sustainable Development (WSSD) has come and gone, but its repercussions will be felt in several fields of human endeavour for many years to come. 

Moz aluminium expansion ahead of schedule

28th October 2002 Resource giant BHP Billiton's expansion of the Mozal 2 aluminium smelter in Mozambique is ahead of schedule, with full production expected by the end of 2003, the company said last week. 

DRC wants UN help to stop plunder of minerals

28th October 2002 Congo's foreign minister urged the United Nations to help end the looting of his country's gems and minerals, and said the Kinshasa government would investigate its own officials named by a UN panel as beneficiaries of the pillaging. 

Chinese copper firm braces for concentrate squeeze

28th October 2002 Top China copper firm Tongling Non-ferrous Metals said last Thursday it will produce more of the refined metal this year, though output will be lower than an earlier target because of a serious concentrate shortage. 

Miner mulls counterbid for coking coal firm

28th October 2002 Mining giant Anglo American is considering whether to trump Sherritt International's $1-billion hostile bid for Canadian coking coal firm Fording, the UK's Business newspaper said on Sunday. 

R100m capex plan for E Rand gold mine

By: Martin Czernowalow     25th October 2002 Gold mining group Durban Roodepoort Deep (DRD) reported its first full quarterly financial results as an unhedged gold producer yesterday, and announced plans to invest some R100-million into its newly-acquired mine, ERPM. 

R50m materials-handling contract for coal mine

25th October 2002 A R50-million contract, to expand the plant at Anglo Coal’s Kleinkopje Colliery, has been awarded to bulk materials-handling and minerals processing specialist Osborn. 

Acute concentrate shortfall sets metal price floor

25th October 2002 A dire concentrate squeeze in the non-ferrous metals market is expected to support global prices of metals such as copper and zinc next year, Standard Bank London metal analyst Robin Bhar said. 

Zambia says copper output up despite Anglo pullout

25th October 2002 Zambia said on Wednesday first-half production at its Konkola Copper Mines in 2002 beat last year's figures, despite the withdrawal of mining giant Anglo American from the company. 

Resources group reports lower copper, coal output

25th October 2002 The world's largest diversified miner, BHP Billiton, reported strong first quarter iron ore and aluminium output compared with year ago levels but weaker copper coal and oil production. 

BEE takes larger stake in mining group

25th October 2002 Black economic empowerment mining company, Matodzi Resources – formerly known as New Mining Corporation – with interests in South Africa and Lesotho, has acquired an additional 7,3% interest in JCI. 

Gem giant resumes work on Canadian project

24th October 2002 Diamond giant De Beers said on Tuesday it would proceed with its winter exploration programme on its key Victor diamond project in Canada, which was stalled pending an agreement with an aboriginal group. 

UN looting report angers African nations

24th October 2002 African nations rejected accusations of plunder on Tuesday, in an angry response to a UN report alleging key officials stole from the war-torn Congo's rich mineral resources. 

Top miners dismiss DRC plunder report

24th October 2002 World mining giants rejected accusations of plunder on Tuesday in their response to a damning UN report that charged they helped pillage the war-torn Congo's mineral riches. 

Free State miner begins to deliver for gold group

By: Martin Czernowalow     24th October 2002 South African gold miner Avgold was performing “satisfactorily”, said management at the mine’s quarterly financial results presentation yesterday, showing an operating profit that increased to R33-million from a loss of R5-million reported in the previous quarter. 

Black-led gold company to list in New York

By: Marius Roodt     24th October 2002 The world’s tenth-largest gold company, African Rainbow Minerals (ARMGold), intends listing on the New York Stock Exchange (NYSE) next year, executive chairperson Patrice Motsepe tells Mining Weekly Online. 

Competition body outlines scope of iron-ore hearing

By: Martin Czernowalow     23rd October 2002 The Competition Tribunal revealed the scope of intervention by the State-owned Industrial Development Corporation (IDC) in the up coming hearing regarding the purchase by Anglo American of large stakes in Anglovaal Mining and Kumba Resources. 

Talks continue between ports body and coal terminal

By: Martin Czernowalow     23rd October 2002 Though there is still no indication from the National Ports Authority (NPA) when the Richard’s Bay Coal Terminal (RBCT) expansion will proceed, but further negotiations between the various stakeholders are expected to recommence shortly. 

Chile copper mine approves expansion

23rd October 2002 Chile's Collahuasi copper mine has decided to move forward on a plant expansion that it put on hold late last year because of depressed copper prices. 

Charter focus is on enrichment – De Beers

23rd October 2002 A senior official of global gem giant De Beers said on Monday plans to give South African blacks a bigger stake in the mining sector were focused more on enrichment than social equity. 

World gold mine output seen sliding by 2004

23rd October 2002 Global gold mine production probably peaked last year and could start sliding by 2004, unless bullion prices rally, prompting miners to pump money into new projects, analysts said yesterday. 

Empowerment firm settles Northam debt

23rd October 2002 Empowered natural resources firm, Mvelaphanda Resources (Mvela), listed in the resources sector of the JSE Securities Exchange, said yesterday that it had completed the acquisition of a 22,5% stake in Northam Platinum Limited, with a final payment of R180-million to Anglo Platinum. 

Copper-mine spat to be settled soon

22nd October 2002 Chile's state-owned mining firm Enami said last week it approved a draft agreement with Exxon Mobil that would clear the way for Exxon to complete its planned $1,3-billion sale of copper assets. 

Gold miners’ profits to be squeezed in third quarter

22nd October 2002 Wage increases, a resilient rand and rising inflation are seen taking some of the shine off South African gold miners as they begun reporting September quarter results from yesterday, analysts said. 

25% BEE involvement mooted for shaft-deepening project

By: Terence Creamer     22nd October 2002 South Africa’s third-largest gold producer, Harmony Gold, is close to making a decision on whether to proceed with the multi-million-rand Doornkop South Reef Project at Randfontein Estates in western Gauteng. 

Gold firm’s profits slip

22nd October 2002 Wage increases, operational problems and earth tremors smacked South Africa's Harmony Gold's first quarter earnings yesterday, sending shares in the country's third-largest gold producer 3% lower. 

UN panel proposes sanctions to stop illegal mining

22nd October 2002 While a ban on the export of raw materials originating from the Democratic Republic of Congo (DRC) would be counterproductive, punitive measures are still needed to curb the illegal exploitation of the country's natural resources by criminal organizations and persons, according to a report by a... 

Women at the rockface: the struggle continues

By: Joanne Delaurentis     21st October 2002 Despite the many advances that have been made in the transformation of the South African mining industry over the past two years, much more needs to be done to give women access to information and opportunities in the industry, Minerals and Energy Minister Phumzile Mlambo-Ngcuka tells Mining Weekly. 

New gold junior sees niche opportunities in SA

By: Martin Czernowalow     21st October 2002 A new London-listed gold-mining company has its eye on, what it calls, a “white space” within the South African mining industry, and is optimistic about taking advantage of the unique opportunities it has identified. 

LME hopes to play role in Chinese futures market

21st October 2002 China needs to allow its firms to trade futures overseas to hedge against metal price volatility and to revitalise ailing domestic futures by letting in foreign companies, senior industry officials said on Friday. 

Oil giant close to completing Chile deal with Anglo

21st October 2002 Oil giant Exxon Mobil is close to clearing a legal hurdle that has delayed its $1,3-billion planned sale of copper mining assets in Chile, the Chilean mining ministry said last week. 

SA miner secure ‘Lord of the Rings’ rights

21st October 2002 South African gold mining giant Harmony last week announced that the company had secured the distribution rights to the US and Canada for the Lord of the Rings trilogy. 

R750m platinum contract awarded

18th October 2002 Plant design and control engineers, Dowding Reynard & Associates (DRA) has been awarded a contract for the design and construction of a platinum concentrator for Impala Platinum to process up to 233 000 t of ore a month. 

Zambia August copper production rises

18th October 2002 Zambian copper production rose to 219 138 t in the eight months to August 2002, from 187 255 t the previous year, the central bank said on Wednesday, as the industry benefited from increased investment and recapitalisation. 

November hearing date for iron-ore case

By: Martin Czernowalow     18th October 2002 A date for a Competitions Tribunal hearing, regarding the purchase by Anglo American of large stakes in Anglovaal Mining and Kumba Resources, has been set for November 5 and 6, Tribunal CEO Shan Ramburuth tells Mining Weekly Online. 

Resources group not yet ready to step up nickel mining

18th October 2002 A decision by resources group BHP Billiton, on whether to spend nearly $800-million to develop a new nickel mine and upgrade a refinery on opposite sides of Australia, will come in late 2003 at the earliest, the company said yesterday. 

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